This book points to the need for flexibility to adapt to rapidly changing market conditions and cogently summarizes and evaluates the principal proposals for changes in corporate governance.
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Most Helpful Customer Reviews
12 of 12 people found the following review helpful:
5.0 out of 5 stars
Ground breaking!,
By A Customer
This review is from: Ownership and Control: Rethinking Corporate Governance for the Twenty-First Century (Paperback)
Blair reviews how the governance ofpublic corporations in the U.S. is supposed to work, in theory and by law. She compares the traditional economic rationale for corporate governance structures, which stress shareholder and/or management models of control. Then, she posits a more broadly based stakeholder model, based on a reexamination of the basic wealth creating purpose of the corporate form. Building on trends which note the declining cost of capital, relative to total production costs, and the increasing significance of investments in firm-specific human capital, Blair makes several recommendations concerning how corporate governance systems might evolve to enhance long-term wealth creation for all parties. Her critical analysis contains many insights which deserve wide circulation and debate.
6 of 6 people found the following review helpful:
4.0 out of 5 stars
Good review,
By grouchy (exiled into purgatory. for real.) - See all my reviews
This review is from: Ownership and Control: Rethinking Corporate Governance for the Twenty-First Century (Paperback)
It offers a good introduction to corporate governance. Unfortunately, the book exhibits a clear political bias, making it less objective. I have used it in my course on corporate governance and my students have found this book to be a straightforward and informative read.
13 of 16 people found the following review helpful:
5.0 out of 5 stars
Thought-provoking and persuasive,
By A Customer
This review is from: Ownership and Control: Rethinking Corporate Governance for the Twenty-First Century (Paperback)
Margaret Blair analyzes the two major theoretical approaches to corporate governance and then persuasively refutes the notion, central to both, that maximizing shareholder value is the only legitimate mission of a corporation. The key to her argument, that shareholders are not the only bearers of residual risk, is intuitively obvious in light of the changing nature of work in many sectors of American industry; however, I have never seen the point made with such analytical rigor.
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