Private Firms and Corporate Governance: An Integrated Economic and Management Perspective |
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Authors: | Lorraine Uhlaner Mike Wright Morten Huse |
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Institution: | (1) European Family Business Institute, Erasmus University Rotterdam, Postbus 1738, H12-22, 3000 DR Rotterdam, The Netherlands;(2) Centre for Management Buy-Out Research, Nottingham University Business School, Jubilee Campus, Nottingham, NG8 1BB, UK;(3) Erasmus University Rotterdam, 3000 DR Rotterdam, The Netherlands;(4) Department of Innovation and Economic Organization Norwegian School of Management BI, Nydalsveien 37, 0442, Oslo, Norway;(5) Lorraine Uhlaner and Mike Wright Max Planck Institute of Economics, Jena, Germany |
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Abstract: | This article provides a definition of corporate␣governance and highlights the challenges in adapting understanding of governance
to the privately-held firm. We emphasize the need to develop the scope of governance in privately-held firms beyond the traditional
agency theory focus in the financial economics literature relating to large publicly-listed corporations. There is a need
to draw on and integrate an array of theoretical perspectives from both economics and other social science disciplines as
well. We present a schematic model of corporate governance which places the contributions presented in the special issue in
context and which serves as a guide to highlighting gaps in the research base. We review the principal issues relating to
corporate governance in privately-held firms which relate to: governance in different organizational contexts (institutional
context; the industrial sector within which the firm finds itself, the ownership context of the firm, and the stage within
the firm’s life-cycle); the scope of corporate governance; and other internal governance mechanisms to be considered We identify
areas for further research on corporate governance in privately-held firms with respect to processes of governance, organizational
contexts, assumptions about the owners, executive remuneration, financial reporting, the nature of the dependent variable
relating to the expected outcome of different approaches to governance and various methodological issues. We suggest a need
to develop governance codes for privately-held firms that are flexible enough to take account of the different types of governance
needs of firms at different stages in their life-cycle.
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Keywords: | Corporate governance boards ownership privately held firms research agenda firm life cycle excutive renumeration financial reporting |
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