THE EMERGENCE AND DEVELOPMENT OF CORPORATE GOVERNANCE AS AN ECONOMIC AND INSTITUTIONAL PHENOMENON
Pages: 167-178 Published: 21 Aug 2015
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Abstract: The article analyses how has been corporate governance formed – it shows a view of history of economic thought on this problem. It describes Adam Smith’s opinions on corporations, the Agency Theory and the Principal-Agent Theory. Then, the article provides interpretation of OECD´s definition of corporate governance, it presents the dualistic (two-tier) model and the monistic (one-tier) model and the current institutional concept of corporate governance in the Czech Republic.