Atkins contrasts oikonomia (household management) with politika (city-state governance) as fundamentally different domains.
“This was distinguishable from politika —the governance of the polis , the city-state. Different rules, different purposes, different forms of accountability.”
Atkins defines shareholder democracy as voluntary and proportionate to capital at risk, not equal standing.
“In contrast, shareholder democracy is voluntary and proportionate to risk: influence corresponds to the amount of capital that an investor puts at stake.”
Atkins rejects stakeholder governance, arguing accountability to everyone means accountability to no one.
“However, if the board is accountable to “everyone,” then it is effectively accountable to no one.”
Atkins says market reaction disciplines corporate governance through higher capital costs and lower stock prices.
“Companies with subpar governance structures face a higher cost of capital and a lower stock price.”