Osterloh, M., &Frey, B. (2003). Corporate governance for crooks? The case for corporate virtue. Corporate Governance and Firm Organization
Corporate scandals are reflected in excessive top management compensation and fraudulent accounts. These scandals cause an enormous amount of damage, not only to the companies affected, but also to the market economy as a whole. As a solution, conventional wisdom suggests more monitoring and sanctioning of management. We argue that these efforts will create a governance structure for crooks. Instead of solving the problem, they ...