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Reframing Corporate Governance

Company Law Beyond Law and Economics

Javier Reyes

This stimulating book offers an astute analysis of corporate governance from both a historical and a philosophical point of view. Exploring how the modern corporation developed, from Ancient Rome and the Middle Ages up to the present day, Javier Reyes identifies the strengths and weaknesses of the mainstream theory of the firm as put forward by the law and economics school of thought.
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Javier Reyes

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Javier Reyes

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Javier Reyes

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Alexander Styhre

The final chapter examines some of the implications of the current challenges in governing corporations, public and semi-public sector organizations such as universities, and industries. The economic concentration appear to correlate with growing economic inequality, but the “deep pockets” of certain market actors, including finance industry institutes, also generate social, political, and cultural effects that further accentuate the changes in the market. For this reason, the finance industry seems particularly complicated to govern and to regulate, blending political activism and market activities, including the introduction of new financial innovations to by-pass or eliminate regulatory control. In order to push down systemic risk—the demon of all finance market actors—legal and regulatory accountability may be needed. The final sections of the chapter examine such proposals and assess their practical utility.

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The Unfinished Business of Governance

Monitoring and Regulating Industries and Organizations

Alexander Styhre

The Unfinished Business of Governance provides an overview of the changing landscape of governance and focuses on the three specific domains of corporate governance, university governance, and market governance. The book examines how changes in competitive capitalism and the wider social organization of society is recursively both determined by, and actively shaping underlying governance ideals and their practices. The shared theme in the various changes of the governance system is that free market theory and ideologies have gradually penetrated governance practices.
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Alexander Styhre

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Alexander Styhre

This chapter introduces the concept of governance as a key term when examining the current economic situation, including growing economic inequality. In order to understand such an economic and social phenomenon, analytical terms that bridge public companies, state-controlled agencies, and transnational regulators need to be introduced. The chapter introduces and critically discusses key terms in the governance literature, including corporate governance, transnational governance, and related terms such as accountability.

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Alexander Styhre

Chapter 3 examines the governance of the university sector, and stresses how, e.g., the uses of “big data” and algorithms in what is referred to as algorithm governance is now commonplace to commensurate heterogeneous entities, a process integral to market making. The chapter discusses “the politics of measuring,” now pervading all spheres of social life, resulting in new metrics being constitutive of agency. Using the specific case of credit rating on the basis of so-called FICO-scores, determining degrees of creditworthiness in American society, the politics of measuring is today an ongoing and ceaseless control mechanism. The second half of the chapter examines university ranking, another case of measurement to determine the status and position of higher education institutions. The chapter concludes that contemporary university governance is riddled with problems and inconsistencies, not least the problem of handling reactivity, agents’ rent-seeking work within existing governance models.

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Alexander Styhre

Chapter 2 examines the components of the shareholder primacy governance model that has dominated corporate governance scholarship since the early 1980s. Tracing the roots of the economic theory that justifies shareholder governance to the cold war era and what has been called cold war rationality, the chapter stresses how rational choice theory has informed corporate governance through, e.g., agency theory and other economic theories stipulating instrumental rationality as a privileged analytical model. The cold war heritage has been criticized for overstating experimental data and for ignoring rational responses from experimental subjects, resulting in an overtly negative view of human decision making capacities. When transferring such analytical models to, e.g., corporate governance affairs, salaried managers, e.g., are at risk of being portrayed in unfavourable ways to justify the market for management control, in turn resulting in shareholder primacy governance. The chapter concludes that the efficiency criterion that economic theory stipulates is too one-dimensional to serve its purpose and calls for novel analytical models to better assist corporate governance activities.