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Articles 1 - 3 of 3
Full-Text Articles in Law
Introduction: Corporations And Their Communities, Robert N. Strassfeld
Introduction: Corporations And Their Communities, Robert N. Strassfeld
Faculty Publications
No abstract provided.
Academics In Wonderland: The Team Production And Director Primacy Models Of Corporate Governance, George W. Dent
Academics In Wonderland: The Team Production And Director Primacy Models Of Corporate Governance, George W. Dent
Faculty Publications
This paper examines the Team Production and Director Primacy Models of corporate governance, finds them wanting, and explains why corporate governance is moving toward shareholder primacy and why this will benefit not only investors but the whole American economy.
The director primacy model posits that shareholders are so ill-informed and so divided in their interests that they would self-destruct if they controlled the firm. Accordingly they tie their own hands by ceding control to a board of independent directors. Advocates of the team production theory often agree with the foregoing but stress the importance to the firm of other constituencies, …
Stakeholder Governance: A Bad Idea Getting Worse, George W. Dent
Stakeholder Governance: A Bad Idea Getting Worse, George W. Dent
Faculty Publications
Calls for a stakeholder voice in corporate governance never end, as evidenced by the Symposium Corporations and Their Communities to which this paper is a contribution. The demise of labor unions and explosion of executive compensation while the income of most Americans has stagnated over the last several years has precipitated cries for remedial action, some of which include stakeholder governance. Although complaints about deepening inequality are just, other remedies should be pursued. The traditional objections to stakeholder governance remain valid: the interests of stakeholder groups clash not only with those of the shareholders but also with each other, and …