Responsible Citizens, Irresponsible States

International and domestic laws commonly hold states responsible for their wrongdoings. States pay compensation for their unjust wars, and reparations for their historical wrongdoings. Some argue that states should incur punitive damages for their international crimes. But there is a troubling aspect to these practices. States are corporate agents, composed of flesh and blood citizens. When the state uses the public purse to finance its corporate liabilities, the burden falls on these citizens, even if they protested against the state’s policies, did not know about them, or entirely lacked channels of political influence. How can this “distributive effect” of state-level responsibly be justified? The book develops an answer to this question, which revolves around citizens’ participation in their state. It argues that citizenship can be a type of massive collective action, where citizens willingly orient themselves around the authority of their state, and where state policies are the product of this collective action. While most ordinary citizens are not to blame for their participation in their state, they nevertheless ought to accept a share of the remedial obligations that flow from their state’s wrongful policies. However, the distributive effect cannot be justified in all states. Specifically, in (some) nondemocratic states most citizens are not participating in their state in the full sense, and should not pay for their state’s wrongdoings. This finding calls then for a revision of the way we hold states responsible in both the domestic and international levels.

The Necessity Of Piercing Corporate Veil Doctrine In Uzbek Corporate Law

This article discusses the distribution of liability risks of shareholderss and other controlling persons on corporate liabilities. Given the analysis of ex post and ex ante model of control over distribution of risks of civil turnover participants in common law and continental legal traditions. Also, considered problems of shareholders' liability on obligations of corporations in the Republic of Uzbekistan. A shareholder shall be held liable on a subsidiary basis for the obligations of the legal entity in case of insolvency, as a result of the member's wrongful acts. However, some mechanisms of such liability do not allow to resolve the issue fairly.

Corporate Liabilities

The debate on how to rein in transnational corporate power has greatly intensified over the past decades. Following a series of scandals, conflicts, and crises, civil rights activists, lawyers, and heterodox economists have been promoting efforts to hold private business accountable for the social, economic, ecological, and political costs of its actions. National legal cultures, however, differ widely on that issue, in particular with an eye to corporate personhood and extraterritoriality. After centuries of not prosecuting corporations on grounds of their lack of mens rea, the pattern changed in the twentieth century as developments in different legal spheres intertwined. When competition law coalesced with tightened national corruption standards as well as the emergence of international war crimes prosecution, a path toward international corporate liability opened up. By now a patchwork set of approaches has emerged in which soft and hard law, statutory and treaty law, and national and international regulation converge on corporate liability.

The role of the AFA coefficient as a new criterion in the long-run liaison between corporate liquidity and bank credit

Purpose This paper aims to focus on the absence of a direct criterion for the ideal level of net working capital (NWC) for which Acikgoz (2014) theoretically demonstrates that this NWC can be treated in a manner that allows the assessment of repayments. The study presents and discusses a new multiplier (i.e. the afa coefficient), defined as the ratio of cash equivalents ratio to NWC, measured as the percentage of short-term liabilities (Acikgoz, 2014). In other words, the study explores whether NWC could be an indicator of the ratios of corporate short-term bank credit to STL and of bank credit to total assets. Design/methodology/approach Sectoral panel regressions are used in the case of Turkey, spanning the period 1996-2013, on data obtained from the Central Bank of Turkey. Through second-generation panel unit root tests for cross-section dependence and panel cointegration methodologies, the results illustrate the statistical significance of the CD statistics, indicating the presence of cross dependence, the presence of non-stationary variables and the presence of a long-run association for the variables under study. Findings The findings document that a transformed variable of NWC is more substantive than the explicatory quality of the current ratio and may potentially be used in the prediction of bank credit in corporate liabilities. Originality/value The afa coefficient shows the ratio of liquid assets to NWC as a percentage of STL. The results illustrate that this coefficient plays a significant role for corporate bank credit usage in the case of the Turkish sectoral analysis.