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A RECONSIDERATION OF CORPORATE MONARCHY: EVALUATING THE LITERATURE AND LOGIC SURROUNDING CO-CEOs

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Abstract

Concepts of power in business management and workplace dynamics are slowly evolving out of their modern foundations into new territory. The increasing frequency of corporate co-CEO structures is one such instance, with an emerging consensus that this shared leadership model produces positive results. Dissenting voices on co-CEOs indicate a need for managers, executives, and entrepreneurs alike to reassess the larger theoretical problems surrounding traditional ideas and models of leadership (i.e., solitary CEOs). In light of the social theory of Foucault (1979) and organizational framework of Clegg (2003), this article surveys the extant empirical literature on co-CEOs, discusses the logic of shared executive leadership, rhetorical and discursive biases against co-CEOs, and the curious lack of democracy at the workplace. It concludes that such power-sharing remains underrated for management strategies and productive success, and should therefore be encouraged.


 !"#$%&'&()
%#*+%,*%-!'(+-%.*&#/#&%-&/0%&0(%'+%,
+$%,%'+%+%-++%/1$#(,2'#/%,#%*%+#%+'#+'
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+%+$&( +$%+#&*%!&'%'(++%&%& %,&$*5113
%&+/61&($+%,+$%#&+$%/%,%'#'&+5"7876%(9+%&,-%.%,&((
5)::;63+$+#&'0/+$4++*#&&++' % #%3#' +$ &%(# %, $
4#'+0&$*3$+%#&#'0!(+#%3+$#'%'&#.%,%##/
++$-%.*&#1+#%#&'+$+'#$*%-$('+,%(+++(
*%'#+0'##3$%'&+$,%!#%'(1
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INTRODUCTION
+  (& '*+% %, #%+*%/ #%*%+ (+ +$.( +$+ %&+/ #$,
4#'+0 +$ ++'%&%,%%+&$*1$&$*#+&9
*%- 3+&++ +$$($+&0&%, 4#'+0(+30+%,%+$% %,%&+/
  $!+'&&/ 0- -+$ '*#%1 &+$%'($ +$ &+ !%/ %, 4++ +' (&&/
'**%++$,,#+0%,#%+'#+'3+(+'-%,-%,+$++%&%&%,
#%*%+ (+  !%3 -$& *%*'& $+%# ,%# &( +%+/* !%'+
#+&9 *%-1 $ +#& ',%& +$ /# ,% !%+$ *#&  +$%+#&
**#+01
<,+0-+$4++*#&&++'%#%0&'+ +$%#'+ +(
+'/ 5=' + &13 ):">63 '( +  &'#$* +% #' +$ * +$%+#& *%!&
'((+$ !+ %0#% $&$*1 #%0+% -+$+$%(9+%&
+$%/%,&((5)::;63+$%#&+$%/%,%'#'&+5"7873"7?863%+$#$%*%-$(3
-56,+$++$,,#+0%,#%'!+++!/+$#'+5+$%'($&+6&++'3
5!6  +$%+#&&/ #%$+3  5#6 '((+ +$+ +$ %&+/  %& ',, ,% '!++&
*%!&3 &(&/%%+2'+ #%#*+%,*%-3 $&,%#/ #+#!/
&($+%#(+#%%&1
INTRODUCING THE ISSUES AND REVIEWING THE EMPIRICAL LITERATURE
%/@#$((-%&%,##3+#$%&%(/3!' *&/%0(+$#+%%,
#+&9 %(9+% 5A$(+ &13):":B #$%+ &13)::)B '#.3"77;B %0C3
1 Jamin Hübner (BA, MA, MS, ThD) is a Research Fellow and Visiting Professor at LCC International
University in Lithuania and a faculty member of business and economics at the University of the People.
2 Nicholas (Nick) Gausling is a business consultant currently residing in Houston, Texas.
"7?DB#$3):"761%+$++-$%&3+%%#&#+9C%'&*/
- %'# ,% &&%3 %* ## +% %, ,%+% 0  %, (+& *'!& $(
*&+,%3 #%-,'(  *%*'& %*+% ,% ++'* % *%C#+ -$#$/ %+ $0## +%
++%&#*+&.+ %,#&0#3+$$(#%%/-$#$$#%*&+&/%0$'&
++%&'+ &. +*%++% &%((3 +!'+&( +#$%&%( 51(13!&%#.#$6
!.&#'#-$#$/0+'&&/.+$(&.#%+#+*'+,#+%&0
!.(%!%&+3,%*%'#%,+-560&%*+3&++0(++'#+'
&.$%&##/ &++0 %-$* +'#+'&.  5*&%/+%#. %-$**&B
=&&/%-3):"7B+.3):":B%E3)::>63+$%,F#%*%+%-+$'&
++% *''%#& *'*%+% +%*%,+3 +$ * %,*$&%%*$ &.%#%'
*+&3<%.*+&3,,'#+%'#$#%*%+%#&*%!&+/563+$
0%0+-/,%+$#+&*&(*%C#+%,+$+-++$#+'/G%,+0!/
0/ &+(%'*%,++G+% +$ *+%*#%'+/#+#&+ %, +$*+5#,1
,.3):";61
+-$+#%+%4#'+0&$*3%+%,+$#%*%+-%&5%*%,+%(9+%
,%+$+++6%+#!&/ #%+++%+$ %#$#&%& %,1$ +'%+$
#%&0&(&,+$+&+'#+'H,'#+%&3IH0%&3I%H+43I%-$+$+$
,*+%,&(++%&+-%.+$+**#+&9%+$#%&0&1H%(+$
&(+11 *'!&# #%*!/0'3%&/ +-% #'+&/$0 #% +'#+'3##%(+%
#$,2'&I5'++3):):61%2'+&/3-$&+$/!!++-%+'#+'
-+$ +$ ,  (&%!& %0+ +%- #+&9+%3 +$  % H%##/ + +$
-%.*&#I+ &(B+$'!%+4*#%,-%. $%+,'+&&/#$(#+$
-%, '+&#*+& 5<%&,,3 ):";61 &(( 5)::;6%!03 +$#%#+ *+%,+$
&(+#!+-!'(+%(9+%&+$%/%+$'!C#+%,*%-1
%%.0+$!!&%(*$%,&%+&&+$++4+/%'-&&,%-
%, !++$+ %+&+ +-++$#+'/%#& +$%/ %#&##1 %%.( ++$
+F'+'#'#'&'3+-%'&+$+%+%(9+%(++$%/
+%$0 ,,#+0&/ %#'&++&,(+!( !% *+%,+$#/ %, %#&
##1 <$&*%- /$0#+&%&+%*&/J%KL+ &/ +% ,+'
'#$+$+%(9+%#'#'&'15&((3)::;3*1>;86
+.5):":3*$%(&6%!%&/.3H%-++$+'&%(
'+$%+ /+ %, #%  #%+%& *%, !/ +/#& %& %, *%-  +$
0'&,MI<$&%(9+%&+$%/+4+!%%.$0*%0%+$#%+$&+#
5+-&&!$%-!&%-63+$*%++++'!%'+4#'+0&$**&#1
$*#,#/#%,*%-%(9+%+%!!%'($+,%+$**$/+%+$#+1
&(( 5%(%+$6 +/+%%+$3 +$ **%#$G+$ (&**%#$ %,+$ +#&G/!
2'+&/'9,%&&%-
+ +$#%%, (++$&(++%34+%3 %&9+%%, %+*%*+/
($+3+$*#+#&#*&(%,+$0//%(9+%&&,%,!3+$,(%,
.%-&(+$+#!#!./%&4+(3&+(3%+$-$*(+$($+1
#&& +$ +$ #%' %,*%-N.%-&(G #%' +$+3 ## +3 ,'#+% 
'%(+,%#'%%,%0(+/15&((3)::>3*1>;D6
%- +$ ,-%. #%#+&/ &+ +$ #%0+% !%'+ 4#'+0 &$* -&& !#%
**++$ +#&3 !'+ +*%+++% +&/ %+ +$++$,%+%(* !+-
!'(++$*%##'*+%-+$*%-#+%#&##!(#&%*+!/
+$#%+*%/!+%0 #%1 <$+ H. +$ % +'#+'*+#'&&/++(I
5+&1)::73*1"6+$++$+/*%,&+%$*G++$$($+&0&%,4#'+0&$*G
4*&#+&/'+'& +$ +$$#$#&1 $ %&%, $ *%-+$' $ +$*%++&+% -
+%(+$%+$-#%#+,&%,#$%++$#%0+%%#%*%+*%-1
'+.3+$3+%,+&%%.++$*#&+'%#%30&'++$+$%+#&*#+%,
+$#'%&($+%,+$+*+0,-%.'9!%03+$4#%&&!%+(
0#'**%+%,*%-$(1
A Review of the Empirical Studies on Co-CEOs
$,+C%*#&+'/%,#%3/3'@H'&%'&%
,%#I5)::761; $+'/&%%.+4+/($+,!+-"77;)::>*%*%
+$,,+$/*%+$,%++(1$,+$/*%+$.-$+$H+$&+%!+-+$
&0&%,%(9+%&+.5,93&0&%,0,#+%3#2'+%#+0+/
F%$6+$##%,%+'#+'I5)::73*1;61$#%.,+$
H&+%!+-+$&0&%,'+//5'!/'+/(%-+$+3(%-+$0%&+&+/
+#$%&%(#&++/6+$##%,%+'#+'I5)::73*1O61$+$3-$#$$
,0*+*%!&%'+#%34H+$+%#.*##+%++$%'#+%,%
+'#+'I5)::73*1>61
$#$/&,- (,#+ '&+1  4#*+% -+$+H<$,%'#+
%3++%#. *##+-.&/*%+0&/I H$+%#.*# %,%+$ ,+$
'+/#& (,#+&/I 5)::73 *1 );61 / #3 +$ '+$% #& +$+ H- ,0/ &++&
0#+$+ %  &+ +%  +$%%,(+3 '#$ +. #%*&4+/3'+/
/3#$#++#I5)::73*1)3*$%'63*+&/3+$++$*$%%%,
#%H(I5)::73*1)3);61$&$*++$&0&%0&1
-%/&+3 *'!&$%,%#'+'/%#%533
&'3):""61$/++$+H4+(*#&&++'(%&$*%&+$+0%&0
+$$(4#'+0*%-$%-'#$(+,,#++$!&+/%,+%,&'##%*%+
!$0%I5):""3*1;?D61$+'/#%++-+$3+&13##%&$*%+0-
  %&/ -+$%'+ / +%& 4*&+%B #% 4+ ,% *#+#& % H /
##'+#L% ( %, #%*&4 %(9+% ''&&/ % %+ *% && +$ .&& 
#%*+# #/ ,% '##,'& &$*I 5):""3 *1 ;?86B H#%$* &% &&%- , % +$
'&+%'*#%,%&$*+&%#+%+$+*+!/++#LI-&&
!'((+!&%-3+$&%%%,+$%+/*#&&/%,,,0%%,'&+#+%5113
*&'&6!%&$*1
3 The literature is divided on whether the “co” in “co-CEO” should be capitalized or not. For
simplicity, we’ve opted for the lower case except in quotations of others who prefer uppercase.
$ '+$% . ,%' C% 2'+% +% *& 9 %, %$'  &0 ,3 -+$
%!0+%(( ,% "77?+%)::?1 $,+2'+% H#%# +$4+++% -$#$ #%
+'#+'4+ %(11*'!&# #%*%+%I5):""3 *1;?861 $#% &%%.+ -$+H,#+%L
($+##%'+,%+$*#%,#%+'#+'-+$,1I$ +$ &+ +% H#%
++  0+(+ +$ +' %, ,@ (%0# +'#+' -$ #%*%+ 4#'+0
&$* $I5):""3 *1;?8??61 $0!& %*$+#+ #%+ / +(
,#+%3'#$+$*%-%,3'!%,*+!%#+%3++'+%&%-$*%,+$
,3,#&#%+%51(13,!+&0&6301#%#%*+%3+#1$,%'+$2'+%
#+&/+$ &$* ,,##/ %, #%1$/,%'+$++$ 0( &(+$ %,#%
&$*!%'+O1>/5!%'++$%&+/63H'((+(+$++$(+%
+!& +$ *0%'&/ !&0I 5):""3 *1 ;??61 $/ &% ,%' +$+ H#%$*  !%&/
+!'+#% '+/+/*3I  +$+#% H#%*&+ #$%+$ +%, '#+%&
!#.(%'%4#'+0*%!&+1I(#2'+%5*#+!&/6+$!((+%
,%+$+&&+%%,#%1-$+#+%#%*%+(%0#+'#+'3+$/,%'+$+H+$
*%- %, 3 +$ *#+( %, *+ #+%3 ++'+%& %-$*3  +$ &0& %,
#%*%+!+&&0&/&++%+$*%!!&+/%,#%$*I5):""3*1;??61
+$!%,&&%,+$'&+3+$/H#%#&'L+$++$'+'&%+%(0(*%0
!/$4#'+0&$*($+'!++'+,%%++%&(%0##$I5):""3*1
;?761 $+3$ &$*+!&$+&##%'+!&+/-/ +$+  %0 !/
+%(30$%!%/%+1$+'/#%,+$+H+$*%+0.+#+%+%+$
%'#+ %, #% +% &  , 3I *$* !#' H+$ .+ #*+&9 +$ +#*+
'#+%(#/#%+%#+-+$'+'&%+%(I5):""3*1O":61'+$%3H+$*#
%,#%%#+-+$$($.++%!%%.+%5NF61I$0#%&+%%,#%
+%++'+%&%-$*$($#%*%+!+&%3!%+$#+%%,,&.&/%*+($0&/
'+$++%&<&&++*(3&%%+-%+$/1
%&&%-(% +$ $& %,  + &13 ='3   %0 *'!&$ +$+#& <$%@ 
$(M%3%-*3,%#I5):">61$#%*&+-+$+$+'/!/
 + &1  +$+ + '  +'#+' %, $ *%- %'+ +%  +'#+'%,
$ *%-1  %+$ -%3 C'+ !#'  , 4$!+ #% % %+  +$+ +$/ 
 &. #% 5):">3 *1 )"::6B H#% &$* +'#+'  #&&/ #/3 
#%+%,%$#%+%%##'I5):">3*1)"":3*$%(&61$+(+
+'/%,0+/% *'!&# ,+,%):::):":+$,% ++*+H+%+,/+$ 4++ +%
-$#$*%-+'&/$!+-#%4*&+$,,#+%,*%-,,#!+-#%
%,*,%#I5):">3*1)"::61
$ +#+% !+- #+'& $ *%-  $ *%-%**3 +&&/ 4*&% !/
.&+5"77)63(,#+1+%,&&3+$#$-(#%!&2'+%.
!%0&& & +'%#%!#' %, +$*%++&&/,& '*+%1 $ '*+%
#+%+$H'+/%,#%*#*&I0'H$#%3I-$#$,%(+$+-%#%*+(
$/*%+$ %, +$ +'/ &( *%- (* !+- #%  (+0&/ &+ +% ,
*,%#B&(*%-(*!+-#%*%+0&/&++%,*,%#15$
+$ $/*%+$  H$ *%- (* !+- #% 4$!+ #'0& &+%$* -+$ ,
*,%#3'#$+$++$&+%$*!#%'++$*%-(*(%-1I6 -%'&5+$%/6
'**%+$#%3'+/%,#%1
.&+5"77)63+$*%-,,+&!+-%+$-H#%2'&I#%+,
!/4(#%&/3+'3+%#.%-$*3-$+$+$#%+$#$%,+$!%1
+&/3+'3%-$*3!(!%#$5+$%+#&&/6#+%*%-1$'&+
$%-H+$+*%-(*!+- #%*%+0&/%#+-+$,*,%#I5):">3*1
)"::61 $+ 3 +  !++ +$+ % %, +$ +-% #% -& % *%- +$ %+$3 +$!/
'((+(H'**%+,%+$'+/%,#% *#*&%0+$$ #%*#*&I 5):">3*1
)":?61$/&%$%-+$++$*$%%H-+$*%-(*!#%4+&/&(I5):">3
*1 )"::61 $  *%++&&/ %%' ,( ,% +$% -$% +$%'($+ (' $ 4#'+0
&$*-(%% 1 % H+$ #% &$*+'#+'3!+#&,,#*%-
!+-+$#%3#%'&+',+%+-%$%+I5):">3*1)":761%*%+
%#$/((1
% +M$%+#+*#&+'/%#%3H-% /F%*%!&
+$I 5C3&&+3<%&&3 E 4%%-&3):"86 *#. '*-  +&1&,+ %,,!/
#%+'(+%.-$+$#%(&(%%%!,%,1F'++%,&%%.(+-
,*,%#.&+@%&3+$ '+$%4+$,,#+ %,#%&$*%
#%*%+%#&*,%#563-$#$  H % #%*$0  +(+ +I%,
#%*%+ %#&*%!&+/56N% *%!&+/565C +&13 ):"83*1""61$+3
%#%&$*H%(%%I,%+$,5):"83*1""6M,+0-('+/%,#%+$%/
-+$'&&$*%$&$*+$%/5H$#%I+$%/='+&163+$/4*&
+$+$%$/*%+$1$'%,%(+,%+$=++5#%'+/&+%3
0+/3 *&%/&+%30%+3*%'#+3 #%*%+ (%0#3$'($+63  +$
*&9-++(#&&/%-,%($+/+-%+%,,+/,0#%,!+-"77D):"O3
+$'*%0(%+$%-+*%&*%,*0%'*#&+'1$+'/&%',,+/
,0#%*!&,-+$%&%+$#%+%&1$$/*%+$-!/3++(+$+,&
!/#%-&&%-&&%+H%++$($&0&%,I5):"83*1";61
$'&+(,#+&/#++$+#%+'#+'$#1$,(H'((++$+
% -/ +% # +$ #$# +$+  / . !%+$ % *%!&  #%  ,-
*%!&%+%$+$++&1'#$#%&&!%+%++$+%*/$&*'#+$%&+%%,
+$%&%'&+!++0++%&'+%I5):"83*1"861
Summary
%#$+&&-&+1+$*&/,%#'%#*'!&##%*%+%
G-$$&$*+'#+'%&.&/,%' %'+ +$ 11 5&%3 ):"O6G $
+$,%#'%&&!'3H-$+$#%+'#+'%+&.&/+%!,%'I5C+
&13):"83 *1 "86%% %*%,+%(9+%1 *+#'&&/ %+-%+$/4*& +$ &+0
#%%&+/%,&&,G'#$+$%0+'#*+&3%0++!.3%*%,%&
0#'#$  &-%##%'+(G-$#$ /$0+-% % %((#+% % ((
+1*+ '#$ &++%+$&++'3 +$ 4++#$+  %+#!&/*%+0
#+%+%-#%&$*1
$+$4#*+%%,='+&13-$#$*%'2'(%1*0%'&/%+3
+$+'/2'+% % %, +$ ./ * ,% +$ %'++G&/3-$+$#%&&/%
4$!+$&$**&/!/0+'%,+$++&,%&*%+%1+&%*%+++%%+
+$++$+'/!%+$*#'&%&%,.&+5"77)63-$&+$+-%%+#++'+$+
/& *%+0 '&+  ! % % #%+*%/  -&/*#+ %&  +$% %,
%(9+%&+$%/1<-&&+$,%#%+$+$%%&%(#&#%#-+$.&+@%&
3%*%++&/3+$$3%*'**%+%+$++'&&/,0%(&#%*%+#%-1
%H+$+.%,+$(+'#+%+%*&($+++$%'($',#('*+%+$+
(%'+&/'I5&((3)::;3*1>O761
FROM FINKELSTEIN TO FOUCAULT: THE PROBLEM OF POWER
Theoretically Locating and Evaluating Finkelstein’s Framework
='+&1@+'/ 5&. %+$ ! % .&+3 '#$  !.'&EC3)::)B
%3):""B'3)::)6!%+$&3!'+0+$&+%&%,.&+5"77)63
!%+$+%,%(9+%&+$%/*$&%%*$/%,*%-1
.&+@%&#%#0%,*%-H+$#*#+/%,0'& #+% +% 4+ +$ -&&I
5"77)3*1>:D61$&0%*+$2'+%+%-$+$#+%#!#%*%-,'&,+$/
%%+#+'&&/4++$-&&5*%!&.&+%*&/#.%-&(+$&+*(%,$+'/61
$%++%&%'+&++$%*%&%(/3-$#+%@-&&0-+$*&
(%,4+%+ %,5,%4*&6+$ *%'#+%, &%(*%#%,,&'#,%%+$
*%-&+%5#,1A#$&3):">B@%%(3):">615%-%%.%-+$++$4+%%,%
*%@-&&%+#+'&&/+$4+%%, -&&3%%'++$,M6++/*#&,%<+
+$.G*#&&/ +$!' #%%##*&G+%%*++&+3+%&+3
%#&#& +$%*%&%(/ 5113 63%%( &%%*+%- *$&%%*$/%,
*%-&+%1
/%#& #$%&%+$'!C#+%,*%- $0*%+%'+ +$++$%+$%-/+%
0- *%-  +$ *%1 %#& #%+'#+%+ 51(13 (3 ):""B %C%#' + &13 ):")63 ,%
+#3 (' +$+ +$ &,  %#%&('+#&&/ #%+'#+3 ( +$+ &+%$* 
#%'#+0+#+%-+$ H+$%+$I (0+%%@ '2'#$#++#  &,++/1
%#&#%+'#+%$&%!4*&%&+%+%%(9+%&,++/F%-5"77863
<$++ %,/5"77?6  %C%#'+ &15):")61%#& #%+'#+%56&% %+ -+$
#+%+-%. $%/3 -$ H&& ++ 5$'  %$'6 +. ,%  #2' +$
#$#++#+$%'($+$&+%-+$%+$+++$&%#+%-$#$+$/##'&+5&&%3
"7?DB&&%E+%'3"7?"B+%'3"777B-3"77O3"7776I5&3):")3*1)>61+%+0$&*,'&
+% *. %, H#+%I  +$ #%+4+3 !'+ H#++1I('( &% $ #%+'#+0 *%-  #+%
+-%.$%/3-$H+$0%#!'&/%,#$$#%+++$!&+/+%*&/&+#+%
!'& +$%- *#I5&3 ):")3*1)861$&('+# ,%#' #%++'+*+ %,*%+%
**#+0 % %(9+%  (&3 -$#$ H*'$ ,% #& #$( +$+ !( -+$ &('+#
#%+'#+%%,#%'  +4+ '**%+( 4+(%#&#%+'#+%3!'+-$#$ #  
+&#$(I5+#$):"?3*17O61,#+3!$%5"7786=5"7786('+$+#$(
$+%##%++'++5!'6*(%,+$%'($+5#,1%C%#'+&13):")61
#$&%'#'&+5"7)D"7?O6-C%%'#,%+$G%#&#%+'#+%%,+$&,
5-+$%+$#$+&&#+'&6+$#+050'*06,'#+%%,&('(1&%('+$+
*%-&+%4+0/&0&%,,%&%#+/%%+*&/+#.&%-,%+$,%&
+%*1+$H/*+#( %,*%-I&(&/ ,%('( #+$'+&*%3*%-
4#H+$%#&!%/3+$+$+I5"7?:3*1;?;761#$,%'&3H-
+%#'+%,,+$.(@$I 5"7?:3*1")"63(3-'++++% &&+/*,'#+% %,
*%-3!%+$+$4*&#+0!&+$&+'#%(91
H%-&+%%%++$/+%,%#&+-%.3I$-+"7?)/5#+
(%("77)3 *1 ;"D61 4#( *%- %#%#!%'+H#%'#+3I
4#(*%-H+%#%'#+I5"77)3*1;"O63-$#$H++$++%P&@%+$@5##%(+%
0%'#$%,#%#%-$#$3 +%0/((3+#+6 -/%, !$0(-+$
%%&%*,&%,*%!&+1I$'3H$4#%,*%-#%+('(+$*%!&+/
%, #%'#+*'++( %+$*%!&%'+#%L! "# $% 
$I5*$61$'#$,,++$*&/%
*%%(%'*@!&+/+%4++$-&& %0 %+$B *%-  % ##'+&/ #%#0  
++/@,&'%'##*+(+$%'+#%%,%+$*%@&,1
4+% %, $' -&& % +$ ! %, *#0 H.%-&(I  H+'+$I  +'#+'&&/
',#+'3C'+  H+'+$I +&, ',#+' !/ +$% *%+% %, *%--$% #%+%& +$
+0%,%#+/1H<'!C#++%+$*%'#+%%,+'+$+$%'($*%--#%+4#
*%-4#*+ +$%'($+$ *%'#+%%,+'+$I $-%+ 5"7?:3*1 7;7O61H$ +$# ,%0/
%#+/L%-0#++%(+%3+2'+%3+(++%%,+'+$+++'+%&93
*%,%&9 -+*''+1I % *#,#&&/3H#$ %#+/ $+ ( %,+'+$3+
P(&*%&+#@%,+'+$+$+3+$+/*%,#%'-$#$+##*+.,'#+%+'B+$
#$+#-$#$!&%+%+('$+',&+++3+$!/-$#$
#$#+%I5"7?:3*1";"61
H(%,+'+$I+0.%-&(5/%+3"7876#+&+%(&&$*3
-++$%'($0%#+(+%/+&&(!%+$*%*'&###%'%&$*
++(/3%+0+%+$%/3%(9+%&&$*5$'+E3"77DBF3 "77DBF%C3
"77"B "77>B #$3 ):"D3 *1 ")"";;B %%3 ):"8B .3 )::7B =%'9 E %3 ):"861
#+%N#++%%+*&/49'+&+/B+$/&0%'++%5-$#$!%+$,&%-,%+
#%*/0&'6
F'*(3+$.(+$%'%,0//!'*%*&3/!
  4*& %, -$+ %'#'&+ 5"7876 + +$ *+%& ('# %, #$ *%#$B +$/
*++$ #$( +$P(/@%, ( !+-%*%#$  %+$1$
(,-$%%!/$%-(%$%-+%#%+'#+&+/3-$+*&#%$+3
-&&+$*&#%,%+$%+$+$(1$%'($'#$(%!&+%%+%&/
+%%&9*+#'&#%+'#+%%,&+/%'%(9+%!'+&%+%+(+9
(&9+$%-$% %%+##*++$&+/%,+$*%#$+$+%+$ !'%,
#+(15&((3)::;3*1>O)6
%4*&3*&%/&%/&+%5/6&9!+$%&5$%6+0%!5**&6
%+*&/%'+%,-%!#*'B+-!#'%,+$0&'%,+.(*+&(+%/
!%'+#$((+$-%&3%#*&/(-+$+$++%/3+%0%+$#%(+0%#
%, +**( %'+ +$ *(1 **& H(+ *(L#%++'+ ( +0 %,
-%.(.%-&(+$+4*&%+/+$%#+-+$(%,'##,,+*%#$3I%+$+H+
%%+++L, +$ &+/ % %+#%*%+%+$*( *+( + +$ *%+ +$+
(-&&#+-+$,#+%+$&+/+$++$*(#%+'#+I5&((3)::;3*1>>O61$
.%,*%-'!&G5+$,%6$!+'&&/&'*#&+'%*%-1
%-%,+$%+&%4#H%&/%0,'!C#+L<$+$+(,#+%+'+
+$-$%&+$%&+%$*%,*%-B&0/%+*%-&+%$*-$#$3I
,%+$+*&/H2'+%%,*$/#&&+%$*%,#%++I5%'#'&+3"77)3*1;"O61%-
&+%$*&%,H,#+%,##%,%++%-$#$*&/9!%+$+$J+K*+
*%0%#+%I5"77)3*1;">61
%'#'&+ &% #' +$ '!+& ,,#+ %, *%- +(+ !/ ++%&&/ '# &,
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+%(&*%-!#'*0+#%*%+%3&.*%5%'#'&+3 "78>63  %- +$ + %,
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$/%%,*%-(+&/#.%-&(!'#$%
+$'!C#+%,*%-$&$*1<$+$/3+$/++%!$!+'&&/&(++%+$
H'!C#+0I%H*#*+'&I#+(%/%**%+%H%!C#+0'3I+$,%5'**%&/6
,&/(1$#%+*%/*%+/%, H0#!I+$%/*#+#51(13#'3
):"?6-$#$ ,% H+//%, +#I 5'&&3 ):"?B/%3):"863 -$#$ '#+%+#
+$,%*%+%!&(3*%%#$%&$*3*%4#&&/3#+(%%**0-%.*&#1
3  / -/ +$ #%+#+% !+- +$%/ 5+$+ *#  +$ & ,% %,
.%-&( ,% %#&  #%%# *%0+6  '&+ 5%#&  #%%# %**%6
0#++$!%%!0+%!/+#&$%+%,+$.,'+#$%%&1H$,%,
+$&($+++$($++$#+'/3I-++$ '+$% %, &3H+$%'($++$++$
+%%,%-%'&#%'(+$+!&$+%,++'+%*++(#+#&,%+%
%, *'!&#%*%3 +$+#&&/$%#+#%0+%1++$+%%, 
+%&+/3 %%  %.$ #%+3 *%%+ +$ % (%-+$ %, % ## 
+#$%&%(/-/+$+-+$%%'($&/'%#+#I5(E(3"77)3*14461<$+0
H0#!I% H+%&I %+'+& % %+#&/ !,+0/%1 *%@
*%,+%+$@%0+&!%3%+#%,'##%+$@+#%,,&'1$*&!%
#%+H(%%,%*%'#+%I!'+#+%+$&%(#&#%#&'%3'*&%/+3%+
H,,#+&/3I,%#&!%5<%&,,3):):3*1787761
%'+$++$+#&$%+3+$%-#%%+%$=1&!+$%!0
+$+($+%#%,*%-+$11H$%&%,*%-#&,#'%'%3I$-+
$"7>)%%(*$&$
$*0&(%,#%+%&&(+$#+%%%,,,#+(+$#%*%*+/%,%+$*%
%+$(+$+%%%,'#*%,+%.%++%*%(1%#0'
,%%,,#!#'%,0%-+%(%01.+%0G+$%&/*%+%
+$ ++*'%,, %%,+$+%/%' !'+%&/0%#&,'-$#$$!++$
( %%+1 < % &%( $0 *'!& # %,,#&3 %&/ *'!&# 0+1 $  #'*'&%'
0%#%,+$+%&%(/%,*%-#$#+9#!'1$$%,#%*/
%&%(+$!%L!'++$&%,+$+L
*++$#%0+%3-$#$%'+&-%+!&*''+%,*%--$#$&+%#%++
#$,%'*$+%('+*%%3+$%#+%+$+3*%*&3-
0+%*%-1%+$#%+/,-+$(%0&'3%C&%'&/('!/+$
*%%3%'%#+/15):":3*1)8)?6
0(*%-G'#$&.*%(#*+&5$3):"86G+$,%*%4#&#%+%-+$
*%++&,%!%+$$%%$1&!+$(%%+%,'+$&!%+C'+$%-#+&*%-+%+$
#3#*+&+#%#%'1%4*&3H+(!'2'&&/%#+-+$*%-1
$ #%%,!' %&%( '%, $#$0+B +$ !#%+'%,
#%/%'#I5):":3*1)?610+$*$H&&!'+'##,'&I,(+%!'*%
H$%- +$+$$$ +%'%'++$$#* %,!(&&+% $ *&#+$'I5*1 )?61
@*%-$#!/*+(%++%$0/3-$#$%,+/,+#*%-#%+
&&/!'B-$++++$%@!&+/+%4*&%+%+$5&!+$):":3*1;:6
0%.(+%+$@/1
'3C%'*+%%,%(+#%%#+$%'($+&'.(!$+'%,
*%-+$+H%!C#+0I'!%+$'*%+%#+(%#&&/,,++$H*#*+'&1I
+$#%+/3+#!('+$+%!C#+0'G#/+*++%%,'#$'
G'!C#++%*#*+%'!C#+0&/13H%+4+(%(9+%(+
+$%/ -%. -+$ +$ '*+% +$+  %!C#+0 .%-&( #%'& ! 0&I 5&((3 )::;3
,(+%F'&&E%(3"78761%-03+$'%,2'+,!&%#+,##%'%
%+ +!&$  (+&(++%+% .%-&(5='$3 "7D)B(3 "778B/%+3"787B #,1 %
3"7O761 $'3 -$ *#&#$&..&+ /3 H+$!+**%#$($++&
'(!%+$%!C#+0*#*+'&#+%5#$3"7DDB,,,3"7?"3*1%03"7?:6I5"77)3*1
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%+$ %  /%+$G'#$ +$ *%!&%#+-+$ .&+@ ,%',%&
#$%,*%-5+'#+'&3%-$*34*+3*+(6+$%(%(($+%,-#$G
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'!()%!!'(5):"?3*1;77,,6#'H%&*%-I5#%#03-3
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%(9+%& *%&+#3 %'!++'+!&+/3  %+$ #%#*+ +$+ (&&/ % %+ ** 
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 %+#%+!'+%%, #+%(9+%&+$%/+%+$ '!C#++$ %(9+%&
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='+&1#+$/+,/&+%$*##%(+%#+'&,'#+%*%-+%,,%&
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#++(+%-+$3'%,-'+$#%+'/%,C5):"861
F +$ +$%+#& ,-%. +&,3 + $%'& ! +% +$+ 0'& +'G&.
.&+@G&%',,,%*#,#*%!&3'#$+$'*+%+$+*%-,'#+%%,+$
+!&$+%,#++/1H'##++/3IH+$ !%*+%%,#++/3IH%'#%, '#++/3I
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(,##%,+$H4*+*%-I'5.&+3"77)3*1>);63'!++&%,#+%+%
+$%&3+%&+$%+#&*%!&5'#$$%-#%*+%3%+%3#+&++%
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The Discourse and Rhetoric of Co-CEO Criticism
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2'+#+'/3 -%.( (+ *%- -+$+$ #%+4+%, %(9+%& +$%/
$0%0%+%%*++%&,+%%,*%-,%'+!&+$%+#&%B
5#6%'+%,&&+$+' %%,%$&$*%,#%3='+&1+$%+
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</+$,%#%#&'+$+3++$0/&+3++'&/',%'+%&(
!%'+H+-%$I%+5):">3*1)":7B#,1'++3):):61
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+$$*%-+'#+'%,#%3&/3+$+#+&9*%-'#%*%+%#$%+
+$H%+I+%!-!%'+1%4*&3#.A(('##%(+%++%3/(+$#%
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&%('IH,+#+'%,4*#3+@''&&/,+$S%*%-$%$+$'&++
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#+ %0+%  #%%# $+%/1 ,+-%.  #$+ ,%+$ #+ -%& %-
,'#+%-+$%'++$*+#'&%(9+%$#$G,2'+&/%#+%%#&
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$($&/&(+%*&/*.,+$#%*%+%G&+&%%&+/G+&,'&+
5%%+$H+'I('+!&%-61
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,1%++$++&%,*%*'&%'($+%0&!1+#&+$ *+,
++&H%% '+%,+/&LI3-$&+$*%*'&0++!'+.+-+#$
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#+#&+++'%,+%-'#$++&%&.H,&'!'MI%3H&
'+%,+/&1I
):"?+#&%%!1#%&%(&#%0+03,0*%+'H%-%'##,'&&/
(' % % %&I 5%&(!3 ):"?61  %  +$ *'!&#+%  %+$3 +$
H#%&%9@%& %, +$-%&I5F&'+3 "77;6$%+ +$%'($ +$+#%0+%G113 + ,%
-%.@%-(%%+$++$%*%-'&%0+$5#,1 =$&3):):B/%3):">61$%-+$
%%*%&/%*%-$0+$($++% $%&%+3 +$%' '#$*%-$%'& ! 0--+$
'*#%,%2'+%(+G,+%+!#'%,+$%3&!&#%,*%*+/5.++/3
):):63+!#'%,+'+&,1H'+'3I-*+,H*0+/
#%+'*,%'##(LI5'++3):):61+&,0++$+%'+'&3%+$'+
%!/5%+'3):";61
<$+#%+%-$++/*%,(%0##+'&&/*,3++$,%%+&+%(+$'*(
+$++$%*%%,+$#+'&-%.G+$%@''0&&#3*%'#(*%'#+0&'3+#1G
%-$+%!,%''#$#%'1<$-'#$+%HP%&/-%.L
-%$ %+!+++$%@I5'++3 ):):63+$/(&&/%%+%(+,%+$0%#%,
*&%/-$%#+$,,##/%,+$&$*+%-$#$+$/'!%+G+$#+&/
%+$%'($#$1%+$-%3-!!.
(  $($  &/'G'%#+# +++,% *$*
+$%-$%+$!+*%+%+%.'#$++%1
$ ('+  #%' (+ #% (&&/ #%+ +$ ,&&#/ %, ,'#+%&+
%#%&%(/,+4+3+'+!#/3%+-%'&!,%%&$$,'&+%%#+/+%+/+%#$(
+$ ++' 2'% 5+ E 3 ):"?3 *1 "7)"61  '#$3 +$ ('+ ,& +% +'+ #%*%+
&$*-+$ $+%#& #'&+'&#%+4+3 #+&/ 4*&#+&/ +(+$++ (&&/
$%*&+%+/+%#$(1%-03,-$%&&%-+%+'+#%+*%/%#$/-+$
+$ $+%/ %, #%%#3 *%'#+%3  !'3 + !#% 0+ +$+ +$ ('+ 
&(++%,%%&+/5('+&(++%!/+$%-$%!,+,%
6 &(&/+$ &(++%,%%+$'#$*%+%%, *%-+$%'($%'+ $+%/ 511
P+'N(%$ #+ +$ (+%+#%'&@+ ! ,,+@B P!%&'+*%-#/ +%
*0+ +!&+/@B P+$  $%- %#+/ $ &-/ !@B P+$ +'#+'  +$ %+ ,,#+ 
,'#+%&+'#+'@BP&++0+%+$+'#+'-%@+&+@BP+$%++$#%%#!%++%C%/N*,
+$*&#+$$#$/@B+#161
$-$%&%,%##/+(&/!+1<%&,,'9+!+
%#$/'+%##/-%+!$#%*&+&/+$%!'++$&%#+
-%.*&#3 -$ %##/ -*%#!1 $'+%#+# *#+$ *%0+$ %-
%#$-+$+$  +% (++(+%##/  +$ *%&+#&*$1F,%+$  %,
*%&+#& %#$/3#%0+0-% +$+#0&9+%#%'&%+'00 -+$%'++$ %0(
&$* %, +$ .(  $ #%'+1 %-L#%0+0 -%/ +$+ +$ #%%/3  +$'
#0&9+%+&,3#%+'00-+$%'++$&$*%,!%4#'+0-%.*&#1
5<%&,,3):";3*1")"6
 ,'+$0&'+(N#%+'#+( +% $+%#3+$%+$#%+#+%1/%
%+%,+$('+,0%%,%&+/#!',0%%,('&%'#%,#%*%+
(%0# N% %-$* 5113 (+ *&'& !%3 '&+*& (,#+ $$%&3 %
*+$*61+3+$&++&2'/%'H-$%-&&.+$,&#%I-$2'&*+%
!% ! %  0'! !% ( 5#,1  !3 ):"861 <$ % &%%. +
*&+/*%&+#%%##/11%(-+$$'%,+%*++03%
%%+.H-$%-&&.+$,&#%MIC%+'*C%+#1,%!%
+$$%9%+%-%&$+%/3+!#%0++$+!&&%%'*#$0!!&+%'+
'##,'& *%& &+%$*3 *+$*3 &(%' &+%$*3 #%%# &+%$*3 
%+$--+$%'+'#$'+$%+/#+&9#%+%&5!E<(%-3):)"B#%++3)::761$
'((+ +$+'#$$+%#51(13 HF'+ -$%-&&'&%0 'MI3 H+-&&0-%.3I +#16 ++%
!,+*%+#++$%*%-%++$%'!%+%+%+1
%0&/3+$('+,0%%,*&'&!%%0($+5+%,*'+!&#%+%&,%(&
0'&6  +($+,%-  # ! '  ,0% %, '#$ +'#+'  #% 56 $
%'#  +-%.B 5!6 . +(+%B 5#6 +!&+/  % &!& '##% *&(B 56
'+'&##%'+!&+/B56+$!,+%,#%&&#+04*#-%1*#&+'%#%
&/*%++$#+%1+&1'#%+%0&&/+++$+H/##'+#L
% ( %, #%*&4 %(9+% ''&&/ % %+ *% && +$ .&&  #%*+#
#/,%'##,'&&$*I5):""3*1;?8633H#%$*&%&&%-,%+$'&+%'
*#%,%&$*+&%#+%+$+*+!/++#LIC+&15):"86
&%,%'+$+H%-/+%#+$#$#+$+/.!%+$%*%!&#%
,-*%!&%+%$+$++&1I
 #%#&'%3+$&%(# !,+ %,$ *%- 5113++(# #+&9+%6% +$
&0&+ +'+03  * +'&&/ -+$ (&%!& #%%#%#&+%0(
+%-++(##+&9+%-%.#++%,#*+&#+!'GH,%&%+
&&%(9+%3#+&9+%#!*%+0,&'#%*&%/+++'I5#$%+&13
)::)61,#+3,'+$#%+%%,+$%&+/(+-%'&2'%+%.56+$
%&%%&&&/H-%.IMB5!6+$!'%,*%%,&&/%*%*%+%,+$#%%&,%
!(%++%&G*#&&/-$%+%-3,%'3%(,#+$$%&%,+$
#%*/+$'/$0#+0+%4+#+'#$*%&('(+$&++'
*%!&3(&%,$%-+,,#++$%(9+%%+$$%&3*&%/3#'+%30%3
#%'+3%%+$+.$%&M
TWO FURTHER DIRECTIONS FOR DECENTRALIZED POWER IN THE FIRM
%  !'+ % #$&&( +% #+&93 %#$#& %& %, #%*%+ *%- 
(+1$#%'+&-/+%+(+'#$#%#++%%,*%-(#%*%+
+'#+'##%(&/1
-%C%5!'+#&&/,,+6-/%,##%*&$(+$#&'56,,(!%+'#+'
,%#+%&*#51(13+$%#&&H+-%+!%%&3I%#%%%'++$+
++635!6*&%/%-$**&%/(+5%H#%%*+03I-$!%+$%,+$
&+4+61$,%#%#&+(*%-H++$+%*I-$&+$&++*%-+$%H++$
!%++%IG3 #+( +#+ $#$/ %, *%- &+%(+$1 % +$ %, +$ #+%
#%&&!%+-+$+$*%+0'&+%,*%-$(3+$/0!&&++0+%+$%+$%%4/%,
#%*%+%#$/M%+$&%,2'/3!,#'%%,+$&++'%1
Board Structure and Power Distribution: A Review of the Literature
'&+*&0+ %, '&!% #%#*+4+3 +$%'($ (#+'#+'0%&0 '*0%/
!%-$#$4#%0($+%,+$,(+%4#'+0!%5%+&%#&&
+$HF%%,#+%I6-$#$4#%*+%&#%+%&1%#3+$(+!%
**%+!/N%*%++%+$'*0%/!%3%+$+$!%/!*+%,
% %+$3!%+$*%+( +%+$$$%&%%-$*5%+3'*0%/!%/
&%$0*++%,%%+$+.$%&61$&%%,+0%%,!%*%-&+%
-$+    #% %&3 -+$ +$ *#*& !% %,,# #%+( %, +$ #$ %, +$
'*0%/!%+$%((#+%5-$%%,+#$+$(+!%61
++' %+$ '!C#+%, '&!%*+ #+%,%)::>):"7 0%
+$,,##/1$C@)::>+'/%,+$-/+5!%+$/+3!'+
-+$%0/*%++,,#6-&(&/(+03,(+$+'*0%/!%++%,&
+$ +.  %+%%,(+  &%$,0&'1 <(5)::?6+++$+ 
($!%($3 '*0%/ !% #+ ' +$ &(&,%,% +$ &/ "77:@ 5(
'**%&/ ! % +$  /+3 !'+ -+$ *%++ ,,#6 - &.- ,,#+0
+'+%,#%*%+(%0#1%-03$'0/&%$($&($+%5++&/##6&/
0#+$++$)::",%*%%+(*+!%!%%,#+%/'##
-/+$++$'*0%/!%$%+1$%'@)::7+'/5&%%.(+$#%*,%
"777)::;6,%'+$+*#%+$!%%,#+%+$,2'#/%,'*0%/+(
-!%+$%#+-+$*%+0,*,%#1
$+  /3 !'&&$(@*%+ 5)::76,% $++'+ %,$+ ##%'++%,
#%+&,%'&%%.(+%,#&#%*-$#$-!%,+$#&+%#.
4#$( ;>: 5;>:6  +$ "777 % )::O3 #% #% 0%' (%'* %, + (
!+- "777)::O3 +$ - % #& &+%$* !+- !% *#  +-% +#
%#+-+$,*,%#3(+0&+%$*!+-*#+$+#%,
*,%#1+&/%, ,!/03 0%+$%'+3/ 5):")6,%'
+$+!%&$*+'#+'!%9$%*#+%,*,%#3+$++$*%+0
*#++%*,%#,%!%*#-(&(!&1%+$):")+'/,%-A&
!/'9%#.5):")6,%'+$+,%)::8):""3#%*&%,0+/*'!&#,3
$($*%*%+% %, %4#'+0 #+% #+'&&/# , *,%# 5!'+ %$($
!&%#.$%&%-$*61+'/%,,,+/!.+$!'&+$/):""!/F'%/3
%$3&F$5):"O6,%'-$++%!&'&++$-A&+'/
(+0#%&+%!+-% +# %, , *,%# %4#'+0#+%3!'+&%
(+0 #%&+% !+- ,,+*,%# +# %-$*#%#++%1 +'/ !/
 &&5):"O6&%%.(+#%++'+%,+$#&+%#.4#$("::5"::6+$/
):":):"" ,%' +$+ &( *%*%+% %, *+ #+%  ,%( #+% *%+0&/
*#+*,%#1
#+#&+#&!/$*5):"86+%%.+/@'&!%+'#+''+%%&.-(@
):">%#&3('(+$++$/+-,,#+0+*0+(+$+'+%,%%##'(
 +$++%& #$(,%+$!%+%*,%+$(%0# %& *%*&/1
):"?+'/!/$%,%$'+$+/,0*'!&#3%,#&,F(&$!+-)::D
):"",%'+$+!%*#%+#%&++%!++*,%#1+T%5):"?6
#%0($+/+-%*'!&#3 %,#&3 *$ ,,%):":):">,%'(,#+ (+0
&+%$*!+- *,%# !%*#1 %-03+,%' +$+ 4#%,
*%- 5%-$*#%#++% !/+$-$ $% $&%0 +$ !%#$6 -&%
(+0&/&++%%*#+%,*,%#1
'#$%#++'/%, --#%'#+ ,%*&%,*'!&#3%,#&,
&+ "778):">!/ =%3%(.%3,5):"761$/,%'+$+ !%*#
'& !% /+ - #%&+ -+$ (+ , *,%# 5$%-03 % - !&%#.$%&
%-$*61
+0+3+$'0/&++'*&/4'&+,%%'+$%#+&9+%
*&'&+%,*%-1$&%'&+*&+%&#0+&++%+%+$+'-$#$$0
%+!#%0B%#'#&4*&3+$$($*++%%,,%'*&3-$#$
++%$0.&/,,+%#%#'&+'&!#.(%'4*#++%+$%-+,1
#+&++'0-!/5):):6&%#%#&'+$+*+&&+$#$3+$*#+%,
!%+'#+' %, *,%# '#&3 -+$+ !&+% '**%+ #%,&#+(0-1 
*%++$+*$*#$ $0!.(+$-%(2'+%+$+-$+&&/++,%,
*,%#0U0!%#%*%+%%++'#+'3!'++$*$&%%*$/#%#%'%,!%
!$%-+$/&++%#%*%+#'&+'1#%'&!($+3*#&&/,%!&0+$++$
%&+$%/%,!'-$#$$$%&-&+$+$%&#%#5113H@%#+I6
% + -/ %'+3 , %+ &/ % + &+ &( 5#,1 <%&,3 ):):61 % ,  #(&/
#%#+%'%,*%!&++%+%&+.$%&5'#$*&%/3'**&3#'+%3+$
&%#&#%'+/3%0+$-%&+&(6&%(+$$$%&3/$0*&&&*%+
&%(  ,#& *,%#1  '#$ #%*3 !% *#  +$ *# %,
%#&&/#%#%'!% ! '#$ %&.&/ +% . *%+0*#+10+$&3 -
#%#'-+$+$++'#+' &%%%+/& *+#'&'&+B-$% %##'*+ -$+
%#%#%%##%+4++$+'#+','#+%/!C'+*%++1
.++/5):):6$ #+&/ #%*&&(#,%#%(+,++$+/&%,/
%-/1%4*&3&-,%"78D5+&&,,#++%/6H2'&&,-+$%
+$)3::: *&%/+% 0$&, +$!% +5 0%+(($+6,% -%.*++0I
5):):3*1O7D61$&--(9!/%'!++&#$(,%"7"73-$+$<
%++'+%, *%*+/%H+$+ *%*+/-%&%(#%#+'&($+3I!'+
%+$(+'+&9!/%#+/,!/&-1,0%(+$$9%,#+&9*%-
!&(%&3+$+$C'+%%,/-/%,%(9(!'+%-+$+#+%1
Employee-Ownership and Cooperatives
$'&++,%%,#+&9*%-*&'&&$*+$#%%*+03-$%#+
5H*&%/I6!%+$#%%-#%(+$,%%0%+3%!N%%$!1
<+$%!%%-3(&!%#+%!$&,%,+$-$%&#/%%+$(+$+
,,#+&&-%.-+$%'+C%+/5%,+'*C%+/60%+%,&&-%.1+$")>/%&
++%&%*+0&&#'9
%%*+0V*%*&#++*VC%+&/%-%#+#&&/#%+%&&!/
,%+$!+%&+$V#%%%#%#%%#V*+%1+*
!%0&'  *#*&3 +$/ *'+,2'&+/,+ &&%-( *%*& +% #+
'+!&+*+$+V(+&%(+C%!*%*+/1(!/*%'#3'
%-%.3#%%*+0'##%(+%+$S%!3%0%+S'&153):):6
 +% +% +$ H*'I #%%*+0 %(9+%3 +$  & #%,('+%G% - +$
-%.(+0++%-$*3%+$-+$-%.%-$*!'+%+(+51(13
F%!@ &&  %+$ 63  %, #%'3 #&+N#%'%- #%%*+0 51(13 #+
'%61&&'#$%&3$%-03*%-+!'+%+$+$%#%*%+%-$
-%.,'#+%*'+%,*%'#+%3!(*-(3$0&++&+%%*%-+$-%.*&#3
-$*%,++!'+%&/+%0+%%+%+$%&%-5-$%%,+%%+-%.++$,+
&&61
'+'&%#+*+0,%%,#%%*+0*%'#+%(%,!#.+$%&+$#
*%1F'++$%,%%,H#%%*+0I-#++$"?::+%*%--%.-+$+$
-&+$  #*+& %  +% 0% +$ $'9( #%+% %, '+& #*+&  (%
2'&+ #+ !/  -(&!%  +$ C%++%#. #%*/ 5'&3 ):")B  !3 ):):B
+.3 ):":61% $0 #&&+$ &++0,%%,*%'#+%H+$&(+%#&%0+
$+%/I5+.3):":63+$#%+'+%!(,#+-++H%##/++$
-%.*&#I  #+ +1  ,#+3 + +%V& !&/ H#& ):")  +$
++%&V %, %%*+03 $($&($+( +$ #%+!'+% %,V#%%*+0V+% %#%#%%#
0&%*+3 *+#'&#%(9(+$ *#+% *%0+/ '#+%3*&%/+ (+%
%#&+(+%I53):")61++(C'+,-/,++$+#%%#%##1
<$ % #%! *&%/%- , 5 0%' (6 -+$ #&+N!%-
,5$,+#%%&++%+$-%H#%%*I63+$'##%,'#$,*01'+&/"
!&&%*%!%,#%%*B";##%%*!B+$/*%W"+&&%
+-%&-%0WDO:!&&%'&&B7)&&%#+'+%83>::#+'%
5!%-#%%*+06,%,#&0#B>:3:::#,&&/%#%%*+0/
#,#&+B 7) &&%C%! #+ !/#%%* +$+ ++53 ):):61&&/3
5*&%/ +%#. %-$**&6'! %0 D3O::3 $0"O&&% *+#*+3  $%&
+ %, %0 W"1O +&&% 53 ):):61 ")X %, +$ $' *%*'&+%  #+&/ 0%&0 
#%%*+053):):61
+$&%(!%+5#3,%4*&3+$,++'%+$'!C#++$"7):!/#+%B
F&+&13):";3*1">>6+$+*&%/%-$*#+09-%.3*%-+$-+$%
*%!&+/3&+%%*%+0,'&+!#'+(0+$H.+$(1I
-+$*&%/%-$*G*#&&/C%+/%- (G+ +% ! 0+ % +
-%.&%#&#%%-/+$+,-5,/6(&%!&3$$%&%-#%*%+%#!3
-$#$'+$!+'&&/*-(5%,+-%.#%+%6+%#*%,+5=&&/E%-3
):"761 %(% %*%+% 5*63 +Y %& 5%&%%63  %%*+0 %#
%#+5$ F%43 6  !'++$,2'+&/#+ 4*& %, '#$,+$+ '##,'&&/
*&+#&%##/#*+&56+!'+%,,+'+1+(,#+ +$+3
*+'(#+%+/0+(+%*%0+$#%+%%,-%.3'#$,$0
-+$ +,,.+#%*++%1*&%/%- , -&%+$%+ &+ #&%,,
'(+$&+5*6#%%# #% 5='+'&'E='3):"863  '( *%*'&+/
'(+$*#G*%0(($++$*%*'&*$H##+#%%*+%1I'#$,
&%+$(#/*#*&*%!&-/%&/*&%/%-$*#3#+09-%.
+%*%'#$($2'&+/%,*%'#+30%+&#%#+$++%*%-,++%
(&#+5 !3):):B!$3):"OB=&&/E+$3):):61
%%!$5):"O6 $&%%#'++$0+&%& +$+#%%*+0#%% *&/
+$'00&%,,###%'+'+$#%++&(&3#%%#3%#&%**%
%, # #*+&  -$+ '*#/1 #%%# 4*&%++% 0 -( &!%  #%*%+
+**0&(3!#'-$'00&+$+3#%%*+%#+/1$
*+ *+&+/G #%!+%-+$ 5"6+ ((+$ &#/%,#%%*+0 '(
#%#%%#,,#'&+5)6+$**+'&!%%!'+#/#&0%&+(+*&%/
!/-%.3-$#$#$#+90+'&&/&&%#*+&+#%%53):""B):""!B):"O6G
'#%'++%+$*%*'&+%+/*+$+++%&*&%/*&%/,+$$+*%-
,,+&+$H++'IH&./1I
*++$%&*%'#+%%0+$*++-%#+'(+(!&&%'&0'3
#%%*+0$!+'&&/(&9#%'%,!'3++(#(+(&
%(9+% *&/ !#' +$ +'#+'  %+ *&/ %+ %' *%,+1 . #%3
#%*%+ $(%/ ,%# -%.%- N% (3 %#+# , +% *%0 +$ %-
&(+#/3 %*&/'#$ *%-$(*%,+$(%&!( &0+1F'+G
(3&.#%G+$ *&/+%% '#$(,#+#%'+0#+%(+'#$*0&(
%'+&%%.,%!%0-$*%-+!'+%+$!%+*%!&&0&G%+$&0&%,-%.G
+$'&+,%##%'+!&+/3,'#+%&+/3*%'#+0+/,2'+&/(++$-$'#$*%-
#%%&+ #+&91 $H%#+I %, $$%& *%,+$! #&
#+/1+-+&&/C#+):"83,#+3!/+$F+$#/++$H$'+'%,
+$%*%+%I'+-$#$++$+H*%,+!&+/%++$%!C#+0B+#%+++$+$+%
!+,%+%#$0+$%!C#+0%'+!&!I5%&&3):"?B#,1<%&,3):):61
*&%/%-$*'&/#%'+%%,+$%*%4#&*$%+$!'-%&
+%/1++%$(&/ -*  C%/ #%!& '**%+3 /+ / !' *%*&
( ++$  %+/%*%++&+1++/*#&&/!%%+ #%*/@(%-+$ 
*%,+!&+/3/++$/+$*++$++#@+-%.%+$++%$%-$'+*&%/15%+
&13)::>6
Conclusion
$ !, 0+(+% +% #% #$3 #%' % *%-  #% *%+ (+3
&++0!%%&3%##/++$-%.*&#'((+%%&+$++$H*%$%
#&%+$I$!$012!1<$&
% #%+&&+%%, %&%%,+$%*%0'++&/#%#&'03 #'+ #$% #%
*%+0*%(,%#%(+3-4*#+,'+$+'%#%+%
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 +#%+'#+ %,*%-61#%',( +$*&# %, #%*%+%#$/ %& %,
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%&&!%+( 0'%+$!% '!C#+ %,*%-+!'+%G!%%(9+%  *&%/
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'##,'&3&+%(+$#&&++0+%+$#'+%%,!'.(*%'#+%1+
+$ 0/ &+3 *#+#( !' &  #$%& +'/( 4#'+0 &$*3 #%*%+
(%0#3 &!%'+4$%-+$/'+*%- 2'+%++'& #&+%
+%-$#$/#+&9#%+%&%&&&0&%,(+1$++'##%,#%
 &++0,%%, !' #%+!3 -&& %+!  -%&%,
(%-(#%%##%++#$(,%*%0$'&+%++$-%.*&#1
Bibliography
!'&&$31E(315)::761&$3&$456+/789
&$:$++'+%,$+##%'++%,#%+&1
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#+#(&'+,#+%1'!(+)75)63"7";>>1
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#&,%#0#,%+$!'&1&$'$;&3
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F3<15"77D61$&+%/+&&1)8O5"63">O"D"1
F%C3 115"77"61(9+% +%/+&&(+-%. +'/%,+%/*,%#%,,#
'**&/,1+<;D5"63":D")D1
F%C3115"77>61+%%,+$+%/+&&(%(9+%*%+%&/%,/S+
&1S=!,7>5O63778":;>1
F%-31 5):"861 <$/ #%#%!  ,%&/+(++'*3&%+ &-/1 +*'1
$++*NN---1+*'1#%N+#&N)78?;>
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)7>1
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*#0%&'+%&+&&/$,+(%(9+%1+<O"5"63"
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$++*NN---1.+-+#$1#%N+%/N#+-%#%'##,'&&/'!'+%(+$):"?:?
")
315):):61'+(+$*#+%,!%+'#+'%,*,%##%*$0
&++'0-1?,)+":5"63"")1
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BD19D:-%.3#%1
=&&/31+$315):):61-$*(,%'+!&#%%/1,+/!/,+/1
0&!&%&+$++*NN---1,,+/!/,,+/1%(N):):N:"N%-$*(,%'+!&
#%%/N
=Q&QR315):">61'$%%(++$%/1/),"O5""63O8OO?:1
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='+'&'3E%'(&='15):"861 G/$'$*4
I1=&9%%3<11*C%$++'+,%*&%/+#$1
/%+3 1 5"78761 $ *%+%  #%+% *%+ % .%-&(1  %*$ +%&  
'+#$%314:&!/++%,0+/-%.3"77;1
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1/1/?JK1;"5"63":">":O"1
+#$31 5):"?61 '!( 5 $ $$1 -%.3
4,%0+/1
&315):")61=!'!(1-%.3%/F1
%%3115"7>"61 +/#$=++5$$
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 &&315):"O61$*#+%,!%#%*%+%%+$,#&*,%#%,,+"::#%++'+1
41+)+":737D7Z78>1
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%,+$!'*%#%'+%'#('+/1=!,>;5>63
":>:":8;1
!$3115):"O61 & &!5     &$ /
!4:$&&*$3/&0++0+/1
315):""61 '=  '5 *L &   &4:
$#(%/.+F%%.3):""1
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2:$#(%30+/%,&&%1
15):"D61@*'!(5+
&1+!!6:.&31
+%&+,%*&%/-$*15):):61*&%/%-$*!/+$'!10&!&%&
+$++*NN---1#%1%(5##)D#+%!):):61
+%3+%13+$13E-15)::;61$*#+%,#$,4#'+0%,,#*%&+/
%+%*(++/#1,$$4!??387>?:?1
.++/315):):61&$?!:!(00+/1
$315):"?61!%*#,*,%#0#,%!(&$1
),O3;OO71
+.315):":61(!/:!%&&3F-%#+/'!&$1
#$%3113!(313F&'31E%315)::)61H%#+&9+%.
,,#,%+$%(9+%M4+%%,+$!%'/#%+%##'#!(
#+&9#%.(%(9+%&,#&*,%#3,
=!)?5)63)"8)OO1
,.315):";61?1-%.&(0#&&1
%!!3E'(15):"?61'!()1%%%3=1
#$<15):"D61'!(&F$1-%.3<&/1
#$3 1 5):"761 #+&9+%  #%*&+ !+%3V,  & /
")5O63V)D>)?>1
#%++3115)::761@)!3:-0&0+/1
$*315):"861%&.-(SF#%E,'&%%-%%%#%'*+
%++%/S'&F%+'#+'1=!);/$F
85"63O77)1
$315):"8616+5#:#+%#+%0+/1
.15)::761+**1-%.%+,%&%1
-+93 15):";61 '(%&+$-%.*&#+'/%, %(9+%&%  +$
## ++(1 ++% ,% +%#$ 0+/1 0&!& %& +
$++*NN'1+%#$1'N+ND8N5##)D#+%!)D3):):61
/%315):">61&;1-%.3%'+&(1
'31 5)::)61%- % +$ !%%'+ #+%*#0# ,%
&('+&'.,1&$3:
++%&!&/15):")61H):")++%&%,%%*+01I0&!&%&
+$++*NN---1'1%(N0&%*+NN*N):")++%&/%,#%%*+01$+&
03130%+$%'+313E/315):")61%*%+!%+$*,%#%,
,+&/14,=!)73?8;7:>1
%315"7O761:&0+/!(1
<(315)::?61+$+(%&%,*+#+%+-%+!%+'#+'%,#$S&+
#%*1%.'1&!!&$34&
,$1&(0#&&3"?>):>1
<93 1 5):":61 M F  ?: <((3 - %'+$ <$& + ,%
,%+%+'1
<%&,315):):61&+%--%(%+$#%*%+%35#!?61
<%&,,315):";61G*:-%.3%##/+<%.1
5):"7616!+:-%.3%##/+<%.1
15):):61++:-%.3%##/+<%.1
A$(3 1 5):":61 %#& +-%. &/ $+%/3 #%#*+3  #$1    +
@!$$1F'.%'$+1F&3/*(1
A$(3 <13 ( F13 E # 1 5):":61 .( %(9+%& #'&+'3 +'#+'3 ++(/3 
%(9+%& ,,#+0 +( %& %, .%-&( (+@ ,  )
D;58638D;88"1
A#$&315):">61'*+0%0+%+$ ++'+%&9+%%, &(%3  , 
!F$"O5)63>Z;:1
@%&%(3 1 5):">61 %+( *# ,% #+0+/  &(%' %(9+%3 , 
!F$"O5)63;"ZOO1
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