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Political Determinants of Corporate GovernancePolitical Context, Corporate Impact$
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Mark J. Roe

Print publication date: 2006

Print ISBN-13: 9780199205301

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199205301.001.0001

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(p.201) Conclusion
Political Determinants of Corporate Governance

Mark J. Joe

Oxford University Press

This chapter wraps up the main points of this book. Corporate governance can be examined in terms of the inner workings of the corporation: the mechanical requirements for the board of directors, the degree to which minority stockholders are protected, the degree to which incentive-compatible compensation is implemented, the quality of specialized committees, and the quality of securities law disclosure, and insider-trading enforcement. The major factors influencing and affecting corporate governance are labor markets, politics, and capital and product markets. Political differences among the world's richest democracies explain much about their corporate differences. Social democracies wedged open the gap between shareholders and managers in public firms by raising agency costs and reducing the efficacy of the techniques that would control them.

Keywords:   corporate governance, social democracy, stockholders, securities law, capital markets, politics, labor markets, shareholders, managers

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