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Crisis and Transition in Corporate Governance Paradigms: The Role of the Chancery Court of Delaware

Published online by Cambridge University Press:  02 April 2024

Daniel P. Sullivan  and
Donald E. Conlon
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Abstract

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Contemporary crisis in the idea and practice of corporate governance prompts a consideration of future resolution based on historical imperatives. We review periods of analogous crisis in corporate governance in the mid-1800s, 1930s, and 1960s to evaluate the catalyst, process, and outcome of paradigmatic change. Framing our analysis are the rulings made by the Court of Chancery of Delaware during those times of change. The Chancery Court's historical role as the legitimator of governance norms grounds our consideration of its recent opinions. Recent case law, we conclude, signifies the advent of a multifiduciary model of governance. Measurement of shareholders' reaction to dilution of their fiduciary status corroborates the state of crisis and underscores the normative code of the emergent multifiduciary governance model. We close by discussing the implications of the multifiduciary model for shareholders, executives, and society.

Type
Articles
Information
Law & Society Review , Volume 31 , Issue 4 , 1997 , pp. 713 - 762
Copyright
Copyright © 1997 by The Law and Society Association

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