Abstract

LOPEZ GOMEZ, LINA MARÍA. Business Judgment Rule in Colombia: an Approach from Law & Economics. Rev. Derecho [online]. 2023, n.59, pp.172-203.  Epub Jan 30, 2024. ISSN 0121-8697.  https://doi.org/10.14482/dere.59.519.001.

The Business Judgment Rule (BJR) is a rule developed by the case law of the American courts that establishes that judges will respect directors' business decisions, as long as they made an informed decision, in the best interest of the company and without violating the law or breaching their fiduciary duties. This paper reviews the application of the BJR in Colombia and the unsuccessful bills presented on this matter. In addition, it aims to analyze the economic implications of its adoption and, through a qualitative methodology and from a law and economics perspective, demonstrates its significant macroecono-mic and microeconomic benefits.

Keywords : Business Judgment Rule; law and economics; economic efficiency; risk assumption; director's liability.

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