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Corporate Governance: What Can We Learn from Public Governance?

Matthias Benz
University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW)

Bruno S. Frey
University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Swiss Federal Institute of Technology Zurich

Academy of Management Review, Forthcoming

Abstract:
In view of recent corporate scandals, it is argued that corporate governance can learn from public governance. Institutions devised to control and discipline the behavior of executives in the political sphere can give new insights into how to improve the governance of firms. Proposals in four specific areas are discussed: manager compensation, the division of power within firms, rules of succession in top positions, and institutionalized competition in core areas of the corporation.

Keywords: corporate governance, public governance, agency theory, democratic institutions

JEL Classifications: G34, H01, M20

Accepted Paper Series

Date posted: April 05, 2006 ; Last revised: June 07, 2006

Suggested Citation

Benz, Matthias and Frey, Bruno S., Corporate Governance: What Can We Learn from Public Governance?. Academy of Management Review, Forthcoming. Available at SSRN: http://ssrn.com/abstract=894821

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Contact Information

Bruno S. Frey (Contact Author) University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW) ( email ) Winterthurerstrasse 30 CH-8006 Zurich Switzerland +41 44 634 37 31 (Phone) +41 44 634 35 99 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 DE-81679 Munich Germany HOME PAGE: http://www.CESifo.de
Swiss Federal Institute of Technology Zurich ( email ) Zürichbergstrasse 18 8092 Zurich CH-1015 Switzerland
Matthias Benz University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW) ( email ) Bluemlisalpstrasse 10 CH-8006 Zurich 8006 Switzerland