CORPORATE GOVERNANCE
Journal Title: International Journal of Marketing and Technology - Year 2012, Vol 2, Issue 6
Abstract
DEFINITION OF CORPORATE GOVERNANCE The concept was first used by World Bank in 1989. Corporate governance made a new bridge of interactions relationship between government and public. The roots of definition of corporate governance can be seen in Milton Friedman’s definition “corporate govenance is to conduct the business in accordance with owner or shareholders desires, which gernrally will be to make as much money as possible, while conforming to the basic rules of the society embodied in law and local customs” 1.02 HISTORY (CORPORATE GOVERNANCE) In the 19th century, state corporation law enhanced the rights of corporate boards to govern without unanimous consent of shareholders in exchange for statutory benefits like appraisal rights, to make corporate governance more efficient. In the 20th century in the immediate aftermath of the Wall Street Crash of 1929 legal scholars such as Adolf Augustus Berle, Edwin Dodd, and Gardiner C. Means pondered on the changing role of the modern corporation in society. Berle and Means' monograph "The Modern Corporation and Private Property" (1932, Macmillan) continues to have a profound influence on the conception of corporate governance in scholarly debates today.
Authors and Affiliations
Asha Antony. P
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