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Full-Text Articles in Legal History
Defending Stakeholder Governance, Kent Greenfield
Defending Stakeholder Governance, Kent Greenfield
Kent Greenfield
Corporations are collective enterprises, drawing on investments from various stakeholders who contribute to the firm's success. For a business to succeed over time, it must induce people and institutions to invest money, whether in the form of equity or loans. It must induce people to invest their labor, intelligence, skill, and attention by joining the firm as employees or managers. It must induce local communities to invest infrastructure of various kinds. None of these investors-for investors they all are-contributes its input out of altruism or obligation. They all do so because they believe that the corporation provides the mechanism for …
It's Time To Federalize Corporate Charters, Kent Greenfield
It's Time To Federalize Corporate Charters, Kent Greenfield
Kent Greenfield
No abstract provided.
September 11 And The End Of History For Corporate Law, Kent Greenfield
September 11 And The End Of History For Corporate Law, Kent Greenfield
Kent Greenfield
Using the tragic events of September 11th as case study; this Essay critiques a prominent, recent article that suggests the ideology of shareholder primacy has become so dominant that the "end of history" is at hand for corporate law. The author suggests that a dedication to shareholder primacy helped create the context in which the events of September 11th could occur, by making the airlines less attentive to security concerns that did not affect the airline companies' stock prices. Shareholder primacy makes corporations more likely to externalize the costs of the firms' decisions onto constituencies other than shareholders, and such …