Book contents
- Hard Lessons in Corporate Governance
- Hard Lessons in Corporate Governance
- Copyright page
- Dedication
- Contents
- Acknowledgments
- Editorial Note
- Introduction
- 1 Our Corporate Governance Experiment
- Part I What Do We Know about Corporate Governance Practices?
- Part II What Can We Conclude about Our Theories of Corporate Governance?
- 8 Taking Stock of the Argument So Far
- 9 How Crooked Is the Timber?
- 10 Markets and Corporate Governance
- Part III Are Social Welfare Outcomes Any Different?
- Index
8 - Taking Stock of the Argument So Far
We Need a Better Theory of the Firm
from Part II - What Can We Conclude about Our Theories of Corporate Governance?
Published online by Cambridge University Press: 23 May 2024
Book contents
- Hard Lessons in Corporate Governance
- Hard Lessons in Corporate Governance
- Copyright page
- Dedication
- Contents
- Acknowledgments
- Editorial Note
- Introduction
- 1 Our Corporate Governance Experiment
- Part I What Do We Know about Corporate Governance Practices?
- Part II What Can We Conclude about Our Theories of Corporate Governance?
- 8 Taking Stock of the Argument So Far
- 9 How Crooked Is the Timber?
- 10 Markets and Corporate Governance
- Part III Are Social Welfare Outcomes Any Different?
- Index
Summary
Does agency cost theory work in the real world? The various hypotheses drawn from agency cost theory are considered in light of the relevant empirical evidence. Agency cost theory appears to be able to explain almost anything, but it predicts nothing.
Keywords
agency cost theorybest practicescorporate governanceinstitutional shareholdersshareholder votingshareholder proposalsshareholder activismproxy contestsexecutive compensationindependent directorsboard committeesdualityboard chairequity incentivespay-for-performancetakeoverstakeover defensesstaggered boardsdual class shares
- Type
- Chapter
- Information
- Hard Lessons in Corporate Governance , pp. 169 - 192Publisher: Cambridge University PressPrint publication year: 2024