Jukka Mähönen

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Norwegian Database Cristin (from late 2015)

• Sjåfjell, Beate & Mähönen, Jukka Tapio (2026). Reimagining Corporate Purpose for a Safe and Just World. In Bowman, Megan & Mai, Laura (Ed.), A Research Agenda for Law, Finance and the Environment. Edward Elgar Publishing. ISSN 9781035313860. p. 169–189. doi: 10.4337/9781035313877.00016. Full text in Research Archive Show summary

  After decades of a rather instrumental and narrow focus on business, with the dominant view identifying the corporation with its shareholders, we are seeing a reawakening of the debate on corporate purpose. However, the debate remains constrained by the Anglo-American shareholder vs stakeholder dichotomy. In our approach to corporate purpose, we draw on over a decade of multi-jurisdictional comparative corporate law analyses. We posit that companies as ‘creatures of national law’ cannot be understood through an analysis that does not engage with the rich variety of corporate law approaches and corporate law theories. Further, in our research aiming to contribute to sustainability, we undertake interdisciplinary analyses, drawing on legal theory, law and economics, and sustainability science and research. That gives us a basis for reimagining corporate purpose for a safe and just world, in a way that transcends limiting dichotomies and national differences.

• Sjåfjell, Beate Kristine & Mähönen, Jukka Tapio (2024). Corporate Purpose and the Misleading Shareholder vs Stakeholder Dichotomy. Bond Law Review. ISSN 1033-4505. 34(2), p. 69–112. doi: 10.53300/001c.94050. Full text in Research Archive Show summary

  Corporate purpose has again become a topic of discussion in company law and corporate governance. In the European Union, the tension between the societal approach to companies with its long history and the efficiency-based approach with its much shorter history (and weaker basis) is palpable in the heated debates ever since the European Commission launched its Sustainable Corporate Governance initiative in 2020. In this debate, shareholder primacy proponents have sought to frame the discussion within what we call a shareholder v stakeholder dichotomy. The dichotomy is misleading and dangerous in the way it takes company law proper out of the discussion and reinforces the shareholder primacy drive. We reject the dichotomy as a meaningful framing of the debate and seek to dismantle some of the strawmen set up on the road towards sustainable corporate governance. We instead discuss corporate purpose as a matter of company law and relevant to ensuring the contribution of business to sustainability, and how such an overarching purpose could be operationalised with a redefinition of duties of the board. With this backdrop, we analyse the Sustainable Corporate Governance initiative, concentrating on company law and sustainability aspects of the proposed Corporate Sustainability Due Diligence Directive.

• Yuan, Li & Mähönen, Jukka Tapio (2024). Can Integrate a Sustainable Business Model and Global Value Chains Revive the Value Chain’s Sustainable Growth? Circular Economy and Sustainability. ISSN 2730-597X. p. 1–24. doi: 10.1007/s43615-024-00352-y. Full text in Research Archive Show summary

  Abstract Traditional value chains link factors of production and production to final consumption, adding economic value. To reduce the negative effects of the value chain on the environment and societies, the sustainable business model must be integrated into all parts of the global value chain. This necessitates responsible production and procurement, but all participants must recognise the importance of reusing resources, increasing the product life cycle, and minimising waste. However, this does not imply that all value chain participants in the value chain have equal responsibilities, as they have varying degrees of dominance, interests, and environmental and societal impact in their value chain-related activities. We claim that regional trade agreements are the key to balancing each other’s interests in an international value chain, assisting participants in reaching a consensus. On the other hand, existing regional trade agreements have flaws in how they distribute value. Furthermore, their standard-setting does not contribute to developing a sustainable global value chain because it ignores the impact of the sustainable business models of value chain participants on the global value chain. So, the article will focus on reconstructing global value chains by introducing a sustainable business model and using regulatory incentive systems to guide value chain participants in fulfilling corporate social and environmental responsibilities. As a result, this article discusses how a sustainable business model can aid in developing the global value chain in a sustainable direction, as well as how regulation can help.

• Mähönen, Jukka Tapio (2023). Between shareholder value and corporate purpose: The evolution of Finnish company law. In Sjåfjell, Beate Kristine & Mähönen, Jukka Tapio (Ed.), Nordic Company Law: Broadening the Horizon. Universitetsforlaget. ISSN 9788215054094. p. 195–220. Full text in Research Archive
• Cullen, James; Mähönen, Jukka Tapio & Nilsen, Heidi Rapp (2023). Financing Sustainable Value Creation. In Sjåfjell, Beate Kristine; Tsagas, Georgina & Villiers, Charlotte (Ed.), Sustainable Value Creation in the European Union: Towards Pathways to a Sustainable Future through Crises. Cambridge University Press. ISSN 9781009243896. Full text in Research Archive
• Pihlajarinne, Taina; Mähönen, Jukka Tapio & Upreti, Pratyush Nath (2023). Conclusions: towards a (new) framework of sustainability, innovation and global justice for intellectual property. In Pihlajarinne, Taina; Mähönen, Jukka Tapio & Upreti, Pratyush Nath (Ed.), Intellectual Property Rights in the Post Pandemic World. An Integrated Framework of Sustainability, Innovation and Global Justice. Edward Elgar Publishing. ISSN 9781803922737. p. 348–351. doi: 10.4337/9781803922744.00024. Full text in Research Archive
• Pihlajarinne, Taina; Mähönen, Jukka Tapio & Upreti, Pratyush Nath (2023). Intellectual property rights in the post pandemic world: an introduction. In Pihlajarinne, Taina; Mähönen, Jukka Tapio & Upreti, Pratyush Nath (Ed.), Intellectual Property Rights in the Post Pandemic World. An Integrated Framework of Sustainability, Innovation and Global Justice. Edward Elgar Publishing. ISSN 9781803922737. p. 1–9. doi: 10.4337/9781803922744.00005. Full text in Research Archive
• Tuominen, Iiris; Ballardini, Rosa Maria; Mähönen, Jukka Tapio & Pihlajarinne, Taina (2023). Protecting and Accessing Indigenous Peoples’ Digital Cultural Heritage through Sustainable Governance and IPR Structures – the Case of Sámi Culture. Arctic Review on Law and Politics. ISSN 1891-6252. 14, p. 194–219. doi: 10.23865/arctic.v14.5809. Full text in Research Archive Show summary

  This article addresses the clash between Western and Indigenous understandings of how cultural heritage should be governed, protected and treated through law, especially in the digital environment. Specifically, the focus is on the ways in which the Western intellectual property rights (IPR) system often stands in contrast with Indigenous practices and ethics. This problem is approached through a single, intrinsic and descriptive case study related to the digital cultural heritage of the Sámi people: the Digital Access to Sámi Heritage Archives project. The article shows how the current IPR framework governing Indigenous cultural heritage is often misaligned with Indigenous worldviews. However, the study reveals that there is room to develop more sustainable, just and inclusive practices by complementing the existing legal rules with soft-law mechanisms, such as norms and customs, co-created with Indigenous communities.

• Mähönen, Jukka Tapio & Sjåfjell, Beate Kristine (2023). Broadening the Horizon: Nordic Company Law in Context. In Sjåfjell, Beate Kristine & Mähönen, Jukka Tapio (Ed.), Nordic Company Law: Broadening the Horizon. Universitetsforlaget. ISSN 9788215054094. Full text in Research Archive
• Talonen, Antti & Mähönen, Jukka Tapio (2023). “Swimming Against the Current” of Demutualizations in the 1990s and 2000s: The Case of the Private Statutory Pension Insurance Sector in Finland. Deusto Estudios Cooperativos. ISSN 2255-3444. p. 144–163. doi: 10.18543/dec.2889. Full text in Research Archive Show summary

  The global insurance industry of the 1990s and 2000s witnessed a significant wave of demutualizations often regarded as a world-wide phenomenon. In this article, we describe the case of the Finnish private statutory pension insurance sector and the reasons why it eventually “swam against the current” by explicitly deciding to emphasize mutuals —that still today account for 96% of the particular sector in Finland and has ensured that the almost 150 billion euros of pension assets has stayed in control and in use of the Finnish people, organizations and entrepreneurs. As an empirical dataset, we analyze two interviews of high-level experts who participated in the working group drafting the guidelines for the Finnish Act on Pension Insurance Companies.Received: 28 April 2023 Accepted: 20 December 2023

• Mähönen, Jukka Tapio (2023). Auditors’ Role in Corporate Governance. In Birkmose, Hanne; Neville, Mette & Sørensen, Karsten Engsig (Ed.), Instruments of EU Corporate Governance: Effecting Changes in the Management of Companies in a Changing World. Kluwer Law International. ISSN 9789403541624. p. 369–396. Full text in Research Archive
• Mähönen, Jukka Tapio (2023). Shareholder Activism: A Driver or an Obstacle to Sustainable Value Creation? In Sjåfjell, Beate Kristine; Tsagas, Georgina & Villiers, Charlotte (Ed.), Sustainable Value Creation in the European Union: Towards Pathways to a Sustainable Future through Crises. Cambridge University Press. ISSN 9781009243896. p. 154–182. doi: 10.1017/9781009243841.011. Full text in Research Archive Show summary

  During the last decade, discussion on shareholder activism concentrated on hedge funds, some seeing them as agents for passive institutional shareholders, bridging the separation of ownership and control, others believing their short-term value-maximization interests differing fundamentally from those of other shareholders. Some have seen hopes for long-term activism in institutional shareholders such as pension funds. In the European Union, activism is seen positively, encouraging proposals to enhance shareholders’ rights against the boards’ discretion. The purpose of this chapter is to focus on institutional investor activism and its impact on both their ultimate beneficiaries and their target companies, and how investors could be incentivised to more sustainable behaviour in their activism. Albeit the focus is on the European Union, institutional investors are global. A broader perspective including North America and Asia is therefore taken. The most important impact of institutional activism is arguably normative, causing changes in corporate governance. Specific attention is therefore given to governance questions.

• Sjåfjell, Beate Kristine & Mähönen, Jukka Tapio (2023). The Future of Nordic company law. In Sjåfjell, Beate Kristine & Mähönen, Jukka Tapio (Ed.), Nordic Company Law: Broadening the Horizon. Universitetsforlaget. ISSN 9788215054094. Full text in Research Archive Show summary

  The Nordics have a lot to be proud of, consistently ranking amongst the best countries in the world in the Human Development Index and the World Happiness Report. Yet, the Sustainable Development Index indicates that the Nordic countries’ hard-won success in terms of welfare achievements and stability within their own countries is very much based on an outsourcing of environmental damage. To achieve the transformation to sustainability, to a safe and just space for humanity, fundamental change is needed – also in the Nordics. In this concluding chapter of the volume Nordic Company Law: Broadening the Horizon, we discuss the challenges and possibilities for globalised business in the Nordics, and the potential and continued evolution of Nordic company law. Looking forward, we propose ways in which Nordic company law can be reformed to realise its potential, meet the challenges, mitigate the forces undermining its potential – and contribute to ensuring business is a part of the transformation to sustainability. We reflect on the risks of continued unsustainability, and the power that lies in a possible renewed Nordic collaboration. There is potential for positive change in the Nordics. Finding ways to harness this potential is both the main hope and message of our book.

• Mähönen, Jukka Tapio (2022). Kjønnsperspektiv på og i rettsøkonomi. In Ikdahl, Ingunn; Hellum, Anne; Asland, John; Bruserud, Herman; Hjort, Maria Astrup; Jonassen, Bjørk Gudmundsdottir & Skilbrei, May-Len (Ed.), Kjønn og rett. Kvinne-, kjønns- og likestillingsperspektiver i jusstudiet. Cappelen Damm Akademisk. ISSN 9788202669690. p. 393–426. doi: 10.23865/noasp.164. Full text in Research Archive Show summary

  Kvinne-, kjønns- og likestillingsperspektiver på retten har en lang tradisjon som forskningsfelt på Det juridiske fakultet ved Universitetet i Oslo. Retten regulerer rettigheter og plikter, rettsvern og straff – den kan skape, opprettholde og endre samfunnets fordeling av makt og ressurser mellom individer og grupper. En viktig del av samfunnsoppdraget til juristutdanningen er å skape forståelse for hvordan rettslige strukturer, regler og avgjørelser kan føre til – eller motvirke – ulikhet og diskriminering. Denne boken bringer ulike typer kjønnsperspektiv inn i en rekke av fagene som inngår i rettsvitenskapen. Artiklene omfatter både privatrettslige og offentligrettslige emner, som familierett, forvaltningsrett, velferdsrett, avtalerett, selskapsrett og strafferett. Boken inneholder også kjønnsperspektiv på tverrgående fag som rettsfilosofi, rettssosiologi, kriminologi, rettsøkonomi og yrkesetikk for jurister. Kjønn og rett: Kvinne-, kjønns- og likestillingsperspektiver i jusstudiet er skrevet primært med tanke på jusstudenter, men er relevant for alle som interesserer seg for forholdet mellom juss, kjønn, samfunn og politikk.

• Talonen, Antti; Mähönen, Jukka Tapio & Kwon, W. Jean (2022). Examining the investment operations as a derived core function of mutual insurance companies: Research agenda and guide. Journal of Co-operative Organization and Management. ISSN 2213-297X. 101(1). doi: 10.1016/j.jcom.2022.100168. Full text in Research Archive
• Mähönen, Jukka Tapio (2022). Kestävyysraportointi. In Vanhala, Anne & Ristaniemi, Michael (Ed.), Yritysvastuu & oikeus. Kauppakamari. ISSN 9789522467584. p. 125–156. Full text in Research Archive
• Mähönen, Jukka Tapio; Sjåfjell, Beate Kristine & Mee, Monica (2022). Stewardship Norwegian-Style: Fragmented and State-Dominated (but Not without Potential?). In Katelouzou, Dionysia & Puchniak, Dan W. (Ed.), Global Shareholder Stewardship. Cambridge University Press. ISSN 9781108914819. p. 174–191. Full text in Research Archive Show summary

  An important part of the current corporate governance trend is shareholder ‘empowerment’, a policy shift making corporate managers accountable to the shareholders as perceived ‘owners’ of the company. According to this policy thinking, the corporate boards should focus on monitoring on behalf of the shareholders, rather than managing the company independently. Shareholders should ‘engage’ with companies on issues ranging from strategy to corporate responsibility, issues that company law assigns to the board. This trend has been reflected not only in corporate governance codes, listing rules, company legislation, European Union directives and transnational regulatory standards but also as a ’stewardship trend’, which we have seen in the 2017 reform of the 2007 European Union Shareholders’ Rights Directive (SHRD II). A number of European jurisdictions have seen the emergence of specific ’stewardship codes’. According to the arguments behind the codes (and also in stewardship regulation such as SHRD II), encouraging shareholders to act as ‘stewards’ is a way forward not only towards better corporate governance in the mainstream, economics-focused sense, but also towards more sustainable and responsible companies in light of the environmental and social challenges we as a global community face. The stewardship concept is widely connected to institutional investors, referring to the actions that asset managers can take in order to enhance the value of the companies that they invest in on behalf of their own beneficiaries. However, the nature of stewardship varies from jurisdiction to jurisdiction based on shareholder structures. In the Nordic region (similar to many Asian jurisdictions), the role of states, sovereign holding companies and wealth funds, other public market actors such as public pension funds, families, family-controlled investment companies and family-based foundations is significant compared to (other) national and international institutional investors. In this paper, we discuss the peculiarities of Nordic stewardship before concentrating on Norway and Norwegian stewardship, which is dominated by the state and the municipalities, but also to some extent by private investors. The structure of the paper is the following. In Part II we discuss the Nordic stewardship in light of international stewardship discussion, before concentrating on Norway and the current regulatory framework of stewardship there in Part III. In Part III, we reflect on the Norwegian choices on stewardship against global trends and especially jurisdictions in Asia with similar shareholder structures, with strong state and family shareholders. Part IV concludes with some reflections on why a stewardship code is not needed in Norway. What Norway does need, is a clear and mandatory regulation to ensure that Norwegian business and finance contribute to the transition to sustainability. A stewardship code would not be a sufficiently strong measure. Conversely, it could hold Norwegian business and finance back in the face of the rapid developments on EU and international level.

• Talonen, Antti; Mähönen, Jukka Tapio; Koskinen, Lasse & Kuoppakangas, Päivikki (2021). Analysis of consumers’ negative perceptions of health tracking in insurance – a value sacrifice approach. Journal of Information, Communication and Ethics in Society. ISSN 1477-996X. 19(4), p. 463–479. doi: 10.1108/JICES-05-2020-0061. Full text in Research Archive Show summary

  Purpose This paper explores and identifies customer-value-related sacrifices that consumers attach to interactive health/life insurance. This paper aims to increase understanding of why individual consumers are not willing to embrace behaviour-tracking-based insurance applications. Design/methodology/approach The authors analysed data from a qualitative survey of Finnish insurance consumers who were not keen on adopting interactive insurance products. Findings Developed through thematic analysis, the framework presented in this paper illustrates consumers’ value sacrifices on four dimensions: economic, functional, emotional and symbolic value. Research limitations/implications The framework and insights emerging in the study hold several implications related to increased understanding of consumers’ perceptions of insurance and to developing interactive insurance services. In addition, this work provides a promising foundation and avenues for further considerations related to digital ethics in insurance. Originality/value To the best of the authors’ knowledge, this paper is the first piece applying a value sacrifice perspective in studying consumers’ unwillingness to adopt interactive insurance products.

• Mähönen, Jukka Tapio (2021). Utvecklingen av rättsekonomin som socialekonomisk och rättsvetenskaplig disciplin. In Ognedal, Tone & Stavang, Endre (Ed.), Jus og samfunnsøkonomi. Privatrettsfondet. ISSN 9788272362750. p. 46–73. Full text in Research Archive
• Talonen, Antti; Kwon, Jean; Mähönen, Jukka Tapio & Kuoppakangas, Päivikki (2021). An analysis of the ownership and customer support activities of mutual insurance companies. The Nordic Journal of Business. ISSN 2342-9003. Full text in Research Archive Show summary

  The existing studies of mutual organizations help us understand what it means at the strategic level for an insurance company to be owned by its customers. At the same time, there is limited literature illustrating what customer ownership means at the operations level and how operative activities contribute to achieving the strategic goals. By taking a managerial perspective, we explore and identify how managers of mutual insurance companies understand and communicate the influence of customer ownership in organizing operative support activities. For a thematic analysis of annual reports, we identified 18 mutual insurers in seven different countries (Finland, Ireland, The Netherlands, Sweden, Switzerland, UK, and United States). As the first a"empt to provide analytical meaning and approach to managing support activities in a customer-owned mutual company, the findings point to several new and interesting research avenues, and they informed the creation of a tentative framework that mutual insurance managers can exploit.

• Mähönen, Jukka (2020). Integrated Reporting and Sustainable Corporate Governance from European Perspective. Accounting, Economics, and Law – A Convivium. ISSN 2194-6051. 10(2). doi: 10.1515/ael-2018-0048. Full text in Research Archive Show summary

  According to the Cadbury Committee (1992) classical definition, corporate governance is ‘the system by which companies are directed and controlled.’ In the Cadbury Report and in other mainstream corporate governance codes, ‘system’ refers only to the ‘financial aspects of corporate governance’, that is, shareholder value and emphasis on the board’s and the management’s accountability to providers of financial capital only. During the last few years however, sustainability has been included through ‘integrated reporting’ in corporate governance codes especially in Africa (South Africa) and Asia (Malaysia, Philippines). For example, the South African King reports on corporate governance connect the use of integrated reporting to report on an organisation’s corporate governance practices and economic-social-environmental triple-bottom-line performance. The leading normative framework for integrated reporting, the International Integrated Reporting Council’s International <IR> Framework, is based on an idea of ‘shared value creation’ by providers of the ‘six capitals’ (financial, manufactured, intellectual, human, societal and environmental capitals). As such integrated reporting represents a stakeholder management model already integrated – at least on the text level – in many corporate governance codes, just enlarging the concept of capital providers from shareholders only to other internal stakeholders, and the goal of capital efficiency and profit maximisation from financial capital only to other five forms of internal capital provisions. It is also a new step in the development of social and environmental accounting and reporting, rooting from the 1970s and sustainability reporting from the 1990s. The concept of a ‘business model’ represents the way how an organisation creates value, comprising all its activities, its relationships with stakeholders and its tangible and intangible assets and liabilities, and finally the boards responsibilities, as for the board, ‘corporate governance’ and sustaining and developing the company’s business model are essentially the same thing. In the end of the day, it is a question what kind of ‘business model’ integrated reporting based corporate governance really reflects, and how it possible varies from shareholder-centred business model. The purpose of this paper is to test (1) what kind of stakeholder model, if any, integrated reporting and especially International <IR> Framework represents, (2) what is the impact, if any, of integrated reporting to material corporate governance in the codes it is included in, and (3) if yes, does an integrated view and especially the ‘integrated thinking’ behind International <IR> Framework represent a genuine sustainable value creation driven business model based on the boundaries of the planet and social foundation for the humanity, or is it only a view to encourage organisations to take care of the profits of the specific capital providers.

• Mähönen, Jukka (2020). Comprehensive approach to relevant and reliable reporting in Europe: A dream impossible? Sustainability. 12(13). doi: 10.3390/su12135277. Full text in Research Archive Show summary

  Corporate reporting and governance are interlinked: Accounting and reporting inventions created the modern company, and without the modern company there is no entity from which to report. Due to its raison d’etre, reporting remained finance-centered, to protect financial capital providers. From the 1970’s, the question of the interests of ‘stakeholders’ emerged, with attempts of ‘social reporting’, ‘corporate social responsibility’, ‘environmental’, and ‘social and environmental’ and finally ‘integrated’ accounting and reporting. These trends are reflected also in the European Union legal framework, both in regulation of especially financial intermediaries and the ‘non-financial’ reporting. This article is based on an extensive literature review, research conducted in the Sustainable Market Actors for Responsible Trade (SMART) project, and socio-legal and economic empirical research based conceptual analysis of the impact of these reporting systems and their relationship to financial accounting and reporting. The result of the research is that sustainability is reduced to focus on institutional investors and other members in the investment supply chain, and climate change issues only, and new regulatory solutions are required. Based on the most recent developments in EU law and in European jurisdictions, possible paths forward are envisaged to encourage sustainability in reporting and assurance, and through that, in governance. As an outcome a set of regulatory reform proposals are given based on the SMART recommendations.

• Monciardini, David; Mähönen, Jukka & Tsagas, Georgina (2020). Rethinking Non-Financial Reporting: A Blueprint for Structural Regulatory Changes. Accounting, Economics, and Law – A Convivium. ISSN 2194-6051. doi: 10.1515/ael-2020-0092. Full text in Research Archive Show summary

  Abstract The article introduces the thematic issue of Accounting, Economics, and Law: A Convivium dedicated to the regulation of non-financial reporting. It provides the reader with an overview of the varying approaches and frameworks that have emerged over time in relation to the reporting of non-financial information. In particular, the article focuses on the European Non-Financial Reporting Directive. We maintain that to date this latter initiative has failed to deliver on its intended objectives. In the context of the ongoing revision process of this initiative, the present paper outlines five key areas to be improved drawing on the lessons learnt from the past as well as from key points raised by the papers in the present thematic issue. What emerges from this collective effort is a renewed agenda that highlights some of the structural failures of the current reporting regime and a blueprint for future reforms. The final section summarises the various contributions of articles included in this thematic issue.

• Mähönen, Jukka & Cullen, Jay T. (2019). Taming Unsustainable Finance: The Perils Of Modern Risk Management. In Sjåfjell, Beate Kristine & Bruner, Christopher M. (Ed.), The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability. Cambridge University Press. ISSN 9781108473293. p. 100–113. doi: 10.1017/9781108658386.013. Full text in Research Archive Show summary

  traditional response to information asymmetries in financial markets has been to require disclosure and heightened transparency in investment chains. We argue in this chapter that the trust placed in such regulatory techniques will fail to deliver sustainable investment for two reasons. The first is the structure of equity markets, which are focused on shareholder returns and excessive turnover of portfolios, preventing meaningful engagement with companies. The second is that both investors and intermediaries make a category error in placing trust in modern risk management to quantify the financial risks from climate change and other environmental changes. Our analysis leads us logically to three micro- and macroprudential policy prescriptions, namely: increasing the capital requirements on assets with so-called ‘brown’ credentials; reforming bank stress tests to reflect the uncertain financial implications of environmental damage; and pivoting central bank bond buying programmes toward green financial assets.

• Mähönen, Jukka & Johnsen, Gudrun (2019). Law, Culture and Sustainability: Corporate Governance In The Nordic Countries. In Sjåfjell, Beate Kristine & Bruner, Christopher M. (Ed.), The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability. Cambridge University Press. ISSN 9781108473293. p. 218–231. doi: 10.1017/9781108658386.022. Full text in Research Archive Show summary

  Nordic countries have their own variations of the same corporate law theme, based on equality between shareholders and minority protection. However, U.S.-style shareholder primacy has influenced corporate practices, legal literature and governance codes. The strength of the ‘Nordic model’ is not in law or in codes, but in a typically Nordic form of ‘active ownership’ by non-institutional direct shareholders such as families, foundations and public pension funds. It is not, however, enough and requires broader participation for sustainability. The answer might be in corporate board activity. The Nordic ‘soft’ shareholder activism, based on a dialogue between the investors and the board, gives room for the boards to convince the investors of the advantages of long-term sustainability. Recurring Nordic bank crises show that bankers’ motives for profit maximisation should be particularly constrained.

• Mähönen, Jukka (2019). Osuuskuntien ohjaaminen kestävään liiketoimintaan: laki vai hallinnointikoodi, vai jotain muuta? Defensor Legis. ISSN 0356-262X. 100(4), p. 443–461. Full text in Research Archive
• Mähönen, Jukka (2019). Financing sustainable market actors in circular economy. In Eftestøl-Wilhelmsson, Ellen J.; Sankari, Suvi & Bask, Anu H. (Ed.), Sustainable and efficient transport. Incentives for promoting a green transport market. Edward Elgar Publishing. ISSN 9781788119276. p. 95–116. doi: 10.2139/ssrn.3273263. Full text in Research Archive
• Mähönen, Jukka (2018). Kestävän yritystoiminnan rahoitus, esimerkkinä kiertotalous ja uudet liiketoimintamallit. In Mähönen, Jukka; Pölönen, Pasi & Vahtera, Veikko (Ed.), Juhlajulkaisu Risto Nuolimaa 1948-2/6-2018. Suomalainen Lakimiesyhdistys. ISSN 9789518553765. p. 137–150. Full text in Research Archive
• Mähönen, Jukka (2018). Hajauttaminen, digitalisaatio ja osuustoiminta. Lakimies. ISSN 0023-7353. p. 928–953. Full text in Research Archive
• Mähönen, Jukka (2017). Hallinnointikoodi ja yritysvastuu - corporate governance -koodin yrityskuvan suhde pörssiyhtiöiden kestävään yritystoimintaan, Keskuskauppakamarin Liiketapalautakunta 80 vuotta. Alma Talent Oy. ISSN 9789521432415. p. 203–218. Full text in Research Archive
• Mähönen, Jukka (2016). The Pervasive Issue of Liability in Corporate Groups. European Company Law. ISSN 1572-4999. 13(5), p. 146–149. Full text in Research Archive
• Mähönen, Jukka (2016). Osakkeenomistaja-aktivismi - siunaus vai kirous? In Mylly, Ulla-Maija; Nyström, Patrik & Viinikka, Tuija (Ed.), Oikeuden ja talouden rajapinnassa: Juhlakirja Matti J. Sillanpää 60 vuotta. Edita Publishing Oy. ISSN 9789513768706. p. 147–157. Full text in Research Archive
• Mähönen, Jukka (2015). Onko kauppaoikeudella mitään virkaa? Lakimies. ISSN 0023-7353. 113(7-8), p. 973–986. Full text in Research Archive

View all works in NVA

• Rognstad, Ole-Andreas; Mähönen, Jukka Tapio & Pihlajarinne, Taina (2024). Promoting Sustainable Innovation and the Circular Economy. Routledge. ISBN 9781032313054. 222 p. Full text in Research Archive
• Pihlajarinne, Taina; Mähönen, Jukka Tapio & Upreti, Pratyush Nath (2023). Intellectual Property Rights in the Post Pandemic World. An Integrated Framework of Sustainability, Innovation and Global Justice. Edward Elgar Publishing. ISBN 9781803922737. 376 p. Full text in Research Archive
• Sjåfjell, Beate Kristine & Mähönen, Jukka Tapio (2023). Nordic Company Law: Broadening the Horizon. Universitetsforlaget. ISBN 9788215054094. 344 p. Full text in Research Archive
• Mähönen, Jukka Tapio & Villa, Seppo (2021). Osuuskunta. Alma Talent. ISBN 9789521441240. 484 p. Full text in Research Archive
• Mähönen, Jukka & Villa, Seppo (2020). Osakeyhtiö II: Pääomarakenne ja rahoitus. Alma Talent. ISBN 9789521441226. 933 p. Full text in Research Archive
• Mähönen, Jukka; Villa, Seppo; Alén-Savikko, Anette; Bärlund, Johan; Jauhiainen, Jyrki & Kaisanlahti, Timo [Show all 13 contributors for this article] (2020). Yritysoikeus. Alma Talent. ISBN 9789521441356. 1548 p. Full text in Research Archive
• Mähönen, Jukka & Villa, Seppo (2019). Osakeyhtiö III: Corporate governance. Alma Talent. ISBN 9789521433634. 860 p. Full text in Research Archive
• Berge, Beate Kathrine & Mähönen, Jukka (2019). Rettsøkonomi i et nøtteskall. Gyldendal Juridisk. ISBN 9788205519350. 180 p. Full text in Research Archive Show summary

  Boken gir en innføring i hvordan samfunnsøkonomiske teorier og modeller kan benyttes til å analysere og vurdere effekten rettslig regulering kan ha på ressursbruk og -fordeling i samfunnet. Fremstillingen tar for seg forskjellige tema innenfor forsikring, tingsrett, erstatningsrett, kontraktsrett, skatterett, sivilprosess og kriminalitet, men metodene som blir presentert, kan også benyttes på andre rettsområder.

• Mähönen, Jukka; Pölönen, Pasi & Vahtera, Veikko (2018). Juhlajulkaisu Risto Nuolimaa 1948-2/6-2018. Suomalainen Lakimiesyhdistys. ISBN 9789518553765. 440 p. Full text in Research Archive
• Mähönen, Jukka (2017). Keskuskauppakamarin Liiketapalautakunta 80 vuotta. Alma Talent Oy. ISBN 9789521432415. 617 p. Full text in Research Archive
• Mähönen, Jukka & Villa, Seppo (2016). Aktiebolag I: Allmänna läror. Talentum Pro. ISBN 9789521422928. 531 p. Full text in Research Archive

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• Talonen, Antti & Mähönen, Jukka Tapio (2022). “Swimming against the current” of demutualizations in the 1990s and 2000s: Case of the private statutory pension insurance sector in Finland. Full text in Research Archive Show summary

  The global insurance industry of the 1990s witnessed such a significant wave of demutualizations that it can be regarded as a world-wide phenomenon. The Finnish earnings-related pension insurance system, that has been organized mainly via private mutual insurance companies, was also under a hard pressure to demutualize. In this article, we focus on this era and explore and identify the reasons why Finnish private pension insurance sector eventually “swam against the current” by not perceiving the demutualization option as an attractive one, and explicitly decided emphasize mutual companies – that still today account for 96 % of the particular sector in Finland and has ensured that the almost 150 billion euros of pension assets has stayed in control and in use of the Finnish people, organizations and entrepreneurs. To achieve this aim, we analyze two separate datasets – 1) interviews of experts and industry leaders who were in charge of the Finnish private pension insurance sector in the 90s, and 2) selected literature of histories and legal documents. As a result we develop a comprehensive framework and describtion of the reasons that led to emphasizing and favoring mutual companies. Concludingly, we contribute to the limited existing discussion on company form conversions in the insurance industry.

• Mähönen, Jukka (2018). Erling Eide og Endre Stavang: Rettsøkonomi, 2. utgave. Cappelen Damm Akademisk, 2018. 655 sider. Nytt i privatretten : nyhetsbrev for informasjon på det privatret. ISSN 1501-9594. Full text in Research Archive
• Mähönen, Jukka (2018). Avvikling av aksjeselskap – HR-2018-1983-A. Nytt i privatretten : nyhetsbrev for informasjon på det privatret. ISSN 1501-9594. Full text in Research Archive
• Mähönen, Jukka (2016). HR-2016-1439-A Oppløsning av aksjeselskap, innløsning av aksjer. Nytt i privatretten : nyhetsbrev for informasjon på det privatret. ISSN 1501-9594. Full text in Research Archive
• Sjåfjell, Beate; Nilsen, Heidi Rapp & Mähönen, Jukka (2021). 'Bidrag til Amnestys argumentsamling om oljefondet og forhåndsfiltrering', i rapporten fra Amnesty: "Oljefondets nye etiske rammeverk - rigget for framtiden?". Amnesty International. Full text in Research Archive
• Cullen, James; Mähönen, Jukka & Nilsen, Heidi Rapp (2020). Financing the Transition to Sustainability: SMART Reform Proposals. Universitetet i Oslo. Full text in Research Archive
• Mähönen, Jukka & Nilsen, Heidi Rapp (2019). The role of the state as investor in promoting sustainability: an empirical analysis. 7Letras. Full text in Research Archive

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