The History Of Shareholder Primacy From Adam Smith Through The Rise Of Financialism
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| Author | : Judd F. Sneirson |
| Publisher | : |
| Total Pages | : |
| Release | : 2020 |
| Genre | : |
| ISBN | : |
Standing in the way of sustainable business efforts is the belief that corporate fiduciaries must work to maximize shareholder wealth at all costs. American corporate law in fact imposes no such obligation, yet shareholder wealth maximization remains a powerful social norm. This chapter explores the history of the shareholder primacy norm, tracing the idea from its inception, to its famous articulation in the classic case of Dodge v. Ford, through the influence of the law and economics movement and the rise of financialism at the end of the last century. The chapter then examines the current debate over shareholder primacy, sustainability, and corporate social responsibility, arguing that shareholder primacy has peaked in the United States and is meeting resistance internationally. A new norm of enlightened stakeholderism, I argue, is on the rise, pursuant to which firms aim to be not just profitable but environmentally and socially responsible, as well.
| Author | : Joanne F Sonin |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 329 |
| Release | : 2023-09-07 |
| Genre | : Law |
| ISBN | : 150996682X |
This book explores the evolution of the shareholder in post-war Britain within the context of changing legal, political, economic, and social conditions. It examines how the post-war transformation of the shareholder body influenced relationships amongst stakeholders, impacting corporate behaviour and the legal and political efforts to govern industry and financial markets. The book addresses a number of themes, including: 1) how the movements for democratisation influenced the treatment of shareholder interests and the calls for stakeholder representation; 2) how the rhetoric of change created a narrative that deflected from the lack of systemic legal reforms and protected the status quo; 3) how, in the post-war consensus environment, political positions on equity ownership de-radicalised, which proved unsustainable against a background of increasing political polarisation and industrial unrest; and 4) how the institutionalisation of the post-war shareholder body had profound effects on industry, the financial markets, and the economy. With these themes as a foundation, the evolutionary arch of the post-war shareholder is examined, focusing on developments that influenced the treatment and perception of shareholder and stakeholder interests, including nationalisations, shareholder democracy, corporate purpose, and industrial democracy. The book further considers how these post-war changes contribute to the post-1979 legal treatment of shareholder and stakeholder interests, including subsequent changes to the Companies Act and the development of corporate governance codes. Parallels to contemporary movements for stakeholder capitalism, corporate purpose, and ESG are drawn. The historical analysis of the post-war shareholder provides a framework for considering current questions on shareholder primacy and the demands for systemic legal reforms. These missed opportunities for meaningful changes to the treatment of shareholder interests in UK company law serve as useful precedents for evaluating subsequent periods.
| Author | : Lela Melon |
| Publisher | : Taylor & Francis |
| Total Pages | : 385 |
| Release | : 2023-12-12 |
| Genre | : Law |
| ISBN | : 1000872467 |
Contemporary changes in law and policy at the global level to efficiently answer to environmental and social issues correspond to the traditional approach of limiting the regulatory and policy changes to a singular field or discipline: tackling the inherent unsustainability of corporate laws or incentivising the offering of sustainable finance to stimulate the transition towards sustainable practices. This book provides a new viewpoint and approach of simultaneously regulating seemingly non-connected fields in order to provide a fertile ground for a truly organic change towards sustainable outcomes. It addresses diverse questions of sustainable transition of the three specific fields to support sustainable practices in public procurement, private market transaction, and in educating future business leaders and legal experts by incorporating sustainable concerns as the underlying guiding principles of their conduct. It translates scientific findings into a practical format that can be used by diverse stakeholders searching for information and solutions in their respective professional fields. The underlying assumption is that a simultaneous action in the three respective fields of public procurement, corporate law, and higher education brings about more coherent and interconnected results that incentivise further action and changes towards sustainable practices. The book furthers the idea of policy coherence by building upon the findings in the field of public procurement, corporate law, and practice and higher education curricula. By identifying the barriers in the three respective fields for sustainable action and proposing solutions for either eliminating or minimising those barriers at the EU level, the book calls for further changes in the respective fields as well as for considering the spillover effects of these policies on other fields.
| Author | : Christopher M. Bruner |
| Publisher | : Oxford University Press |
| Total Pages | : 257 |
| Release | : 2022 |
| Genre | : Law |
| ISBN | : 0197635172 |
Introduction and overview -- Defining the corporation and Corporate Law -- Contextual drivers of difference -- Enduring controversies in Corporate Law -- The corporation as technology -- Corporate pathologies and corporate sustainability -- Re-calibrating governance : industry-by-industry approaches -- Re-imagining corporate accountability -- Conclusions.
| Author | : Beate Sjåfjell |
| Publisher | : Cambridge University Press |
| Total Pages | : 347 |
| Release | : 2022-11-30 |
| Genre | : Law |
| ISBN | : 1009243896 |
This volume explores the concept of sustainable value creation, presenting readers with a wide-ranging analysis integrating different and interacting disciplines.
| Author | : Beate Sjåfjell |
| Publisher | : Cambridge University Press |
| Total Pages | : 758 |
| Release | : 2019-12-12 |
| Genre | : Law |
| ISBN | : 9781108473293 |
The emerging field of corporate law, corporate governance and sustainability is one of the most dynamic and significant areas of law and policy in light of the convergence of environmental, social and economic crises that we face as a global society. Understanding the impact of the corporation on society and realizing its potential for contributing to sustainability is vital for the future of humanity. This Handbook comprehensively assesses the state-of-the-art in this field through in-depth discussion of sustainability-related problems, numerous case studies on regulatory responses implemented by jurisdictions around the world, and analyses of predominant strategies and potential drivers of change. This Handbook will be an essential reference for scholars, students, practitioners, policymakers, and general readers interested in how corporate law and governance have exacerbated global society's most pressing challenges, and how reforms to these fields can help us resolve those challenges and achieve sustainability.
| Author | : Maria Goranova |
| Publisher | : Springer |
| Total Pages | : 519 |
| Release | : 2015-12-27 |
| Genre | : Business & Economics |
| ISBN | : 1137373938 |
In this volume, leading management experts offer critical insights into the promises and illusions of shareholder empowerment, the discrepancies between theory and practice, and the challenges posed by variations in global corporate governance regimes.
| Author | : Beate Sjåfjell |
| Publisher | : Cambridge University Press |
| Total Pages | : 373 |
| Release | : 2015-05-21 |
| Genre | : Business & Economics |
| ISBN | : 1107043271 |
This book advances an innovative, multi-jurisdictional argument for the necessity of company law reform to reorient companies towards environmental sustainability.
| Author | : John Komlos |
| Publisher | : Routledge |
| Total Pages | : 292 |
| Release | : 2019-01-11 |
| Genre | : Business & Economics |
| ISBN | : 1351584715 |
The 2008 financial crisis, the rise of Trumpism and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks continue to praise conventional policies such as deregulation and hyperglobalization. This textbook demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in the mainstream models. Bringing together the work of key scholars, such as Kahneman, Minsky, and Schumpeter, this book demonstrates how we should take into account the inefficiencies that arise due to asymmetric information, mental biases, unequal distribution of wealth and power, and the manipulation of demand. This textbook offers students a valuable introductory text with insights into the workings of real markets not just imaginary ones formulated by blackboard economists. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching. Instead of clinging to an ideology that only enriched the 1%, Komlos sketches the outline of a capitalism with a human face, an economy in which people live contented lives with dignity instead of focusing on GNP.
| Author | : Katja Langenbucher |
| Publisher | : Cambridge University Press |
| Total Pages | : 243 |
| Release | : 2017-10-19 |
| Genre | : Business & Economics |
| ISBN | : 1107081807 |
Offers a comprehensive theory on the risks and benefits of incorporating economic theory in capital markets and corporate lawmaking.
