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Chapter 10 - Corporate governance. Studying this chapter should provide you with the strategic management knowledge needed to: Define corporate governance and explain why it is used to monitor and control managers’strategic decisions, explain why ownership has been largely separated from managerial control in the modern corporation, define an agency relationship and managerial opportunism and describe their strategic implications,. | Chapter 10 Corporate Governance Michael A. Hitt R. Duane Ireland Robert E. Hoskisson ©2000 South-Western College Publishing 1 Competitiveness Chapter 3 Internal Environment Chapter 2 External Environment The Strategic Management Process Strategic Intent Strategic Mission Strategic Competitiveness Above Average Returns Feedback Strategy Formulation Chapter 4 Business-Level Strategy Chapter 5 Competitive Dynamics Chapter 6 Corporate-Level Strategy Chapter 8 International Strategy Chapter 9 Cooperative Strategies Chapter 7 Acquisitions & Restructuring Strategic Inputs Strategic Actions Strategic Outcomes Chapter 10 Corporate Governance Chapter 11 Structure & Control Chapter 12 Strategic Leadership Chapter 13 Entrepreneurship & Innovation 3 Used in corporations to establish order between the firm’s owners and its top-level managers Corporate Governance is a relationship among stakeholders that is used to determine and control the strategic direction and performance of organizations . | Chapter 10 Corporate Governance Michael A. Hitt R. Duane Ireland Robert E. Hoskisson ©2000 South-Western College Publishing 1 Competitiveness Chapter 3 Internal Environment Chapter 2 External Environment The Strategic Management Process Strategic Intent Strategic Mission Strategic Competitiveness Above Average Returns Feedback Strategy Formulation Chapter 4 Business-Level Strategy Chapter 5 Competitive Dynamics Chapter 6 Corporate-Level Strategy Chapter 8 International Strategy Chapter 9 Cooperative Strategies Chapter 7 Acquisitions & Restructuring Strategic Inputs Strategic Actions Strategic Outcomes Chapter 10 Corporate Governance Chapter 11 Structure & Control Chapter 12 Strategic Leadership Chapter 13 Entrepreneurship & Innovation 3 Used in corporations to establish order between the firm’s owners and its top-level managers Corporate Governance is a relationship among stakeholders that is used to determine and control the strategic direction and performance of organizations Concerned with identifying ways to ensure that strategic decisions are made effectively Corporate Governance 6 Separation of Ownership and Managerial Control Basis of the modern corporation Shareholders purchase stock, becoming Residual Claimants Professional managers contract to provide decision-making Modern public corporation form leads to efficient specialization of tasks - Shareholders reduce risk efficiently by holding diversified portfolios - Risk bearing by shareholders - Strategy development and decision-making by managers 13 An agency relationship exists when: Shareholders (Principals) Firm Owners Managers (Agents) Decision Makers which creates Agency Relationship Risk Bearing Specialist (Principal) Managerial Decision-Making Specialist (Agent) Hire Agency Theory 17 The Agency problem occurs when: - The desires or goals of the principal and agent conflict and it is difficult or expensive for the principal to verify that the agent has behaved appropriately Solution: Principals .
