Blanche Segrestin
Captains of Industry? Value Allocation and the Partnering Effect of Managerial Discretion
Segrestin, Blanche; Hatchel, Armand; Starkey, Ken
Authors
Armand Hatchel
KEN STARKEY kenneth.starkey@nottingham.ac.uk
Professor of Management and Organisational Learning
Abstract
Can value allocation be left to managerial discretion and does corporate law provide the basis for a balanced stakeholder management and a fair allocation of results? This question is central in an age of inequality. We argue that it can be reappraised by building upon the case of maritime law. Whereas in corporate law, the board is in charge of allocating the results, maritime law stipulates a clear ex ante rule according to which it allows a captain to sacrifice some goods to save the ship. This historical “rule of general averages” emerged in Antiquity. It compels the interested parties to jointly bear costs. This rule makes visible what we call a “partnering effect” of managerial authority and suggests that corporate law, as it currently stands, lacks a conceptualization of the impacts of managerial discretion and therefore limits the possibility of a fair allocation of results. While management scholars have sought to rethink management theory with a “view from law” (Lan & Heracleous, 2010), we conclude that law could also be discussed with a view from management history.
Citation
Segrestin, B., Hatchel, A., & Starkey, K. (2021). Captains of Industry? Value Allocation and the Partnering Effect of Managerial Discretion. Management and Organizational History, 15(4), 295-314. https://doi.org/10.1080/17449359.2021.1877558
Journal Article Type | Article |
---|---|
Acceptance Date | Nov 10, 2020 |
Online Publication Date | Feb 12, 2021 |
Publication Date | Feb 12, 2021 |
Deposit Date | Nov 11, 2020 |
Publicly Available Date | Aug 13, 2022 |
Journal | Management and Organizational History |
Print ISSN | 1744-9359 |
Publisher | Routledge |
Peer Reviewed | Peer Reviewed |
Volume | 15 |
Issue | 4 |
Pages | 295-314 |
DOI | https://doi.org/10.1080/17449359.2021.1877558 |
Public URL | https://nottingham-repository.worktribe.com/output/5034724 |
Publisher URL | https://www.tandfonline.com/doi/full/10.1080/17449359.2021.1877558?src= |
Files
Captains Of Industry
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Publisher Licence URL
https://creativecommons.org/licenses/by-nc-nd/4.0/
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