EBSLG

 

 
European Business Schools Librarian's Group
Home About Series Subject/JEL codes Advanced Search
Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 931:
A Model of Corporate Governance as a System

Ralph P. Heinrich

Abstract: This paper provides a rationale for the coexistence of different systems of corporate governance based on the multitude of agency problems typically to be governed within a given firm. Because there are complementarity and substitution relationships between governance instruments, specific combinations of instruments which reinforce each other in minimizing agency costs fit together better than alternative combinations. We derive comparative static results showing how various governance instruments can be combined to form a coherent system of corporate governance and how changes in exogenous parameters can lead to simultaneous, systemic changes in the instruments used.

Keywords: Corporate governance, Complementarity, Agency problem; (follow links to similar papers)

JEL-Codes: G300; D230; (follow links to similar papers)

31 pages, June 1999

Before downloading any of the electronic versions below you should read our statement on copyright.
Download GhostScript for viewing Postscript files and the Acrobat Reader for viewing and printing pdf files.

Downloadable files:

kap931.pdf    PDF-file
Download Statistics


Report other problems with accessing this service to Sune Karlsson () or Helena Lundin ().

Programing by
Design Joakim Ekebom

Handle: RePEc:kie:kieliw:931 This page was generated on 2015-03-29 21:03:08