Corporate governance and financial development: a study of the French case

This paper belongs to the growing body of the “Law and finance” literature based on time-series study. It carries out an empirical investigation of the role of corporate governance in financial development. We focus on French corporate governance reforms in order to examine whether these reforms are consistent with the reorganization of the French financial system, which took place during the period 1977–2004. This research aims at evaluating one proposition of the legal origin claims based on the idea that there is a strong and stable relationship between legal origin, investor protection and financial system. A key question the study addresses is how corporate governance rules and the French financial development have changed over time. Our study suggests that indicators related to investors’ rights (shareholders, employees, and bondholders) have been increasing over time, despite the specific legal origin of the French system. On the contrary the creditors’ rights have followed a less clear trend. Our econometric investigation is fairly new as the Law and finance literature has not until now provided corporate governance indicators suitable for French legislation. From that perspective, our work undergoes a multiple criteria analysis of corporate governance reforms. Following this approach, we suggest that the causality links between changes in the French legal environment and financial growth in France are more bidirectional than unidirectional.     

Universities and Technology Transfer in Japan: Recent Reforms in Historical Perspective

The Japanese government has embarked on a series of reforms aimed at stimulating technology transfer from universities to industry. As a result, technology licensing offices are springing up at many national universities. Advocates hope that these reforms will increase the level of university patenting and licensing, which historically has not been a common mode of technology transfer in Japan. Their model is the technology licensing process in the United States, which acquired its present form after passage of the Bayh-Dole Technology Transfer Act of 1980. Such changes face serious historical and institutional barriers. Academic researchers, especially in engineering and physical science, have a long record of collaborative research with industry. Decisions about patenting, however, were usually left to the corporate partner; universities rarely filed for patents under their own name, nor have they, until recently, encouraged or assisted faculty researchers in doing so. Consequently, we believe that current reforms, by going against the grain of past practices, will take time to achieve the hoped for results.     

论域外公司治理改革实践经验之借鉴

近年来,英美等国开始对其公司治理模式进行了一系列改革,包括制定各种公司治理的原则、指引、章程、鼓励机构投资者参与公司治理、要求公司增强董事会的独立性、在董事会内引入一定数量的独立董事等,希望通过这些措施,增强公司的内部监控力度,以弥补由于外部监控不足所造成的问题.而德日的内部监控模式也开始学习、借鉴和效仿英美的公司治理模式.剖析、借鉴实践中各国公司治理改革经验将对我国公司治理的改进提供有益的帮助.     

Promoting a more efficient corporate governance in Nigeria through the law

Corporate governance reforms have been viewed as one of the formal means of improving the economic and social welfare of emerging economies. There have been efforts by the Nigerian government, through its agencies, to promulgate codes of best practices for companies in the country. These reforms appear to be ineffective and the codes do not compliment and are not complimented by corporate law. The aim of this paper is to identify the problems that hinder effective corporate governance reforms in Nigeria within corporate law. Using the doctrinal approach, the paper analyses features of the Nigerian corporate governance framework and identifies the problems bedeviling this regime. It argues that the problems stem from (amongst others), state ownership and control, board independence, poor minority shareholder protection, ineffective judicial system and Incomplete disclosure. The paper, by linking the apparent weakness of the extant framework to the attempt to reform outside corporate law, suggests a hybrid of legislation including hard laws, soft laws and other policy proposals to promote an effective corporate governance regime in Nigeria.     

Introduction: White-Collar and Corporate Crime in Asia

In this introduction to this special issue of the Journal we broadly consider the problem of white-collar and corporate crime in Asia. Official reports from China show the pervasiveness of current problems and the inherent dangers underlying continued economic growth and reforms. We also consider evidence bearing on the idea that Japan’s remarkably low rate of common crime is likely eclipsed by the level of white-collar and corporate crime, and briefly discuss the institutionalization of economic crime in South Korea. Issues related to the lack of study of white-collar and corporate lawbreaking in Asia are also addressed. Finally, we introduce the papers and topics of this special issue, which include comparative research on cybercrime, the enforcement of intellectual property violations, accounting fraud, financial crime, and offenses in the mutual fund industry.     

New Governance,Old Norms,and the Potential for Corporate Governance Reform

While the new governance approach to corporate governance offers intriguing ideas about participatory governance, it cannot evade the effects of economic self‐interest. This article addresses three nested concerns relating to the potential of new governance in the corporate context, using three specific examples that illustrate the challenges. The first case illustrates that new governance principles cannot be easily integrated with models of corporate governance that rest on the logic of shareholder primary. The second case study offers an example of a new governance type corporation, but illustrates that new governance faces thorny internal structural challenges, given economic incentives and power imbalance. The third example illustrates that even without these normative and structural problems, new governance would face issues arising out of current strategies employed by corporate decision makers to hedge their own personal risk through equity swaps and other derivatives products, which in turn create new incentives for shirking their responsibilities.     

裁判思维下的公司机会原则——以《公司法》第149条为中心

公司机会原则的适用主体总体上可以准确地界定为董事、高级管理人员和控股股东,不包括监事和独立董事。公司机会的认定取决于是否源于职务便利获取,而不应限定为是否在执行职务过程中获取。公司机会原则与竞业禁止存在竞合,但是两者又各有不同,不应将二者混淆。公司机会原则与保密义务存在牵连,需要分清。违反公司机会原则,公司享有归入权和损害赔偿请求权。特定情形下,公司可以向机会提供的第三人索赔。     

UK Abortion Law: Reform Proposals,Private Members’ Bills,Devolution and the Role of the Courts

UK abortion law remains unsettled, and subject to on‐going controversy and reform. This article offers a comprehensive critique of all reforms implemented or proposed since 2016. It examines reforms proposed in both Houses of Parliament and contextualises them within a public law analysis, showing both that the complex parliamentary processes relating to Private Members’ Bills have frustrated reform attempts, and that these attempts have been contradictory in their aims between the two Houses. Secondly, it examines the unique positions of Northern Ireland, Scotland and Wales to show the extent to which devolutionary settlements have influenced both reforms and executive involvement. Finally, it examines the potential impact of the courts on abortion law following Re Northern Ireland Human Rights Commission's Application for Judicial Review, showing that the Supreme Court's reframing of the debate in human rights terms is likely to affect abortion law, not only in Northern Ireland, but in the whole of the UK.     

Institutional Vulnerablity and Opportunity: Immigration and America's "War on Terror"

New legal realism focuses on the complexity of individual action and the view of law from the "bottom-up." Neoinstitutionalism also suggests that rational-actor models are too simplistic, but spotlights enduring historical effects on individual action and thus tends to view the world from the "top-down." In this article, we seek to marry the two disparate approaches by centering on moments of institutional vulnerability and opportunity when a system can change or be redefined. The terrorist attacks on September 11 provided a unique opportunity for institutional change. Policymakers seized this opportunity to introduce reforms into American immigration law that fundamentally altered how that law is administered. The implications of these legal reforms were to group many migrants into the category of potential "terrorist" and to make it increasingly difficult for any migrant to claim "victim" status. Immigrants responded to these reforms by refraining from public criticism of the United States and by becoming American citizens. We discuss the potential implications of those actions on the institution of citizenship .     

The American jail: Problems,politics, prospects

Discussions of America’s local jails inevitably center around their plethora of problems. Not only are these problems pervasive, but they are also enduring. Numerous proposals have been advanced to improve jail conditions and operations. Most have failed to such an extent that some scholars have speculated that jails are simply immune to reform. It is the contention of this article that most of the problems facing contemporary jails are rooted in the uniquepolitical nature of the jail as an organization. Consequently, serious efforts to affect change in jail conditions must recognize the limited options placed upon jail reforms by the political environment, or they must originate from outside the local political setting.     

State Crime,the Prophetic Voice and Public Criminology Activism

State crimes are, by far, the most destructive of all crimes. The use and threat to use nuclear weapons, the aerial bombardment of civilians, wars of aggression, torture, the failure to mitigate global warming and adapt to climate change ecocide, along with myriad other state-corporate crimes, fill the world with death and devastation, misery and want. This article argues that criminologists have a responsibility to act as public criminologists by speaking in the “prophetic voice” concerning these crimes and their victims, and then acting in the political arena in an attempt to control and prevent these harms. The paper briefly describes three approaches to engaging in what Belknap (Criminology 53:1–23, 2015) calls “criminology activism” on these issues. The first approach is for criminologists to counter the cultures of denial and normalization that usually cover state crimes. The second involves contesting the global corporate capitalist system and the power of the American capitalist state in an effort to achieve specific progressive policy reforms and structural changes in the global political economy. Finally, criminologists can work to enhance the democratization of the international political community and strengthen the ability of specific international legal institutions to control state crimes.     

我国公有权制度的物权法构建

国家所有权物权法构建的基本问题,是由谁来代表国家行使所有权及其与国有财产占有或使用者之间的关系问题。对此,应当在承认法人所有权的基础上通过确定国家的出资人地位加以解决。集体所有权的物权法构建,应当否定其作为一种独立所有权的形态,在正确认识所谓集体财产或集体所有权真实性质的基础上,恢复其共有或私有的本质,甚至可以对一定的集体所有划归为国家所有即真正意义上的公有,并按传统物权法所有权制度的一般原理对其作出具体规制。     

Battered women who kill their abusers: an examination of commonsense notions, cognitions, and judgments

It has been argued that battered women who kill their abusers represent a special class of defendants being unfairly treated in the legal system. As a result, commentators have argued for reforms to permit the judicial system to respond more fairly. Researchers have investigated the influences of these prescribed legal modifications and the possible influence of various demographic and psychological factors on legal reforms. However, social scientists have not yet asked some fundamental, psychological questions. Is the law consistent with what society believes is right and just? Is there a commonsense notion of justice in these cases? What factors constitute cognitive decision rules and influence judgments in cases of battered women who kill their abusers? This study uses a basic, psychological method to identify psychological factors that are important in judgments regarding battered women who kill and to better understand commonsense notions of justice in these cases.     

African corporate lawyering and globalization

Influenced by processes of globalization and localization, many fields of social and commercial practice – including legal services – across Africa are undergoing rapid transformation. It should come as no surprise that these processes of globalization and transformation include the ongoing transformation of corporate lawyering. Lawyers from Johannesburg to Algiers – not to mention Khartoum and Ouagadougou – are experiencing and participating in rapid global change in their profession and everyday work. This article identifies some of the questions and issues that emerge from this process, as well as providing a vignette of the South African corporate legal sector and tentatively outlining the emergence of an African corporate lawyering field. It does so in order to propose a research agenda into the trends and potential pathways of growth in this field. It does so in four steps, moving from a theoretical frame to one of the Global South to a portrait of the South African jurisdiction and ending with an agenda for African corporate lawyering.     

International Human Rights Law, Global Economic Reforms, and Child Survival and Development Rights Outcomes

Are recent trends in international law supporting child rights and promoting neoliberal economic reforms complementary or contradictory? To answer this question, we identify the component parts of child rights mobilization, recent global economic reforms, and child rights outcomes to theorize the particular relationships among them. Focusing on child survival and development rights in 99 poor and middle‐income countries from 1983 to 2001, we find that countries' acquiescence to established international law concerning economic rights influences the successful implementation of most of these rights, while the ratification of child rights treaties does not show an effect during the period studied. National links to child rights nongovernmental organizations are also associated with improved child rights outcomes, as is being selected to receive a loan from the World Bank (for reducing child labor and increasing immunizations). We find weak support for the hypothesis that the implementation of loan conditionalities is more deleterious for rights that are costlier to implement. We also find that achieving the goal of neoliberal economic reforms—trade openness—results in less successful implementation of most child rights outcomes considered. Finally, in a related analysis, we find that the ratification of child rights treaties, as well as the adoption and implementation of structural adjustment agreements, enhances the presence of child‐related organizations within countries.     

Desert,retribution, and corporate criminality

The role of commensurate deserts in the punishment of corporations and their agents has received little attention to date. Those who have written on desert and corporate crime dismiss it on the grounds that retributive rationales, which incorporate notions of desert, are not applicable to corporate offenses and because desert, with its focus on the moral opprobrium attached to criminal conduct, is not fitting for offenses which are regulatory and thus “morally neutral.” This essay argues that although retribution is a viable justification for corporate punishments, it need not be the only or even the primary justification for punishment for desert to be applicable in the distribution of corporate sanctions. It also questions the position of moral neutrality, citing empirical evidence of the public's perceptions of the seriousness of corporate criminal activity.     

Reputations and corporate malfeasance: collusive networks in financial statement fraud

The prevailing theory used by economists to explain why more corporations do not engage in fraud focuses on the role of board members, auditors and banks in controlling corporate conduct and the “reputational penalties” that may be imposed on them if they fail to do so. In this view, beyond the formal sanctions imposed by criminal justice and regulatory agencies, these “control agents” are subject to extra-legal consequences for misconduct or failure to perform their duties in which their reputations for honesty and integrity are diminished and thus their value in the marketplace for their services declines. The “reputational penalty” theory has been challenged by recent work that asserts that these entities, far from controlling the behavior of corporate insiders, may form networks of “reputational intermediaries” who collude with corporate executives to give legitimacy to their illegal schemes. In this paper, empirical support for the latter view is provided through an analysis of a sample of 374 publicly traded firms that announced financial restatements between 1997 and 2002 and which were accused of securities fraud. The analysis shows that these schemes involved large numbers of board members, auditors, and bankers who aided and abetted senior managers in their attempts to deceive investors. These findings point to broader issues concerning: (1) the changing nature of corporate power; (2) the strengths of collusive networks; and (3) current policy debates regarding attempts to exert more regulatory control over corporate behavior.     

Hiring Teams,Firms, and Lawyers: Evidence of the Evolving Relationships in the Corporate Legal Market

How are relationships between corporate clients and law firms evolving? Drawing on interview and survey data from 166 chief legal officers of S&P 500 companies from 2006–2007, we find that—contrary to standard depictions of corporate client‐provider relationships—(1) large companies have relationships with ten to twenty preferred providers; (2) these relationships continue to be enduring; and (3) clients focus not only on law firm platforms and lead partners, but also on teams and departments within preferred providers, allocating work to these subunits at rival firms over time and following “star” lawyers, especially if they move as part of a team. The combination of long‐term relationships and subunit rivalry provides law firms with steady work flows and allows companies to keep cost pressure on firms while preserving relationship‐specific capital, quality assurance, and soft forms of legal capacity insurance. Our findings have implications for law firms, corporate departments, and law schools.     

European Corporate Laws, Regulatory Competition and Path Dependence

Beyond the well-known discussion in regard to the Cassis de Dijon of the European Court of Justice, implying the mutual recognition of national product regulations, the topic of mutual recognition and regulatory competition has emerged again in the realm of European corporate laws (“Centros” of the ECJ in 1999). Can effective competition among European corporate laws be expected? In the US a broad discussion has developed whether the existing competition process among US corporate laws leads to permanent legal improvements by legal innovations or to a race to the bottom. Beyond this discussion a new point has been raised recently: the possibility and importance of path dependence as a potential problem for the efficacy of competition among corporate laws (lock-ins). For the analysis of this problem we apply the concept of technological paradigms and trajectories to legal rules in corporate law and introduce “legal paradigms,” which direct the search for better legal solutions in certain directions and might be stabilized by certain factors (esp. complementarities to other legal rules) leading to considerable path dependence effects. Our results show that path dependence might play a crucial role for competition among European corporate laws, even if the principle of mutual recognition would be introduced to corporate laws in the EU, implying that competition among European corporate laws might be difficult and sluggish. Consequently the question arises whether additional meta-rules should be established that might mitigate the problem of path dependence and lock-ins in regulatory competition in corporate law.