
A Property Theory of Corporate Law
In a recent article, I develop a theory of the corporation as a legal entity based upon the foundation of property law, which I call a “property theory of corporate law.” This theory, unlike the contractarian perspective on the corporation, is capable of demarcating the distinctive features of corporate law from other contractual features.
In current legal scholarship, the dominant view of the corporation is contractarian, one that sees the corporation as a nexus of contracts among factors of production. This perspective views employees, creditors, equity investors, and even customers as the various actors who form a set of contracts … Read more