The Team Production Model as a Paradigm

56 Pages Posted: 8 Jul 2014 Last revised: 23 Aug 2014

See all articles by Brian R. Cheffins

Brian R. Cheffins

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

Date Written: August 2014


This paper forms part of the proceedings for the 6th Annual Berle Symposium (2014), which focused on Margaret Blair and Lynn Stout’s 1999 Virginia Law Review article “A Team Production Theory of Corporate Law” (available at Blair and Stout suggested a few years after the publication of their 1999 article that their team production model was poised to emerge as part of a new corporate law “paradigm” in the sense that Thomas Kuhn deployed the term in his widely cited The Structure of Scientific Revolutions. This paper revisits Blair and Stout’s team production theory by offering a critique of this claim and in so doing draws upon key corporate law theories and trends to offer insights concerning their model.

Keywords: team production, corporate law theory, managerialism, shareholder primacy, nexus of contracts, shareholder activism, hedge funds

JEL Classification: G34, K22, L21

Suggested Citation

Cheffins, Brian R., The Team Production Model as a Paradigm (August 2014). European Corporate Governance Institute (ECGI) - Law Working Paper No. 262/2014, University of Cambridge Faculty of Law Research Paper No. 38/2014, Available at SSRN: or

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) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels

Do you have negative results from your research you’d like to share?

Paper statistics

Abstract Views
PlumX Metrics