Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Special Issue on the Corporate Stakeholder Debate: The Classical Theory and its Critics

Special Issue on the Corporate Stakeholder Debate: The Classical Theory and its Critics 150 THE AMERICAN JOURNAL OF COMPARATIVE LAW [Vol. 4 3 CONTRACTARIANS, COMMUNITARIANS AND AGNOSTICS SPECIAL ISSUE ON THE CORPORATE STAKEHOLDER DEBATE: TH E CLASSI­ CAL THEORY AND ITS CRITICS, 43 University of Toronto Law Journal No. 3 (1993). Reviewed by Alan E. Garfield* The takeover wave of th e 1980s revived interest in one of corpo­ rat e law's more intriguing questions: To what extent should corpo­ rat e law address the concerns of nonshareholder corporate stakeholders such as employees and creditors? The debate over this issue was by no means new to corporate law; Professors Berle and Dodd sparred over this issue more tha n a half century ago. But the debate took on a renewed vigor during th e takeover phenomenon be­ cause takeovers, both factually and legally, brought the conflict be­ tween shareholders and other corporate stakeholders to a head. Factually, takeovers highlighted the stakeholder issue because take­ overs seemed to benefit shareholders at stakeholder expense. Le­ gally, takeovers highlighted the stakeholder issue because lawmakers, responding to takeovers, began changing their corporate laws to reflect what seemed to be a heightened concern for non- shareholder constituents. Most notably, a majority of the states in th e http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Comparative Law Oxford University Press

Special Issue on the Corporate Stakeholder Debate: The Classical Theory and its Critics

American Journal of Comparative Law , Volume 43 (1) – Jan 1, 1995

Loading next page...
 
/lp/oxford-university-press/special-issue-on-the-corporate-stakeholder-debate-the-classical-theory-0L5JRdSw0O

References (0)

References for this paper are not available at this time. We will be adding them shortly, thank you for your patience.

Publisher
Oxford University Press
Copyright
© 1995 by The American Society of Comparative Law, Inc.
ISSN
0002-919X
eISSN
2326-9197
DOI
10.2307/840581
Publisher site
See Article on Publisher Site

Abstract

150 THE AMERICAN JOURNAL OF COMPARATIVE LAW [Vol. 4 3 CONTRACTARIANS, COMMUNITARIANS AND AGNOSTICS SPECIAL ISSUE ON THE CORPORATE STAKEHOLDER DEBATE: TH E CLASSI­ CAL THEORY AND ITS CRITICS, 43 University of Toronto Law Journal No. 3 (1993). Reviewed by Alan E. Garfield* The takeover wave of th e 1980s revived interest in one of corpo­ rat e law's more intriguing questions: To what extent should corpo­ rat e law address the concerns of nonshareholder corporate stakeholders such as employees and creditors? The debate over this issue was by no means new to corporate law; Professors Berle and Dodd sparred over this issue more tha n a half century ago. But the debate took on a renewed vigor during th e takeover phenomenon be­ cause takeovers, both factually and legally, brought the conflict be­ tween shareholders and other corporate stakeholders to a head. Factually, takeovers highlighted the stakeholder issue because take­ overs seemed to benefit shareholders at stakeholder expense. Le­ gally, takeovers highlighted the stakeholder issue because lawmakers, responding to takeovers, began changing their corporate laws to reflect what seemed to be a heightened concern for non- shareholder constituents. Most notably, a majority of the states in th e

Journal

American Journal of Comparative LawOxford University Press

Published: Jan 1, 1995

There are no references for this article.