History Begins: Shareholder Value, Accountability and the Virtuous State

corporate governance
Northern Ireland Legal Quarterly 60 (1), 35-50
Author

Ciarán O’Kelly

Published

March 1, 2009

The paper is available here.

A preprint of the paper is available here.

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.

Citation

BibTeX citation:
@article{o'kelly2009,
  author = {Ciarán O’Kelly},
  title = {History {Begins:} {Shareholder} {Value,} {Accountability} and
    the {Virtuous} {State}},
  journal = {Northern Ireland Legal Quarterly},
  volume = {60},
  number = {1},
  pages = {35-50},
  date = {2009-03-01},
  url = {http://onlinelibrary.wiley.com/doi/10.1111/j.1477-7053.2004.00132.x},
  langid = {en}
}
For attribution, please cite this work as:
Ciarán O’Kelly. 2009. “History Begins: Shareholder Value, Accountability and the Virtuous State.” Northern Ireland Legal Quarterly 60 (1): 35–50. http://onlinelibrary.wiley.com/doi/10.1111/j.1477-7053.2004.00132.x.