Stakeholder protection in corporate governance and in the legal system, the founders’ perspective, and the varieties of capitalism (original) (raw)

In the literature the issue of the protection of stakeholder interests (of employees in particular) is usually considered in a static context: how should the institutions of corporate governance be shaped having regard to already existing firms, conforming in particular to some subjective criteria of fairness and fair play. It is remarkable that no attention is usually paid to the basic fact that a company in order to exist must be first be established, and that the founders-owners are the original shareholders.