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A Historical Overview of Corporate Governance in the US (Priciple (1960s…
A Historical Overview of Corporate Governance in the US
Priciple
1960s-1970s
Managerial
Capitalism
1980s
Investor Capitalism
1990s
“Shareholder
Value”
2000s
Crisis of "shareholder value" paradigm
Ownership
1960s-1970s
Dispersed,
individual
1980s
Institutional
investors
1990s
Institutional
investors
2000s
Institutional
investors
Market for Corporate
Control
1960s-1970s
Weak
1980s
Strong
1990s
Medium
2000s
Medium
Boards
1960s-1970s
Insider - “advising
board”
1980s
Insider- “advising
board”
1990s
Outside "Monitoring board"
2000s
Outsider "Monitoring board"
Executive Remuneration
1960s-1970s
Fixed
1980s
Stock options
1990s
Stock options
2000s
Stock options
Gatekeepers
1960s-1970s
Weakly regulated
1980s
Weakly regulated
1990s
Weakly regulated
2000s
Strongly regulated