The Social Responsibility of the Firm: A Corporate Governance Perspective

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Author(s): Alvaro Nascimento (Catolica Porto Business School, Universidade Católica Portuguesa, Portugal)
Copyright: 2021
Pages: 21
Source title: Comparative Research on Earnings Management, Corporate Governance, and Economic Value
Source Author(s)/Editor(s): Elisabete S. Vieira (University of Aveiro, Portugal), Mara Madaleno (University of Aveiro, Portugal)and Graça Azevedo (University of Aveiro, Portugal)
DOI: 10.4018/978-1-7998-7596-3.ch009

Keywords: Accounting and Finance / Business & Management / Business Science Reference / Management Science

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Abstract

This chapter pursues a normative approach to corporate governance, bridging economic theory on the nature of the firm and corporate management strategy. It intends to show that from a welfare economics perspective there is room for improvement if governments are willing to revisit the legal framework and redesign the institutional boundaries of the firm. In concrete, echoing concerns being put forward by the World Economic Forum and other international organisations, it is proposed that the social accountability of the modern corporation and its institutional boundaries should be revisited on legal grounds. A new role for top management is advanced in the context of principal-agent theory.

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The Social Responsibility of the Firm: A Corporate Governance Perspective

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