Corporate Governance: A Survey of the Literature
Universidade do Porto Economia Discussion Paper No. 2003-06
73 Pages Posted: 20 Nov 2003
Date Written: November 2003
This paper reviews the theoretical and empirical literature on the nature and consequences of the corporate governance problem, providing some guidance on the major points of consensus and dissent among researchers on this issue. Also analysed is the effectiveness of a set of external and internal disciplining mechanisms in providing a solution for the corporate governance problem. Apart from this, particular emphases are given to the special conflicts arising from the relationship between managers and shareholders in companies with large ownership diffusion, the issue of managerial entrenchment and the link between firm value and corporate governance.
Keywords: agency theory, corporate governance, ownership structure
JEL Classification: G300
Suggested Citation: Suggested Citation
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By Yongqiang Li