Contractual Freedom and Its Limits in Joint Stock Companies Law

The theory of corporations can explain their existence and purpose, their structure and organisation, and their interaction with corporate insiders and third parties. These theories have functional importance and practical implications that can be observed in case law and legislation, as well as their intellectual value. The problem of contractual freedom in joint stock companies is one of the principal areas where normative force of these theories are reflected. Theories of corporation provide a perspective and an analytical framework that enlightens the debate on freedom of contract in company law. Adopting a theory may serve a point of departure or a basis for arguments referred in various ends of the debate. The seminar aims to discuss the economic theories of corporation and their interplay, and to conduct an economic analysis of contractual freedom in the articles of association in this regard. Within this scope, “early stage economic approaches”, “contractual theory” and “economic property rights theory” were tackled in this webinar.