ABSTRACT

Corporate governance mechanisms are traditionally seen as devices for reducing agency costs between shareholders and managers in the context of private ordering. More recently, however, the UK and other governments have embraced regulations in the field of corporate governance as tools through which to impose public responsibilities on corporations. Among others, corporate governance mechanisms have been relied on to equalise wealth distribution, promote equality in the labour force, and pursue environmental goals. This article assesses the justification, utility, and efficacy of using corporate governance to promote public aims. It finds that while it may be appropriate for corporate governance mechanisms to include public goals, the current overreliance on disclosure requirements and on indirect regulation to address societal issues is misguided. Instead, the article suggests that governments should view corporate governance mechanisms with public policy goals as complementary strategies, and not as substitutes, to direct external regulation.

摘要

传统上，公司治理机制被视为在私人订购的情况下降低股东与管理者之间代理成本的手段。然而，最近，英国和其他政府已经接受了公司治理领域的法规，以此作为对公司施加公共责任的工具。除其他外，还依靠公司治理机制来平衡财富分配，促进劳动力平等和追求环境目标。本文评估使用公司治理促进公共目标的理由，效用和功效。它发现，虽然公司治理机制应包括公共目标，但当前过度依赖披露要求和间接法规来解决社会问题是错误的。