[pt] Richard Posner, adepto do critério analítico econômico do direito, parametrizou o desenvolvimento de sua Teoria do Direito na construção das decisões judiciais, elaborando, para tanto, um estudo eivado de elementos interdisciplinares descritos nas ciências jurídica e da economia, buscando, com isso, apresentar um cenário estável e seguro para aplicação do direito. Desta forma, a presente dissertação apresentará, em seu primeiro capítulo os elementos fundamentais das ciências econômicas, em especial seu conceito de eficiência, cujo escopo será essencial para o desenvolvimento do trabalho de Richard Posner. Já em seu segundo capítulo, o trabalho voltará seu olhar para o desenvolvimento e desdobramento do pensamento do autor americano, demonstrando o início de seu processo investigativo até seu giro pragmático, provocado, sobretudo, pelas intervenções e críticas de Ronald Dworkin, chegando, por fim, ao terceiro capítulo no qual o objeto de investigação será o processo de metrificação do pensamento jurídico, demonstrando a teoria da maximização da riqueza desenvolvida por Posner e evidenciando as razões pelas quais o autor renegou o trabalho de Pareto e de Kaldor-Hicks. Em sua conclusão, esta dissertação demonstrará o processo evolutivo do pensamento de Richard Posner, em especial o processo de metrificação da eficiência baseada na maximização da riqueza, que embasará o processo decisório dos Juízes e promoverá, segundo sua visão, a construção da Teoria do Direito. / [en] Richard Posner, adept of the economic analytical criterion of law, parameterized the development of his Theory of Law in the construction of judicial decisions, developing, for that purpose, a study full of interdisciplinary elements described in the legal and economic sciences, seeking, with this, describe a stable and safe scenario for the application of the law. In this way, the present dissertation will present, in its first chapter, the fundamental elements of economic sciences, especially its concept of efficiency, whose scope will be essential for the development of Richard Posner s work, in the second chapter the work will turn its gaze to the development and unfolding of the American author s thought, demonstrating the beginning of his investigative process until its pragmatic turn, provoked, above all, by Ronald Dworkin s interventions and criticisms, reaching, finally, the third chapter where the object of investigation will be the process of metrification of legal thought, demonstrating the theory of maximization of wealth developed by Posner and evidencing the reasons why the author disowned the work of Pareto and Kaldor-Hicks. In its conclusion, this dissertation will demonstrate the evolutionary process of Richard Posner s thought, in particular the process of metrification of efficiency based on the maximization of wealth, which will base the decision-making process of the Judges and will promote, according to his vision, the construction of the Theory of Law.

This thesis investigates the current interrelationship between the provisions contained in the Swedish Company Act (2005:551) and activities related to Corporate Social Responsibility (CSR) pursued by companies listed at Nasdaq Stockholm. The focal point of this thesis could be argued to be of particular relevance in this day and age, as companies listed at Nasdaq Stockholm continue to perform at the top of the league in global sustainability performance measurements, and Swedish and European legislators have intensified their efforts to encourage businesses to operate in a way that does not incur unacceptable social costs to society. Thus, most companies, particularly those with a vested interest in the private consumer market, seem to recognise the importance of fostering long-term relationships with a wide sphere of stakeholders. The purpose of the thesis has been to contribute to the steadily increasing body of legal research that discusses to what extent Swedish companies, without breaching corporate law, could involve themselves in CSR investments. Since I, initially, conclude that Swedish publicly listed companies seem to increasingly invest in activities related to CSR, the thesis also discusses whether the relevant provisions of the SCA need to change to better adapt to companies’ involvement in CSR activities. In brief, I argue, that current business research on CSR coupled with the aforementioned relevant provisions of the SCA allow boards and managing directors to pursue practically any CSR investments, and that shareholders are mostly restricted to rely on relatively blunt ex post actions against a board and/or managing director that has pursued an ill-considered CSR investment, including the obvious choices of voting to replace the board or selling their shares. And since current business research has not consistently proven the positive impact of CSR policies on the financial performance of businesses there are reasons to suspect that the law practically, due to the shielding force of the business judgment rationale and the legislator’s wish to protect most transactions, cannot be effectively applied to stop CSR investments, even if these are nothing but costs for the business. On the other hand, the findings of the thesis also suggest that the occurrence of such unwise CSR investments is not necessarily a proliferating problem, since many companies listed at Nasdaq Stockholm nowadays have powerful and short-sighted institutional owners. The situation might therefore very well be the opposite and that executives struggle to manage for the long-term, as the logic of the market tell them to do otherwise. / Den här examensuppsatsen utforskar förhållandet mellan några av aktiebolagslagens regler och det engagemang som bolag noterade på Nasdaq Stockholm uppvisar i frågor rörande Corporate Social Responsibility (CSR). Ämnet kan sägas vara särskilt relevant då såväl det samtida näringslivet som lagstiftaren tycks präglas av en ökad medvetenhet kring CSR-frågor. Den ökade medvetenheten i näringslivet förefaller alltmer inverka på affärsbeslut, ett faktum som inte minst avspeglas i de svenska bolagens topplaceringar i globala index som mäter bolags arbete med hållbarhetsfrågor. Samtidigt speglas lagstiftarens ökade medvetenhet av allt fler svenska som europeiska regulatoriska initiativ på området och vars yttersta syfte är att uppmuntra och stimulera hållbara företag som inte pådyvlar samhället oacceptabla sociala kostnader. Det är således inte särskilt anmärkningsvärt att bolagen, i synnerhet de med intressen anknutna till konsumentmarknaderna, tycks erkänna vikten av att bygga och underhålla långsiktiga relationer med en vidare krets av intressenter än deras aktieägare. Det är min förhoppning att den här uppsatsen kommer att bidra till den ständigt växande del av den aktiebolagsrättsliga diskursen som diskuterar till vilken grad bolag, utan att handla i strid med ABL:s bestämmelser, kan företa åtgärder kopplade till CSR. Eftersom jag inledningsvis anför att bolagen på Nasdaq Stockholm tycks ägna sig allt mer åt CSR diskuterar också uppsatsen om några av ABL:s bestämmelser bör förändras för att bättre hantera dessa företags allt större engagemang i CSR-frågor. Sammanfattningsvis argumenterar jag för att nuvarande företagsekonomisk forskning kring CSR tillsammans med de aktuella bestämmelsernas juridiska innebörd innebär att såväl bolagsstyrelser som verkställande direktörer kan företa i princip vilken investering relaterad till CSR som helst. Aktieägare är i praktiken hänvisade till att söka åstadkomma långsiktigt lönsamma satsningar på hållbarhet genom sanktioner ex post, exempelvis genom att sälja sina aktier eller rösta bort styrelsen. Detta innebär å ena sidan i praktiken, med tanke på att nuvarande företagsekonomisk forskning kring CSR:s inverkan på bolags vinster är tvetydig, att de relevanta bestämmelserna i ABL såsom de nu är utformade utgör en trygg hamn även för många av de transaktioner relaterade till CSR som är direkt värdeförstörande. Å andra sidan argumenterar jag i uppsatsen för att problemet med överinvesteringar i CSR inte nödvändigtvis behöver vara särskilt utbrett då bolagen och deras bolagsstyrning allt mer kommit att präglas av kortsiktiga investeringsperspektiv.