“Company Law: A Real Entity Theory is a long-overdue contribution to UK company law scholarship. Debates in company law in recent years have revolved around the controversial and politically laden questions of the extent to which companies should be run in the interests of shareholders or of all stakeholders, and the degree to which hard and/or soft law can render shareholders, especially institutional investors, effective monitors of senior managers and corporate stewards. At a more fundamental level, UK corporate law academics tend to assume that theories of the essential nature of corporations (namely, the aggregate, concession, and real entity theories, an overview of which is provided in Chapter 1 of the book) map directly onto normative positions on the desirable orientation of corporate law. Aggregate (contractarian) theory is often conceived as the foundation of shareholder value maximisation, while concession and real entity theories are presumed to provide justification for mandatory intervention in favour of other stakeholders …”
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Andreas Kokkinis, E Micheler, Company Law: A Real Entity Theory, Oxford, Oxford University Press, 2021, 320 pp, hb, £80.00, Modern Law Review, https://doi.org/10.1111/1468-2230.12733. First published 8 April.
First posted 2022-04-11 10:45:15
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