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Published in:
2002 | OriginalPaper | Chapter
Introduction
Author : Dr. Jens Köke
Published in: Corporate Governance in Germany
Publisher: Physica-Verlag HD
Included in: Professional Book Archive
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Corporate governance is the complex system of control mechanisms by which “the suppliers of finance to corporations assure themselves of getting a return on their investment” (Shleifer and Vishny, 1997: 737). The classical problem of corporate governance is the separation of ownership and control, or more exactly, the agency costs which result from a divergence of interest between the owners and the managers of the firm (Berle and Means, 1932; Jensen and Meckling, 1976).