Policing Employment Contracts within the Nexus-of-Contracts Firm

Stone, Katherine

doi:10.2307/825711

Cited by 32 publications

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“…Alternatively, they may deem their claims to morally rank ahead of secured creditors and insist on higher priority for wages. Thus, it is not clear-cut that creditors share a purely economic interest during insolvency (VanWezel Stone, 1993).…”

Section: Introductionmentioning

confidence: 99%

The objectives of corporate insolvency law: lessons for Uganda

Nyombi¹

2018

IJLMA

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Purpose This paper aims to provide guidance to law reformers in Uganda on the best approach to insolvency law reform and the objectives that should be furthered. Design/methodology/approach This paper provides a literature review. Findings A balance of various objectives serves the purpose of a modern insolvency law system. Originality/value These findings would enable future reforms in Uganda to be streamlined towards a particular objective rather than a general approach to insolvency regulation.

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Section: Introductionmentioning

confidence: 99%

The objectives of corporate insolvency law: lessons for Uganda

Nyombi¹

2018

IJLMA

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“…The lopsided nature of the relationship, hidden behind the rhetoric of equal bargaining power, becomes most obvious in the mass termination of employment during financial crises, takeovers, buyouts, mergers and restructurings that have characterised the global economy in the last few years (J. Mäkelä, 2013;Shleifer & Summers, 1985;van Wezel Stone, 1993). Citing termination clauses in employment contracts, the nexus-of-contract perspective argues that the loss of employment is a consequence of a contract to which labour has knowingly and willingly agreed.…”

Section: Theoretical Underpinning and Its Contestations: Labour As An Equal Contracting Partnermentioning

confidence: 99%

“…Depending on how these regulations are determined and the associated political-economic ideology in a given context, the rules governing labour relations uphold normative choices concerning the distribution of power and advantage (Klare, 1988;S. Ogden & Bougen, 1985;van Wezel Stone, 1993): "Each choice of rule enhances the power of one side at the expense of the other.…”

Section: Theoretical Underpinning and Its Contestations: Labour As An Equal Contracting Partnermentioning

confidence: 99%

“…Depending on the ideological orientation of the elected government, these concessions may be diluted, withdrawn or enhanced. While the neoliberal rhetoric argues that the interests of economic entities and capital providers are in harmony with the interests of labour, existing legal and regulatory mechanisms, in which employment contracts are enforced, cannot be regarded as politically neutral (van Wezel Stone, 1993). In contrast, what occurs is a continuous struggle over economic surpluses in neoliberal institutional structures that are characterised by "rationalisation, efficiency, calculation, control and predictability" (Sikka,forthcoming,p.…”

Section: Theoretical Underpinning and Its Contestations: Labour As An Equal Contracting Partnermentioning

confidence: 99%

“…Following the neoclassical economic model of wage determination, remuneration, like other terms in the contract, is determined by negotiation and bargaining. The labour contract is viewed as a consensual transaction, where the terms are set by external and inexorable market forces (van Wezel Stone, 1993). The primary reference point for negotiation and bargaining is the prevailing competitive market wage for the level of skills and expertise of the labourer (Jovanovic, 1979;Reynolds et al, 1991;van Wezel Stone, 1993):…”

Section: Theoretical Underpinning: Labour As a "Fixed Claimant"mentioning

confidence: 99%

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The economic entity and accounting for labour: Insights from Dietrich Bonhoeffer (1906 - 1945)

Lim¹

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<p>This thesis offers an alternative to conventional accounting in the conceptualisation of the economic entity. Framed by the principles of philosophical hermeneutics, the writings of the German Lutheran theologian Dietrich Bonhoeffer (1906 – 1945) are explored in order to provide an alternative conceptualisation of the economic entity. This thesis then examines the implications of this conceptualisation for accounting for labour, beyond the confines of conventional accounting. The most widely accepted conceptualisation of the economic entity in business disciplines, including conventional accounting, is the nexus-of-contract perspective. The nexus-of-contract perspective conceptualises the entity as an atomised, ahistorical and artificial fiction that serves as a nexus for contracting relationships among various parties. Because it is merely a nexus, the entity cannot be construed as an actor with ethical responsibility. The normative behaviour of the nexus-of-contract entity is profit and shareholder wealth maximisation. Despite the dominance of this approach, this perspective is limited in addressing the ethical controversies that economic entities currently face. As an alternative, the conceptualisation of the entity as “responsible collective person” – based on Bonhoeffer‟s concept of mandates and his concept of the collective person – is provided to address the limitations of the nexus-of-contract approach. The “responsible collective person” has two features. The first feature is the positioning of the entity amidst various spheres of life, called “mandates”. The “mandates” exist in relations of “being-with”, “being-for” and “being-against” each other. The second feature is the delineation of the boundary of the entity through the notion of influence. The ethical imperative of the “responsible collective person” is based on Bonhoeffer‟s ethic of responsible action. Any conceptualisation of the entity has implications for how various stakeholders are perceived and accounted for by the entity. In regards to labour as a major stakeholder, the nexus-of-contract approach views labour as an equal, contracting partner that has a “fixed claim” from the entity in the form of agreed-upon remuneration. Following this perspective, conventional accounting characterises labour as a cost to the entity, with the assumption that remuneration to labour is adequate compensation for their services. While there have been attempts at recognising labour as assets, the strong adherence towards the principles of conventional accounting have thwarted these efforts. There are several ethical limitations to these approaches. Firstly, the categorisation of labour as cost leads to the commodification of human beings in the pursuit of profits. Secondly, the adherence towards the “hard” and calculative nature of conventional accounting means that the goal of accounting for the worth of labour cannot come to fruition. Thirdly, conventional accounting for labour is mostly from the perspective of the entity, silencing labour‟s own voices. In contrast, the “responsible collective person” approach argues that “the labourer” cannot be separated from “the human”, and that any debate on labour necessarily entails a debate on humanity. To this end, it is proposed that accounting, via its communicative function, can act as a discourse that provides the “responsible collective person” with a wide array of information – information that will be helpful in enabling the entity to become an ethical and responsible agent. In regards to accounting for labour, it is argued that labour should not be negatively ascribed as an expense, but as a significant and important contributor to the entity. Space should be given for multiple forms of accounting from multiple perspectives, ranging from the “hard” financial representations to the “soft” narrative and visual approaches. Three approaches to accounting for labour are explored: the Statement of Redistribution of Income; Self-Accountings from Labour; and Accounting for Labour from Others.</p>

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Employers and Employees

McCall¹

2013

The International Encyclopedia of Ethics

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Employment, at its most basic level, is an agreement to exchange labor for money. Of course, anyone who has ever worked will understand that the employment relationship is much richer and involves more than this simple exchange. Employment, for instance, often provides persons with an identity, a feeling of community, and a sense of meaning ( see Work, Nature and Value of).

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Policing Employment Contracts within the Nexus-of-Contracts Firm

Cited by 32 publications

References 0 publications

The objectives of corporate insolvency law: lessons for Uganda

The objectives of corporate insolvency law: lessons for Uganda

The economic entity and accounting for labour: Insights from Dietrich Bonhoeffer (1906 - 1945)

Employers and Employees

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