Corporate Purpose: Legal Interpretations and Empirical Evidence

Marshall, S and Ramsay, I 2019, 'Corporate Purpose: Legal Interpretations and Empirical Evidence' in Thomas Clarke, Justin O'Brien, and Charles O'Kelley (ed.) The Oxford Handbook of the Corporation, Oxford University Press, Oxford, United Kingdom, pp. 158-185.


Document type: Book Chapter
Collection: Book Chapters

Title Corporate Purpose: Legal Interpretations and Empirical Evidence
Author(s) Marshall, S
Ramsay, I
Year 2019
Title of book The Oxford Handbook of the Corporation
Publisher Oxford University Press
Place of publication Oxford, United Kingdom
Editor(s) Thomas Clarke, Justin O'Brien, and Charles O'Kelley
Start page 158
End page 185
Subjects Corporations and Associations Law
Public Policy
Summary This chapter explores the contemporary relevance of Berle and Means fundamental questioning of the purposes of the corporation. The issues considered concern the contemporary nature of the modern corporation as a new institutional form, and the determination of its purposes. The chapter draws on legal and empirical sources to examine the purposes of the corporation: the interpretation by courts of the duty imposed on directors to act in the interests of the corporation; a survey of company directors to assess what influence directors duties have on the extent to which directors are adopting stakeholders approaches; and research on how corporations define their business objectives as this provides insight into how corporations define their purposes.
Copyright notice © Oxford University Press 2019
Keyword(s) business objective
corporate social responsibility
directors' duties
corporate purpose
accountability
shareholder primacy
stakeholder theory.
DOI - identifier /10.1093/oxfordhb/9780198737063.013.7
ISBN 9780198737063
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