Center on Corporate Governance
Recent scholarship on comparative corporate governance has produced a puzzle. While Berle and Means had assumed that all large public corporations would mature to an end-stage capital structure characterized by the separation of ownership and control,' the contemporary empirical evidence is decidedly to the contrary.
John C. Coffee Jr.,
The Rise of Dispersed Ownership: The Roles of Law and the State in the Separation of Ownership and Control,
Available at: https://scholarship.law.columbia.edu/faculty_scholarship/237