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Cover Art
Author Aoki, Masahiko, 1938-2015.

Title Corporations in evolving diversity : cognition, governance, and institutions / by Masahiko Aoki.

Published Oxford ; New York : Oxford University Press, 2010.


Location Call No. Status
 UniM Giblin Eunson  658.4 AOKI    AVAILABLE
Physical description x, 216 pages : illustrations ; 24 cm.
Series Clarendon lectures in management studies.
Clarendon lectures in management studies.
Bibliography Includes bibliographical references and index.
Contents 1. Introduction: What Do Corporations Do? -- 2. Varied Frames of Corporate Cognition and Self-Governance -- 2.1. Integrating architectural and governance perspectives -- 2.2. A cognitive perspective: why and how? -- 2.3. Building blocks of organizational architecture -- 2.3.1. Elemental modal units of associational cognition -- 2.3.2. Human cognitive assets, and physical assets as extended cognitive resources -- 2.3.3. Essentiality of cognitive assets -- 2.4. Five generic modes of corporate cognition and their implications for governance -- 2.4.1. H-mode (H-E): The unilateral essentiality of MCA and private-contract-based governance -- 2.4.2. G-mode (S-E/S): The embedded, bilateral quasi-essentialities of MCA and WCA and their co-governance -- 2.4.3. S-mode (S-S): The symmetric quasi-essentialities of MCA and WCA and relational contingent governance -- 2.4.4. SV-mode (S-E): Tournament-like governance of the potential essentialities of WCA -- 2.4.5. RE-mode (H-S/E): The reciprocal essentialities of MCA and WCA and its external monitoring -- 2.5. Frames of organizational games at societal, organizational, and individual levels -- 2.5.1. At societal level -- 2.5.2. On the organizational field -- 2.5.3. Within individual corporations -- 3. Political and Social Games Corporations Play -- 3.1. Beyond economics -- 3.2. Heuristic characterizations of the societal rules -- 3.3. Institutional complementarities of political and corporate governance -- 3.3.1. Law, politics, or neither? -- 3.3.2. A generic model of the comparative political state -- 3.3.3. A strategy-based conceptualization of institutional complementarities -- 3.3.4. Institutional complementarities in democratic states -- 3.3.5. Evolutionary bifurcation of the developmental state -- 3.3.6. Private politics and corporate self-regulation -- 3.4. Social exchanges that corporations are embedded in -- 3.4.1. A third way to social norms -- 3.4.2. The social-exchange game and social capital -- 3.4.3. Linked games -- 3.4.4. Social exchanges on work sites -- 3.4.5. Does the share market internalize corporate social capital? -- 4. The Evolution of the Rules of the Societal Games -- 4.1. Contested issues in institutional analysis -- 4.1.1. Pre-play design vs. spontaneous order -- 4.1.2. Deontic constraints vs. rational choices -- 4.1.3. Endogenous vs. exogenous views of the societal rules -- 4.1.4. Regularity of agents' actions vs. societal cognitive categories -- 4.1.5. Toward a three-level approach -- 4.2. The societal rules as shared cognitive frames -- 4.2.1. Shared beliefs via institutions -- 4.2.2. The limits of methodological individualism -- 4.3. The co-evolution of the societal rules -- 4.3.1. Inter-domain interactions -- 4.3.2. Organizations evolving -- 4.3.3. Actions to beliefs to actions and so on -- 5. The Evolving Diversity of the Corporate Landscape -- 5.1. What happened to Japanese corporations in the "Lost Decade"? -- 5.1.1. Data: the emergence of hybrids -- 5.1.2. Interpretation: transitory phenomena or an emerging diversity? -- 5.1.3. The co-evolving nature of the political state -- 5.2. Global convergence to diversities? -- 5.3. Summing-up: no "end of history"
Summary "The 2008-9 global financial crisis demands we look anew at the role of corporations and the workings of financial markets around the world. In this challenging and insightful book, one of our most eminent economists provides a compelling new analysis of the corporate firm; the role of shareholders, managers, and workers; and institutional governance structures." "In recent decades the firm has predominantly been seen as an organization run and governed in the interests of shareholders, where managers act as the agents of shareholders, and the workers simply as instruments for share-value maximization. This book reverses this viewpoint. It sees corporations as associational cognitive systems where ̀cognitive actions' are distributed amongst managers and workers, with shareholders supplying ̀cognitive tools' and monitoring their use in the systems. Aoki analyses the different relationships that can exist between shareholders, managers, and workers from this perspective, and identifies a range of different models of organizational architecture and associated governance structures. He also discusses the ways in which corporations act as players in social and political, as well as global economic, games; how these inter-related social dynamics may change particular, distinctive structures into the diversity incorporated in the global corporate landscape; and how they now call for new roles for financial markets." ""Masahiko Aoki uses the ̀social mathematics' of game theory to reveal the deep structure of corporate governance systems, in the process explaining the persistence of diversity under conditions of globalization. His profound and highly original analysis speaks directly to the issue of corporate governance reform in the aftermath of the financial crisis of 2008---9." Simon Deakin, Professor of Law, University of Cambridge" ""The recent wave of fraud, corruption, and fiscal irresponsibility at the highest corporate levels dramatizes the need for a model of the modern corporation that is at the same time deeply economic in the recognition of the centrality of incentives, and deeply sociological in the recognition of the centrality of social norms and a culture of corporate morality. Professor Aoki has combined his magisterial knowledge of business organization with a foundational study of the role of culture in epistemic game theory to produce, for the first time, a truly transdisciplinary model of the corporation." Herbert Gintis, External Professor, Santa Fe Institute" ""This is a path breaking book that provides a rigorous analysis of the cognitive underpinnings of corporations. It gives fundamental insights into the diversity of organizational forms that exist and the association of these with the historical, political, social, and technological contexts within which they operate. As with so much of Professor Aoki's work, it will radically alter the way in which we view the corporation." Colin Mayer, Peter Moores Dean, Said Business School, University of Oxford" ""A pioneering contribution which formalizes in game theoretic language complex institutional structure and environment of the corporation both at a moment of time and over time." Douglass C. North, Nobel Laureate in Economics 1993, Spencer T. Olin Professor, Washington University in St. Louis"--BOOK JACKET.
Subject Corporate governance.
ISBN 9780199218530 (hbk.)
0199218536 (hbk.)