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The Corporation as Time Machine

其他書名	Intergenerational Equity, Intergenerational Efficiency, and the Corporate Form
出版	SSRN, 2015
URL	http://books.google.com.hk/books?id=-LjbzwEACAAJ&hl=&source=gbs_api

註釋This Symposium Article argues that the board-controlled corporation can be understood as a legal innovation that historically has functioned as a means of transferring wealth forward and sometimes backward through time, for the benefit of present and future generations. In this fashion the board-controlled corporation promotes both intergenerational equity and intergenerational efficiency. Logic and evidence each suggest, however, that the modern embrace of “shareholder value” as the only corporate objective and “shareholder democracy” as the ideal of corporate governance is damaging the corporate form's ability to serve this economically and ethically important function.