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Corporate Governance - Yale University公司治理-耶鲁大学.ppt

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Corporate Governance - Yale University公司治理-耶鲁大学

Sunder, Good Governance Better Corporate Governance: What, Why and How? Shyam Sunder Yale University Institute of Management Technology, Ghaziabad, India December 27, 2006 Outline Corporate governance is frequently interpreted narrowly to mean the organization, processes and duties of the board of directors We take a broader perspective of governance and discuss: : Organizations: alliances among various people, each pursuing self-interest Culture of an organization: the shared expectations of the behavior of one another held by its participants Good governance: balance or match between the culture (mutual expectations) and self-interest of the participants Why Good Governance? It makes all participants better off Elements of Good Governance: balance among regulation, market forces, and social norms Threats: changes in environment, markets, self-interest Strategic Management: anticipating and addressing the threats Organization and Society: evaluation of organization by the sum of surplus received by all participants No Holy Grail: Good governance is a constant struggle to maintain balance under ever-changing conditions; a journey, not a destination Organization as an Alliance among People Alliance or Contract Each participant promises to contribute resources In exchange for the promise of inducements A participants enters the alliance if expected inducement is more than the opportunity cost of the contribution To succeed, an organization must have a production function such that it can simultaneously satisfy the contracts of all participants Otherwise dissatisfied agents abandon the alliance Organization collapses unless an alternative set of contracts that satisfies the condition is assembled Examples of Contracts Contract is a mutual expectation or understanding among agents Lunch date This class Promising a delivery schedule to customer Explicit or implicit promise of relevant action Legal enforceability or written form not necessary Social conventions play an