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martes, 7 de agosto de 2012

The Standard Shareholder-Oriented Model (SSM) is alive and well


The SSM is the dominant ideology, or global normative standard, of corporate governance in this period, and is likely to remain so absent a cataclysmic event that reverses the economic progress of globalization. In particular, the SSM is more likely to succeed than the four most familiar alternatives: the labor-oriented model, the state-oriented model, the manager-oriented model, and the common phenomenon--if not the model--of controlling shareholders empowered to manage corporations free of strong legal protections for minority shareholders.
Hansmann, Henry and Kraakman, Reinier H., Reflections on the End of History for Corporate Law (August 15, 2011). Convergence of Corporate Governance: Promise and Prospects, Abdul Rasheed and Toru Yoshikawa, eds., Palgrave-MacMillan, 2012; Yale Law & Economics Research Paper No. 449. Available at SSRN: http://ssrn.com/abstract=2095419

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