The anatomy of shareholder value - shares unleashed

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Chapter 6 in Beyond Shareholder Value, 2021, pp 181-224 from Edward Elgar Publishing

Abstract: The chapter explains the role of law in enabling/supporting shareholder value. Statutory law’s original function was making the corporate vehicle available for enterprise and promoting economic development. Normative considerations and a “value†system informed the rules on shares and capital stock. This was substantially lost when the financialization of corporations and commoditization of shares began in the 1880s. Loosening of legal rules effectively “unleashed†shares, removing the normative restrictions on corporate powers to issue and deal in shares with little restraint. These developments prepared the ground for the emergence of “shareholder-value†governance since the 1980s.

Keywords: Business and Management; Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2021
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