The History of Modern U.S. Corporate Governance: Introduction
Edward Elgar's Corporate Governance in the New Global Economy Series, 2011
37 Pages Posted: 21 Dec 2012 Last revised: 18 Nov 2020
Date Written: 2011
This essay provides the introduction to The History of Modern U.S. Corporate Governance, a sourcebook published by Edward Elgar. The essay begins by describing the scope of the sourcebook, indicating that the focus is on developments occurring from the mid-to-late 1970s, when the term corporate governance first came into vogue, onwards. The essay then identifies the topics covered by the sourcebook, which are the separation of ownership and control, the shareholder orientation of U.S. corporate governance, the board of directors, executive pay, shareholder activism, takeovers and regulatory responses to major corporate governance challenges. Next, the essay spells out how articles were chosen for the sourcebook and provides a synopsis of each of the pieces reproduced. The essay concludes by arguing that the separation of ownership and control, which has typically been the departure point for corporate governance analysis in the U.S., will likely to continue to define corporate governance debates for the foreseeable future.
Keywords: corporate governance, agency costs, board of directors, executive pay, shareholder activism, takeovers
JEL Classification: G30, G34, G38, J33, K22, N22
Suggested Citation: Suggested Citation