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12 - Conclusion

Published online by Cambridge University Press:  18 February 2021

Grant M. Hayden  and
Matthew T. Bodie
Grant M. Hayden
Affiliation:
Southern Methodist University Dedman School of Law
Matthew T. Bodie
Affiliation:
Saint Louis University School of Law
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Summary

In this concluding chapter, we note some of the societal problems associated with corporations, such as income inequality, and explore the relationship between those problems and the fact that shareholders have ultimate control of corporate decision-making. We then catalog the ways in which the theoretical underpinnings of this arrangement – shareholder primacy – appear to be in decline and the accompanying law and economics arguments in favor of the exclusive shareholder franchise have fallen apart. The chapter, and the book, conclude with some thoughts about how incorporating employees into firm governance is the best path forward.

Keywords

income inequalityinequalitycorporate votingshareholder primacyshareholder votingshared governance model
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Chapter
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Reconstructing the Corporation
From Shareholder Primacy to Shared Governance
 , pp. 184 - 188
Publisher: Cambridge University Press
Print publication year: 2021

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