With 163 authoritative entries providing definitive explanations and critiques of the fundamental principles and practices of corporate governance, this timely Encyclopedia is a comprehensive overview of the economic, political, social, legal and environmental impacts of corporations across the globe. Bringing together almost 100 leading experts, the Encyclopedia addresses the meaning and purpose of corporate governance and how this term has evolved over time. Philosophical perspectives on corporate governance, as well as its origins and history are laid out, (...) alongside critical theories and methodologies on governance. The Encyclopedia then examines different aspects of governance related to governance regimes, neoliberalism, finance, accounting and corporate reporting, law and regulation, strategy and forms of governance. Board processes and performance, leadership in the boardroom, board directors and board diversity are explained. Focus is drawn to emerging societal problems and crises related to corporate governance and how these have been addressed by different institutions, such as digital era governance, corporate social responsibility and corporate sustainability and regeneration of the natural world. The Elgar Encyclopedia of Corporate Governance is an essential reference source for academics, researchers and students of business and management, economics and finance and environmental studies. Professionals and policymakers working in the sectors of corporate governance, corporate social responsibility, management and sustainability and strategic management will also find this to be an indispensable reference work. Key Features: 163 distinct entries structured by theme Combines empirical findings with real-world examples Adopts a comparative global analysis from leading academics Accessible explanations of fundamental concepts and principles. (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)

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)

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)

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)

The results of the authors’ research in a scientific monograph are devoted to solving the problems of forming and improving new concepts and strategies for managing economic systems, and mechanisms for their implementation in the context of modern world challenges to society on the basis of models of managing economic entities. An important component of the scientific monograph is the formation of modern strategies for increasing the competitiveness of economic systems, improving corporate structures, innovative restructuring of enterprises, ensuring environmental (...) safety, approaches to implementing a supply chain logistics management system, making effective decisions in the forecasting system, developing e-commerce, implementation of information technologies in project financing, controlling, education system, etc. The research results presented in the scientific monograph reflect the theoretical and practical aspects of the implementation of organizational-economic mechanisms for managing economic systems in the context of modern world challenges, conditions of constantly changing market conditions and instability of markets for goods and services, preservation and optimization of the resource potential of economic entities, the introduction of modern innovative technologies and digitalization of economic activities. (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)

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)

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)

The Indian banking system evolved from an exclusive private enterprise controlled by a few wealthy families and trusts, leaving the majority reliant on high-interest private lenders, perpetuating economic disparity. Nationalization of 21 banks under Indira Gandhi aimed to rectify this, aligning with India's constitutional goal of equitable wealth distribution. However, globalization and privatization reshaped the landscape, emphasizing profit-seeking and catering to the corporate sector and affluent classes. The marginalized rural and small business sectors suffered in this pursuit, evident in (...) neglected rural branch postings. To address this, an ethical foundation merging Marxist economics and Shariah banking principles is proposed, seeking inclusivity and ethical grounding. Shariah principles, rooted in Islamic law, extend beyond religious boundaries, while Marxist values amplify voices of the marginalized. By combining these principles, a more inclusive, morally anchored, and holistic Indian banking system can be envisioned. The priority sector's Non-Performing Assets challenge can be addressed without jeopardizing inclusivity. (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)

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)

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)

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)

In this article, we philosophically reflect on the nature of corporate governance. We raise the question whether control is still a feasible ideal of corporate governance and reflect on the implications of the epistemic insufficiency of economic institutions with regard to grand challenges like of global warming for our conceptualization of corporate governance. We first introduce the concept of corporate governance from the perspective of economics and politics. We then trace the genealogy of the concept (...) of governance based on a selective reading of Giorgio Agamben’s work, who has pointed at two interdependent paradigms of governance in the Christian tradition, and apply his categories in the context of corporate governance. We finally engage in a critical reflection on the concept of corporate governance and develop four characteristics of corporate governance that can guide future conceptual as well as empirical research in the field of corporate social responsibility of economic institutions. (shrink)

In this paper I argue that differences between the ‘new moral science’ of the seventeenth century and scholastic natural law theory originated primarily from the skeptical challenge the former had to face. Pufendorf’s project of a scientia practica universalis is the paramount expression of an anti-skeptical moral science, a ‘science’ that is both explanatory and normative, but also anti-dogmatic insofar as it tries to base its laws on those basic phenomena of human life which, supposedly, are immune to skeptical doubt. (...) The main scholastic legacy to the new moral science is the dichotomy between an ‘intellectualist’ and a ‘voluntarist’ view of natural law (or between lex immanens and lex imposita). Voluntarism lies at the basis of both theological views, such as Calvinism, and political views, such as those of Hobbes and Locke. The need to counterbalance the undesirable implications of extreme voluntarism may account for much of the developments in ethics and politics during the seventeenth and eighteenth centuries.Scottish natural jurisprudence, which tried to find a middle way between skepticism and extreme voluntarism, is less secular and more empirical than received wisdom admits. There emerged, as one of its ‘accidental’ outcomes, a systematic, self-contained and empirical economic theory from the search for an empirically based normative theory of social life. The basic assumption of such a theory, namely, the notion of societal laws as embedded in trans-individual mechanisms, derives from the voluntarist view of natural law as ‘imposed’ law.Later discussions of social issues in terms of ‘economic’ and ‘ethical’ reasons originated partly from a misreading ofthe Scottish natural jurisprudential framework of economic theory. Starting with this reconstruction, I try to shed some light on recent discussions about the role of ethics in economics. (shrink)

Many anthropologists interpret neoliberalism as a radical break from and dangerous rupture in post-war societies that featured Keynesian economic policies and welfare provision. The allure of a mythic welfare state has boosted John Maynard Keynes’s popularity to many who embrace certain facets of socialism. Many critical social scientists have embraced Keynesianism in ways that overlook how the US used Keynesian policies to reengineer and redeploy state power. Keynes’s liberal synthesis inspired managers in the US Treasury Department to understand depression-era problems (...) of unemployment and poverty in ways that were consonant with the expansion of corporate power. For understanding Keynesianism, as it actually existed during the Cold War, we must analyse how the US Treasury and State Departments used Keynesian principles to rebuild the social reproductive capacities necessary for capitalist accumulation both domestically and in Western Europe. I focus on how the architects of postwar capitalism used full employment policies, labour laws and welfare provision to renovate the nexus of political practices and institutional structures in ways that formed a benevolent and caring image of ‘the state’ and the myth of a class compromise. Through these reforms, governmental planners and administrators used the ‘state idea’ to reorganize capital accumulation as if the post-war economy would represent ordinary people’s best interests. In the process, these sophisticated practices of power became reified as the ‘welfare state’ and the ‘Keynesian compromise’ in ways that endow these institutions and policies with a character divorced from practices of power. The post-war state embodied a dialectic of repression and reform that combined criminalizing dissent with full employment policies and welfare provision. Taking these aspects of power into account, we can see post-war Keynesianism in ways that inspire a robust and far-reaching criticism of the contemporary predicament of economic uncertainty, political instability and environmental degradation. (shrink)

In this work, touched on some social issues whatever the result, and a raising awareness was aimed by some new technological upgrades for the vital infrastructures of states, social order and economic plans. The main aim is one world order which has no king and accepts nations as local governance as a requirement of hierarchical order. It is completely based on economic benefits of all nations as there is no alternative to establish a healthy economic order as economic management is (...) directly related with laws. As the important is a law exists or not, or is just or not for justice, also it encourages to develop organic laws in state institutions as it recognizes any state institution as autonomous. No state has this constitution. This work is only an offer. (shrink)

A citizens’ movement in Berlin advocates for the expropriation of housing corporations and has won a significant majority in a popular referendum in September 2021. Building on this proposal, this paper develops a general account of expropriation as a measure for corporate reform and thereby contributes to the ongoing debate on the democratic accountability of business corporations. It argues that expropriation is a valuable tool for intervention in a dire situation in some economic sector to enable a re-structuring of (...) the governance of the assets in question. Compared with other tools available, expropriation is a more forward-looking, genuinely political measure that does not depend on the legal assignment of guilt but rather proceeds in a pragmatic and problem-oriented manner. It also allows us to reconsider in how far the market mechanism should be employed in the administration of assets. Objections from private property rights against expropriation fail as corporations generally are privileged, quasi-public institutions that can justifiably be subject to democratic interventions. Expropriation is thus an important addition to the arsenal of corporate reform proposals, especially for those concerned with a broad democratization of the corporation. (shrink)

This article suggests theoretical and methodological approach to corporate control system formation in Eastern Europe (case study of Ukraine). It considers historical and controversial aspects of corporate control implementation and suggests the systematization of subjects and objects in terms of corrective actions and outlines of corporate relations. Existing types of corporate control in Ukraine have been investigated on the basis of legal and regulatory framework and corporate practice. The article suggests measures in respect of management (...) of the corporate control system development, based on the improvement of certain components of corporate control implementation and structural peculiarities. (shrink)

This article examines the principle of wealth maximization, as developed by Richard Posner, seeking to dispel misunderstandings, address criticisms, and contextualize its role in legal and political philosophy. The paper first delineates the distinction between the concepts of experienced utility and decision utility, elucidating how the latter is fundamental to the principle of wealth maximization. Next, the authors engage with criticisms of wealth maximization, including issues relating to basic needs, individual rights, and distributive justice. The paper contends that these aspects (...) of ‘justice’ can be understood as emergent properties of efficiency. The article then presents affirmative arguments for wealth maximization by connecting it to social contract theory and demonstrating its consistency with the tenets of liberal democracy. By analyzing the concept from both Hobbesian and Rawlsian perspectives, the paper illustrates the merits of the wealth maximization principle in relation to social contract theory. In conclusion, the article argues that wealth maximization serves as a robust and justifiable framework for legal and philosophical analysis, ultimately offering a better fit with the principles of liberal democracy than competing normative theories. (shrink)

Is political equality viable given the unequal private property holdings characteristic of a capitalist economy? This book places the wealth-politics nexus at the centre of scholarly analysis. Traditional theories of democracy and property have often ignored the ways in which the rich attempt to convert their wealth into political power, operating on the implicit assumption that politics is isolated from economic forces. This book brings the moral and political links between wealth and power into clear focus. The chapters are divided (...) into three thematic sections. Part I analyses wealth and politics from the perspective of various political traditions, such as liberalism, republicanism, anarchism, and Marxism. Part II addresses the economic sphere, and looks at the political influence of corporations, philanthropists and commons-based organizations. Finally, Part III turns to the political sphere and looks at the role of political parties and constitutions, and phenomena such as corruption and lobbying. Wealth and Power: Philosophical Perspectives will be of interest to scholars and advanced students working in political philosophy, political science, economics, and law. (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)

In this monograph, the authors summarized and supplemented the results of many scientific justifications and developments. Considerable attention is paid to the study of accounting and taxation issues in the context of modern management concepts and risks of martial law in Ukraine.

The paper applies confirmation theory to a famous statement of economics, the law of demand, which says that ceteris paribus, prices and quantities demanded change in opposite directions. Today's economists do not accept the law unless definite restrictions hold, and have shown little interest in deciding whether or not these restrictions were satisfied empirically. However, Hildenbrand (1994) has provided a new derivation of the law of aggregate demand and used this theoretical advance to devise a test that may be (...) the first rigorous one ever performed on the law. The paper accounts for Hildenbrand's and, in less detail, his predecessors' contributions within the philosophical framework of Hempel (1965) and Glymour (1980). Its salient result is that economists have accepted the "consequence condition", and rejected the "converse consequence condition", and thus implicitly adhered to a Hempelian- Glymourian view of confirmation and testability. (shrink)

The regulation of the interfaces of private and public interests is a central and recurrent issue of modern law. The centrality of the distinction and the manifold conceptual and practical problems associated with it has moreover been exacerbated over the past fifty years through the dominance of the twin-episteme of law constituted by law and economics and human rights law. Against this background, an alternative approach to and concept of law, transformative law, is briefly introduced. An approach which implies (...) replacing the notions of private and public interests with the concepts of legally constituted public power and societal power. In order to analyse the potential and limits of transformative law, five legal phenomena, central to the other contributions to this special issue, are analysed: public interest litigation; legal mobilisation in the preliminary ruling procedure; bankruptcy proceedings; third-party litigation and the Meta Oversight Board. (shrink)

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)

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)

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)

This article introduces a strategic decision-game theoretic approach, the Pardoner’s Dilemma, and juxtaposes it with the Prisoner’s Dilemma. Game theory has emerged as a significant approach in the twentieth century for explaining strategic decision-making in numerous arenas, including economics, business, politics, ethics, international relations, biology, law, and war studies. ‘Game theory’ explains how and why players/actors/agents cooperate or conflict to procure their self-interests in a social world. Life is a game, and human, corporate, and artificial intelligent agents are (...) players who play different games to maximise utility or minimise disutility. The Prisoner’s Dilemma is a promising game-theoretic approach that explains strategic decision-making in zero-sum and non-zero-sum games. ‘Strategic decision-making’ means that the outcome does not depend upon the actions of a player but upon all players. There are numerous essential game strategies, including tossing, negotiation, bargaining, balloting, competition, chance, power, and arbitration. Although the Prisoner’s Dilemma is a good game-theoretic approach, it does not allow players to use the key game strategies. In contrast, Pardoner’s Dilemma is a game theoretic approach that not only explains zero-sum and non-zero-sum games but also allows the players to use different game strategies, such as negotiation, bargaining, tossing, chance, balloting, competition, arbitration, and power. The article develops and defends the Pardoner’s Dilemma in the game-theoretic approach as an alternative to the Prisoner’s Dilemma. The article claims that the Pardoner’s Dilemma is a more promising approach than the Prisoner’s Dilemma in the decision-game theoretic framework. By introducing the Pardoner’s Dilemma, the article enhances the scope of decision/game theory in social sciences. (shrink)

Current challenges in medical practice, research, and administration demand physicians who are familiar with bioethics, health law, and health economics. Curriculum directors at American Association of Medical Colleges-affiliated medical schools were sent confidential surveys requesting the number of required hours of the above subjects and the years in which they were taught, as well as instructor names. The number of relevant publications since 1990 for each named instructor was assessed by a PubMed search.In sum, teaching in all three subjects (...) combined comprises less than two percent of the total hours in the American medical curriculum, and most instructors have not recently published articles in the fields they teach. This suggests that medical schools should reevaluate their curricula and instructors in bioethics, health law, and health economics. (shrink)

This study constitutes an ethical analysis through the lens of distributive justice in the case of the Troubled Asset Relief Program (TARP), which was enacted in the midst of the Great Recession of 2007–2009. It begins by engaging with the visions of justice constructed by John Rawls and Robert Nozick, using their insights to locate the injustices of TARP according to their moral imaginations. However, this study argues that Rawls’ and Nozick’s theories of justice primarily envision the nature of law (...) as being restrictive of vice, not as instructors of virtue. Thus, it resources the legal philosophy of St. Thomas Aquinas to demonstrate how the positive pedagogy of law can enable a more just construction of economic rescue legislation, one that not only prevents future repetitions of economic vices and injustice, but is also formative for a society that prizes economic justice and virtues. In doing so, the study proposes two criteria for a more just consideration of economic rescue legislation that embraces law’s positive pedagogy. (shrink)

Today's realities require medical institutions to take more careful account of intangible factors that make up an irreplaceable component of cultural characteristics. Changes in the socio-economic conditions of economic activity have led to increased attention of the management of medical institutions to the need to form a corporate style that will provide additional competitive advantages. The purpose of the study is to identify the functions and elements of the corporate style of a medical institution and its subdivisions, to (...) find out its impact on the collective consciousness and behavior of consumers of medical services and to establish requirements for its development. The methodological basis of the study is modern research on the formation of corporate style and its impact on the reputation and successful development of organizations. The main hypothesis of the study is the assumption that corporate style influences the level of recognition and authority of a medical institution. Summary of the main research material. It is proved that an authentic, working corporate style for a modern medical institution is a necessary element of its organizational culture. It is determined that the corporate style contributes to creating a positive image of a medical institution in the eyes of consumers; allows distinguishing a medical institution from other medical institutions with a similar range of services; strengthens the organizational spirit of medical staff; increases the effectiveness of advertising; and creates a favorable image of a medical institution. The originality and practical significance of the study lies in the fact that a comparative analysis of the elements of corporate style of city clinical hospitals in Dnipro, which are clearly implemented on the official pages on the Internet, was carried out. Conclusions and prospects for further research. The conducted research has made it possible to state that the considered medical institutions of the city of Dnipro do not pay the necessary attention to the formation of their own corporate style. Sporadic initiatives and events create the appearance of the existence of a corporate style of a medical institution, but do not ensure the existence of such a corporate style that would work to increase the recognition and authority of a medical institution. (shrink)

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)

This chapter briefly reviews the present state of judgment aggregation theory and tentatively suggests a future direction for that theory. In the review, we start by emphasizing the difference between the doctrinal paradox and the discursive dilemma, two idealized examples which classically serve to motivate the theory, and then proceed to reconstruct it as a brand of logical theory, unlike in some other interpretations, using a single impossibility theorem as a key to its technical development. In the prospective part, having (...) mentioned existing applications to social choice theory and computer science, which we do not discuss here, we consider a potential application to law and economics. This would be based on a deeper exploration of the doctrinal paradox and its relevance to the functioning of collegiate courts. On this topic, legal theorists have provided empirical observations and theoretical hints that judgment aggregation theorists would be in a position to clarify and further elaborate. As a general message, the chapter means to suggest that the future of judgment aggregation theory lies with its applications rather than its internal theoretical development. (shrink)

This introduction explains the reasons behind this Special issue and discuss the organization and content of it. The difficulty of a genuine dialogue and understanding between economics, law and humanities, seems to be due not only to the fragmentation of reflections on man, but to a real ‘conflict of anthropologies’. What kind of conceptions of man and human values are presupposed by and / or privileged by economics, law, economic approaches to law and social sciences? How and when (...) do these conceptions come into conflict within and between disciplines? How do these conceptions of man and his values influence the conceptions of economics, law and institutions, and vice versa, how do these last conceptions influence the former? What are the normative, regulatory and practical implications of assuming an anthropological and / or axiological perspective instead of another? This Special issue aims at exploring the possibility of finding a common ground for discussion between economics, law and humanities, through the analysis and comparison of both the conceptions of man, human action and values assumed by economics, law and humanities, and their normative implications. The contributions to this Special issue and its organization are outlined at the end of this introduction. (shrink)

Many business transactions and employment contracts are wrongfully exploitative despite being consensual and beneficial to both parties, compared with a nontransaction baseline. This form of exploitation can present governments with a dilemma. Legally permitting exploitation may send the message that the public condones it. In some economic conditions, coercively enforced antiexploitation law may harm the people it is intended to help. Under these conditions, a way out of the dilemma is to enact laws with provisions that lack coercive enforcement. Noncoercive (...) law would convey the state’s condemnation of wrongful exploitation without risking the harmful effects of coercively enforced law. It would also give firms and their agents a way of explaining nonexploitative pricing decisions to investors, and it may help give precise content to the moral duty to set prices and wages fairly. Governments should thus consider noncoercive law a viable component of their responses to exploitation. (shrink)

The publication of Guido Calabresi’s book “The Future of Law and Economics” has drawn a substantial amount of attention among law and economics scholars. We thought that the best way to devote special attention to this book was to devote a Special issue to it. This article situates Calabresi’s book among other reflections on the future of the discipline, introduces and explains the reasons behind this Special issue and discuss the organization and content of it. -/- We emphasize (...) how Calabresi’s historical-conceptual standpoint allows him to isolate the stakes of different future developments around the question of how could further appreciation of legal institutions that defy the standard economic assumptions help the field develop theoretically. Overall, the contributors all shared Calabresi’s attempt to restore the balance between Law and Economics and the need to better account for the “whole unanalysed experience of human race”, often neglected by the Economic Analysis of Law approach. Most disagreements are about the ‘how’. In any case, the search for the Law and Economics ‘not (yet) taken’ or for other “Law and … ” approaches is always open to the Future. (shrink)

Authors critical of corporate power focus almost exclusively on one solution: bringing it under democratic control. However important this is, there are at least two other options, which are rarely discussed: reducing powerful firms’ size and influence, or accepting corporate power as a necessary evil. This article provides a comparative perspective for evaluating all three options. It argues that the trade-offs we face in responding to corporate power have a trilemmatic structure. The pure strategies of accepting powerful (...) firms, breaking them up, or rendering them more accountable are each incompatible with one of three important values: power balance, economies of scale, and minimizing agency costs, respectively. While the latter two concepts are purely economic and efficiency-based, the value of power balance can be grounded in a variety of reasons. Different normative interpretations of power balance are discussed, along with their implications for policy choices within the trilemma. (shrink)

The article is focused on the investigation of the impact the corporate culture makes on industrial enterprise development. It demonstrates that the formation of the corporate culture principles contributes to raising the level of staff involvement, its labor activity performance, maintaining and reproduction of human capital assets of an enterprise. Investments in the development of corporate culture are considered as an alternative to traditional methods of increasing the efficiency of an enterprise in an uncertain economic environment. (...) class='Hi'>Corporate culture development, which involves a commitment to raising the level of knowledge, innovativeness and organization, has a positive effect on the performance and efficiency of the entire company, and aids in the regulation of internal labor relations, preventing potential critical situations. The introduction and development of corporate culture, which includes a certain system of values and behaviors, in modern domestic industrial enterprises is becoming a necessity. The application of the principles and values of corporate culture leads to the long-term success of an industrial enterprise. (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)

The moral issues that occur for profit corporations are a unique function of many internal and external factors, including corporate policies and purpose, business regulations, and business governance's economic and political system. Several possible theoretical frameworks prescribe behavioral norms and standards of conduct to companies, such as utilitarianism, deontological ethics, or virtue ethics. In this paper, we argue although there are signs cant similarities between Kantian Ethics and ideal corporate cultures, Kantian ethics cannot fully be integrated into contemporary (...) corporate practices. Kant's theory of morality fundamentally fails to consistently accommodate the infamous given purpose of corporations, namely the profit-maximizer. We also provide empirical insights from a case study in developing a semi-Kantian corporate code of conduct in a large technology-based company. (shrink)

The theoretical underpinnings of public international law have taken the sovereign status of the nation-state for granted since the beginning of the modern era. After centuries of evolution in legal and political thought, the state's definition as a bounded territorial unit has been strictly codified. The legal development of the nation-state was an ideological project informed by extra-legal considerations. Additionally, the ever-narrowing scope of the juridical idea of sovereignty functioned as a boundary mechanism instrumental in colonising Africa and other regions. (...) While international law claims universal liberalism today, the current system based on sovereign nation-states represents not social inclusion but fierce and dangerous exclusion. -/- The central thesis of this book is that the development of legal sovereignty was, rather than part of the modernist progress narrative, a historically contingent evolutionary regression. While other social systems such as economics and science became globalised, politics and law counterintuitively became more territorialised. It is argued that the nation-state today is not only anachronistic but is dangerously ill-equipped for facing international problems such as the climate crisis or global pandemics. Finally, it also leaves African states and many other formerly-colonised territories at a particular disadvantage by regulating their political practices into a predefined mould. (shrink)

The purpose of the paper is to determine the state of automotive corporations financial stability and to generalize the consequences of its violation for their activity and the global economy as a whole. Methods. The theoretical and methodological basis of the research is the scientific works in the field of corporate finance management and strategic development that studied analyzing and evaluating the financial stability of corporate companies, maintaining their financial stability in the medium and long term, official statistics (...) data of United Nations Conference on Trade and Development, financial statements of corporations Toyota Motor Corporation (Japan), Mercedes-Benz (Germany) and Tesla Motors (USA), own research results. The methodological basis of the study is a set of general scientific and special methods used to achieve the research goal: theoretical generalization, analysis and synthesis – in studying the content of scientific works on the research of financial stability of corporate companies and maintaining their financial stability; observation – to obtain primary information about the state of the world automotive market; the method of coefficient analysis and typing the situations – to assess the financial stability of automotive corporations; analytical – in determining the economic consequences of financial stability violation of automotive corporations; causation – to obtain final conclusions. Results. This article deals with the development of automotive industry in the world. The financial stability of leading automotive corporations is evaluated. The economic consequences of financial stability violation of automotive corporations are summarized. Financial strategies to improve the financial stability of automotive corporations are proposed. Practical value. The results of the study may be useful to the United Nations Conference on Trade and Development, the financial management of Toyota Motor Corporation, Mercedes-Benz and Tesla Motors. Value / originality – the state of financial stability of automotive corporations is determined and the consequences of its violation for their activity and the world economy as a whole are generalized. Further research should be directed towards the development of project measures to improve the financial stability of automotive corporations in the world. (shrink)

We know that technological developments will affect economic development which will have an impact on the level of public consumption. Law Diminishing Marginal Utility cause boredom which will comprehensively reduce one's purchasing power and interest in the commodities on the market. Capitalism and its development always try to encourage people's consumption continuously to the maximum point. Hedonism and consumerism cause financial imbalances which are a real threat to our society today. Law Diminishing Marginal Utility and followed by the application of (...) Economic Materialism Asymmetry to reduce unnecessary or philosophically form a normative framework so as not to get trapped in a destructive hedonistic cycle. These measurements are not carried out quantitatively or in a stricter context, this is intended to make it easier for the public to apply theoretical concepts from analysis to create a balance of consumption which has implications for alleviating poverty. (shrink)

Modern tourism is an industry which role in ensuring the economic development of individual states and the world economy as a whole cannot be overestimated. The success of tourism and travel enterprises often depends on their corporate reputation. This article is devoted to the study of the elements and their connection with the peculiarities of different segments behavior. To assess the consumer's response to the corporative reputation the ranking methods were used in course of decrease of exponent importance; Likert (...) five-grade scale. There were taken the constituent parts of corporate nature and the main elements of company reputation as the variables, which influence the consumer's decision on buying the service. Paper examines three issues: the possibility of a connection between the company's nature and corporative reputation elements; the factors affecting the purchase decision of tourism service; and the corporative reputation's place in the formation of consumer's behavior of the tourism company client. During the research there was found the connection between the company's nature and the corporate reputation elements, there were also found factors that effect the decision about buying the tourism product; the personal experience and the opinion of reference group turned out to be the most important. The essential influence of the corporate reputation on the client's behavior was found. Nevertheless, the obtained results differ for different groups, which were formed according to gender, age, income rate, belonging to a profession and the typical consumer behavior. The obtained results may be used by the companies of tourism and travel industry for identifying the target audience and for the development of the PR-campaigns. (shrink)

This article discloses topical issues of the need for constant monitoring of changes in the business activity in enterprise structures. The main purpose of the study is to monitor the business activity of industrial enterprise structures of Ukraine to predict their development under martial law. A critical analysis of the content of scientific publications to solve the problem of improving the management of business activity of business structures revealed the lack of attention of scientists to the problems under study. The (...) relevance of its solution is due to the scale of the impact of military conflicts on the business activity in enterprise structures, which requires its monitoring to further establish the state and ensure compliance of the business with the norms that are considered necessary to maintain a certain level of stability of development or to survive, to determine areas where the business can improve its activities and become more profitable. The methodological basis is the system of methods used to obtain the final results of the study: theoretical generalization – to deepen the essence of the concept of «monitoring business activity»; analysis, synthesis and logical generalization – to obtain conclusions during monitoring of business confidence and business climate in industry; prognostic – to predict the development of industrial business structures of Ukraine under martial law. The object of research in the work is the business activity of business structures. The article presents the results of monitoring business confidence and business climate in the industry of Ukraine under martial law. Analysis, synthesis and logical generalization of monitoring results became the basis for further forecasting the development of business structures. The results of the study can be useful for business structures that seek to maintain a certain level of stability of development and identify areas of improvement. (shrink)

This article outlines a new approach to the law of political economy as a form of transformative law, a new approach that combines a focus on the function of law with a concept of law encapsulating the triangular dialectics between the form-giving prestation of law, the material substance the law is oriented against, and the transcendence of legal forms—that is, the rendering of compatibility between forms. Transformative law thereby serves as an alternative to both law and economics and recently (...) emerging culturalist and neo-Marxist approaches. The timing of this publication is not coincidental. The era of neoliberalism—that is, of structural liberalism, which started in the 1970s and experienced its breakthrough in the 1980s and 1990s after the collapse of structural Marxism—is ending. This makes the question of what will succeed the neoliberal episteme pertinent. (shrink)

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also have moral justification. (...) Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

The legal progression in China is portrayed negatively by western scholars who often argue that the state institutions in China are subordinate to the control of Chinese Communist Party’s leadership which makes these institutions politically insignificant. We consider that the legal progression in China has an instrumental role in achieving “Harmonious Socialist Society.” The purpose of this thesis is to provide an analytical literature review of scholastic work to explain the legality of rule of law in China and to elaborate (...) the outcomes of China’s recent legal developments. This paper has two main subjects. First, it examines the nature of law and rule of law in China through the prism of different legal theories. Secondly, by arguing from different political theories, it explains the necessity of customized legal system in China for establishing a Harmonious Socialist Society. By giving different examples from contemporary China, this thesis argues that the legality of the rule of law in China ought to be understood in the context of China’s economic and social progression rather than the western legal scholarship. China’s economic progress demands a customized legal system. In our thesis, we claim that the regular upgradation of laws and introduction of constitutional amendments in China, should be recognized as important achievement which is required for the institutional innovation. Legal progression in China during last decade perfectly fit into the framework of “Socialism with Chinese Characteristics” and is very crucial for building a harmonious socialist society. It is vivid from China’s economic growth and developed international relations. Finally, this paper suggests that the Chinese legal progression can be taken as successful example of legal experimentalism. (shrink)