Pub Date : 2018-07-09DOI: 10.4324/9781315267623-18
Perry Dane
This essay on Corporations is a chapter in an upcoming volume on economic theology edited by Stefan Schwarzkopf.
The secular study of corporations has long regularly focused on three sets of concerns: (1) Is the idea of corporate “personhood” only a convenient shorthand for a complex set of relationships among human beings or are corporations in some important sense “real entities” with rights, duties, interests, or even intentions of their own? (2) How do the various aspects of corporate personhood differ from the qualities of human personhood? (3) What are the proper purposes or missions of for-profit and not-for-profit corporations?
This essay examines these perennial questions through a distinctive theological lens. It considers, among other topics, doctrines in Jewish and Islamic law about the religious meaning of secular corporations, debates about the spiritual worth and moral responsibilities of for-profit corporations, and ideas in several faith traditions about the ontological status of religious communities.
The essay also discusses the role of the fraught idea of “idolatry” in conversations about corporations. And it ends by looking to Buddhist philosophy, contemporary neurological research, and secular theories of public choice and group decision-making to question the reigning assumption that there is a fundamental difference between “natural persons” such as human beings and “artificial persons” such as corporations.
{"title":"Corporations","authors":"Perry Dane","doi":"10.4324/9781315267623-18","DOIUrl":"https://doi.org/10.4324/9781315267623-18","url":null,"abstract":"This essay on Corporations is a chapter in an upcoming volume on economic theology edited by Stefan Schwarzkopf.<br><br>The secular study of corporations has long regularly focused on three sets of concerns: (1) Is the idea of corporate “personhood” only a convenient shorthand for a complex set of relationships among human beings or are corporations in some important sense “real entities” with rights, duties, interests, or even intentions of their own? (2) How do the various aspects of corporate personhood differ from the qualities of human personhood? (3) What are the proper purposes or missions of for-profit and not-for-profit corporations?<br><br>This essay examines these perennial questions through a distinctive theological lens. It considers, among other topics, doctrines in Jewish and Islamic law about the religious meaning of secular corporations, debates about the spiritual worth and moral responsibilities of for-profit corporations, and ideas in several faith traditions about the ontological status of religious communities.<br><br>The essay also discusses the role of the fraught idea of “idolatry” in conversations about corporations. And it ends by looking to Buddhist philosophy, contemporary neurological research, and secular theories of public choice and group decision-making to question the reigning assumption that there is a fundamental difference between “natural persons” such as human beings and “artificial persons” such as corporations.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129748479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As of today social responsibility has emerged into an en vogue topic for corporate executives, governmental officials, international public servants and stakeholder representatives. Due to globalization, worldwide business mergers, but also as for international deficiencies beyond the scope of nation states; the call for Corporate Social Responsibility (CSR) and Socially Responsible Investment (SRI) has reached unprecedented momentum. In the wake of the 2008 financial crisis, corporate social misconduct and financial fraud have steered consumers and investors to increasingly pay attention to democracy and social responsibility within market systems. Current stakeholder pressure addresses social responsibility of market actors and information disclosure of corporate and financial conduct. Legislative reforms enhance the accountability of financial market operations. With the era of liberalization being halted by the 2008 financial crisis, the reinterpretation of the public-private sector roles in providing social services has leveraged social responsibility into a pressing topic of debate. The renaissance of attention to responsibility as a prerequisite for the functioning of economic systems portrays CSR and SRI as windows of opportunity to re-establish trust in fallible market systems.
{"title":"Socially Responsible Investment","authors":"Julia M. Puaschunder","doi":"10.2139/ssrn.3183141","DOIUrl":"https://doi.org/10.2139/ssrn.3183141","url":null,"abstract":"As of today social responsibility has emerged into an en vogue topic for corporate executives, governmental officials, international public servants and stakeholder representatives. Due to globalization, worldwide business mergers, but also as for international deficiencies beyond the scope of nation states; the call for Corporate Social Responsibility (CSR) and Socially Responsible Investment (SRI) has reached unprecedented momentum. In the wake of the 2008 financial crisis, corporate social misconduct and financial fraud have steered consumers and investors to increasingly pay attention to democracy and social responsibility within market systems. Current stakeholder pressure addresses social responsibility of market actors and information disclosure of corporate and financial conduct. Legislative reforms enhance the accountability of financial market operations. With the era of liberalization being halted by the 2008 financial crisis, the reinterpretation of the public-private sector roles in providing social services has leveraged social responsibility into a pressing topic of debate. The renaissance of attention to responsibility as a prerequisite for the functioning of economic systems portrays CSR and SRI as windows of opportunity to re-establish trust in fallible market systems.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129243284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-01-17DOI: 10.1108/S0742-332220180000038010
Michael L. Barnett, I. Henriques, B. Husted
Abstract In this chapter, we explain why firms selectively responding to the most powerful, legitimate, and urgent demands of their stakeholders will not bring about sustainability and offer suggestions on what we should do in light of this shortcoming. Sustainability issues tend to be wicked problems that require cooperation across parties and over time to define and resolve. Stakeholder pressures can bring sustainability to the fore, but government intervention is necessary to drive meaningful action to resolve such issues. Without government intervention, self-interested stakeholders can pressure firms to move away from the complex, long-term challenges of wicked problems. Yet, stakeholder pressure is also necessary, as without it, industries may self-regulate in self-serving ways. Our analysis thus suggests that collaboration between business, government, and other stakeholders is necessary to resolve the wicked problems of sustainability. We therefore urge the stakeholder literature to move beyond its libertarian underpinnings by (re)incorporating government into models of effective corporate governance.
{"title":"Governing the Void between Stakeholder Management and Sustainability","authors":"Michael L. Barnett, I. Henriques, B. Husted","doi":"10.1108/S0742-332220180000038010","DOIUrl":"https://doi.org/10.1108/S0742-332220180000038010","url":null,"abstract":"Abstract \u0000In this chapter, we explain why firms selectively responding to the most powerful, legitimate, and urgent demands of their stakeholders will not bring about sustainability and offer suggestions on what we should do in light of this shortcoming. Sustainability issues tend to be wicked problems that require cooperation across parties and over time to define and resolve. Stakeholder pressures can bring sustainability to the fore, but government intervention is necessary to drive meaningful action to resolve such issues. Without government intervention, self-interested stakeholders can pressure firms to move away from the complex, long-term challenges of wicked problems. Yet, stakeholder pressure is also necessary, as without it, industries may self-regulate in self-serving ways. Our analysis thus suggests that collaboration between business, government, and other stakeholders is necessary to resolve the wicked problems of sustainability. We therefore urge the stakeholder literature to move beyond its libertarian underpinnings by (re)incorporating government into models of effective corporate governance.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114406285","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper analyses the implementation of the EU Non-Financial Reporting Directive in four European Member States: UK, Germany, France and Italy. The first part reviews the main trends, key differences and potential difficulties or unexpected consequences of the Directive. The paper then explores in more detail key substantive elements of the Directive, and how these have been dealt with by each of the surveyed states. This section includes an overview of the scope and format, environmental, social and governance (ESG) factors to report on, the information to be provided, the notion of materiality, the verification process, the basis of reporting and the consequences of non-compliance. The paper also presents a comparative table and comprehensive analysis of the domestic transpositions of each of the four countries under review. The Directive provides the first comprehensive framework for ESG reporting at the EU level but gives considerable leeway to Member states in the transposition process. Whilst generally the new EU-wide legislation has been a positive step, there are a number of gaps in the Directive itself, which have not been adequately addressed in the implementing legislation.
{"title":"Comparing the Implementation of the EU Non-Financial Reporting Directive","authors":"Claire Jeffwitz, F. Gregor","doi":"10.2139/SSRN.3083368","DOIUrl":"https://doi.org/10.2139/SSRN.3083368","url":null,"abstract":"The paper analyses the implementation of the EU Non-Financial Reporting Directive in four European Member States: UK, Germany, France and Italy. \u0000The first part reviews the main trends, key differences and potential difficulties or unexpected consequences of the Directive. The paper then explores in more detail key substantive elements of the Directive, and how these have been dealt with by each of the surveyed states. This section includes an overview of the scope and format, environmental, social and governance (ESG) factors to report on, the information to be provided, the notion of materiality, the verification process, the basis of reporting and the consequences of non-compliance. The paper also presents a comparative table and comprehensive analysis of the domestic transpositions of each of the four countries under review. \u0000The Directive provides the first comprehensive framework for ESG reporting at the EU level but gives considerable leeway to Member states in the transposition process. Whilst generally the new EU-wide legislation has been a positive step, there are a number of gaps in the Directive itself, which have not been adequately addressed in the implementing legislation.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126378674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
R. Heaney, Paul R Flatau, Kristy Muir, G. North, Libby Ward-Christie, Eileen A. Webb, Kaylene Zaretzky
This study explores how social impact investment (SII) has been used for housing and homelessness objectives internationally; examines three case studies where SII has been used in Australia; and considers finance structures, such as impact investment mutual funds, that would enable social impact investors to create a portfolio of affordable housing securities that can balance financial and social return.
{"title":"Supporting Vulnerable Households to Achieve Their Housing Goals: The Role of Impact Investment","authors":"R. Heaney, Paul R Flatau, Kristy Muir, G. North, Libby Ward-Christie, Eileen A. Webb, Kaylene Zaretzky","doi":"10.18408/AHURI-821031","DOIUrl":"https://doi.org/10.18408/AHURI-821031","url":null,"abstract":"This study explores how social impact investment (SII) has been used for housing and homelessness objectives internationally; examines three case studies where SII has been used in Australia; and considers finance structures, such as impact investment mutual funds, that would enable social impact investors to create a portfolio of affordable housing securities that can balance financial and social return.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"59 11-12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114033635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The products and services of firms operating in sin industries (alcohol, tobacco, gaming, and firearms) run contrary to social norms and can produce significant negative externalities for society. As such, sin firms are at greater risk of incurring political costs in the form of additional regulation, higher taxes, or capital market intervention if they come under scrutiny for their tax avoidance practices. Because of the nature of their products, regulators and policymakers are likely to face less pushback imposing new regulations or taxes on these firms. Consequently, we hypothesize and find that sin firms exhibit less tax avoidance than non-sin firms, particularly through uncertain and more risky tax avoidance strategies. The negative relationship between the sin firm status and tax avoidance is less pronounced in U.S. firms that accumulate political capital via intensive lobbying activities, or face more financial constraints, and less pronounced in countries where people are more receptive to “sin” products. Exploiting changes in partisan control of the Congress and the White House, difference-in-differences tests show that firearm firms engage in less (more) tax avoidance when the Democrats (Republican) control both the Congress and White House. Overall, we conclude that greater exposure to political costs leads to less tax avoidance for sin firms.
{"title":"Political Costs and Corporate Tax Avoidance: Evidence from Sin Firms","authors":"Cong Wang, R. Wilson, Shuran Zhang, H. Zou","doi":"10.2139/ssrn.3034635","DOIUrl":"https://doi.org/10.2139/ssrn.3034635","url":null,"abstract":"The products and services of firms operating in sin industries (alcohol, tobacco, gaming, and firearms) run contrary to social norms and can produce significant negative externalities for society. As such, sin firms are at greater risk of incurring political costs in the form of additional regulation, higher taxes, or capital market intervention if they come under scrutiny for their tax avoidance practices. Because of the nature of their products, regulators and policymakers are likely to face less pushback imposing new regulations or taxes on these firms. Consequently, we hypothesize and find that sin firms exhibit less tax avoidance than non-sin firms, particularly through uncertain and more risky tax avoidance strategies. The negative relationship between the sin firm status and tax avoidance is less pronounced in U.S. firms that accumulate political capital via intensive lobbying activities, or face more financial constraints, and less pronounced in countries where people are more receptive to “sin” products. Exploiting changes in partisan control of the Congress and the White House, difference-in-differences tests show that firearm firms engage in less (more) tax avoidance when the Democrats (Republican) control both the Congress and White House. Overall, we conclude that greater exposure to political costs leads to less tax avoidance for sin firms.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126465531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Production governance is not detached from the effects it produces. This paper suggests a framework to assess coordination structures and mechanisms in terms of their ability to include the publics and their interests, and to generate socio-economic value consistently with those interests. To this end, the framework considers a combination of resource integration mechanisms (contract, authority, cooperation) and structures (markets, exclusive organisational structures, and inclusive organisational structures). These combinations are analysed along key features: information, knowledge sharing ad co-creation, involvement and empowerment, as well as alongside some specific functions of governance (legitimacy, cognition, interdependence). The value added is in identifying criteria for appreciating diverse ways of integrating and coordinating resources, and the associated effects, thus providing both scholars and practitioners with a tool to discriminate amongst alternatives.
{"title":"The Institutions of Governance. A Framework for Analysis","authors":"Silvia Sacchetti, I. Catturani","doi":"10.2139/ssrn.2987003","DOIUrl":"https://doi.org/10.2139/ssrn.2987003","url":null,"abstract":"Production governance is not detached from the effects it produces. This paper suggests a framework to assess coordination structures and mechanisms in terms of their ability to include the publics and their interests, and to generate socio-economic value consistently with those interests. To this end, the framework considers a combination of resource integration mechanisms (contract, authority, cooperation) and structures (markets, exclusive organisational structures, and inclusive organisational structures). These combinations are analysed along key features: information, knowledge sharing ad co-creation, involvement and empowerment, as well as alongside some specific functions of governance (legitimacy, cognition, interdependence). The value added is in identifying criteria for appreciating diverse ways of integrating and coordinating resources, and the associated effects, thus providing both scholars and practitioners with a tool to discriminate amongst alternatives.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130858890","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate the relationship between corporate social responsibility (CSR) and firm-level capital allocation efficiency. Using seminal investment-Q framework, we provide evidence that CSR distorts investment sensitivity to Q. We further determine that this effect of CSR is moderated by the assumed level of agency conflict, stakeholder engagement, as well as financial slack. We also document that CSR negatively affects the sensitivity of external finance to Q and aggravates investment sensitivity to cash flow. In addition, we find that the distortion in the firm-level capital allocation efficiency is reflected in firm performance. Our findings are robust to alternative variable measurement as well as tests for endogeneity.
{"title":"Corporate Social Responsibility and Capital Allocation Efficiency","authors":"Avishek Bhandari, David Javakhadze","doi":"10.2139/ssrn.3054236","DOIUrl":"https://doi.org/10.2139/ssrn.3054236","url":null,"abstract":"We investigate the relationship between corporate social responsibility (CSR) and firm-level capital allocation efficiency. Using seminal investment-Q framework, we provide evidence that CSR distorts investment sensitivity to Q. We further determine that this effect of CSR is moderated by the assumed level of agency conflict, stakeholder engagement, as well as financial slack. We also document that CSR negatively affects the sensitivity of external finance to Q and aggravates investment sensitivity to cash flow. In addition, we find that the distortion in the firm-level capital allocation efficiency is reflected in firm performance. Our findings are robust to alternative variable measurement as well as tests for endogeneity.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129529984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Claudia Maria Giraldo Velasquez, Ledys López, Julieth Holguín Moná
Spanish Abstract: A continuacion se describira la gobernanza en Antioquia desde los siguientes aspectos: Que entienden los diferentes actores por gobernanza. Que problemas tiene la gobernanza en el departamento. Algunos actores claves para la gobernanza del departamento, el papel que cumplen y quien toma las decisiones ?Como dificultan los diferentes intereses de los actores la planificacion, desarrollo y gestion del turismo en Antioquia? ?Cuales son los procesos colectivos que se dan para la planificacion, direccion y gestion del turismo en Antioquia y Cuales son las mesas y consejos de negociacion. English Abstract: Governance according to Maria Victoria Cardenas (2013) is a recent concept in political science, only until the 80's is installed as defined so far. This research examined the governance from different aspects and discussions on the subject, taking into account the approach of different authors, from a so-called modern conception, also inquired about governance in the department of Antioquia - Colombia. It was a descriptive exploratory study, with a qualitative approach, where the interview technique was used, focusing the analysis on the actors, their behaviors and their interactions. As initial results, it can be said that for the actors, governance is articulation and collectivity under strategic guidelines of competitiveness. One of the main problems in Antioquia is that at the departmental level there is no alignment with the national level, and each actor is pointing to particular interests. As a general conclusion it can be said that a governance model implies a more detailed knowledge of what the tourism system is; understanding how it is carried to reality, implies a more holistic, more holistic view, where differences, contradictions and the diversity of things that are happening are admitted. Because tourism is a transversal activity, this becomes much more complex.
本文从以下几个方面描述了安蒂奥基亚的治理:通过治理理解不同的行动者。这个部门的治理有什么问题?在安蒂奥基亚的旅游规划、发展和管理中，不同利益相关者的不同利益如何阻碍了该部门的治理?•安蒂奥基亚的旅游规划、指导和管理的集体程序是什么?谈判桌和委员会是什么?English Abstract: Governance Maria Cardenas胜利(2013年)是对最近发生的概念的政治科学,直到only the 80 ' s is installed as defined so far。本研究从不同方面考察了治理问题，并考虑到不同作者的做法，从所谓的现代观念出发，也询问了哥伦比亚安蒂奥基亚省的治理问题。这是一项定性研究，采用了访谈技术，重点分析了演员、他们的行为和他们的互动。作为初步结果，可以这样说，对行动者来说，治理就是在竞争力战略指导方针下的衔接和集体。安蒂奥基亚的一个主要问题是，在部门一级与国家一级不一致，而每个行动者都针对特定的利益。作为一般性结论，可以这样说，治理模式需要对旅游系统的性质有更详细的了解;而开展的understanding how it is to reality, implies多更多的基金,基金差异,contradictions and the view, where多样性of things that are形象are弗。由于旅游业是一项横向活动，它变得更加复杂。
{"title":"Gobernanza del turismo en Antioquia-Colombia (Governance of Tourism In Antioquia-Colombia)","authors":"Claudia Maria Giraldo Velasquez, Ledys López, Julieth Holguín Moná","doi":"10.2139/ssrn.2888567","DOIUrl":"https://doi.org/10.2139/ssrn.2888567","url":null,"abstract":"Spanish Abstract: A continuacion se describira la gobernanza en Antioquia desde los siguientes aspectos: \u0000 \u0000Que entienden los diferentes actores por gobernanza. Que problemas tiene la gobernanza en el departamento. Algunos actores claves para la gobernanza del departamento, el papel que cumplen y quien toma las decisiones ?Como dificultan los diferentes intereses de los actores la planificacion, desarrollo y gestion del turismo en Antioquia? ?Cuales son los procesos colectivos que se dan para la planificacion, direccion y gestion del turismo en Antioquia y Cuales son las mesas y consejos de negociacion. \u0000 \u0000English Abstract: Governance according to Maria Victoria Cardenas (2013) is a recent concept in political science, only until the 80's is installed as defined so far. \u0000 \u0000This research examined the governance from different aspects and discussions on the subject, taking into account the approach of different authors, from a so-called modern conception, also inquired about governance in the department of Antioquia - Colombia. \u0000 \u0000It was a descriptive exploratory study, with a qualitative approach, where the interview technique was used, focusing the analysis on the actors, their behaviors and their interactions. \u0000 \u0000As initial results, it can be said that for the actors, governance is articulation and collectivity under strategic guidelines of competitiveness. One of the main problems in Antioquia is that at the departmental level there is no alignment with the national level, and each actor is pointing to particular interests. As a general conclusion it can be said that a governance model implies a more detailed knowledge of what the tourism system is; understanding how it is carried to reality, implies a more holistic, more holistic view, where differences, contradictions and the diversity of things that are happening are admitted. Because tourism is a transversal activity, this becomes much more complex.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129664084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This Chapter in the forthcoming Oxford Handbook of Law and Economics provides an introduction to the law and economics of the corporate form. It first distinguishes “the corporation” from “the firm.” It then describes and discusses the characteristics of the corporate form, including legal personality, limited liability, delegated management, transferable equity, and perpetual life. It then reviews the dominant theories of the corporation, including the entity theory, the aggregate theory, the property (principal/agent) theory, the nexus of contracts theory, the team production theory, and the franchise government/concession theory. It concludes by discussing various theories of corporate purpose, including the state interest, managerialist, customer service, shareholder value/primacy, stakeholder welfare, team production, and long-term production approaches to understanding the purpose of corporations.
{"title":"Corporate Entities: Their Ownership, Control, and Purpose","authors":"Lynn A. Stout","doi":"10.2139/ssrn.2841875","DOIUrl":"https://doi.org/10.2139/ssrn.2841875","url":null,"abstract":"This Chapter in the forthcoming Oxford Handbook of Law and Economics provides an introduction to the law and economics of the corporate form. It first distinguishes “the corporation” from “the firm.” It then describes and discusses the characteristics of the corporate form, including legal personality, limited liability, delegated management, transferable equity, and perpetual life. It then reviews the dominant theories of the corporation, including the entity theory, the aggregate theory, the property (principal/agent) theory, the nexus of contracts theory, the team production theory, and the franchise government/concession theory. It concludes by discussing various theories of corporate purpose, including the state interest, managerialist, customer service, shareholder value/primacy, stakeholder welfare, team production, and long-term production approaches to understanding the purpose of corporations.","PeriodicalId":201560,"journal":{"name":"CGN: Other Corporate Governance: Social Responsibility & Social Impact (Topic)","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131070096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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