The prevailing land use regulation and land tax laws in the United States make the Kelo v. City of New London case and the use of eminent domain for private development particularly dramatic, especially as compared to other countries. We propose a novel solution for quot;squaring the eminent...

Property law today faces what may be its greatest challenge ever: changing from a domestic legal institution into one that accommodates globalization. Central to this trend are bilateral investment treaties (BITs), which seem to offer an optimal solution for the protection of foreign...

We present evidence on the way personal and institutional factors could together guide public company directors in decision-making concerning shareholders and stakeholders. In a sample comprising more than nine hundred directors originating from over fifty countries and serving in firms from...

This study identifies how country differences on a key cultural dimension—egalitarianism—influence international investment flows. A society's cultural orientation toward egalitarianism is manifested by intolerance for abuses of market and political power and a desire for protecting less...

The stockholder/stakeholder dilemma has occupied corporate leaders and corporate lawyers for over a century. In addition to the question whose interests should managers prioritize, the question how those interests could or should be balanced has proven equally difficult. To address the latter...

This article investigates the development of accountability and fiduciary loyalty as an institutional response to information asymmetries in agency relations, especially in firm-like settings. Lord Eldon articulated the crucial role of information asymmetries in opportunistic behaviour in early...

In the debate over contractual freedom or enabling-versus-mandatory rules in fiduciary law, those who do not adhere to an unbridled contractatian approach tend to justify fiduciary law's strict posture by appealing to transaction cost reasoning. In this view, fiduciary law more efficiently sets...

This study addresses an apparent impasse in the research on organizations’ responses to cultural distance. We posit that cross-country differences in egalitarianism — a cultural orientation manifested in intolerance for abuses of market and political power and support for protection of less...

This study investigates how personal values may affect strategic decisions of board members in dilemmas involving shareholders and other stakeholders. In a survey of the entire population of directors and CEOs in all public corporations in one country, we use vignettes that are based on seminal...

This entry for the Encyclopedia of Financial Globalization provides an introduction to corporate governance as the institutional framework that regulates the division and exercise of power in the corporation. Following an overview of basic concepts like power, agency, and the nature of the firm,...