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Corporate Governance and Neoclassical Economics

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  • Dennis C. Mueller

Abstract

Although the term “corporate governance” is relatively new in the economist’s lexicon, the issues with which it is concerned are as old as the profession itself. In this article, first I try to illustrate this, and then I trace the development of the literature, including discussions of the so-called managerial discretion literature and the principal–agent literature. Following a discussion of asset bubbles, I illustrate the tension between concerns about corporate governance and neoclassical economics by examining the literature on managerial compensation and mergers. This literature reveals a wide gap between traditional neoclassical economics and more recent developments in behavioral economics.

Suggested Citation

  • Dennis C. Mueller, 2018. "Corporate Governance and Neoclassical Economics," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 25(1), pages 47-64, January.
    • Handle: RePEc:taf:ijecbs:v:25:y:2018:i:1:p:47-64
    DOI: 10.1080/13571516.2017.1374038
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    Cited by:

    1. Ilham Hidayah Napitupulu & Anggiat Situngkir & Ferry Hendro Basuki & Widyo Nugroho, 2023. "Optimizing good Corporate Governance Mechanism to Improve Performance: Case in Indonesia’s Manufacturing Companies," Global Business Review, International Management Institute, vol. 24(6), pages 1205-1226, December.
    2. RAHMAN, Md. Atiqur & USHER, Lauren, 2022. "A Critical Review Of Neoclassical And Behavioural Theories Of Merger Waves," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(1), pages 6-22, March.
    3. Ilham Hidayah Napitupulu, 2023. "Internal Control, Manager’s Competency, Management Accounting Information Systems and Good Corporate Governance: Evidence from Rural Banks in Indonesia," Global Business Review, International Management Institute, vol. 24(3), pages 563-585, June.

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