Does Company Ownership Matter?
Show Less

Does Company Ownership Matter?

  • The Cournot Centre series

Edited by Jean-Philippe Touffut

Do modes of management depend on company ownership? Does macroeconomic performance rely on shareholder value? The contributions collected in this book explore these questions from economic, historical and legal perspectives. They examine company ownership through the study of national institutions, with particular focus on North America and Europe. The twelve economic and legal specialists of this volume seek to explain why firms organized along the shareholder model have not outperformed other forms of ownership. Answers lie in the historical and institutional background of each country.
Buy Book in Print
Show Summary Details

Chapter 7: Round Table Discussion: Shareholder Rights in European Corporations: Impact on Economic Performance

Margaret Blair, Jean-Paul Fitoussi, Gregory Jackson and Robert M. Solow

Extract

7. Round table discussion: Shareholder rights in European corporations: impact on economic performance Margaret Blair, Jean-Paul Fitoussi, Gregory Jackson and Robert M. Solow Robert Solow (MIT) What are the effects of new forms of shareholder participation in companies in Europe, and in particular their impact on growth? I think that ‘growth’ has become too much of a buzz-word in discussions like this, and I would rather think that the subject is not the influence of new forms of shareholder participation on growth, but on economic performance – however one cares to define that. I would invite everybody not to be too narrowly focused on proportional rates of growth, but to think about such things as the level of output, the ability to exploit capacity to produce, the ability to generate an equitable distribution of income, and so on. We have three participants in the discussion: I’m going to ask Margaret Blair to be the first speaker. She is at the Vanderbilt University Law School – that’s her permanent base. For Europeans, Vanderbilt is in Nashville, Tennessee – centre of the cult of Elvis Presley and home to the Grand Ole Opry – institutions with which you are probably not acquainted, and with which I think you will survive not being so well acquainted. Margaret Blair is, I think, on the other side of the Atlantic, in North America, the pioneer in challenging sole attention to the shareholder benefit model of the corporation, in favour of a sort of team model, recognizing the business enterprise...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.