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http://ssrn.com/abstract=1631605
 
 

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Then and Now: Professor Berle and the Unpredictable Shareholder


Jennifer G. Hill


University of Sydney - Faculty of Law; Centre for International Finance and Regulation (CIFR); European Corporate Governance Institute (ECGI)

June 28, 2010

Seattle University Law Review, Vol. 33, No. 4, pp. 1005-1023, 2010
Sydney Law School Research Paper No. 10/58
Vanderbilt Law and Economics Research Paper No. 10-17
ECGI - Law Working Paper No. 163/2010

Abstract:     
This article is published in a special symposium edition on the work of Adolf Berle, which includes papers from a conference, In Berle’s Footsteps, held in November 2009 to celebrate the launch of the Adolf A. Berle, Jr. Center on Corporations, Law and Society.

Shareholders, and the relationship between shareholders and management, lay at the heart of Professor Berle’s scholarship. The goal of this Article is to compare the image of shareholders emerging from The Modern Corporation and Private Property and the Berle/Dodd debate with a range of contemporary visions of the shareholder that underpin some international regulatory responses to recent financial debacles, from Enron to the current global financial crisis. As the Article discusses, these recent developments in the era of financial crises, including the US shareholder empowerment debate, have prompted a re-evaluation of the traditional image of the shareholder and the role of the shareholder in the modern corporation that emerged in Professor Berle’s work.

Number of Pages in PDF File: 26

Keywords: The Modern Corporation and Private Property, Berle-Dodd debate, shareholder protection, shareholder empowerment, shareholder primacy, corporate governance, corporate theory, Enron, corporate scandals, global financial crisis, executive remuneration

JEL Classification: D70, G01, G30, G32, G34, G38, K20, K22, K33, N20, M14

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Date posted: July 7, 2010  

Suggested Citation

Hill, Jennifer G., Then and Now: Professor Berle and the Unpredictable Shareholder (June 28, 2010). Seattle University Law Review, Vol. 33, No. 4, pp. 1005-1023, 2010; Sydney Law School Research Paper No. 10/58; Vanderbilt Law and Economics Research Paper No. 10-17; ECGI - Law Working Paper No. 163/2010. Available at SSRN: http://ssrn.com/abstract=1631605

Contact Information

Jennifer G. Hill (Contact Author)
University of Sydney - Faculty of Law ( email )
Faculty of Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia
+61 2 9351 0280 (Phone)
+61 2 9351 0200 (Fax)

Centre for International Finance and Regulation (CIFR) ( email )
Level 7, UNSW CBD Campus
1 O'Connell Street
Sydney, NSW 2000
Australia
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
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