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Full-Text Articles in Business Law, Public Responsibility, and Ethics

Agency And The Ontology Of The Corporation, Christopher M. Bruner Jan 2012

Agency And The Ontology Of The Corporation, Christopher M. Bruner

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No abstract provided.


Corporate Governance Reform In A Time Of Crisis, Christopher M. Bruner May 2010

Corporate Governance Reform In A Time Of Crisis, Christopher M. Bruner

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In this article I argue that crisis-driven corporate governance reform efforts in the United States and the United Kingdom that aim to empower shareholders are misguided, and offer an explanation of why policymakers in each country have reacted to the financial crisis as they have. I first discuss the risk incentives of shareholders and managers in financial firms, and examine how excessive leverage and risk-taking in pursuit of short-term returns for shareholders led to the crisis. I then describe the far greater power and centrality that U.K. shareholders have historically possessed relative to their U.S. counterparts, and explore ...


The Enduring Ambivalence Of Corporate Law, Christopher M. Bruner Oct 2008

The Enduring Ambivalence Of Corporate Law, Christopher M. Bruner

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Prevailing theories of corporate law tend to rely heavily on strong claims regarding the corporate governance primacy and legitimacy of either the board or the shareholders, as the case may be. In this article I challenge the descriptive power of these theories as applied to widely held public corporations and advance an alternative, arguing that corporate law is, and will remain, deeply ambivalent - both doctrinally and morally - with respect to three fundamental and related issues: the locus of ultimate corporate governance authority, the intended beneficiaries of corporate production, and the relationship between corporate law and theachievement of the social good ...