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Knowledge And Models Of Corporate Governance

Author

Listed:
  • Flavia Anghel

    (Romanian American University)

  • Bogdan Glăvan

    (Romanian American University)

Abstract

The issue of corporate governance has been largely debated in the literature. Conventionally, corporate governance is viewed either from a stakeholder or a shareholder perspective. This paper discusses the informational aspects of the two models of corporate governance. The role information plays in corporate governance cannot be overstated. Agents involved in corporate governance acquire, create, use and transmit information. Therefore, how the notion of knowledge is conceived is important for the analysis of alternative systems of corporate governance. Basically, there are two types of information processing: internalization and externalization. The internalization-based information processing system corresponds to the stakeholder model of corporate governance. A shareholder model of corporate governance relies on information externalization. Externalization of information is made via the market price system.

Suggested Citation

  • Flavia Anghel & Bogdan Glăvan, 2008. "Knowledge And Models Of Corporate Governance," Romanian Economic Business Review, Romanian-American University, vol. 3(4), pages 58-64, Winter.
    • Handle: RePEc:rau:journl:v:3:y:2008:i:4:p:58-64
    as

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    References listed on IDEAS

    as
    1. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    2. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626, National Bureau of Economic Research, Inc.
    3. Universities-National Bureau Committee for Economic Research & Committee on Economic Growth of the Social Science Research Council, 1962. "The Rate and Direction of Inventive Activity: Economic and Social Factors," NBER Books, National Bureau of Economic Research, Inc, number univ62-1.
    4. Richard R. Nelson, 1959. "The Simple Economics of Basic Scientific Research," Journal of Political Economy, University of Chicago Press, vol. 67(3), pages 297-297.
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