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| corporations | |
|---|---|
| Name | Corporation |
| Type | Legal entity |
| Industry | Multiple |
| Founded | Ancient origins to modern era |
| Headquarters | Varies |
| Key people | Varies |
| Products | Varies |
corporations
Corporations are legally constituted entities that aggregate capital, enter contracts, own property, and persist beyond the lifespans of individual founders. They have played central roles in the development of Netherlands, United Kingdom, United States, Japan, and China commercial systems and have been shaped by reforms such as the Sherman Antitrust Act, Clayton Antitrust Act, Companies Act 2006, and corporate governance codes in Germany and France. Modern corporations interact with institutions like the World Bank, International Monetary Fund, Organisation for Economic Co-operation and Development, European Union, and multilateral trade regimes including the General Agreement on Tariffs and Trade.
A corporation is a legal person created under statutes such as the Companies Act 2006 in the United Kingdom or state codes in the United States, distinct from its shareholders and capable of rights and duties recognized by courts like the Supreme Court of the United States and the European Court of Justice. Its existence rests on doctrines developed in cases like Salomon v A Salomon & Co Ltd and principles found in civil codes of jurisdictions such as France and Germany. Corporate personality enables participation in transactions involving entities like Goldman Sachs, Deutsche Bank, Mitsubishi UFJ Financial Group, HSBC, and Citigroup and subjects entities to enforcement by regulators like the Securities and Exchange Commission, Financial Conduct Authority, and BaFin.
Corporate forms evolved from medieval entities such as merchant guilds and institutions like the Hanseatic League and early chartered companies including the British East India Company and the Dutch East India Company (VOC). The corporate model expanded during the Industrial Revolution alongside firms like Siemens and Carnegie Steel Company and was transformed by legal milestones such as the incorporation reforms in the 19th century United Kingdom and corporation statute changes in the 19th century United States. Twentieth-century developments—mass production exemplified by Ford Motor Company and transnational expansion typified by Royal Dutch Shell and Unilever—triggered regulatory responses after events like the Wall Street Crash of 1929 and postwar frameworks shaped at conferences like Bretton Woods Conference.
Corporations take forms including publicly traded companies listed on exchanges such as the New York Stock Exchange, NASDAQ, London Stock Exchange, Tokyo Stock Exchange, and Shanghai Stock Exchange; privately held firms exemplified by groups like Koch Industries and Cargill; state-owned enterprises such as China National Petroleum Corporation and Rosneft; and nonprofits with corporate status like Red Cross national societies and Amnesty International affiliates. Structures vary: single-tier boards in United States-style models, two-tier systems found in Germany with supervisory and management boards, and cooperative forms seen in Mondragon Corporation and agricultural cooperatives in Spain and France.
Corporate governance encompasses shareholder rights, board responsibilities, and executive compensation, influenced by codes such as the UK Corporate Governance Code, the Sarbanes–Oxley Act, and principles promoted by organizations like the Organisation for Economic Co-operation and Development. Boards may include independent directors following practices at firms like Apple Inc., Microsoft, Toyota Motor Corporation, BP, and TotalEnergies; activist investors such as Elliott Management and The Vanguard Group can reshape strategy; proxy advisory firms and shareholder meetings mediate contests involving entities like Berkshire Hathaway and ExxonMobil. Management teams implement strategies informed by analysts at Goldman Sachs, rating agencies like Moody's and Standard & Poor's, and market pressures from competitors such as Amazon (company), Walmart, and Alibaba.
Corporations raise capital via debt and equity, accessing public markets through initial public offerings on exchanges like the NASDAQ and private placements with banks such as JPMorgan Chase and Bank of America. Financial reporting follows standards set by bodies like the International Accounting Standards Board and the Financial Accounting Standards Board and is audited by firms including Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG. Taxation regimes—ranging from corporate income tax systems in United States and France to territorial regimes in Hong Kong and Singapore—affect practices like profit shifting and transfer pricing scrutinized by organizations such as the Organisation for Economic Co-operation and Development and addressed by initiatives like the Base erosion and profit shifting project.
Regulatory frameworks encompass securities laws enforced by the Securities and Exchange Commission, competition law prosecuted by authorities like the European Commission and the Department of Justice (United States), and insolvency regimes administered through courts such as the Delaware Court of Chancery and national tribunals in Japan and Germany. Cross-border issues involve treaties like the North American Free Trade Agreement and institutions such as the World Trade Organization, while enforcement can involve landmark cases from United States v. Microsoft Corp. to Enron-era litigation, leading to reforms including the Sarbanes–Oxley Act.
Corporations generate employment and innovation through research hubs linked to universities like Harvard University, Stanford University, and University of Oxford but face criticism over externalities, labor practices, and environmental harm highlighted in instances involving BP, ExxonMobil, and Volkswagen emissions scandal. Civil society organizations such as Greenpeace, Amnesty International, and Oxfam campaign on corporate conduct, while shareholder activists and policymakers debate responsibilities reflected in directives like the EU Non-Financial Reporting Directive and initiatives such as the United Nations Guiding Principles on Business and Human Rights. Debates over concentration, inequality, and corporate purpose engage thinkers associated with institutions like the Brookings Institution and Institute for New Economic Thinking.
Category:Business entities