When the Government is the Controlling Shareholder

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ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis When the Government is the Controlling Shareholder by : Marcel Kahan

Download or read book When the Government is the Controlling Shareholder written by Marcel Kahan and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the 2008 bailouts, the United States Government is now the controlling shareholder in AIG, Citigroup, GM, GMAC, Fannie Mae and Freddie Mac. Corporate law provides a complex and comprehensive set of standards of conduct to protect non-controlling shareholders from controlling shareholders who have goals other than maximizing firm value. In this article, we analyze the extent to which these existing corporate law structures of accountability apply when the government is the controlling shareholder, and the extent to which federal “public law” structures substitute for displaced state “private law” norms. We show that the Delaware restrictions on controlling shareholders are largely displaced, but hardly replaced, by federal provisions. Having concluded that the existing accountability structures do not provide sufficient protection of minority shareholder interests, we examine the variety of ways (in the U.S. and elsewhere) in which government ownership has been structured in order to minimize political interference at the expense of non-controlling shareholders, including nonvoting stock, independent directors, dedicated trusts, and separate management companies. Because neither ex ante legal structures nor ex post judicial review hold much promise for controlling political interference, we are left with a choice between developing new structures of accountability and bringing this anomalous era of government control to a speedy conclusion.

The Government as Dominant Shareholder

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Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis The Government as Dominant Shareholder by : United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Domestic Policy

Download or read book The Government as Dominant Shareholder written by United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Domestic Policy and published by . This book was released on 2011 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Bringing Controlling Shareholders to Court

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ISBN 13 : 9789462361072
Total Pages : 0 pages
Book Rating : 4.3/5 (61 download)

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Book Synopsis Bringing Controlling Shareholders to Court by : Chunyan Fan

Download or read book Bringing Controlling Shareholders to Court written by Chunyan Fan and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling shareholders have largely unbalanced power in the governance structure of corporations, which leaves the minority shareholders vulnerable to being exploited. One way to deal with the problem is to allow minority shareholders to sue a controlling shareholder when they think they have been treated unfairly by the said controlling shareholder, and the challenged conduct will be reviewed by court under certain standard pre-set by law. Legal practitioners and economists consider this kind of solution a standard-based strategy. This doctoral thesis discusses how to use these standard-based strategies most efficiently when dealing with conflicts between controlling and minority shareholders. The book identifies three sub-issues that need to be addressed properly by law makers for a standard-based strategy to function in an efficient way: (1) What is the substantive standard of controlling shareholder conduct?; (2) How should the standard be enforced by court?; and (3) How to choose between standard-based strategies and other regulatory strategies? The book examines these three questions through studies of three individual jurisdictions: the US, the UK, and China. Thesis.

The U.S. Government as Control Shareholder of the Financial and Automotive Sector

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ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (468 download)

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Book Synopsis The U.S. Government as Control Shareholder of the Financial and Automotive Sector by : J. W. Verret

Download or read book The U.S. Government as Control Shareholder of the Financial and Automotive Sector written by J. W. Verret and published by . This book was released on 2009 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Broadening the Ownership of State-Owned Enterprises A Comparison of Governance Practices

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Publisher : OECD Publishing
ISBN 13 : 9264244603
Total Pages : 111 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis Broadening the Ownership of State-Owned Enterprises A Comparison of Governance Practices by : OECD

Download or read book Broadening the Ownership of State-Owned Enterprises A Comparison of Governance Practices written by OECD and published by OECD Publishing. This book was released on 2016-02-04 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: The State continues to remain an important shareholder in listed companies worldwide. This book provides fresh perspectives on the motivation to list state-owned enterprises (SOEs) and the process it entails.

From State to State

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ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis From State to State by : Rebel A. Cole

Download or read book From State to State written by Rebel A. Cole and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine stock returns for a sample of publicly traded Chinese firms around announcements of block share transfers from government agencies to corporatized firms where the State is the ultimate controlling shareholder. We provide evidence that these transfers improve corporate governance and firm value by partially reattaching cash-flow rights to control rights. We find that cumulative abnormal returns average 7.5% during the announcement period, and that more than 40% of the CEOs were replaced within 12 months. Moreover, we find that both the change in firm value and the likelihood of CEO turnover are functions of the incentives and managerial expertise of the new block holder. We conclude that corporate governance can be improved at State-controlled firms by including private block holders in the ultimate ownership structure, which more closely aligns cash-flow rights with control rights.

Stakeholder Capitalism

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Publisher : John Wiley & Sons
ISBN 13 : 1119756138
Total Pages : 311 pages
Book Rating : 4.1/5 (197 download)

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Book Synopsis Stakeholder Capitalism by : Klaus Schwab

Download or read book Stakeholder Capitalism written by Klaus Schwab and published by John Wiley & Sons. This book was released on 2021-01-27 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reimagining our global economy so it becomes more sustainable and prosperous for all Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality within societies where productivity and wage growth has slowed. Second, we must reduce the dampening effect of monopoly market power wielded by large corporations on innovation and productivity gains. And finally, the short-sighted exploitation of natural resources that is corroding the environment and affecting the lives of many for the worse must end. The debate over the causes of the broken economy—laissez-faire government, poorly managed globalization, the rise of technology in favor of the few, or yet another reason—is wide open. Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet argues convincingly that if we don't start with recognizing the true shape of our problems, our current system will continue to fail us. To help us see our challenges more clearly, Schwab—the Founder and Executive Chairman of the World Economic Forum—looks for the real causes of our system's shortcomings, and for solutions in best practices from around the world in places as diverse as China, Denmark, Ethiopia, Germany, Indonesia, New Zealand, and Singapore. And in doing so, Schwab finds emerging examples of new ways of doing things that provide grounds for hope, including: Individual agency: how countries and policies can make a difference against large external forces A clearly defined social contract: agreement on shared values and goals allows government, business, and individuals to produce the most optimal outcomes Planning for future generations: short-sighted presentism harms our shared future, and that of those yet to be born Better measures of economic success: move beyond a myopic focus on GDP to more complete, human-scaled measures of societal flourishing By accurately describing our real situation, Stakeholder Capitalism is able to pinpoint achievable ways to deal with our problems. Chapter by chapter, Professor Schwab shows us that there are ways for everyone at all levels of society to reshape the broken pieces of the global economy and—country by country, company by company, and citizen by citizen—glue them back together in a way that benefits us all.

Political Power and Corporate Control

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Publisher : Princeton University Press
ISBN 13 : 1400837014
Total Pages : 365 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Political Power and Corporate Control by : Peter A. Gourevitch

Download or read book Political Power and Corporate Control written by Peter A. Gourevitch and published by Princeton University Press. This book was released on 2010-06-20 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why does corporate governance--front page news with the collapse of Enron, WorldCom, and Parmalat--vary so dramatically around the world? This book explains how politics shapes corporate governance--how managers, shareholders, and workers jockey for advantage in setting the rules by which companies are run, and for whom they are run. It combines a clear theoretical model on this political interaction, with statistical evidence from thirty-nine countries of Europe, Asia, Africa, and North and South America and detailed narratives of country cases. This book differs sharply from most treatments by explaining differences in minority shareholder protections and ownership concentration among countries in terms of the interaction of economic preferences and political institutions. It explores in particular the crucial role of pension plans and financial intermediaries in shaping political preferences for different rules of corporate governance. The countries examined sort into two distinct groups: diffuse shareholding by external investors who pick a board that monitors the managers, and concentrated blockholding by insiders who monitor managers directly. Examining the political coalitions that form among or across management, owners, and workers, the authors find that certain coalitions encourage policies that promote diffuse shareholding, while other coalitions yield blockholding-oriented policies. Political institutions influence the probability of one coalition defeating another.

The Oxford Handbook of Corporate Law and Governance

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Publisher : Oxford University Press
ISBN 13 : 0198743688
Total Pages : 1217 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis The Oxford Handbook of Corporate Law and Governance by : Jeffrey Neil Gordon

Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.

A History of Corporate Governance around the World

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Publisher : University of Chicago Press
ISBN 13 : 0226536831
Total Pages : 700 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis A History of Corporate Governance around the World by : Randall K. Morck

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.

Taxes and Business Strategy

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Publisher :
ISBN 13 : 9781292065571
Total Pages : 528 pages
Book Rating : 4.0/5 (655 download)

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Book Synopsis Taxes and Business Strategy by : Myron S. Scholes

Download or read book Taxes and Business Strategy written by Myron S. Scholes and published by . This book was released on 2015-01-03 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: For MBA students and graduates embarking on careers in investment banking, corporate finance, strategy consulting, money management, or venture capital Through integration with traditional MBA topics, Taxes and Business Strategy, Fifth Edition provides a framework for understanding how taxes affect decision-making, asset prices, equilibrium returns, and the financial and operational structure of firms. Teaching and Learning Experience This program presents a better teaching and learning experience-for you and your students: *Use a text from an active author team: All 5 authors actively teach the tax and business strategy course and provide students with relevant examples from both classroom and real-world consulting experience. *Teach students the practical uses for business strategy: Students learn important concepts that can be applied to their own lives. *Reinforce learning by using in-depth analysis: Analysis and explanatory material help students understand, think about, and retain information.

Controlling Shareholders' Incentive and Corporate Tax Avoidance - A Natural Experiment in China

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Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Controlling Shareholders' Incentive and Corporate Tax Avoidance - A Natural Experiment in China by : Oliver Zhen Li

Download or read book Controlling Shareholders' Incentive and Corporate Tax Avoidance - A Natural Experiment in China written by Oliver Zhen Li and published by . This book was released on 2017 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The split share structure reform in China aligned the incentive of controlling shareholders with that of minority shareholders by granting trading rights to previously non-tradable shares. We find that the reform increases firms' tax avoidance activities that are value-enhancing. However, the change in tax avoidance is only observed in state-owned firms where, compared to non-state-owned firms, the agency conflict between the controlling shareholder (the government) and minority shareholders is aggravated due to the fact that the former also serves as the tax claimant. Further, this effect is more pronounced in state-owned firms that are more likely to be influenced by the government prior to the reform. Finally, the reform reinforces a positive association between tax avoidance and firm value through an improvement in governance.

From State to State

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ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis From State to State by : Kun Wang

Download or read book From State to State written by Kun Wang and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a sample of Chinese listed companies whose controlling shareholders have changed from government agencies to state-owned enterprises (SOEs), to examine whether reducing government intervention while maintaining government's ultimate control could improve firm performance. The results show that the overall performance of these firms improves after the transfer of their controlling shareholders, due to improvements in both operating and non-operating performance. When we separate all samples into solely SOEs and other SOEs based on the controlling shareholder, we find that operating performance improved significantly in the solely SOE group, whereas non-operating performance improved significantly in the SOE group. In addition, we identify sources of performance improvement from two perspectives: corporate governance and related party transactions. The results imply that the Chinese Government should continue to decentralize control and, at the same time, continue to monitor firm operating efficiency.

A Cure Rather than a Disease

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Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis A Cure Rather than a Disease by : Mihail K. Miletkov

Download or read book A Cure Rather than a Disease written by Mihail K. Miletkov and published by . This book was released on 2015 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The governments which undertake privatization of their state owned enterprises often maintain some ownership in the newly privatized firms. This paper examines the effect of the presence of the government as a minority shareholder on the protection of the minority shareholders in privatized firms. Consistent with the government's incentive to foster security market development and to enlist the support of the median-class voters for the privatization process we find that the government effectively monitors the controlling shareholders in the newly privatized firms and curbs their ability to expropriate the minority shareholders. Furthermore, the evidence suggests that the minority government ownership acts as a substitute for the lack of alternative mechanisms for minority shareholder protection.

Privatisation in Developing Countries

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Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 728 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Privatisation in Developing Countries by : Paul Cook

Download or read book Privatisation in Developing Countries written by Paul Cook and published by Edward Elgar Publishing. This book was released on 2000 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decades of the 20th century, privatization has been a key policy instrument in the move to more market-based economic systems in all parts of the developing world. Privatization, however, has not necessarily been accompanied by an increase in market competition. Many public utilities have been privatized as monopolies and in addition regulatory systems have been developed to restrict their market power and protect the interests of consumers. This volume brings together a collection of papers that provide theoretical and empirical insights into privatization and regulation, as well as policy perspectives in relation to developing countries.

Political Determinants of Corporate Governance

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Publisher : Oxford University Press, USA
ISBN 13 : 9780199205301
Total Pages : 260 pages
Book Rating : 4.2/5 (53 download)

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Book Synopsis Political Determinants of Corporate Governance by : Mark J. Roe

Download or read book Political Determinants of Corporate Governance written by Mark J. Roe and published by Oxford University Press, USA. This book was released on 2003 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a painstaking analysis, Roe (law, Harvard Law School) examines the impact of a nation's strong social policies on the corporate governance, suggesting that stronger social policies can cause an American style of diffuse ownership among shareholders to fail. The link between social policies and corporate governance is examined statistically for a large number of countries, and in case studies for seven: Italy, Germany, Sweden, the UK, France, Japan, and the US. Product markets, securities markets, and the ability of corporate and economic structures to induce a political backlash are discussed. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).

The Modern Corporation and Private Property

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Publisher :
ISBN 13 :
Total Pages : 396 pages
Book Rating : 4.:/5 (138 download)

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Book Synopsis The Modern Corporation and Private Property by : Adolf Augustus Berle

Download or read book The Modern Corporation and Private Property written by Adolf Augustus Berle and published by . This book was released on 1937 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: