The History of Modern U.S. Corporate Governance: Introduction

Edward Elgar's Corporate Governance in the New Global Economy Series, 2011

University of Cambridge Faculty of Law Research Paper No. 29/2012

37 Pages Posted: 21 Dec 2012 Last revised: 17 Jan 2013

See all articles by Brian R. Cheffins

Brian R. Cheffins

University of Cambridge - Faculty of Law; European Corporate Governance Institute (ECGI)

Date Written: 2011

Abstract

This essay provides the introduction to The History of Modern U.S. Corporate Governance, a sourcebook published by Edward Elgar. The essay begins by describing the scope of the sourcebook, indicating that the focus is on developments occurring from the mid-to-late 1970s, when the term corporate governance first came into vogue, onwards. The essay then identifies the topics covered by the sourcebook, which are the separation of ownership and control, the shareholder orientation of U.S. corporate governance, the board of directors, executive pay, shareholder activism, takeovers and regulatory responses to major corporate governance challenges. Next, the essay spells out how articles were chosen for the sourcebook and provides a synopsis of each of the pieces reproduced. The essay concludes by arguing that the separation of ownership and control, which has typically been the departure point for corporate governance analysis in the U.S., will likely to continue to define corporate governance debates for the foreseeable future.

Keywords: corporate governance, agency costs, board of directors, executive pay, shareholder activism, takeovers

JEL Classification: G30, G34, G38, J33, K22, N22

Suggested Citation

Cheffins, Brian R., The History of Modern U.S. Corporate Governance: Introduction (2011). Edward Elgar's Corporate Governance in the New Global Economy Series, 2011; University of Cambridge Faculty of Law Research Paper No. 29/2012. Available at SSRN: https://ssrn.com/abstract=2192151

Brian R. Cheffins (Contact Author)

University of Cambridge - Faculty of Law ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom
+44 1223 330084 (Phone)
+44 1223 330055 (Fax)

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

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