Commercial, Company and Capital Market Law

The stuff of corporate scandals – fraud, insolvency, and stock-market crashes – does not immediately smack of progress. But accounting scandals, financial implosions, and business malfeasance have actually been essential determinants of securities and capital market regulation from the very beginning, to the point that this entire body of law is said to comprise the history of attempts – often in response to public pressure following a major scandal – to institute reforms. A series of studies initiated by Institute director Holger Fleischer reckons with the legal fallout from the world’s great corporate scandals. more

Corporate forms are the essence of company law. They not only shape ideas in business practice but also determine the composition of textbooks. For much of the 20th century, the established canon of rules regarding partnerships and corporate forms remained virtually unchanged. This long phase of “legislative calm” lasted until the end of the 1970s. “In the past five decades, we have witnessed an enormous dynamic of development”, says Institute Director Holger Fleischer. more

Addressing social challenges with entrepreneurial means has become a global trend. Especially among the younger generation of founders, a combined focus on the common good and earning profits is seen as a desirable organizational model. However, the legal framework underlying such endeavours is still poorly developed. A project led by Institute Director Holger Fleischer is exploring this subject from an interdisciplinary perspective. more

Discourse analysis has a long tradition in academia. In the context of his research on the "microcosm of corporate law", Holger Fleischer undertakes to assess corporate law as an academic discipline. Having reference to Pierre Bourdieu, he states that a necessary condition of academic work is a critical examination of the traditions of thought and research that are specific to a given discipline. more

Germany is the world's third-largest import nation. The Supply Chain Due Diligence Act (LkSG), adopted by the German Bundestag on 11 July 2021, was preceded by long and difficult debates. For some, the law is a milestone in the fight against exploitation and environmental destruction in developing countries. For others, the legislation creates unreasonable burdens and competitive disadvantages for local companies. In addition, there are many unresolved legal issues, making factual orientation all the more important. more

It is not only politicians for whom climate change poses a challenge. German and international firms are increasingly confronted with questions surrounding the protection of the climate. Thus, headlines are made when claims for damages are filed against companies like Shell, BMW, Mercedes, or Volkswagen. But what is the situation with the regulatory mechanisms found in company law, accounting law, and capital markets law? Institute director Holger Fleischer has made a point of studying the extent to which these specialized disciplines can contribute in combating climate change. more

A business philosophy in search of new legal solutions: Do modern firms need a fundamental purpose that extends beyond pure profit making? Today, many corporate boards in Germany and abroad are embracing the so-called corporate purpose concept. Advocated by leading management scholars, the approach serves to convey the raison d’être and inner drive of an enterprise. A fundamental reorientation of entrepreneurial activity appears to be emerging. more

The question of how to reconcile profitability with social responsibility is a key issue that has long been discussed across disciplines. Amidst growing public attention to social and environmental standards as well as the fight against corruption in third countries, the issue of corporate social responsibility (CSR) also raises important legal questions. more