Pepper D. Culpepper
This article reviews the existing literature on the politics of corporate governance. The scholarship discussed has provided an important corrective to work on the origins of ownership in the law and economics literature, which focused on the historical origins of legal systems as the primary determinant of contemporary patterns of share ownership and minority shareholder protection. New theories of the politics in corporate governance bring in political agency and possibilities for change over time in individual countries, both of which were absent from work on legal origins. And indeed, the new theories of corporate governance are not wrong about the politics they describe. They provide different and important lenses for explaining the politics of corporate governance during moments of high political salience.
Peter D. Sherer and Huseyin Leblebici
This chapter synthesizes and extends the literature on governance in Professional Service Firms (PSFs). It discusses four foundational theoretical perspectives on governance in PSFs: the agency, the partnership/partnership ethos, the stakeholder, and the trustee perspective. The authors argue these perspectives speak to structural or cultural views of governance, but they leave unanswered critical issues. Given the state of the literature, they argue for going beyond these foundational perspectives. They take a legal normative view of governance, defined as the legal and non-legal rules, norms, conventions, standards, and managerial practices that facilitate the coordination and conflict resolution among the critical constituencies of PSF for the firm as an institution. In so doing, the authors identify a critical unexplored issue in the study of governance of PSFs from a legal-normative view: the definitions of rights and obligations among critical constituencies and how that plays into conflict resolution mechanisms built into PSF governance.
This article focuses on the changing nature of labor, management, and government interactions in advanced industrialized countries with particular emphasis on how modifications in industrial relations intersect with the organization of work. The evidence shows increased variation in industrial relations patterns within countries as a result of the growth of nonunion alternatives to previously dominant union systems; the rise of human resource employment patterns as alternatives to traditional collective bargaining; and the polarization of collective bargaining into participatory and adversarial alternatives. Variation across countries is declining due to similarities in the process of industrial relations. Although these process changes are particularly evident in workplaces that make use of high-performance work processes, they are common elsewhere. There are also similarities in industrial relations outcomes across countries involving commonalities in employment patterns and work practices.
Zoltan J. Acs
Entrepreneurship is about people in their roles as identifiers of opportunities and the exploiters of opportunities. Moreover, recent theories of opportunity have shed light on the role of knowledge, knowledge spillovers, human capital, agglomeration of knowledge, and similar spatial structures as being the key to entrepreneurship. This article focuses on the age of the establishment as measured by new-firm entry as the operational variable in entrepreneurship and discusses what variables are important in determining entry. The focus in this article is on the role of human capital as a barrier to entry and suggests that the lack of education is the greatest barrier to entry.