Joint stock companies

Few financial crises, historically speaking, have attracted such attention as the Mississippi and South Sea Bubbles of 1719–20. The twin bubbles had major economic and political implications, sending shock waves through the whole of Europe; they astonished contemporaries, and, to a large extent, they still resonate today. This volume offers new readings of these events, drawing on fresh research and new evidence that challenge traditional interpretations. The chapters engage, in particular, with:

- the geographical frame of the 1719-20 bubbles
- their social, cultural, economic and political impact
- the ways in which contemporaries understood speculation
- the contributions and impact of a diverse array of participants
- popular and print memorialization of the events

Overall, the volume helps to rewrite the history of the 1719–20 bubbles and to recontextualize their place within eighteenth-century history.

This paper presents a model of path dependence and change and focuses on the gaining of new institutional knowledge. The main thesis is that in ‘extraordinary’ historical situations the possibility of change increases as a result of external pressure and successful adaptation to it. The model is tested applying it to the case study of seventeenth-century United Provinces (Dutch Republic).

In distinguishing between formal and real subsumption of the labor and production process of society by capital Marx provides a formative periodizing of capitalism. Yet, losing sight of Marx’s subtle distinctions, it would be the writings of Karl Kautsky, in whose hands the very term Marxism originates, that most influenced generations of Marx’s followers. Kautsky maintained that Marxism is a theory of historical directionality. He argued that Marx’s study of capitalism constituted a subtheory of historical materialism and confirmed socialism as the historical telos. A combination of theoretical problems deriving from Kautsky’s reconstruction of Marxism plus the fact that capitalism would survive its first major economic crisis at the close of the nineteenth century to emerge reloaded in its imperialist stage by the early twentieth century animated the important work of Rudolf Hilferding, V.I. Lenin, and Nicolai Bukharin. Theorizing of imperialism provides the foundation for studies of the corporate form of business enterprise and what is referred to today as financialization.

Tüzel kişi olarak ticaret şirketlerinin hukuka uyma yükümlülükleri bulunmaktadır. Doktrinde hukuka uyan şirketlerin bulunmadığı, onun yerine hukuka farklı derecelerde uymayan şirketlerin var olduğu belirtilmektedir. Uyum (Compliance) şirketin, organlarının ve şirket çalışanlarının hukuk kurallarına uygun hareket etmesinin sağlanması için alınması gereken tüm önlemleri ifade etmektedir. Uyum (Compliance) ile şirketlerin hukuka aykırı faaliyet göstermelerinin önlenmesi, hukuka aykırılıkların ortaya çıkarılması ve ortadan kaldırılması ile hukuka uygunluğun şirket düzeyinde güvence altına alınması amaçlanmaktadır. 6102 sayılı Türk Ticaret Kanunu'nda Uyum (Compliance) açıkça düzenlenmemiştir. Bu nedenle Kanun'un amacından hareketle, yorum yoluyla anonim şirketlerde bu yönde bir yükümlülüğün olup olmadığını incelemekteyiz. Çalışmamızda sırasıyla "Uyum (Compliance) nedir?", "Anonim şirketlerde Uyum (Compliance) yükümlülüğü var mıdır?", "Borsa şirketlerinde Uyum (Compliance) uygulaması nasıldır ve nasıl olmalıdır?" ve "Yönetim kurulunun Uyum (Compliance) nedeniyle sorumluluğu var mıdır?" soruları yanıtlanmaktadır.

The aim of this paper is to present the effects of the listing
sport clubs on the stock exchange in order to facilitate funding
for sports clubs. Owners and managers of clubs that have
the ambition to obtain money for the club or to significantly
increase its value, should consider the opportunities
offered by the initial public offering of shares on the Stock
Exchange. With that move the club becomes more valuable,
broader ownership structure and becomes public company.
The advantage is that the issuing of shares have no maturity
date and interest rate because investors who buy shares in
a public offering expected return based on dividends or
profits through price increases on the Stock Exchange. Another
important factor is that funding in this way the club
does not depend only on one lender. In addition, it should
bear in mind that in this way improves the image of the club
in the event of future takeover by other companies or clubs.
Experience from capital markets show that after crossing the
open joint stock company sports club organizational discipline.
There is separation of ownership and control functions,
except for internal, mandatory external audit and the business
of the club makes it more transparent. Managers who
lead the club are motivated with management contracts to
manage the club as a company and in the best interest of
all shareholders. In doing so, all owners in proportion to their
share capital, can participate in making decisions.
The process of exiting to the Stock Exchange gets attention
of public as it has a synergistic effect - promoting sports club
through regular disclosure of all information relevant to the
business of the club because of the interest in the business
of companies still higher than in private companies.

Tüm dünyayı etkisi altına alan COVID-19 virüsü, ekonomik açıdan finans ve reel sektör piyasalarına doğrudan etki etmiş ve şirketlerin ekonomik devamlılığı açısından bir tehlike oluşturmaya başlamıştır. Pandemi sürecinin sermaye şirketleri üzerindeki olumsuz etkilerini azaltmak amacıyla öngörülen ekonomik tedbirlerden birisi de Türk Ticaret Kanunu’na (TTK) eklenen geçici m. 13 hükmü ile sermaye şirketleri bakımından getirilen kâr payı dağıtım kararlarının kısıtlanmasıdır. Bu makale çalışmasındaki amacımız, anonim şirketler açısından pay sahiplerinin en önemli haklarından birisini oluşturan kâr payına getirilen sınırlama ve yasaklara dair görüşlerimizi sunmak, bu sınırlamanın düzenlenme amacını gerçekleştirmeye elverişli olup olmadığını tespit ederek bu müdahalenin gerekliliği üzerinde durmak ve bu düzenlemeyi objektif bir bakış açısıyla incelemektir. Bu amaçla çalışmamızda kâr payı ve kâr payı avansı kavramları hakkında bilgi verilerek, TTK geçici m. 13 hükmü ve bu hükmün uygulanmasına dair usul ve esasları düzenleyen tebliğ hükümleri detaylı bir şekilde incelenmiş ve bu hükümlerin oluşturabileceği muhtemel sorunlara işaret edilmiştir.

During the past decade, Egypt made significant efforts to align corporate financial reporting requirements with the International Accounting Standards (IAS) and to close the compliance gap in both accounting and auditing practices. Consequently, important improvements have been achieved in accounting and disclosure requirements for the publicly traded companies and financial institutions and in Egyptian Accounting Standards as benchmarked against IAS. Moreover, a new Accounting Practice Law has been drafted and agreed upon by all stakeholders, though not yet been ratified. Further improvements could be achieved by issuing a modern legislative framework that includes an appropriate regulatory framework for practicing auditors, addressing weaknesses in professional education and training arrangements, introducing qualification examinations for auditor licensing, and developing an enforcement mechanism to ensure compliance with applicable accounting and auditing standards.

Hukukumuzda gerek eski gerekse yeni kanun döneminde net bir tanımı bulunmayan ve sınırları belirsiz olan holding kavramının hem tanımında hem de holding şirketlere uygulanacak olan kanun hükümlerinin bir kısmının uygulama alanlarında eski kanun döneminden beridir tartışmalar süregelmektedir. Kanuni yedek akçelerin holdinglerde kullanım şekli, eTTK'da olduğu gibi TTK'da da holdingler bakımından belirsiz ve tartışmaya açık bir biçimde düzenlenmiştir. Çalışmamızda holding şirket kavramına ve ülkemiz hukukundaki uygulama şekline değinildikten sonra, holdingler bakımından TTK'da kanuni yedek akçenin kullanımına ilişkin sorunların üzerinde durulacaktır.

Marking 30 years since the original production of Our Country’s Good. The evidence presented in this chapter, including the testimonies of life-term prisoners who staged the play in Blundstone Prison in 1989, suggests forcefully that participation in dramatic production can instigate profound physical, emotional, intellectual, and spiritual transformation, affecting both individuals and their community at large.

Abstract: The book Trusting Performance (2011) argues that dramatic productions facilitate experiments that cannot be conducted in laboratories, thereby challenging cognitive scientists to consider the arts as essential companion-fields in the investigation of human embodied cognition.
Chapter 3 discusses Timberlake Wertenbaker's Our Country’s Good, which dramatizes the events that led to a performance of George Farquhar’s The Recruiting Officer by a group of transported convicts in Australia in 1789. Wertenbaker displays the heated discussions, confrontations, and violent interruptions that precede this public performance, as well as the remarkable effects of cooperation, empathy, and self-articulation that emerge during rehearsals. Crucially, I argue, the play within the play re-creates trust through correcting embodied experience: the participants’ bodies are in effect re-programmed, transforming a heterogeneous, hostile group of individuals into a civil community in which respect, trust, and affection are possible.
Attending to Wertenbaker's ambitious claims for theatrical production, her explicit affinity with key premises of eighteenth century contractual political theories and Sentimentalist moral theories and, in addition, recent neuropsychological studies, this chapter intervenes in postmodern, post-structuralist lamentations of the isolation of the individual, suggesting instead that by sacrificing certain personal desires for the good of the “general will," through learning to cooperate in joint-effort projects, we may outweigh skepticism and brutality, and establish civic cooperation, trust and even love.

According to a widespread historiographic topos, the English East India Company -the richest, biggest, most powerful and long-lasting of all chartered companies-, was a “democratic” organization. Founded by Queen Elizabeth I on December 31st 1600, this joint-stock company, originally conceived to import spices and silk from the islands of Southeast Asia, became, during the course of the 18th century, the main tool of British colonial expansion in the Indian sub-continent, until its liquidation in 1858. In the 17th century, though, it still was, essentially, a company of “adventurers” trying to challenge the Portuguese and Dutch merchants in the East-Indies spice race. On the basis of the assumption that to decide by majority means to decide democratically, this essay aims at reconsidering the supposed democracy of the business corporation EIC, by way of the enforcement of the majority principle in modern England. It focuses on three issues: overview of the historiography devoted to the topic; description of the rooting of the principle in England (courts of justice, Parliament and legal-political doctrine, with a particular focus on Locke’s thought); analysis of the development of the voting systems within the EIC in the time-frame 1600-1700. We will see that it was possible to define the EIC as a “democratic” organization, but only at the beginning of its very long history.

The French Mississippi Bubble, British South Sea Bubble and Dutch 'Windhandel' were part of a 1719-20 pan-European equity boom that involved many more countries than hitherto thought. Drawing on extensive archival research, the paper establishes that speculation and stock euphoria spanned from Portugal to Russia, and from Sicily to Sweden. As such, it demonstrates that 1720 European financial markets were largely driven by common forces. Comparing all the projects (successful or unsuccessful) for joint-stock companies promoted around 1720, the paper underlines three aspects that shed new light on this first transnational financial bubble.

First, these projects bring to the fore a two-speed Europe: while the most advanced economies focused on innovative business sectors (in particular marine insurance), the least developed were catching up with a model that was more than one century old, namely the privileged company for long-distance trade and colonization.

Second, French and British experiments with public debt engineering (that fuelled the Mississippi and South Sea Bubbles) were emulated throughout Europe; in almost every country there were schemes geared to improving public finances.

Third, the timing of the global equity boom was more diachronic than previously thought, suggesting that contemporaries did not expect that a stock market crash somewhere should necessarily generate a contagion effect.

Koronavirüs Salgınına Karşı Acil Durum Önlemleri ile Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun ("Torba Kanun") ile 6102 sayılı Türk Ticaret Kanunu'na ("TTK") şirketlerin kar dağıtımına ilişkin süre ve miktar bakımından sınırlama getiren Geçici Madde 13 hükmü kanunlaştı. Geçici Madde 13'ün sivil toplum kuruluşları ile paylaşılan ilk taslak haline ilişkin görüş ve değerlendirmelerimizi Sermaye Şirketlerinin 2020 Yılı İçerisinde Alacakları Kar Dağıtım Kararlarının Akıbeti-Türkiye ve Dünyadaki Genel Durum başlıklı çalışmamızda izah etmiştik. Hükmün kanunlaşması ve kabul edilen metnin çalışmamızda incelediğimiz metne göre değişiklikler içermesi nedeniyle bu yazımızda ilk taslak metin ile kanunlaşan metin arasındaki farklara değinilecek, ardından da hükmün yaptırım kabiliyeti bakımından toparlayıcı kısa bir değerlendirme yapılacaktır.

Koronavirüs salgın hastalığı ("COVID-19") 2020 yılı başından itibaren şiddetli bir şekilde etki göstermektedir. 11.03.2020 itibariyle Dünya Sağlık Örgütü tarafından pandemi statüsünde değerlendirilen COVID-19, tüm dünyada geniş kitleleri etkiliyor olması ve kesin bir tedavisinin henüz bulunamaması nedeniyle sağlık alanını aşarak ekonomik hayatın bütünü üzerinde yıpratıcı etkilerini göstermektedir. Ekonomik etkilerin katlanarak büyümesi ile en liberal ekonomi sistemlerinde dahi devletler sıkı önleyici müdahalelerde bulunma ihtiyacı hissetmektedir. Ülkemizde de yakın zamanda Cumhurbaşkanlığı kararları ve ilgili Bakanlıklar tarafından yürürlüğe konulan idari düzenleyici işlemler ile salgının ticari hayattaki etkilerine karşı önlemler alınmaya çalışılmaktadır. Bugüne kadar alınan önlemler arasında, açık ve kapalı alanlarda toplantı ve organizasyonların yapılmaması ile hukuki hakların kullanımına ilişkin sürelerin durdurulması konularında alınan kararlar şirketler hukuku ekseninde doğrudan tesiri olan hususlardır. 6102 sayılı Türk Ticaret Kanunu ("TTK") başta olmak üzere çeşitli kanunlarda değişiklik öngören bir kanun taslağı ("Taslak") sivil toplum kuruluşlarının görüşlerine sunulmuş olup yakın zamanda Türkiye Büyük Millet Meclisi ("TBMM") gündemine de geleceği öngörülebilir. Taslak'ta yer alan ve TTK'ya Geçici Madde 13 olarak eklenmesi planlanan hüküm ile sermaye şirketlerinin kar dağıtım esasları hakkında miktar ve zaman bakımından bir sınırlama getirilecektir. Taslak'ta yer alan hüküm, şirketler hukuku bakımından tedbir amaçlı bir ekonomik müdahale örneğidir. Taslak'ın 47. maddesi ile TTK'ya eklenmesi gündemde olan Geçici Madde 13 aşağıdaki gibidir: (1) Devlet, il özel idaresi, belediye, köy ile diğer kamu tüzel kişilerinin pay sahibi olduğu şirketler hariç olmak üzere; sermaye şirketlerinin, 31/12/2020 tarihine kadar dağıtabilecekleri nakit kâr payı tutarı 2019 yılı net dönem kârının yüzde yirmibeşini aşamaz, genel kurulca yönetim kuruluna kâr payı avansı dağıtımı yetkisi verilemez. (2) Genel kurulca 2019 yılı hesap dönemine ilişkin kâr payı dağıtımı kararı alınmış ancak henüz pay sahiplerine ödeme yapılmamışsa veya kısmi ödeme yapılmışsa, 2019 yılı net dönem kârının yüzde yirmibeşini aşan kısma ilişkin ödemeler birinci fıkrada belirtilen sürenin sonuna kadar ertelenir. Yazımızda, TTK'ya eklenmesi planlanan bu geçici madde hükmünün niteliğini ve hükme aykırı kararların akıbetini hukuki ve cezai boyutlarını ele alarak irdeleyecek, dünyadaki örnek uygulamalar üzerinden değerlendirmelerde bulunacağız. Taslak ile birlikte tartışmaya açılan bu konunun, iç hukukumuzdaki karşılıkları ve dünyanın önde gelen ekonomilerine sahip ülkelerdeki uygulamaları birlikte sunarak, değerlendiricilere yeni bir perspektif sunabilmeyi ummaktayız.

Descrizione del volume "Le sovranità nell’era della post globalizzazione"

Il presente volume nasce dall’esperienza di un gruppo di ricerca interdisciplinare del Dipartimento di Giurisprudenza di Foggia, finanziato dall’Ateneo, sul tema Ricchezze senza Stato nell’era della post globalizzazione.

Già il progetto originario, muovendo dalla letteratura consolidata sulle interrelazioni tra nazioni e ricchezze, intendeva, da un lato, attribuire un peculiare risalto all’analisi diacronica a fini sistematici e ricostruttivi, dall’altro, fissare nella stagione della post-globalizzazione il punto di verifica degli obiettivi della ricerca.

In altri termini, si è inteso rimarcare la peculiarità del momento storico attuale, che supera l’epoca della globalizzazione (databile agli anni Novanta) almeno sotto due profili: l’avanzata delle multinazionali cd. Over the top; l’accelerazione del mutamento di alcuni fattori connessi alla sovranità degli Stati anche in conseguenza del dominio dei dati (in particolare i cd. big data) attraverso nuove tecnologie (in particolare la cd. intelligenza artificiale).

Si è tentato di prefigurare in che modo questi macro-fenomeni possano incidere sull’evoluzione della sovranità, specialmente nei quadranti del Diritto tributario (dove è cruciale la prospettiva dell’equità nelle opzioni di distribuzione delle ricchezze) e del Diritto penale (con riferimento ai rapporti internazionali).

The study dealt with the institutions concerned with the legal standards of joint-stock companies, the concept of the Shariah standards for joint-stock companies, and a comparative study of the quantitative and qualitative standards for the classification of joint-stock companies. For those who say that it is permissible to contribute, the research came in an introduction in two topics and a conclusion.

This paper presents a model of path dependence and change and focuses on the gaining of new institutional knowledge. The main thesis is that in ‘extraordinary’ historical situations the possibility of change increases as a result of external pressure and successful adaptation to it. The model is tested applying it to the case study of seventeenth-century United Provinces (Dutch Republic).

The empirical debate on the effects of an initial public offering (IPO) never abates. Financing through an initial public offering of shares (IPO) is one of the ways to raise funds for the current or development needs of the company. An IPO represents the first public offering of a company's shares to potential investors and it takes place on the primary capital market, i.e. the stock exchange. This paper examines the advantages and disadvantages of the two processes. The subject of the paper refers to the analysis of the effects of the initial public offering. The aim of this paper is to analyze all relevant factors that affect the result of the initial public offering of shares, to identify the motives for which companies decide on the IPO, but to analyze the motives and effects of the process of delisting the company from the stock exchange. The methods of analysis, synthesis, deduction as well as selected tools of business and financial analysis were used in the research. Primarily, secondary data sources were used, such as scientific and professional literature, and publicly available statistical databases. The second part of the research refers to the examination of whether it is possible to "copy the behavior" of certain groups of countries to enhance or discourage the increase of certain economic parameters in the country. The correlation between the number of listed joint-stock companies in the country, GDP per capita, population, market capitalization, and financial market development index is examined. The results show that there is a weak correlation between the number of listed companies and the number of inhabitants and the number of listed companies and the financial market development index, but that there is no correlation between the number of listed companies and GDP per capita i.e. a correlation between market capitalization to GDP.

The study dealt with the institutions concerned with the legal standards of joint-stock companies, the concept of the Shariah standards for joint-stock companies, and a comparative study of the quantitative and qualitative standards for the classification of joint-stock companies. For those who say that it is permissible to contribute, the research came in an introduction in two topics and a conclusion.

Η μελέτη της ιστορίας του εταιρικού τομέα είναι ένας κλάδος που αναπτύσσεται δυναμικά από τη διεθνή ακαδημαϊκή κοινότητα, καθώς η Ανώνυμη Εταιρεία (Α.Ε.) θεωρείται γενικώς ως η πιο εξελιγμένη μορφή οργάνωσης μιας επιχείρησης.  Η εργασία αυτή εισάγει για πρώτη φορά την περίπτωση της Κύπρου στη μελέτη του εταιρικού τομέα στη Μεσόγειο. Επίσης, προβαίνει σε συγκριτική παρουσίαση του αναδυόμενου εταιρικού τομέα της Κύπρου και της Ελλάδας, δύο χωρών που έχουν κοινές εθνικές ρίζες και πολιτισμό.

ÖZET
Anonim şirketler, kural olarak çok sayıda pay sahibini bünyesinde barındırır. Bunun sonucu olarak anonim şirketlerde çoğunluk ilkesi geçerlidir. Çoğunluk ilkesi esasen genel kurul kararlarının alınmasında geçerli olan bir ilkedir. Bu kapsamda genel kurul kararları, kural olarak çoğunluğun iradesine uygun olarak alınır (TTK m. 418/2). Ancak bu ilkenin katı bir biçimde uygulanması bazı problemlerin ortaya çıkmasına neden olabilir. Tam da bu nedenle kanun koyucu, çoğunluk ilkesinin neden olduğu sakıncaları törpülemek amacıyla bir takım düzenlemeler getirmiştir. Bu düzenlemelerin başında da azınlık hakları gelmektedir. Kanun koyucunun belirtilen sebeplerle düzenlediği azınlık haklarından birisi de anonim şirketlerde azınlığın genel kurulun toplantıya çağrılmasını talep hakkıdır. Azınlığın bu hakkı, 6102 sayılı Türk Ticaret Kanunu’nun 411 ve 412’nci maddelerinde düzenlenmiştir. 6762 sayılı Kanun uygulamasında birçok soruna neden olan ve hatta bazen azınlığın bu hakkını kullanmasına engel olan hükümler, kanun koyucu tarafından yeniden ele alınmıştır.
Bu çalışmada azınlığın genel kurulun toplantıya çağrılmasını talep hakkı, öğretideki görüşler ve Yargıtay kararları dikkate alınmak suretiyle eski ve yeni hükümler karşılaştırılarak incelenmiştir.
ABSTRACT
Majority principle prevails in joint stock companies as they consist of various shareholders. Majority principle fundamentally applies to general meetings. In this context, general meeting resolutions are made in accordance with the will of the majority (TCC 418/2). On the other hand, rigorous execution of this principle may cause problems. For that reason, a number of regulations -the leading one of which is the minority shareholder rights- were made to alleviate such issues. One of the stipulated regulations is the minority shareholders’ right to request general meeting. The mentioned right of the minority shareholders is regulated under articles 411 and 412 of Turkish Commercial Code. The articles which fomented trouble and occasionally prevented the exercise of the right thereof of Law no. 6762 were revaluated by the lawmaker.
In this study, the minority shareholders’ right to request general meeting in joint stock companies is analysed by comparing abrogated and current provisions in the views in doctrine and Court of Cassation’s jurisprudence.

The London Assurance (LA) was incorporated in 1720, marking a significant innovation in the marine insurance industry. Contemporaries anticipated joint-stock firms such as the LA would rapidly outcompete private underwriters, yet this outcome did not occur. The success of the private underwriters has been ascribed to their organizational form. This paper reassesses these explanations and finds that, rather than an a priori worse business model, various corporate governance challenges limited the LA’s capacity to compete. This provides a more complete explanation for the relative failure of the joint-stock marine insurance companies and has implications for understanding the evolution of the corporate form in the eighteenth century.

With the enactment of the Turkish Commercial Code numbered 6102 (the “TCC”), the principles and procedures with regards to the acquisition by joint stock companies of their own shares have been harmonized with the legislation of the European Union. 

Under the Turkish Commercial Code numbered 6762, save for a few exceptions, companies were prohibited to acquire their own shares.  With the enactment of the TCC, such rules have been liberalized in order to increase the flexibility of companies to easily and rapidly respond to the market conditions.  Even though the liberty provided under the TCC to such transactions is limited when compared to similar regulations in common law countries, one can assume such amendments as revolutionary in the Turkish legal system.

Should businessmen who commit fraud go to prison? This question has been asked repeatedly since 2008. It was also raised in nineteenth-century Britain when the spread of corporate capitalism created enormous new opportunities for dishonesty. Historians have presented Victorian Britain as a haven for white-collar criminals, beneficiaries of a prejudiced criminal justice system which only dealt harshly with offences by the poor. Boardroom Scandal challenges these beliefs.

Based on an unparalleled sample of legal cases - many examined here for the first time - James Taylor presents a radical new interpretation of the relationship between capitalism and the law. Initially, there were no criminal sanctions against publishing false prospectuses, concealing losses in balance sheets, and even misappropriating company money. But parliament became convinced of the need to criminalize these practices to protect the culture of stock market investment on which mid-Victorian prosperity increasingly rested. Persuading judges to play along was harder, with many invoking the principle of caveat emptor to exonerate defendants. But by the end of the century, successful prosecutions of company executives were commonplace. These trials performed multiple functions: they stabilized confidence in times of crisis; they dramatized the class blindness of the law; and they were increasingly seen as essential as faith in a self-regulating economy ebbed. The criminalization of fraud, therefore, has far-reaching implications for our understanding of nineteenth-century Britain. It also has relevance today in light of the on-going economic crisis and the issues it raises regarding business ethics and the role of the state.