Tag Archives | shareholder value

SSRN Research on Corporate Governance

SSRN logoSSRN, the Social Science Research Network, is one of the best sources for academic research on corporate governance. What follows are brief highlights from four recent papers in corporate governance related topics. You may find SSRN research on corporate governance of interest.

Does Corporate Governance Quality Affect Analyst Coverage? Evidence from the Institutional Shareholder Services (ISS)

Chintrakarn, Pandej and Jiraporn, Pornsit and Kim, Young Sang and Kim, Jang-Chul, Does Corporate Governance Quality Affect Analyst Coverage? Evidence from the Institutional Shareholder Services (ISS) (June 25, 2014). Available at SSRN Continue Reading →

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The Social Value of Shareholder Value

Randall Morck

Randall Morck

The most recent issue of Corporate Governance: An International Review has plenty to digest. I found The Social Value of Shareholder Value to be especially interesting. Also available at SSRN. Randall Morck, The Social Value of Shareholder Value (May 2014). Corporate Governance: An International Review, Vol. 22, Issue 3, pp. 185-193, 2014. The Review is the only journal to take a truly international perspective on issues and developments in the theory and practice of the governance, as well as publishing professional practice articles and case studies discussing practical experiences in the field.

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Video Friday: The Myth of Maximizing Shareholder Value With Bill Lazonick

InstituteForNewEconomicThinkingThe Institute for New Economic Thinking has a mission to nurture a global community of next-generation economic leaders, to provoke new economic thinking, and to inspire the economics profession to engage the challenges of the 21st century.  Learn more about the Institute. Read their research papers. Check out their Blog. Join their mailing list.

In the video below, Bill Lazonick talks about government’s historic involvement in the economy and the role of workers. Executives say workers are their most important assets but Lazonick reminds us they are not on the balance sheet; we abolished slavery long ago. Since the 1980s, there has been less emphasis on investing in workers. The ideology of ‘shareholder value’ actually has influenced how business allocates profits. Continue Reading →

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Maximizing Shareholder Value: The Workaround from Bartley J. Madden

One of my favorite independent thinkers is Lynn Stout.  Last year I reviewed her excellent book, The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public, which makes the point that “U.S. corporate law does not, and never has, required directors of public corporations to maximize shareholder value.” I ended with the following:

I’d like to hear more from Stout on what should be done to incorporate prosocial needs into corporate governance. Don’t tell me self-selecting directors are blessed with a divine right to rule. Continue Reading →

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Video Friday – Corporate Speech: The Role of Corporations in Lobbying and Influencing Policy

Moderator: Jesse Eisinger, reporter at ProPublica, covering Wall Street and finance. Panelists: Martin Redish, NU Law; Robert A. Weinberger, Senior Fellow, Aspen Institute Initiative on Financial Security; former VP Government Relations, H&R Block; Chairman, Center for Responsive Politics; Lynn Stout, Cornell Law; Nell Minow, founder of GMI Ratings and co-founder and editor of the Corporate Library, a research firm for oversight on corporations and executive compensation. Continue Reading →

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