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Berkshire's disintermediation: Buffett's New Managerial Model
Cunningham, Lawrwence A. - 2015
Berkshire Hathaway, among history's largest and most successful corporations, shuns middlemen; its chairman, the legendary investor Warren Buffett, excoriates financial intermediaries. The acquisitive conglomerate rarely borrows money, retains brokers, or hires consultants. Its governance is...
Persistent link: https://www.econbiz.de/10011758401
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What Does Japanese Corporate Governance Reform Mean?
Omura, Hiroyasu - 2020
In Japan, since 2013, Japanese corporate governance reform has been developed by Japanese Government initiatives. This paper provides a theoretical framework for understanding what Japanese corporate governance reform means for Japanese companies by an application of agency theory. Corporate...
Persistent link: https://www.econbiz.de/10012837422
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Principal Costs : A New Theory for Corporate Law and Governance
Goshen, Zohar - 2017
The problem of managerial agency costs dominates debates in corporate law. Many leading scholars advocate reforms that would reduce agency costs by forcing firms to allocate more control to shareholders. Such proposals disregard the costs that shareholders avoid by delegating control to managers...
Persistent link: https://www.econbiz.de/10012972091
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Stewardship Activities and Agency Problems after Japanese Corporate Governance Reform
Omura, Hiroyasu - 2020
Japanese corporate governance reform is implemented by an introduction of corporate governance code and stewardship code, in which stewardship activities by institutional investors play an important role in terms of reduction of agency cost. In this report, stewardship activities are focused...
Persistent link: https://www.econbiz.de/10014361849
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Economizing in a Context of Strategizing : Governance Mode Choice in Cournot Competition
Vanden Bergh, Richard - 1999
This paper builds on Riordan and Williamson (1985) by exploring the economizing choice of organizational form by firms competing in a homogeneous-good market. The paper investigates rivalrous firms' investment and organization choice in a Cournot competition. The model suggests that both...
Persistent link: https://www.econbiz.de/10014214270
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Economizing in a Context of Strategizing : Governance Mode Choice in Cournot Competition
Nickerson, Jackson A.; Vanden Bergh, Richard - 1999
This paper builds on Riordan and Williamson (1985) by exploring the economizing choice of organizational form by firms competing in a homogeneous-good market. The paper investigates rivalrous firms' investment and organization choice in a Cournot competition. The model suggests that both...
Persistent link: https://www.econbiz.de/10014196920
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Assurance and Reassurance : The Role of the Board
Mitnick, Barry M. - 2020
This paper argues that the central function of the board of directors is, and has always been, to provide assurance, and reassurance. The paper introduces a typology of four classes of board functions, legal, normative, descriptive, and utilitarian, and argues that none adequately captures the...
Persistent link: https://www.econbiz.de/10014047159
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Book Review : Jeffrey N. Gordon and Mark J. Roe, Eds., Convergence and Persistence in Corporate Governance
Troeger, Tobias H. - 2013
Convergence and Persistence in Corporate Governance does not add groundbreaking new insights to the relevant debate or deliberate extensively on the most recent developments. Bringing together most of the trend-setting articles in a slightly revised form in a concise volume, however, serves an...
Persistent link: https://www.econbiz.de/10013085083
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Separation of ownership and control : delegation as a commitment device
Boukouras, Aristotelis - 2011
This paper provides a theoretical model for explaining the separation of ownership and control in firms. An entrepreneur hires a worker, whose effort is necessary for running a project. The worker's effort determines the probability that the project will be completed on time, but the worker...
Persistent link: https://www.econbiz.de/10010348626
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The budget constraint in the governance of organizations
Dallago, Bruno - 2007
organizations as discrete structural alternatives. The budget constraint presents a whole range of alternative values that are … distinct by different transaction costs that organizations meet. Following different values of budget constraint, bounded … organizations produce. Given different values of the budget constraint, the definition of what are efficacious systems of decision …
Persistent link: https://www.econbiz.de/10011470779