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Running business like a government in the new economy: lessons for organizational design and corporate governance

Bryane Michael (Academic at Oxford University. Tel: 44 7815 652209, E‐mail: bryane.michael@linacre.ox.ac.uk)
Randy Gross (Community Relations Manager, Tempe City Government, Tempe, Arizona. Tel: 480‐350‐9808)

Corporate Governance

ISSN: 1472-0701

Article publication date: 1 September 2004

Abstract

Principal‐agent problems are largely responsible for poor corporate governance. Much work on private sector corporate governance reform seeks to address transparency, accountability and responsiveness to stakeholder interests under the new category of corporate social responsibility (CSR). Yet, these issues are not new. The public sector has been working on these issues for many years – especially in looking at ways of reducing malfeasance and also optimizing use of resources for the benefit of principals. Some lessons from public sector reform include promoting information dissemination, participation, and balancing powers between a corporation’s executive and supervisory entities. While firms should not necessarily be administered like governmental bodies, there are many lessons from public sector organizational reform and institutional governance that may be applicable to large‐scale public corporations.

Keywords

Citation

Michael, B. and Gross, R. (2004), "Running business like a government in the new economy: lessons for organizational design and corporate governance", Corporate Governance, Vol. 4 No. 3, pp. 32-46. https://doi.org/10.1108/14720700410547486

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited