History Begins: Shareholder Value, Accountability and the Virtuous State


This paper addresses the shareholder value paradigm as an accountability claim for the corporation. Shareholder value mechanisms - predominantly in the form of incentives to align the interests of management with those of shareholders - are regarded as a more efficient means for corporate governance than external regulation or direct shareholder control. Nevertheless, any accountability claim must be rooted in a sense of the virtues that legitimate the claims. Without those virtues, mechanisms of control would simply be free-floating uses of force by one section or another in society.

Northern Ireland Legal Quarterly 60 (1) 2009, 35-50.