Foundation Ownership and Financial Performance: Do Companies Need Owners?

A curious ownership structure is found in Northern Europe—foundations that own and operate business companies. The foundations are non-profit entities, they have no members and no owners, and they cannot be dissolved. In many cases, these entities control more than 50% of the votes in successful international companies. Obviously, this structure completely blocks the market for corporate control, but it also violates other basic principles of agency theory and corporate finance. Nevertheless, we present evidence that a sample of foundation-owned companies listed on the Copenhagen Stock Exchange are at least as efficient as other listed companies in terms of risk adjusted stock returns, accounting returns and Tobins Q. Thus, they question whether profit-seeking ownership is a necessary condition for competitive enterprise.JEL Classification: D23, G34, L31     

论经济法视野下的市场中介组织

市场中介组织作为经济法学的特殊群体,具有服务、沟通、协调、公证、监督等职能,但目前我国的这一组织还存在着一些问题,本文力图从经济法学的视野对其加以研究,以期引起共鸣,完善我国的经济法基本理论。文章拟解决的主要问题有:⑴市场中介组织发展存在的问题的主要症结解析;⑵针对市场中介组织存在的问题,从经济法角度提出调整的对策。     

行政法在构建和谐社会中的功能及实现路径

党的十六届四中全会提出了构建和谐社会的目标。现代行政法与和谐社会具有平等、诚信、法治、公正与效率等共同的理念形态,行政法与和谐社会的理念融合,为现代行政法之于构建和谐社会的功能奠定了基础。平衡论是现代行政法的基础理论,现代行政法在政务和谐、经济和谐、社会阶层和人际关系和谐等方面促进和谐社会的建设与发展,并主要通过立法、程序规制、救济与监督、职业伦理规范等方式来进行调整和实现。     

试论行政法利益平衡功能

利益可以分为国家利益、社会利益和个人利益。国家利益与社会利益可以统称为公共利益。个人利益与公共利益之间存在冲突的现实性。行政法律制度的一个重要功能就在于协调国家、社会、个人三者之间的利益于一个良性的法律和社会秩序之中。     

建设节约型社会 需要法冶和体制保障

人口众多、资源相对不足、环境承载力较弱,是我国的基本国情。因此,建设节约型社会是我国可持续发展的唯一选择。建设节约型社会,除了领导重视、认识到位、全民动员之外,还需要法治和体制保障。     

生物基因资源获取和利益分享的国际法规制--兼论对我国基因资源保护的启示

在国际法上,基因资源的获取和利益分享涉及三个主要的国际公约,即《生物多样性公约》(CBD)、《粮食和农业植物遗传资源国际公约》和《TRIPS协议》,其中以CBD为核心,确立了基因资源的国家主权控制、事先知情同意和合理分享利益的原则和制度,确立了基因资源保护机制和产权设定的基本框架,对保护我国的基因资源具有重要的借鉴意义。     

论服务责任--以消费者权益保护法为中心

现行的<消费者权益保护法>将服务责任与产品责任并列规定,但由于产品责任有<产品责任法>相配合,因此解释适用上没有什么疑义,而服务责任在构成要件、法律效果、抗辩事由等问题上并没有太明确的规范,尤其是在归责原则方面值得从立法政策上重新检讨,针对上述问题应重新审视我们现行的法律并做出相应的修正.     

未成年人的刑法保护理念与刑法价值

由于未成年人自身的特殊性,未成年人利益应超越固有的社会利益,在刑事立法和刑事司法中重点加以保护。这种未成年人的刑法保护理念体现了公正、秩序、自由和效率等刑法价值。     

e-Youth before its judges - Legal protection of minors in cyberspace

The present paper¹ aims both at introducing the legal aspects of the protection of minors in cyberspace and analysing and criticizing certain main features embedded in this legal approach of young people protection. After a short introduction underlining the concept of child’s rights and the reason why this right has been particularly proclaimed in the context of the cyberspace, the first section describes the new technological features of the ICT environment and linked to this evolution the increasing risks the minors are confronted with. A typology of cyber abuses is proposed on the basis of these considerations. A list of EU or Council of Europe texts directly or indirectly related to the minors’ protection into the cyberspace is provided. The second section intends to analyse certain characteristics of the legal approach as regards the ways by which that protection is conceived and effectively ensured. Different principles and methods might be considered as keywords summarizing the legal approach and to a certain extent, fixing a partition of responsibilities taking fully into account the diversity of actors might be deduced from the different regulatory documents.The third section comes back to the different complementary means by which the Law is envisaging the minors’ protection. The obligation to create awareness about the potential risks minors might incur definitively is the first one. The omnipresent reference in all the legal texts to the role of self-regulatory interventions constitutes another pillar of the protection envisaged by the Law. After having described the multiple instruments developed in the context of this self-regulation (labels, codes of conduct, hotlines, ODR…) or even co-regulation, the paper examines the conditions set by the European legislators as regards these instruments. Technology might be considered as a fourth method for protecting children. Our concern will be to see how the Law is addressing new requirements as regards the technological solutions and their implementation. The present debates about the liability of the actors involved in applications or services targeted or not vis-à-vis the minors like SNS or VSP operators are evoked. As a final point the question of the increasing competences of LEA and the reinforcement of the criminal provisions in order to fight cyber abuses against minors will be debated. In conclusion, we will address final recommendations about the way by which it would be possible to reconcile effective minors’ protection and liberties into the cyberspace.     

澳门刑法中的犯罪未完成形态问题研究

澳门刑法中具有很多值得思考和借鉴的科学法律思想与先进刑法制度。其中的犯罪未完成形态制度集中体现了澳门刑法的轻刑化、细密化和较强的可操作性等特点。本文分别以预备犯、未遂犯和中止犯为研究对象进行了相关的研究与探讨。