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    STUDIA NEGOTIA - Issue no. 1 / 2002  
         
  Article:   WHO IS THE THE MANAGEMENT BOARDS?.

Authors:  KOCSIS LÁSZLÓ LAJOS. 		 
       
         
  Abstract:  The article deals with the main issue concerning corporate leadership, that of how the interests of the owners are represented by the elected managing bodies. It encompasses the conclusions emerging from the different theories of the firm, starting from the classical theory of representation and ending with the transaction costs theory. In the end the issue is examined in the cross-lights of the two main theories with the greatest practical applicability: that of representation and that of the managerial approach. It turns out that the separation of ownership and control differs, depending on the type of the company. The effective leadership in the majority of the cases is carried out by the managers, which may well coincide in person with the owners, especially in the case of tightly held, family based companies.  
         
     
         
         
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