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Company Law as an Instrument of Inclusion: Re-regulating Stakeholder Relations in the Context of Takeovers

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  • Simon Deakin
  • Giles Slinger

Abstract

This paper considers a number of potential justifications for regulatory intervention aimed at overcoming 'contractual failure' in stakeholder relations. Two distinct functions of stakeholding are identified, in terms of 'contract' and 'innovation' respectively. These conceptions are linked to two distinct approaches to the regulation of stakeholder relations, one based on 'rights' and the other on 'cooperation'. The implications of an innovation based approach for reform of the law relating to hostile takeovers in the UK are considered. The paper concludes by suggesting that the effectiveness of regulation will depend on the capacity of legal rules and procedures to promote cooperation within stakeholder relations, in particular by generating markets for information.

Suggested Citation

  • Simon Deakin & Giles Slinger, 1999. "Company Law as an Instrument of Inclusion: Re-regulating Stakeholder Relations in the Context of Takeovers," Working Papers wp145, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp145
    Note: PRO-2
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    File URL: https://www.jbs.cam.ac.uk/cbrwp145/
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    References listed on IDEAS

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    1. Andrei Shleifer & Lawrence H. Summers, 1988. "Breach of Trust in Hostile Takeovers," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 33-68, National Bureau of Economic Research, Inc.
    2. Alan J. Auerbach, 1988. "Corporate Takeovers: Causes and Consequences," NBER Books, National Bureau of Economic Research, Inc, number auer88-1.
    3. Simon Deakin & Frank Wilkinson, 1999. "The Management of Redundancies in Europe: The Case of Great Britain," LABOUR, CEIS, vol. 13(1), pages 41-89, March.
    4. Simon Deakin & Alan Hughes, 1999. "Economic Efficiency and the Proceduralisation of Company Law," Working Papers wp133, Centre for Business Research, University of Cambridge.
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    Cited by:

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