広義の会社統治システムの経済学的枠組みについての一考察

概要

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In this short essay, I am concerned only with large scale listed companies. I will show a broad scheme for corporate governance in this case (Figure 3). The true object of the corporate governance should not be considered as pursuing maximization of shareholders' satisfactions, but realizing the effective use of social resources through pursuing profit maximization. Assuming the first regulatory force for corporate governance to be actual as well as latent shareholders (that is, investors in security markets considering relative profitability of alternative investments), the second and more important force is competitive pressure in the products and services market. The capital market and product market, along with corporate governance regime by commercial law thinking carry out disciplines on the listed companies. In my thought, the issue of CSR (corporate social responsibility) does not essentially change this configuration of the system.
関西学院大学の論文
2004-12-31