Toward a new theory of the shareholder role: "Sacred space" in corporate takeovers

Corporate law expresses a profound ambiguity toward the role of shareholders. This article strives to define a new role for shareholders in publicly held corporations by drawing on economic theories of the firm and the structure of corporate law. More particularly, it examines the role of shareholde...

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Bibliographic Details
Published in:Texas law review 2001-12, Vol.80 (2), p.261
Main Authors: Thompson, Robert B, D Gordon Smith
Format: Article
Language:English
Subjects:
Commercial law
Conflicts of interest
Corporate governance
Decision making
Directors
Economic activity
Hostile takeovers
Organization theory
Self help
Shareholder voting
Shareholders rights
State court decisions
Stockholders
Third party
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Summary:Corporate law expresses a profound ambiguity toward the role of shareholders. This article strives to define a new role for shareholders in publicly held corporations by drawing on economic theories of the firm and the structure of corporate law. More particularly, it examines the role of shareholders in hostile corporate takeovers, the area where the interests of shareholders and directors collide most dramatically, and highlights a necessary sacred space for shareholder self-help, free of directorial or judicial intrusion.
ISSN:0040-4411
1942-857X