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- W1497358511 abstract "Delaware corporate law currently requires that directors oversee their firm’s systems to monitor risk so that they can limit their firm’s losses from such risks. Corporate law does not, however, require either directors or officers to oversee the interrelated process of managing that firm’s strategy for gains. Yet managing both risk and strategy are essential to a firm in creating value. In fact, as I argue in the paper, the current focus by business courts and academic commentators only on risk management oversight to prevent losses could actually undermine a firm’s management of its strategy for gains. I therefore propose in this paper a model for how Delaware corporate law can drive firms to manage their strategies for gains, in addition to their risk of loss, to create value. This proposal is especially needful in light of the fact that companies such as General Motors collapsed not because of excessive risk-taking, but because of defects in their processes for the formulation and implementation of innovative strategies for gains. This proposal also opens a new avenue for courts to combat the significant problem of short-termism, or the drive by firms to create short-term profits regardless of whether doing so creates value. That is because this proposal will create an expectation on officers and directors to oversee their firm’s strategic management system to achieve long-term value-creating objectives. As such, employees could use those objectives, rather than next quarter’s earnings targets, to guide their decisions. STRATEGIC MANAGEMENT 12/15/2015 2" @default.
- W1497358511 created "2016-06-24" @default.
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- W1497358511 date "2011-01-01" @default.
- W1497358511 modified "2023-09-27" @default.
- W1497358511 title "Strategic Management and the Role of Legal Norms in Creating Corporate Value" @default.
- W1497358511 hasPublicationYear "2011" @default.
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