Jump to ContentJump to Main Navigation
Corporate Governance in Contention$
Users without a subscription are not able to see the full content.

Ciaran Driver and Grahame Thompson

Print publication date: 2018

Print ISBN-13: 9780198805274

Published to Oxford Scholarship Online: July 2018

DOI: 10.1093/oso/9780198805274.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 May 2020

Reversing Financialization

Reversing Financialization

Shareholder Value and the Legal Reform of Corporate Governance

Chapter:
(p.25) 2 Reversing Financialization
Source:
Corporate Governance in Contention
Author(s):

Simon Deakin

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198805274.003.0002

The debate over corporate governance is skewed by the common misunderstanding that shareholders are the owners of companies, and are entitled to have them run in their interest. The legal model of the firm is more nuanced, seeing the corporation as a complex entity characterized by co-operation between the suppliers of capital and labour, with a co-ordinating role for management. The elevation of shareholder primacy as a focal point for corporate strategy over recent decades is the result of government deferring to financial interests in the making of rules governing takeovers and board structure. Reversing financialization, and the negative impact it is having on social cohesion and innovation, will require a new legislative framework for corporate governance, with a greater role for employee voice and a reorientation of investment priorities.

Keywords:   Corporate law, takeovers, hedge fund activism, shareholder value, law reform

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .