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A regulation and transaction cost perspective on the design of corporate law
Linköping University, Department of Management and Engineering, Commercial and Business Law. Linköping University, Faculty of Arts and Sciences.
Jonkoping Int Business Sch, Sweden.
2019 (English)In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 47, no 3, p. 407-433Article in journal (Refereed) Published
Abstract [en]

For the corporate business model to be successful, it is important to align the interests of those who control and finance the firm. Corporate law has here an important task to fulfill. It offers a legal framework that can facilitate parties to conclude mutually preferable agreements at low transaction costs. The purpose of this paper is to show how to design corporate law to fulfill this task and apply this knowledge to a Swedish case. A two-dimension model that simultaneously considers both the regulation intensity and the level of default of corporate law is presented. The earlier literature treats these dimensions separately. By adding a transaction cost perspective to our model, we assess different regulatory techniques and examine how the Swedish legislation can be amended to help corporations by offering a standard contract that lowers the transaction costs of contracting. This can be achieved if default rules or standards of opt-out character are combined with other regulatory techniques with lower transaction costs such as opt-in alternatives and menus. We also show how our model can be used in other studies as a tool to analyze the design of legal rules.

Place, publisher, year, edition, pages
SPRINGER , 2019. Vol. 47, no 3, p. 407-433
Keywords [en]
Corporate law; Regulation; Contracts; Transaction costs
National Category
Business Administration
Identifiers
URN: urn:nbn:se:liu:diva-159168DOI: 10.1007/s10657-019-09620-xISI: 000474421000005OAI: oai:DiVA.org:liu-159168DiVA, id: diva2:1339642
Note

Funding Agencies|Vinnova project "Financing of Innovation"

Available from: 2019-07-30 Created: 2019-07-30 Last updated: 2019-07-30

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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