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Resource type: Journal Articles
Title: Corporate Governance: A Problem of Hierarchies and Self Interest
Author(s): Edward E. Williams and M. Chapman Findlay, III
Date: 1 January 1984
File:
URL: http://www.jstor.org/discover/10.2307/3486391?uid=3738032&uid=2129&uid=2&uid=70&uid=4&sid=21101658758087
Category: Enterprise

Any realistic theory of the firm must take into account the governing structure of the enterprise. Unfortunately, neoclassical economic theory ignores most of the problems associated with firm goal structures and the issue of corporate governance. We argue that shareholder wealth maximization under less than perfectly competitive conditions has serious normative deficiencies. From a positive point of view, it appears that shareholders have such a weak position with respect to governance that they have little influence upon goal structures as well. It is observed that directors rarely function in the idealized trusteeship capacity. Efforts by government to make corporations more "responsible" may involve nothing more than attempts to strengthen the public sector at the expense of the corporate and, hence, may not be in the interest of shareholders at all.

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