Concentrated Corporate Ownership
Concentrated Corporate Ownership

Author: Randall K. Morck

Publisher: University of Chicago Press

Published: 2007-12-01

Total Pages: 404

ISBN-13: 0226536823

DOWNLOAD EBOOK

Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.

A History of Corporate Governance around the World
A History of Corporate Governance around the World

Author: Randall K. Morck

Publisher: University of Chicago Press

Published: 2007-11-01

Total Pages: 700

ISBN-13: 0226536831

DOWNLOAD EBOOK

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.

Corporate Ownership and Control
Corporate Ownership and Control

Author: Shalini Perera

Publisher: World Scientific

Published: 2011

Total Pages: 446

ISBN-13: 9812837477

DOWNLOAD EBOOK

The governance of companies is of importance to developing countries due to the link between effective corporate governance and economic development. Ownership and control of public companies, except in the US and UK, is often in the hands of a few individuals, families or corporate groups and impact on corporate governance and economic development.Using Sri Lanka as an illustrative example, Corporate Ownership and Control sets out the implications of corporate ownership and control structures on the governance of companies, and suggests a reform agenda to meet the challenges posed by such structures. Any analysis into the reform of corporate governance in developing countries should begin with a focus on the local market structures that define its adaptation and effectiveness. The issues explored in the book provide an insight into ownership and control structures in Sri Lanka, the costs and benefits of such structures, and the necessary reform framework to promote effective corporate governance. The analysis can be used to both understand the impact of ownership structures on corporate governance, and suggest how corporate governance issues arising from such structures should be resolved in order to promote economic development and growth.

Media Ownership and Concentration in America
Media Ownership and Concentration in America

Author: Eli Noam

Publisher: Oxford University Press

Published: 2009-10-19

Total Pages: 500

ISBN-13: 0195188527

DOWNLOAD EBOOK

People have worried for many years about the concentration of private power over the media, as evidenced by controversy over Federal Communication Commission rulings on broadcast ownership limits. The fear, it seems, is of a media mogul with a political agenda: a new William Randolph Hearst who could help start wars or run for political office using the power of the media. In the light of these concerns about freedom of speech, Eli Noam provides a comprehensive survey of media concentration in America, covering everything from the early media empire of Benjamin Franklin to the modern-day cellular phone industry.

Complex Ownership Structures and Corporate Valuations
Complex Ownership Structures and Corporate Valuations

Author: Luc Laeven

Publisher: International Monetary Fund

Published: 2007-06

Total Pages: 44

ISBN-13:

DOWNLOAD EBOOK

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.

Political Determinants of Corporate Governance
Political Determinants of Corporate Governance

Author: Mark J. Roe

Publisher: Oxford University Press, USA

Published: 2003

Total Pages: 260

ISBN-13: 9780199205301

DOWNLOAD EBOOK

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 Oxford Handbook of Corporate Law and Governance
The Oxford Handbook of Corporate Law and Governance

Author: Jeffrey Neil Gordon

Publisher: Oxford University Press

Published: 2018

Total Pages: 1217

ISBN-13: 0198743688

DOWNLOAD EBOOK

Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finance that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation. The Handbook is a comprehensive, interdisciplinary resource placing corporate law and governance in its wider context, and is essential reading for scholars, practitioners, and policymakers in the field.

Political Power and Corporate Control
Political Power and Corporate Control

Author: Peter A. Gourevitch

Publisher: Princeton University Press

Published: 2010-06-20

Total Pages: 365

ISBN-13: 1400837014

DOWNLOAD EBOOK

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.

Corporate Ownership and Control
Corporate Ownership and Control

Author: Brian R. Cheffins

Publisher: Oxford University Press, USA

Published: 2010

Total Pages: 0

ISBN-13: 9780199596393

DOWNLOAD EBOOK

Much discussion on corporate governance assumes companies are owned and controlled separately, yet this is not the norm worldwide. This book explores the foundations of separation in UK companies, asking how the company came to prominence and why and how the UK stock market came to be dominated by institutional shareholders.