Corporate Governance Structures and the Comparative Advantage of Credit Unions

摘要: The paper examines the economics of mutual organisation and stakeholder models corporate governance with its emphasis on informal contracts, trust co-operation. These concepts are important in systems such as mutuals because they economise transaction costs promote efficient exchange. In this respect, argues that have a comparative advantage compared joint stock banks ameliorating problems associated adverse selection moral hazard. advantages, however, enhanced small credit unions which focus relatively memberships common bond. concludes by suggesting although union movement will not necessarily develop along similar lines to building societies, it does future providing banking facilities poor disenfranchised sectors society.