公司治理(Corporate Governance)是近年來企業達成組織經營目標過程中，運用最為廣泛的制度架構。1997年東南亞金融危機，暴露了企業制度的明顯缺陷，也促使政府與民間機構，開始重新審視公司治理的重要性，紛紛提出公司治理原則，強化公司治理機制、提高公司治理效率、滿足股東利潤極大化的目標、保障利益相關者的權益。
本研究以策略性公司治理的觀點，分章探討公司治理的相關議題。第貳章從企業理論的角度，簡述公司治理理論的基礎內涵；第參章以利益相關者理論為基礎，分別從企業所有權狀態依存、風險承擔和倫理責任的角度，提出公司治理模式的選擇與安排，可以提供企業經營之參考；隨著各國的政治、經濟、文化的差異，其治理模式也會趨於不同。第肆章以委託代理理論為基礎，分別在股權結構分散與股權結構集中的兩種情況下，對所有者與經營者之間的委託代理行為進行分析，得到兩種情況下的Nash均衡，其Nash均衡水準與經營者的報償、股東對經營者的懲罰以及監督成本有關，對經營者的激勵與監督結果，必須適當的結合賞優懲劣制度。第伍章以外包為例，在交易成本的基礎上，加入企業核心能力觀點，分別從外包治理的成本和企業核心能力效益，建構出外包治理的觀念模式，並導出了四個不同條件下的六種不同的外包治理模式，可提供企業採取外包作為之依循。在不同條件下，由內製轉外求型式或外求轉內製型式之外包，顯示了公司內部物質資源與核心能力二者之間相互增長的動態觀念。第陸章以透過我國半導體產業為案例，比較我國與韓國在半導體產業的展概況，發覺我國半導體產業在政治、經濟、文化和產業結構與韓國不同，我國採取了垂直分工的治理模式，韓國則採取垂直整合的模式；並以台積電與聯電的個案，輔助說明交易成本、公司治理模式發展、股權結構的情況。
管理考慮投入與產出，著重經營活動所帶來的效率，治理由倫理與責任著手，注重訊息的公開透明、社會責任的關懷，偏重利益相關者權益的保護。所以，公司治理必須在倫理思考的架構下，採取相對應的公司治理結構，保護利益相關者的權益，創造更多的價值，達成企業價值極大化的目標。

The corporate governance is the extensive framework which applies to reach enterprise business goal in the recent years. Due to the south-eastern Asia financial crisis in 1997, it indicated the distinct defects of the enterprise system. The government and some institutions had to address the principles of the corporate governance and enhance the efficiency of the corporate governance.
The essays we discuss are from the strategic corporate governance viewpoint respectively by chapters. The second chapter briefs the basic content of the corporate governance theories. The third chapter based on the theories of the stakeholder theories, we raise the selection models of the corporate governance structure from the viewpoint of the state-contingent ownership, risk taking and ethics, respectively. Due to the differences in politics, economic and cultures from countries, there would be different corporate governance structure. In the fourth chapter, based on the principal-agent theory, we analyze the principal-agent behavior between the owner and the operator under the centralized and dispersal ownership structure conditions, respectively. It gets the Nash equilibrium, which relates with the manager’s rewards, the manager’s punishment and the monitoring cost. The manager’s motivation and rewards should combine with the granting rewards and punitive sanction. The fifth chapter is the example of outsourcing. Based on the transaction cost from the viewpoint of the enterprise core competence, it establishes the outsourcing governance model from the cost of outsourcing and the benefit of the enterprise core competence, and derives the six different outsourcing governance models from the four different conditions. Under the different conditions, it displays the dynamic viewpoint between the internal resources and core competence of the enterprise. In the sixth chapter, it takes the domestic semi-conductor industry as the example to compare the domestic development of the semiconductor industry with Korea’s. There are a lot of differences in politics, economic, culture and the industrial structure between these two countries. My country takes the vertical specialization, but Korean takes the vertical integration. Moreover, TSMC and UMC cases help to elaborate the transaction cost, the development of the corporate governance, and the ownership structure.
Management considers the input and the output and stresses on the efficiency of business operation. The governance starts from the ethics and accountability, emphasizes the information transparency and social responsibility, the protection of the stakeholders’ interest. Therefore, the corporate has to adopt the good corporate governance structure under the framework of ethics-thinking, ensure the interest of stakeholder, and create the more business value.

目 錄
章 節 內 容 頁碼
第壹章 緒論 1-1
第一節 研究動機與背景 1-1
第二節 研究目的 1-2
第三節 研究方法與架構 1-4
第貳章 公司治理理論的分析框架 2-1
第一節 前言 2-1
第二節 公司治理的基本內涵 2-2
第三節 公司治理的理論派別 2-6
第四節 公司治理結構概述 2-9
第五節 公司治理理論的未來發展 2-19
第六節 策略性公司治理架構 2-22
第七節 小結 2-23
第參章 利益相關者價值與公司治理模式 3-1
第一節 前言 3-1
第二節 企業經營與利益相關者 3-2
第三節 治理倫理與企業價值極大化 3-9
第四節 公司治理模式的安排與選擇 3-14
第五節 公司治理模式的趨同分析 3-22
第六節 小結 3-28
第肆章 股權結構與治理機制 4-1
第一節 前言 4-1
第二節 代理理論 4-1
第三節 股權結構的模型分析 4-9
第四節 小結 4-17
第伍章 網絡治理邊界與外包治理模式 5-1
第一節 前言 5-1
第二節 網絡組織與治理邊界 5-2
第三節 外包的類型與理論 5-6
第四節 外包治理模式的建構 5-15
第五節 小結 5-26
第陸章 半導體產業個案研究 6-1
第一節 半導體產業發展現況 6-1
第二節 台灣與韓國半導體產業結構的比較分析 6-7
第三節 台灣積體電路公司(TSMC)和聯華電子公司(UMC) 6-11
第四節 小結 6-18
第柒章 結論 7-1
參考文獻 參-1


表 目 錄
表 次 內 容 頁碼
表2-1 公司治理理論派別的不同觀點 2-9
表2-2 上市公司董事及監察人持股比例統計樣本分配表 2-13
表2-3 台灣上市公司股權結構表 2-18
表2-4 股東至上主義與利益相關者理論 2-20
表2-5 主流公司治理理論與大股東治理理論的差異 2-21
表2-6 公司治理與網路治理的比較 2-22
表3-1 初級和次級利益相關者：利益與權利的性質 3-7
表3-2 國外主要公司治理原則對利益相關者的規定 3-9
表3-3 股東與利益相關者賽局的報償矩陣 3-23
表3-4 股東與利益相關者賽局的報償矩陣 3-24
表4-1 所有者與經營者的報償矩陣 4-12
表4-2 所有者與經營者的報償矩陣 4-15
表5-1 市場、網絡組織、企業組織的特性比較 5-1
表5-2 外包模型的整合 5-9
表5-3 外包治理模式之建構與選擇 5-23
表6-1 台灣半導體產業表現 6-3
表6-2 國內半導體上下游業者 6-5
表6-3 台積電主要業務內容及其營業比重 6-12
表6-4 台積電主要商品之銷售地區統計表 6-12
表6-5 台積電主要銷售對象 6-12
表6-6 股權大小分配情況 6-13
表6-7 股東結構類別持股比例 6-14
表6-8 聯電主要商品產值比重 6-16
表6-9 聯電主要商品之銷售地區統計表 6-16
表6-10 股權大小分配情況 6-17
表6-11 股東結構類別持股比例 6-17


圖 目 錄
圖 次 內 容 頁碼
圖1-1 公司治理理論體系 1-5
圖1-2 策略性公司治理架構 1-6
圖1-3 基本研究內容 1-6
圖2-1 內部的治理機制 2-10
圖3-1 企業的黑箱模型 3-2
圖3-2 Wheeler對利益相關者的界定 3-4
圖3-3 傳統投入產出模式的企業 3-5
圖3-4 利益相關者模式的企業 3-5
圖3-5 股權至上的公司治理模式 3-15
圖3-6 股東員工共同參與的公司治理模式 3-16
圖3-7 社會責任的公司治理模式 3-17
圖3-8 利益相關者的公司治理模式 3-18
圖3-9 共創企業價值觀念模式 3-20
圖3-10 企業所有權狀態依存性的治理模式安排 3-21
圖3-11 風險承擔態度與治理倫理要素的公司治理模式 3-22
圖3-12 參與者的策略選擇 3-27
圖4-1 訊息不對稱因果關係圖 4-7
圖5-1 網絡的基本型態 5-2
圖5-2 企業的治理邊界 5-5
圖5-3 按獨特性和價值劃分的業務外包類型 5-8
圖5-4 按程度劃分的業務外包類型 5-9
圖5-5 外包的企業活動 5-10
圖5-6 外包決策模型 5-15
圖5-7 物質資產相對的治理成本 5-16
圖5-8 整合資產的相對治理成本 5-18
圖5-9 外包的相對治理效益 5-19
圖5-10 外包相對治理價值之一 5-21
圖5-11 外包相對治理價值之二 5-21
圖5-12 外包治理模式的選擇 5-26
圖5-13 外包治理模式的整合邏輯 5-26
圖6-1 IC晶片的製造程序 6-4
圖6-2 半導體產業的群聚結構 6-6

參考文獻
一、中文部分
王鳳生，「策略內定，人力外包」，遠見雜誌，3月號，2004年，頁248-250。
王鳳生，「經驗創新、無『網』不力」，遠見雜誌，2月號，2004年，頁208-210。
王鐵生、葛立誠譯，Dietric M. 原著，交易成本經濟學—關於公司的新的經濟意義，北京：經濟科學出版社，1994年。
曲冬梅，「從股東利益最大化到利益相關者利益最大化」，山東師範大學學報，47卷2期，2002年，頁123-125。
吳政穎，我國上市公司股權集中度、薪酬設計與公司經營績效關係之研究，國立政治大學企業管理研究所博士論文，2000年。
李孔嶽、羅必良，「公司治理結構的理論：一個綜述」，當代財經，8期，2002年，頁61-64。
李健，公司治理論，北京：經濟科學出版社，1999年。
李維安，公司治理原則與國際比較，北京：中國財政經濟出版社，2001年。
李維安，現代公司治理研究，北京：中國人民大學出版社，2002年。
林淑棻，公司股權結構、董事會組成結構以及財務政策與公司經營績效關係之研究，國立政治大學財務管理研究所碩士論文，2003年。
青木昌彥、錢穎一，轉軌經濟中的公司治理結構——內部人控制和銀行的作用，北京：中國經濟出版社年版，1995年。
俞可平，治理與善治，北京：社會科學文獻出版社，2000年。
張榮剛譯，M. M. Blair原著，所有權與控制-面向21世紀的公司治理探索，中國社會科學出版社，1995年。
張維迎，「所有制、治理結構與委託代理關係」，經濟研究，9期，1996年。
張維迎，企業的企業家-契約理論，上海：上海人民出版社，1995年。
彭正銀，「網絡治理：基於網絡型態的治理理論」，中國公司治理網，2003年。
曾玉潔，我國高階主管薪酬決定因素之實証研究，國立中正大學會計學研究所碩士論文，2000年。
楊瑞龍、周業安，企業共同治理的經濟學分析，北京：經濟科學出版社，2001年。
楊瑞龍、周業安，企業的利益相關者理論及其應用，北京：經濟科學出版社，2000年。
盧福財、周鵬，「外部網路化與企業組織創新」，工作論文，取自http://www.jxufe.edu.cn/content/xxgk/cygz/paper/20031215003.htm，NO.2，2003年。
顧淑馨譯，C. K. Prahalad and Venkat Ramaswamy原著，消費者王朝，台北：天下雜誌社，2004年。
二、英文部分
Aghion, P. and J. Tirole, “Formal and Real Authority in Organizations”, Journal of Political Economy, 105, 1997, pp. 1-29.
Agrawal, A. and C. R. Knoeber, “Managerial Compensation and the Threat of Takeover,” Journal of Financial Economics, 47, 1998, pp.219-239.
Alchian, P. and H. Demsetz, “Production, Information Costs, and Economic Organization”, American Economic Review, 62, 1972, pp.777-795.
Altinkemer, K., A. Chaturvedi and R. Gulati, “Information Systems Outsourcing: Issues and Evidence”, International Journal of Information Management, 14, 1994, pp.252-269.
Arnold, U., “New Dimensions of Outsourcing: a Combination of Transaction Cost Economics and the Core Competencies Concept”, European Journal of Purchasing & Supply Management, 6, 2000, pp.23-29.
Aubert, B. A., S. Rivard and M. Patry, “A Transaction Cost Model of IT Outsourcing”, Information and Management, 41, 2004, pp.921-932.
Baden-Fuller, C., D. Targett and B. Huant, “Outsourcing to Ourmanoeuvre: Outsourcing Re-defines Competitive Strategy and Structure”, European Management Journal, 18, 2000, pp.285-295.
Banker, R., Seok-Young Lee and G. Potter, “A Field Study of the Impact of a Performance- Based Incentive Plan”, Journal of Accounting and Economics, 21, 1996, pp.195-226.
Bazerman, M. H. and F. D. Schoorman, “A Limited Rationality Model of Interlocking Directorates”, Academy of Management Review, 8, 1983, pp.206-217.
Berle, A. A.and G. C. Means, The Modern Corporation and Private Property, New York: McMillan, 1932.
Bettis, R., S. Bradley and G. Hamel, “Outsourcing and Industrial decline”, Academy of Management Executive, 6, 1992, pp.7-22.
Brenner, S. N. and P. L. Cochran, “The Stakeholder Theory of the Firm: Implications for Business and Society Theory and Research”, International Association for Business and Society Proceedings, 1991, pp.449-467.
Brickley, J. A., C. W. Smith Jr. and J. L. Zimmerman, “Business and Organizational Architecture”, Journal of Banking & Finance, 26, 2002, pp.1821-1835.
Bryce, D. and M. Useem, “The Impact of Corporate Outsourcing on Company Value”, European Management Journal, 16, 1998, pp.635-643.
Cadbury, A., “The Cadbury Report: The UK Perspective”, Keynote Address to the First Asian-Pacific Corporate Governance Conference, Sydney, May, 1993.
Charkham, J. P., “Corporate Governance: Lessons from Abroad”, European Business Journal, 4, 1992, pp.8-16.
Clarkson, M. B. E., “A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance”, Academy of Management Review, 20, 1995, pp.92-117.
Coase, R. H., “The Nature of the Firm”, Economica, 4, 1937, pp.386-405.
Cochran, P. P. and S. L. Wartick, Corporate Governance: a Literature Review, USA Financial Executives Research Foundation, 1988, pp.4-5.
Collier, J. and J. Roberts, “Introduction: An Ethic for Corporate Governance?”, Business Ethics Quarterly, 11, 2001, pp.67-71.
Core, J. E., R. W. Holthausen and D. F. Larcker, “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”, Journal of Financial Economics, 51, 1999, pp.371-406.
Coughan, A. T. and R. M. Schmidt, “Compensation Management Turnover and Firm Performance- An Empirical Investigation”, Journal of Accounting and Economics, 7, 1985, pp.43-66.
Dess, G. G., A. Rasheed, K. McLaughlin and R. Priem, “The New Corporate Architecture”, Academy of Management Executive, 9, 1995, pp.7-20.
Driscoll, Dawn-Marie, “Ethics and Corporate Governance: Lessons Learned from A Financial Services Model”, Business Ethics Quarterly, 11, 2002, pp.145-158.
Fama, E. F. and M. C. Jensen, “Separation of Ownership and Control”, Journal of Law and Economics, 26, 1983, pp.301-326.
Fama, E. F., “Agency Problems and the Theory of the Firm”, Journal of Political Economy, 88, 1980, pp.288-307.
Fee, C. E. and C. J. Hadlock, “Management Turnover and Product Market Competition: Empirical Evidence from the U.S. Newspaper Industry”, Journal of Business, 73, 2000, pp.205-243.
Fernie, S. and D. Metcalf, “It's Not What You Pay It's the Way That You Pay it and That’s What Gets Results: Jockeys Pay and Performance”, Discussion Paper No. 285, London School of Economics, 1996.
Fort, T. L., “On Social Psychology, Business Ethics, and Corporate Governance”, Business Ethics Quarterly, 10, 2001, pp.725-733.
Frederick, W. C., J. E. Post and K. Davis, Business and Society- Corporate Strategy, Public Policy, Ethics, Columbus: McGraw-Hill, 1992.
Freeman, R. E., Strategic Management: A Stakeholder Approach, Boston: Pitman/Ballinger, 1984.
Gilley, K. M. and A. A. Rasheed, “Making More by Doing Less: An Analysis of Outsourcing and Its Effects on Firm Performance”, Journal of Management, 26, 2000, pp.763-790.
Gilley, K. M., C. R. Greer and A. A. Rasheed, “Human Resource Outsourcing and Organization Performance in Manufacturing Firms”, Journal of Business Research, 57, 2004, pp.232-240.
Gilley, K. M., J. E. McGee and A. A. Rasheed, “Perceived Environmental Dynamism and Managerial Risk Aversion as Antecedents of Manufacturing Outsourcing: The Moderating Effects of Firm Maturity”, Journal of Small Business Management, 42, 2004, pp.117-133.
Greer, C. R. and T. C. Ireland, “Organizational and Financial Correlates of a ‘Contrarian’ Human Resource Investment Strategy”, Academy of Management Journal, 35, 1992, pp.956-84.
Greer, C. R., S. A. Youngblood and D. A. Gray, “Human Resource Management Outsourcing: the Make or Buy Decision”, Academy of Management Executive, 13, 1999, pp.85–96.
Grossman, G. and E. Helpman, “Integration versus Outsourcing in Industry Equilibrium”, Quarterly Journal of Economics, 107, 2002, pp.85-120.
Grossman, S. and O. D. Hart, “The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration”, Journal of Political Economy, 94, 1986, pp.691-719.
Hart, O. D., “Corporate Governance: Some Theory and Implications”, Economic Journal, 105, 1995, pp.678-689.
Hart, O. D., Firms, Contracts, and Financial Structure, Oxford: Oxford University Press, 1995.
Hart, O. D. and J. Morre, “Default and Renegotiations: Dynamic Model of Debt”, Quarterly Journal of Economics, 113, 1998, pp.1-42.
Hirschheim, R. and M. Lacity, “The Myths and Mealities of Information Technology Insourcing, Association for Computing Machinery”, Communications of the ACM, 43, 2000, pp.99-107
Hirschhorn, L. and T. Gilmore, “The New Boundaries of the Boundaryless Company”, Harvard Business Review, 70, 1992, pp.104-15.
Holderness, C. G., R. S. Kroszner and D. P. Sheehan, “Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression”, The Journal of Finance, 4, 1999, pp.435-471.
Jensen, M. C. and W. Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3, 1976, pp.305-360.
Jensen, M. C. and R. S. Ruback, “The Market for Corporate Control: the Scientific Evidence”, Journal of Financial Economics, 11, 1983, pp.5-50.
Jensen, M. C., “Agency Costs of Free Cash Flow, Corporate Finance and Takeovers”, American Economic Review, 76, 1986, pp.323-329.
Jensen, M. C., “Value Maximization, Stakeholder Theory, and the Corporate Objective Function”, Business Ethics Quarterly, 12, 2002, pp.235-256.
Jones, C. S., W. Hesterly and P. S. Borgatti, “A General Theory of Network Governance: Exchange Conditions and Social Mechanisms”, Academy of Management Review, 22, 1997, pp.911-945.
Klaas, B. S., J. McClendon and T. W. Gainey, “HR Outsourcing and Its Impact: The Role of Transaction Costs”, Personnel Psychology, 52, 1999, pp.113-136.
Klaas, B. S., J. McClendon and T. W. Gainey, “Managing HR in the Small and Medium Enterprise: the Impact of Professional Employer Organizations”, Enterpreneurship Theory and Practice, 25, 2000, pp.107-124.
Kobate, M., “The Relationship between Offshore Sourcing and Innovativeness of U. S. Multinational Firms: An Empirical Investigation”, Journal of Business Research, 19, 1990, pp.1-15.
Kotabe M. M. and J. Murray, “Linking Product and Process Innovations and Modes of International Sourcing in Global Competition: a Case of Foreign Multinational Firms”, Journal of International Business Study, 20, 1990, pp.383-408.
Lacity, M. C. and L. P. Willcocks, “IT outsourcing: Maximize Flexibility and Control”, Harvard Business Review, 5, 1995, pp.84-93.
Lacity, M. C., L. P. Willcocks and D. F. Feeny, “The Value of Selective IT Sourcing”, Sloan Management Review, 37, 1996, pp.13-25.
Lazear, E. P., “Agency, Earnings Profiles, Productivity, and Hours Restrictions”, American Economic Review, 71, 1981, pp.606-20.
Lazear, E. P., “Incentives in Basic Research”, NBER Working Papers No. 5444, National Bureau of Economic Research Inc., 1996.
Lei, D. and M. Hitt, “Strategic Restructuring and Outsourcing: The Effect of Mergers and Acquisitions and LBOs on Building Firm Skills and Capabilities”, Journal of Management, 21, 1995, pp.835-859.
Lepak, D. P. and S. A. Snell, “Virtual HR: Strategic Human Resource Management in the 21st Century”, Human Resource Management Review, 8, 1998, pp.215-234.
Lewellen, W. G., C. Lorderer and K. Martin, “Executive Compensation Contracts and Executive Incentive Problems: An Empirical Analysis”, Journal of Accounting and Economics, 9, 1987, pp.287-310.
Loh, L. and N. Venkatman, “Determinants of Information Technology Outsourcing: A Cross-Sectional Analysis”, Journal of Management Information Systems, 9, 1992, pp.7-24.
Maurer, R. and N. Mobley, “Outsourcing: Is It the HR Department of the Future?”, HR Focus, November 1998, pp.9-10.
Mitchell, R. M., B. R. Agle and D. J. Wood, “Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts”, Academy of Management Review, 22, 1997, pp.853-886.
Morck, R., A. Shleifer and R. Vishny, “Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics, 20, 1988, pp.293-315.
Motteram, G. and J. Sizer, “Evaluating & Controlling Investments in Advanced Manufacturing Technology”, Management Accounting, 70, 1992, pp.26-30.
Nabeel, A. Y. and N. Al-Qirim, “The Strategic Outsourcing Decision of IT and eCommerce: The Case of Small Businesses in New Zealand”, Journal of Information Technology Cases and Applications, 5, 2003, pp.32-56.
Nellore, R. and K. Soderquist, “Strategic Outsourcing Through Specifications”, Omega, 28, 2000, pp.525-540.
OECD, Principles of Corporate Governance, OECD, 1999.
Ojelanki, K. and N. B. Ngwenyama, “Making the Information Systems Outsourcing Decision: A Transaction Cost Approach to Analyzing Outsourcing Decision Problems”, European Journal of Operational Research, 115, 1999, pp.351-367.
Paarsch, H. J.and B. S. Shearer, “The Response of Worker Effort to Piece Rates: Evidence from the British Columbia Tree-Planting Industry”, Journal of Human Resources, 34, 1999, pp.643-665.
Pearce. J. A. and S. A. Zahra, “The Relative Power of the CEOs and Boards of Directors: Associations with Corporate Governance”, Strategic Management Journal, 12, 1991, pp.135-153.
Pearce. J. A. and S. A. Zahra, “Board Composition from a Strategic Contingency Perspective”, Journal of Management Studies, 29, 1992, pp.411-438.
Prahalad, C. K. and G. Hamel, “The Core Competency of the Corporation”, Harvard Business Review, May-June 1990, pp.79-90.
Preston, L. E., “The Stakeholder Theory of Corporate: Concept, Evidence, and Implications”, Academy of Management Review, 20, 1995, pp.65-91.
Qi, D., Wu W. and H. Zhang, “Shareholding Structure and Corporate Performance of Partially Privatized Firms: Evidence from Listed Chinese Companies”, Pacific-Basin Finance Journal, 8, 2000, pp.587-610.
Quelin, B. and F. Duhamel, “Bringing Together Strategic Outsourcing and Corporate Strategy: Outsourcing Motives and Risks”, European Management Journal, 21, 2003, pp.647-667.
Quinn, J. B. and F. G. Hilmer, “Strategic Outsourcing”, Sloan Management Review, 35, 1994, pp.43-55.
Quinn, J. B., “Strategic Outsourcing: Leveraging Knowledge Capabilities”, Sloan Management Review, 40, 1999, pp.9-21.
Quinn, J. B., “Outsourcing Innovation, The New Engine of Growth”, Sloan Management Review, 41, 2000, pp.13-27.
Sheard, P., “The Main Bank System and Corporate Monitoring and Control in Japan”, Journal of Economic Behavior and Organization, 11, 1988, pp.399-422.
Shearer, B., “Piece Rates, Principal Agent Models and Productivity Profiles: Parametric and Semi-Parametric Evidence from Payroll Records", Journal of Human Resources, 31, 1996, pp.275-303.
Shleifer, A. and R. W. Vishny, “Large Shareholders and Corporate Control”, Journal of Political Economy, 94, 1986, pp.461-488.
Shleifer, A. and R. W. Vishny, “A Survey of Corporate Governance”, The Journal of Finance, 52, 1997, pp.737-783.
Shy, Oz and R. Stenbacka, “Strategic Outsourcing”, Journal of Economic Behavior & Organization, 50, 2003, pp.203-227.
Switser, J., “Trends in Human Resources Outsourcing”, Management Accounting, 79, 1997, pp.22-24.
Takac, P. F., “Outsourcing: A Key to Controlling Escalating IT Costs?”, International Journal of Technology Management, 9, 1994, pp.139-156.
Tan, On Kit, “Ethical Issues in the Evolution of Corporate Governance in China”, Journal of Business Ethics, 37, 2002, pp.303-320.
Tayles, M. and C. Drury , “New Manufacturing Technologies & Management Accounting Systems: Some Evidence of the Perception of U. K. Management Accounting Practitioners”, International Journal of Production Economics, 36, 1994, pp.1-17.
Teece, D. J., G. Pisano and A. Shuen, “Dynamic Capabilities and Strategic Management”, Strategic Management Journal, 18, 1997, pp.509-533.
Tirole, J., “Corporate Governance”, Econometrica, 69, 2001, pp.1-35.
UNPAN(United Nations Online Network in Public Administration and Finance ), “The Ethics of Good Governance, The Guide Corporate Ethics: M02A”, http://unpan1.un.org/intradoc/groups/public/documents/eropa/unpan002656.pdf, 2003.
Vining, A. and S. Gloherman, “A Conceptual Framework for Understanding the Outsourcing Decision”, European Management Journal, 17, 1999, pp.645-654.
Weinstein, D. E. and Y. Yafeh, “On the Costs of a Bank Relations in Japan”, Journal of Finance, 53, 1998, pp.635-672.
Wheeler D. and S. Maria, “Including the Stakeholders: The Business Case”, Long Range Planning, 31, 1998, pp.201-210.
Willcocks, L. P., G. Fitzgerald and D. Feeny, “Outsourcing IT: Strategic Implications”, Long Range Planning, 28, 1995, pp.59-70.
Williamson, O. E, Markets and Hierarchies: Analysis and Antitrust Implications, New York: Free Press, 1975.
Williamson, O. E., “Transaction-Cost Economics: The Governance of Contractual Relations”, Journal of Law and Economics, 22, 1979, pp.233-261.
Williamson, O. E., The Economic Institutions of Capitalism: Firms, Market and Relational Contracting, New York: Free Press, 1985.
Williamson, O. E., The Mechanisms of Governance, New York: Oxford University Press, 1996.
Wilson, P., “How Large and Small Firms Can Grow Together”, Long Range Planning, 16, 1983, pp.19-27.
Wirland, J., “The Ethics of Governance”, Business Ethics Quarterly, 11, 2001, pp.73-87.
Woods, R. H., “Predicting is Difficult, Especially about the Future: Human Resources in the New Millennium”, Hospitality Management, 18, 1999, pp.443-456.
World Bank, “Corporate Governance: A Framework for Implementation– Overview”, The World Bank, 1999.
Zahra S. A. and J.A. Pearce, “Boards of Directors and Corporate Financial Performance: A Review and Integrated Model”, Journal of Management, 15, 1989, pp.291-334.
Zingales, L., “Corporate Governance”, NBER Working Paper No. w6309, National Bureau of Economic Research Inc., 1997.