The purpose of this paper is to offer a formal model of corporate income tax evasion. While individual tax evasion is essentially a portfolio selection problem, corporate income tax evasion is much more complicated. When the owner of a firm decides to evade taxes, not only does it risk being...

While the United States made history this year with Kamala Harris becoming the first woman, Black, and Asian Vice President, the country overall has been rapidly losing its status as a global power founded on democratic principles. This is in part due to the leadership’s active involvement in...

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...

Corporate Governance practices of MFIs (Microfinance Institutions) across different economies have been known to affect the firm performance. This study explores the practices and key board features (Audit Committees, Independent Directors, International Directors, CEO-Board Chairman duality,...

This book contains eight articles written (six with co-authors who are noted at the beginning of the relevant chapters) over the past 30 years addressing various aspects of the Theory of the Firm. These articles emanated from our desire to understand more thoroughly the forces pushing firms to...

Corporate social responsibility (CSR) is a model of corporate governance (CG) extending fiduciary duties from fulfillment of responsibilities towards the firm's owners to fulfillment of analogous fiduciary duties towards all the firm's stakeholders. After considering the place of CSR in the...

We investigate whether management quality explains firm performance in Russia. We find that it explains relatively little in terms of firm performance, but it does explain some of the differences between firms in Russia's Far East and the rest of Russia. Firms that have always been in private...

This Article examines private-equity firms as an example of “uncorporate” structures in the governance of large firms. Other examples include master limited partnerships, real estate investment trusts, hedge funds, and venture capital funds. These firms can be seen as an alternative to the...

Understanding the role of culture in corporate governance has become a subject of growing importance. Today, no institutional analysis of corporate governance systems would be complete without considering the cultural environment in which such systems are embedded. This paper provides an...

In recent years there have been two parallel discussions taking place in the US and in the UK about the role which institutional shareholders should play in governing the corporation. In the US this discussion is around the idea of shareholder empowerment, in the UK it is around shareholder...