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The Emergence and Development of the Governance Problem

In: The Recurrent Crisis in Corporate Governance

Author

Listed:
  • Ira M. Millstein
  • Paul W. MacAvoy

Abstract

Any discussion of faults in governance has to begin with an explanation of the corporation’s ultimate purpose: that is, the criteria by which the corporation’s performance and success are to be measured. Throughout its development the corporation has had one stated objective: ‘the conduct of business activities with a view toward enhancing corporate profit and shareholder gain’.1 While some have argued that employees, suppliers and communities deserve at least some of the residual, or ‘profit’, this has generally been rejected as being in conflict with the conceptual model and state law and judicial decisions.

Suggested Citation

  • Ira M. Millstein & Paul W. MacAvoy, 2003. "The Emergence and Development of the Governance Problem," Palgrave Macmillan Books, in: The Recurrent Crisis in Corporate Governance, chapter 3, pages 11-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4688-1_3
    DOI: 10.1057/9781403946881_3
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    Cited by:

    1. Salau ABDULMALIK O. & Ayoib CHE AHMAD, 2016. "Boardroom diversity and audit fees: director ethnicity, independence and nationality," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(136), pages 413-413, Aprilie.

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