Information Theory and the Role of Intermediaries in Corporate Governance

Arbeitspapier

We investigate the connection between corporate governance system configurations and the role of intermediaries in the respective systems from a informational perspective. Building on the economics of information we show that it is meaningful to distinguish between internalisation and externalisation as two fundamentally different ways of dealing with information in corporate governance systems. This lays the groundwork for a description of two types of corporate governance systems, i.e. insider control system and outsider control system, in which we focus on the distinctive role of intermediaries in the production and use of information. It will be argued that internalisation is the prevailing mode of information processing in insider control system while externalisation dominates in outsider control system. We also discuss shortly the interrelations between the prevailing corporate governance system and types of activities or industry structures supported.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper Series: Finance & Accounting ; No. 142

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Comparative Analysis of Economic Systems ; Business Objectives of the Firm ; Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance ; Search; Learning; Information and Knowledge; Communication; Belief; Unawareness ; Asymmetric and Private Information; Mechanism Design ; Organizational Behavior; Transaction Costs; Property Rights
• Thema: Economics of information ; corporate governance ; financial systems ; complementarity ; Corporate Governance ; Informationsökonomik ; Informationsverbreitung ; Finanzintermediär ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Schmidt, Reinhard H. ; Tyrell, Marcel
• Ereignis: Veröffentlichung
• (wer): Johann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften
• (wo): Frankfurt a. M.
• (wann): 2004

Weitere Informationen

• Handle: http://hdl.handle.net/10419/23407
• Letzte Aktualisierung: 20.09.2024, 08:23 MESZ