Download or read book Governance Complexities in Firms with Dual Class Shares written by Anita Anand and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance Complexities in Firms with Dual Class Shares examines five governance characteristics of DCS firms and does so in the Canadian context where DCS have historically been more prevalent. It examines governance characteristics that are salient in debates about DCS and governance generally. This monograph also takes a broader look at the policy implications of continuing to respect private ordering as a means for regulating public corporations. This full-fledged examination of DCS firms comes at an opportune moment; with controversy and potential regulatory reform on the agenda, the question persists as to how and whether regulators will respond. But before reform occurs, we should know more about DCS, including DCS governance. Section 2 provides background in terms of the DCS structures and the diametrically opposed views about DCS. Section 3 examines theoretical approaches that can be used when analyzing DCS firms including agency theory and principal cost analysis. Section 4 reviews divergences of findings in the empirical literature while Section 5 takes up two case studies of transactions in which DCS firms transformed their respective governance structures. Section 6 examines five governance characteristics against which DCS firms can be examined. Section 7 outlines the methodology and context while Section 8 sets forth data regarding DCS firm governance. The empirical analysis reveals that DCS firms generally do not voluntarily adopt governance provisions over and above existing law. Section 9 focuses on policy alternatives for regulatory reform prior to the conclusion in Section 10.
Download or read book Shareholder Driven Corporate Governance written by Anita Anand and published by Oxford University Press, USA. This book was released on 2020 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is a book about the ways in which capital markets have come to be shaped by the ubiquity of sophisticated investors. In particular, the majority of today's investors have the economic might and technical capacity to play a role in the decision-making of the corporations in which they invest. This brings with it a host of benefits, such as better corporate strategy and mechanisms to ameliorate the moral hazard that can exist when the people who bear the risk of corporate activity are different than those who make decisions. It also poses regulatory challenges, and a key element of this book is an examination of the ways in which our thinking about corporations and capital markets must change to reflect the prevalence of sophisticated shareholders"--
Download or read book Corporate Governance and Firm Value at Dual Class Firms written by Ting Li and published by . This book was released on 2017 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores whether corporate governance at dual class firms differs from that of their single class counterparts and whether firm value at dual class firms is associated with governance. Employing a sample of 1,309 U.S. dual class firm-year observations for the period 1996-2006, we show evidence that dual class firms are more likely to employ more shareholder rights provisions while exhibiting lower board and board committee independence than single class firms. Results show that firm value at dual class firms increases in shareholder rights and in board-related provisions, particularly in director independence. While strong board-related governance at dual class firms is significantly positively related to firm value in a multivariate setting, shareholder rights are significantly associated with firm value only in instances of the weakest board provisions. Following unification, firms employ more antitakeover provisions while strengthening their board and board committee independence.
Download or read book The Effect of Internal and External Corporate Governance on Dual Class Firms written by Young Sang Kim and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the effects of internal and external corporate governance and monitoring mechanisms on the dual-class status and the firm value of dual-class firms. Employing 736 dual-class firms and 7,027 single-class firms in U.S., we find that dual-class firms tend to be larger, and have higher director ownership, higher institutional ownership, lower blockholdings, and a smaller fraction of independent directors on their boards than single-class firms. In addition, we observe that dual-class firms are followed by a smaller number of security analysts. After correcting for endogeneity bias, our results show that not only firms with higher analyst coverage, but also firms with higher analyst following and a lower wedge, measured as the difference between voting rights and cash flow rights, are strongly associated with Tobin's q. In contrast, blockholders' ownership, board independence, and institutional ownership play a relatively insignificant role in enhancing dual-class firm value. We interpret these results suggest that security analysts are one of the most effective monitoring mechanisms that influence both the dual-class choice and firm value. Our results are not attributed either to the difference in firm size or to an industry effect.
Download or read book The Case for Dual Class of Shares written by and published by . This book was released on 2019 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Founders without Limits written by Bobby Reddy and published by Cambridge University Press. This book was released on 2021-11-11 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive collation of the international history of, and evidence on, dual-class stock, and their relevance to UK policy.
Download or read book The Case for Dual Class of Shares written by and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unfortunately, no matter how stellar the performance of the company, if a vote were to be held to renew for term the sunset, short- term funds of all stripes resorting to all types of financial tricks, eager to get their hand on Executive Summary the control premium that will result from the abandonment of the multiple voting class of 10 shares, would flock to the company. [...] Also consistent with our belief in the role of dual-class of shares as a rampart against short-termism and bullying on the part of some breeds of investors, we believe that control of such companies may be transmitted to a trust run by a majority of independent fiduciaries for the benefit of family members of the founder. [...] The second argument points to the imperviousness of the board and management of a dual-class company to the will, wishes and whims of shareholders. [...] However, when no family member of the controlling shareholder is likely to play in the future a significant role in the management or on the board of the company, the controlling shareholder should discuss with the board a process for the appropriate and orderly termination of the dual-class structures. [...] The Case for Dual-Class of Shares Dual-Class of Shares in Canada: Evolution Since 2005 For whatever reasons: tenacious criticism of this capital structure by (almost) all champions of 23 « good » governance, including proxy management advisors, the lack of enthusiasm of investment funds, the negative advice of investment bankers or the transiency of new entrepreneurs, the fact is that, in Canada.
Download or read book One Size Does Not Fit All written by Karl Hofstetter and published by . This book was released on 2006 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance discussions focus mostly on widely held firms. Controlled companies, e.g. family companies or listed subsidiaries, pose different challenges, however. Where a company is under the control of a large active shareholder, the quot;agencyquot;-conflict between shareholders and managers is less pronounced. Yet, the power of controlling shareholders gives rise to another quot;agencyquot;-issue: the potential conflicts of interest with minority shareholders. Thus, corporate governance rules that were developed for widely held firms may overshoot or undershoot in the context of controlled companies. Specifically adjusted rules might therefore be called for.This paper analyzes the particular corporate governance issues faced by controlled companies with a functional, efficiency-based perspective. It conceptualizes the pros and cons of controlled company structures and tries to draw normative conclusions. Looking at regulatory regimes in the US, the UK, Germany or Switzerland, it argues for regulatory flexibility to allow controlled companies to choose specific corporate governance structures where this is in the interest of shareholders as a class. Furthermore, it posits that control premiums and dual class shares have a potential to efficiently promote controlling shareholder structures. Allowing controlling shareholders to recoup some of their costs of control as shareholders (external costs of control) through control premiums (external private benefits of control) adds to their incentive to produce benefits of control for all shareholders (shared benefits of control). Dual class share structures, in turn, allow controlling shareholders to protect (external) private and shared benefits of control when new financing needs arise.
Download or read book Beyond Shareholder Value written by P. M. Vasudev and published by Edward Elgar Publishing. This book was released on 2021-05-28 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely and engaging book examines how maximizing shareholder value has played a dominant role in corporate governance over recent decades, and analyzes the resulting effect on share prices in the stock markets. Alongside the rise in corporate power and deepening economic inequality, the author investigates corporate law reform as a corrective remedy.
Download or read book Corporate Governance and Dual Class Equity written by Chris Robinson and published by . This book was released on 1992 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Download or read book E Commerce and Financial Services in Asia written by Gerhard Kling and published by Taylor & Francis. This book was released on 2024-10-18 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the drivers in the emergence, development and internal and global expansion of Asian e-commerce businesses. It tackles the problems inherent in the globalization strategy of a Japanese financial services firm operating in the e-commerce sector. The business world has been transformed by information technology and online companies, which benefitted during the Covid-19 pandemic, unlike the traditional retail sector of the economy. The well-known Amazon has seen the emergence of Asian alternatives, Alibaba from China and Coupang from South Korea, both of which have the transnational venture capital firm SoftBank of Japan as a large share owner. This book explores performance and potential in e-commerce and fin-tech, internationalisation strategies, governance problems associated with foreign corporations in South Korea and anti-monopoly drive aimed at China’s tech giants. Diverse topics are covered, including the results, impacts and implications of US stock exchange listings, liability of foreignness, dual-class structure and importance of corporate governance and social responsibility signalling and messaging. The chapters also cover local and global expansion — takeovers, mergers and acquisitions, such as Lazada for the South East Asian market and levels of satisfaction and loyalty. Finally, SoftBank is used as an example of individual and collective entrepreneurial learning in the case of SoftBank Academia. The chapters in this book were originally published as a special issue of Asia Pacific Business Review.
Download or read book Crowdfunding written by Douglas J. Cumming and published by Academic Press. This book was released on 2019-09-15 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crowdfunding: Fundamental Cases, Facts, and Insights presents fundamental knowledge on this maturing economic field. Assembling and arranging datasets, case analyses, and other foundational materials on subjects associated with crowdfunding, the book systematically, comprehensively and authoritatively provides access to a consistent body of crowdfunding research. With the crowdfunding industry now consolidated, this core reference can serve as the basis for research projects and applied work. Presents a complete scope of crowdfunding areas in the international landscape Combines economics with international business, management, law and finance Enables practitioners and researchers to compare regulatory frameworks, best practices and market opportunities Includes a freely available website of supplementary pedagogical material
Download or read book The Economic Structure of Corporate Law written by Frank H. Easterbrook and published by Harvard University Press. This book was released on 1996 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text argues that the rules and practices of corporate law mimic contractual provisions that parties involved in corporate enterprise would reach if they always bargained at zero cost and flawlessly enforced their agreements. It states that corporate l
Download or read book Handbook on International Corporate Governance written by Chris A. Mallin and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Throughout the world there is conflict between the desire to reap wealth from strong corporate functioning and the imperative of preserving the integrity of the sovereign state. Christine Mallin has assembled a collection of delightful essays describing the current circumstances of corporate governance in a variety of different countries. The volume reads like a story, fascinating, accessible and informative. The book can be read for information in each article or as a totality giving insight into the critical balancing of interests required in particular countries. Anyone buying this book – and you should – will have a fine experience.' – Robert Monks, Lens Governance Advisors, US The second edition of this major Handbook provides a thoroughly revised and extensive analysis of the development of corporate governance across a broad range of countries including Australia, China, Germany, India, Italy, Japan, Poland, Russia, South Africa, Spain, Turkey and the UK. Additional coverage in this second edition includes Brazil, Hungary, Malaysia, and Norway. The Handbook reveals that whilst the stage in the corporate governance life cycle may vary from country to country, there are certain core features that emerge such as the importance of transparency, disclosure, accountability of directors and protection of minority shareholders' rights. With contributions by leading academics and practitioners in the field of corporate governance, this important Handbook provides a comprehensive insight into the evolution of corporate governance in countries with diverse cultural, economic and legal systems.
Download or read book The SAGE Handbook of Family Business written by Leif Melin and published by SAGE. This book was released on 2013-11-15 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SAGE Handbook of Family Business captures the conceptual map and state-of-the-art thinking on family business - an area experiencing rapid global growth in research and education since the last three decades. Edited by the leading figures in family business studies, with contributions and editorial board support from the most prominent scholars in the field, this Handbook reflects on the development and current status of family enterprise research in terms of applied theories, methods, topics investigated, and perspectives on the field′s future. The SAGE Handbook of Family Business is divided into following six sections, allowing for ease of navigation while gaining a multi-dimensional perspective and understanding of the field. Part I: Theoretical perspectives in family business studies Part II: Major issues in family business studies Part III: Entrepreneurial and managerial aspects in family business studies Part IV: Behavioral and organizational aspects in family business studies Part V: Methods in use in family business studies Part VI: The future of the field of family business studies By including critical reflections and presenting possible alternative perspectives and theories, this Handbook contributes to the framing of future research on family enterprises around the world. It is an invaluable resource for current and future scholars interested in understanding the unique dynamics of family enterprises under the rubric of entrepreneurship, strategic management, organization theory, accounting, marketing or other related areas.
Download or read book Corporate Governance of Non Listed Companies written by Joseph A. McCahery and published by Oxford University Press. This book was released on 2010-09-30 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Closely held companies (those with the potential to go public, family firms, partnerships and private equity) have particular governance problems. This book examines what constitutes good governance in these companies, how control is gained, and how the closely held firm can stimulate growth and extend innovation.
