Ownership and Control

Margaret M. Blair

doi:10.5771/9780815717102

Summary

Who should be allowed to call the shots in the boardrooms of U. S. Corporations? And what difference does it make for their growth and profitability? In the last decade, these issues have moved to the center of policy debates about the time horizons and competitiveness of U.S. companies. This book is an indispensable guide through the historical, legal, and institutional background for these corporate governance debates. It explains three broad views on the relationship among the governance, performance, and competitiveness of corporations, and examines the intellectual history, politics, and empirical evidence behind each argument. It also considers the effect that two trends will have on corporate governance: the growth and power of public employees' pension funds and the increase in the economic activity that comes from specialized services and customized production.

Blair asserts that companies need to experiment with different governance arrangements, such as choosing directors to represent particular constituencies, or making more radical arrangements like leveraged buyouts or worker-owned companies. Public policy should encourage, or at least not impede, such experimentation.

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Bibliographic data

Copyright year: 2011
ISBN-Print: 978-0-8157-0947-3
ISBN-Online: 978-0-8157-1710-2
Publisher: Rowman & Littlefield, Lanham
Language: English
Pages: 372
Product type: Book Titles

1. CONTENTS No access
1. Introduction No access Pages 1 - 16
2. A Primer on Corporate Governance No access Pages 17 - 93
3. A Finance Perspective on What's Wrong with the System No access Pages 94 - 121
4. Are Financial Markets Too Short-Sighted? No access Pages 122 - 144
5. Can Institutional Investors Fix the Governance System? No access Pages 145 - 201
6. Whose Interests Should Corporations Serve? No access Pages 202 - 234
7. Toward a New View of Goals and Governance in the Corporate Sector No access Pages 235 - 274
8. Governance Structures Designed for Total Wealth Creation No access Pages 275 - 322
9. Policy Conclusions and Recommendations No access Pages 323 - 340
References No access Pages 341 - 360
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