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Corporate Governance of Non-Listed Companies$
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Joseph A. McCahery and Erik P.M. Vermeulen

Print publication date: 2008

Print ISBN-13: 9780199203406

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199203406.001.0001

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The Second Pillar: Contractual Arrangements

The Second Pillar: Contractual Arrangements

(p.144) 5 The Second Pillar: Contractual Arrangements
Corporate Governance of Non-Listed Companies

Joseph A. McCahery

Erik P. M. Vermeulen

Oxford University Press

This chapter shows that hybrid business vehicles usually offer firms the freedom to contractually establish the rights and obligations within their organizational structure, which accounts for the popularity of these forms for pooled investments and other risky ventures. While there is great demand for the utilization of these forms, the every-changing nature of the business environment confirms the importance of flexible provisions giving parties not only the opportunity to contract around the company law default rules, but also permitting them to contract into additional protective measures that match their preferences.

Keywords:   joint ventures, dispute resolution, termination, family-owned firms, Venture Capital, staged financing, private equity, hedge funds

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