Abstract

http://ssrn.com/abstract=1681030
 
 

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Corporate Governance Myths: Comments on Armstrong, Guay, and Weber


James A. Brickley


University of Rochester - Simon Business School

Jerold L. Zimmerman


University of Rochester - Simon Business School

September 1, 2010

Simon School Working Paper No. FR 10-29

Abstract:     
This paper argues that academics, politicians, and the media have six commonly held but misguided beliefs about corporate governance. While Armstrong, Guay, and Weber (2010) discuss some of these misconceptions, a wider recognition that these beliefs are actually “myths” is important. They include: (1) a common definition of “corporate governance” exists; (2) a useful distinction is “internal” versus “external” governance mechanisms; (3) outside directors perform two separable roles: to advise and monitor managers; (4) research has identified “good” and “bad” governance practices; (5) a “good” governance index can be constructed; and (6) corporate governance “best practices” can be deduced from peer data.

Number of Pages in PDF File: 28

Keywords: corporate governance, financial accounting, agency costs, contracting, debt contracts

JEL Classification: D21, D23, J33, K22, L14, L20, M40, M41

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Date posted: September 23, 2010  

Suggested Citation

Brickley, James A. and Zimmerman, Jerold L., Corporate Governance Myths: Comments on Armstrong, Guay, and Weber (September 1, 2010). Simon School Working Paper No. FR 10-29. Available at SSRN: http://ssrn.com/abstract=1681030 or http://dx.doi.org/10.2139/ssrn.1681030

Contact Information

James A. Brickley
University of Rochester - Simon Business School ( email )
Carol Simon Hall 3-160L
Rochester, NY 14627
United States
585-275-3433 (Phone)
585-442-6323 (Fax)

Jerold L. Zimmerman (Contact Author)
University of Rochester - Simon Business School ( email )
Rochester, NY 14627
United States
585-275-3397 (Phone)
585-442-6323 (Fax)
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