Market distortions and corporate governance

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Market distortions and corporate governance

Please use this identifier to cite or link to this item: http://hdl.handle.net/10036/29293

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Title: Market distortions and corporate governance
Author: Kelsey, David
Milne, Frank
Publisher: SSRN
Journal: SSRN Electronic Journal
Date Issued: 2005-02
URI: http://hdl.handle.net/10036/29293
DOI: 10.2139/ssrn.704821
Links: http://www.people.ex.ac.uk/dk210/ http://ssrn.com/abstract=704821
Type: Working Paper
Description: This paper studies corporate governance when a firm faces imperfect competition. We derive firms' decisions from utility maximization by individuals. This reduces the usual monopoly distortion. We find that corporate governance can effect the equilibrium in the product (or input) markets. This enables us to endogenize the objective function of the firm. If the firm cannot commit not to change its constitution, we find a Coaselike result where all market power is lost in the limit. We present a more abstract model of governance in the presence of market distortions and discuss its implications for the governance of universities.
Keywords: Corporate governancestakeholder
ISSN: 15565068


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