Power Plays: Can Power Dynamics Explain Changes in Corporate Governance Practices?
研究了1980至1995年间公司治理实践变化与财务绩效的关系，发现采用治理实践的公司数量激增，且股东倾向于采用限制自身财富的治理措施，反映了股东与董事会之间权力平衡的转移。
The article discusses a study which investigated the relationship between changes in corporate governance practices and a firm's financial performance. Three broad types of governance practices, namely governance features, charter amendments and state antitakeover laws from 1980 to 1995, were considered. The author found a dramatic increase in the number of firms adopting governance practices between 1980 and 1995. He also found that shareholders seemed to adopt governance practices that constrained their wealth. Another finding related to the shifting balance of power in corporations between shareholders and boards.