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WIDER Research Paper 2006-71 Corporate Governance Innovative ...

Source: www.wider.unu.edu
Topic: Economic Development

Sort Desciption: corporate governance institutions and economic development. .... shape corporate governance institutions to promote economic development if one does ...

Content Inside: Copyright UNU-WIDER 2006 * University of Massachusetts Lowell and INSEAD. This study has been prepared within the UNU-WIDER project on Institutions for Economic Development: Theory History and Contemporary Experiences directed by Ha-Joon Chang. UNU-WIDER acknowledges the financial contributions to the research programme by the governments of Denmark (Royal Ministry of Foreign Affairs) Finland (Ministry for Foreign Affairs) Norway (Royal Ministry of Foreign Affairs) Sweden (Swedish International Development Cooperation AgencySida) and the United Kingdom (Department for International Development). ISSN 1810-2611 ISBN 92-9190-849-5 (internet version) Research Paper No. 2006/71 Corporate Governance Innovative Enterprise and Economic Development William Lazonick* July 2006 Abstract The notion that good corporate governance means maximizing shareholder value derives from the neoclassical theory of the market economy. I explain why this perspective is highly problematic for understanding the operation and performance of the business corporation and hence the institutions that for the sake of economic development should govern it. The main problem is that the market-economy perspective cannot comprehend the process of innovation including the role of the business corporation. I construct a theory of the innovating firm that when embedded in comparative-historical analysis provides a basis for analyzing the relation between corporate governance institutions and economic development. Keywords: corporate governance innovative enterprise economic development JEL classification: G3 L2 N8 O1 The World Institute for Development Economics Research (WIDER) was established by the United Nations University (UNU) as its first research and training centre and started work in Helsinki Finland in 1985. The Institute undertakes applied research and policy analysis on structural changes affecting the developing and transitional economies provides a forum for the advocacy of pol ...

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