Marx used a completely new proletarian world outlook to construct the main body of the theoretical edifice of property rights. Property rights are the legal form of ownership. As a relationship of legal rights of the ...Marx used a completely new proletarian world outlook to construct the main body of the theoretical edifice of property rights. Property rights are the legal form of ownership. As a relationship of legal rights of the property form, property rights are not only a relationship between two wills which reflects economic relationships but also a product of history, belonging to the category of history and assuming the form of history. Marx made a special effort to study capitalist property relations, that is, on the basis of revealing the opposition between capital and wage labor in the economic field, he sought to describe the value-added process as ownership relations and a process of appropriation in terms of the law and the theory of property rights, involving the integration and separation of various powers such as ownership, right of possession, right of use, right of disposal, right of operation, right of demand and right of inheritance. In this way he proved the class opposition in capitalist property relations and the system of property rights. The changing direction from ＂passive sublation＂ to ＂active sublation＂ revealed by Marx clearly shows the historical inevitability and long-term developmental trend of the substitution of public economic and judicial relations for the capitalist relations of production and system of property rights.展开更多
Based on the 1997-2007 panel data of 676 listed companies and in-depth interviews with the senior executives, independent directors, fund managers and securities analysts of these companies, this paper tries to analyz...Based on the 1997-2007 panel data of 676 listed companies and in-depth interviews with the senior executives, independent directors, fund managers and securities analysts of these companies, this paper tries to analyze the relationship between corporate govemance and firm performance from a sociological perspective. The results show that the relationship between corporate governance and firm performance in the Chinese institutional environment is sharply different from the predictions of the agency theory. The empirical findings from China lend strong support to the new institutional argument that ＂besf＇ corporate governance practices are socially ＂constructed＂ by various social forces and interests groups in specific social, political and cultural contexts, and how ＂good＂ a corporate governance practice is depends to a large extent on whether it fits in with the institutional environment in which it is embedded. There exists no universally ＂best＂ model of corporate governance across the world. Our empirical sociological study based on Chinese experience offers new perspectives and evidence for deconstructing the global myth ofcoroorate ~ovemance.展开更多
文摘Marx used a completely new proletarian world outlook to construct the main body of the theoretical edifice of property rights. Property rights are the legal form of ownership. As a relationship of legal rights of the property form, property rights are not only a relationship between two wills which reflects economic relationships but also a product of history, belonging to the category of history and assuming the form of history. Marx made a special effort to study capitalist property relations, that is, on the basis of revealing the opposition between capital and wage labor in the economic field, he sought to describe the value-added process as ownership relations and a process of appropriation in terms of the law and the theory of property rights, involving the integration and separation of various powers such as ownership, right of possession, right of use, right of disposal, right of operation, right of demand and right of inheritance. In this way he proved the class opposition in capitalist property relations and the system of property rights. The changing direction from ＂passive sublation＂ to ＂active sublation＂ revealed by Marx clearly shows the historical inevitability and long-term developmental trend of the substitution of public economic and judicial relations for the capitalist relations of production and system of property rights.
基金the Shum Fellowship of the Fairbank Center for Chinese Studies at Harvard Universitythe Young Scholar Start-up Research Project of the Chinese Academy of Social Sciences+1 种基金the MIT-Harvard Economic Sociology Seminarthe participants provided helpful comments and suggestions
文摘Based on the 1997-2007 panel data of 676 listed companies and in-depth interviews with the senior executives, independent directors, fund managers and securities analysts of these companies, this paper tries to analyze the relationship between corporate govemance and firm performance from a sociological perspective. The results show that the relationship between corporate governance and firm performance in the Chinese institutional environment is sharply different from the predictions of the agency theory. The empirical findings from China lend strong support to the new institutional argument that ＂besf＇ corporate governance practices are socially ＂constructed＂ by various social forces and interests groups in specific social, political and cultural contexts, and how ＂good＂ a corporate governance practice is depends to a large extent on whether it fits in with the institutional environment in which it is embedded. There exists no universally ＂best＂ model of corporate governance across the world. Our empirical sociological study based on Chinese experience offers new perspectives and evidence for deconstructing the global myth ofcoroorate ~ovemance.
