What a Public Corporation Really Is

  • Alexander Pepper


This chapter addresses one of the assumptions of standard agency theory—that the corporation is a legal fiction. It sets out a series of arguments as to why this assumption is incorrect, explains why public corporations should be regarded in ontological terms as real entities, and spells out why this matters—the consequences for agency theory as a whole and the particular consequences for shareholders and directors.


Critical realism Social ontology Public corporation 


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Alexander Pepper
    • 1
  1. 1.Department of ManagementLondon School of Economics and Political ScienceLondonUK

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