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What Does Japanese Corporate Governance Reform Mean?
Omura, Hiroyasu - 2020
companies by an application of agency theory. Corporate governance is a structure which determines how shareholders delegate … governance reform. Agency theory focused on principal costs provides us with interpretation of the reform and implication of …
Persistent link: https://www.econbiz.de/10012837422
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Stewardship Activities and Agency Problems after Japanese Corporate Governance Reform
Omura, Hiroyasu - 2020
cost. In this report, stewardship activities are focused based upon the idea that agency theory, newly introduced as … principal cost theory, could support a conceptual framework of governance reform and analyzed that as an important function for …
Persistent link: https://www.econbiz.de/10014361849
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Principal Costs : A New Theory for Corporate Law and Governance
Goshen, Zohar - 2017
principal-cost theory, which posits that each firm's optimal governance structure minimizes the sum of principal costs, produced …. The empirical predictions produced by principal-cost theory are more accurate than those produced by any theory focused … solely on agency costs. Principal-cost theory also suggests different policy prescriptions. Rather than banning some …
Persistent link: https://www.econbiz.de/10012972091
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Varieties and Mechanisms of Common Ownership : A Calibration Exercise for Competition Policy
Tzanaki, Anna - 2021
studies, however, draw attention to a new, thought provoking theory of harm: common ownership by institutional investors …
Persistent link: https://www.econbiz.de/10013241599
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The Institutions of Governance. A Framework for Analysis
Sacchetti, Silvia - 2017
Production governance is not detached from the effects it produces. This paper suggests a framework to assess coordination structures and mechanisms in terms of their ability to include the publics and their interests, and to generate socio-economic value consistently with those interests. To...
Persistent link: https://www.econbiz.de/10012954171
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Liquidity and Governance
Back, Kerry - 2015
We solve a dynamic Kyle model in which the large investor's private information concerns her plans for taking an active role in governance. We show that once a block has been created, its continued existence is jeopardized by an increase in the liquidity of the firm's stock. Greater liquidity...
Persistent link: https://www.econbiz.de/10013034763
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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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The Strategies of Anticompetitive Common Ownership
Hemphill, C. Scott - 2020
Scholars and antitrust enforcers have raised concerns about anticompetitive effects that may arise when institutional investors hold substantial stakes in competing firms. Their concern rests on empirical evidence that such common concentrated ownership is associated with higher prices and lower...
Persistent link: https://www.econbiz.de/10012851909
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Debt, Control, and Collusion
Sokol, D. Daniel - 2021
Partial ownership of stock in multiple competing firms is an important scholarly and policy topic in both corporate and antitrust law. Until now, the discussion has focused on ownership. This essay shifts the debate from a focus on common ownership to a focus on common control. No prior work has...
Persistent link: https://www.econbiz.de/10013236520
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The governance-risk scoreboard
Apreda, Rodolfo - 2013 - 1. ed.
In this paper, we set forth a scoreboard for dealing with those risks that arise from the governance of any organization. Firstly, we introduce the subject of governance risks and, secondly, we move on to a cardinal index that not only measures up governance performance but also provides with a...
Persistent link: https://www.econbiz.de/10009756250