The Team Production Model as a Paradigm
56 Pages Posted: 8 Jul 2014 Last revised: 23 Aug 2014
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 http://ssrn.com/abstract=425500). 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: Suggested Citation