An optimal Agency Cost model should always prioritize the well-being of the company over short-term benefits for its shareholders. Such a model would acknowledge, first and foremost, that corporations are independent entities with the potential for indefinite existence. With proper leadership, they can be managed to serve markets and society over long periods of time.
El costo de la agencia pasa por alto. en gran medida estas características únicas y socialmente valiosas de las corporaciones, así como los desafíos asociados a la gestión a largo plazo, basándose en la idea de que las corporaciones son meras «entidades legales«.
While corporations are legal constructs, this by no means renders them artificial. They are economic and social organisms whose creation is authorized by governments in order to achieve goals that cannot be accomplished through more limited organizational forms, such as partnerships and individual ownership.
Initially, a corporation's objectives were set forth in its articles of incorporation, but over time, the form became more generic to allow corporations to pursue a wide variety of goals chosen by their boards of management and governance.
As their size and scope increase, so does their power. The decisions made by corporate leaders today can transform societies and impact the lives of millions, even billions, of people worldwide.
An effective model would recognize the realities of managing these organizations over time and address the needs of all stakeholders. The reality of corporations can be subject to the following principles:
Shareholder-based Theory versus Agency Cost Model
The practical implications of a shareholder-centric governance versus the agency cost model are far-reaching. In boardrooms that embrace a company-centered approach, one would expect to observe some or all of the following characteristics:
A company-centered governance model would not exempt corporations from the need to deliver long-term performance reflecting the cost of capital. However, they would be open to a broader range of strategic positions and time horizons, thus more readily attracting investors who share their objectives.
Si bien los especuladores siempre buscarán aprovechar los cambios en los precios de las acciones, no es inevitable que ocupen el gobierno corporativo. Simplemente, el costo de agencia, en combinación con otras doctrinas de la economía moderna, ha diluido las distinciones entre los inversores y nos ha convertido a todos en especuladores.
History has shown that, with enlightened management and sensible regulation, companies can play a meaningful role in helping society adapt to constant change. However, this can only happen if directors and managers have enough leeway to gain a broader vision of the company and its business.
The time has come to challenge the agency cost-based model of corporate governance. Its mantra of maximizing shareholder value distracts companies and their leaders from the innovation, strategic renewal, and investment in the future that require attention.
A pesar de la perspectiva de posibles ataques sorpresa por parte de «propietarios» irresponsables, los líderes empresariales de hoy no tienen más opción que centrarse en el aquí y ahora.
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Texto disponible en Español e Inglés / Text available in English and Spanish
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