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Essay / Research Paper Abstract
This 14 page paper examines to what extent Team Production Theory can be seen to offer an accurate account of English company law. Comparison is made with US law where this model has been developed and seen as applicable in the ongoing development of corporate governance. The paper explains what is meant by Team Production Theory and then applies this model to English law. The bibliography cites 13 sources.
Page Count:
14 pages (~225 words per page)
File: TS14_TEteampd.rtf
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Unformatted sample text from the term paper:
as primarily to satisfy the shareholders who are the ultimate owners of the company. However, when looking at this model there are inherent discrepancies; looking at theories of property, the
ownership of the company by the shareholders is less clear. Shareholders are perceived owners of the company, despite this they are unable to exercise property rights over the company, as
such they may be seen as interested parties, but not owners in the traditional sense. Other contradictions also exist in the way the company is run and the moral or
ethical pressures regarding other stakeholders and the duty of care owed by directors to the shareholders. The development of team production theory is argued to resolve many of these conflicts.
The examination of United States law has indicated that this approach may be complicit in some aspects of legal interpretation and practice in that country. English law is different from
American law, however there are still some areas of contradiction. Therefore, it may be considered if team production theory is applicable to English law. To consider how team production
theory may account for English corporate law the first stage required is to consider the model and how it may manifest before applying it to English law. The shareholder primacy
model reflects the traditional shareholder wealth maximisation model as proposed by Milton Freidman, this means that team production theory may be seen as more representative of the general economic and
business theory of corporate wealth maximisation, where it is a stakeholder approach that is taken (Stonehill and Dullum, 1990). These are the two main models of corporate governance that have
been used over the last few decades. Indeed, the shareholder is indicated as remaining the primary concern in England with the word of Deakin ; "Corporate governance is concerned with
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