全球智库信息集成服务系统(G2TT): The New Corporate Governance

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29975
来源ID	Working Paper 29975
	The New Corporate Governance
	Oliver D. Hart; Luigi Zingales
发表日期	2022-04-25
出版年	2022
语种	英语
摘要	In the last few years, there has been a dramatic increase in shareholder engagement on environmental and social issues. In some cases shareholders are pushing companies to take actions that may reduce market value. It is hard to understand this behavior using the dominant corporate governance paradigm based on shareholder value maximization. We explain how jurisprudence has sustained this criterion in spite of its economic weaknesses. To overcome these weaknesses we propose the criterion of shareholder welfare maximization and argue that it can better explain observed behavior. Finally, we outline how shareholder welfare maximization can be implemented in practice.
主题	Financial Economics ; Corporate Finance ; Other ; Law and Economics ; Industrial Organization ; Firm Behavior
URL	https://www.nber.org/papers/w29975
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/587649
推荐引用方式 GB/T 7714	Oliver D. Hart,Luigi Zingales. The New Corporate Governance. 2022.