scholarly journals A Bayou privateer critique’s Marcoux’s fiduciary argument against stakeholder theory

2014 ◽  
Vol 3 (2) ◽  
pp. 46-60 ◽  
Author(s):  
Emir Phillips

This Article critique’s Alexei Marcoux’s A Fiduciary Argument Against Stakeholder Theory which set the mark for Shareholder Theory. Stakeholder Theorists sense the denouement of Shareholder Theory, but perhaps this in-depth reassessment of Marcoux’s Article may have them reconsidering. Recent corporate scandals reveal only the moral paucity of that company’s management and are not conclusive evidence of any odious qualities inherent to either shareholders or Shareholder Theory. The theory that can throw out the bathwater and keep the baby will win. This article adheres to a modified Shareholder Theory elucidated therein while admitting that the human, all-too human Shareholder Theory evinces every fiber of our moral being when injustice harms that which we most love. This Article hopefully makes clear that Stakeholder Theory is best attainable within the legal rubric of 3rd party beneficiary analysis, which is a valid extension of Shareholder Theory. One can see the power of this when applied to a 3rd party beneficiary (stakeholder), thereby generally negating any further philosophizing as to a Stakeholder Theory when the legal contract principle of 3rd party beneficiary so readily inculcates it. Thus, Stakeholder Theorists can sleep at night, 3rd party beneficiary Contract Law is operating 24/7. The contracting 1st parties need only address important contingencies likely enough to warrant the transaction costs of express provision, such as the possible subsequent inclusion of 3rd party beneficiaries. For all other contingencies, the fiduciary obligation fills the gap. And so, while presently in an awkward position, Shareholder Theory has the advantage of being right, even if it desperately needed this Article to save itself.

2015 ◽  
Vol 9 (1) ◽  
pp. 37
Author(s):  
Edward Nicodemus Lontah

<p><strong><span>Abstrak</span></strong><br />Penelitian Donalson dan Peterson menunjukkan bahwa <em>stakeholder theory</em> memiliki dasar yang lebih kuat dibandingkan epistemology dari shareholder theory untuk menganalisis mengenai performa etika bisnis dan kewajiban moral suatu perusahaan. Artikel ini akan menganalisis aktivitas bisnis Oskar Schindler menggunakan pendekatan stakeholder theory dalam CSR. Pembahasan akan difokuskan pada tanggung jawab moral Schindler sebagai direksi. Dalam aktivitas perusahaan yang dipimpinnya, tanggung jawab moril maupun ekonomis yang dijalankan Schindler akan saling berkelindan dengan tanggung jawab hukum yang seharusnya diemban oleh perusahaan. Pada akhirnya artikel ini sampai pada kesimpulan bahwa keputusan-keputusan manajerial etis yang diterapkan oleh direksi dan manajemen suatu perusahaan adalah suatu tanggung jawab moral yang seringkali bertabrakan dengan tanggung jawab ekonomis dan tanggung jawab hukum yang seharusnya dijalankan oleh suatu perusahaan.</p><p><strong><em><span>Abstract</span></em></strong><br />Donaldson and Peterson studies have shown that stakeholder theory has a more solid foundation than the epistemology of shareholder theory to analyze the performance of business ethics and moral duty of a company. This article discussed the business activities of Oskar Schindler, an industrialist war-profiteer during World War II. Schindler's business which was originally run by the government under the Nazi regime, eventually opposed the mission of economic and legal liability imposed by the regime. Schindler's transformation of vision and business mission in this article demonstrate the characteristics and connection of layers in descriptive, instrumental and normative stakeholder theory in the concept of "normative, instrumental and descriptive stakeholder theory" according to Donaldson and Peterson.</p>


Author(s):  
Kelly Oniha

Abstract: This paper explores the differences between born global firms and born regional firms. It compares performance between born regional firms and born global firms within the same industry. This paper would investigate three independent variables which are: firm performance, firm size, and model on a company’s strategy. I argue that despite key success indicators being almost similar in both born global firms and born regional firms, there exist some unique commonality in born global firms that are not evident in born regional firms, and vise-versa. This uniqueness motivates them to internationalize quicker than born regional firms. This paper would contribute to IB research by explaining the motivations behind behaviors of international venture firms Keywords: Born global firms, Born regional firms, international venture firms, Internationalization, resource based theory, stakeholder theory, shareholder theory


2017 ◽  
Author(s):  
Sri Zanariyah

The delivery of good trough cargo firm would face risk of uncertainty incident (evenement), if the incidents really happen and cause damage or lost of the delivered goods, partially or the whole. Therefor, the cargo firm may give special service as the “goodwill” of the cargo firm by giving insurance protection. Whether the insurance would be available or not is determined by the parties with considering terms and conditions of the cargo firm. The good delivery insurance is interesting to study either form the legal contract law aspects. The problems are that what kinds of deliveries can be insured and how does the conduct of insurance contract for the delivered goods under Titipan Kilat (TIKI) cargo firm in Bandar Lampung. This research was an applied normative or empirical normative research. The results of the reaserch showed that not all goods are insured, but those with particular categories. For the lost claims of insured goods, TIKI would processed the claims to the bounded insurance firms in the contract, and this process was conducted by PT. Citra Van Titipan Kilat cargo firm in Bandar Lampung on behalf of goods senders/consumers to the PT. Asuransi Ramayana Tbk. Insurance firm.


2001 ◽  
Vol 11 (1) ◽  
pp. 159-176 ◽  
Author(s):  
John Hendry

Abstract:After a decade of intensive debate, stakeholder ideas have come to exert a significant influence on academic management thinking, but normative stakeholder theory itself appears to be in considerable disarray. This paper attempts to untangle the confusion and to prepare the ground for a more productive approach to the normative stakeholder problem. The paper identifies three distinct kinds of normative stakeholder theory and three different levels of claim that can be made by such theories, and uses this classification to argue that stakeholder theorists have consistently pitched their sights either too high or too low to engage effectively with the rival shareholder theory. To the extent that they have their sights too high they have also undermined their own position by sacrificing credibility and introducing major problems of derivation.


2018 ◽  
Vol 21 (1) ◽  
pp. 22-36
Author(s):  
Asbudi Dwi Saputra

Itself the reclamation agreement between the Government of South Sulawesi province with investors have not materialized as it should be, because in the reclamation agreement has ignored the principles in contract law and the terms of a legal contract. There are discrepancies in the legislation between Article 8 of the Regulation of the Minister of Marine and Fisheries of the Republic of Indonesia Number 28 / Candy-Kp / 2014 concerning the licensing of reclamation in coastal regions and small islands with Presidential Decree No. 122 of 2012 on reclamation in coastal regions and small islands and Act No. 23 of 2014 on local government authority to permit the location of the reclamation. AbstrakPerjanjian reklamasi itu sendiri antara Pemerintah Provinsi Sulawesi Selatan dengan investor belum terwujud sebagaimana mestinya, karena dalam perjanjian reklamasi telah mengabaikan prinsip-prinsip dalam hukum kontrak dan ketentuan-ketentuan kontrak hukum. Ada perbedaan dalam undang-undang antara Pasal 8 Peraturan Menteri Kelautan dan Perikanan Republik Indonesia Nomor 28 / Candy-Kp / 2014 tentang perizinan reklamasi di wilayah pesisir dan pulau-pulau kecil dengan Keputusan Presiden No. 122 dari 2012 tentang reklamasi di wilayah pesisir dan pulau-pulau kecil dan Undang-Undang No. 23 tahun 2014 tentang otoritas pemerintah daerah untuk mengizinkan lokasi reklamasi.


2020 ◽  
Vol 28 (3) ◽  
pp. 217-242
Author(s):  
Nataliia Filatova

Abstract Smart contracts nowadays start being widely used in various areas of economic and social life. In most cases smart contracts are somehow related to legal contracts: the former may constitute part of a legal contract, an entire contract, or be used to automate a contract performance. Meanwhile, a question whether modern contract law is applicable to smart contracts is rather debatable, since smart contracts initially were designed to rely only on technical rules embedded in blockchain and considered as self-sufficient instruments capable of addressing various issues which may emerge in practice. However, practice has shown that technical regulation does not often cope with the problems one may face when using smart contracts, which confirms the need for legal regulation. Although smart contracts have many technical peculiarities, they do not make application of contract law provisions totally impossible. Thus, what the modern contract law needs is a set of special rules applicable to the practice of smart contracting.


2016 ◽  
Vol 3 (1) ◽  
pp. 85-98
Author(s):  
Bruno Zeller

This article investigates whether regional harmonisation is merely an academic exercise or a serious attempt to create a uniform contract law in a defined region. It builds on the recently conducted Symposium at Villanova University in 2013 and addresses comparatively the efforts by well-defined regions, namely OHADA, the EU and ASEAN. OHADA has introduced regional uniform laws; the EU is still working on formulating them. Furthermore, UNCITRAL has considered a proposal by the Swiss government to work urgently on a new initiative to further harmonise contract law. Against this backdrop, this article argues that regional proposals to harmonise contract law are akin to saying that ‘ein Gespenst geht um’ (a ghost is going around) (Reich 2006: 425). This is justified, because a proposal to create a harmonised contract law in East Asia has currently also been discussed, but the discussions have stalled. Is there a solution or do we simply admit that regional harmonisation is not possible? The starting point is the CISG, as has been adopted by 80 countries and needs to be considered by any region as a possible, albeit not perfect, solution. If the CISG has already been ratified, the issue, then, is how any regional developments can coexist with it. Or does a ratification of the CISG preclude any regional harmonisation? Secondly, the question must be asked whether regional harmonisation will reduce transaction costs, which is beyond what the CISG was able to achieve. This article argues that as far as the drafting of international instruments isconcerned, a shift in thinking has occurred. Instruments such as the Cape Town Convention are considered to be reforming the law in a particular narrow area rather than attempting to draft codes. Furthermore, the process is driven by industry groups. Regional harmonisation must take note of the ongoing shift and a more fruitful approach is to develop uniform laws through a better understanding and coordination of existing instruments.


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