The influence of 'The Nature of the Firm' on the theory of corporate law

Article Abstract:

The publication of Ronald Coase's 'The Nature of the Firm' in 1937 can realistically be seen as the birth of economic theory on corporate law and the first approach to take the firm as a subject of economic enquiry. The Coase theorem's continuing popularity can be attributed to its ability to offer a progressive research program that can apply to both economics and law that cannot be found in the realm of the legal realist school, which never made the leap to law. Coase's influence on corporate law compares to that of the economic theories posited by Adolf A. Berle and Gardiner C. Means.

Law and economics, Law and economics (Jurisprudence)

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Market efficiency and the domain of the firm

Article Abstract:

The Coasian theory of market efficiency as it relates to the formation of firms as a free market method of efficient self-regulation assumes that market participants have the ability to form firms. This may hold true in traditional three-sided and neoclassical markets but the great number of firms suggests that the efficiency of such a method of solving disputes is suspect, at best. Some markets, most notably the bilateral ones, are limited in their ability to form firms, suggesting that legal intervention is a better solution than the Coasian model in many, if not all, cases.

Administrative procedure

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Corporate law and corporate governance: a contractual perspective

Article Abstract:

An economic approach to corporate law within a Coasian framework suggests that markets can benefit from an enabling approach to corporate law. The flexibility offered by a market's formation of firms allows corporations to finance complex business ventures in an efficient manner that contributes to the distribution of wealth. An enabling, rather than limiting and mandatory, set of corporate law rules is especially effective in canon law countries.

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