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Lecture 3

week 3

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Administrative Studies
ADMS 1000
Eytan Lasry

ADMS 1000 Week 3 Eytan LasrySeptember 27 2011 The Societal ContextCorporate GovernanceWhat are the central issues in managing the problem of agency in modern business corporations Do corporations have a duty to behave in an ethical and social responsible mannero Chapter 8 pg 174187 o The structure of corporations handout o Case studyMalden mills handoutTalisman p 196 The Corporate FormAn artificial being that can engage in all forms of business activities Canada Corporation ActA business organization that is recognized by the law as having a separate legal existence can be sued hold property and incur debt Less than 20 of businesses are corporations but they account for 90 of all business revenues in the USAdvantages relative to sole proprietorship and partnershipso Access to capitalo Infinite lifeo Limited liabilityo Transferability and liquidity of ownershipDisadvantages o Double taxation o Costs and disclosure o Principalagent problemgovernance Corporate Governance The system by which business corporations are directed and controlled The corporate governance structure specifies the distribution rights and responsibilities among different participants in the corporation such as the board managers shareholders and other stakeholders the spell out the rules and procedures for making decisions on corporate affairs By doing this it also provides the structure through which the company objectives are set and the means of attending those objectives are monitoring performance
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