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Corporate Governance and Firm OrganizationMicrofoundations and Structural Forms$
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Anna Grandori

Print publication date: 2004

Print ISBN-13: 9780199269761

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269761.001.0001

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Reframing Corporate Governance: Behavioral Assumptions, Governance Mechanisms, and Institutional Dynamics

(p.1) Introduction
Corporate Governance and Firm Organization

Anna Grandori (Contributor Webpage)

Oxford University Press

This introductory chapter outlines the features of the new approach to CG that can be built by integrating the insights from the different contributions gathered in the book. Further specific theses advanced in this chapter are that the ‘shareholder view’ and the unabashed recommendation of pay for performance misapply agency and property right theories themselves; that CG design should be grounded in an empirically-based appreciation of preferences and motivation; that the portfolio of governance mechanisms should be enlarged to include organizational mechanisms such as negotiation, social control, and community governance; and that, contrary to common wisdom, an economic and organizational efficiency view of CG should lead to differentiated rather than homogeneous solutions, while institutional isomorphism and legitimacy may lead to inefficient convergence.

Keywords:   agency theory, property right theory, objectives alignment, governance mechanisms, contingent governance, institutionalism

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