Construct · 4 fields · 5 citations
One name. Different field. Different construct. One map.
● jingle · one word, four constructs Nearest construct by meaningtransaction costcompare the meaningsEvery construct on the map is compared with every other by the meaning of its definitions, and the closest one is surfaced here. The nearest construct to governance is transaction cost.
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The steering of a society through self-organising networks of state and non-state actors, rather than through the commands of a central government alone. In The New Governance Rhodes described governance in 1996 as a shift away from hierarchy toward interdependent networks that resist central steering and set much of their own agenda, and Stoker in 1998 gathered the idea into five propositions in which authority is blurred across public, private, and voluntary bodies. The referent is a whole polity and the set of relationships through which collective decisions get made, and what marks this meaning is that governing happens without government being in sole charge. It differs from the other meanings because the object steered is a society, not a company, an information-technology function, or a single exchange.[1][2]
The set of mechanisms through which the suppliers of a firm's capital assure themselves of a return on their investment, given that managers who run the firm may pursue their own interests instead. Shleifer and Vishny surveyed corporate governance in 1997 as a response to the agency problem between owners and managers, covering boards, ownership concentration, legal protection of investors, and the market for control. The referent is a single firm and the relationship between its managers and the shareholders and creditors who financed it, and the unit is that principal-agent relationship. It differs from the political meaning because the object governed is a corporation's use of other people's money, not a society, and the aim is to constrain managers rather than to coordinate a network.[3]
The framework that specifies who holds the decision rights and the accountability for information technology, so that IT investment supports the firm's strategy. Weill and Ross defined IT governance in 2004 as the assignment of decision rights and an accountability framework across five key domains, from IT principles to IT investment, and mapped the archetypes, from monarchy to federal, by which firms allocate those rights. The referent is a firm's information-technology function and the pattern of authority over it, and the unit is the allocation of decision rights. It differs from the corporate-finance meaning because it governs internal choices about technology rather than the relationship between managers and the suppliers of capital, and from the political meaning because its network is one organisation's, not a whole society's.[4]
The organisational mode, whether market, hybrid, or hierarchy, that governs a particular transaction, chosen to economise on the costs of contracting given the transaction's attributes. Williamson set out transaction-cost economics in 1979 as the governance of contractual relations, arguing that as an exchange grows more uncertain, more frequent, and more dependent on specific assets, governance shifts from spot markets toward long-term contracting and finally toward unified ownership. The referent is a single transaction and the structure through which it is organised, and the unit is the discrete exchange, not the firm or the polity. It differs from every other meaning because governance here is a property of an exchange that can be assigned to a mode, not a body that steers a society, a mechanism that disciplines managers, or a map of decision rights.[5]
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