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What Matters in Design of Corporate Law
Linköping University, Department of Management and Engineering, Commercial and Business Law. Linköping University, Faculty of Arts and Sciences. Internationella Handelshögskolan i Jönköping. (CeFEO - Centre for Family Enterprise and Ownership, Ratio - Näringslivets Forskningsinstitut)
Ratio - Näringslivets forskningsinstitut, Stockholm.ORCID iD: 0000-0002-0519-2617
2017 (English)Other (Other academic)
Resource type
Text
Physical description [en]

Working paper

Abstract [en]

For the corporate business model to be successful, it is important to align the interests of thosewho control and finance the firm. Corporate law has here an important task to fulfill. It offers alegal framework that can facilitate for parties to conclude mutually preferable agreements atlow transaction costs. The purpose of the paper is to show how to design corporate law to fulfillthis task. A two-dimension model that simultaneously considers both regulation intensity andthe level of default of the corporate law is presented. Earlier literature treats these dimensionsseparately. By adding a transaction cost perspective to our model, we assess different regulatorytechniques and examine how legislation can help corporations by offering a standard contractthat lowers transaction costs of contracting. This can be achieved through a legislation thatcovers most contingencies and take the heterogeneity of firms into consideration. Furthermore,default rules or standards of opt-out character should be combined with other regulatorytechniques with lower transaction costs such as opt-in alternatives and menus.

Place, publisher, year, pages
Stockholm, 2017. , p. 26
Series
Ratio Working Paper ; 299
Keywords [en]
Corporate law, regulation, contracts, transaction costs
National Category
Law and Society
Identifiers
URN: urn:nbn:se:liu:diva-156355OAI: oai:DiVA.org:liu-156355DiVA, id: diva2:1305507
Projects
Minoritetsskydd i ägarledda aktiebolag
Funder
Ragnar Söderbergs stiftelse, RP7/15Available from: 2019-04-17 Created: 2019-04-17 Last updated: 2019-04-17Bibliographically approved

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What Matters in Design of Corporate Law(529 kB)6 downloads
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Almlöf, Hanna

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • oxford
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf