Corporate Governance in the Shadow of the State
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- Author: MARC T MOORE
- ISBN: 9781849460088
- Availability: In Stock
Buy Corporate Governance in the Shadow of the State | Law Books , FOREIGN BOOKS
Over recent decades corporate governance has developed an
increasingly high profile in legal scholarship and practice, especially in the
US and UK. But despite widespread interest, there remains considerable
uncertainty about how exactly corporate governance should be defined and
understood. In this important work, Marc Moore critically analyses the core
dimensions of corporate governance law in these two countries, seeking to
determine the fundamental nature of corporate governance as a subject of legal
enquiry. In particular, Moore examines whether Anglo-American corporate
governance is most appropriately understood as an aspect of 'private'
(facilitative) law, or as a part of 'public' (regulatory) law. In contrast to
the dominant contractarian understanding of the subject, which sees corporate
governance as an institutional response to investors' market-driven private
preferences, this book defines corporate governance as the manifestly public
problem of securing the legitimacy - and, in turn, sustainability - of
discretionary administrative power within large economic organisations. It
emphasises the central importance of formal accountability norms in
legitimating corporate managers' continuing possession and exercise of such
power, and demonstrates the structural necessity of mandatory public regulation
in this regard. In doing so it highlights the significant and conceptually
irreducible role of the regulatory state in determining the key contours of the
Anglo-American corporate governance framework. The normative effect is to
extend the state's acceptable policy-making role in corporate governance, as an
essential supplement to private ordering dynamics. Shortlisted for The Peter
Birks Prize for Outstanding Legal Scholarship 2013.