Title: Introduction and questionnaire for the country reporters
Abstract: The term “corporate governance” is relatively new; in most jurisdictions it is not a legal term and its definition is ambiguous. For the purposes of this comparative work, the definition of the Cadbury Commission of 1992 is preferable: corporate governance is “the system by which companies are directed and controlled.” Both direction and control is relevant for a corporate governance system. More specifically, shareholder or stakeholder orientation characterizes the system. So does the prevailing shareholder constituency of a country (public companies with dispersed shareholdings as in the US, or many blockholdings, family corporations, and groups of companies as in many continental European countries). Accordingly, the prevailing principal–agent conflicts differ: between the shareholders and the board or between the controlling shareholder and the minority shareholders. A third principal–agent conflict exists between the shareholders and other stakeholders.
Publication Year: 2013
Publication Date: 2013-07-09
Language: en
Type: book-chapter
Indexed In: ['crossref']
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