Corporate Ownership and Control: British Business Transformed by Brian R. CheffinsCorporate Ownership and Control: British Business Transformed by Brian R. Cheffins

Corporate Ownership and Control: British Business Transformed

byBrian R. Cheffins

Paperback | October 10, 2010

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The typical British publicly traded company has widely dispersed share ownership and is run by professionally trained managers who collectively own an insufficiently large percentage of shares to dictate the outcome when shareholders vote. This separation of ownership and control has not onlydictated the tenor of corporate governance debate in Britain but serves to distinguish the UK from most other countries. Existing theories fail to account adequately for arrangements in the UK. Corporate Ownership and Control accordingly seeks to explain why ownership became divorced from control inmajor British companies. The book is organized by reference to the 'sell side', which encompasses the factors that might prompt those owning large blocks of shares to exit or accept dilution of their stake, and the 'buy side', which involves factors that motivate investors to buy equities and deter the new shareholders fromthemselves exercising control. The book's approach is strongly historical in orientation, as it examines how matters evolved from the 17th century right through to today. While a modern-style divorce of ownership and control can be traced back at least as far as mid-19th century railways, the'outsider/arms-length' system of ownership and control that currently characterizes British corporate governance did not crystallize until the middle of the 20th century. The book brings the story right up to date by showing current arrangements are likely to be durable. Correspondingly, theinsights the book offers should remain salient for some time to come.
Brian R. Cheffins is S.J. Berwin Professor of Corporate Law at the University of Cambridge.
Title:Corporate Ownership and Control: British Business TransformedFormat:PaperbackDimensions:448 pagesPublished:October 10, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199596395

ISBN - 13:9780199596393

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Table of Contents

Preface1. Setting the Scene2. The Determinants of Ownnership and Control: Current Theories3. The Sell Side4. The Buy Side5. Up to 18806. 1880 - 19147. The Separation of Ownership and Control by 19148. 1914 - 19399. 1940 - 1990: The Sell Side10. 1940 - 1990: The Buy Side11. Epilogue: Challenges to the UK System of Ownership and Control

Editorial Reviews

"Business historians, economists and, I am sure, a much wider readership will turn repeatedly to this volume for a substantive account of the ownership of British business over the past two centuries" --Robin Pearson, University of Hull, Business Archives: Sources and History, No 99 09/2009