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2011 | OriginalPaper | Chapter

Corporate Governance: A Contractual and Organizational Perspective

Author : Oliver E. Williamson

Published in: Corporate Social Responsibility and Corporate Governance

Publisher: Palgrave Macmillan UK

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The much-heralded transformation of corporate governance by ‘intellectual currents in finance and economics and new transactional developments’ (Romano, 2005a, p. 359) notwithstanding, corporate governance controversies continue. This chapter uses the lens of contract/governance to examine the huge disparities between the theory of the board of directors as vigilant safeguard for the interests of the equity investors and the board of directors in practice.1 What is responsible for these disparities? How should they be interpreted? What should be done?

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