Between 1950 and 2005, the composition of large public company boards dramatically shifted towards independent directors, from approximately 20% independents to 75% independents. The standards for independence also became increasingly rigorous over the period. The available empirical evidence...

It is a commonplace of American law that corporations are fictional. This is silly - corporations are all too-real (after all, most of us work for one, most of the physical goods on which we depend are made by them, the quality (and lack of quality) of our physical environment is dependent on...

This PowerPoint deck is used in the classroom to provide a broadly useful framework for value creation. The theme is that we are better equipped to deal with value creation by first gaining insights into how we build knowledge. Part 1 discusses core beliefs critical to a sharpened worldview that...

I analyze the current prevalence of the concept of shareholder value maximization in Brazil from the normative, case law, and managerial perspectives. On the normative aspect, I show that Brazilian corporate law is much closer to a balanced and socially oriented perspective for the role of...

This paper surveys the literature criticizing the view that managers should run companies aiming to create shareholder value by maximizing stock prices. Based on a multidisciplinary approach, I include empirical and theoretical papers from fields such as corporate law, management, finance,...

After the financial crisis, there has been considerable debate about the role of corporations in society. It has become broadly accepted that corporations - particularly the world's largest publicly traded corporations – need to be governed with respect for the society and the environment....

This is a PPT presentation that discusses what is coming next on corporate governance (CG) and in which ways the successful business of the 21st century will differ from its successful 20th century counterpart. The presentation is divided into five key messages: 1) This is a moment of lower...

Stakeholder groups appear to intuitively understand that logically the delivery of sustainable long-term value requires a healthy focus on value creation and on value preservation. Historically organizations have explicitly addressed the value creation imperative at a strategic level through...

For those of us who, like Paul Valery, believe that, "nous entrons dans l’avenir à reculons", looking at the trends and prospective of a field of law (or even a simple legal phenomenon) means looking at its origins. In other words, we can only attempt to divine the future by contemplating and...

Spanish Abstract: Esta es una presentación PPT que discute el futuro del gobierno corporativo (GC) y como el negocio exitoso del siglo XXI será diferente de su contra-parte del siglo XX. La presentación contiene siete mensajes clave:1. El mundo está pasando por cambios estructurales que...