How can we know whether we are punishing the same corporation that committed some past crime? Though central to corporate criminal justice, legal theorists and philosophers have yet to address the basic question of how corporate identity persists through time. Simple cases, where crime and punishment are close in time and the corporation has changed little, can mislead us into thinking an answer is always easy to come by. The issue becomes more complicated when corporate criminals undergo (...) any number of transformations—rebranding, spinning-off a division, merging, changing ownership, changing management, swapping lines of business, etc. These changes are common among all corporations, including those trying to conceal or limit liability for past crimes. This article takes a first step toward developing a workable and philosophically satisfying theory of corporate personal identity and discusses its prospects for fulfilling the retributive, rehabilitative, and deterrent purposes of criminal law. (shrink)

While researchers in business ethics, moral philosophy, and jurisprudence have advanced the study of corporate agency, there have been very few attempts to bring together insights from these and other disciplines in the pages of the Journal of Business Ethics. By introducing to an audience of business ethics scholars the work of outstanding authors working outside the field, this interdisciplinary special issue addresses this lacuna. Its aim is to encourage the formulation of innovative arguments that reinvigorate the study of (...) corporate agency and stimulate further cross-fertilization of ideas between business ethics, law, philosophy, and other disciplines. (shrink)

On 4 December 2006, during discussions on the Corporate Manslaughter and Corporate Homicide Bill, Andrew Dismore, Member of Parliament and then Chair of the Joint Committee on Human Rights, said, ‘Organisations can kill people … but it is the actions and omissions of people in organisations that cumulatively cause death’. However, the corporate entity is a vehicle for the communal actions of those who guide the business activities. Attempting to seek out persons or people that are solely (...) responsible for deaths and violations of human rights caused by companies is fruitless. The entity is a vehicle for those actions, it possesses its own, often deep, pockets of finance and resources, and it has a public image. It is more useful to punish the corporate entity, in instances where the corporate behaviour has led to death and human rights abuses, as it is in seeking out individual defendants. Soft law options have not brought about a sufficient reduction in instances of deaths caused by corporate behaviour across jurisdictional borders. This article will argue that the time has now come to establish an international hard law on corporate killing, and for states to ensure that there is a viable path towards a redress for victims and their families along with adopting a duty to assist the victim or their family to pursue redress to ensure a fair balance of power against transnational companies. (shrink)

The purpose of the article is to examine the role of the board of directors in corporate law in Jordan.

The Call for Papers for this conference suggests the topic, “international codes of business conduct.” This paper is intended to present a shift from a discussion of codes, or constraints to be placed upon business, to an entirely different topic: to responsibility, which yields duty, and the reciprocal concept, right. Beyond the framework of external regulation and codes of conduct, voluntary or otherwise, lies another possible accounting system: one of real corporate responsibility, which arises out of the evident capability (...) of businesses to engage in rationally self-regulated activity. If such responsibility can be shown to be comprehensible, then it could bind the activities of corporations ethically, and in rationally compelling legitimate law, just as your activities and mine are bound. Perhaps we can bind the officers of corporations as responsible persons, but I would like to introduce an undiminished conception of responsibility that will back legitimate law for the corporations themselves, as artificial persons. That is the purpose of Part 1 of this paper. In Part 2 I will turn to the case of multinational corporations in particular. I will draw conclusions regarding their general duties and rights, and will dip explicitly into ethical formulations, as well as the ground of legitimate law. I will also indicate a particular rational requirement, or duty, for politically and environmentally sustainable business practices of multinationals. In Part 3 I will discuss jurisdiction for instituting legal sanctions in multinational cases. I will argue that the national laws and civil suits that may be pursued within a court in one nation can actually stand as legitimate checks against abuses carried out by the arms of multinational corporations that reside in other nations. (shrink)

In its January 20th, 2010 decision in Citizens United vs. Federal Election Commission, the United States Supreme Court ruled that certain restrictions on independent expenditures by corporations for political advocacy violate the First Amendment of the Constitution, which provides that “Congress shall make no law […] abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” Justice Kennedy, writing for the 5-4 majority, (...) held that “[b]y suppressing the speech of manifold corporations, both for-profit and non-profit, the Government prevents their voices and view-points from reaching the public and advising voters on which person or entities are hostile to their interests” (Citizens United vs. Federal Election Commission 558 U.S. 38-9 (2010); emphasis added). Much of the language of the opinion, and some of its reasoning, as this passage illustrates, presupposes that corporations are agents capable of speech, and that it is (at least in part) in the light of this that limitations on political advocacy by corporations are prohibited by the Constitution. -/- While there are other strands in the argument, they are interwoven with the conception of the corporation as agent and speaker, with its voice and its viewpoints. The dissenters on the court objected on precisely this point (among others). Justice Stevens wrote sarcastically in his dissent, joined by Justices Ginsburg, Breyer, and Sotomayor, that “[u]nder the majority’s view, I suppose it may be a First Amendment problem that corporations are not permitted to vote, given that voting is, among other things, a form of speech” (558 U.S. 33 (2010)). Justice Sotomayor suggested in oral argument that the Court’s century-old practice of treating corporations as persons rests on a conceptual mistake. -/- My concern in this essay is not with the question whether the restrictions violate the Constitution. There are many issues that bear on this which will be outside the scope of my discussion. My concern is with the proper conceptual framework for understanding the agency of corporations and corporate speech, and the role that conceptions of these play in the background of the majority’s reasoning. The issue is legal, but it also has philosophical, conceptual and semantic aspects. It will be the latter aspects, and their potential to shed light on legal reasoning, that are my main focus. An adequate framework requires saying what properly speaking the corporation is, how agency is expressed through the corporation, whose agency it is, centrally whether the corporation is an agent or person in its own right, and in what sense it can be said to be capable of speech. I draw on recent work in collective action theory, particularly with respect to the semantics of collective action sentences (Ludwig 2007) and the analysis of the proxy agency in collective action (Ludwig 2014), to show (i) that corporations are neither genuine agents nor (therefore) capable of engaging in genuine speech, (ii) that consequently the First Amendment does not apply to corporations per se, and (iii) that a better understanding of the mechanisms of corporate agency casts doubt on more indirect arguments for extending the First Amendment to “corporate speech” as well. (shrink)

Any effort to specify identity conditions for corporations faces significant challenges. Corporations are amorphous. Nature draws no hard lines defining where they start or stop, whether in space or time. Corporations are also frustratingly dynamic. They often change the most basic aspects of their composition by exchanging parts, splitting and merging, changing ownership, and reworking fundamental internal operations. -/- Even so, we apply corporate identity conditions all the time. Both law and common intuition recognize that corporations do things—like pollute (...) environments or mislabel addictive medications—that call for judgment. Imposing judgment on corporations presupposes some implicit view of corporate identity that allows us to say, “This corporation that we now judge is the same one that misbehaved.” -/- This chapter draws on evidence from court decisions and experimental philosophy to unpack the fundamentally different visions of corporate identity implicitly encoded in law and in common intuition. The discrepancies suggest important lessons for lawmakers and corporate managers. (shrink)

The text offers a comprehensive introduction to business law and the Jordanian legal system. The textbook provides for key concepts and terms, contract basics, corporate structures, legal aspects of buying and selling, common pitfalls, international business issues and more. The text is comprehensive, in that there are chapters that cover what one would expect a business law text to cover, including intellectual property, real property, insurance, and bankruptcy.

The purpose of this symposium is to shed light on the genealogy of the idea of a business corporation, an economic institution which has long been regarded with a mixture of awe and apprehension. Each of the four original contributions addresses the history of some of its key features. In the process, each contributor reveals some of the insights that history has to teach us regarding the central concepts that inform contemporary debates about the nature of the corporation, the contours (...) of the corporation's purpose, the sources of corporate power, the functions of corporate law, the duties of directors, the status of shareholders, and the legitimacy of corporate rights. (shrink)

While most discussions of corruption focus on administration, institutions, the law and public policy, little attention in the debate about societal reform is paid to the “internalities” of anti-corruption efforts, specifically to character-formation and issues of personal and corporate integrity. While the word “integrity” is frequently mentioned as the goal to be achieved through institutional reforms, even in criminal prosecutions, the specifically philosophical aspects of character-formation and the development of corporate and individual virtues in a rational and systematic (...) way tend to be neglected. This paper focuses on the “internalities” of anti-corruption work with special emphasis on the pre-requisites that need to be ensured on behalf of the social elites in order for proper individual and collective character- formation to take place throughout the society. The author argues that a systematic pursuit of socially recognised virtues, both those pertaining to society as a whole and those specific to particular professions and social groups, is the most comprehensive and strategically justified way of pursuing anti-corruption policy, while institutional and penal policies can only serve an auxiliary role. The pursuit of institutional and criminal justice policies against corruption in a society that is subject to increasing relativism with regard to values and morality is at best ineffective, and at worst socially destructive. Thus the paper suggests a re-examination of the social discourse on the level of what the author calls “value strategy” and the gradual building of a plan to create and solidify specifically designed features of “corporate character” for key sectors of the society. This approach can serve as the main long-term strategy to improve the public profile of integrity and reinforce morality in both the public and civil sectors. (shrink)

Internal audit, management review, and account reconciliation are popular tools for combating corporate fraud, but whistle-blowing is the most prevalent. Whistle-blowers frequently fear reprisal from coworkers and bosses. That is why they require protection and support. Many international organizations have advocated that countries adopt regulatory frameworks for protecting whistle-blowers. Therefore, the current study investigates the notion of whistle-blowing to compare it to Public Interest Disclosure Act 2017 of Pakistan, which was enacted. It identifies the influence of legal and ethical (...) cultural norms in organizations on whistle-blowing behaviour. (shrink)

This article provides a brief introduction to some contemporary challenges found in the intersection of bioethics and international criminal law involving genetic privacy, organ trafficking, genetic engineering, and cloning. These challenges push us to re-evaluate the question of whether the international criminal law should hold corporations criminally liable. I argue that a minimalist and Strawsonian conception of corporate responsibility could be useful for deterring the wrongs outlined in first few sections and in answering compelling objections to corporate criminal (...) liability. (shrink)

The constitutions of many nations have been explicitly or implicitly founded upon principles of the social contract derived from Thomas Hobbes. The Hobbesian egoism at the base of the contract fairly accurately represents the structure of market enterprise. A contractarian analysis may, then, allow for justified or rationally acceptable universal standards to which businesses should conform. This paper proposes general rational restrictions upon multi-national enterprises, and includes a critique of unjustified restrictions recently proposed by the Organization for Economic Cooperation and (...) Development (OECD). I propose restrictions that may be tighter than the OECD and international law currently demand, because reason requires that the activities of enterprises accord with standards of environmental and governmental sustainability in addition to consortium, national law and international law agreements. I argue that it is justifiable that indictments may be presented by a citizen or a government against the local arm of a multinational enterprise in response to violations committed by an arm within a different country. (shrink)

In the western context, law has two functions. It upholds normative expectations and it transforms social phenomena. The latter is expressed through the form-giving function of law as law designates particular social phenomena as, for example, economic, political or religious. Inside such overarching categories, further subcategories can moreover be observed. In relation to economic processes, the legal institutions of competition, contract, corporation and property are, for example, classical examples of the form-giving function of law. The dual function of law is (...) briefly illustrated through a genealogy of imaginaries of law distinguishing between four historically dominant types of law: ‘Law as purpose’; ‘law as a tool’; ‘law as an obstacle’; and ‘law as reflexivity-initiation’. On this background, ten core dimensions of what might become a new episteme of transformative law are fleshed out with the aim of answering the question to what extent it can act as an alternative to the previous four types of law. (shrink)

In our globalized world, competition for capital is intense and only jurisdictions with superior corporate governance will attract the FDI crucial for economic growth and development. The goal of this chapter is to assess the legal regime of external auditors – as opposed to internal auditors - per Company Legislation of 1997 and provide suggestions for improvement in the current legal regime.34 Part II discusses global trends in corporate governance with respect to the role of the external auditor. (...) Part III of the chapter provides an overview of the development of the auditing profession in Jordan. In Part IV, the chapter analyzes in detail the specific provisions related to auditors in the Company Legislation of 1997. The part also points out various shortcomings and inconsistencies between rights and duties of auditors and makes suggested proposals for amending the current law. (shrink)

I aim in this paper to provide defense of one way to look at what should be regulated in the market place. In particular, I discuss what should be tolerated and argue against corporate welfare. I begin by endorsing John Stuart Mill’s harm principle as a normative principle of toleration. I call strict commitment to the harm principle when considering the regulatory structure of markets market libertarianism and oppose that to promotionism, the view that endorses government interference to promote (...) business interests. I next discuss the widespread use of promotionist policies, arguing against them and for market libertarianism. I also consider problems for my view, recognizing that one of my responses may leave some thinking the paper is a reductio of the market libertarian view because of the sort of slow-growth state it endorses. Others will recognize it as a view promoted by some of the U.S. founding fathers and find it attractive in its own right. (shrink)

The Law Society recently published a practice note titled 'Prosecutions of victims of trafficking'. This practice note comes many years after many lawyers had highlighted the problem and after the government machinery had chuntered into action and passed the UK Modern Slavery Act 2015 with explanatory notes and non-statutory guidelines for corporations. Since 2012 there had been issued warnings about the way defence lawyers, the Crown Prosecution Service and the UK police were dealing with trafficking and the Criminal Cases Review (...) Commission as far back as 2012 had note the severe failings by defence solicitors, prosecution and police, leading to many appeals and potential miscarriages of justice. Even in 2012 there were 946 known human trafficking victims, including 234 children. There was an attempt at a Human Trafficking Bill in 2010 which came to a halt and several reports including one by the Prison Reform Trust and Cambridge University Press, notwithstanding many books by notable academics for many years before today. This article examines the inadequacies of the Law Society practice note on defending victims and the jumble of high-ideals but short-sighted and impractical parts of the UK Modern Slavery Act 2015. (shrink)

The willful ignorance doctrine says defendants should sometimes be treated as if they know what they don't. This book provides a careful defense of this method of imputing mental states. Though the doctrine is only partly justified and requires reform, it also demonstrates that the criminal law needs more legal fictions of this kind. The resulting theory of when and why the criminal law can pretend we know what we don't has far-reaching implications for legal practice and reveals a pressing (...) need for change. (shrink)

Purpose ‐ The purpose of this paper is to explore the "resource curse" problem as a counter-example of creative performance and innovation by examining reliance on capital and physical resources, showing the gap between expectations and ex-post actual performance that became clearer under conditions of economic turmoil. Design/methodology/approach ‐ The analysis uses logistic regressions with dichotomous response and predictor variables on structured tables of count data, representing firm performance as an outcome of capital resources, physical resources and innovation where appropriate. (...) Findings ‐ Key findings relevant to economic and business practice follow. First, a typical characteristic of successful Vietnamese firms in the transition period is their reliance on either capital resources or physical asset endowments. Second, poor performers exhibit evidence of over-reliance on both capital and physical assets. Third, firms that relied on both types of resources tended to downplay creative performance. Some evidence suggests that firms face more acute problem caused by the law of diminishing returns in troubled times. Fourth, the "innovation factor" has not been tapped as a source of economic growth. Research limitations/implications ‐ This study has some limitations. The size of the survey sample is approximately 150 firms, while the potential sample of > 300 should be possible in the future. When the size increases, the research could be expanded to include further variables that will help investigate more deeply into the related issues and business implications. With regard to the implications of the study, the absence of innovations has made the notion of "resource curse" identical to "destructive creation" implemented by ex-ante resource-rich firms, and worsened the problem of resource misallocation in transition turmoil. The Vietnamese corporate sector's addiction to resources may contribute to economic deterioration, through a downward spiral of lower efficiency leading to consumption of more resources. Practical implications ‐ Insights obtained from this study could save transition economies' resources which have almost always been considered sine qua non before any critical major policymaking, while this is not necessarily true, and in many cases, even counterproductive. Originality/value ‐ Original data set on Vietnam stock market are collected, processed, prepared and used by the authors. Original design by the authors for regression equations with dichotomous predictor variables: dependence on endowed physical assets, reliance on capital resources and significant signs of creative performance/innovations. Original idea of viewing "resource curse" as absence of innovation and due to uncreative "destructive creation" of poor-performing commercial operations by resource-rich firms is used in the paper. We have searched the literature in business research and found that the empirical results have not been previously reported. (shrink)

Some progress has been made in recent decades to articulate corporate social responsibility (CSR) and, more recently, to associate CSR with international enforcement of human rights. This progress continues to be hampered, however, by the ability of a multinational corporation (MNC) that violates human rights not only to shift liability from itself to a nation-state but even to win compensation from that nation-state for loss of profits due to restrictions on its business activities. In the process, the nation-state’s sovereignty (...) is diminishing; and, in effect, though still attributed to nation-states, it is being transferred to the MNC. The main aim of this article is (1) to draw on normative considerations to claim that this MNC proto-sovereignty should be modified and (2) to contend that this can eventually be accomplished by adding to corporate adoption of CSR guidelines a regimen of global human rights enforcement. I base this contention on expectations about the internationalization of corporate criminal law and the globalization of civil society in general and of NGOs in particular. I consider various jurisdictions but I focus on US jurisprudence. (shrink)

Abstract: Before now it is believe that it is only company that their activities adversely affect the environment that should be socially responsible. This has change over the years as some country has made it mandatory for business to be socially responsible without which they cannot do business. For insurance company, their activities have to do with rendering of services and as such do not destroy the environment. The main objective of the study was to determine corporate social responsibility (...) accounting and financial performance of insurance companies in Nigeria. The research design adopted for the study is expo facto research design. The population of the study consists of all the 40 companies quoted in the Nigeria Stock Exchange as at December 2016. A sample of 25 insurance companies was selected base on their size from the population of the insurance companies. Data for the study were obtained from annual reports for the period of ten (10) years ranging from 2007 to 2016. Multiple regression analysis was carried out to determine the desire relationship. Findings show a significant relationship between corporate social responsibility accounting and return on capital employed and net profit margin, while a negative relationship with earnings per share. The implication of the findings is that there is evidence of conscious effort of the sampled insurance companies to discharge their social responsibility. The study recommends among other that management should be proactive and ensure that their social responsibility policies are adequately implemented, and ensure that Nigerian companies comply with government laws regarding business regulation in the country. (shrink)

One of the most important challenges for political theory is to identify the extent to which corporations should be facilitated and restricted in law. By way of background to that challenge, we need to develop a view about the nature and potential of corporations and corporate bodies in general. This chapter discusses two fallacies that we should avoid in this exercise. One, a claim popular among economists, that corporate bodies are not really agents at all. The other, a (...) claim associated with US jurisprudence, that not only are they agents, they are persons whose rights call in the same way as the rights of individual persons for legal recognition and protection. (shrink)

Digital privacy scholars tend to bemoan ordinary people’s limited knowledge of and lukewarm interest in what happens to their digital data. This general lack of interest and knowledge is often taken as a consideration in favor of legislation aiming to force internet companies into adopting more responsible data practices. While we remain silent on whether any new laws are called for, in this paper we wish to underline a neglected consequence of people’s ignorance of and apathy for digital privacy: their (...) potential to encourage capture by industry interests. In particular, we argue that such laws may be at increased risk of capture because they are unlikely to be democratically responsive. We make this claim on a twofold basis: first, well-known theoretical mechanisms explaining how the absence of responsiveness leads to capture, identified in prior political science and political philosophy literature, yield the prediction that digital privacy legislation is likely to be unresponsive and thus captured; second, empirical data concerning the European Union’s digital privacy laws, with a special focus on the General Data Protection Regulation, appears to confirm these predictions: the bloc’s (world’s?) flagship privacy protection law seems more responsive to corporate than citizen interests. (shrink)

Respondeat superior is a legal doctrine conferring liability from one party onto another because the latter stands in some relationship of authority over the former. Though originally a doctrine of tort law, for the past century it has been used within the criminal law, especially to the end of securing criminal liability for corporations. Here, I argue that on at least one prominent conception of criminal responsibility, we are not justified in using this doctrine in this way. Firms are not (...) answerable for the crimes committed by their employees, because firms cannot answer as to why the crime was committed; they lack the authority to offer the employee’s reasons for action. Though this rules out respondeat superior as a general principle, I show contexts in which vicarious liability is still appropriate in the criminal law, and I respond to a number of other concerns raised by this picture. (shrink)

This article brings to bear findings from the debate on the boundary problem in democratic theory on discussions of workplace democracy to argue that workplace democrats’ focus on workers is unjustified and that more constituencies will have to be included in any prospective scheme of workplace democracy. It thereby provides a valuable and underdiscussed perspective on workplace democracy that goes beyond the debate’s usual focus on the clarification and justification of workplace democrats’ core claim. It also goes beyond approaches like (...) stakeholder theory in law and economics that determine decision-making rights without taking into account genuinely democratic considerations. My discussion proceeds by considering three principles for inclusion from democratic theory for the specific case of the corporation. I submit that two of them, the all-coerced and the all-subjected principle, are not appropriate for this specific case, because they cannot capture the distinguishing features of the corporation. The all-affected principle however is appropriate but has a very wide range. I further argue that this is not as big of a problem as it first might seem and that this principle is still the most appropriate for defining the demos of the democratic corporation. The article closes by pointing out the consequences of this result for the workplace democracy debate and for the legitimacy of the market as a coordination mechanism. (shrink)

This paper discusses the legal aspects of the activities of transnational corporations. The relevance of the subject matter is determined by the significant impact exerted by transnational corporations on the world economy in general and on the economic situation of the country in which such corporations are registered as a subject of legal form of ownership in particular. Quality functioning of transnational corporations is an effective factor for the formation of sustainable development. This study reveals and determines the relationship between (...) the scale of activity of transnational corporations and their legal status within the framework of both single countries and entire economic communities, the individual subjects of law of which are transnational corporations. The practical significance of this study lies in the possibility of identifying and stating key aspects that play a significant role in assessing the practical activities of transnational corporations in the context of existing legal law with the ability to use the identified patterns in specific legal practice. The results of this study can be of significant practical importance for employees in the field of legal support for the activities of transnational-scale corporations, who are faced with the need to deeply analyse the legal aspects of the activities of these organisations and provide management of such structures with timely, highquality legal recommendations regarding the correction of the activities of these organisations in the context of the existing legal field. (shrink)

The purpose of the paper is to examine key provisions in the UAE company law.

One of the challenges in secondary schools today is infringements on students’ rights, in a tortious way that may also constitute breach of the Child’s Right Act of 2003 in Nigeria. These breach on rights usually come through the administration of corporal punishments on students, and mainly because the school heads see themselves as loco parentis of the students who can, therefore, enforce any form of punishment on them in the school. This study investigated knowledge, attitude, and infringement of tort (...) law among public secondary school heads on students in Osun State. All the students in Osun State public secondary schools and 723 heads constituted the population. A sample of 54 school heads and 180 students were selected using multi-stage sampling procedure. Two instruments were designed to elicit responses from the respondents. Descriptive and inferential statistics were used to answer the research questions raised for the study. The results showed that school heads do not have adequate knowledge of tort law and that both the school heads and students have poor attitude toward it tort law. The study recommends that short term training on student’s right, how they can be legally protected and tort law be organised for school heads. (shrink)

Every organization, as they grow has many stakeholders like shareholders, employees, customers, vendors, community, etc. For survival and growth, they have to rely upon healthy relations with all these stockholders. Hence organizations need to provide good returns for shareholders but also good jobs for employees, reliable products for consumers, responsible relations with the community and a clean environment. -/- Business ethics is the application of general ethical principles to business dilemmas and encompasses a broader range of issues and concerns than (...) laws do, as everything that is legal is not ethical. Ethics involves learning what is right or wrong, and then doing the right thing -- but "the right thing" is not nearly as straightforward. -/- Business Ethics has the following purposes: - To give people the tools for dealing with moral complexity in business - Business decisions have an ethical component - Ethical implications must be weighed before acting -/- Corporate governance is concerned with the ownership, control and accountability of companies, and how the corporate pursuit of economic objectives relates to a number of wider ethical and societal considerations. It is the application of best management practices, compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders. -/- Good Corporate Governance is key to Growing Profits and Reputation. It represents the relationship among stakeholders that is used to determine and control the strategic direction and performance of organizations. Accountability is a key element as well as requirement for corporate governance, fortifying the latter in such a way that it provides a transparent template for governing critical decisions, procedures, and activities. -/- Corporate Governance deals with the questions: (1) Who benefits from corporate decisions/senior management actions? (2) Who should benefit from corporate decisions/senior management actions? -/- There are a number of reasons why businesses should act ethically .As behavior is based on values priorities, a mutual effort at all levels to deal with corporate ethics begins with a clear understanding of core values, both individually and organizationally. -/- Good corporate governance begins with a company's own internal practices and policies. While corporate governance issues are common across organizations, each company requires governance principles that are unique in their approach. Good governance is, ultimately, the sine qua non for continued growth and prosperity. -/- Corporate governance ensures that long term strategic objectives and plans are established and that the proper management structure is in place. Companies that provide good governance, both in terms of practices and results can expect the backing not only of investors but of customers too. -/- Corporate Governance represents the moral framework, the ethical framework and the value framework under which an enterprise takes decisions. In the long run ethical behavior has a positive impact on the company's performance. -/- This paper discusses the elements of corporate governance, inter-relationship between business ethics and corporate governance with reference to some of the Indian companies over the years and their impact in this era of globalization and liberalization. (shrink)

Several European and North American states encourage or even require, via good Samaritan and duty to rescue laws, that persons assist others in distress. This paper offers a utilitarian and contractualist defense of this view as applied to corporations. It is argued that just as we should sometimes frown on bad Samaritans who fail to aid persons in distress, we should also frown on bad corporate Samaritans who neglect to use their considerable multinational power to undertake disaster relief or (...) to confront widespread social ills such as those currently befalling public health (obesity) and the environment (climate change). As such, the corporate duty to assist approach provides a novel justification for sustainable business practices in such cases. The paper concludes by arguing that traditional stakeholder approaches have not articulated this duty of assistance obligation, though a new utilitarian stakeholder theory by Thomas Jones and Will Felps may be coextensive. (shrink)

The Article analyzes the notion of legal “thinghood” in the context of the person–thing bifurcation. In legal scholarship, there are numerous assumptions pertaining to this definition that are often not spelled out. In addition, one’s chosen definition of “thing” is often simply taken to be the correct one. The Article scrutinizes these assumptions and definitions. First, a brief history of the bifurcation is offered. Second, three possible definitions of “legal thing” are examined: Things as nonpersons, things as rights and duties, (...) and things as property. The first two definitions are rejected as not being very interesting or serving any heuristic function. Conversely, understanding legal things as property is meaningful, useful, and helps to understand what it means to say that animals are legally things. Defining things as property has certain rather important implications, which are analyzed at the end of the Article. For instance, not everything needs to be either a person or a thing: The historical institution of outlawry involved treating individuals neither as legal persons nor as legal things. One must conclude that the person–thing bifurcation is less fundamental than is often assumed. (shrink)

On September 7, 2008 the executive administration of American President George W. Bush announced that his government would take over the giant mortgage finance companies Fannie Mae and Freddie Mac, costing the citizens $200 billion. One week later, the 160 year-old American investment bank Lehman Brothers filed for the largest bankruptcy in U.S. history. What would soon be known worldwide as “the financial crisis” had begun. In response to that crisis, less than a month later, on October 3, 2008, the (...) United States Congress passed the Emergency Economic Stabilization Act of 2008, which established the Troubled Asset Relief Program and authorized the use of $700 billion in taxpayer funds to bail out the banking and finance industry. As a result, the U.S. Treasury reports that the total bailout gave Bank of America $45 billion, Citigroup Bank $45 billion, AIG Bank $40 billion, J. P Morgan $25 billion, Wells Fargo $25 billion, General Motors $10.4 billion, Goldman Sachs $10 billion, Morgan Stanley $10 billion, GMAC $5 billion, and Chrysler corporation, a mere $4 billion. This response to a perceived crisis was not limited to the United States. On October 12, 2008—in one day alone—the United Kingdom coughed up the equivalent of €679 billion in bank relief. And in Germany, Der Spiegel reported on December 23, 2008 “The German government whipped its €480 billion bank bailout package through parliament in record time.". (shrink)

Jensen and Meckling’s 1976 definition of the firm as a legal fiction which serves as a nexus for contracts between individuals sits well with the Coasean narrative on the firm while at the same time being at odds with it. Available interviews with Jensen shed little light on the origins and meaning of this unusual definition. The paper shows how the definition captured, and was a response to, the American socio-political context of the early and mid-1970s, and traces how Jensen (...) and Meckling employed it once they themselves got immersed in the public debate about corporate responsibility and regulation in the late 1970s and early 1980s. It also considers Jensen and Meckling’s place in the literature on the economics of corporate law developed mostly in the 1980s. (shrink)

Corporate governance is developing rapidly in many countries across the world. In this article, the existing state of corporate governance in Jordan is examined. Jordan does not have a corporate governance code per se. The article reveals that overall Jordan has in place some of the features of corporate governance best practice, but that there remains further progress to be made in areas such as independence of directors, compensation, and correlation between shareholding and entitlement to seats (...) on the board. The article recommends legal reforms in order to enhance corporate governance in Jordan. (shrink)

This paper aims both to tackle the technical issue of deciphering Hobbes’s derivation of the sine law of refraction and to throw some light to the broader issue of Hobbes’s mechanical philosophy. I start by recapitulating the polemics between Hobbes and Descartes concerning Descartes’ optics. I argue that, first, Hobbes’s criticisms do expose certain shortcomings of Descartes’ optics which presupposes a twofold distinction between real motion and inclination to motion, and between motion itself and determination of motion; second, Hobbes’s optical (...) theory presented in Tractatus Opticus I constitutes a more economical alternative, which eliminates the twofold distinction and only admits actual local motion, and Hobbes’s derivation of the sine law presented therein, which I call “the early model” and which was retained in Tractatus Opticus II and First Draught, is mathematically consistent and physically meaningful. These two points give Hobbes’s early optics some theoretical advantage over that of Descartes. However, an issue that has baffled commentators is that, in De Corpore Hobbes’s derivation of the sine law seems to be completely different from that presented in his earlier works, furthermore, it does not make any intuitive sense. I argue that the derivation of the sine law in De Corpore does make sense mathematically if we read it as a simplification of the early model, and Hobbes has already hinted toward it in the last proposition of Tractatus Opticus I. But now the question becomes, why does Hobbes take himself to be entitled to present this simplified, seemingly question-begging form without having presented all the previous results? My conjecture is that the switch from the early model to the late model is symptomatic of Hobbes’s changing views on the relation between physics and mathematics. (shrink)

In this article I analyse one of the most important claims of the neoliberal policy prescriptions for Central and East European states in the early 1990s, that 'communist' property should be privatised. My claim is that this neoliberal policy prescription was based on a number of false assumptions about what it was 'communist' property, and a number of false assumptions about communist law. As a result of these assumptions, the post-communist process of privatisation was plagued by a host of unintended (...) and negative consequences. Nevertheless, based on these false assumptions, the neoliberal ideology was capable to portray the privatisation as 'rights based' and essentially a democratic process. I debunk these pretenses by showing that the reality of 'communist property' was totally different than that assumed by neoliberal policies. The distinctiveness of communist arrangements of property resided not in absence of private property, which was tolerated under communism, but in the organisation of property as an administrative matter, based on unwritten operational rules. Moreover, the communist corporate law was more or less the similar with the 'western corporate' law, so a simple change of formal law would not lead to the transformation of communist property into private property. If a transformation was desired, what needed to be changed was the operational rules accordingly to which the communist property operated. However, this was a level of 'reform' totally ignored by the neoliberal policies, with the result that post privatisation these operational rules continued to apply. The result was the great enrichment of the former communist managers who were able to benefit 'privatisation' at the expense of the public, in a process which was not 'right based' or 'democratic.'. (shrink)

AI companies are racing to create artificial general intelligence, or “AGI.” If they succeed, the result will be human-level AI systems that can independently pursue high-level goals by formulating and executing long-term plans in the real world. Leading AI researchers agree that some of these systems will likely be “misaligned”–pursuing goals that humans do not desire. This goal mismatch will put misaligned AIs and humans into strategic competition with one another. As with present-day strategic competition between nations with incompatible goals, (...) the result could be violent and catastrophic conflict. Existing legal institutions are unprepared for the AGI world. New foundations for AGI governance are needed, and the time to begin laying them is now, before the critical moment arrives. -/- This Article begins to lay those new legal foundations. It is the first to think systematically about the dynamics of strategic competition between humans and misaligned AGI. The Article begins by showing, using formal game-theoretic models, that, by default, humans and AIs will be trapped in a prisoner’s dilemma. Both parties’ dominant strategy will be to permanently disempower or destroy the other, even though the costs of such conflict would be high. -/- The Article then argues that a surprising legal intervention could transform the game theoretic equilibrium and avoid conflict: AI rights. Not just any AI rights would promote human safety. Granting AIs the right not to be needlessly harmed–as humans have granted to certain non-human animals–would, for example, have little effect. Instead, to promote human safety, AIs should be given those basic private law rights–to make contracts, hold property, and bring tort claims–that law already extends to non-human corporations. Granting AIs these economic rights would enable long-run, small-scale, mutually-beneficial transactions between humans and AIs. This would, we show, facilitate a peaceful strategic equilibrium between humans and AIs for the same reasons economic interdependence tends to promote peace in international relations. Namely, the gains from trade far exceed those from war. Throughout, we argue that human safety, rather than AI welfare, provides the right framework for developing AI rights. This Article explores both the promise and the limits of AI rights as a legal tool for promoting human safety in an AGI world. (shrink)

Political theorists have recently sought to replace the liberal, contractual theory of the firm with a political view that models the authority relation of employee to firm, and its appropriate regulation, on that of subject to state. This view is liable to serious difficulties, however, given existing discontinuities between corporate and civil authority as to their coerciveness, entry and exit conditions, scope, legal standing, and efficiency constraints. I here inspect these, and argue that, albeit in some cases significant, such (...) discontinuities fail to undermine the firm/state analogy, either because they are not significant enough to do so or because the particular trait on which they hinge is not decisive for how authority, in the state and in the firm, should be regulated to be legitimate. A pro tanto requirement exists, I thus argue, that corporate authority be held to regulatory norms comparable to those legitimate states abide by, including civil liberties, rule-of-law constraints, and accountability to subjects. (shrink)

Societies need markets, so just as trustworthy professionals are needed in fields such as healthcare, law and education, modern societies need trustworthy market managers, including corporate officers and directors. But in its screening of candidates, U.S. corporate business has lagged behind fields such as medicine and law, which in the nineteenth century addressed their need for screening by upgrading professional education and establishing licensing of individual practitioners. Corporate business, by contrast, has been too tolerant of problematic executives, (...) particularly executives of a type shown by recent research in psychology to exhibit a set of personality traits including below average concern about bad effects of their actions on other people. Over-representation of this problematic type has cost corporate business the trust and respect it could earn by resting fully on a time-honored alternative foundation already espoused by many trustworthy teachers and practitioners of business. Society needs these trustworthy people of business to work together to establish screening of candidates for high level corporate positions by upgrading MBA education and establishing licensing for these positions. For reasons again based on current findings in psychology, screening candidates for the MBA could be significantly strengthened by requiring historical studies, particularly history of the corporate legal structure in the U.S. and history of the MBA itself. Upgrading the MBA and establishing correlated licensing could open the way toward corrections in the legal form of the corporation to bring it into line with hospitals, law courts and universities as places where responsible professionals pursue their callings on behalf of society. (shrink)

Businesses cause social harm, meaning harm to society at large and not just to those with whom a business is contractually linked. Evidence introduced: normative claims that businesses should be "socially responsible"; positive claims that they contribute to social well-being; and negative claims that they are sometimes military-like, causing extensive harm for which no one is held personally responsible. The latter point to corporate survivalism, which acknowledges no mandatory civil responsibilities. Neither law nor social pressure has yet counteracted this (...) mind set. Business ethics might, but not if its practitioners examine only narrowly contractual relationships. (shrink)

This article argues that Clauberg defends the theory of concurrentism concerning the relationship between divine and secondary causality. It does so by examining Clauberg's theory of corporeal causation in light of his doctrines of cause in general and of corporeal substance. Clauberg's work represents one of the first attempts to reconcile Cartesian physics with the traditional doctrine in theology, according to which both God and created substances are true and immediate causes of all natural effects, in opposition to the occasionalist (...) trend which would soon develop in the Cartesian school as well as to the conservationist alternative of Durand de Saint-Pourçain. -/- Cet article soutient que Clauberg défend la théorie du concurrentisme sur la relation entre la causalité divine et la causalité seconde. Il le fait en examinant la théorie de la causalité corporelle de Clauberg à la lumière de ses doctrines de la cause en général et de la substance corporelle. L'œuvre de Clauberg représente l’une des premières tentatives de réconcilier la physique cartésienne avec la doctrine théologique traditionelle, selon laquelle Dieu et les substances créées sont des causes vrais et immédiates de tout effet naturel, en opposition au courant occasionnaliste qui se développera bientôt dans l'école cartésienne ainsi qu'à l'alternative conservationniste de Durand de Saint-Pourçain. (shrink)

American business's fascination with both laborsaving devices and low wage environments is causing not only structural unemployment and dissipation of the nation's industrial base but also the deterioration of abandoned host communities. According to individualist understandings of the right of private property, this deterioration is beyond sanction except insofar as it affects the property rights of others. But corporate stockholders and managers should not be considered the only owners of property the value of which is due in part to (...) the investments of employees and of the host community. The contributions of the latter should therefore be adequately recognized in law. Short-term job protection and long-term planning for leisure are helpful. But still more important is a recognition in public policy of the interests of the community in property owned by corporations. There is ample precedent in our legal traditions for public preemption of private property; but in contrast to much taking in the past, this must be exercized in a manner that is truly for the public benefit. (shrink)

Corporate social responsibility (CSR) research has ignored the arms industry, in large part because of political assumptions that tie this industry to nation-state sovereignty. Bypassing this obsolescent Westphalian world-view, I examine the US arms industry on the basis of CSR requirements regarding the environment, social equity, profitability, and use of political power. I find the arms industry fails each of these four CSR requirements. In response to the assertion that the arms industry should not be subject to CSR requirements (...) because it is crucial to national defense, I point out that many arms manufacturers are post-Westphalian entities more powerful in their own right than many nation-states. So they should be held responsible for the foreseeable consequences that flow from use of their products, both under civil law and, where applicable, under international human rights standards. (shrink)

Business ethics should include illicit businesses as targets of investigation. For, though such businesses violate human rights they have been largely ignored by business ethicists. It is time to surmount this indifference in view of recent international efforts to define illicit businesses for regulatory purposes. Standing in the way, however, is a meta-ethical question as to whether any business can be declared unqualifiedly immoral. In support of an affirmative answer I address a number of counter-indications by comparing approaches to organized (...) crime and to corporate crime, comparing the ethical critique of businesses studied in business ethics and those socially banned, and comparing the business ethics assumption as to businesses’ ethicality to societal ethical neutrality regarding war-related businesses. My conclusion: to help advance respect for human rights, business ethicists should apply their expertise to the task of defining illicit businesses. (shrink)

This paper argues that private property and rights assignment, especially as applied to communication infrastructure and information, should be informed by advances in both technology and our understanding of psychology. Current law in this area in the United States and many other jurisdictions is founded on assumptions about human behavior that have been shown not to hold empirically. A joint recognition of this fact, together with an understanding of what new technologies make possible, leads one to question basic assumptions about (...) how law is made and what laws we should have in a given area, if any. I begin by analyzing different aspects of U.S. law, from a high-level critique of law making to a critique of rights assignment for what I call 'simple nonrival goods.' I describe my understanding, as a non-lawyer with a background in psychology and computing, of the current conventions in U.S. law, consider the foundational assumptions that justify current conventions, describe advances in psychology and technology that call these conventions into question, and briefly note how the law might normatively change in this light. I then apply this general analysis to the question of domain name assignment by the Internet Corporation for Assigned Names and Numbers (ICANN). (shrink)

ABSTRACT:Drawing upon John Rawls's framework inThe Law of Peoples,this paper argues that MNEs have a responsibility to promote well-ordered social and political institutions in host countries that lack them. This responsibility is grounded in a negative duty not to cause harm. In addition to addressing the objection that promoting well-ordered institutions represents unjustified interference by MNEs, the paper provides guidance for managers of MNEs operating in host countries that lack just institutions. The paper argues for understanding corporate responsibility in (...) relation to the specific institutional environment in which MNEs operate. (shrink)

We live in a world of crowds and corporations, artworks and artifacts, legislatures and languages, money and markets. These are all social objects — they are made, at least in part, by people and by communities. But what exactly are these things? How are they made, and what is the role of people in making them? In The Ant Trap, Brian Epstein rewrites our understanding of the nature of the social world and the foundations of the social sciences. Epstein explains (...) and challenges the three prevailing traditions about how the social world is made. One tradition takes the social world to be built out of people, much as traffic is built out of cars. A second tradition also takes people to be the building blocks of the social world, but focuses on thoughts and attitudes we have toward one another. And a third tradition takes the social world to be a collective projection onto the physical world. Epstein shows that these share critical flaws. Most fundamentally, all three traditions overestimate the role of people in building the social world: they are overly anthropocentric. Epstein starts from scratch, bringing the resources of contemporary metaphysics to bear. In the place of traditional theories, he introduces a model based on a new distinction between the grounds and the anchors of social facts. Epstein illustrates the model with a study of the nature of law, and shows how to interpret the prevailing traditions about the social world. Then he turns to social groups, and to what it means for a group to take an action or have an intention. Contrary to the overwhelming consensus, these often depend on more than the actions and intentions of group members. (shrink)

Podstawowym celem artykułu jest przybliżenie dyskursu wokół możliwości regulacji gospodarki współdzielenia (ang. sharing economy) oraz omówienie potencjalnych instrumentów polityki publicznej, które mogą służyć do ograniczenia negatywnych skutków rozwoju tego systemu gospodarczego. Artykuł w pierwszej kolejności przybliża rozumienie koncepcji regulacji i régulation oraz omawia związki gospodarki współdzielenia z koncepcją współzarządzania cyfrowego. Następnie po przybliżeniu wybranych pozytywnych i negatywnych efektów gospodarki współdzielenia wskazane zostają wybrane instrumenty regulacyjne. W podsumowaniu wskazano na możliwe kierunki dalszych badań.

Вичерпання інтересу засновника юридичної особи фактом її створення не припиняє існування такої юридичної особи, проте змінює конфігурацію відносин між ними. Такі юридичні відносини мають іншу, відміну від корпоративних юридичних відносин основу для свого розвитку. Юридична особа виступає донором суспільного інтересу при відсутності зустрічного живлення доцільності її існування з боку реципієнтів її діяльності. Тобто відносини юридичної особи та споживачів її суспільної активності позбавлені корпоративності. Такі відносини не мають характеру закритої групи. В їх структурі переважає необмежене коло учасників, які взаємодіють безпосередньо з (...) юридичної особою щодо її сутнісної діяльності та не кореспондують між собою. Приватний інтерес засновника при створенні такої юридичної особи конвертується в суспільний інтерес при її подальшій діяльності. -/- Відповідно до статті 31 Закону України «Про вищу освіту» рішення про утворення державного вищого навчального закладу ухвалюється Кабінетом міністрів України. Водночас, як засновник цієї юридичної особи, останній позбувається особистого інтересу в діяльності цього закладу та його результатах. Цей інтерес мають інші особи, які й стають бенефіціарами відповідних результатів, а також суспільство в цілому, яке користується тією метою, задля досягнення якої створений навчальний заклад. -/- Наведене свідчить, що діалектика соціального зв’язку юридичної особи та її «творця» виходить за межи корпоративних юридичних відносин, які розкривають тільки їх частину в контексті реалізації приватного інтересу її учасника та не вичерпується ними. (shrink)

يهدف المقال إلى التطرق إلى بعض المشاكل التي تواجه الشركات العائلية في الدول العربية وتقديم المقترحات اللازمة بهذا الشأن.