The Theory and Practice of the State Model of Corporate Governance

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State Model of Corporate Governance</title> <meta name="description" content="The Theory and Practice of the State Model of Corporate Governance"> <meta name="keywords" content="Corporate governance, control, shareholders, state model."> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <meta name="citation_title" content="The Theory and Practice of the State Model of Corporate Governance"> <meta name="citation_author" content="Asaiel Alohaly"> <meta name="citation_publication_date" content="2023/02/07"> <meta name="citation_journal_title" content="International Journal of Industrial and Systems Engineering"> <meta name="citation_volume" content="17"> <meta name="citation_issue" content="2"> <meta name="citation_firstpage" content="92"> <meta name="citation_lastpage" content="95"> <meta name="citation_pdf_url" content="https://publications.waset.org/10012950/pdf"> <link 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private companies and State-Owned Enterprises (SOEs). The two dominant models, being shareholder and stakeholder, do not always address the specific requirements and challenges posed by ‘hybrid’ companies; namely, previously national bodies that have been privatised while the government retains significant control or holds a majority of shares. Thus, an exploratory theoretical study is needed to identify how ‘hybrid’ companies should be defined and why the state model should be acknowledged since it is the less conspicuous model in comparison with the shareholder and stakeholder models. This research focuses on the state model of corporate governance to understand the complex ownership, control pattern, goals, and corporate governance of these hybrid companies. The significance of this research lies in the fact that there is a limited available publication on the state model. This research argues for the state model, which proceeds from an understanding of the institutionally embedded characteristics of hybrid companies, where the government as a shareholder, is either a majority of the total shares, or has been granted power based on the rule of law; the company bylaws.</p> <iframe src="https://publications.waset.org/10012950.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Corporate%20governance" title="Corporate governance">Corporate governance</a>, <a href="https://publications.waset.org/search?q=control" title=" control"> control</a>, <a href="https://publications.waset.org/search?q=shareholders" title=" shareholders"> shareholders</a>, <a href="https://publications.waset.org/search?q=state%20model." title=" state model."> state model.</a> </p> <a href="https://publications.waset.org/10012950/the-theory-and-practice-of-the-state-model-of-corporate-governance" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10012950/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10012950/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10012950/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10012950/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10012950/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10012950/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10012950/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10012950/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10012950/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10012950/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10012950.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">1302</span> </span> <p class="card-text"><strong>References:</strong></p> <br>[1] Alexius S and Örnberg JC, ‘Mission (s) Impossible? Configuring Values in the Governance of State-Owned Enterprises’ (2015) International Journal of Public Sector Management <br>[2] Anheier HK and Baums T, Advances in Corporate Governance: Comparative Perspectives (Oxford University Press 2020) <br>[3] Baker HK and Anderson R, Corporate Governance: A Synthesis of Theory, Research, and Practice, vol 8 (John Wiley & Sons 2010) <br>[4] Bebchuk LA and Kastiel K, ‘The Untenable Case for Perpetual Dual-Class Stock’ (2017) 103 Va. L. Rev. 585 <br>[5] Berle AA and Means GGC, The Modern Corporation and Private Property (Transaction publishers 1991) <br>[6] Bruton GD and others, ‘State-Owned Enterprises around the World as Hybrid Organizations’ (2015) 29 Academy of Management perspectives 92 <br>[7] Finance O, ‘OECD Business and Finance Outlook 2020’ <br>[8] Florio M, ‘Contemporary Public Enterprises: Innovation, Accountability, Governance’ <br>[9] Grosman A, Wright M and Okhmatovskiy I, ‘State Control and Corporate Governance in Transition Economies: 25 Years on from 1989’ (2016) 24 Corporate Governance 200 <br>[10] Grossman SJ and Hart OD, ‘One Share-One Vote and the Market for Corporate Control’ (1988) 20 Journal of financial economics 175 <br>[11] Gupta N, ‘Partial Privatization and Firm Performance’ (2005) 60 The Journal of Finance 987 <br>[12] Imoniana JO and Farah OE, ‘Corporate Governance: Theoretical and Empirical Perspectives. Editado Por Xavier Vives Cambridge. C. University Press, 2000.’ 1 Revista Organizações em Contexto 224 <br>[13] Jensen MC and Meckling WH, ‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’ (1976) 3 Journal of financial economics 305 <br>[14] Jing C and Tylecote A, ‘A Healthy Hybrid: The Technological Dynamism of Minority-State-Owned Firms in China’ (2005) 17 Technology Analysis & Strategic Management 257 <br>[15] Kikeri S, Nellis J and Shirley M, ‘Privatization: Lessons from Market Economies’ (1994) 9 The World Bank Research Observer 241 <br>[16] Kurlantzick J, State Capitalism: How the Return of Statism Is Transforming the World (Oxford University Press 2016) <br>[17] Lim EWK, ‘Concentrated Ownership, State-Owned Enterprises and Corporate Governance’ (2021) Oxford Journal of Legal Studies <br>[18] Lund DS, ‘Nonvoting Shares and Efficient Corporate Governance’ (2019) 71 Stan. L. Rev. 687 <br>[19] Moore M and Petrin M, Corporate Governance: Law, Regulation and Theory (Macmillan International Higher Education 2017) <br>[20] Moore MT, ‘Designing Dual-Class Sunsets: The Case for a Transfer-Centered Approach’ (2020) 12 Wm. & Mary Bus. L. Rev. 93 <br>[21] Newman P, The New Palgrave Dictionary of Economics and the Law (Springer 1998) <br>[22] Pache A-C and Santos F, ‘Inside the Hybrid Organization: Selective Coupling as a Response to Competing Institutional Logics’ (2013) 56 Academy of management journal 972 <br>[23] Pargendler M, ‘State Ownership and Corporate Governance’ (2011) 80 Fordham L. Rev. 2917 <br>[24] Polanyi K, ‘The Great Transformation’ (1944) Boston: Beacon <br>[25] Reddy B V, Founders Without Limits: Dual-Class Stock and the Premium Tier of the London Stock Exchange (Cambridge University Press 2021) <br>[26] Turnbull S, ‘Corporate Governance: Theories, Challenges and Paradigms’ (2000) 1 Gouvernance: Revue Internationale 11 Whincop MJ, Corporate Governance in Government Corporations (Routledge 2017) <br>[27] Liebman BL and Milhaupt CJ, Regulating the Visible Hand?: The Institutional Implications of Chinese State Capitalism (Oxford University Press 2015) <br>[28] Cuervo-Cazurra A and others, ‘Governments as Owners: State-Owned Multinational Companies’ <br>[29] Radić M, Ravasi D and Munir K, ‘Privatization: Implications of a Shift from State to Private Ownership’ (2021) 47 Journal of Management 1596 <br>[30] World Bank, Corporate Governance of State-Owned Enterprises: A Toolkit (The World Bank 2014) 14. </div> </div> </div> </main> <footer> <div id="infolinks" class="pt-3 pb-2"> <div class="container"> <div style="background-color:#f5f5f5;" class="p-3"> <div class="row"> <div class="col-md-2"> <ul class="list-unstyled"> About <li><a href="https://waset.org/page/support">About Us</a></li> <li><a href="https://waset.org/page/support#legal-information">Legal</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/WASET-16th-foundational-anniversary.pdf">WASET celebrates its 16th foundational anniversary</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Account <li><a href="https://waset.org/profile">My Account</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Explore <li><a href="https://waset.org/disciplines">Disciplines</a></li> <li><a href="https://waset.org/conferences">Conferences</a></li> <li><a href="https://waset.org/conference-programs">Conference Program</a></li> <li><a href="https://waset.org/committees">Committees</a></li> <li><a href="https://publications.waset.org">Publications</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Research <li><a href="https://publications.waset.org/abstracts">Abstracts</a></li> <li><a href="https://publications.waset.org">Periodicals</a></li> <li><a href="https://publications.waset.org/archive">Archive</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Open Science <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Philosophy.pdf">Open Science Philosophy</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Award.pdf">Open Science Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Society-Open-Science-and-Open-Innovation.pdf">Open Innovation</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Postdoctoral-Fellowship-Award.pdf">Postdoctoral Fellowship Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Scholarly-Research-Review.pdf">Scholarly Research Review</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Support <li><a href="https://waset.org/page/support">Support</a></li> <li><a href="https://waset.org/profile/messages/create">Contact Us</a></li> <li><a href="https://waset.org/profile/messages/create">Report Abuse</a></li> </ul> </div> </div> </div> </div> </div> <div class="container text-center"> <hr style="margin-top:0;margin-bottom:.3rem;"> <a href="https://creativecommons.org/licenses/by/4.0/" target="_blank" class="text-muted small">Creative Commons Attribution 4.0 International License</a> <div id="copy" class="mt-2">© 2024 World Academy of Science, Engineering and Technology</div> </div> </footer> <a href="javascript:" id="return-to-top"><i class="fas fa-arrow-up"></i></a> <div class="modal" id="modal-template"> <div class="modal-dialog"> <div class="modal-content"> <div class="row m-0 mt-1"> <div class="col-md-12"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"><span aria-hidden="true">×</span></button> </div> </div> <div class="modal-body"></div> </div> </div> </div> <script src="https://cdn.waset.org/static/plugins/jquery-3.3.1.min.js"></script> <script src="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/js/bootstrap.bundle.min.js"></script> <script src="https://cdn.waset.org/static/js/site.js?v=150220211556"></script> <script> jQuery(document).ready(function() { /*jQuery.get("https://publications.waset.org/xhr/user-menu", function (response) { jQuery('#mainNavMenu').append(response); });*/ jQuery.get({ url: "https://publications.waset.org/xhr/user-menu", cache: false }).then(function(response){ jQuery('#mainNavMenu').append(response); }); }); </script> </body> </html>

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The Theory and Practice of the State Model of Corporate Governance