Wen, S and Zhao, J 2010, 'Corporate governance and the financial crisis: did the theories stand the test?' , Butterworths Journal of International Banking & Financial Law, 25 (10) .
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Abstract
Three key theories - the agency theory, stewardship theory and path dependence theory have served to explain the relationship between directors and shareholders in the field of cor-porate governance. However, none of the theories alone have stood the test of the global fi-nancial crisis. · Given the multiplicity and complexity of directors' interests, directors in organisations are likely to have agency relationships with some managers and stewardship relationships with others. · Path dependence theory indicates the prevalence of voluntary codes rather than man-datory instruments in the post-crisis context. · In the authors' opinion, a combination of voluntary codes and mandatory instruments would be desirable.
Item Type: | Article |
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Themes: | Subjects / Themes > H Social Sciences > HG Finance Subjects / Themes > K Law > K Law (General) > K3840 Regulation of industry, trade, and commerce. Occupational law > K3941 Trade and commerce Subjects outside of the University Themes |
Schools: | Schools > Salford Business School > Salford Business School Research Centre |
Journal or Publication Title: | Butterworths Journal of International Banking & Financial Law |
Publisher: | Elsevier |
Refereed: | Yes |
ISSN: | 0269-2694 |
Depositing User: | Users 47901 not found. |
Date Deposited: | 06 May 2011 10:11 |
Last Modified: | 10 Aug 2017 00:41 |
URI: | http://usir.salford.ac.uk/id/eprint/14975 |
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