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By Ahmed Naciri

The final Asian monetary hindrance, coupled with the western sequence of company scandals, has prompted traders and electorate to doubt mangers’ skill to assure credible monetary information regarding organizations.  therefore, legislators world wide have come to grasp the need of legislating within the sector of company governance.

This publication explores numerous nationwide company governance reform stories from worldwide (including Canada, China, the us, and the eu Union) and gives an explanatory concept with reference to nationwide structures of company governance.  It additionally underlines company governance as a administration instrument and precept. the writer argues that every state could be inspired to construct its personal method of company governance which might be harmonized with its background, tradition and the extent of its monetary development. 

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If the first model considers that the organizational rent is due to specific investments made by the different stakeholders and the second model insists on the importance of both vertical and horizontal cooperation to produce this rent, we may not really view this analysis of the process of value creation in terms of comparative advantages linked to production. The theory of the firm of Rajan and Zingales, in particular, remains traditional in its view of value creation and investment. Consistent with the theory of the firm of Hart and Moore (1990) but proposing a more extensive and complete model, its view of governance remains exclusively disciplinary.

If the shareholder function is limited to the contribution of equity capital – “passive” ownership – and the financial market is competitive, shareholders hold less power; consequently, they must be remunerated at their opportunity cost that is presumed to be equal to the market equilibrium rate, to keep them in the nexus of contracts. However, it is best for the managers to share the rent with them in order to avoid dismissal; therefore, their interests converge to a certain extent with those of the shareholders.

The issue of the origin of the rent put emphasis on the specific skills of the employees in addition to the managerial capital. As emphasized by Rajan and Zingales (1998a), it plays a determining role, particularly in the New Economy. However, the specificity of human capital, if it is the basis for the rent, renders it vulnerable to attempts at expropriation. The governance system is therefore justified by its ability to protect this capital. The firm becomes a nexus of specific investments: a combination of co-specific assets and persons9 (Zingales, 1998, 2000; Rajan and Zingales, 1998a, 2000).

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