The Limits And Logic Of Agency Theory In Company Law
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The Limits And Logic Of Agency Theory In Company Law
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Author : Jonathan Hardman
language : en
Publisher: Taylor & Francis
Release Date : 2024-09-12
The Limits And Logic Of Agency Theory In Company Law written by Jonathan Hardman and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-12 with Law categories.
Agency theory is ubiquitous in company law. This book explores (a) the limits of such deployment, and (b) the logic of how to deploy it. The book makes five linked arguments in respect of the limits of agency theory in company law. First, it argues that agency theory has become so broad that it can be used to analyse most human relationships. Such breadth, though, comes at the expense of legal clarity: as agency relationships cover such a broad range of relationships, there are no normative legal conclusions that can be drawn merely from identifying such a relationship. Second, it argues that we need to differentiate more specific concepts with clearer legal implications, such as externalities, and the particular manifestation of moral hazard that appears in insurance dynamics. Third, it argues that considerable amounts of existing company law theory - which is ostensibly built from agency theory - is in fact based on a series of hidden value judgments at each stage of the analysis. Fourth, it argues that company law theory should use agency theory less to rebalance the discipline: agency theory has become hegemonic, which is dangerous for the discipline, obscures company law’s role in establishing incentives, undermines accountability, and reduces company law’s autonomy. The book then moves to the logic of agency theory and makes three arguments. First, it argues that we need to factor in the company, only apply agency theory to voluntary interactions, and foreground our value judgments when identifying agency relations to do it properly. Second, it argues that it is rational to incur agency costs when we perceive the benefits of doing so to outweigh the costs, meaning that agency costs can be facilitative and we should look to front-end them rather than universally minimise them. Third, it argues that this needs to be undertaken through mandatory laws. Exploring the external limits and internal logic of agency cost analysis, this book will be of interest to academics, students, and researchers of corporate and company law.
The Limits And Logic Of Agency Theory In Company Law
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Author : Jonathan Hardman
language : en
Publisher:
Release Date : 2024
The Limits And Logic Of Agency Theory In Company Law written by Jonathan Hardman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024 with Business & Economics categories.
Agency theory is ubiquitous in company law. This book explores (a) the limits of such deployment, and (b) the logic of how to deploy it. The book makes five linked arguments in respect of the limits of agency theory in company law. First, it argues that agency theory has become so broad that it can be used to analyse most human relationships. Such breadth, though, comes at the expense of legal clarity: as agency relationships cover such a broad range of relationships, there are no normative legal conclusions that can be drawn merely from identifying such a relationship. Second, it argues that we need to differentiate more specific concepts with clearer legal implications, such as externalities, and the particular manifestation of moral hazard that appears in insurance dynamics. Third, it argues that considerable amounts of existing company law theory which is ostensibly built from agency theory, is in fact based on a series of hidden value judgments at each stage of the analysis. Fourth, it argues that company law theory should use agency theory less to rebalance the discipline: agency theory has become hegemonic which is dangerous for the discipline, obscures company law's role in establishing incentives, undermines accountability, and reduces company law's autonomy. The book then moves to the logic of agency theory and makes three arguments. First, it argues that we need to factor in the company, only apply agency theory to voluntary interactions, and foreground our value judgments when identifying agency relations to do it properly. Second, it argues that it is rational to incur agency costs where we perceive the benefit of doing so outweighs such costs, meaning that agency costs are facilitative and we should look to front-end them rather than universally minimise them. Third, it argues that this needs to be undertaken through mandatory laws. Exploring the external limits and internal logic of agency cost analysis, this book will be of interest to academics, students and researchers of corporate and company law.
Boardroom Behaviour And The Law
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Author : Samet Caliskan
language : en
Publisher: Taylor & Francis
Release Date : 2025-03-28
Boardroom Behaviour And The Law written by Samet Caliskan and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-03-28 with Law categories.
This book examines how various areas of law collectively influence the relationship between a company and its directors, particularly in safeguarding the long-term interests of stakeholders. Directors' inappropriate actions can expose a company to significant corporate risks, particularly in relation to regulatory violations such as breaches of competition law. When directors engage in such misconduct, company law and corporate governance provide certain control mechanisms that allow the company to manage these risks. Additionally, directors can be discouraged from engaging in such behaviour by the threat of being held accountable for violations of competition law. This book evaluates various tools designed to regulate directors' behaviours and ensure accountability, questioning whether the legal frameworks strike the right balance between corporate liability and personal accountability. It argues that these mechanisms do not sufficiently protect the long-term interests of stakeholders and that shortcomings in the law leave companies vulnerable to directors' misconduct, which cannot be adequately addressed through traditional risk management strategies. This book will be of interest to researchers in the field of corporate law, competition law, and corporate governance.
Shareholder Remuneration And The Law
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Author : Xuedan Xiong
language : en
Publisher: Taylor & Francis
Release Date : 2025-06-30
Shareholder Remuneration And The Law written by Xuedan Xiong and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-06-30 with Law categories.
This book discusses the mechanism of shareholder distribution restriction for creditor protection through an interdisciplinary lens. Identifying an optimal model of shareholder distribution regimes through a comparative study of the UK and China, the book explores how these regimes can function as a creditor protection mechanism by which distributions to shareholders are regulated to safeguard creditor interest. Calls for regulatory reforms in China have sprung from a high volume of shareholder-distribution-related litigations with inconsistent court decisions. Meanwhile, the UK adopts two models concurrently: capital maintenance rules for public companies and solvency tests for private companies. This book critically evaluates the efficacy of these two models in addressing the fundamental interest of company creditors, namely, the solvency of the company following distribution. Guided by legal transplant theories, this book examines the fit and feasibility of transplanting the UK’s distribution models to China. The book will be of interest to researchers, students and practitioners in the field of company law, finance law, accounting and banking law.
Proceedings Of The 2025 3rd International Conference On Digital Economy And Management Science Cdems 2025
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Author : Wenke Zang
language : en
Publisher: Springer Nature
Release Date : 2025-06-26
Proceedings Of The 2025 3rd International Conference On Digital Economy And Management Science Cdems 2025 written by Wenke Zang and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-06-26 with Business & Economics categories.
This is an open access book. The 3rd International Conference on Digital Economy and Management Science (CDEMS 2025) will be held in Wuhan from April 18 to 20, 2025. The conference mainly focuses on the research fields of digital economy and management science. The conference aims to provide a platform for experts and scholars engaged in economics, management and science to exchange scientific research results and cutting-edge technologies, understand academic development trends, broaden research ideas, strengthen academic research and discussion, and promote industrial cooperation of academic results. Experts, scholars, business people and other relevant people from universities and research institutions at home and abroad are cordially invited to attend!
Corporate Governance The Firm And Investor Capitalism
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Author : Alexander Styhre
language : en
Publisher: Edward Elgar Publishing
Release Date : 2016-10-28
Corporate Governance The Firm And Investor Capitalism written by Alexander Styhre and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-28 with Business & Economics categories.
The shift from managerial capitalism to investor capitalism, dominated by the finance industry and finance capital accumulation, is jointly caused by a variety of institutional, legal, political, and ideological changes, beginning with the 1970s’ downturn of the global economy. This book traces how the incorporation of businesses within the realm of the state leads to both certain benefits, characteristic of competitive capitalism, and to the emergence of new corporate governance problems emerges. Contrasting economic, legal, and managerial views of corporate governance practices in contemporary capitalism, the author examines how corporate governance has been understood and advocated differently during the New Deal era, the post-World War II economic boom, and the after 1980 in the era of free market advocacy.
Statutory Priorities In Corporate Insolvency Law
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Author : Christopher F. Symes
language : en
Publisher: Routledge
Release Date : 2016-12-05
Statutory Priorities In Corporate Insolvency Law written by Christopher F. Symes and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-05 with Law categories.
Who enjoys statutory preferred creditor status? What justifications exist for jurisdictions to maintain statutes that favour 'priority' creditors over other creditors and contributories? This book examines preferential debts derived from specific legislative provisions applying to corporate insolvency. In exploring the concept of preferential treatment, Statutory Priorities in Corporate Insolvency Law includes chapters that provide a doctrinal, theoretical and historical analysis of who enjoys preferred creditor status. As well as examining the traditional major categories of priorities, this work also identifies potential new categories for priority status such as environmental clean-up costs, international creditors, tort claimants and consumers among other non-consensual creditors. While the study focuses on Australian corporate insolvency law, where appropriate, comparisons are made with other common law jurisdictions, particularly the UK, Canada, New Zealand and the US.
Company Law And Sustainability
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Author : Beate Sjåfjell
language : en
Publisher: Cambridge University Press
Release Date : 2015-05-21
Company Law And Sustainability written by Beate Sjåfjell and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-21 with Business & Economics categories.
This book advances an innovative, multi-jurisdictional argument for the necessity of company law reform to reorient companies towards environmental sustainability.
The Governance Of Close Corporations And Partnerships
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Author : Joseph McCahery
language : en
Publisher: Oxford University Press, USA
Release Date : 2004
The Governance Of Close Corporations And Partnerships written by Joseph McCahery and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
This book examines the limited liability business forms that have recently emerged, and seeks to identify the forces that have led to the emergence of new business forms for small and medium-sized businesses. Focusing on the US, UK, and continental Europe, the contributors analyse the Limited Liability Company, the Limited Liability Partnership, and the new business forms proposed in Europe.
Ethical Theory And Business
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Author : Denis G. Arnold
language : en
Publisher: Cambridge University Press
Release Date : 2020
Ethical Theory And Business written by Denis G. Arnold and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business & Economics categories.
Ethical Theory and Business is the authoritative guide to business ethics and CSR, with cutting edge theoretical readings and cases.