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What is corporate governance?
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Key topics
 The big picture
 Stock price formation
 Fundamental value analysis
International corp. governance

Incentive mechanisms
 Decision system
Performance monitoring
 Incentive based compensation
 Bankruptcy system
 Ownership structure
 Creditor structure
 Capital structure
 Market for corporate control
Labor market competition
Product market competition

Related topics
Transaction cost economics
 Positive economics



The market for management services

Introduction: The market for management services is simply defined as the market for managerial labor. This market is of importance in corporate governance because it affects the incentives of managers and thereby the economic efficiency of the corporations they manage. A classic reference on the market for management services is Fama [1980b].


  • Table - Hypotheses: Effects of markets for management services on corporate performance and other other kinds of institutions of relevance for corporate governance.
  • Table - International corporate governance: Tentative characterizations of legal and empirical state of large firm markets for management services as of 1980-95: 1) Developing countries. 2) Germany. 3) Japan. 4) Anglo-American countries. 5) Denmark.
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