Corporate Governance Theories: From Micro Theories to National Systems Theories

Abstract

The objective of this article is to make a survey of the different corporate governance theories. In the first part, we present the micro theories by opposing the disciplinary view to the knowledge-based view. The second part deals with the macro or national systems theories. We separate the theories based on appropriation of the organizational rent from those attributing a dominant role to production. This survey highlights that the financial view of corporate governance is only a very particular case, which presents many limits.

Keywords: National systems of governance, micro theories of corporate governance, macro theories of corporate governance, disciplinary view, knowledge-based view, financial view, political theory, varieties of capitalism

JEL Classification: G300, P500