The Limits And Logic Of Agency Theory In Company Law

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The Limits and Logic of Agency Theory in Company Law

Author : Jonathan Hardman
Publisher :
ISBN 13 : 9781032277141
Total Pages : 0 pages
Book Rating : 4.2/5 (771 download)

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Book Synopsis The Limits and Logic of Agency Theory in Company Law by : Jonathan Hardman

Download or read book The Limits and Logic of Agency Theory in Company Law written by Jonathan Hardman and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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"--

The Limits and Logic of Agency Theory in Company Law

Author : Jonathan Hardman
Publisher : Taylor & Francis
ISBN 13 : 1040131603
Total Pages : 259 pages
Book Rating : 4.0/5 (41 download)

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Book Synopsis The Limits and Logic of Agency Theory in Company Law by : Jonathan Hardman

Download or read book The Limits and Logic of Agency Theory in Company Law written by Jonathan Hardman and published by Taylor & Francis. This book was released on 2024-09-12 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Statutory Priorities in Corporate Insolvency Law

Author : Christopher F. Symes
Publisher : Routledge
ISBN 13 : 1351897977
Total Pages : 290 pages
Book Rating : 4.3/5 (518 download)

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Book Synopsis Statutory Priorities in Corporate Insolvency Law by : Christopher F. Symes

Download or read book Statutory Priorities in Corporate Insolvency Law written by Christopher F. Symes and published by Routledge. This book was released on 2016-12-05 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Corporation

Author : Grietje Baars
Publisher : Cambridge University Press
ISBN 13 : 1108132650
Total Pages : 1245 pages
Book Rating : 4.1/5 (81 download)

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Book Synopsis The Corporation by : Grietje Baars

Download or read book The Corporation written by Grietje Baars and published by Cambridge University Press. This book was released on 2017-03-24 with total page 1245 pages. Available in PDF, EPUB and Kindle. Book excerpt: The corporation has become an increasingly dominant force in contemporary society. However, comprehensive, in-depth analysis of the concept of the corporation is often restricted, or limited to one disciplinary approach. This handbook brings together the cutting-edge scholarship, expertise and insight of leading scholars in a wide range of disciplines, notably management studies, law, history, political science, anthropology, sociology and criminology, using a critical approach to dissect and understand the corporation. Ten chapters provide overviews of the state of play of critical scholarship on the corporation in each of these disciplines. Further contributors tackle current hot topics, such as corporate social responsibility, corporate crime, global value chains, financialization, and the interaction between corporations and communities. Finally, they consider resistance and alternatives to the corporation. With its interdisciplinary approach, this book is an invaluable resource for all readers studying the past, present and future of the corporation.

Company Law and Sustainability

Author : Beate Sjåfjell
Publisher : Cambridge University Press
ISBN 13 : 1316298930
Total Pages : 373 pages
Book Rating : 4.3/5 (162 download)

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Book Synopsis Company Law and Sustainability by : Beate Sjåfjell

Download or read book Company Law and Sustainability written by Beate Sjåfjell and published by Cambridge University Press. This book was released on 2015-05-21 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This investigation of the barriers to and opportunities for promoting environmental sustainability in company law provides an in-depth comparative analysis of company law regimes across the world. The social norm of shareholder primacy is the greatest barrier preventing progress, and it also helps explain why voluntary action by companies and investors is insufficient. By deconstructing the myth that shareholder primacy has a legal basis and challenging the economic postulates on which mainstream corporate governance debate is based, Company Law and Sustainability reveals a surprisingly large unexplored potential within current company law regimes for companies to reorient themselves towards sustainability. It also suggests possible methods of reforming the existing legal infrastructure for companies and provides an important contribution to the broader debate on how to achieve sustainability.

Corporate Governance, The Firm and Investor Capitalism

Author : Alexander Styhre
Publisher : Edward Elgar Publishing
ISBN 13 : 1785364022
Total Pages : 291 pages
Book Rating : 4.7/5 (853 download)

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Book Synopsis Corporate Governance, The Firm and Investor Capitalism by : Alexander Styhre

Download or read book Corporate Governance, The Firm and Investor Capitalism written by Alexander Styhre and published by Edward Elgar Publishing. This book was released on 2016-10-28 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Governance of Close Corporations and Partnerships

Author : Joseph McCahery
Publisher : Oxford University Press, USA
ISBN 13 : 9780199264353
Total Pages : 500 pages
Book Rating : 4.2/5 (643 download)

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Book Synopsis The Governance of Close Corporations and Partnerships by : Joseph McCahery

Download or read book The Governance of Close Corporations and Partnerships written by Joseph McCahery and published by Oxford University Press, USA. This book was released on 2004 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Denis G. Arnold
Publisher : Cambridge University Press
ISBN 13 : 1108422977
Total Pages : 619 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis Ethical Theory and Business by : Denis G. Arnold

Download or read book Ethical Theory and Business written by Denis G. Arnold and published by Cambridge University Press. This book was released on 2019-12-19 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ethical Theory and Business is the authoritative guide to business ethics and CSR, with cutting edge theoretical readings and cases.

Capitalism, Corporations and the Social Contract

Author : Samuel F. Mansell
Publisher : Cambridge University Press
ISBN 13 : 1107015529
Total Pages : 199 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis Capitalism, Corporations and the Social Contract by : Samuel F. Mansell

Download or read book Capitalism, Corporations and the Social Contract written by Samuel F. Mansell and published by Cambridge University Press. This book was released on 2013-03-14 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Samuel Mansell critiques the principles of stakeholder theory, proposing instead a qualified version of Friedman's shareholder theory.

Seeing Like a Firm

Author : Associate Professor of Social and Political Philosophy European School of Social and Political Sciences (Espol) Pierre-Yves Néron
Publisher : Oxford University Press
ISBN 13 : 0197774121
Total Pages : 278 pages
Book Rating : 4.1/5 (977 download)

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Book Synopsis Seeing Like a Firm by : Associate Professor of Social and Political Philosophy European School of Social and Political Sciences (Espol) Pierre-Yves Néron

Download or read book Seeing Like a Firm written by Associate Professor of Social and Political Philosophy European School of Social and Political Sciences (Espol) Pierre-Yves Néron and published by Oxford University Press. This book was released on 2024 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business corporations are political entities and need to be considered as such. Seeing Like a Firm invites readers to do just that by providing a political theory of the business firm. It argues that firms 'see' in a conservative way and embrace a 'conservatism of commerce' that requires socioeconomic inequality. By offering a new interpretation of conservatism based not on preserving the existing system but on an 'aesthetics of inequality', Néron provides an alternative way to think about the main challenges that proponents of equality face.

Rethinking Corporate Governance

Author : Alessio Pacces
Publisher : Routledge
ISBN 13 : 1135099413
Total Pages : 492 pages
Book Rating : 4.1/5 (35 download)

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Book Synopsis Rethinking Corporate Governance by : Alessio Pacces

Download or read book Rethinking Corporate Governance written by Alessio Pacces and published by Routledge. This book was released on 2013-01-17 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard approach to the legal foundations of corporate governance is based on the view that corporate law promotes separation of ownership and control by protecting non-controlling shareholders from expropriation. This book takes a broader perspective by showing that investor protection is a necessary, but not sufficient, legal condition for the efficient separation of ownership and control. Supporting the control powers of managers or controlling shareholders is as important as protecting investors from the abuse of these powers. Rethinking Corporate Governance reappraises the existing framework for the economic analysis of corporate law based on three categories of private benefits of control. Some of these benefits are not necessarily bad for corporate governance. The areas of law mainly affecting private benefits of control – including the distribution of corporate powers, self-dealing, and takeover regulation – are analyzed in five jurisdictions, namely the US, the UK, Italy, Sweden, and the Netherlands. Not only does this approach to corporate law explain separation of ownership and control better than just investor protection; it also suggests that the law can improve the efficiency of corporate governance by allowing non-controlling shareholders to be less powerful.

The Limitations of Agency Theory

Author : Stuart Ogden
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)

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Book Synopsis The Limitations of Agency Theory by : Stuart Ogden

Download or read book The Limitations of Agency Theory written by Stuart Ogden and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Theory of Corporate Finance

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Corporate Finance by : Jean Tirole

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

Company Law and Sustainability

Author : Beate Sjåfjell
Publisher : Cambridge University Press
ISBN 13 : 1107043271
Total Pages : 373 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis Company Law and Sustainability by : Beate Sjåfjell

Download or read book Company Law and Sustainability written by Beate Sjåfjell and published by Cambridge University Press. This book was released on 2015-05-21 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book advances an innovative, multi-jurisdictional argument for the necessity of company law reform to reorient companies towards environmental sustainability.

Agency Theory

Author : Mukund S. Kulkarni
Publisher :
ISBN 13 : 9780906971451
Total Pages : 28 pages
Book Rating : 4.9/5 (714 download)

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Book Synopsis Agency Theory by : Mukund S. Kulkarni

Download or read book Agency Theory written by Mukund S. Kulkarni and published by . This book was released on 1988 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Ethics and Agency Theory

Author : Norman E. Bowie
Publisher : Oxford University Press, USA
ISBN 13 : 9780195067989
Total Pages : 254 pages
Book Rating : 4.0/5 (679 download)

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Book Synopsis Ethics and Agency Theory by : Norman E. Bowie

Download or read book Ethics and Agency Theory written by Norman E. Bowie and published by Oxford University Press, USA. This book was released on 1992 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agency theory involves what is known as the principal-agent problem, a topic widely discussed in economics, management, and business ethics today. It is a characteristic of nearly all modern business firms that the principals (the owners and shareholders) are not the same people as the agents (the managers who run the firms for the principals). This creates situations in which the goals of the principals may not be the same as the agents--the principals will want growth in profits and stock price, while agents may want growth in salaries and positions in the hierarchy. The fourth volume in the Ruffin Series in Business, this book explores the ethical consequences of agency theory through contributions by ethicists, economists, and management theorists.

The Oxford Handbook of Corporate Law and Governance

Author : Jeffrey Neil Gordon
Publisher : Oxford University Press
ISBN 13 : 0198743688
Total Pages : 1217 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis The Oxford Handbook of Corporate Law and Governance by : Jeffrey Neil Gordon

Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.