This essay presents a critical analysis of the economic theory of corporations, and its idioms such as "nexus of contracts," "agency costs," and "shareholder value". It calls for the development of a richer and more inclusive theory of business corporations that draws on the experience of the...

The stakeholder principle represents a refinement of the more limited conception of business corporations as vehicles designed to promote the economic interests of their shareholders. It has gained significant recognition in corporate governance in the recent times. The stakeholder vision...

The stakeholder vision has emerged as an influential stream in corporate governance. In the English-speaking world, Canada was the pioneer in introducing a regulatory stakeholder regime. This article examines the Canada Business Corporations Act (CBCA) for its concern for non-shareholder groups,...

Societal inequalities – mainly, economic – are a topical subject. Given the dominance of large business corporations in the US and Canada, an important question is about corporations’ role in shaping the socioeconomic trends, including inequality. "Beyond Shareholder Value - A Framework...

Misreporting of borrowing rates by large banks and the resulting manipulation of LIBOR (London Interbank Offered Rate) has been the subject of headlines news recently. Confronted with charges from regulators several banks, such as Barclays, UBS, and Royal Bank of Scotland (RBS), have paid huge...

The article analyzes Canadian pension funds from the perspectives of corporate governance and the capital markets. It reviews their investment allocations and revenue patterns since the 1990s and identifies significant changes. The article finds that pension funds, as shareholders, have turned...

The Financial Crisis of 2008–09 raises questions about the assumptions that underpin corporate governance. Shareholder value and private ordering may not in fact be the best means of promoting efficiency and corporate responsibility, and the mechanisms that have been traditionally used to...