Towards new perspectives in corporate governance : A literature review

Abstract

Corporate governance is a multidisciplinary concept that concerns the first place the relationship between the shareholders and the manager (separation of ownership and control) in a contractual approach of the agency theory concerns the second place other stakeholders known by the Stakeholders model. In the recent past, this concept has evolved to include other dimensions (cognitive and behavioral) to remedy the inefficiencies of the shareholder approach. This article is a documentary research that explores a range of theories related to a new non-contractual approach to the firm: the behavioral approach to corporate governance. The results show that, like agency costs, there are behavioral costs (internal and external) that are costs associated with behavioral errors due to cognitive or emotional imperfections.