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LAW5568M
International Corporate Governance Reading List (2021-2022)

International Corporate Governance, 2021/22, Semester 2
Dr Zinian Zhang
Z.Zhang2@leeds.ac.uk
Tutor information is taken from the Module Catalogue

Last updated 10 January 2022

Lecture 1: Introduction of Corporate Governance 

Core Reading: 

Andrei Shleifer and Robert W. Vishny, 'A Survey of Corproate Governance' (1997) 52 The Journal of Finance 737.  

Andrew Keay, Directors' Duties (3rd edn, Lexis 2017) Chapter 3. OCR REQUESTED BY LIBRARY (LW 13/01/2022)   

Further Reading: 

Amir N. Licht, 'The Maximands of Corporate Governance: A theory of Values and Cognitive Style' (2004) 29 Delaware Journal of Corporate Law 649. 

Steve Letza, Xiuping Sun and James Kirkbride, 'Shareholding v Stakeholding: A Critical Review of Corporate Governance' (2004) 12 Corporate Governance: An International Review 242. 

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Core Reading: 

Jennifer G. Hill, 'The Rising Tension between Shareholder and Director Power in the Common Law World' (2010) 18 Corporate Governance: An International Review 344.  

Marc Moore and Martin Petrin, Corporate Governance: Law, Regulation and Theory (Palgrave 2017) 10-22. Available as an Online Course Reading in Minerva   

Further Reading: 

Sergio G. Lazzarini and Aldo Musacchio, 'State Ownership Reinvented? Explaning Performance Differences between State-Owned and Private Firms' (2018) 26 Corporate Governance: An International Review 255. 

Steen Thomsen, 'Conflicts of Interest or Aligned Incentives? Blockholder Ownership, Dividends and Firm Value in the US and the EU' (2005) 6 European Business Organization Law Review 201. 

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Lecture 3: Corporate Governance Theories 

Core Reading: 

Eugene F. Fama, 'Agency Problems and the Theory of the Firm' (1980) 99 Journal of Political Economy 288.  

Andrew Keay, 'Exploring the Rationale for Board Accountability in Corporate Governance' (2014) 29 Australian Journal of Corporate Law 115.  

Further Reading: 

Luh Luh Lan and Loizos Heracleous, 'Rethinking Agency Theory: the View from Law' (2010) 35 The Academy of Management Review 294. 

James H. Davis, F. David Schoorman and Lex Donaldson, 'Toward a Stewardship Theory of Management' (1997) 22 The Academy of Management Review 20. 

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Lecture 4: The Shareholder Primacy Theory 

Core Reading: 

D. Gordon Smith, 'The Shareholder Primacy Norm' (1998) 23 The Journal of Corporation Law 277.  

Andrew Keay, 'Stakeholder Theory in Corporate Law: Has It Got What It Takes?' (2010) 9 Richmond Journal of Global Law and Business 249.  

Further Reading: 

William Lazonick and Mary O'Sullivan, 'Maximizing Shareholder Value: A New Ideology for Corporate Governance' (2000) 29 Economy and Society 13. 

Stephen M. Bainbridge, 'In Defence of the Shareholder Wealth Maximization Norm: A Reply to Professor Green' (1993) 50 Washington and Lee Law Review 1423. 

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Lecture 5: Team Production and Enlightened Shareholder Value

Core Reading: 

Margaret M. Blair and Lynn A. Stout, 'A Team Production Theory of Corporate Law' (1999) 85 Virginia Law Review 247.  

Andrew Keay, The Enlightened Shareholder Value Principle and Corporate Governance (Routledge 2013) Chapters 3 and 4.    

Further Reading: 

Andrew Keay, 'The Authorising of Directors' Conflicts of Interest: Getting a Balance?' (2012) 12 Journal of Corporate Law Studies 129. 

Andrew Keay, 'Directors' Duties to Creditors: Contractarian Concerns Relating to Efficiency and Over-Protection of Creditors' (2003) 66 Modern Law Review 665. 

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Lecture 6: Corporate Governance in Some Leading Economies

Core Reading: 

Eberhardt Kuhne and Josef Fuss, 'Corporate Governance in Germany' (2003) 24 Business Law Review 226.  

Zenichi Shishido, 'Japanese Corporate Governance: The Hidden Problems of Corporate Law and Their Solutions' (2000) 25 Delaware Journal of Corporate Law 189.  

Further Reading: 

Hans-Christoph Hirt, 'Germany: The German Corporate Governance Code: Co-Determination and Corporate Governance Reform' (2002) 23 Company Lawyer 349. 

Lian Guo, Clive Smallman and Jack Radford, 'A Critique of Corporate Governance in China' (2013) 55 International Journal of Law and Management 257. 

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Lecture 7: Shareholder Activism: An Introduction 

Core Reading: 

Stuart L. Gillan and Laura T. Starks, 'The Evolution fo Shareholder Activism in the United States' (2007) 19 Journal of Applied Corporate Finance 55.  

Anna L. Christie and J. S. Liptrap, 'Mapping Judicial Reactions to Shareholder Activism in the UK' (2020) 79 Cambridge Law Journal 21.  

Further Reading: 

Konstantinos Sergakis, 'EU Corporate Governance: The Ongoing Challanges of the Institutional Investor Activism Conundrum' (2014) 16 European Journal of Law Reform 728. 

Souha Siala Bouaziz, et al, 'Shareholder Activism: Earnings Management and Market Performance Consequences: French Case' (2020) 62 International Journal of Law and Management 395. 

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Lecture 8: Basics of Gatekeepers in Corporate Governance 

Core Reading: 

John C. Coffee Jr, 'Understanding Enron: "It's About the Gatekeepers, Stupid"' (2002) 57 Business Lawyer 1403.  

Jill E. Fisch and Kenneth M. Rosen, 'It There a Role for Lawyers in Preventing Future Enrons?' (2003) 48 Villanova Law Review 1097.  

Further Reading: 

Marritt B. Fox, 'Gatekeeper Failures: Why Important, What to Do' (2008) 106 Michigan Law Review 1089. 

John C. Coffee, 'The Attorney as Gatekeeper: An Agenda for the SEC' (2003) 103 Columbia Law Review 1293. 

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Seminar 1: The Comparison Between the Shareholder Primacy Theory and the Stakeholder Theory

Core Reading: 

Paddy Ireland, 'Shareholder Primacy and the Distribution of Wealth' (2005) 68 The Modern Law Review 49.  

Charles M. Elson and Nicholas J. Goossen, 'E. Merrick Dodd and the Rise and Fall of Corporate Stakeholder Theory' (2017) 72 The Business Lawyer 735.  

Further Reading: 

Lynn A. Stout, 'The Toxic Side Effects of Shareholder Primacy' (2013) 161 University of Pennsylvania Law Review 2003. 

John Hasnas, 'Whither Stakeholder Theory? A Guide for the Perplexed Revisited' (2013) 112 Journal of Business Ethics 47. 

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Seminar 2: Independent and Employee Directors under Different Corporate Governance Theories 

Core Reading: 

Victor Brudney, 'The Independent Director: Heavenly City or Potemkin Village?' (1982) 95 Harvard Law Review 597.  

David Kershar, 'No End in Sight for the History of Corporate Law: The Case of Employee Participation in Corporate Governance' (2002) 2 Journal of Corporate Law Studies 34.  

Further Reading: 

Wolf-Georg Ringe, 'Independent Directors: After the Crisis' (2013) 14 European Business Organization Law Review 401. 

Andreas Kokkinis and Konstantinos Sergakis, 'A Flexible Model for Efficient Employee Participation in UK Companies' (2020) 20 Journal of Corporate Law Studies 453. 

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Seminar 3: Beyond the Anglo-American Corporate Governance Models 

Core Reading: 

Kornelius Kraft, Jorg Stank and Ralf Dewenter, 'Co-determination and Innovation' (2011) 35 Cambridge Journal of Economics 145.  

Donald C. Clarke, 'The Independent Director in Chinese Corporate Governance' (2006) 31 Delaware Journal of Corporate Law 125.  

Further Reading: 

Takaya Seki and Thomas Clarke, 'The Evolution of Corporate Governance in Japan: The Continuing Relevance of Berle and Means' (2014) 37 Seattle University Law Review 717. 

Lilian Miles, 'Transferring the Anglo-American System to South Korea: At What Cost, and Are There Alternatives?' (2008) 20 Bond Law Review 1. 

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Seminar 4: Dual-class Shareholding and Executive Pay Controversies 

Core Reading: 

Zohar Goshen and Assaf Hamdani, 'Coeporate Control, Dual Class, and the Limits of Judicial Review' (2020) 120 Columbia Law Review 941.  

Martin J. Conyon, 'Executive Compensation and Board Governance in US Firms' (2014) 124 The Economic Journal 60.  

Further Reading: 

Lucian A. Bebchuk and Kobi Kastiel, 'The Untenable Case for Perpetual Dual-Class Stock' (2017) 103 Virginia Law Review 585. 

Alex Edmans and Xavier Gabaix, 'Executive Compensation: A Modern Primer' (2016) 54 Journal of Economic Literature 1232. 

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Seminar 5: Difficult Issues About Gatekeepers and Whistle-Blowers 

Core Reading: 

Peter J. Henning, 'The New Corporate Gatekeeper' (2016) 62 Wayne Law Review 29.  

Geoffrey Christopher Rapp, 'Mutiny by the Bounties: The Attempt to Reform Wall Street by the New Whistleblower Provisions of the Dodd-Frank Act' (2012) 2012 Brigham Young University Law Review 73.  

Further Reading: 

Sean J. Grisffith, 'Uncoverning a Gatekeeper: Why the SEC Should Mandate Disclosure of Details Concerning Directors' and Officers' Liability Insurance Policies' (2006) 154 University of Pennsylvania Law Review 1147. 

Peter Yeoh, 'Whistleblowing: Motivations, Corporate Self-Regulation, and the Law' (2014) 56 International Journal of Law and Management 459. 

This list was last updated on 11/01/2022