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Are Good Managers Required for a Separation of Ownership and Control?

Author

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  • Brian R Cheffins

Abstract

Logically, in a corporate governance system where big companies are widely held and control over corporate policymaking is delegated to a cohort of full?time executives, there needs to be “good” managers. In Britain, however, ownership separated from control in large business enterprises at a time when the country’s corporate executives were allegedly amateurish and complacent. The paper examines this British paradox and concludes that dynamics affecting institutional investors explain how ownership structures were reconfigured when doubts existed about managerial quality.

Suggested Citation

  • Brian R Cheffins, 2003. "Are Good Managers Required for a Separation of Ownership and Control?," Working Papers wp268, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp268
    Note: PRO-2
    as

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    File URL: https://www.jbs.cam.ac.uk/cbrwp268/
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    More about this item

    Keywords

    managers; ownership;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • M53 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Training
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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