Shareholder Voice in Corporate Charter Amendments

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ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Shareholder Voice in Corporate Charter Amendments by : Geeyoung Min

Download or read book Shareholder Voice in Corporate Charter Amendments written by Geeyoung Min and published by . This book was released on 2019 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: State corporate laws require shareholder approval for corporate charter amendments, but only the board of directors has the power to propose how to amend charters. The directors' exclusive power over charter amendment proposals creates a potential for managerial opportunism by refusing to propose amendments that empower shareholders or by pursuing amendments that favor managers. While shareholder approval can theoretically serve as a check against such opportunism, dispersed shareholders' rational apathy and collective action problems, can also prevent them from being effective monitors. Prior scholarship has thus viewed charter amendments with suspicion, but there has been no systematic, empirical examination to confirm or refute the possibilities of managerial opportunism. Based on hand-collected data on charter amendments of the top 250 U.S. companies over the past twenty-one years, this Article demonstrates that the recent trend of shareholder engagement has enabled them not only to check management-initiated amendments, but also to pressure directors into proposing shareholder-initiated amendments. Concerns over managerial opportunism, however, remain valid, as the data reveal subtle ways in which directors have preempted shareholders' voice with compromised terms. This Article updates our theoretical understanding of corporate charter amendments by reflecting the new dynamic with shareholder engagement, as well as normatively claims that state and federal authorities should secure even-handed procedures so as to give both shareholders and managers a meaningful voice in the charter amendment process.

Corporate Charter Amendments

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Corporate Charter Amendments by : Arno C. Becht

Download or read book Corporate Charter Amendments written by Arno C. Becht and published by . This book was released on 1950 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Charter Amendments Affecting the Interests of Stockholders in the Property of the Corporation

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (281 download)

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Book Synopsis Corporate Charter Amendments Affecting the Interests of Stockholders in the Property of the Corporation by : Arno Cumming Becht

Download or read book Corporate Charter Amendments Affecting the Interests of Stockholders in the Property of the Corporation written by Arno Cumming Becht and published by . This book was released on 1950 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Antitakeover Corporate Charter Amendments and the Market for Corporate Control

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Publisher :
ISBN 13 :
Total Pages : 122 pages
Book Rating : 4.:/5 (154 download)

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Book Synopsis Antitakeover Corporate Charter Amendments and the Market for Corporate Control by : Stephen Lawrence Buffo

Download or read book Antitakeover Corporate Charter Amendments and the Market for Corporate Control written by Stephen Lawrence Buffo and published by . This book was released on 1986 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Charters: O-Y

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Publisher :
ISBN 13 :
Total Pages : 432 pages
Book Rating : 4.:/5 (5 download)

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Book Synopsis Corporate Charters: O-Y by : United States. Office of Indian Affairs

Download or read book Corporate Charters: O-Y written by United States. Office of Indian Affairs and published by . This book was released on 1936 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Limiting Contractual Freedom in Corporate Law

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ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Limiting Contractual Freedom in Corporate Law by : Lucian A. Bebchuk

Download or read book Limiting Contractual Freedom in Corporate Law written by Lucian A. Bebchuk and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes issue with the increasingly influential view that companies should be completely free to opt out of corporate law rules by adopting appropriate charter provisions. I argue that the contractual view of the corporation, on which supporters of free opting out rely, offers substantial reasons for placing limits on opting out. The analysis focuses on opting out done by charter amendment, after a company has been formed, and highlight the differences between opting out by charter amendment and opting out in the initial charter. Analyzing the informational and collective action problems involved in the charter amendment process, I conclude that the case for placing limits on opt-out amendments is so compelling that even strong believers in free markets should recognize the need for such limits. I also provide criteria for determining the issues with respect to which, and the circumstances under which, opting out by charter amendment should be prohibited or restricted.

Rational Voting

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Rational Voting by : James A. Brickley

Download or read book Rational Voting written by James A. Brickley and published by . This book was released on 1989 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Amended Corporate Charter, Ratified October 22, 1955

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Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Amended Corporate Charter, Ratified October 22, 1955 by : Hualapai Tribe of the Hualapai Reservation, Arizona

Download or read book Amended Corporate Charter, Ratified October 22, 1955 written by Hualapai Tribe of the Hualapai Reservation, Arizona and published by . This book was released on 1957 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Charter and Amendments Thereto of the City of East Point

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ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Corporate Charter and Amendments Thereto of the City of East Point by : Jefferson Civic Club, Inc. (East Point, GA)

Download or read book Corporate Charter and Amendments Thereto of the City of East Point written by Jefferson Civic Club, Inc. (East Point, GA) and published by . This book was released on 1942 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Impact of Antitakeover Charter Amendments on Contests for Corporate Control

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Publisher : Investor Responsibility
ISBN 13 : 9780931035616
Total Pages : 23 pages
Book Rating : 4.0/5 (356 download)

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Book Synopsis The Impact of Antitakeover Charter Amendments on Contests for Corporate Control by : John Pound

Download or read book The Impact of Antitakeover Charter Amendments on Contests for Corporate Control written by John Pound and published by Investor Responsibility. This book was released on 1985-01-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Charter Amendments to be Presented to the Stockholders for Acceptance at a Special Meeting of the Stockholders of the Company Called for July 12, 1949, and a Description and Explanation of the Same

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ISBN 13 :
Total Pages : 2 pages
Book Rating : 4.:/5 (887 download)

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Book Synopsis Charter Amendments to be Presented to the Stockholders for Acceptance at a Special Meeting of the Stockholders of the Company Called for July 12, 1949, and a Description and Explanation of the Same by : Hartford Electric Light Company

Download or read book Charter Amendments to be Presented to the Stockholders for Acceptance at a Special Meeting of the Stockholders of the Company Called for July 12, 1949, and a Description and Explanation of the Same written by Hartford Electric Light Company and published by . This book was released on 1949 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Governance and Strategic Action Within the Context of Antitakeover Corporate Charter Amendments

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ISBN 13 :
Total Pages : 600 pages
Book Rating : 4.:/5 (296 download)

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Book Synopsis Corporate Governance and Strategic Action Within the Context of Antitakeover Corporate Charter Amendments by : Chamundeswari Sundaramurthy

Download or read book Corporate Governance and Strategic Action Within the Context of Antitakeover Corporate Charter Amendments written by Chamundeswari Sundaramurthy and published by . This book was released on 1992 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: To reduce conflict of interests between stockholders and management, agency theory indicates several monitoring mechanisms, including internal board of director control and the external "market for corporate control." Management theorists and economists have independently conducted previous research on these mechanisms. Management researchers have examined the relationship between board characteristics and firm performance implicitly assuming a direct relationship. However, only in a limited set of decision contexts can a direct impact of board governance be observed (Kosnik, 1987). This dissertation examines board governance characteristics within the context of antitakeover amendment adoption, one of the most important of these decision contexts that involve conflict of interests between stockholders and management. The basic premise of this dissertation is that the adoption of antitakeover amendments is an important board-level decision that affects the influence of the market for corporate control. Such amendments can preserve the disciplining aspects of the market for corporate control while restricting practices that are not beneficial to all stockholders. Drawing from agency theory, this dissertation offers a governance model. The type of antitakeover amendments a firm adopts depends on three factors: an effective governance structure, the alignment of managerial and stockholders' interests, and stockholder control. A cross-sectional test of the proposed relationships based on a sample of 232 Standard & Poor's 500 firms as of 1985, indicates the relevance of board governance structure, alignment of interests, and stockholder control as predictors of antitakeover amendment adoption. Results also emphasize the importance of ownership factors (CEOs and institutional investors' stock ownership), in predicting adoptions. These results support and extend previous board governance literature. However, results of a five year assessment of the data indicate no systematic relationship across time, indicating that agency theory alone cannot adequately predict antitakeover amendment adoption. Firms that adopted contradictory amendments from an agency standpoint were qualitatively examined. Results of a content analysis of the proxy statements of three of these firms indicate that they often packaged positive and negative amendments in one proposal, and used three major themes to persuade stockholders to adopt antitakeover amendments: board unanimity, shareholders' interests, and the negativity of takeover tactics.

Antitakeover Charter Amendments

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Publisher : Investor Responsibility
ISBN 13 : 9780931035029
Total Pages : 510 pages
Book Rating : 4.0/5 (35 download)

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Book Synopsis Antitakeover Charter Amendments by : Joseph Kruger

Download or read book Antitakeover Charter Amendments written by Joseph Kruger and published by Investor Responsibility. This book was released on 1985 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Charters: I-N

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ISBN 13 :
Total Pages : 430 pages
Book Rating : 4.:/5 (5 download)

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Book Synopsis Corporate Charters: I-N by : United States. Office of Indian Affairs

Download or read book Corporate Charters: I-N written by United States. Office of Indian Affairs and published by . This book was released on 1937 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Compilation of Corporate Charter By-laws and of Laws, Executive Orders, and Regulations Applicable to Commodity Credit Corporation

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Publisher :
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.:/5 (3 download)

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Book Synopsis Compilation of Corporate Charter By-laws and of Laws, Executive Orders, and Regulations Applicable to Commodity Credit Corporation by : Commodity Credit Corporation

Download or read book Compilation of Corporate Charter By-laws and of Laws, Executive Orders, and Regulations Applicable to Commodity Credit Corporation written by Commodity Credit Corporation and published by . This book was released on 1948 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate antitakeover charter amendments effects and effectiveness

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ISBN 13 :
Total Pages : 178 pages
Book Rating : 4.:/5 (175 download)

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Book Synopsis Corporate antitakeover charter amendments effects and effectiveness by : Richard Thomas Fleener

Download or read book Corporate antitakeover charter amendments effects and effectiveness written by Richard Thomas Fleener and published by . This book was released on 1987 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:

An Empirical Investigation of the Effect of Corporate Charter Antitakeover Amendments on Stockholder Wealth

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ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (535 download)

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Book Synopsis An Empirical Investigation of the Effect of Corporate Charter Antitakeover Amendments on Stockholder Wealth by : James M. Mahoney

Download or read book An Empirical Investigation of the Effect of Corporate Charter Antitakeover Amendments on Stockholder Wealth written by James M. Mahoney and published by . This book was released on 1991 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: