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Business Law, Public Responsibility, and Ethics Commons

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2005

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Articles 1 - 30 of 48

Full-Text Articles in Business Law, Public Responsibility, and Ethics

The Exit Structure Of Venture Capital, D. Gordon Smith Dec 2005

The Exit Structure Of Venture Capital, D. Gordon Smith

Faculty Scholarship

Venture capital contracts contain extensive provisions regulating exit by the venture capitalists. In this Article, Professor Smith employs financial contracting theory in conjunction with original data collected from 367 venture-backed companies to analyze these exit provisions. He concludes that the combination of exit provisions in a typical venture capital relationship serves to lock venture capitalists into the investment during the initial stage. In later stages of the relationship, the venture capitalists acquire increasing control over exit by securing additional seats on the board of directors and by obtaining contractual exit rights. The result is a sophisticated transfer of control from ...


Center For Professional Ethics, Winter 2005, Case Western Reserve University Dec 2005

Center For Professional Ethics, Winter 2005, Case Western Reserve University

Center for Professional Ethics

Incomplete draft of issue:

Table of Contents:

  • The Race at Case: One Leg of a Long Marathon
  • Truth and Trust in a Time of Continuing Change: A Talk by Caroline Whitbeck
  • Religious Lawyering: Professor Russell Pearce Keeps His Faith
  • News and Notes


Spare The Rod, Spoil The Director? Revitalizing Directors' Fiduciary Duty Through Legal Liability, Lisa M. Fairfax Nov 2005

Spare The Rod, Spoil The Director? Revitalizing Directors' Fiduciary Duty Through Legal Liability, Lisa M. Fairfax

Faculty Scholarship

It appears that our society has tacitly agreed to spare corporate directors any significant legal liability—which includes both financial and incarceration—for failing to perform their duties as board members. Thus, over the last twenty years, there has been a virtual elimination of legal liability—particularly in the form of financial penalties—for directors who breach their fiduciary duty of care. This is true despite the fact that we entrust directors with the awesome responsibility of monitoring all of America's corporations as well as the officers and agents within those corporations. More surprisingly, this tacit agreement against legal ...


School Desegregation 50 Years After Brown: Misconceptions, Lessons Learned, And Hopes For The Future, Gary Orfield Oct 2005

School Desegregation 50 Years After Brown: Misconceptions, Lessons Learned, And Hopes For The Future, Gary Orfield

Center for the Study of Ethics in Society Papers

Papers presented for the Center of the Study of Ethics in Society Western Michigan University.


Ethical Distancing: Rationalizing Violations Of Organizational Norms, Jeffrey B. Kaufmann, Tim West, Sue Ravenscroft, Charles B. Shrader Oct 2005

Ethical Distancing: Rationalizing Violations Of Organizational Norms, Jeffrey B. Kaufmann, Tim West, Sue Ravenscroft, Charles B. Shrader

Management Publications

Recent work on moral reasoning has focused on the psychological relationship between the actor, the action and the outcome. The argument is that a tighter connection between these categories leads to more moral behavior. Using data from students who cheated on an exam, we extend this literature by delineating how people can rationalize non-moral behavior by loosening the above relationships. In particular, we found that students tried to distance themselves from the wrongfulness of cheating using four types of rationalization: separating themselves from the action, blaming a third-party for influencing the decision, re-defining the action as something good, and defining ...


Client, Industry And Country Factors Affecting Choice Of Big N Industry Expert Auditors, Michael Ettredge, Soo Young Kwon, Chee Yeow Lim Sep 2005

Client, Industry And Country Factors Affecting Choice Of Big N Industry Expert Auditors, Michael Ettredge, Soo Young Kwon, Chee Yeow Lim

Research Collection School Of Accountancy

This study investigates client choice of industry specialist auditors from among the Big N (Big 4 or 5) in an international (non-U.S.) setting. We investigate client-specific, industry-level and country-level factors hypothesized to enhance or decrease Big N clients' demand for industry expertise. Using data for 29 countries and 14 broad industries from 1993-2005, we find that international client choice of industry specialist Big N auditors is positively associated with client size, client growth opportunities, and client capital intensity. The choice of industry specialists from among the Big N is more prevalent in countries where levels of investor protection, quality ...


Negotiating A Commercial "Most Favored Nation" Clause, Stirling Adams Aug 2005

Negotiating A Commercial "Most Favored Nation" Clause, Stirling Adams

Brigham Young University International Law & Management Review

No abstract provided.


Too Little Or Too Much? Reexamining The Relationship Between Corporate Charitable Giving And Corporate Financial Performance, Heli Wang, Jae Pil Choi, Jiatao. Li Aug 2005

Too Little Or Too Much? Reexamining The Relationship Between Corporate Charitable Giving And Corporate Financial Performance, Heli Wang, Jae Pil Choi, Jiatao. Li

Research Collection Lee Kong Chian School Of Business

How do corporate charitable contributions affect corporate financial performance? Instrumental stakeholder theory posits that corporate giving can lead to high levels of corporate financial performance through improved stakeholder relations. In contrast, agency theory suggests that corporate giving diverts valuable corporate resources and inhibits corporate financial performance. Extant empirical studies that have examined the relationship found inconclusive results. We depart from and extend the existing literature in two main aspects. First, building upon the instrumental stakeholder argument and agency perspective, we develop the argument that there is an inverse U-shaped relationship between corporate charitable giving and corporate financial performance. Second, we ...


Sorry, But It's The Law: The Westernization Of Islam, Gwendolyn Yvonne Alexis Jul 2005

Sorry, But It's The Law: The Westernization Of Islam, Gwendolyn Yvonne Alexis

Gwendolyn Yvonne Alexis

The last quartile of the 20th Century vastly changed the religio-cultural landscape of the West. Previously the stronghold of Christianity, the West has entered into a period of deep diversity as a result of the unprecedented level of migration of non-Western, non-Christian peoples to western destinations. These new immigrants, with their foreign cultures and unfamiliar religions, came westward with the full expectation that they--like the diverse array of Christian emigrants who migrated westward decades before--would fully enjoy religious liberty in nations long heralded for their commitment to democratic principles and respect for civil rights. How are these immigrants faring on ...


Sorry, But It's The Law: The Westernization Of Islam, Gwendolyn Yvonne Alexis Jul 2005

Sorry, But It's The Law: The Westernization Of Islam, Gwendolyn Yvonne Alexis

Gwendolyn Yvonne Alexis

The last quartile of the 20th Century vastly changed the religio-cultural landscape of the West. Previously the stronghold of Christianity, the West has entered into a period of deep diversity as a result of the unprecedented level of migration of non-Western, non-Christian peoples to western destinations. These new immigrants, with their foreign cultures and unfamiliar religions, came westward with the full expectation that they--like the diverse array of Christian emigrants who migrated westward decades before--would fully enjoy religious liberty in nations long heralded for their commitment to democratic principles and respect for civil rights. How are these immigrants faring on ...


The Effect Of Remanufacturing On Procurement Decisions For Resellers In Secondary Markets, Andreas Robotis, Shantanu Bhattacharya, Luke N. Van Jun 2005

The Effect Of Remanufacturing On Procurement Decisions For Resellers In Secondary Markets, Andreas Robotis, Shantanu Bhattacharya, Luke N. Van

Research Collection Lee Kong Chian School Of Business

The role of remanufacturing as a competitive tool for firms has been reflected in a number of studies to show that remanufacturing can reduce the unit cost of production by reusing components. However, the fact that remanufacturing can be used as a strategic tool for serving secondary markets as well has not been acknowledged in the literature. In this paper, we study the use of remanufacturing as a tool to serve secondary markets. Specifically, we model the case of a reseller who procures used products based on an older generation of technology from an advanced market and then uses one ...


Methods And Systems For Valuing A Business Decision, Sridhar Ramamoorti, Peter Freeman, Anurag Agarwal May 2005

Methods And Systems For Valuing A Business Decision, Sridhar Ramamoorti, Peter Freeman, Anurag Agarwal

Accounting Faculty Publications

Methods, systems, and processor instructions to determine a first direct cost associated with at least a partial implementation of a business decision, the first direct cost including at least one of productivity gains and losses, determine a second direct cost based on a non-implementation of the business decision, the second direct cost based on the productivity gains and losses, determine a first risk reduction associated with at least a partial implementation of the business decision, the first risk reduction based on a business relationship risk(s), determine a second risk reduction associated with a non-implementation of the business decision, the ...


Stormwater Utility Fees: Considerations & Options For Interlocal Stormwater Working Group (Iswg), New England Environmental Finance Center May 2005

Stormwater Utility Fees: Considerations & Options For Interlocal Stormwater Working Group (Iswg), New England Environmental Finance Center

Water

Stormwater utilities are a concept whose time seems to have arrived. Established by relatively few communities in the 1970s as a method of funding flood control measures, stormwater utilities now exist in over 400 municipalities and counties throughout the United States. During the next 10 years, their numbers are expected to swell dramatically – by one estimate to over 2,000 by the year 2014.

The reasons for this growth are multifold. Federal stormwater regulations passed in the 1980s (Phase I of the National Pollutant Discharge Elimination System Program, or NPDES), motivated many larger communities to seek alternative funding sources and ...


Stormwater Utility Fees: Considerations & Options For Interlocal Stormwater Working Group (Iswg), New England Environmental Finance Center May 2005

Stormwater Utility Fees: Considerations & Options For Interlocal Stormwater Working Group (Iswg), New England Environmental Finance Center

Economics and Finance

Stormwater utilities are a concept whose time seems to have arrived. Established by relatively few communities in the 1970s as a method of funding flood control measures, stormwater utilities now exist in over 400 municipalities and counties throughout the United States. During the next 10 years, their numbers are expected to swell dramatically – by one estimate to over 2,000 by the year 2014.

The reasons for this growth are multifold. Federal stormwater regulations passed in the 1980s (Phase I of the National Pollutant Discharge Elimination System Program, or NPDES), motivated many larger communities to seek alternative funding sources and ...


The Exit Structure Of Strategic Alliances, D. Gordon Smith Apr 2005

The Exit Structure Of Strategic Alliances, D. Gordon Smith

Faculty Scholarship

Today, many biotechnology firms use strategic alliances to contract with other companies. This article contends that the governance structure of these alliances - specifically, the contractual board - provides an integrated restraint on opportunism. While an alliance agreement's exit structure could provide a check on opportunism by allowing the parties to exit at will, such exit provisions also can be used opportunistically. Most alliance agreements, therefore, provide for contractual lock in of the alliance partners, with only limited means of exit. Lock in, of course, raises its own concerns, and the contractual board - which typically is composed of representatives from each ...


Legitimacy, Interest Group Pressures And Change In Emergent Institutions: The Case Of Foreign Investors And Host Country Governments, Witold J. Henisz, Bennet A. Zelner Apr 2005

Legitimacy, Interest Group Pressures And Change In Emergent Institutions: The Case Of Foreign Investors And Host Country Governments, Witold J. Henisz, Bennet A. Zelner

Management Papers

We offer a simple model of policy making, emphasizing socialization and limits on human cognition to explicate mechanisms of change in emergent (as opposed to established) institutions. Emergent institutions are more susceptible to change, and their opponents may use frames or existing reference points to illustrate inconsistency with prevailing notions of legitimacy. Broader institutional structures and specific organizational characteristics moderate pressure for change. This perspective has novel implications for strategy and policy design.


An Investigation Of Insider Trading: The Impact Of The Martha Stewart Case, Autumn Clausen Apr 2005

An Investigation Of Insider Trading: The Impact Of The Martha Stewart Case, Autumn Clausen

Business, Accounting and Economics Undergraduate Theses

Since the evolution of the New York Stock Exchange in the eighteenth century, investors have continually traded stocks in an effort to maximize their profits. Some traders have even resorted to unethical and dishonest behavior so as to minimize losses. These illegal actions were expressed in the Securities Act of 1933 and came to be enforced by the Securities and Exchange Commission. An exploration of famous financial fraud cases involving the rules set forth by the Securities Acts may reveal a twofold hidden agenda of the government. First, the government may have aimed at restoring faith and trust in businesspersons ...


The Impact Of Ownership Structure On Wage Intensity In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan, Parthiban David Apr 2005

The Impact Of Ownership Structure On Wage Intensity In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan, Parthiban David

Research Collection Lee Kong Chian School Of Business

The authors studied the effect of ownership structure on human capital investments as indicated by wage intensity, defined as the ratio of expenditure on employee wages to sales, in a sample of 996 Japanese manufacturing firms during their economic recession of 1998-2002. They found that domestic shareholders, with interests beyond financial considerations, enhance wage intensity, especially when performance is low, and thereby safeguard human capital investments. Foreign shareholders with sole interest in financial returns have an opposite effect; they reduce wage intensity when firm performance is low.


Live Virtual Reference And The Database Dilemma, Jennifer Mcclure Apr 2005

Live Virtual Reference And The Database Dilemma, Jennifer Mcclure

The Southeastern Librarian

Live virtual reference programs in the university setting have blossomed in recent years as librarians have aspired to become as “virtual” as the resources they offer. While some libraries have chosen to limit their service to affiliated members, many have preferred to open their programs to the wider community. The motivation to do so is perhaps particularly strong among public university librarians, who often feel a dual responsibility to their own affiliates and to the citizens of their state. However, the decision to offer a chat reference service to the public raises a number of legal, ethical, and practical questions ...


A New Interpretation Of The Contemporaneous Ownership Requirement In Shareholder Derivative Suits: In Re Bank Of New York Derivative Litigation And The Elimination Of The Continuing Wrong Doctrine, Terence L. Robinson Jr. Mar 2005

A New Interpretation Of The Contemporaneous Ownership Requirement In Shareholder Derivative Suits: In Re Bank Of New York Derivative Litigation And The Elimination Of The Continuing Wrong Doctrine, Terence L. Robinson Jr.

BYU Law Review

No abstract provided.


The Effects Of Ownership And Capital Structure On Board Composition And Strategic Diversification In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan Mar 2005

The Effects Of Ownership And Capital Structure On Board Composition And Strategic Diversification In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan

Research Collection Lee Kong Chian School Of Business

The board of directors plays an important role in solving the agency problem between shareholders and management. This paper investigates the relationships between ownership and board structure with the diversification strategy of large Japanese firms. The results show that corporate nominee directors are associated with lower levels of product diversification of their investee firms. This suggests that nominee directors in large Japanese corporations see themselves representing specific interests and therefore investors should pay attention to board composition in order to assess the level of protection they can expect to receive. Even without any apparent agency problem with management, there remains ...


Wittgenstein And The Aesthetic Robot's Handicap, Julian Friedland Jan 2005

Wittgenstein And The Aesthetic Robot's Handicap, Julian Friedland

Julian Friedland

No abstract provided.


Destiny - The Reflections Of A Surfing Professor, Dave Robinson Dr. Jan 2005

Destiny - The Reflections Of A Surfing Professor, Dave Robinson Dr.

Dave Robinson Dr.

No abstract provided.


« Les Multinationales Et L’Avenir Des Sweatshops » (“Multinational Corporations And The Future Of Sweatshops”), Laura Hartman, Denis Arnold Jan 2005

« Les Multinationales Et L’Avenir Des Sweatshops » (“Multinational Corporations And The Future Of Sweatshops”), Laura Hartman, Denis Arnold

Laura Hartman

The purpose of this paper is threefold. First, we explore the tension between the perspective of the free-trade economists and that of the labor advocates with regard to voluntary responses to the sweatshop dilemma. Second, we introduce and define the concept of positive deviancy and relate it to the apparel and footwear global labor markets. Third, we explain how moral imagination is one possible rationalization for this deviancy and then demonstrate how moral imagination may lead to the enhancement of norms in the area of global labor challenges. In order words, what are the root causes behind mistreatment of workers ...


Fulfilling Our Obligation: Perspectives On Teaching Business Ethics, Sheb L. True, Linda Ferrell, O.C. Ferrell Jan 2005

Fulfilling Our Obligation: Perspectives On Teaching Business Ethics, Sheb L. True, Linda Ferrell, O.C. Ferrell

KSU Press Legacy Project

This anthology offers a myriad of perspectives on teaching business ethics. The authors are business and philosophy faculty, business school deans, industry practitioners, and a representative of AACSB International. Most chapters were inspired by presentations taking place at the 2004 Teaching Business Ethics Conference, which was sponsored by AACSB International, University of Colorado, Colorado State University, and University of Wyoming.

The intent of Fulfilling Our Obligation: Perspectives on Teaching Business Ethics is not to offer a definitive answer demanding allegiance by all educators and academic institutions; rather, the goal is to provide a means of furthering exploratory discourse on the ...


The Unique Benefits Of Treating Personal Goodwill As Property In Corporate Acquisitions, Darian M. Ibrahim Jan 2005

The Unique Benefits Of Treating Personal Goodwill As Property In Corporate Acquisitions, Darian M. Ibrahim

Faculty Publications

Corporate acquisition talks may not get far if buyer and seller disagree over transaction structure, which can have significant after-tax effects. But the parties may have overlooked an item that, due to its potential tax treatment, could be the key to facilitating the acquisition. That item is the selling shareholder's "personal goodwill."

Personal goodwill exists when the shareholder's reputation, expertise, or contacts gives the corporation its intrinsic value. It is most likely to be found in closely held businesses, especially those that are technical, specialized, orprofessional in nature or have few customers and suppliers. If personal goodwill is ...


Corporate Shaming Revisited: An Essay For Bill Klein, David A. Skeel Jr. Jan 2005

Corporate Shaming Revisited: An Essay For Bill Klein, David A. Skeel Jr.

Faculty Scholarship at Penn Law

No abstract provided.


Institutional Competition To Regulate Corporations: A Commment On Macey, Jill E. Fisch Jan 2005

Institutional Competition To Regulate Corporations: A Commment On Macey, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.


Europe, Spain, And The Future Of Spanish Multinational Firms, Mauro F. Guillén Jan 2005

Europe, Spain, And The Future Of Spanish Multinational Firms, Mauro F. Guillén

Management Papers

The last fifteen years or so have witnessed a major transformation of Spanish businesses. After decades of protectionism and isolation, virtually all of them are now exposed to the winds of international competition; nearly a thousand have invested abroad in order to exploit the opportunities inherent in operating across borders. As a result, Spain has become one of the ten largest foreign direct investors in the world, with key consequences for the country's economy, financial system, diplomacy, image and society, as well as for Europe.


Medical Malpractice And The Insurance Underwriting Cycle, Tom Baker Jan 2005

Medical Malpractice And The Insurance Underwriting Cycle, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.