Growing numbers of employees, consumers, and investors want companies to be truly good; these stakeholders will accept lower economic returns in order to support companies that prioritize sustainability, fair wages, and fair trade. Unlike charities or non-profit organizations, such companies - or social enterprises - are not only permitted but also expected to produce an economic return for investors. Yet, unlike traditional business ventures, social enterprises have no obligation to maximize profits, even on a long-term basis. In this comprehensive volume, Benjamin Means and Joseph W. Yockey bring together leading legal scholars and practitioners to offer an authoritative guide to social enterprise law and policy. The Cambridge Handbook of Social Enterprise Law takes stock of the field and charts a course for its future development. It should be read by entrepreneurs, investors, practitioners, academics, students and anyone else interested in how companies are evolving to address new demands for capitalism with a conscience.
About the Author
Benjamin Means is a Professor of Law at the University of South Carolina School of Law. He teaches business associations, mergers and acquisitions, contracts, and family business law. His scholarship appears in journals including the Emory Law Journal, the Georgetown Law Journal, the Vanderbilt Law Review, and the Washington University Law Review. He serves on the executive committee of the American Association of Law Schools Section on Business Associations. Professor Means practiced law at Davis Polk & Wardwell LLP and Satterlee Stephens LLP, and he clerked for Judge Rosemary S. Pooler (United States Court of Appeals for the Second Circuit).
Joseph W. Yockey is a Professor of Law and the Michael and Brenda Sandler Faculty Fellow in Corporate Law at the University of Iowa School of Law. He teaches courses on business associations, compliance, and higher education, and he has been voted law school professor of the year. He writes extensively on social enterprise law and corporate governance. Professor Yockey practiced corporate litigation at Sidley Austin LLP in Chicago, Illinois, and he clerked for Judge John Daniel Tinder (formerly United States Court of Appeals for the Seventh Circuit).
Table of Contents
Introduction Benjamin Means and Joseph W. Yockey; Part I. Theoretical Framework: 1. Social and asocial enterprise Elizabeth Pollman; 2. Self-regulation of social enterprise Brian Galle; 3. Essential policy and practice considerations for facilitating social enterprise John E. Tyler; Part II. Historical Context and Political Economy: 4. Three legislative paths to social enterprise Brett H. McDonnell; 5. When all enterprise was social Robert C. Hockett; 6. Early lessons in social enterprise law Carol Liao; 7. Shaping corporate reform Nina Boeger; 8. The promise of social enterprise for low-income communities Alicia E. Plerhoples; Part III. Tax and Finance: 9. Creating a tax space for social enterprise Lloyd Hitoshi Mayer; 10. Impact investment and alternative capital channels Anne M. Tucker; 11. Financing social enterprise Joan MacLeod Heminway; 12. Social enterprise crowdfunding in New Zealand Andrew A. Schwartz; Part IV. Choice of Form: 13. The social enterprise life cycle Dana Brakman Reiser and Steven A. Dean; 14. Do we need specialized business forms for social enterprise? Peter Molk; 15. Social lock-in and the cooperative form Tamara C. Belinfanti; 16. Using a taxable nonprofit corporation for social enterprise Cassady V. Brewer; 17. Form follows function Kyle Westaway; Part V. Fiduciary Obligation: 18. Fiduciary duties in social enterprise Andrew S. Gold and Paul B. Miller; 19. Managerial duties in social enterprise: the public benefit corporation Lyman Johnson; 20. Judging the public benefit corporation Omari Scott Simmons; Part VI. Governance: 21. Stakeholder representatives for social enterprise J. Haskell Murray; 22. Mixed motive investments and agency costs Charles M. Yablon; 23. Some implications of the agency-cost theory of the non-profit firm Benjamin Moses Leff; 24. Preserving the social enterprise's mission Antony Page; 25. A new blueprint for regulating social enterprise Sarah Dadush.