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Opportunism, Stewardship, and the Dynamics of Conflict in a Theory of Corporate Governance

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  • Peter Wirtz

    (Université Panthéon-Assas (Paris II))

Abstract

This paper aims at increasing conceptual precision with respect to the role of conflict in a theory of corporate governance. It searches to complement traditional approaches to governance problems, typically conducted according to an exclusively disciplinary perspective, by introducing a cognitive argument. The latter allows for an explanation of conflict in situations where the CEO, far from always pursuing opportunistic aims, is himself convinced of having the conduct of a good steward. The case study of a hostile takeover attempt illustrates the proposed explanation and shows that certain governance mechanisms are capable of initiating a learning process, inducing convergence of apparently conflicting interests.

Suggested Citation

  • Peter Wirtz, 2002. "Opportunism, Stewardship, and the Dynamics of Conflict in a Theory of Corporate Governance," Working Papers CREGO 1020101, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1020101
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    References listed on IDEAS

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    More about this item

    Keywords

    governance; conflict; mental pattern; learning;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General

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