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- DescriptionThe standard approach to the legal foundations of corporate governance is based on the view that corporate law promotes separation of ownership and control by protecting n-controlling shareholders from expropriation. This book takes a broader perspective by showing that investor protection is a necessary, but t sufficient, legal condition for the efficient separation of ownership and control. Supporting the control powers of managers or controlling shareholders is as important as protecting investors from the abuse of these powers. Rethinking Corporate Governance reappraises the existing framework for the ecomic analysis of corporate law based on three categories of private benefits of control. Some of these benefits are t necessarily bad for corporate governance. The areas of law mainly affecting private benefits of control - including the distribution of corporate powers, self-dealing, and takeover regulation - are analyzed in five jurisdictions, namely the US, the UK, Italy, Sweden, and the Netherlands. Not only does this approach to corporate law explain separation of ownership and control better than just investor protection; it also suggests that the law can improve the efficiency of corporate governance by allowing n-controlling shareholders to be less powerful.
- Author BiographyAlessio M. Pacces is Professor of Law and Finance at the Erasmus School of Law, Erasmus University Rotterdam and since 2009 he has been a Research Associate of the European Corporate Governance Institute (ECGI). Before joining academia, Professor Pacces was a senior researcher in the Law and Economics Research Department of the Bank of Italy, a financial economist at the Italian Securities Authority (Consob), and he served as junior officer in the Italian Financial Police. His research is mainly concerned with the economic analysis of corporate law and of financial regulation.
- Author(s)Alessio Pacces
- PublisherTaylor & Francis Ltd
- Date of Publication20/06/2010
- SubjectNational Law: Professional
- Series TitleRoutledge Research in Corporate Law
- Place of PublicationLondon
- Country of PublicationUnited Kingdom
- Content Noteblack & white illustrations
- Weight872 g
- Width156 mm
- Height234 mm
- Spine27 mm
- Format DetailsPaper over boards
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