By Jeffrey N. Gordon, Mark J. Roe
Company governance is at the reform time table around the world. Is the Anglo-American version of shareholder capitalism destined to develop into the worldwide company governance general or will vital ameliorations persist? famous students handle this query with subtle political economic system research geared to the felony frameworks. The Enron scandal has stirred up an pressing around of company governance wondering. Will it cease a convergence that used to be within the works? This quantity deals attention-grabbing insights into this query.
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Additional info for Convergence and Persistence in Corporate Governance
So then the remaining signiﬁcant distinguishing characteristic is the Japanese ﬁnancial ﬁrms’ heavy stock investments. American banks and other ﬁnancial institutions have been barred from similar investments, so it’s no mystery why we don’t see them as stockholding players. But then Ramseyer departs from conventional wisdom about the stock investments (as either supporting the banks’ loans, as protecting the investing ﬁrm’s managers, or as providing a weak and contingent voice in the industrial ﬁrm’s corporate governance) with a new theory: some, maybe most of the stock investments are not governance-oriented, but simple, quasi-passive investments, made when the bank has good and positive information about the subject company.
It merely indicates that the most efficacious legal mechanisms for protecting the interests of nonshareholder constituencies – or at least all constituencies other than creditors – lie outside of corporate law. For workers, this includes the law of labor contracting, pension law, health and safety law, and antidiscrimination law. For consumers, it includes product safety regulation, warranty law, tort law governing product liability, antitrust law, and mandatory disclosure of product contents and characteristics.
Coffee, “Hail Britannia? Institutional Investor Behavior under Limited Regulation,” 92 Mich. L. Rev. 1997 (1994). 33 34 convergence & persistence in corporate governance matter of time before its influence is felt in the reform of corporate law as well. II. Convergence past: the rise of the corporate form We must begin with the recognition that the law of business corporations had already achieved a remarkable degree of worldwide convergence at the end of the nineteenth century. By that time, large-scale business enterprise in every major commercial jurisdiction had come to be organized in the corporate form, and the core functional features of that form were essentially identical across these jurisdictions.
Convergence and Persistence in Corporate Governance by Jeffrey N. Gordon, Mark J. Roe