Theoretical Perspectives of Corporate Governance
Corporate Governance is relatively new area and its development has been affected by different theories from
different domain, including law, economics, finance and management. This article gives a theoretical overview
within the disciplines of corporate governance. This research paper provides an overview of main theory i.e.,
agency theory as well as other theories like stewardship theory, stakeholder theory, resource dependency theory
and transaction cost economics theory that influences the development of corporate governance. Researchers
also reveal the differences among these theories, spanning over different disciplines with diverge scope. Some
theories are most appropriate are relevant for some context as compared to the others. The study calls the need
for the development of a general theory of corporate governance with conjunction of legal system (common law
or civil law) and considering other actors. It gives new mode of thinking and new direction of research in
analysing corporate governance.
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