Corporate Law And Economic Stagnation
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Corporate Law And Economic Stagnation
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Author : Pavlos E. Masouros
language : en
Publisher:
Release Date : 2013
Corporate Law And Economic Stagnation written by Pavlos E. Masouros and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Corporate governance categories.
The shift in the institutional logics of corporate governance towards shareholder value ('Great Reversal in Corporate Governance') coupled with shareholdership's increasing short-termism ('Great Reversal in Shareholdership') have cumulatively contributed to the low GDP growth rates that are observed in five major Western economies (France, Germany, the Netherlands, the UK, and the US) since the breakdown of the Bretton Woods system in the early 1970s. This book presents - through empirical data and with the help of the post-Keynesian theory of the firm - a historical causality chain: the two Great Reversals led to higher equity payout ratios and lower retention ratios in public corporations that in turn caused lower growth rates of (business) capital accumulation that in turn caused lower GDP growth rates. Corporate law has been an accomplice for the reorientation of corporate governance towards shareholder value, i.e. for the 'Great Reversal in Corporate Governance, ' and thus it indirectly shares the blame for the low rates of capital accumulation that have thrown the five major Western economies in a stagnation mode over the past four decades. The book introduces the post-Bretton Woods shareholder value index: a numerical legal index that shows the progress that the corporate laws of the five major Western economies covered have made at the shareholder value level during the post-Bretton Woods era. Corporate law rules have escalated the divestment of structurally long-termist institutional investors from equity positions and have preserved the trend towards shareholder short-termism that other legal and extra-legal institutions have directly caused. Corporate law has thus sustained the 'Great Reversal in Shareholdership' and hence it has contributed to the maintenance of the second factor that brought about the observed low growth rates in the five major Western economics over the past four decades. The book presents developments in the field of corporate law in the five major Western economies generating bias in favor of short-termism. 'Long Governance' emerges as the only way by which corporate law can fight stagnation. It is a management theory that calls management to set as a benchmark for its actions the long-run interests of all the shareholders who hold, have held, or will hold stock in the firm and also a legal concept requiring directors' duties to be discharged towards the maximization of long-term corporate welfare. Long Governance encourages also the provision of incentives, so that a class of long-termist shareholders, which can subsequently be empowered, can be created
Comparative Corporate Governance A Chinese Perspective
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Author : Yuwa Wei
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2003-04-01
Comparative Corporate Governance A Chinese Perspective written by Yuwa Wei and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-01 with Business & Economics categories.
The analysis is notable for its insistence that, for a corporate governance system to work, the principles and practicalities of that system must be derived from customary cultural norms. Experience shows that imported models, although they may be enshrined in law, lead to economic stagnation unless actual practice is monitored and reformed and the laws change to reflect these necessary adjustments. Thus the model proposed here begins with the Company Law of 1994, and proceeds to show how practical experience is already providing valuable data for the task of improving the law.
Corporation Law And Economics
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Author : Stephen M. Bainbridge
language : en
Publisher:
Release Date : 2002
Corporation Law And Economics written by Stephen M. Bainbridge and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Compañías categories.
Corporations classes present students with two related problems: First, many students have trouble understanding the cases studied because they do not understand the transactions giving rise to those cases. Second, Corporations classes at many law schools are taught from a law and economics perspective, which many students find unfamiliar and/or daunting. Yet, with few exceptions, corporate law treatises and other study aids have essentially ignored the law and economics revolution. Corporations Law and Economics is intended to remedy these difficulties. The pedagogy is up-to - date, with a strong emphasis on the doctrinal issues taught in today's Corporations classes and, equally important, a mainstream economic analysis of the major issues in the course. As such, the text is coherent and cohesive: It provides students not only with an overview of the course, but also (and more importantly) with a unifying method of thinking about the course. Using a few basic tools of law and economics-price theory, game theory, and the theory of the firm literature-students will come to see corporate law as the proverbial ?seamless web.' Finally, the text is highly readable: The style is simple, direct, and reader- friendly. Even when dealing with complicated economic or financial issues, the text seeks to make those issues readily accessible.
Research Handbook On The Economics Of Corporate Law
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Author : Claire A. Hill
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-04-01
Research Handbook On The Economics Of Corporate Law written by Claire A. Hill and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-01 with Law categories.
Comprising essays specially commissioned for the volume, leading scholars who have shaped the field of corporate law and governance explore and critique developments in this vibrant and expanding area and offer possible directions for future research. This important addition to the Research Handbooks in Law and Economics series provides insights into subjects such as the role of directors, shareholders, creditors and employees; empirical studies of litigation and shareholder activism; executive compensation; corporate gatekeepers; comparative law; and behavioral approaches to law and finance. Topics are organized within five sections: corporate constituencies, insider governance, gatekeepers, jurisdiction, and new theory. Taken as a whole, the volume serves as an introduction for those new to the field and as a reference for those unfamiliar with some of the topics discussed. Authoritative and accessible, the Research Handbook on the Economics of Corporate Law will be a valuable resource for students, scholars, and practitioners of corporate law and economics.
Corporate Governance In The 21st Century
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Author : Luke Nottage
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
Corporate Governance In The 21st Century written by Luke Nottage and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
Corporate Governance in the 21st Century is a very useful addition to the literature on corporate governance in Japan. It is worth reading simply because it updates many of the ongoing issues such as adoptions of takeover defenses, appointments of independent directors, and increases in foreign direct investment. It is also useful because it examines corporate governance from the perspectives of business as well as law. Furthermore, it provides the beginnings of a framework through which to understand the process of gradual transformation. Christina L. Ahmadjian, Journal of Japanese Studies An invaluable set of resources for everyone with an interest in corporate governance in Japan. Covering both basic information and recent developments, the collection provides readers with an excellent survey of the complexity of modern corporate governance and its legal setting. . . in Japan. Hideki Kanda, University of Tokyo, Japan The essays in this collection approach Japanese corporate governance in the 2000s from a variety of novel perspectives novel in terms of subject matter, methodology, and points of comparison. The result is a comprehensive portrait of the current dynamics of change and stasis in the institutional environment for Japanese firms. Curtis Milhaupt, Columbia Law School, US The lost decade of economic stagnation in Japan during the 1990s has become a found decade for regulatory and institutional reform. Nowhere is this more evident than in corporate law. In 2005, for example, a spate of reforms to the Commercial Code culminated in the new Company Act, a statute promising greater organisational flexibility and shareholder empowerment for Japanese corporations competing in a more globalised economy. But does this new law herald a more Americanised system of corporate governance? Has Japan embraced shareholder primacy over its traditional loyalty to other key stakeholders such as main banks , core employees, and partners within diffuse corporate (keiretsu) groups? This book argues that a more complex gradual transformation is unfolding in Japan a process evident in many other post-industrial economies. The book brings together contributions from academics and practitioners from Japan, Australia, New Zealand, Canada and the United States. It includes chapters on comparative corporate governance theory and methodology, lifelong employment, the main bank system, board structures, and governance issues in small and medium-sized enterprises. The procedural, substantive and FDI policy dimensions of takeover law and practice are discussed, as well as empirical changes to corporate governance practices in large, publicly listed companies during the past twenty years. The authors rich mix of national, disciplinary and professional backgrounds allows for a broad comparative perspective on developments in Japanese corporate governance. The book will be of great interest to scholars and students of law, business, political economy and Japanese studies, and will also appeal to corporate lawyers and policymakers.
The Economic Structure Of Corporate Law
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Author : Frank H. Easterbrook
language : en
Publisher:
Release Date : 1991-10
The Economic Structure Of Corporate Law written by Frank H. Easterbrook and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-10 with Business & Economics categories.
The authors argue that the rules and practices of corporate law mimic contractual provisions that parties would reach if they bargained about every contingency at zero cost and flawlessly enforced their agreements. But bargaining and enforcement are costly, and corporate law provides the rules and an enforcement mechanism that govern relations among those who commit their capital to such ventures. The authors work out the reasons for supposing that this is the exclusive function of corporate law and the implications of this perspective.
Corporate Law And Economic Analysis
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Author : Lucian Arye Bebchuk
language : en
Publisher: Cambridge University Press
Release Date : 1990-10-26
Corporate Law And Economic Analysis written by Lucian Arye Bebchuk and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-10-26 with Business & Economics categories.
This collection uses economic analysis to study some of the most pressing issues in corporate law. The last decade has brought certain corporate transactions and arrangements to the forefront of public attention and public debate.
Classics In Corporate Law And Economics
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Author : Jonathan Macey
language : en
Publisher:
Release Date : 2008
Classics In Corporate Law And Economics written by Jonathan Macey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Law Capitalism
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Author : Curtis J. Milhaupt
language : en
Publisher: University of Chicago Press
Release Date : 2008-09-15
Law Capitalism written by Curtis J. Milhaupt and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-15 with Law categories.
Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. This provocative book debunks the simplistic view of law’s instrumental function for financial market development and economic growth. Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world. Their groundbreaking findings show that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics. Innovative and insightful, Law and Capitalism will change the way lawyers, economists, policy makers, and business leaders think about legal regulation in an increasingly global market for capital and corporate governance.
On The Recurring Circularity Of Corporate Law And Regulation
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Author :
language : en
Publisher:
Release Date : 2016
On The Recurring Circularity Of Corporate Law And Regulation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Corporate law and regulation always arrives at the same place but where that is depends on where it started. The global financial crisis created shared concerns in western jurisdictions about fundamental principles used to regulate companies and financial markets. Initial reactions saw a retreat from market principles which had prevailed in policy making for 20 years and a new recognition of the role of the state and the need for stricter regulation. Galbraith's study of the 1929 Crash led him to observe that the momentum for legal and regulatory reforms resulting from financial crises and scandals does not last. In the next period of economic growth the virtues of unregulated markets are rediscovered by some law and policy makers, as well as by the regulators and enforcers. According to Galbraith the media moves to support this view, marshalling public opinion against those calling for reform. The recent reforms in the United States, the United Kingdom, European Union and Australia indicates that the momentum for reform following the global financial crisis may have been lost but that it has been lost to different degrees, in different ways and at different times. Critical factors affecting these patterns were already embedded in the pre-existing corporate law and its regulatory cultures. Proving Galbraith's point in respect of the United Kingdom and the United States this reaction has been seen in spite of economic growth being stagnant and another recession possible. In jurisdictions initially more sceptical of unregulated markets different outcomes are seen.