Joint Stock Companies Research Articles

Insider ownership and performance of Russian public companies: Econometric estimates

Within the agency theory, insider ownership is viewed as a tool for reconciling the interests of owners and the company management. In the new economic reality, the agent problem is of particular relevance due to the challenges that require eliminating risks to ensure companies’ performance. The article assesses the impact of insider ownership concentration on the economic performance of joint stock companies. Methodologically, the study relies on the agency theory, property rights theory and the concept of corporate governance. The research analyzes data on the corporate ownership structure of 68 largest Russian public companies in 2011–2020 and identifies the share of insider ownership in these firms. The methods of econometric modelling were used to evaluate the dependence of EBITDA on insider ownership concentration in the companies of various forms of ownership. To carry out econometric analysis, we apply regression models in two specifications – cubic and piecewise linear regressions. The research results prove that insider ownership has a positive effect on the performance of private companies in the concentration interval of insider ownership between 0% and 35.39%; above this threshold, the positive impact diminishes. For companies with state participation, no statistically significant impact of insider ownership on performance was found. Further research is supposed to develop a more detailed modelling method by including a wider range of factors that characterize the corporate ownership structure and expanding the empirical basis of the study.

Capital structure and default risk of small and medium enterprises: evidence from Algeria

PurposeThis study examines the existence of a causal relationship between the capital structure at the creation of the small and medium-sized enterprise (SME) and its viability after 3 years.Design/methodology/approachThe empirical strategy consists of proceeding in two stages: first, the use of the Logit model to regress the studied variable reflecting the state of an SME of being in default or not, on the variables likely to significantly explain its default risk. Second, the authors investigate the existence of a relationship between the capital structure at the time of SME creation and viability. The obtained results are analyzed to confirm the initial hypothesis.FindingsThe results obtained indicate that the Logit model performs well in terms of discriminating and classifying SMEs. These findings are consistent with previous studies and support their conclusions regarding the model's strong classification capability. Furthermore, the model demonstrates a noteworthy classification rate of 90% for capital SMEs, specifically joint-stock companies (SpA). Out of the 10 observed SMEs, 8 nonfailing SMEs were still operational three years after the observation period, resulting in a survival rate of 80%.Practical implicationsThe results allow bankers to better understand the main determinants of SME default risk and demonstrate the existence of a causal relationship between the capital structure of an SME and its viability. This study is conducted in the construction, public works, and hydraulics sector (second largest sector in Algeria after the services sector). In future works, the authors try to extend the results of this study to other sectors of activity.Originality/valueThe richness of the established Logit model is to consider both financial and non-financial and qualitative variables. Although the qualitative variables are not statistically significant in the results obtained, the authors used the “Legal form” variable to demonstrate the existence of a causal relationship between the capital structure of an SME and its viability.

A Model of ESG-Transparency Index in Corporate Reporting

The increasing importance of Environmental, Social, and Governance (ESG) assessments in advancing the international sustainable development agenda necessitates the disclosure of ESG reporting information by public companies. Such disclosure plays a crucial role in facilitating effective global business communication with stakeholders and enhancing the credibility of ESG transparency measurements. The primary objective of this study is to develop and validate a robust model for a business transparency index. By leveraging mathematical tools, this model quantitatively measures the level of Environmental, Social, and Governance (ESG) transparency, taking into account the requirements of stakeholders and evaluating a public company's ability to disclose comprehensive information.The research hypothesis posits that assessing ESG transparency in public company reporting based solely on the "quantity" of estimated values, while neglecting the critical factors of "quality" and "reliability," undermines the accuracy and reliability of the results. By utilizing existing mathematical tools, a business value management model is constructed, incorporating a balanced system of "quantity," "quality," and "reliability" factors present in the ESG information disclosed in public company reports.The research methodology adopts a comprehensive approach, combining logical and structural analysis, mathematical modeling, and content analysis methods. A thorough examination of the regulatory framework, international and Russian practices, and scientific research in ESG disclosure reveals the emergence of authoritative professional standards and frameworks between 2000 and 2023. These standards and frameworks play a pivotal role in shaping the disclosure of financial and non-financial information related to sustainable development in corporate reporting. However, a significant gap exists in established practices for determining ESG transparency levels. Current "transparency indices" fall short in incorporating these factors, leading to methodological incomparability and gaps in assessing the "quality" and "reliability" of estimated values.To address this gap, the authors propose a novel mathematical model for the ESG transparency index in corporate reporting. This model effectively integrates the factors of "quantity," "quality," and "reliability" within the disclosed information of public companies. Through a comparative analysis of disclosure and verification practices across various types of activities within Russian public joint-stock companies (PJSCs), the established model enables the creation of an industry rating gradation. This rating gradation assists in determining the level of information disclosure about public companies' activities, fulfilling societal (state) requirements and optimizing business objectives.

Развитие правового регулирования ключевых технологий Индустрии 4.0: цифровые токены как особые инвестиционные инструменты

Introduction. In the modern information space, digital assets are becoming increasingly popular. For example, tokenized stocks, bonds, and other financial instruments, which are represented by special digital algorithms, are getting used in the investment turnover; they are so called because of the word “token.” These digital algorithmscodes exist and are only accessible within blockchain technology. The specified digital code is functionally a legal substitute for the right to participate in the business of a joint-stock company, or, as a variant of a bond, a legal substitute for a monetary claim of a certain person (the lender) against another person (the borrower). Falsification of a digital token (substituting by some other software algorithm-code) is impossible. The judicial practice that developed before the adoption of the legislative act in 2020 and came into force in 2021 had a contradictory and fragmented character. In this connection, the author sets the goal of continuing to analyze the new federal legislation to improve the procedure for protecting investors’ rights, developing investment turnover, and enhancing the investment climate. Methods. The methodological framework for the study is the methods of scientific cognition, among which the main ones are systematicity, analysis, and comparative law. Results. The behaviors for legal protection are considered, which must necessarily be realized and evaluated by investors when investing in tokens of a particular project. The issue of procedures for the protection of violated rights is raised. The author makes distinctions between token protection in the legal system, legislation, and law enforcement practice. Conclusions. Based on the analysis of the new federal legislation, further doctrinal elaboration is required to substantiate effective procedures for protecting the rights of investors that may be violated in the process of the turnover of digital investment instruments in the modern Internet space.

ANALYSIS OF EFFICIENCY IN FINANCIAL SUPPLY MANAGEMENT OF JOINT STOCK COMPANIES OF THE REPUBLIC OF UZBEKISTAN

The article provides some information about the financial situation of some large joint-stock companies in the world is deeply analyzed, and based on the collected data, some suggestions and explanations are given about the methods of improving the financial support of joint-stock companies in our country and ways of their effective use.

Efficiency of Enterprises in Conditions of Instability of the World Market (by the Example of Mining and Processing Plant “Erdenet”)

The research analyzed the effectiveness of the activity of the mining and industrial complex «Erdenet» at the present stage. The problems of transforming the mining and industrial complex «Erdenet» into an open joint-stock company and the advantages and disadvantages of this process are considered. The authors emphasize how relevant and necessary for study and analysis is the issue of increasing the efficiency of industrial enterprises at the present stage, especially in those conditions when the mining industry of Mongolia is successfully developing, and competition in the world market is intensifying. The instability of the world market of raw mineral resources, the growth of their consumption in the Asian market, the global financial crisis dictate the need to study the optimization of mining enterprises. It becomes important not only to study the world copper market, but also to study ways to reduce future price risks, increase the stability of the financial condition of mining companies. In the article, the authors consider the problems of transforming the Erdenet GOK into an open joint-stock company, the need to introduce hedging, and suggest specific directions for improving the efficiency of enterprises.

The nuances of the organizational preparation the electrification of the Kharkiv plant of the Russian Locomotive-building and Mechanical Society (1895–1896)

The transition to an electromechanical drive of equipment has become a new milestone in industrialization, which has led to significant: an increase in labor productivy and a decrease in the energy intensity of production processes. But on the Ukrainian lands of the Russian Empire, this innovation was not introduced until the mid-1890s, and only since that time the process of electrification of production at Ukrainian enterprises has been developed, however, with a simultaneous retain the steam-mechanical drive of equipment also. The Kharkiv plant of the Joint-Stock Company Russian Locomotive-building and Mechanical Society became the first enterprise not only in the Ukrainian provinces of the Russian Empire, but throughout the country, which used solely an electromechanical drive for all equipment. Taking into account this priority, the organizational preparation for the process of electrification of this enterprise also became the first experience in the country of introducing such an innovation, comparable, perhaps, only with the experience of switching from a mechanical to a steam-mechanical drive, which, however, was not studied in the Russian Empire. Simultaneously, the level of technical literacy of a part of the management of the Joint-Stock Company Russian Locomotive-building and Mechanical Society was not high enough to give a technical and economic assessment of the relevant innovations. Therefore, the organizational preparation for the electrification of the Kharkov plant of this Society was carried out without any clear methodological approaches, which in the discussion regarding the electrification scheme of the enterprise led to the replacement of the issue of choosing the best option from the most effective ones to the question of choosing the best one from the cheap ones. As a result, the Society's experts developed terms of reference for a compromise version of the electrification project, the essence of which was to install relatively new electrical equipment in terms of technical level, but operated according to an already outdated scheme, which made this electrification option neither efficient nor cheap, but politically acceptable for the entire leadership of Society. Eventually, it was possible to achieve the expected benefits from the electrification of the plant not from the implantation of the chosen scheme for its implementation, but by concluding strategic agreements with Siemens & Halske, according to which the Company's Management Board ensured it won the competition for the electrification of Society's enterprise at an affordable price, and Siemens & Halske, in turn, subsequently supplied the Company with its products at significant discounts.

Impact of the Covid-19 Pandemic on the Situation and Financial Results of the Ekstraklasa Football Clubs

The objective of this study is to evaluate and compare the financial situation and results of 12 joint-stock companies running football clubs in the Polish Ekstraklasa during two periods of their activity. The first period was during the COVID-19 pandemic in Poland, and the second period was before the pandemic. The pandemic period covered two years (2020 and 2021), and the pre-pandemic period was 2019. The description of the financial situation was based on an evaluation of net income from sales, net financial results and equity, as well as liquidity ratios and debt. Deviations in the form of absolute differences were calculated to compare the two study periods, where the pre-pandemic ratios for 2019 were subtracted from the financial ratios for the COVID-10 pandemic period (2020 and 2021). The study shows that the financial situation during the two periods varied, and it cannot be clearly stated that the financial situation deteriorated during the pandemic. Despite lower revenue from the matchday, which was caused by reduced numbers of fans at stadiums, higher net income was noted in most clubs during the pandemic. This was a consequence of higher revenues from broadcast rights and sponsoring and advertising activities. Higher-income and revenue from recapitalisation by share issuance, supplementing equity and shareholder loans ensured the clubs’ financial liquidity during the pandemic. The clubs also maintained their liquidity owing to the financial resources received from the Polish government as part of the Anti-Crisis Shield. The clubs’ financial situation regarding equity deteriorated during the pandemic, as it decreased in most clubs. This was caused by higher negative financial results than before the pandemic. High losses, especially among the clubs which reported negative results before the pandemic, resulted in a further increase in negative equity.

EXPENSES WITHIN A STEEL ENTERPRISE’S MANAGEMENT SYSTEM

The article discloses the accounting and analytical aspect of costs in the enterprise management system. In the production process, material, labor and other own and engaged resources are spent, which causes the occurrence of costs. The amount of incurred costs determines the competitiveness and profitability of the manufactured products, as well as the efficiency of indicators of the production activity of business entities. Management of the company's costs on the basis of the analysis of the elements of operating costs and the constituent items of the planned costing of finished products remains an urgent issue. The investigated metallurgical enterprise is part of the limited liability company «METINVEST HOLDING». In accordance with the legislation of Ukraine, the company maintains records and compiles financial statements according to international financial reporting standards, which ensure transparency and availability of information. It has been found that production is associated with costs, which play an important role in accounting and are of decisive importance in the formation of financial results of the business entity. The authors analyzed the indicators of the financial results of the «Metinvest» Group. The ratio of net debt to EBITDA was calculated, which shows how many years it will take Metinvest Group to repay its debt. Taking into account the production direction of the Private Joint-Stock Company «KAMET-STEEL», the dynamics of the elements of operating costs were determined according to the data of the Reports on the total income. The main tasks of cost accounting are argued and the elements of operating costs in PJSC «KAMET-STEEL» are detailed. It was determined that the biggest increase (negative changes) at the end of the reporting year, compared to the previous one, was material costs. It is proven that the determination of the cost of production is carried out with the help of costing, which is understood as the method of calculating or calculating the cost of a unit of manufactured products and its entire volume. Cost is a monetary expression of costs associated with the production and sale of products. Costing is a form, an accounting calculation, which is presented in tabular form and reflects the costs in monetary terms for the production of a unit of production or its entire volume. The article analyzes the articles of the planned costing of the blast furnace, liquid cast iron section of PJSC «KAMET-STEEL». The importance of calculating the cost price for cost management is summarized, as information is formed based on its data for further analysis in order to find opportunities to improve the efficiency of the company's operational activities.

Disentangling the connection between Marx’s ‘sixth’ countertendency to a falling rate of profit and the rise of financialisation

Abstract Marxian economics has been dealing extensively with the issue of falling profitability and its connection with financialisation. One finds in this line of research contributions linking financialisation with the list of counter-elements to the Law of the Tendency of the Rate of Profit to Fall, with financialisation being interpreted as the ‘sixth’. In the past, various authors have either briefly commented on the ‘sixth’ factor or left it aside. We aim to provide an alternative interpretation, based on three elements. First, the role of joint-stock companies’ issuance of long-term financing instruments yielding low remuneration. Second, the fact that sectors such as railways and public utilities, belonging to the category of natural monopolies, are excluded from gravitation towards an average rate of profit. Third, the role of the organic composition of capital in determining differences in sectoral profitability. Therefore, we claim that the sixth element should be read as a reference to natural monopolies remaining outside the field of profit rate equalisation.

Participants in Venture Investment Relations of Innovation Activities: European Experience and Ukrainian Legal Reality

Problem setting. In modern economic and legal studies one may observe the tendency of refusing the usage of traditional forms of getting speculative profit and starting to use the sphere of venture investment into innovation activities, which is caused by unstable economic situation and a high probability of unpredictable crisis phenomena. However, such instability is caused by the issue of determining the range of persons who can participate in the field of venture entrepreneurship and acquire the appropriate status. At the same time, we should analyze not only the legislation and legal doctrine in Ukraine, but also the law-enforcement practice of the EU countries and Great Britain, which is stipulated by the European integration aspirations of our country. Analysis of recent researches and publications. Nowadays, it is possible to note the imperfection of the current legislation and the inadequacy of the legal doctrine in the context of determining the parties to the studied legal relations. It is applied to both Ukraine and the EU countries and Great Britain. Although it should be noted that the countries of the European Commonwealth and especially Great Britain, compared to Ukraine, have more progressive positions in this aspect. Therefore, their experience should form the basis for the further progress of the venture sector on the territory of our country. Doctrinal results of domestic and foreign experts, such as Yu. Ye. Atamanova, O. R. Kibenko, O. E. Simson, O. P. Sushch, J. Levin, G. Sutton, A. Mancuso, although contain analysis and arguments in favor of classifying certain persons or certain organizational and legal forms as participants in venture investment relations of innovative activities, but do not give an unambiguous answer to it. Purpose of the research is to analyze of European practice and legal doctrine in regard to defining the composition of participants in venture investment relations of innovative activities and the possibility of their application in the legal reality of Ukraine. Article’s main body. The Ukrainian legislator’s approach regarding the definition of the range of subjects of innovation activities does not provide answer to the question on the criterion for classifying certain individuals or legal entities as subjects of venture investment into innovation activities. We believe that such a criterion can be the fact of a person’s participation in the process of creating a new product and bringing it to its implementation into production or other spheres of activities. Venture investment accomplished by venture funds / private equity funds is significantly different from investing into debt and share financial instruments conducted by co-investment funds or other professional asset managers. Venture funds are not the separate type of legal entity, and therefore different organizational and legal forms are used for their creation abroad – starting from a joint-stock company to a simple company. Such examples of organizational and legal forms used for the placement of venture investments are the Limited Liability Company (USA), the Limited Liability Partnership (Great Britain) and the Kommanditgesellshaft auf Aktien (Germany). These organizational and legal forms occupy an intermediate position between corporations (as legal entities) and partnerships (as contractual entities). This key characteristic feature that unites the specified forms of activity and is the main reason for the orientation of their use for the development of venture investment into innovation activities, which requires a flexible legal approach in regulatory principles. At the same time, the specified organizational and legal forms, despite the fact that they were created to be used in those areas of activity that are associated with increased risk, have general legal capacity and can be used in any area of activity not prohibited by law. Conclusions and prospects for the development. The foreign legislator still has not fully resolved all the needs of the field of venture investments: 1) there is still the issue of ensuring equal or the most favorable legal conditions for the participation of foreign investors at venture investment markets; 2) creation of tax conditions and benefits of venture activities; 3) special attention is focused on the legal status of legal entities and their organizational and legal forms (at the same time, there is almost no attention to individuals, with the exception of cases when such persons place investments into objects of venture entrepreneurship or when it is related to the sphere of intellectual property relations in regard to the distribution of property and personal non-property rights to the relevant objects). Taking into account the best global experience of using organizational and legal forms for venture investment into innovative activities of the USA, EU countries and Great Britain, we offer to enshrine the norms at the legislative level (while adopting the Law «On Venture Activity in the Innovation Sphere» or «On Venture Funds») that joint-stock companies and limited liability companies are organizational and legal forms of legal entities who can be used in the field of venture investment and innovative activities

The Liability of Corporate Governance Bodies as a Philosophical-Legal Category

In the light of philosophy of law given scientific research is devoted to the disclosure of the essence and content of corporate liability, the identification of the features of the liability of corporate management bodies and the presentation of proposals for solving emerging problems. The article examines the issues of corporate liability, proposes its definition, and analyzes the features inherent in corporate liability in venture joint-stock companies. The scope of research embraces concepts, such as fiduciary duties (duty of care, duty of loyalty, the requirement for awareness and not allowing conflict of interests), business judgment rule, as well as the adverse effects of corporate offenses, corporate liability measures and specifics of liability applicable to venture joint stock companies. As a result, the concept of corporate liability was given, as well as the features characterizing such liability in venture joint stock companies were highlighted.

Aspects of ensuring the rights of shareholders in the process of activities of joint-stock companies

The article is devoted to the study of certain aspects of ensuring the rights of shareholders in the process of conducting contractual work by a joint-stock company. The article emphasizes that a joint-stock company can enter into various contracts to ensure the conduct of its business activities. Depending on the subject and price of the contract, as well as taking into account the conditions of concluding the contract, the legislator separately defines contracts that can be qualified as significant contracts and contracts with interest. The conclusion of the specified contracts by a joint-stock company, taking into account the essence of the concept of corporate rights, can directly affect the conditions for shareholders to exercise the right to receive dividends and/or part of the company's property in proportion to their share in the authorized capital during the liquidation of the joint-stock company. Therefore, it is an important issue to ensure the rights of shareholders in the process of concluding significant contracts and contracts with interests by joint-stock companies. The article analyzes the current legislation of Ukraine on the issue of contracts by joint-stock companies. It is noted that the norms of the new Law of Ukraine "On Joint Stock Companies", which entered into force on January 1, 2023, provide for a slightly new approach to the essence of the concepts of a significant contract and a contract with an interest and the procedure for their conclusion.
 The article emphasizes that depending on such essential conditions as the subject of the contract and its price, some of the contracts should be classified as significant. As for the contract with an interest, the determining factor for such qualification is the person of the counterparty of such a company, which can be, for example, an official of the joint-stock company itself or another person who is related to an official of the company. Therefore, the provisions of the current legislation of Ukraine define the procedure for agreeing to conclude such contracts in order to prevent negative consequences that may occur when the joint-stock company fulfills its obligations under the specified contracts.
 The conclusions emphasize the need for further improvement of the mechanism of application of the current legislation of Ukraine in practice to ensure reliable security of the joint-stock company and protection of shareholders' rights.

Обеспечение средствами индивидуальной защиты работников предприятий транспортной сферы

Purpose: Substantiation and development of an innovative service center for providing personal protective equipment for employees of transport enterprises. Analysis of the correlation of cases of occupational injury due to the non-use of special clothing and special protection and consideration of issues related to the need to create service centers for the storage, issuance, and cleaning of personal protective equipment. Methods: Research and analysis of regulatory documentation regulating the use and provision of personal protective equipment for employees of transport enterprises on the example of the Open Joint Stock Company “Russian Railways”. Application of the results of the statistical method of analyzing the dynamics of occupational injuries for organizational and technical reasons. Results: The functionality of service centers is proposed for consideration, as well as a brief justification of their necessity. Conclusions about the prospects of the proposed innovation are drawn. Practical significance: It is shown that the creation and implementation of service centers at railway transport enterprises will reduce the level of occupational injuries caused by the non-use of personal and collective protective equipment or the use of PPE of inadequate quality, as well as reduce the cost of premature disposal of workwear due to high-quality cleaning and repair, which in general will contribute to raising the quality of services rendered to employees of railway transport enterprises to a new level.

The Cost-Based Pricing at Traphaco Joint Stock Company in Vietnam

This study presents some basic theories on cost-based product pricing methods in manufacturing enterprises. The study also analyzed and clarified the current situation of cost-based product pricing accounting at Traphaco Joint Stock Company in Vietnam, thereby evaluating the achieved results and pointing out some limitations of the current situation of product pricing at this company. From there, provide solutions to improve product pricing accounting on the basis of cost at Traphaco Joint Stock Company.

Mô hình ba tuyến và vai trò của kiểm toán nội bộ tại các doanh nghiệp niêm yết

Internal audit is an important part of corporate governance. Internal Audit as an independent and objective supervisor of operating processes, giving opinions to improve the efficiency of risk management processes, control processes and governance processes. Thereby, providing the Board of Directors and leaders with an independent view to promote cooperation, monitoring and early warning about new risks, improving the efficiency of business processes to add value and improve operations, while playing a catalytic role and fostering an internal corporate culture of risk management and compliance. In this article, the author mentions the three lines model and compares the three lines model with the previous three lines model of defense to identify challenges internal audit in joint stock companies. The research results make recommendations to enhance the role of internal audit in governance in order to minimize risks, fraud, and bring more value to businesses at Joint stock companies.

The Cost-Based Pricing at Traphaco Joint Stock Company in Vietnam

The Cost-Based Pricing at Traphaco Joint Stock Company in Vietnam

Joint stock company’s transactions not endowed with a features of significant transaction

The article is devoted to the analysis of certain aspects of the execution of transactions by a joint-stock company. The Law of Ukraine "On Joint Stock Companies" establishes the concept of a significant transaction, describes the procedure for granting consent by the authorized management body of the company to the execution of such a transaction. At the same time, this act establishes a list of cases to which the provisions of the Law on Significant Transactions do not apply. The research substantiates that with the adoption of the new Law of Ukraine "On Joint Stock Companies" in July 2022, the list of relevant transactions has been expanded.
 It was established that these are: transactions at state-regulated prices and tariffs in accordance with legislation; transactions committed by a person conducting clearing activities while performing the functions of a central counterparty; transactions within the framework of the ordinary economic activity of the company, provided that they are carried out on market terms; transactions regarding the company's redemption of securities placed by it; agreement of company in which 100 percent of the shares belong to one person.
 The expediency of including in the above list of transactions those that are carried out at regulated prices and tariffs, approved by local self-government bodies in accordance with the legislation, is substantiated.
 The inclusion in the relevant list of transactions within the framework of the company's ordinary economic activity, provided they are performed on market terms, is supported. Emphasis is placed on the ambiguity of the legal requirement regarding the approval by decision of the supervisory board or the board of directors of a joint-stock company of the conditions for conducting the relevant activity.
 It is substantiated that in a joint-stock company, 100 percent of whose shares belong to one person, compliance with the procedure for granting consent to commit significant transactions is, as a general rule, impractical. At the same time, it is argued that in such joint-stock company, limiting director’s powers to commit significant transactions may be necessary when the director is involved on a contractual basis. In order to prevent abuse of the relevant official, it is proposed to amend Art. 106 of the Law of Ukraine "On joint-stock companies", which would allow the execution of transactions by a company, 100 percent of whose shares belong to one person, without complying with the requirements of the law regarding obtaining consent for this by the authorized body of the company, provided that this is established in the charter of such a company.

Legal regulation of some types of companies in Great Britain

The article "Legal regulation of some types of companies in Great Britain" is devoted to a retrospective research of commercial law in England, as well as an analysis of some modern types of companies in the United Kingdom. The commercial law background in England has a very deep history. Thus, the author pays attention to the development of trade relations in the British Empire, starting with the peculiarities of the British East India Company, a company so powerful that it once dominated almost the entire Indian subcontinent. Particular emphasis is given to the South Sea Company, essentially one of the first and most successful joint-stock companies of its time with its own characteristics. Against the background of the gradual development of that company, there was a need to adopt the Bubbles Act, which for almost a whole century prohibited the creation of new companies, regulating the activities of joint stock companies.
 After analyzing the historical development of commercial law in England, the author analyzed the further development of such relations with the description of modern legislation of Great Britain. Author has payed attention that one of the biggest commercial law acts in the United Kingdom is the Companies Act, 2006, which concentrated the provisions of many previous acts of the XIX-XX centuries, incorporating two main features of company law - a simple registration procedure and limited liability.
 Today the main types of companies in Great Britain are governed by the Companies Act 2006, which primarily distinguishes between limited and unlimited companies. In addition, the law also names private and public companies, as well as other types of companies. A separate legislative act, dated 1890, regulates the concept and features of a partnership, a special form of which is the LLP - a limited liability partnership, which is also regulated by a separate regulatory document.
 England is the country with the sixth largest economy in the world, it is the first in Europe and the second country in the world after the USA - the largest provider of military aid to Ukraine, a rapidly developing country - and, therefore, its experience, retrospective analysis and research of modern legal institutions - are relevant, timely and useful for research and study.

Startups in Algeria - Towards the promotion of the economic development movement as an alternative to wealth creation without depending on economic rents

The Algerian legislator sought to establish a legal framework for emerging enterprises whose managers aim to create and market new technologies with the intention of promoting the economic development and encouraging investment and innovation in the field of information and communication technology. For this, he first started by embodying a committee specialized in granting the label of an emerging enterprise or Startup, with the introduction of provisions that simplify the requirements and conditions for establishing a simple Joint-Stock Company with the label of a Startup. For the first time ever, the legislator added a number of amendments to the Labor Law and the Basic Law of Public Function in order to give the employee the possibility to invest in the private sector and establish his own enterprise. In addition, regarding the university student, the legislator gave him a chance to prepare a new form of graduation dissertation project about the creation of startup. In this case, this student can therefore benefit from financial support and funding. This would certainly make the university student a creator of new job positions, which will surely help to reduce the unemployment rate.
 The present study aims to carry out an analytical interpretation of the different recent legal texts in order to frame them within the Algerian law.