This paper suggests the topic of corporate agility as a fruitful area for corporate governance research. Corporate agility, which refers to a firm's ability to adapt to changes in its environment, is likely to be a critical, yet understudied, determinant of firm performance and survival. This paper proposes an inverse relation between the centralization of decision-making in firms and agility. It also proposes that certain governance structures often viewed as increasing agency costs, such as insider-controlled boards and dual class stock, may actually increase agility and thereby improve firm performance and the chances of survival. The paper concludes with a discussion of specific ways in which agility might be incorporated into the corporate governance literature.

本文提出了公司敏捷性这一主题，作为公司治理研究的一个富有成果的领域。公司敏捷度是指公司适应环境变化的能力，它可能是决定公司绩效和生存能力的关键因素，但尚未得到充分研究。本文提出了企业决策集中化与敏捷性之间的反比关系。它还提出，通常被视为增加代理成本的某些治理结构，例如内部人控制的董事会和双重股权，实际上可能会提高敏捷性，从而提高公司绩效和生存机会。本文最后讨论了将敏捷性纳入公司治理文献的具体方式。