In the 1990s, the role of the chief executive officer (CEO) of major United States corporations underwent a profound transformation in which CEOs went from being bureaucrats or technocrats to shareholder partisans who acted more like proprietors or entrepreneurs. This transformation occurred in response to changes in the competitive environment of U.S. corporations and also to the agency theory argument that high levels of compensation by means of stock options helped to overcome the agency problem inherent in the separation of (...) ownership and control. Some critics charge that this new CEO role is objectionable for a variety of reasons, which may also be applicable to the current financial crisis in which CEO misconduct may have played a part. These objections are based largelyon a team production model of corporate governance, which is held by these critics to be superior to the standard agent-principal model. This article examines the objections offered by critics of the changed role of the CEO and argues that their negative assessment of this development and their use of the team production model to support their conclusions are not warranted. CEOs have changed from hired hands to co-owners, and this change may have contributed in some measure to the current financial crisis. However, in determining the morally preferable role of the CEO, care must be taken not to discard what is sound in the changed role. (shrink)

Cet article clarifie le statut de l’entreprise par rapport à la structure de base rawlsienne. Ce statut est ambigu, du fait d’incertitudes liées à la conception rawlsienne de l’entreprise ainsi qu’à sa définition de la structure de base. L’article identifie deux représentations principales de l’entreprise chez Rawls : l’une inclusiviste, qui définit l’entreprise comme une entité ontologiquement distincte de la structure de base ; l’autre constitutiviste, qui l’appréhende comme une institution susceptible d’appartenir à la structure de base. L’article recense ensuite (...) différentes interprétations de la structure de base avant d’en proposer une plus large, y intégrant notamment certaines structures informelles. Articulée à la conception institutionnaliste de l’entreprise, cette définition large de la structure de base débouche sur une représentation constitutiviste étendue de l’entreprise, permettant ainsi au libéralisme égalitaire de considérer cette dernière d’un œil plus critique. (shrink)