Corporate governance and board effectiveness
综述公司治理的内外部机制，重点分析董事会在缓解经理人与股东、股东与债权人等利益冲突中的作用，并探讨内外部治理机制的替代效应。
This paper surveys the empirical and theoretical literature on the mechanisms of corporate governance. We focus on the internal mechanisms of corporate governance (e.g., corporate board of directors) and their role in ameliorating various classes of agency problems arising from conflicts of interests between managers and equityholders, equityholders and creditors, and capital contributors and other stakeholders to the corporate firm. We also examine the substitution effect between internal mechanisms of corporate governance and external mechanisms, particularly markets for corporate control. Directions for future research are provided.