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In this paper the authors argue that the widely-held public corporation, characterised by "Strong managers and weak owners" (Roe, 1994) is exposed to what Padilla, et al (2007) identify as "Destructive leadership" risks which, due to board loyalty biases, current corporate governance codes appear to do little to mitigate. As Padilla et al argue for destructive leadership to take hold and to generate extreme negative outcomes there typically needs to be a "Toxic triangle" consisting of "Destructive leaders, susceptible followers and conducive environments".
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