Anne Tucker writes:
As most readers will know, Blair and Stout theorized that in this situation where various stakeholders make different types of investment (capital, human/labor, etc.) and where it is hard to tell what is earned from each separate contribution, that the stakeholders leave decisions up to the board of directors-- a mediating hierarchy--to apportion the gains and monitor the firm.
I have nothing but respect for Margaret and Lynn, and while their team production model has some overlap with my director primacy model, I have (obviously) preferred the latter. I gave a detailed critique of team production in Director Primacy: The Means and Ends of Corporate Governance, 97 Northwestern University Law Review 547 (2003), much of which was later revised and updated in my book The New Corporate Governance in Theory and Practice.