Abstract: This paper traces the evolution of the corporate law in several jurisdictions since the beginning of the nineteenth century, using statutory law as a source to analyze the timing and focus of legal change. The research is designed to be explorative in nature. The authors use an open-ended list of legal indicators to identify patterns of legal change and pay tribute to the idiosyncrasies of legal evolution in different countries. The research suggests a refocus of the corporate law and governance debate. The analysis of the evolution of corporate law suggests that the function of corporate law is much more complex, involving a tradeoff between agency problems and flexibility. The paper addresses the issue that the acceptance of law in a transplant country takes time. Users as well as lawmakers need to recognize the relevance of the law for economic undertakings and learn how to adjust law based on their own experience.
Publication Year: 2001
Publication Date: 2001-09-13
Language: en
Type: article
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Cited By Count: 39
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