SHAMING IN CORPORATE LAW

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1、149UPALR1811Page1149U.Pa.L.Rev.1811UniversityofPennsylvaniaLawReviewJune,2001SymposiumNorms&CorporateLawArticleSHAMINGINCORPORATELAWDavidA.Skeel,Jr.[FNd1]Copyright(c)2001UniversityofPennsylvania;DavidA.Skeel,Jr.IntroductionShamingisin.Manyofthesamelegalscholarswhohaverecentlyturnedth

2、eirattentiontosocialnormsandquestionsofsocialmeaninghavetakenasimilarinterestinshamingsanctions.Theconnectionsareob-vious.ShamingsanctionsrangefromrequiringdrunkdriverstowearT-shirtsannouncingtheircrimestoforcingpolluterstoplaceadvertisementsconfessingandapologizingfortheiroffenses.O

3、neofthecommonthreadsthattiethesedisparatepunishmentstogetheristhateachisdesignedtoelicitmoraldisapprovalfromtheoffenders'fellowcitizens.Farmorethanwithpenaltiessuchasfinesorimprisonment,thismoraldisap-provalisthebeginningandendofthepunishment.Shamingthusdrawsonsharedsocialmeaningando

4、nnormsaboutpermissibleandimpermissiblebehavior.Giventheselinks,itishardlysurprisingthatnormsscholarswouldtakeaferventinterestinshaming.Fromanotherperspective,however,therecentinterestinshamingissomewhatodd.Shamingsanctionsworkbestinclose-knitcommunitiesinwhichcitizensinteractfrequent

5、lyandsharecommonval-ues.Becausereputationissoimportantinthiscontext,citizenswillavoidbehaviorthatmayleadtosham-ingandwillviewshamingasaseriouspunishment.WhileAmericansocietymayoncehavebeencharacter-izedbyclose-knitcommunities,thisseemsfarlesstruenow.Moreover,acasualglanceatthetelevis

6、ionoravisittothemoviessuggeststhatbehaviorweoncemighthaveviewedasshamefulhaslostitsopprobri-um.Ifwenolongerliveincommunitieswithsharedvaluesanddonotrecognizeshame,whatexplainsthesuddeninterestinshaming?Oneexplanationissimplythatacademicsareoutoftouchwithreal-worldcon-ditions,ofcourse

7、,butIwillputthatpossibilitytooneside.Amorelikelyrationalemaybenostal-gia.Althoughtheclose-knitcommunitiesofearliergenerationshavedisappeared,thefascinationwithshaming,andwithnormsgenerally,mayreflectadreamthatthislostsenseofcommunitycouldbere-stored.Amoreoptimisticexplanationisthatco

8、mmunitystill