The Legal Systems of Germany and USA Regarding Share- and Stakeholder Capitalism

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Sosyal Siyaset Konferansları Dergisi
Issue:72 Special Issue
The Legal Systems of Germany and USA Regarding Share- and Stakeholder Capitalism

The Legal Systems of Germany and USA Regarding Share- and Stakeholder Capitalism

Authors : Harun KILIÇ

Pages : 171-204

View : 24 | Download : 12

Publication Date : 2018-04-10

Article Type : Review Paper

Abstract :The legal form of the Modern Corporation inherent in the practiced Corporate Law in the US and UK and Germany have established and codified a working relationship between Corporate key players such as Managers/Directors and Shareholders by taking the conflicts among these players into consideration. E.g., the so called-Agency Theory. This paper analyses the Corporate legal framework and systems of US and Germany on a comparable basis together with pros and cons of Agency theory in the context of Shareholder versus Stakeholder Capitalism. Some policy conclusions are drawn for emerging countries to embolden their corporate legal structure.
Keywords : Shareholder capitalism, stakeholder capitalism, corporate governance, agency theory, stewardship theory, shareholder primacy model, director primacy model

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