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Derivative Actions and Corporate Governance$
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Arad Reisberg

Print publication date: 2007

Print ISBN-13: 9780199204892

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199204892.001.0001

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The Choice of Rationales and the Social Meaning of Derivative Actions

The Choice of Rationales and the Social Meaning of Derivative Actions

(p.46) 2 The Choice of Rationales and the Social Meaning of Derivative Actions
Derivative Actions and Corporate Governance

Arad Reisberg

Oxford University Press

This chapter aims to analyse the theoretical rationales behind derivative actions, and to ask how they relate to our understanding of the social value and roles of the derivative action as a corporate governance tool. An initial analysis of the merits and demerits of the derivative action is presented in Section 2.2. Section 2.3 analyses the roles derivative actions may assume in enforcing corporate accountability. The question addressed is whether their purpose is primarily to deter misconduct or simply to compensate the company for the wrongdoing. As part of this, the possible benefits and limitations of these rationales will be explored. Finally, Section 2.4 examines the public image, or expressive value, of the derivative action. The purpose is to determine if some of the features inherent in the derivative action procedure enhance or detract from the understanding of derivative action as a positive social force.

Keywords:   social value, roles, deterrence, misconduct, compensation, public image

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