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Purpose-driven corporations: how corporate law reorders the field of corporate governance

Abstract : In a number of States, new legal " benefit " or " purpose " corporate forms are introduced to promote stakeholder-oriented companies. If it is too early to know empirically if this legal framework will work, we can build upon what we know on corporate governance to predict whether it is likely to work or not. In this paper, we present a mapping of the theories on corporate governance and derive some tentative predictions for purpose-driven corporations. We find that theories make diverging predictions, and in a paradoxical way: agency theory is seen as a shareholder-oriented theory, but it supports the new legal forms while stakeholder theory does not. This reordering of the field reveals that theories may overlook the possibility of a legal change. Our work thus contributes to suggest an empirical test of the theories with the purpose-driven companies, but it also opens further avenues to reappraise the theories of corporate governance.
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https://hal.archives-ouvertes.fr/hal-01323118
Contributor : Blanche Segrestin <>
Submitted on : Monday, May 30, 2016 - 7:50:12 PM
Last modification on : Thursday, April 9, 2020 - 5:08:14 PM
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  • HAL Id : hal-01323118, version 1

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Blanche Segrestin, Kevin Levillain, Armand Hatchuel. Purpose-driven corporations: how corporate law reorders the field of corporate governance. European Academy of Management Conference (EURAM 2016), Jun 2016, Paris, France. ⟨hal-01323118⟩

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