Putting Britain on the Roe Map: The Emergence of the Berle-Means Corporation in the United Kingdom
53 Pages Posted: 1 May 2000
Date Written: February 2000
Work done by Mark Roe has helped to foster a re-examination of the origins of the paradigm American corporation, with its strong managers and widely dispersed shareholders. Roe has argued that the system of ownership and control which prevails in the United States was politically and historically contingent instead of being the product of market forces. This article builds upon Roe's work by discussing historical developments in the United Kingdom. Examining what occurred in Britain provides a unique opportunity to evaluate his theories because with respect to corporate governance arrangements, the UK has more in common with the US than does any other major industrial nation. Generally speaking, the British experience does not conform with Roe's politically oriented analysis.
This paper was presented at the 1999 Tilburg Conference on Convergence and Diversity in Corporate Governance Regimes and Capital Markets.
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