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Legal Entities (legal + entity)
Selected AbstractsThe threat of corporate groups and the insolvency connectionINTERNATIONAL INSOLVENCY REVIEW, Issue 3 2009Alexander Dähnert, Article first published online: 27 OCT 200 This paper attempts to shed some light on the issue referred to by the term ,group threat'. The factual appearance of corporate groups will be emphasized, as well as the question of what particular dangers arise from groups of legal entities. It will be argued that the source of group threats lies in the supremacy of group interest over the interests of affiliates, particularly in groups acting as a single unit. However, while efficiency gains inherent in group structures have attracted considerable attention in the debate about the insolvencies of corporate groups, the aspect of how the restriction of group threats can be reconciled with these efficiency-preservation concepts has been neglected. This appears of some concern given the fact that group threats and group synergy effects are part of the same coin. Both sides of the Janus-head ought to be considered in insolvency concepts and an attempt will be made to put the specific aspect of group threats into the wider context of group insolvencies. Existing approaches will be introduced, summarized and categorized, with a particular view taken of their common characteristics. It is argued that most insolvency concepts suffer from the same fundamental deficiencies: the focus on the structure of groups, which makes the very nature of integrated companies difficult to grasp. Consequently, this calls into question the application of these concepts and leads, furthermore, to significant collateral damage in the shape of principles central to company law. Resulting from these shortcomings and from the insight that the supremacy of the group interest constitutes the fundamental source of group characteristics, this paper suggests as an alternative that the focus be placed on wrongful conduct, the argument being that it is not the static structure, but the way the group is directed and ruled, which constitutes the decisive criterion for insolvency concepts. The understanding of group threats is therefore the key to a satisfactory approach to group specific challenges in insolvency. Copyright © 2009 John Wiley & Sons, Ltd. [source] Contract Formalization and Governance of Exporter,Importer RelationshipsJOURNAL OF MANAGEMENT STUDIES, Issue 3 2008Preet S. Aulakh abstract Exporting relationships between manufacturers and foreign importers pose unique coordination problems because, on the one hand, transactions are recurrent and both firms make non-trivial relationship-specific investments, but at the same time, the exchange partners maintain separate legal entities with individual profit claims. This study examines the role of contracts as a governance mechanism in these relationships that are neither market-based discrete transactions, nor can be governed through ownership-based hierarchies. Drawing upon recent research on contract law and interorganizational relationships, we develop and empirically test a model that incorporates both the antecedents and performance implications of the nature of contract governing exporter,importer relationships. [source] Firm Performance, Governance Structure, and Top Management Turnover in a Transitional Economy*JOURNAL OF MANAGEMENT STUDIES, Issue 6 2006Michael Firth abstract Recent research has argued that political and regulatory environments have a significant impact on corporate governance systems. In particular, countries with poor investor protection laws and weak law enforcement have low levels of corporate governance that manifests itself in substandard financial performance, management entrenchment, and the expropriation of minority shareholders. One implication of this research is that China will have poor corporate governance and entrenched managers as its legal system is relatively underdeveloped and inefficient. However, using data on top management turnover in China's listed firms, our results refute the prediction of entrenched management. We find evidence of very high turnover of company chairmen and there are many cases that we interpret to be forced departures. Our results show that chairman turnover is related to a firm's profitability but not to its stock returns. Turnover-performance sensitivity is higher if legal entities are major shareholders but the proportion of non-executive directors perversely affects it. We find no evidence that profitability improves after a change in chairman and this suggests that a firm's governance structure is ineffective as it is unable to recruit suitable replacements that can turn around its financial performance. [source] ,Model Tribes' and Iconic Conservationists?DEVELOPMENT AND CHANGE, Issue 1 2008The Makuleke Restitution Case in Kruger National Park ABSTRACT This article investigates how the Makuleke community in Limpopo Province achieved iconic status in relation to land reform and community-based conservation discourses in South Africa and beyond. It argues that the situation may be more complex than it first appears, and the ways in which the Makuleke story has been deployed by NGOs, activists, academics, conservationists, the state and business may be too simplistic. The authors discuss historical representations of the Makuleke ,tribe' against the backdrop of their experiences of living in the borderland Pafuri region of the Kruger National Park prior to their forced removal. After investigating the ways in which the chieftaincy, and its relation to communal land, has been strengthened by local mobilizations against threats from the neighbouring Mhinga Tribal Authority, the authors suggest that a central tension in the Makuleke area is the conflict between democratic principles governing the legal entity in control of the land (i.e., the Communal Property Association), and traditionalist patriarchal principles of the Tribal Authority. The article shows how these restitution-linked processes became implicated in the establishment in 2002 of the Great Limpopo Transfrontier Park. The authors also argue that the image of the Makuleke as a ,model tribe' is both a product of changing historical circumstances and a contributor to contemporary discourses on land restitution and conservation. [source] Front and Back Covers, Volume 23, Number 5.ANTHROPOLOGY TODAY, Issue 5 2007Ocotober 200 Front and back covers caption, volume 23 issue 5 Front cover The front cover illustrates Julie J. Taylor's article on the outcome of the San people's court case against the Botswana government. The photo shows Roy Sesana, leader of the San organization First People of the Kalahari and chief appellant in the case, with Gordon Bennett, the San group's lawyer, at the start of the case in July 2004. In the course of the last century, the San or Bushmen of southern Africa became possibly the most studied indigenous group in the world. In addition to suffering land dispossession and violence during the colonial period, their image in the West has long been that of exotic and innocent ,Other', fuelled over time by the work of scientists, anthropologists and filmmakers among others. In recent years the San have become part of wider debates about indigeneity, poverty and development, often in relation to land rights. Many San have formed their own representative institutions and have also entered into relationships with national and international NGOs to campaign for their rights as an indigenous minority. From 2004, San claims to land in the Central Kalahari Game Reserve in Botswana drew unprecedented attention in the international media, due in part to the efforts of local NGOs and the British-based advocacy group Survival International. After protracted court proceedings and much controversy, the case finally came to an end in late 2006. At first sight the outcome appeared to offer victory to San applicants, but matters in the Central Kalahari are far from resolved, raising questions about the role of advocacy groups and the fate of marginalized San groups elsewhere. Back cover (IM)PERSONAL MONEY Roboti of Giribwa Village, Trobriand Islands (above) is seen wearing the armshell Nanoula and the necklace Kasanai. Both have been circulating in the kula for at least a century and were already famous when Malinowski saw them. He was sure that these valuables were not money because they were not an impersonal medium of exchange, but Marcel Mauss, in a long footnote to The gift, wrote: ,On this reasoning there has only been money when precious things have been really made into currency , namely have been inscribed and impersonalised, and detached from any relationship with any legal entity, whether collective or individual, other than the state that mints them, One only defines in this way a second type of money , our own.' This exchange was in some ways the high point of economic anthropology. The world of national currencies issued and controlled by states and banks must now come to terms with innumerable virtual instruments such as those seen flashing on the screens of the Chicago Mercantile Exchange (below). But, as the current ,sub-prime mortgage' crisis shows, these anonymous money instruments are still closely linked to personal credit. The challenge facing anthropologists today is to renew the legacy of Mauss and Malinowski in ways that illuminate such matters of universal practical concern. In this issue, Keith Hart argues that money, like society itself, is and always has been both personal and impersonal. A pragmatic anthropology should aim to show that the numbers on people's financial statements constitute a way of summarizing their relations with society at a given time. The next step is to explain how these numbers might serve in building a viable personal economy. When we are able to take responsibility for our own economic actions, we will understand better the social forces impinging on our lives. Then it will become more obvious how and why ruling institutions need to be reformed for all our sakes. [source] | |||||||||||||