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Shareholder​ ​primacy​ ​and​ ​shareholder​ ​prominence: Swedish​ ​corporate​ ​law​ ​and​ ​the​ ​corporate​ ​purpose 1848-2005
Linnaeus University, Växjö, Sweden.
2017 (English)Conference paper, Published paper (Refereed)
Abstract [en]

Despite​ ​evidence​ ​of​ ​global​ ​legal​ ​convergence​ ​in​ ​corporate​ ​law,​ ​Swedish​ ​corporate​ ​law​ ​does not​ ​recognize​ ​the​ ​interest​ ​of​ ​the​ ​corporate​ ​entity.​ ​Rather,​ ​the​ ​corporate​ ​purpose​ ​is​ ​explicitly defined​ ​as​ ​profit​ ​generation​ ​on​ ​behalf​ ​of​ ​the​ ​shareholders.​ ​Although​ ​this​ ​is​ ​not​ ​fully comparable​ ​to​ ​the​ ​normative​ ​stance​ ​of​ ​shareholder​ ​primacy,​ ​it​ ​is​ ​a​ ​stance​ ​of​ ​shareholder prominence.​ ​In​ ​this​ ​paper​ ​we​ ​trace​ ​this​ ​position​ ​in​ ​Swedish​ ​legal​ ​thinking​ ​regarding​ ​the corporation,​ ​and​ ​throughout​ ​history,​ ​drawing​ ​on​ ​Sewells​ ​eventful​ ​temporality​ ​approach.​ ​We find​ ​strong​ ​indications​ ​of​ ​foreign​ ​influence​ ​on​ ​Swedish​ ​corporate​ ​law,​ ​from​ ​its​ ​introduction​ ​in 1848​ ​until​ ​the​ ​last​ ​revision​ ​in​ ​2005,​ ​although​ ​the​ ​shareholder​ ​prominence​ ​position​ ​is​ ​linked​ ​to internal​ ​developments​ ​in​ ​the​ ​1930s:​ ​contemporary​ ​legal​ ​thinking,​ ​conservatism​ ​of​ ​the​ ​legal profession​ ​and​ ​the​ ​economic​ ​disasters​ ​following​ ​the​ ​Kreuger-crash.​ ​This​ ​path​ ​dependent development​ ​led​ ​to​ ​an​ ​inert​ ​institution​ ​of​ ​shareholder​ ​prominence,​ ​strongly​ ​rejecting​ ​legal change.

Place, publisher, year, edition, pages
2017.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-46533OAI: oai:DiVA.org:hj-46533DiVA, id: diva2:1360151
Conference
WINIR 2017, 14-17 September 2017, Utrecht, Netherlands
Available from: 2019-10-11 Created: 2019-10-11 Last updated: 2019-10-11Bibliographically approved

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Larsson Olaison, Ulf

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  • apa
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