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Shareholder Primacy and the Trajectory of UK Corporate Governance

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  • John Armour
  • Simon Deakin
  • Suzanne J. Konzelmann
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    Abstract

    Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors' duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the inter-section of insolvency and employment law, stakeholder interests are better represented, thanks largely to European Community influence. Moreover, institutional shareholders are redirecting their investment strategies away from a focus on short-term returns, in such a way as to favour stakeholder-inclusive practices. We therefore suggest that the UK system is currently in a state of flux and that the debate over shareholder primacy has not been concluded. Copyright Blackwell Publishing Ltd/London School of Economics 2003.

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    Bibliographic Info

    Article provided by London School of Economics in its journal British Journal of Industrial Relations.

    Volume (Year): 41 (2003)
    Issue (Month): 3 (09)
    Pages: 531-555

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    Handle: RePEc:bla:brjirl:v:41:y:2003:i:3:p:531-555

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    Cited by:
    1. Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: Neuere Ansätze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, Social Science Research Center Berlin (WZB).
    2. Adegbite, Emmanuel & Amaeshi, Kenneth & Nakajima, Chizu, 2013. "Multiple influences on corporate governance practice in Nigeria: Agents, strategies and implications," International Business Review, Elsevier, vol. 22(3), pages 524-538.
    3. Simon Deakin & Aristea Koukiadaki, 2008. "Governance Processes, Employee Voice and Performance Outcomes in the Construction of Heathrow Terminal 5," ESRC Centre for Business Research - Working Papers wp368, ESRC Centre for Business Research.
    4. Yuan Ding & Jacques Richard & Hervé Stolowy, 2008. "Towards an Understanding of the Phases of Goodwill Accounting in Four Western Capitalist Countries: From Stakeholder Model to Shareholder Model," Post-Print halshs-00366038, HAL.
    5. Neil Conway & Simon Deakin & Suzzanne J. Konzelmann & Héloïse Petit & Antoine Rebérioux & Frank Wilkinson, 2008. "The Influence of Stock Market Listing on Human Resource Managment: Evidence for France and Britain," ESRC Centre for Business Research - Working Papers wp366, ESRC Centre for Business Research.
    6. Shiang-Min Meng, 2013. "Application of Laozi’s Daodejing to Current Corporate Governance," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 3(10), pages 2114-2133, October.
    7. Catherine Barnard & Simon Deakin & Richard Hobbs, 2004. "Reflexive law, corporate social responsibility and the evolution of labour standards: the case of working time," ESRC Centre for Business Research - Working Papers wp294, ESRC Centre for Business Research.
    8. Lukáš Marek, 2012. "Institutional Differences Between the British and German Economic Models: Corporate Sector and Labour Market," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2012(1), pages 25-38.
    9. Simon Deakin & Richard Hobbs, 2006. "False dawn for CSR? Shifts in regulatory policy and the response of the corporate and financial sectors in Britain," ESRC Centre for Business Research - Working Papers wp333, ESRC Centre for Business Research.

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