Download or read book Shareholders and managers as principal agent hierarchies and cooperative teams written by Matthias Kiefer, PhD and published by Matthias Kiefer. This book was released on 2017-02-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose– Shareholders and managers can work in a hierarchy in which principals attempt to control the actions of agents to achieve the wealth objective. Alternatively, shareholders and managers can work together as a cooperative team in which shareholders provide financial capital and managers provide human capital. The authors aim to examine the different implications for value creation provided by the two approaches. Design/methodology/approach– By comparing the literature on the value implications of the incomplete contracting framework and control arrangements in principal-agent hierarchies, the authors identify deviations from optimal outcomes and suggest solutions. Findings– The review indicates that a cooperative framework has some advantages over the hierarchical model. The stability of human capital and the relationship between managers and shareholders can be enhanced when shareholders provide capital in increments which vest over time and latitude for renegotiation of agreements is built into contracts. Practical implications– By surrendering control using stock options programmes, managers are free to invest in relationship-specific assets. Shareholders can control the provision of capital by withdrawing investment if insufficient returns are realized, i.e. if stock options do not meet vesting requirements. The market can then be left to do its work. Originality/value– This paper provides an original review of literature on cooperation and hierarchies in the shareholder–manager relationship and proposes solutions to identified deviations from optimal outcomes. Keywords- Agency theory, Corporate governance, M&A, Executive compensation, Contracting theory, Share options policy

Download or read book Stock Exchanges and Marketeer High Ground written by Matthias Kiefer and published by Matthias Kiefer. This book was released on 2023-03-13 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: Watch out, there are two different types of company managers! This is not how a text book on Corporate Governance should begin. Modern corporations become independent from the influence of their shareholders. Dissatisfied shareholders sell rather than intervene. Stock exchanges allow disgruntled owners to tender their stock. On them, companies as wholes sell at premiums. The first known stock exchanges formed in Carthage (Tunisia), Sardinia and Sicily as early as in 600 BC. Phoenician seafarers’ wealth resulted from the markets that spread around the circular harbours. While ancient Roman neighbours benefitted from the Phoenician trade partners, their law diverged. In modern times, we witness an odd amalgamation of governance in Germany: Germany’s corporations have two legally separate governance boards. On the one hand, the functionality resulted from free markets: The most powerful directors must be separate to, and independent from, a company’s top management. Ancient Roman law disciplines German boards into obedience: The distinct types of leaders legally must divorce. Despite a larger population, Germany’s stock exchange today is less than half the volume of Britain’s. German banks not only fund their corporations. While western economies circle around stock exchanges, Germany’s small companies are subsidised and governed by the state banks. During recessions, Germany’s savers naturally insist on interest income, and force the country into austerity.

Download or read book Morality Competition and the Firm written by Joseph Heath and published by Oxford University Press. This book was released on 2014-08-01 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this collection of provocative essays, Joseph Heath provides a compelling new framework for thinking about the moral obligations that private actors in a market economy have toward each other and to society. In a sharp break with traditional approaches to business ethics, Heath argues that the basic principles of corporate social responsibility are already implicit in the institutional norms that structure both marketplace competition and the modern business corporation. In four new and nine previously published essays, Heath articulates the foundations of a "market failures" approach to business ethics. Rather than bringing moral concerns to bear upon economic activity as a set of foreign or externally imposed constraints, this approach seeks to articulate a robust conception of business ethics derived solely from the basic normative justification for capitalism. The result is a unified theory of business ethics, corporate law, economic regulation, and the welfare state, which offers a reconstruction of the central normative preoccupations in each area that is consistent across all four domains. Beyond the core theory, Heath offers new insights on a wide range of topics in economics and philosophy, from agency theory and risk management to social cooperation and the transaction cost theory of the firm.

Download or read book Private Equity Firms written by Kirsten Burkhardt and published by John Wiley & Sons. This book was released on 2019-01-14 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work analyzes the role of private equity firms (SCIs) in forming strategic alliances in the French private equity market. The subject is important because the formation of alliances and, more generally, the networking of SMEs, could be an alternative to the lack of medium-sized companies in France. For French SCIs, which are increasingly in a competitive situation, assistance in forming alliances for their holdings may represent a new activity and be a source of competitive advantage. The work is positioned transversally, touching the areas of corporate governance, entrepreneurial finance and strategy.

Download or read book The Routledge Companion to Business Ethics written by Eugene Heath and published by Routledge. This book was released on 2018-02-12 with total page 1004 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of business ethics continues to expand intellectually and geographically. During the past five decades, scholars have developed and deepened their inquiries into the ethics of commercial and corporate conduct. This Companion provides a novel overview of the discipline of business ethics, covering the major areas of the field as well as new and emerging topics. The eight thematic units range over an extraordinary set of subjects and include chapters on the history and pedagogy of business ethics, moral philosophy, the nature of business, responsibilities within the firm, economic institutions, the 2008 financial crisis, globalization, and business ethics in different regions of the world. Led by a well-respected editorial team, this unique volume gathers an international array of experts whose various critical approaches yield insights from areas such as public policy, economics, law, and history, in addition to business and philosophy. With its fresh analyses, wide scope, and clarity of approach, this volume will be an essential addition to library collections in business, management, and applied ethics.

Download or read book Public Administration Public Management written by Jan-Erik Lane and published by Routledge. This book was released on 2006-08-21 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: A perspective on the public sector that presents a concise and comprehensive analysis of exactly what it is and how it operates. Governments in any society deliver a large number of services and goods to their populations. To get the job done, they need public management in order to steer resources – employees, money and laws – into policy outputs and outcomes. In well-ordered societies the teams who work for the state work under a rule-of-law framework, known as public administration. This book covers the key issues of: the principal-agent framework and the public sector public principals and their agents the economic reasons of government public organization, incentives and rationality in government the essence of public administration: legality and the rule of law public policy criteria: the Cambridge and Chicago positions public teams and private teams public firms public insurance public management policy Public Administration & Public Management is essential reading for those with professional and research interests in public administration and public management.

Download or read book Economics in a Changing World written by Beth Allen and published by Springer. This book was released on 1997-02-12 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains papers in the broadly defined area of microeconomic theory presented to the International Economic Association Tenth World Congress in Moscow. A wide range of topics is represented - from the foundations of economic choice through strategic behaviour, multiple market interactions, and asymmetric information to applications in such diverse areas as the internal organization of firms, patent policy, product markets, and labour supply, finishing with a piece on the history of oligopoly theory. The collection strongly suggests that microeconomic theory is indeed thriving as a fascinating and useful central part of economic science.

Download or read book Multinational Enterprises and Emerging Economies written by Klaus E.Meyer and published by Edward Elgar Publishing. This book was released on 2020-03-28 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guided by the overarching question “how and why does the emerging economy context matter for business?”, this collection brings together key contributions of Klaus Meyer on multinational enterprises (MNEs) competing in, and originating from, emerging economies. The book also explores how outward investment strategies contribute to building internationally competitive MNEs.

Download or read book Corporate Social Responsibility written by Mark S. Schwartz and published by Routledge. This book was released on 2017-03-02 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume examine the emergence of the concept of corporate social responsibility, and the uses that have been made of the language of corporate responsibility to explore the business/society relationship. The first section traces the emergence of the concept of corporate social responsibility as a way of understanding and framing the business/society relationship. Section two of the volume looks at "Definitions and ethical justifications" with a view to exploring current discussions of the nature, scope and source of the social responsibilities of corporations. Section three, "CSR and Management: Critical Reflections", explores the integration of CSR theories and justifications into business management and business management theories. Articles in the final section of the volume apply the concept of corporate social responsibility, and the theoretical frameworks and analytical tools to which it has given rise, to the examination and resolution of specific social issues arising out of the economic activities of corporations.

Download or read book The Japanese Firm written by Masahiko Aoki and published by Oxford University Press, USA. This book was released on 1994 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by prominent scholars in the field, this is an account of the Japanese firm and its sources of success. Containing both theoretical and empirical work, the book ranges across labour and information economics, finance, organizational theory, and others.

Download or read book Corporate Governance written by and published by . This book was released on 2004 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This volume collects recent scholarship on the law of corporate governance. It explores the application of legal doctrine and theory to policy issues such as corporate social responsibility, executive compensation, corporate criminality, federalism, and ethics. Corporate Governance: Law, Theory and Policy puts these issues in the context of recent developments such as the Sarbanes-Oxley Act and the wave of corporate scandals and failures exemplified by the failure of Enron Corporation."--BOOK JACKET.

Download or read book Behavioural Risks in Corporate Governance written by Ngozi Vivian Okoye and published by Routledge. This book was released on 2015-03-05 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent cases of corporate failures, including the fixing of LIBOR rates and money laundering issues in the banking industry, highlight how behavioural issues on the part of company directors are significant contributory factors in corporate governance and the success or failure of companies. This book examines how personality and behavioural issues have contributed to major corporate failures, and how this risk may be managed. The book examines behavioural risks in corporate governance, and evaluates the extent to which risk management mechanisms have acknowledged various aspects of behaviour. Drawing from cases in the UK, the US and Australia and research in psychology and the behavioural sciences, Ngozi Vivian Okoye argues that current corporate governance mechanisms lack provision for identifying and managing personality risks, and suggests how constituent elements of behaviour should be engaged with when developing preventive mechanisms for corporate failures. Okoye presents a conceptual framework for identifying and managing personality risks, and explores how personality risk may be built into corporate governance regulation. The book will be of great use and interest to researchers and practitioners in business and company law, corporate governance, and critical management studies.

Download or read book Corporate Governance written by Lawrence E. Mitchell and published by Taylor & Francis. This book was released on 2017-05-15 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of corporate governance is a relatively modern development, with significant attention devoted to the subject only during the last fifty years. The topics covered in this volume include the purpose of the corporation, the board of directors, the role of shareholders, and more contemporary developments like hedge fund activism, the role of sovereign wealth funds, and the development of corporate governance law in what perhaps will become the dominant world economy over the next century, China. The editor has written an introductory essay which briefly describes the intellectual history of the field and analyses the material selected for the volume. The papers which have been selected present what the editor believes to be some of the best and most representative studies of the subjects covered. As a result the volume offers a rounded view of the contemporary state of the some of the dominant issues in corporate governance.

Download or read book Contemporary Strategy Analysis written by Robert M. Grant and published by John Wiley & Sons. This book was released on 2021-11-22 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: The updated new edition of the market-leading strategic analysis textbook, addressing the emerging challenges that businesses face in an increasingly complex and dynamic environment In Contemporary Strategy Analysis, expert strategist and lecturer Robert M. Grant equips management students and working professionals with the concepts, frameworks, and techniques needed to make better strategic decisions. Designed to be accessible to readers from different backgrounds and with varying levels of experience, this classic textbook combines a rigorous approach to business strategy with real-world examples of current practice and highly relevant case studies personally written by the author. Contemporary Strategy Analysis focuses on the essential tasks of strategy, showing readers how to use the tools of strategy analysis to identify, analyze, and exploit the sources of superior business performance to secure competitive advantage. The eleventh edition examines the role of strategy in a world reshaped by the Covid-19 pandemic and discusses a wide range of trending topics — such as the corporate social responsibility movement and environmental, social, and governance innovation — presented alongside fully integrated business models and up-to-date examples of business model innovation. Perfect for undergraduate and MBA students of business, Contemporary Strategy Analysis has also proven influential with consultants, executives, and others engaged in the strategic direction of a modern enterprise.

Download or read book Public Management written by Jonathan Boston and published by . This book was released on 1996 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work describes and critically assesses the merits of the new model of public management in New Zealand. It examines the model's theoretical origins and identifies the administrative principles and doctrines upon which it is based. It also explores how the new model operates in practice, how its outcomes compare with those intended, and what impact it has had, both positive and negative, on the governance of New Zealand.

Download or read book Advances in Economics and Econometrics Theory and Applications written by Econometric Society. World Congress and published by Cambridge University Press. This book was released on 1997-02-20 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: These books comprise papers examining the latest developments in economic theory, applied economics and econometrics presented at the Seventh World Congress of the Econometric Society in Tokyo in August 1995. The topics were carefully selected to represent the most active fields in the discipline over the past five years. Written by the leading authorities in their fields, eac h paper provides a unique survey of the current state of knowledge in economics. Designed to make the material accessible to a general audience of economists, these volumes should be helpul to anyone with a good undergraduate training in economics who wishes to follow new ideas and tendencies in the subject.

Download or read book Trust in Society written by Karen Cook and published by Russell Sage Foundation. This book was released on 2001-01-11 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trust plays a pervasive role in social affairs, even sustaining acts of cooperation among strangers who have no control over each other's actions. But the full importance of trust is rarely acknowledged until it begins to break down, threatening the stability of social relationships once taken for granted. Trust in Society uses the tools of experimental psychology, sociology, political science, and economics to shed light on the many functions trust performs in social and political life. The authors discuss different ways of conceptualizing trust and investigate the empirical effects of trust in a variety of social settings, from the local and personal to the national and institutional. Drawing on experimental findings, this book examines how people decide whom to trust, and how a person proves his own trustworthiness to others. Placing trust in a person can be seen as a strategic act, a moral response, or even an expression of social solidarity. People often assume that strangers are trustworthy on the basis of crude social affinities, such as a shared race, religion, or hometown. Likewise, new immigrants are often able to draw heavily upon the trust of prior arrivals—frequently kin—to obtain work and start-up capital. Trust in Society explains how trust is fostered among members of voluntary associations—such as soccer clubs, choirs, and church groups—and asks whether this trust spills over into other civic activities of wider benefit to society. The book also scrutinizes the relationship between trust and formal regulatory institutions, such as the law, that either substitute for trust when it is absent, or protect people from the worst consequences of trust when it is misplaced. Moreover, psychological research reveals how compliance with the law depends more on public trust in the motives of the police and courts than on fear of punishment. The contributors to this volume demonstrate the growing analytical sophistication of trust research and its wide-ranging explanatory power. In the interests of analytical rigor, the social sciences all too often assume that people act as atomistic individuals without regard to the interests of others. Trust in Society demonstrates how we can think rigorously and analytically about the many aspects of social life that cannot be explained in those terms. A Volume in the Russell Sage Foundation Series on Trust!--