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Articles 1 - 10 of 10
Full-Text Articles in Business Law, Public Responsibility, and Ethics
Stewardship 2021: The Centrality Of Institutional Investor Regulation To Restoring A Fair And Sustainable American Economy, Leo E. Strine Jr.
Stewardship 2021: The Centrality Of Institutional Investor Regulation To Restoring A Fair And Sustainable American Economy, Leo E. Strine Jr.
All Faculty Scholarship
In this essay, which formed the basis for the luncheon keynote speech at the Rethinking Stewardship online conference presented by the Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School and ECGI, the European Corporate Governance Institute, the essential, but not sufficient, role of regulation to promote more effective stewardship by institutional investors is discussed. To frame specific policy recommendations that align the responsibilities of institutional investors with the best interests of their human investors in sustainable wealth creation, environmental responsibility, the respectful treatment of stakeholders, and, in particular, the fair pay and treatment of …
Stakeholder Preservation Or Appropriation? The Influence Of Target Csr On Market Reactions To Acquisition Announcements, Li Tong, Heli Wang, Jun Xia
Stakeholder Preservation Or Appropriation? The Influence Of Target Csr On Market Reactions To Acquisition Announcements, Li Tong, Heli Wang, Jun Xia
Research Collection Lee Kong Chian School Of Business
This study examines how target corporate social responsibility (CSR) affects the economic gains for acquirers, as reflected in market reaction to acquisition announcement, from two distinct perspectives: stakeholder preservation versus stakeholder appropriation. The stakeholder preservation perspective suggests that positive market reaction to an acquisition stems from potential new value creation by honoring implicit contracts and maintaining good relationships with target stakeholders. By contrast, the stakeholder appropriation perspective posits that positive market reaction is primarily derived through wealth transfer to acquirers by defaulting on implicit contracts with target stakeholders. Using a dataset of acquisitions in the US, we find that target …
Corona Crisis And Inequality: Why Management Research Needs A Societal Turn, Hari Bapuji, Charmi Patel, Gokhan Ertug, David G. Allen
Corona Crisis And Inequality: Why Management Research Needs A Societal Turn, Hari Bapuji, Charmi Patel, Gokhan Ertug, David G. Allen
Research Collection Lee Kong Chian School Of Business
As the world struggles to deal with the COVID-19 pandemic, the stark inequalities in our societies have been laid bare, and the interplay between organizations and societies has also become evident yet again. This crisis underscores the need for management scholars to take a societal turn and examine how organizational practices interact with societal economic inequality. To illustrate this approach, we discuss organizational practices – corporate social responsibility, work design, recruitment and selection, and compensation management – that can contribute to the normalization, reinforcement, and reduction of economic inequalities in society. We conclude by calling on scholars of inequality, as …
Navigating Corporate Social Responsibility, Benjamin Bates
Navigating Corporate Social Responsibility, Benjamin Bates
Marriott Student Review
In this article, Ben Bates provides future business leaders with an introduction to the tools necessary to navigate difficult issues surrounding corporate social responsibility. HIs article outlines the two main theories on corporate social responsibility and discusses how business leaders can decide which theory to apply in a given situation.
Why We Need A Theory Of Stakeholder Governance - And Why This Is A Hard Problem, John Amis, Jay Barney, Joseph T. Mahoney, Heli Wang
Why We Need A Theory Of Stakeholder Governance - And Why This Is A Hard Problem, John Amis, Jay Barney, Joseph T. Mahoney, Heli Wang
Research Collection Lee Kong Chian School Of Business
Corporate governance is an important topic for both scholars and practicing managers. To date, most work on this subject has focused on how to resolve potential conflicts of interest between a firm’s senior managers and its shareholders in how firms create and distribute economic value. Work on using governance to resolve possible conflicts between senior managers and shareholders has largely developed separately from governance questions focused on the broader relationships between a firm and its multiple stakeholders.This is ironic since some of the earliest work on agency theory conceptualized a firm as “a nexus for a set of contracting relationships …
Foreign Subsidiary Csr As A Buffer Against Parent Firm Reputation Risk, Nan Zhou, Heli Wang
Foreign Subsidiary Csr As A Buffer Against Parent Firm Reputation Risk, Nan Zhou, Heli Wang
Research Collection Lee Kong Chian School Of Business
This study examines the influence of parent firm reputation risk on the level of corporate social responsibility activities of foreign subsidiaries. We first argue that a strong reputation risk spillover occurs from parent firms to their foreign subsidiaries due to the high visibility of multinationals, the control of parent firms over their subsidiaries, and the liability of foreignness associated with foreign firms in host countries. Then, we argue that subsidiaries may resort to CSR in their host country to reduce the spillover effect. Thus, we hypothesize a positive relationship between parent firm reputation risk and foreign subsidiary CSR activities. Moreover, …
Family Ownership And Corporate Environmental Responsibility: The Contingent Effect Of Venture Capital And Institutional Environment, Zhu Zhu, Feifei Lu
Family Ownership And Corporate Environmental Responsibility: The Contingent Effect Of Venture Capital And Institutional Environment, Zhu Zhu, Feifei Lu
Department of Management Faculty Scholarship and Creative Works
As scholars and policy makers pay more attention to the environmental impact of economic activities, more focus has been placed on the corporate environmental responsibility (CER) of family firms, which accounts for the majority of businesses in both developed and developing countries. Using a sample of 4714 private enterprises across 23 provinces in China, the current study examines the effect of family ownership on CER investment, as well as the moderating effects of venture capital investment and local institutional development. Results show that concentrated family ownership leads to lower CER spending, however, when venture capital investment comes from developed markets, …
Covid-19 And Japanese Shareholder Activism: Brief Respite For Japan's Self-Healing Concrete, Toru Yoshikawa, Gavin Chua
Covid-19 And Japanese Shareholder Activism: Brief Respite For Japan's Self-Healing Concrete, Toru Yoshikawa, Gavin Chua
Research Collection Lee Kong Chian School Of Business
Extrapolating from modern international understanding of corporate Japan’s distinct form of managerial capitalism, we elaborate on the growing momentum of shareholder activism in Japan leading up to the COVID-19 health crisis, so as to inform the subsequent discussion on the relevant primary considerations that belie the future direction of shareholder activism in Japan post-COVID-19. On an initial logical extrapolation, it appears probable that COVID-19 could mark the peak of Japanese activism. However, it is crucial to acknowledge that the success of Japan’s managerial capitalism have also declined, which poses a question on to which direction Japanese corporate governance may be …
Political Ideology Of The Board And Ceo Dismissal Following Financial Misconduct, Uisung Park, Warren Boeker, David Gomulya
Political Ideology Of The Board And Ceo Dismissal Following Financial Misconduct, Uisung Park, Warren Boeker, David Gomulya
Research Collection Lee Kong Chian School Of Business
Why do some boards refuse to take serious action against CEOs who have committed financial misconduct? Past work has directed attention to the antecedents of misconduct while largely overlooking this question. The relatively few studies to examine it have typically revolved around the capacity of boards to take action, or their relationships to their CEOs. This study instead examines how the beliefs and values held by board members can influence their actions following financial misconduct. Focusing on political ideology, we argue and find that politically conservative boards are more likely to respond by dismissing the CEO than are liberal boards. …
Management-Based Regulation, Cary Coglianese, Shana M. Starobin
Management-Based Regulation, Cary Coglianese, Shana M. Starobin
All Faculty Scholarship
Environmental regulators have embraced management-based regulation as a flexible instrument for addressing a range of important problems often poorly addressed by other types of regulations. Under management-based regulation, regulated firms must engage in management-related activities oriented toward addressing targeted problems—such as planning and analysis to mitigate risk and the implementation of internal management systems geared towards continuous improvement. In contrast with more restrictive forms of regulation which can impose one-size-fits-all solutions, management-based regulation offers firms greater operational choice about how to solve regulatory problems, leveraging firms’ internal informational advantage to innovate and search for alternative measures to achieve the intended …