S Wen
Corporate governance and the financial crisis: did the theories stand the test?
Wen, S; Zhao, J
Authors
J Zhao
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.
| Journal Article Type | Article |
|---|---|
| Publication Date | Jan 1, 2010 |
| Deposit Date | May 6, 2011 |
| Publicly Available Date | Apr 5, 2016 |
| Journal | Butterworths Journal of International Banking & Financial Law |
| Print ISSN | 0269-2694 |
| Publisher | Elsevier |
| Peer Reviewed | Peer Reviewed |
| Volume | 25 |
| Issue | 10 |
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