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Corporate Governance

: The Harvard Law School Corporate Governance Blog

What Effect Will Citizens United Have on Shareholder Wealth?

By Harvard Law School Program on Corporate Governance

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Editor?s Note: John Coates is the John F. Cogan, Jr. Professor of Law and Economics at Harvard Law School. This post relates to Professor Coates? working paper, Corporate Governance and Corporate Political Activity: What Effect Will Citizens United Have on Shareholder Wealth?, which is available here.

In Citizens United, the Supreme Court relaxed the ability of corporations to spend money on elections, rejecting a shareholder-protection rationale for restrictions on spending.

The decision was a 'shock' to corporate governance of the majority of the largest US companies overturning long-standing understandings about how shareholder money could be used by corporate managers in the political arena. The result is effectively to force future campaign finance regulation to invade and become intertwined with the domain of corporate governance regulation with potential for politicizing that domain in a way that even the Enron crisis and the recent financial meltdown have not achieved.

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Full post as published by The Harvard Law School Corporate Governance Blog on September 30, 2010 (boomark / email).

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