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

22 Pages Posted: 28 Aug 2014

See all articles by Michelle Anne Welsh

Michelle Anne Welsh

Monash Business School

Peta Spender

ANU College of Law

Irene Lynch Fannon

University College Cork - School of Law

Kath Hall

ANU College of Law

Date Written: June 25, 2014

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

Suggested Citation

Welsh, Michelle Anne and Spender, Peta and Lynch Fannon, Irene and Hall, Kath, The End of the 'End of History for Corporate Law'? (June 25, 2014). Australian Journal of Corporate Law Vol. 2014, No. 29. Available at SSRN: https://ssrn.com/abstract=2486521

Michelle Anne Welsh

Monash Business School ( email )

Wellington Road
Clayton, Victoria 3168
Australia

Peta Spender

ANU College of Law ( email )

Canberra, Australian Capital Territory 0200
Australia

HOME PAGE: http://law.anu.edu.au/

Irene Lynch Fannon (Contact Author)

University College Cork - School of Law ( email )

College Road
Cork, Cork T12 CC79
Ireland

HOME PAGE: http://research.ucc.ie/profiles/B012/ilynchfannon

Kath Hall

ANU College of Law ( email )

Canberra, Australian Capital Territory 0200
Australia

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