In this inaugural address, it is argued that the field of corporate governance is focused too much on the agency problems between managers and shareholders that result from the separation of ownership and control in public companies. It is argued that the currently dominant managerial disciplining model of corporate governance should be broadened by including: (1) the benefits of centralized decision-making and managerial authority in public firms (and other forms of enterprise organization), (2) the distinct corporate governance problems of other forms of enterprise organization, and (3) issues of legitimacy that that arise when corporate actions unlawfully or disproportionally hurt the interests of third parties outside the firm.

Additional Metadata
Keywords aandeelhouders, bestuursautoriteit, compliance, legitimiteit, stakeholders
JEL Multinational Firms; International Business (jel F23), Business Administration and Business Economics; Marketing; Accounting (jel M), Corporate Culture; Social Responsibility (jel M14)
Publisher Erasmus Research Institute of Management
Sponsor Rotterdam School of Management (RSM) Erasmus University Rotterdam (EUR)
ISBN 978-90-5892-183-3
Persistent URL
Series ERIM Inaugural Address Series Research in Management
van Oosterhout, J. (2008, September 12). Het disciplineringsmodel voorbij; over autoriteit en legitimiteit in Corporate Governance. ERIM Inaugural Address Series Research in Management. Erasmus Research Institute of Management. Retrieved from