NBER WORKING PAPER SERIES
CORPORATE GOVERNANCE AND CONTROL
Marco Becht
Patrick Bolton
Alisa Röell
Working Paper 9371
ers/w9371
NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
December 2002
Literature survey prepared for the Handbook of the Economics of Finance, edited by e Constantinides,
Milton Harris and René Stulz, North-Holland (2002). We are grateful to Bernardo Bortolotti, Mathias
Dewatripont, Richard Frederick, Stu Gillan, Peter Gourevitch, Milton Harris, Gerard Hertig, Takeo Hoshi,
Steve Kaplan, Roberta Romano, Christian Rydqvist and Scott Verges for helpful input
views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic
Research.
© 2002 by Marco Becht, Patrick Bolton, and Alisa Röell. All rights reserved. Short sections of text, not to
exceed two paragraphs, may be quoted without explicit permission provided that full credit, including ©
notice, is given to the source.
Corporate Governance and Control
Marco Becht, Patrick Bolton, and Alisa Röell
NBER Working Paper No. 9371
December 2002
JEL No. G32, G34
ABSTRACT
Corporate governance is concerned with the resolution of collective action problems among
dispersed investors and the reconciliation of conflicts of interest between various corporate
claimholders. In this survey we review the theoretical and empirical research on the main
mechanisms of corporate control, discuss the main legal and regulatory institutions in different
countries, and examine parative corporate governance literature. A fundamental dilemma
of corporate governance emerges from this overview: regulation of large shareholder intervention
may provide better protection to small shareholders; but such regulations may increase managerial
discretion and scope for abuse.
Marco Becht Patrick Bolton
ECARES, Université Libre de Bruxelles Department of Economics
CP 114 001 Fisher Hall
Avenue F. D. Ro
Corporate Governance - Corporate Governance and Control - M Becht, P Bolton & A Rell (National Bureau of Economic Research) - 2002 来自淘豆网m.daumloan.com转载请标明出处.
