委托-代理-委托模式在印度的兴起——以印孚瑟斯有限公司为例

IF 1.8 Q3 MANAGEMENT IIM Kozhikode Society & Management Review Pub Date : 2019-04-21 DOI:10.1177/2277975219836536
S. Subramanian
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引用次数: 1

摘要

现有的公司治理文献主要集中在委托-代理模型或委托-委托模型上,这些模型表现出双向冲突。本研究旨在了解新兴市场家族企业管理职业化过程中,控股/发起人股东、职业经理人和小股东之间出现的三方委托-代理-委托冲突。本文运用案例研究的方法,证明了在新兴市场上市公司中,随着外部治理制度的有效,职业经理人在特定的内部治理结构下获得授权。这就导致了控股/发起人股东、职业经理人和中小股东之间的三方委托-代理-委托冲突。新兴市场的委托-代理-委托模型改变了公司治理框架的基础,为公司治理领域开辟了新的研究途径。三方冲突的演变可能需要制定独特的法规来处理新兴市场的公司治理问题。
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The Emergence of Principal–Agent– Principal Model in India: The Case of Infosys Ltd
The existing corporate governance literature focuses on a principal–agent model or a principal–principal model which demonstrate two-way conflicts. This study seeks to understand the emergence of a three-way principal–agent–principal conflict between the controlling/promoter shareholder, the professional manager and the minority shareholders in emerging market family-controlled firms which are professionalizing their management. Using the case study method, this article proves that in the listed emerging market firms, the professional manager gets empowered under a specific internal governance structure as the institutions of external governance become effective. This leads to a three-way principal–agent–principal conflict between the controlling/promoter shareholder, the professional manager and the minority shareholders. A principal–agent–principal model in the emerging markets changes the very basics of corporate governance framework and opens up new research avenues in the field of corporate governance. The evolvement of the three-way conflict might call for unique regulations to deal with corporate governance problems in the emerging markets.
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CiteScore
3.90
自引率
31.20%
发文量
25
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