CORPORATE GOVERNANCE THROUGH THE LENS OF FEMINIST LEGAL THEORY IN THE INDUSTRIAL REVOLUTION 4.0...

Bài viết “Corporate governance through the lens of feminist legal theory in the industrial revolution 4.0 of Vietnam” được công bố tại Science & Technology Development Journal - Economics - Law and Management (STDJELM); số 5 (SI2), 2021, p. 171-179.
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Abstract
Feminist legal theory is often known to voice for women’s rights in political and community activities. However, the applicability of this theory is not only applied in those realms but also effectively transferred in corporate governance, especially in the industrial revolution 4.0. The article is a study on the utilization of feminist legal theory in corporate governance when recognizing the social nature of the firms. Furthermore, the author also analyzes neutrally the gender quotas on the corporate board from the perspective of corporate governance. Based on that ground, the author reccomends a feminist legal model suitable to current Vietnamese practice.
Keywords: corporate governance, feminist legal theory, the industrial revolution 4.0, Vietnam.
 
1. Introduction
The application of feminist theory in policy and law-making activities is not only meaningful to the public realm, but also must be developed and implemented in the private sectors as well, particularly corporate law. According to William J. Carney (1993), the efficiency model advocates that the goal of corporate law should be to ensure an environment of market efficiency to enable the corporation to achieve its goal of “maximizing shareholder profits.” This model rejects public regulation as inefficient and considers private contractual rights the desirable means of corporate control (1). This view may not realize the social nature of the corporations.
Ronnie Cohen (1993) clearly stated that the law must hold corporations accountable to the public and advance the concept that corporations should work not only for profit but also for the social good (1). Therefore, we should treat the corporate policy as a “contractual arrangement” (2) that represents a set of implicit and explicit contractual relationships between and among the various participants, including employees, shareholders, creditors, and managers (2). The position of women in both corporate law and corporate governance now is waned or not even specified. This context can be seen at best hollow and at worst is dangerous for women because when no race is specified, that silence codes as white; when no sex is specified, that silence codes as male (2).
So, in order to empower women’s rights and balance gender discrimination in corporate governance, applying feminist legal theory in corporate governance is an urgent job. Feminist legal theory gains have opened the doors of corporate workspaces to women (2). In addition, the industrial revolution 4.0 affecting corporate governance can be considered as a “ripe opportunity” for the lawmakers and directors to take advantage of for the establishment and development of a governance model under the lens of feminism, instead of operating a male-centered view model as it is currently.
This article shows an overview picture of theoretical and experimental feminism corporate governance in its current context. It also analyzes feminist corporate governance models in previous research done by other scholars to determine which is most suitable in Vietnam. Specifically, it demonstrates combinations among a feminist approach for how corporate governance in the 4.0 era and the role of law that may result in the rupture of the masculinist orientation in most firms today. This paper can bring an expanded view and bolster the position of worldwide women in general and Vietnamese women in particular.