Legal Interpretation of the Managerial Revolution

Author: Tan Xiao
Publisher:
Publish Date: 2005-01-01
Features: The intellectualized managerial class, armed with its knowledge capital, is rising up to "reform" the traditional corporate governance system. Is this a historical inevitability or purely a coincidence? Shareholder value has been severely or even maliciously damaged, the board of directors has been openly sidelined, and the supervisory committee has become a complete decoration. Is there a causal relationship between all this and the current managerial revolution? Faced with a global wave of revolution sweeping across enterprises due to the increasing power of managers in the company's power structure, should we "deter" or "block"? This is precisely the full scope of issues that this book examines the managerial revolution and attempts to explain.
This book provides a legal interpretation of the phenomenon of the managerial revolution from both theoretical and practical perspectives: through historical examination, it explains the inevitability of the managerial revolution; using human capital theory and corporate contract theory, it analyzes for the first time from a legal perspective the significant impact of the managerial revolution on corporate power structures; breaking through traditional agency theory, it proposes a completely new tripartite role theory of corporate managers and, based on this, constructs selection, incentive, and constraint systems for corporate managers that are adapted to the wave of the managerial revolution and corporate governance practices in the knowledge economy era.