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In High Gear: A Case Study Of The Hees-Edper Corporate Group, David Strangeland, Ronald J. Daniels, Randall Morck
In High Gear: A Case Study Of The Hees-Edper Corporate Group, David Strangeland, Ronald J. Daniels, Randall Morck
Ronald J. Daniels
This study compares firms in the Hees-Edper Group with a number of other independent firms of similar size and in the same industries over a four-year period from 1988 to 1992, just prior to the first release of news that the Hees-Edper group was in financial trouble. During that period, HeesEdper firms recorded profitability levels comparable to (or below) those of the matched firms. The Hees-Edper firms were also shown to have been much higher risk investments well before the group's financial position began to deteriorate. They were more highly levered, but even after risk levels are adjusted for this, …
The Role Of Debt In Interactive Corporate Governance, George C. Triantis, Ronald Daniels
The Role Of Debt In Interactive Corporate Governance, George C. Triantis, Ronald Daniels
Ronald J. Daniels
Most of the corporate governance literature rests on a premise that the interests of various stakeholder groups conflict and that managerial loyalty is more likely to be captured by shareholders than any other constituency. Yet, stakeholder interests do converge in the objective of controlling managerial slack and non-equity constituents have substantial influence over firm decisions. Although the study of governance has taken early steps to abandon its preoccupation with equity-centered solutions and identify interdependencies existing among a broader range of stakeholders, governance scholars have missed an important element of interactivity. A stakeholder reacts to the actions of others and thereby …
Rewarding Whistleblowers: The Costs And Benefits Of An Incentive-Based Compliance Strategy, Robert Howse, Ronald J. Daniels
Rewarding Whistleblowers: The Costs And Benefits Of An Incentive-Based Compliance Strategy, Robert Howse, Ronald J. Daniels
Ronald J. Daniels
Canadians today are very much concerned about corporate crime and about corporations that do not comply with regulatory requirements, especially those related to the environment, securities law and occupational health and safety regulations. This increased concern has led to proposals to extend liability for illegal corporate conduct (by making directors personally liable for the actions of their companies, for example); it has also led to arguments in favour of greatly increasing the sanctions on corporations (and individual wrongdoers within those corporations) for wrongful conduct. The recent academic literature reflects a lively debate as to the effectiveness of such proposals in …