Corporate governance myths: Comments on Armstrong, Guay, and Weber

• 成果类型: Article
• 署名作者: Brickley, James A.; Zimmerman, Jerold L.
• 署名单位: University of Rochester
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2010.10.002
• 发表日期: 2010
• 关键词: firm; determinants; performance; COMPETITION; OWNERSHIP; boards; COSTS; size

摘要

This paper argues that academics, politicians, and the media have six commonly held but misguided beliefs about corporate governance. While Armstrong et al. (2010) discuss some of these misconceptions, a wider recognition that these beliefs are actually myths is important. They include: (1) a common definition of corporate governance exists; (2) a useful distinction is internal versus external governance mechanisms; (3) outside directors perform two separable roles: to advise and monitor managers: (4) research has identified good and bad governance practices; (5) a good governance index can be constructed: and (6) corporate governance best practices can be deduced from peer data. (C) 2010 Elsevier B.V. All rights reserved.