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Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
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Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 October 2020

Information Theory and the Role of Intermediaries

Information Theory and the Role of Intermediaries

(p.480) (p.481) Information Theory and the Role of Intermediaries
Corporate Governance in Context

Reinhard H. Schmidt

Marcel Tyrell

Oxford University Press

This chapter is structured as follows. Section II discusses some aspects of the economics of information, showing why the specific features of information as an economic good can lead to incentive problems in the production and use of information and to market failure in a market for information in general. It then distinguishes between internalisation and externalisation as two fundamentally different ways of dealing with information in economic systems, and thereby introduces a distinction which surfaces again when corporate governance systems and the way they use information are discussed in Section III. Section IV concludes by summarising the argument, discussing briefly the issue of the interrelations between the prevailing corporate governance system and types of activities or industry structures supported in the respective countries, and offering some open questions concerning the possibility of combining the two types of corporate governance systems and the two ways of dealing with information.

Keywords:   corporate governance, information, economic systems

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