Default rules, wealth distribution, and corporate law reform: employment at will versus job security.

From: University of Pennsylvania Law Review | Date: April 1, 1998| Author: | Copyright information

Maximization of shareholder profits may not be the best legal standard of corporate management. Primacy of shareholder interests can lead to job loss and detriment to the surrounding community. Wealth differentials mediate against the equal bargaining power assumed in the pervasive contractual default rule. Corporate law reform should allow for job security by modification of the contractual default rule and the at-will employment contract standard.

INTRODUCTION

In recent years, a number of commentators have criticized corporate law's traditional commitment to shareholder primacy ...

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