В чьих интересах должны действовать менеджеры коммерческих корпораций?
The article deals with the problem of correlation between private and public interests within business corporations. Development of a human society has led to the specialization of labor and pooling of production resources. The funds of the majority are under the control of the elite. Using their position, controlling persons of commercial corporations may derive economic benefits at the expense of other shareholders, employees, counterparties and society as a whole. Through taking excessive economic risks, large corporations generate systemic economic crises harming persons not directly involved in the business activity. These problems have given rise to the questions about social corporate responsibility or, in other words, in whose interests the managers of business corporations should act. Having examined the main theories of a legal person, as developed in the Soviet Union and the Western countries, the author bases his study on the contractual theory of a corporation and on the transaction cost theory. Since the future results of a corporation’s activity are unknown, the contracts between a corporation and its members cannot be determined to the fullest extent. Unlike contractual creditors, shareholders investing funds in the authorized capital of the corporation are not in the position to bargain for the ‘price’ of resources given to the corporation. Therefore, until the specified legal facts occur, the members have no property claims to the corporation, but rather only a ‘hope’ protected by law. This feature separates internal corporate relationships from proprietary relations and matters of obligation. The specific nature of corporate relationships determines the fact that managers of a business corporation shall not act contrary to the lawful common interests of members of the corporation. The managers’ right, much less the obligation to act in favor of public interests contrary to the members’ interests contradicts the nature of the corporation
The paper discusses social aspects of higher education institutions engagement with their regional communities. On the basis of the cases of the Russian Siberian and Southern Federal Universities the author analyzes practices and formats of their interaction with different regional stakeholders as part of the FUs' social function implementation. The FU's capacity to enhance their third mission is assessed. The author suggests a set of indicators to assess universities social activities impact on development of the regions, and puts forward recommendations on building the federal universities capacity for fulfilling their third role. The paper is prepared within the framework of the Ministry of Education and Science project "Organizational and analytical support to the national priority project "Education" on activities aimed at "Development of Federal Universities", carried out by the National Training Foundation.
This article presents an engineering approach to estimating market resiliency based on analysis of the dynamics of a liquidity index. The method provides formal criteria for defining a “liquidity shock” on the market and can be used to obtain resiliency-related statistics for further research and estimation of this liquidity aspect. The developed algorithm uses the results of a spline approximation for observational data and allows a theoretical interpretation of the results. The method was applied to real data resulting in estimation of market resiliency for the given period.
The paper aims to investigate the process of establishing distribution network. The paper takes network paradigm as a main basis of investigation looking at the development of distribution networks in Russian chemical industry.
The book is devoted to problems of legislative, theoretical and judicial defining of subject of economic crimes in Russian and German criminal law in connection with legal persons. The authors analyze the current theoretical conceptions and case law and formulate proposals for improvement of present approaches. The special attention is given to liability of competitive manager for crimes committed in course of bankruptcy.
In modern world enterprises need to be agile in their operation and structure to react to changes quickly. One of the open questions here is how to develop the enterprise, or, to be more precise, if enterprise needs to be developed, and if yes, in which way. In this research we are focusing on the case when enterprise stakeholders understand the need of enterprise development, have ideas for that, and they need decision support method to understand if enterprise restructuring is likely to be successful and cost effective. Another covered topic is how to choose the best option for restructuring from variety provided. In this paper we describe the developed decision support method which combines DEMO methodology and transaction costs theory for quantitative costs estimation. To make this method applicable and reproducible we proposed few enhancements to DEMO notation.
The right to do business in Russia is granted by the Constitution of the Russian Federation, which states that everyone shall have the right to freely use his or her abilities and property for entrepreneurial or any other economic activity not prohibited by the law. In the Russian Civil Code, business activity is understood as an independent activity, performed at one’s own risk, aimed at systematically deriving profit from the use of the property, the sale of commodities, the performance of work, or the rendering of services by the persons registered in this capacity in conformity with the law-established procedure.
Doing Corporate Business in Russia attempts to examine not only the theoretical aspects of Russian business procedures, but also the specific nature of their implementation. This book offers an examination of the process of establishing, functioning, and terminating various types of business corporations in the Russian Federation and gives readers a thorough understanding of business in Russia. It clarifies the legal features of management and interaction with contractors and public authorities. It also touches upon the issues of legal linguistics and its role in legal practice. Knowledge in this field enables the reader to get a sense of the correct interpretation of the content of legal documents, proper definitions of terms, and of the potential violations of the rights of business entities based on improper understanding of normative language.
The book will be useful to scientists and practicing lawyers, students, and anyone interested in the specifics of corporate business entities and the Russian business climate.
In the recent years there was a growing interest of the Russian researchers in the issues of management of large firms and industrial companies in the pre-revolutionary Russia. This interest also covered the role of the managers in the handling of labor conflicts (filing of petitions, raising demands, organization of strikes). In this paper the author, based on the archives and the published sources, performed a detailed analysis of the influence of the actions of the managers on the course and the outcome of two strikes which took place in 1890-s at one of the largest Russian textile works - the Yaroslavl Bolshaya Manufactura.
In this paper we investigate how asymmetric information and informed trading influences liquidity and how liquidity influences asset pricing on the Russian stock market in 1998-2011. We use a battery of existing liquidity proxies as well as our own modification of Lesmond et al. (1999) measure and capture informed trading through positive daily return autocorrelation. We find that asymmetric information worsens liquidity, whereas no supportive evidence of adverse impact of informed trading can be discovered, which could be partly due to a weak proxy. Furthermore, liquidity, along with market risk, seems to be the major driver of asset pricing on the Russian stock market. This result, however, is not robust to specifying liquidity as characteristic rather than factor.
The article is devoted to a particular form of freedom of assembly — the right to counter-demonstrate. The author underlines the value of this right as an element of democratic society, but also acknowledges the risk of violent actions among participants of opposing demonstrations. Due to this risk, the government may adopt adequate measures restricting the right to counter-demonstrate, certain types of which are analyzed in this paper.
Development of standards of international controllability is reviewed in the article. Institutional approach is applied to development of international legal regime of Energy Charter. Definition of controllability is connected to development of international standards of dispute settlement, which are described in the article in detail. In connection with controllability, Russian interest, defense of investment in European Union and ecological investment encouragement, is reviewed in the article.
мировое управление и управляемость, Мировая экономика, международное экономическое право, энергетическая хартия, International control and controllability, International economics, international economic law, Energy Charter
международное частное право; недвижимость; ; школа бартолистов; бартолисты; теория статутов; статуарная теория/