The Firm Divided Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation
The Firm Divided Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation
- ISBN 13:
9780190641184
- ISBN 10:
0190641185
- Format: Hardcover
- Copyright: 04/03/2017
- Publisher: Oxford University Press
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Summary
Graeme Guthrie blends the stories of particular firms and individuals with the insights of scholarly research, enhancing understanding of how seemingly separate events are consequences of the separation of ownership and control, the ultimate cause of manager-shareholder conflict. Boards of directors can affect the outcome of this conflict by monitoring managers, providing incentives for managers to work in shareholders' best interests, delegating monitoring to outside parties, and influencing the effectiveness of the market for corporate control. How directors do this depends on how they weigh their fiduciary duty to shareholders against the close ties that bind them to senior executives.
The Firm Divided provides conceptual insight, underpinned by research into corporate governance, into board-manager interactions. It shows how tools that can benefit shareholders when used by strong boards can actually harm shareholders when used by weak boards. Guthrie provides a 360 degree view of firms, exploring the ways in which each player pursues their own goals, with examples from a range of firms in diverse industries.