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If you have access to a journal via a society or association membership, please browse to your society journal, select an article to view, and follow the instructions in this box.Contact us if you experience any difficulty logging in.Abstract This paper assesses the effects of Berle and Means' study of the separation of corporate ownership from control on corporate financial reporting theory, research and policy.
Berle; theory of the firm; corporate governance; corporate social responsibility; agency theory; corporate governance; corporation; theory of the firm; contractual theories; agency theory; law and economics; ownership and control; property rights; shareholder primacy; power; real entity; institutional economics Here you can find all Crossref-listed publications in which this article is cited.
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Our aim is to explain the full significance of this theorization, by considering the context in which it was developed and the project – of a fundamentally political nature – that it conveys.
For that purpose, we return to the questions raised during the first half of the twentieth century, in the seminal book of Berle and Means and in subsequent works by Berle; questions of a much broader scope that the relationship between shareholders and managers.
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Disclaimer: This work has been submitted by a student.*Prices in US$ apply to orders placed in the Americas only.Prices in GBP apply to orders placed in Great Britain only.General note: By using the comment function on you agree to our Privacy Statement.A respectful treatment of one another is important to us.Prices in € represent the retail prices valid in Germany (unless otherwise indicated). Prices do not include postage and handling if applicable. Over the last thirty years, the shareholder conception of corporate governance has established itself as the foundation of the power structure and management principles of the corporation.It is based on a specific theorization of the firm: agency theory.We will show that agency theory can be considered a response to the most important ideas advanced by Berle and Means, and then by Berle (and others), after the New Deal and the Second World War.Comparison of these two themes of reflection leads us to identify two theorizations, and two radically different conceptions of the firm and the corporation.Berle’s argument was based on the premise of that shareholders were owners of the company and directors were agents or trustees of these owners.Thus he believed that corporations should be run for shareholders’ interests.