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"Ownership and control"
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The way of the gun : a bloody journey into the world of firearms
\"We live in the Age of the Gun. Around the globe, firearms are ubiquitous and define countless lives; in some places, it's even easier to get a gun than a glass of clean water. In others, it's legal to carry concealed firearms into bars and schools. In [this book], Iain Overton embarks on a ... journey to understand how these weapons have become an integral part of twenty-first century life, beyond the economics of supply and demand\"--Amazon.com.
Book
The Shareholder—Manager Relationship and Its Impact on the Likelihood of Firm Bribery
We examine the impact on firm bribery of two corporate governance devices heavily studied in corporate governance research—i.e., separation of ownership and control, and equity share of the largest shareholder. In addition, we investigate the impact of the principal—owner's gender on firm bribery. From agency theory, we predict that firms with the owner also acting as a manager (owner-manager) are more likely to engage in bribery compared to their counterparts with separation of ownership and control. We argue that an increase of the equity share of the largest shareholder can either increase or decrease firm bribery likelihood depending on the net cost-benefit effect of such bribery actions. In addition, we predict that bribery is more likely to occur when the principal— owner is male rather than female. Using a rich dataset of the World Bank Enterprise Surveys of 2002-2005, we find that the equity share of the largest shareholder is negatively and male principal—owner is positively associated with the likelihood of firm bribery. Furthermore, we reveal that owner—manager is more likely to bribe when the principal— owner is male rather than female. We also observe that the effect of owner—manager is smaller as the equity share of the largest shareholder increases.
Journal Article
The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea
Relatively little research has examined the effects of ownership on the firms' corporate social responsibility (CSR). In addition, most of it has been conducted in the Western context such as the U.S. and Europe. Using a sample of 118 large Korean firms, we hypothesize that different types of shareholders will have distinct motivations toward the firm's CSR engagement. We break down ownership into different groups of shareholders: institutional, managerial, and foreign ownerships. Results indicate a significant, positive relationship between CSR ratings and ownership by institutions and foreign investors. In contrast, shareholding by top managers is negatively associated with firm's CSR rating while outside director ownership is not significant. We conclude that different owners have differential impacts on the firm's CSR engagement.
Journal Article
Ownership influences on corporate social responsibility in the Indian context
The empirical evidence from the extant literature has been equivocal regarding the influence exerted by different ownership types on corporate social responsibility (CSR), especially in developing countries such as India characterized by institutional voids. We use a longitudinal panel dataset of 500 large Indian companies to test a model of corporate ownership forms as key determinants of CSR engagement in India. Based on neo-institutional theory, our model of CSR determinants investigates the roles of three salient aspects of ownership namely multinational ownership/affiliation, state ownership and family ownership and control, after controlling for the influence of firm size, firm age, leverage, the availability of slack resources, profitability and various governance attributes. Our ordered logit regressions indicate strong support for the role of multinational ownership and family control and management in promoting higher levels of CSR engagement. Contrary to expectations, public sector ownership appeared to negatively impact CSR engagement. We offer our conjectures on this anomalous finding and the research possibilities it opens up.
Journal Article
The future of the gun
The author believes that \"potential future developments in gun technology could change the world. However, [what he sees as] the radical anti-gun lobby stands between innovation and the American people ... and ... [threatens] to stop progress in its tracks\"--Amazon.com.
Book
The Myth of Diffuse Ownership in the United States
This article offers evidence on the ownership concentration at a representative sample of U.S. public firms. Ninety-six percent of these firms have blockholders; these blockholders in aggregate own an average 39% of the common stock. The ownership of U.S. firms is similar to and by some measures more concentrated than the ownership of firms in other countries. These findings challenge current thinking on a number of issues, ranging from the nature of the agency conflict in domestic corporations to the relationship between ownership concentration and legal protections for investors around the world.
Journal Article
How America got its guns : a history of the gun violence crisis
\"In the United States more than thirty thousand deaths each year can be attributed to firearms. This book on the history of guns in America examines the Second Amendment and the laws and court cases it has spawned. The author's thorough and objective account shows the complexities of the issue, which are so often reduced to bumper-sticker slogans, and suggests ways in which gun violence in this country can be reduced. Briggs profiles not only protagonists in the national gun debate but also ordinary people, showing the ways guns have become part of the lives of many Americans. Among them are gays and lesbians, women, competitive trapshooters, people in the gun-rights and gun-control trenches, the NRA's first female president, and the most successful gunsmith in American history. Balanced and painstakingly unbiased, Briggs's account provides the background needed to follow gun politics in America and to understand the gun culture in which we are likely to live for the foreseeable future.\"-- Provided by publisher.
Book
Blockholder Trading, Market Efficiency, and Managerial Myopia
This paper analyzes how blockholders can exert governance even if they cannot intervene in a firm's operations. Blockholders have strong incentives to monitor the firm's fundamental value because they can sell their stakes upon negative information. By trading on private information (following the \"Wall Street Rule\"), they cause prices to reflect fundamental value rather than current earnings. This in turn encourages managers to invest for long-run growth rather than short-term profits. Contrary to the view that the U.S.'s liquid markets and transient shareholders exacerbate myopia, I show that they can encourage investment by impounding its effects into prices.
Journal Article