Corporate governance describes the structures, processes, and institu- tions within and around organizations that allocate power and resource control among participants. Lawand economics scholars have developed a viewof the public corpora- tion as a nexus-of-contracts whose structure is driven by the requirements of financial markets, and thus features of the corporation and its surrounding institutions are theo- rized in terms of their function in directing corporations toward share price as a criterion of value.Working from this base, more recent research has studied historical and cross- national variation in governance institutions, producing highly varied interpretations of their sources and function. Sociological work, particularly within organization theory, has critiqued this functionalist view and provided alternative interpretations based on networks, power, and culture. The most promising contemporarywork seeks to analyze governance in terms of the dynamics of institutions—where they originate, how they operate, how they change, and how they spread beyond their original purposes.
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