The Emergence and Development of Corporate Governance as an economic and institutional Phenomenon

Abstract

The article analyses how has been corporate governance formed - it shows a view of history of economic thought to this problem. It describes Adam Smith's opinions on corporations, the Agency Theory and the Principal-Agent Theory.

Then, the article provides interpretation of OECD's definition of corporate governance, it presents the dualistic (two-tier) model and the monistic (one-tier) model and the current institutional concept of corporate governance in the Czech Republic.

Keywords

• Emergence
• Development
• Corporate
• Governance
• economic
• institutional
• Phenomenon