Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 3 (17) Number 3 pp. 100-111

Peter Mihályi

Corvinus University of Budapest, Corvinus School of Economics, Department of Macroeconomics, Hungary

The motivation of business leaders in socialist and market-based systems (An essay to celebrate the 90th birthday of János Kornai)

Abstract:

Janos Kornai was well ahead of mainstream economic thought in comprehending that senior executives have been operating in an intrinsically contradictory situation both in socialist and market-based economies and that there is no full remedy to handle conflicts of interest which arise. Kornai presented a comprehensive theory on this in his most important book, the Anti-Equilibrium, as early as 1971. The difficulties experienced by state-owned enterprises (SOEs) were not rooted merely in the socialist ownership form, but they were, to a significant extent, caused by the fact that SOEs were typically very large firms.
 

pub/2017_3_100.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume17/issue3/2017_3_100.pdf
Keywords: comparative systems, corporate governance, principal-agent theory.

DOI: 10.18559/ebr.2017.3.6

For citation:

MLA Mihályi, Peter. "The motivation of business leaders in socialist and market-based systems (An essay to celebrate the 90th birthday of János Kornai) ." Economics and Business Review EBR 17.3 (2017): 100-111. DOI: 10.18559/ebr.2017.3.6
APA Mihályi, P. (2017). The motivation of business leaders in socialist and market-based systems (An essay to celebrate the 90th birthday of János Kornai) . Economics and Business Review EBR 17(3), 100-111 DOI: 10.18559/ebr.2017.3.6
ISO 690 MIHáLYI, Peter. The motivation of business leaders in socialist and market-based systems (An essay to celebrate the 90th birthday of János Kornai) . Economics and Business Review EBR, 2017, 17.3: 100-111. DOI: 10.18559/ebr.2017.3.6