Organising the Firm Theories of Commercial Law, Corporate Governance
Commercial law, corporate governance and corporate law deal with the organisation of firms. This book proposes a coordinated answer to three problems - the absence of theories of commercial law, the failure of existing theories of corporate governance to
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Petri M€antysaari
Organising the Firm Theories of Commercial Law, Corporate Governance and Corporate Law
Prof. Dr. Petri M€antysaari Hanken School of Economics Department of Accounting and Commercial Law Handelsesplanaden 2 65100 Vaasa Finland [email protected]
ISBN 978-3-642-22196-5 e-ISBN 978-3-642-22197-2 DOI 10.1007/978-3-642-22197-2 Springer Dordrecht Heidelberg London New York Library of Congress Control Number: 2011937439 # Springer-Verlag Berlin Heidelberg 2012 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Contents
1
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2
Economic Theories of the Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 General Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Production Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Governance Structure or Organisational Construction . . . . . . . . 2.4 Personification of the Firm, Authority . . . . . . . . . . . . . . . . . . . 2.4.1 General Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4.2 Personification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4.3 Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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5 5 6 7 8 8 8 11 12
3
Theory of Commercial Law: Past Approaches . . . . . . . . . . . . . . . 3.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 Research Perspectives and Approaches . . . . . . . . . . . . . . . . . 3.3 Analysis of the History of Commercial Law . . . . . . . . . . . . . . 3.4 Doctrinal Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Comparative Law and the Approximation of Laws . . . . . . . . . 3.6 Philosophy of Law (Jurisprudence) . . . . . . . . . . . . . . . . . . . . 3.7 Economic Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 Preventive or Proactive Law . . . . . . . . . . . . . . . . . . . . . . . . .
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