The reform of corporate governance is again on the agenda in the wake of Enron and excessive risk-taking by financial institutions. However, the search for new and better forms of governance often seems to lack guiding principles. A theory of corporate governance ought to emerge from a theory of the firm. Yet, the literature shows how this project is both difficult and far from complete. In this paper we review how existing theory provides a variety of arguments favouring either a shareholder or a stakeholder orientation. These arguments may depend on whether the prime objective for governance is improved current performance or a more long-term focus for firms. A brief review of recent US governance reforms is given as a backdrop to discussing more far-reaching proposals that have emerged in the recent literature; a greater role for institutional investors on the one hand or a return to managerial capitalism on the other. JEL Codes - G30, G31, M14, D21, L2, L1.
CITATION STYLE
Lewis, J. M. (2015). Research Policy as “Carrots and Sticks”: Governance Strategies in Australia, the United Kingdom and New Zealand. In Varieties of Governance (pp. 131–150). Palgrave Macmillan UK. https://doi.org/10.1057/9781137477972_6
Mendeley helps you to discover research relevant for your work.