Company Law and Corporate Governance Renewal in Transition Economies: The Bulgarian Dilemma

The main objective of company law and corporate governance structures is to provide rules and secure efficient functioning of decision-making mechanisms that maximise the value of enterprises and safeguard interests of various stakeholders. Company laws and corporate governance models in different countries have evolved in specific historical, cultural, market and legal conditions that prevent their direct transplantation elsewhere. Assessing available experiences, former centrally planned European economies, engaged in sweeping transformations, are challenged by the need to recreate a delicate balance between investor protection and business discretion of managers to work for corporate value maximisation and social welfare. This essay undertakes an explorative discussion on the possible choices and the costs and benefits related to principalagent problem resolution in economies in transition, with special emphasis on institutions and the case of Bulgaria.     

The Constitutional State in the Political Philosophy of Johannes Althusius

The central questions of this article are: a) Based on what arguments defended Johannes Althusius the distinction between the private and public life sphere? b) What kind of relationships exist between the state on the one hand, and private and other public associations on the other hand? c) Based on what arguments may the government restrict actions of citizens and private associations? Answering these questions leads to the conclusion that Althusius should be mentioned as one of the founding fathers of the liberal constitutional state.     

新闻立法刍议

新闻活动对国家和公民的生活有着举足轻重的影响作用。新闻活动需要用法律来规范，新闻立法的基本原则有两个方面，一是新闻的自由性；二是禁止新闻权力滥用。     

Civilization and international society: the case of European Union expansion

Joining a society of some kind requires the fulfillment of certain standards. In international society, states acknowledge the need for certain collective standards of international conduct if international order is to be maintained. The first truly global application of international norms took place during the nineteenth century through the process of the expansion of the European society of states and its gradual transformation to the contemporary global international society. In this process, the standard of ‘civilization’ played an essential role in determining which states would join the expanding European society and which ones would not. Despite the major changes that have occurred, the standard of ‘civilization’ has remained an international practice as well as a benchmark against which the attitudes and policies of states are assessed. Nowhere can this be seen more clearly than in the EU policy of ‘membership conditionality’. Although many explanations for EU expansion have been put forward rather absent from debate has been the civilization dimension which is embedded in membership conditionality and which should be given more emphasis.     

新加坡边缘劳动力法律与政策评介

为提高劳动力资源方面的竞争优势、缓解人力资源的短缺，新加坡政府通过一系列劳动法律与政策，充分发挥政府、企业和工人三方的作用，提高老年工人、妇女等往往易成为政府负担的边缘劳动力的就业率，充分合理地使用外籍劳动力，从而使政府、企业、工人三方受利，既避免福利型社会易产生的劳动力成本提高、国家竞争力的下降，又能让老年人、妇女等边缘劳动力不被边缘化，让他们也从国家的经济发展中受益，防止国内贫富差距的加大，实现全民的共同富裕。新加坡的法律与政策可为我国完善相关劳动法律与政策提供有益的借鉴。     

对“立法万能论”的理性反思

"立法万能论"包含"万事皆需立法"、"万事皆可立法"和"法立则万事吉"三个子命题,然而,从"道德也是一种不可或却的社会规范"、"法的调整范围是有限的"以及"成文法不是无瑕的"三个方面看,法律也不是万能的,"立法万能论"不可取。     

公司法人人格否认制度的多视角分析

公司法人人格否认制度是在公司的发展过程中产生的一种制度，其重要性是不言而喻的。从法律制度、法学方法和社会发展等几个不同的角度去分析公司法人人格否认制度，可以知道，公司法人的人格独立是公司法人人格否认制度的前提，对这种法人独立人格的否认是以具体的制度来填补法律的漏洞，同时，这种制度上的变化也是社会发展的要求所在。     

试论价值观与法律的关系

在瞿同祖先生和黄宗智教授研究成果的基础上，集中探讨价值观在法律的表达与实际运作中的作用，从价值观与法律的关系角度解读法律的表达与实践之所以产生差异和背离的原因。能够得出这样的认识，价值观在法律的表达中得以充分的体现，而在法律的运作中所起到的作用则是导向性的。由此可以看出价值观决定着法的善恶；决定着法律的发展方向。     

The influence of bankruptcy law on equity value of financially distressed firms: A European comparative analysis

The reaction of stock prices to bankruptcy filing has been frequently analysed in the financial literature. In this paper we adopt a different approach to that of traditional study, and endeavour to determine whether the reaction of markets is conditioned by the orientation of bankruptcy law. Our results lead us to conclude that it is actually the type of bankruptcy law that conditions the valuation of firm's stocks. We have also found that the drop in share value is greater in creditor-oriented systems, while the negative returns are lower in debtor-oriented systems.     

The regular article tracking developments at the national level in key European countries in the area of IT and communications – Co-ordinated by Herbert Smith LLP and contributed to by firms across Europe

This column provides a concise alerting service of important national developments in key European countries. Part of its purpose is to compliment the Journal's feature articles and Briefing Notes by keeping readers abreast of what is currently happening “on the ground” at a national level in implementing EU level legislation and international conventions and treaties. Where an item of European National News is of particular significance, CLSR may also cover it in more detail in the current or a subsequent edition.