The End of the 'End of History for Corporate Law'?

Abstract

Henry Hansmann and Reinier Kraakman’s article ‘The End of History for Corporate Law’ has been highly influential in corporate law scholarship since its publication in 2001. Our contribution revisits the theory advanced in that article and examines both the significant contribution it made and the key criticisms that can be levelled against it. The theory espoused by Hansmann and Kraakman can be criticised because in many respects it does not fit the changing reality of corporate law. Indicators of this include the continued importance of the stakeholder model, the impact of transnational regulation on national corporate laws and, in some jurisdictions, the acceptance of a public role for corporate law. In addition, contrary to their convergence thesis, national corporate governance laws are thriving and company law and corporate governance codes continue to reflect the cultural heritage, public policy choices and prevailing ideological and political principles of the states enacting them.

Keywords: corporate governance law, corporate law, theory

JEL Classification: K20, K22