The Role of the State and International Organizations inReconciling Sustainable Development and Globalization

The concepts of sustainable development and globalization have developed separately, with little recognition that there is significant overlap between them. This article seeks to argue that there is a need to try to reconcile these concepts and that, in particular, it is a fundamental mistake to consider globalization as inevitable whilst seeing sustainable development as an optional policy choice. In seeking to achieve this reconciliation, the role of the State and international organizations in maintaining public governance is reaffirmed.     

Shareholder Primacy and the Distribution of Wealth

In recent years a growing consensus has emerged in favour of the shareholder-oriented model of the corporation. Increasingly, this model is justified not on the basis of shareholder ownership rights but on efficiency grounds: whoever the immediate and direct beneficiaries of shareholder-orientation, it is argued, it ultimately indirectly benefits everyone by ensuring the maximization of aggregate social wealth. The prevalence of this view has caused the distributional dimensions of corporate governance to be neglected. This paper examines the distribution of share ownership and financial wealth in the US and the UK. Although share ownership has become more widely spread, it argues, it remains very heavily concentrated with the result that shareholder primacy is in reality the primacy of a small privileged elite. After an exploration of the contradictions of working class shareholding and the impact of greater shareholder-orientation on the distribution of wealth, the paper concludes by re-evaluating Hansmann and Kraakman's 'end of corporate history' thesis, arguing that recent developments represent a triumph not for efficiency but for the growing power of the shareholder class.     

Why are the United States and the European Union failing to regulate the internet efficiently? Going beyond the bottom-up and top-down alternatives

This paper analyzes the different approaches for Internet regulation. We use the United States and European Union to illustrate the alternative approaches of self-regulation and government intervention. Our research suggests that both systems have serious shortcomings that could be ameliorated by the use of a mixed system for Internet regulation in which both the private and public sector have a role. The case study of privacy rights self regulation in the United States and its failure to effectively provide privacy regulation serves as our empirical evidence. We provide guidelines for both the government and the private sector in defining and enforcing privacy regulation. JEL Classification K33 · K2 · L51 · L86 · O57     

论公司独立人格的内在依据与制度需求

公司独立人格理论是公司制度存在与运行的基础,对于公司制度的立法选择与司法适用都具有重要价值。有必要通过公司独立人格的历史依据的考察,明确公司独立人格产生的实践性基础,并从多元视角剖析公司的本质属性,明确公司独立人格的理论逻辑。并可以基于此为独立公司人格的实现作关键的保障性制度设计:完善公司治理结构与公司内外部法律责任分配机制。     

试论科学发展观视野中的善治理念

科学发展观视野下的善治理念,既是对统治理念的辩证否定,又是治理理念的升华。科学发展观赋予善治理念以崭新的时代内涵,实现这种被赋予新内涵的善治目标的途径和方法也被赋予了崭新的内容。     

Takeover Defenses’ Influence on Managerial Incentives

This article examines how takeover defenses influence managerial incentives with respect to long-term investments, excess liquidity and capital structure. The article presents a cross-sectional regression based on a sample of listed Danish firms and deals explicitly with the problem of causation between the variables. Takeover defenses adopted by Danish firms mainly consist of shares with dual class voting rights, which are often combined with foundation ownership. The article finds that protected firms have significantly less debt to equity. However, protected firms are not significantly more oriented towards the long-term and do not have significantly more excess liquidity.     

Law or Finance: Evidence from Finland

Although it is widely acknowledged that the benefits of corporate governance reform could be substantial, systematic evidence on such reforms is scant. We both document and evaluate a contemporary corporate governance reform by constructing 18 measures of shareholder and creditor protection for Finland for the period 1980–2000. The measures reveal that shareholder protection has been strengthened whereas creditor protection has been weakened. We also demonstrate how the reform is consistent with a reorganisation of the Finnish financial market in which a bank-centred financial system shifted from relationship-based debt finance towards increasing dominance by the stock market. We find evidence that the development of shareholder protection has been a driver of the reorganisation, whereas the changes in creditor protection have mirrored market developments.     

合作网络治理理论的困境与启示

合作网络治理理论是伴随全球化与信息社会的来临而兴起的,它面临着多重困境。从总体上看,合作网络治理理论留给了我们一些有益的启示,即新时期的治理应坚持:回应社会需求,建构新时期公共事务的责任分担格局;在全球化时代倚重本土化,建构公民自主参与的制度平台;明确合作网络组织的能力限度,全面提高其治理能力;坚持权变开发原则,提高合作网络治理的适应性;加强职业伦理建设,重塑合作网络的合法性基础。     

治理视野下我国第三部门的培育

改革开放后,我国第三部门获得了较快发展,但是也面临着很多问题。针对第三部门存在的问题,本文试图从治理理论的视野出发,从法律方面,第三部门与政府的关系方面和第三部门内部管理等多方面、多种途径培育第三部门。     

公共利益与社会治理

本文提出落实科学的发展观,建设小康社会,实现社会和谐,需要对公共利益进行深入的研究,认为公共利益由公共财富和公共福利两个部分构成;公共利益和个人利益之间应该建立良性互动关系;社会治理要格外重视处理公共利益中的社会公共福利与个人福利的关系;实现公共利益和个人利益共同发展,需要加强社会建设和管理,推进社会管理体制的创新。