Decentralised finance, decentralised organisations and the future of the firm

Ann Sofie Cloots

Chapter 10 in A Research Agenda for Corporate Law, 2023, pp 187-206 from Edward Elgar Publishing

Abstract: Can we build a company without a board of directors, with real-time updates on voting right holders, who discuss and vote on governance proposals online, building on the game theoretic design we assume in standard corporate law theory? According to proponents of decentralised autonomous organisations (DAOs), such a type of firm already exists. Although DAOs are presented as something radically new, they build on the standard New Institutional Economics assumptions imbued in our traditional corporate law discussions. This chapter assesses how DAOs, in decentralised finance or beyond, can challenge or enrich the corporate form and corporate governance literature.

Keywords: Business and Management; Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2023
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