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The Shareholder Model of the Corporation, Between Mythology and Reality

Author

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  • Olivier Weinstein

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract

The corporate governance thought has been dominated since 30 years by the shareholder primacy model. Lynn Stout present us, in his brilliant book, The Shareholder Value Myth, a very clear and conclusive argumentation against this view. In my comments, I consider first some key critics of the shareholder value ideology and its foundations. Next, I address the question of the real nature of shareholders, and shareholders' interests, essential in the argumentation of Lynn Stout, before coming to critical issues concerning directors and managers. That is, first, the normative question of director's duties, and secondly the factual question of the nature of the top management in contemporary capitalism.

Suggested Citation

  • Olivier Weinstein, 2013. "The Shareholder Model of the Corporation, Between Mythology and Reality," Post-Print hal-01361219, HAL.
    • Handle: RePEc:hal:journl:hal-01361219
    as

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    Citations

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    Cited by:

    1. Sergakis Konstantinos, 2015. "Deconstruction and Reconstruction of the “Comply or Explain” Principle in EU Capital Markets," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 5(3), pages 233-288, November.
    2. Bava Fabrizio & Gromis di Trana Melchiorre, 2016. "Disclosure on Related Party Transactions: Evidence from Italian Listed Companies," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 6(2), pages 119-150, July.
    3. Mocsary George A., 2014. "The Embedded Firm: Corporate Governance, Labor, and Finance Capitalism – Commentary," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 4(2), pages 1-14, July.
    4. Weinstein Olivier, 2013. "The Shareholder Model of the Corporation, Between Mythology and Reality," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(1), pages 43-60, January.
    5. Styhre Alexander, 2018. "The Making of the Shareholder Primacy Governance Model: Price Theory, the Law and Economics School, and Corporate Law Retrenchment Advocacy," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 8(3), pages 1-31, December.
    6. Stout Lynn, 2013. "The Troubling Question of Corporate Purpose," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(1), pages 61-70, January.

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