Winner of the SLS Annual Conference Best Paper Prize 2011: Giving purpose to the corporate purpose debate: an Equitable Maximisation and Viability principle

Legal Studies ◽  
2012 ◽  
Vol 32 (1) ◽  
pp. 4-34 ◽  
Author(s):  
Daniel Attenborough
Keyword(s):  
High Probability ◽  
Shareholder Wealth ◽  
Academic Disciplines ◽  
Annual Conference ◽  
Legal Entity ◽  
Corporate Objective ◽  
Normative Principle ◽  
Legitimate Interests

Over the years, there has been an explosion in the mainstream scholarship of various academic disciplines on the issue of the appropriate corporate objective, which has been framed by a debate between the shareholder wealth maximisation and stakeholder-orientated theories. Behind the two paradigms is a complex set of controversies on which there exists wide disagreement. What is certain is that the prevailing theories have obvious normative and/or practical limitations and neither is to be extolled as an affirmative theory, for different reasons. The purpose of this paper is to cut through the consequent knot of partial and inaccurate dialectic in order to develop a positive normative principle of the corporate objective. This will be referred to as the Equitable Maximisation and Viability principle. The objective of the corporation as a separate legal entity should be to: (i) respect, protect, and fulfil the demonstrable, legitimate interests and expectations of the constituent groups that contribute to the corporation; and (ii) to facilitate the corporation's viability so that its future is guaranteed with sufficiently high probability. This theory is justifiable on the basis of the values of equality and efficiency.

Stakeholder Happiness Enhancement: A Neo-Utilitarian Objective for the Modern Corporation

2013 ◽  
Vol 23 (3) ◽  
pp. 349-379 ◽  
Author(s):  
Thomas M. Jones ◽  
Will Felps
Keyword(s):  
Social Welfare ◽  
Shareholder Wealth ◽  
Wealth Maximization ◽  
Stakeholder Interests ◽  
Modern Corporation ◽  
Corporate Objective ◽  
Sequential Logic ◽  
Shareholder Wealth Maximization ◽  
Specific Alternative ◽  
Refined Version

ABSTRACT:Employing utilitarian criteria, Jones and Felps, in “Shareholder Wealth Maximization and Social Welfare: A Utilitarian Critique” (Business Ethics Quarterly 23[2]: 207–38), examined the sequential logic leading from shareholder wealth maximization to maximal social welfare and uncovered several serious empirical and conceptual shortcomings. After rendering shareholder wealth maximization seriously compromised as an objective for corporate operations, they provided a set of criteria regarding what a replacement corporate objective would look like, but do not offer a specific alternative. In this article, we draw on neo-utilitarian thought to advance a refined version of normative stakeholder theory that we believe addresses a major remaining criticism of extant versions, their lack of specificity. More particularly, we provide a single-valued objective function for the corporation—stakeholder happiness enhancement—that would allow managers to make principled choices between/among policy options when stakeholder interests conflict.

scholarly journals The First Annual Conference of the Association of Muslim Social Scientists (UK)

2000 ◽  
Vol 17 (1) ◽  
pp. 125-132
Author(s):  
Sulayman S. Nyang
Keyword(s):  
Political Science ◽  
Political Process ◽  
The United States ◽  
Academic Disciplines ◽  
Keynote Address ◽  
Annual Conference ◽  
Social Scientists ◽  
The United Kingdom ◽  
House Of Lords

The first annual conference of the Association of Muslim SocialScientists of the United Kingdom took place on October 30-31, 1999, at theLondon School of Economics and Political Science in London, England.The attendees came from various British and continental European universities.There were also a few participants from outside the European continent.This conference was a follow-up to the December 1996 seminar at theOxford Academy for Advanced Studies that led to the creation of theAMSS(UK) for the specific purpose of promoting Islamic perspectives invarious academic disciplines. According to the conference program, theplanners of the conference chose an "open theme," inviting presenters towrite on topics in their own field of expertise. Because of this open invitationto the participants, papers on philosophy, sociology, political science,economics, law, education, religious studies, literature, art, media, andecology were presented at the conference.On the opening day, Lord Ahmed of Rotherham ( one of four Muslims sittingin the House of Lords) delivered the keynote address. He encouragedthe Muslim scholars to study the Muslim experience in the British Isles andto contribute to the better understanding of the Muslim minority in Britishsociety. He underscored the persistence of racism and anti-Islamic sentimentsin the country and urged his fellow believers to keep the faith and tomaintain their vigilance against the detractors of Islam in the West. Heargued for greater Muslim involvement in the political process in Britishsociety and urged the younger generation to do everything within theirpower to assert their rights as citizens and to maintain their Islamic identity.Professor Sulayman S. Nyang, a former President of the Association ofMuslim Social Scientists of the United States and Canada, addressed themeeting after Lord Ahmed's keynote address. Invited purposely to share theexperiences of the American AMSS with members of the British AMSS, ...

APPLICATION THE PERSONAL STATUTE OF A LEGAL ENTITY IN CIVIL CASES

2021 ◽  
pp. 225-241
Author(s):  
Andrey I. Schukin ◽  
Keyword(s):  
Legal Status ◽  
Practical Importance ◽  
Economic Activities ◽  
Legal Entity ◽  
Applicable Law ◽  
National Jurisdiction ◽  
Legitimate Interests ◽  
Civil Cases ◽  
The Stability

The decisions and activities of legal persons have consequences in many states, some-times giving rise overseas to disputes arising out of contracts, torts. The foreign element in such cases raises a number of difficult questions related to the legal status of the subjects of these relations: whether a legal entity created under the laws of one state is recognized as such in another state where it is engaged in economic activities; the laws of which state determine the legal capacity of a foreign legal entity? - etc. The answers to these questions may be found by means of the personal statute of a legal entity (lex societatis). The personal statute of a legal entity (lex societatis) is commonly referred to as the law, determined on the basis of a conflict of laws rule, to be applied to the totality of relations related to the legal entity and complicated by a foreign element, or at least to the main part of such relations. The application of the personal statute of a legal entity is relevant in civil cases in which at least one of the parties is a foreign corporation. This statute has to be resorted to in the case of a dispute on the merits, as well as in a number of other cases: determining the legal status of the disputing parties at the stage of initiation of the case and its subsequent resolution, checking the powers of the parties' representatives, etc. The court must examine the legal status of the corporation as a party to the proceeding before deciding on the applicable law. The purpose of this article is to analyze the practice of application by Russian courts the personal statute of a legal entity in resolving a number of procedural issues related to the determination of the legal status of the disputing parties, the verification of the credentials of the parties' representatives. The article provides an analysis of the content of the mentioned conflict of law norm, which is designed to help courts in their activities. The improvement of the investment climate in the state, the attractiveness of the national jurisdiction for economic activity, the stability of the civil turnover in general depend on the effective protection of the rights and legitimate interests of participants in corporate conflicts through justice. The study of features of the judicial form of protection of violated rights and interests in the light of the foreign element is of enduring theoretical and practical importance.

scholarly journals Shareholder Wealth Maximization and Social Welfare: A Utilitarian Critique

2013 ◽  
Vol 23 (2) ◽  
pp. 207-238 ◽  
Author(s):  
Thomas M. Jones ◽  
Will Felps
Keyword(s):  
Social Welfare ◽  
Shareholder Wealth ◽  
Shareholder Primacy ◽  
Wealth Maximization ◽  
Welfare Maximization ◽  
Social Welfare Maximization ◽  
Current State ◽  
Corporate Objective ◽  
Logical Sequence ◽  
Shareholder Wealth Maximization

ABSTRACT:Many scholars and managers endorse the idea that the primary purpose of the firm is to make money for its owners. This shareholder wealth maximization objective is justified on the grounds that it maximizes social welfare. In this article, the first of a two-part set, we argue that, although this shareholder primacy model may have been appropriate in an earlier era, it no longer is, given our current state of economic and social affairs. To make our case, we employ a utilitarian moral standard and examine the apparent logical sequence behind the link between shareholder wealth maximization and social welfare. Upon close empirical and conceptual scrutiny, we find that utilitarian criteria do not support the shareholder model; that is, shareholder wealth maximization is only weakly linked to social welfare maximization. In view of the dubious validity of this sequential argument, we outline some of the features of a superior corporate objective—a variant of normative stakeholder theory. In the second article, we will advance and defend our preferred alternative and then discuss some institutional arrangements under which it could be implemented.

scholarly journals PROBLEMS OF DETERMINING THE CRIMINAL PROCEDURE STATUS OF THE INJURED LEGAL ENTITY

2020 ◽  
Vol 8 (3) ◽  
pp. 46-50
Author(s):  
Evgeniya Semenkova ◽  
Ekaterina Kadatenko
Keyword(s):  
Criminal Procedure ◽  
Integrated Approach ◽  
Point Of View ◽  
Controversial Issues ◽  
Criminal Proceedings ◽  
Legal Entity ◽  
Legitimate Interests ◽  
Legal Entities

From the point of view of modern criminal procedure legislation and an integrated approach, the article identifies and analyzes the problems associated with the criminal procedure status of legal entities that have suffered from crimes, their participation in criminal proceedings, protection of rights and legitimate interests in the event of reorganization (merger, accession, division, separation, transformation), and suggests ways to resolve controversial issues

On the question of the relationship between the concepts of “intangible goods” and “personal non-property rights”

2021 ◽  
Author(s):  
Ruslan Ahmedov ◽  
Yuliya Ivanova
Keyword(s):  
Property Rights ◽  
Necessary Conditions ◽  
Private Life ◽  
Legal Capacity ◽  
Legal Entity ◽  
Intangible Benefits ◽  
Comprehensive Development ◽  
Legitimate Interests ◽  
Spiritual Freedom ◽  
The Relationship

Intangible goods, acting as a kind of objects of personal non-property rights, are an independent legal entity that belongs to a citizen as a subject of legal relations. Unlike various property rights, the essence of intangible goods, first of all, lies in their special status, being inalienable and non-transferable, they are acquired by citizens from birth or by law, and not in the order of succession or legal capacity. This category of goods individualizes a person, creates all the necessary conditions for a prosperous life in society, inviolability of private life, and ensuring absolute physical and spiritual freedom. Intangible benefits are guarantees of decent and comprehensive development of citizens, satisfaction of their positive needs, as well as compliance with legitimate interests.

scholarly journals On controlling persons of a legal entity as subjects of the use of coercion in russian civil law

2021 ◽  
Vol 7 (3A) ◽  
pp. 120-127
Author(s):  
Maria A. Tkacheva
Keyword(s):  
Qualitative Research ◽  
Civil Law ◽  
Legal Entity ◽  
Balance Of Interests ◽  
Legitimate Interests ◽  
General Principles Of Law

This article is devoted to the problem of possibility of applying civil coercion to persons who are not directly violators of someone's rights or legitimate interests, but can influence the behavior of participants in civil legal relations and give them mandatory instructions for execution that are illegal. This is the focus of this exploratory, qualitative research. The highlighted results indicate that based on the general principles of law, these persons cannot remain outside the scope of civil coercion, since this circumstance will contribute to the abuse of rights and violation of the balance of interests of all subjects of civil law.

Grammatical Morpheme Intervention Issues for Students Who Use AAC

2008 ◽  
Vol 17 (2) ◽  
pp. 62-68 ◽  
Author(s):  
Cathy Binger
Keyword(s):  
Special Interest ◽  
Augmentative And Alternative Communication ◽  
Intervention Program ◽  
Annual Conference ◽  
Alternative Communication ◽  
Research Results ◽  
School Aged Children ◽  
Grammar Acquisition ◽  
Device Use

Abstract Many children who use AAC experience difficulties with acquiring grammar. At the 9th Annual Conference of ASHA's Special Interest Division 12, Augmentative and Alternative Communication, Binger presented recent research results from an intervention program designed to facilitate the bound morpheme acquisition of three school-aged children who used augmentative and alternative communication (AAC). Results indicated that the children quickly began to use the bound morphemes that were taught; however, the morphemes were not maintained until a contrastive approach to intervention was introduced. After the research results were presented, the conference participants discussed a wide variety of issues relating to grammar acquisition for children who use AAC. Some of the main topics of discussion included the following: provision of supports for grammar comprehension and expression, intervention techniques to support grammatical morpheme acquisition, and issues relating to AAC device use when teaching grammatical morpheme use.

Family Support in Early Hearing Detection and Intervention (EHDI) Systems

2012 ◽  
Vol 22 (1) ◽  
pp. 11-21
Author(s):  
Patti Martin ◽  
Nannette Nicholson ◽  
Charia Hall
Keyword(s):  
Family Support ◽  
Hard Of Hearing ◽  
Critical Role ◽  
Annual Conference ◽  
Federal Law ◽  
Think Tank ◽  
Learning Collaborative ◽  
Technological Advances ◽  
Improved Outcomes ◽  
Program Components

Family support has evolved from a buzzword of the 1990s to a concept founded in theory, mandated by federal law, valued across disciplines, and espoused by both parents and professionals. This emphasis on family-centered practices for families of young children with disabilities, coupled with federal policy initiatives and technological advances, served as the impetus for the development of Early Hearing Detection and Intervention (EHDI) programs (Nicholson & Martin, in press). White, Forsman, Eichwald, and Muñoz (2010) provide an excellent review of the evolution of EHDI systems, which include family support as one of their 9 components. The National Center for Hearing Assessment and Management (NCHAM), the Maternal and Child Health Bureau, and the Center for Disease Control Centers cosponsored the first National EHDI Conference. This conference brought stakeholders including parents, practitioners, and researchers from diverse backgrounds together to form a learning collaborative (Forsman, 2002). Attendees represented a variety of state, national, and/or federal agencies and organizations. This forum focused effort on the development of EHDI programs infused with translating research into practices and policy. When NCHAM, recognizing the critical role of family support in the improvement of outcomes for both children and families, created a think tank to investigate the concept of a conference centered on support for families of children who are deaf or hard of hearing in 2005, the “Investing in Family Support” (IFSC) conference was born. This conference was specifically designed to facilitate and enhance EHDI efforts within the family support arena. From this venue, a model of family support was conceptualized and has served as the cornerstone of the IFSC annual conference since 2006. Designed to be a functional framework, the IFSC model delineates where and how families find support. In this article, we will promote and encourage continued efforts towards defining operational measures and program components to ultimately quantify success as it relates to improved outcomes for these children and their families. The authors view this opportunity to revisit the theoretical underpinnings of family support, the emerging research in this area, and the basics of the IFSC Model of Family Support as a call to action. We challenge professionals who work with children identified as deaf or hard of hearing to move family support from conceptualization to practices that are grounded in evidence and ever mindful of the unique and dynamic nature of individual families.

Quick Consult: Quick Consult: Acromioplasty

2002 ◽  
Vol 7 (3) ◽  
pp. 4-5
Keyword(s):  
Glasgow Coma Scale ◽  
Outcome Assessment ◽  
High Probability ◽  
Vegetative State ◽  
Behavioral Impairment ◽  
Whole Person ◽  
Ordinal Scales ◽  
Probability Of Death ◽  
The Individual ◽  
Assessment Scales

Abstract Different jurisdictions use the AMA Guides to the Evaluation of Permanent Impairment (AMA Guides) for different purposes, and this article reviews a specific jurisdictional definition in the Province of Ontario of catastrophic impairment that incorporates the AMA Guides. In Ontario, a whole person impairment (WPI) exceeding 54% or a mental or behavioral impairment of Class 4 or 5 qualifies the individual for catastrophic benefits, and individuals who do not meet the test receive a lesser benefit. By inference, this establishes a parity threshold among dissimilar injuries and dissimilar outcome assessment scales for benefits. In Ontario, the Glasgow Coma Scale (GCS) identifies patients who have a high probability of death or of severely disabled survival. The GCS recognizes gradations of vegetative state and disability, but translating the gradations for rating individual impairment on ordinal scales into a method of assessing percentage impairments cannot be done reliably, as explained in the AMA Guides, Fifth Edition. The AMA Guides also notes that mental and behavioral impairment in Class 4 (marked impairment) or 5 (extreme impairment) indicates “catastrophic impairment” by significantly impeding useful functioning (Class 4) or significantly impeding useful functioning and implying complete dependency on another person for care (Class 5). Translating the AMA Guides guidelines into ordinal scales cannot be done reliably.

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