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1 results

  • 10 - Markets and Corporate Governance

  • from Part II - What Can We Conclude about Our Theories of Corporate Governance?
  • Bryce C. Tingle, University of Calgary
  • Book:
    Hard Lessons in Corporate Governance
    Published online:
    23 May 2024
    Print publication:
    30 May 2024, pp 210-232

  • Summary

    Historically, corporate governance arrangements arose out of the interactions of the various constituencies that form around corporations. American corporate law evolved to facilitate the bargaining and innovation that made up this governance market. Pursuant to the modern theory that corporate law is supposed to promote efficiency, rather than market activities, changes to the governance regime imposed a one-size-fits-all set of practices from outside the traditional governance market. The result has been a decline in the number of companies interested in joining America’s public markets, and the adoption, by those companies that do go public, of extreme governance structures designed to resist the influence of the governance industry.