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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 intersection of insolvency and employment law, stakeholder interests are better represented, thanks 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.

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    File URL: http://www.cbr.cam.ac.uk/pdf/WP266.pdf
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    Bibliographic Info

    Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp266.

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    Date of creation: Jun 2003
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    Handle: RePEc:cbr:cbrwps:wp266

    Note: PRO-2
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    Web page: http://www.cbr.cam.ac.uk/

    Related research

    Keywords: corporate governance; stakeholding; hostile takeovers; company law; insolvency; employee representation; shareholder activism;

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    1. Oliver Hart & John Moore, 1997. "Default and Renegotiation: A Dynamic Model of Debt," STICERD - Theoretical Economics Paper Series /1997/321, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    2. A Cosh & P Guest, 2001. "The Long-Run Performance of Hostile Takeovers: UK Evidence," ESRC Centre for Business Research - Working Papers wp215, ESRC Centre for Business Research.
    3. Conyon, Martin J. & Girma, Sourafel & Thompson, Steve & Wright, Peter W., 2002. "The impact of mergers and acquisitions on company employment in the United Kingdom," European Economic Review, Elsevier, vol. 46(1), pages 31-49, January.
    4. Howard Gospel & Andrew Pendleton, 2003. "Finance, Corporate Governance and the Management of Labour: A Conceptual and Comparative Analysis," British Journal of Industrial Relations, London School of Economics, vol. 41(3), pages 557-582, 09.
    5. Crespi, R. & Renneboog, L.D.R., 2000. "United we stand: Corporate Monitoring by Shareholder Coalitions in the UK," Discussion Paper 2000-18, Tilburg University, Center for Economic Research.
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    Cited by:
    1. Stolowy, Hervé & Richard, Jacques & Ding, Yuan, 2008. "Towards an Understanding of the Phases of Goodwill Accounting in Four Western Capitalist Countries: From Stakeholder Model to Shareholder Model," Economics Papers from University Paris Dauphine 123456789/1389, Paris Dauphine University.
    2. 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.
    3. 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.
    4. 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.
    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. 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).
    7. 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.
    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. 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.

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