Academic literature on the topic 'Shareholder-Driven Institutions'

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Journal articles on the topic "Shareholder-Driven Institutions"

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Hong, Harrison, and Edward Shore. "Corporate Social Responsibility." Annual Review of Financial Economics 15, no. 1 (2023): 327–50. http://dx.doi.org/10.1146/annurev-financial-111021-094347.

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Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or nonpecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we summarize the literature by focusing on seven tests: ( a) costs of capital, ( b) performance of portfolios, ( c) ownership by types of institutions, ( d) surveys and experiments, ( e) managerial motives, ( f) shareholder proposals, and ( g) firm inclusion in responsibility indices. These tests predominantly indicate that shareholders are driven by nonpecuniary motives. To stimulate further research on welfare implications for global warming, we assess whether estimates of the foregone returns for shareholders willing to reduce carbon emissions (or “greeniums”), along with the wealth pledged to firms that become sustainable, are consistent with the growth of aggregate investments in the decarbonization sector.
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Valsan, Calin. "The Pandemic and Shareholder Value." Symphonya. Emerging Issues in Management, no. 2 (November 13, 2021): 55–67. http://dx.doi.org/10.4468/2021.2.06valsan.

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Shareholder value has driven corporate governance in North America for over a century. In the wake of significant financial crises and growing inequalities, corporate America decided in 2019 to embrace a more egalitarian model, in which all stakeholders matter equally. The brutal pandemic that wreaked havoc in the first half of 2020 exposed a startling disconnect between the real economy and the stock market. This disconnect is due to a gap between explicit and implicit corporate governance. While officially corporate America wants to convert to a new doctrine, the pandemic has shown that shareholder capitalism has remained the default model. Good intentions and official declarations are not enough in a system that has been specifically designed to serve the shareholders. If stakeholder capitalism is to succeed, it needs a clear normative content and perhaps a more radical reform of institutions and regulation.
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Bhankaraully, Shabneez. "Contested firm governance, institutions and the undertaking of corporate restructuring practices in Germany." Economic and Industrial Democracy 40, no. 3 (2018): 511–36. http://dx.doi.org/10.1177/0143831x17748754.

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This article investigates the undertaking of corporate restructuring practices (employee downsizing and wage moderation) in Germany from 2008 to 2015. The article presents a political perspective that draws on the insights of the power resources approach and of institutional analyses. The theoretical framework highlights how institutional arrangements structure power relations within companies by empowering, in an asymmetrical manner, different categories of firm stakeholders (employees, managers and shareholders) as well as shaping how they relate to each other in an interactive manner. The article’s empirical findings point to the importance of extensive, but contingent, corporate restructuring in Germany. Companies are more likely to implement ‘defensive’ corporate restructuring practices under conditions of high leverage/debt than when confronted by shareholder value driven investors, thereby reflecting the presence of overlapping interests between employees and managers.
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Bhusawale, A. N. "Co-operative Banks vs. Commercial Banks: A Comparative Analysis of Organizational Structure, Governance, Risk Management, and Financial Performance." International Journal of Humanities, Social Science, Business Management & Commerce 09, no. 01 (2025): 14–17. https://doi.org/10.5281/zenodo.14881817.

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The banking sector is a cornerstone of economic development, with co-operative banks and commercial banks serving as two distinct yet integral components. This article provides a comprehensive comparative analysis of co-operative banks and commercial banks, focusing on their organizational structure, governance models, risk management practices, and financial performance. Co-operative banks, characterized by their member-owned, community-centric approach, emphasize democratic governance, financial inclusion, and social welfare. In contrast, commercial banks, as shareholder-driven institutions, prioritize profitability, scalability, and advanced risk management frameworks. While co-operative banks demonstrate resilience in localized economic conditions and contribute to grassroots development, commercial banks excel in driving large-scale economic growth and innovation. The study highlights the complementary roles of these institutions and underscores the importance of a balanced financial ecosystem that leverages the strengths of both models to achieve sustainable and inclusive economic progress.
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Huang, Jun, Peijun Xie, Yating Zeng, and Yun Li. "The Effect of Corporate Social Responsibility on the Technology Innovation of High-Growth Business Organizations." Sustainability 13, no. 13 (2021): 7286. http://dx.doi.org/10.3390/su13137286.

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The implementation of innovation-driven strategy requires business organizations to actively conduct technological innovation activities. Corporate social responsibility (CSR) performance is an important factor to promote technological innovation, and venture capital (VC) as a matching capital with technological innovation also affects technological innovation. Using Chinese listed companies on the Growth Enterprise Market (GEM) during the 2014–2018 period as a sample, we study the role of corporate social responsibility performance in technological innovation and the impact of venture capital on the relationship between the two. We find that social responsibility performance can effectively promote innovation, which is promoted significantly by the shareholder responsibility and employee responsibility dimensions of social responsibility. We also find that venture capital inhibits the promotion of social responsibility to technological innovation. This work will guide VC institutions to pay more attention to business organizations social innovation projects.
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Alexander, Frederick H. "The benefit stance: responsible ownership in the twenty-first century." Oxford Review of Economic Policy 36, no. 2 (2020): 341–61. http://dx.doi.org/10.1093/oxrep/graa002.

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Abstract Ownership in the global equities markets is dominated by large institutions that manage the savings of beneficiaries with long investment horizons. These asset managers rely on incomplete investment models that betray the interests of their beneficiaries and threaten their collective future. The models encourage individual companies to compete without regard for health of the critical social and environmental systems that support the long-term value of those beneficiaries’ diversified portfolios and lived experience. These naïve models ignore the growing cost of profit-driven negative externalities. This article examines the latest models of benefit corporation law, a new form of governance that overturns the rule of shareholder primacy, and argues that their principles should be expanded to cover the entire chain of investing, from savers to funds to asset managers and finally to the real economy.
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Byrka-Kita, Katarzyna, Mateusz Czerwiński, Agnieszka Preś-Perepeczo, and Tomasz Wiśniewski. "CEO succession puzzle in the Polish capital market." Baltic Journal of Management 13, no. 4 (2018): 582–604. http://dx.doi.org/10.1108/bjm-08-2017-0238.

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Purpose The purpose of this paper is to analyse the market reaction to the appointments of chief executive officers (CEOs) in companies listed on the Warsaw Stock Exchange. The authors focussed on the relationship between the characteristics of a newly appointed CEO and the shareholders’ reactions to the appointment of a CEO. Design/methodology/approach To measure shareholder reaction, the authors apply an event study methodology. The determinants of reaction are identified on the basis of multi-regression analysis. Findings The results reveal a negative market reaction to all CEO appointments, both new appointments and reappointments. Investor reaction is driven more by the financial condition of the company, the company’s market performance and the free float, than by the characteristics of a newly appointed CEO. Neither the origins and generation (age) nor the gender of a CEO influence share prices. The relationship between the educational background of a CEO and shareholders’ reactions is mixed. Furthermore, the appointment of an inexperienced CEO seems to be preferred by investors. Research limitations/implications The study is restricted by certain limitations related to the adopted measures, the single-market research, data gaps and the selection of variables for regression analysis. A further cross-country study including Central and Eastern Europe and/or the transition economies of the Baltic Region is recommended. The relationship between the operating performance of a firm and its internal control mechanisms could be explored. Practical implications The findings might influence the decisions made by company owners and supervisory boards when appointing top executives, and might contribute to a better understanding of how CEO appointments can affect shareholder value creation. The results also provide important guidelines for institutions that oversee the financial system. Originality/value The findings of this study are expected to the findings are expected to contribute to the literature on the empirical analysis of the shareholder wealth effect, on signalling theory, on the phenomenon of information asymmetry and on corporate governance. The study covers a full economic cycle of the capital market, including the financial crisis and financial bubbles, and it fills a gap in the research regarding emerging markets and transition economies in Europe.
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Heil, Mark. "How does finance influence labour market outcomes? A review of empirical studies." Journal of Economic Studies 47, no. 6 (2020): 1197–232. http://dx.doi.org/10.1108/jes-03-2019-0147.

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PurposeThis paper reviews economic studies on the effects of various aspects of finance on labour market outcomes.Design/methodology/approachThe paper is a systematic literature review that reviews the weight of the evidence on the relationships between specific elements of finance and labour outcomes. The review is divided into three major sections: (1) job quantity and job quality; (2) distributional effects; and (3) resilience and adaptability.FindingsFinance interacts with labour market institutions to jointly determine labour outcomes. Firm financial structures influence their labour practices – highly leveraged firms show greater employment volatility during cyclical fluctuations, and leverage strengthens firm bargaining power in labour negotiations. Bank deregulation has mixed impacts on labour depending upon the state of prior bank regulations and labour markets. Leveraged buyouts tend to dampen acquired-firm job growth as they pursue labour productivity gains. The shareholder value movement may contribute to short-termism among corporate managers, which can divert funds away from firm capital accumulation toward financial markets, and crowd out productive investment. Declining wage shares of national income in most OECD countries since 1990 may be driven in part by financial globalisation. The financial sector contributes to rising income concentration near the top of the distribution in developed countries. The availability of finance is associated with increased reallocation of labour, which may either enhance or impede productivity growth. Finally, rising interest rate environments and homeowners with mortgage balances that exceed their home's value may reduce labour mobility rates.Originality/valueThis review contributes to the understanding of the effects of finance on labour by reviewing and synthesising a large volume of literature.
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Florio, Massimo, Matteo Ferraris, and Daniela Vandone. "Motives of mergers and acquisitions by state-owned enterprises." International Journal of Public Sector Management 31, no. 2 (2018): 142–66. http://dx.doi.org/10.1108/ijpsm-02-2017-0050.

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Purpose This paper looks at state-owned enterprises (SOEs) from the angle of the market for corporate control and analyzes in detail the reported rationales of a sample of 355 mergers and acquisition (M&A) deals performed by SOEs as acquirers over the period 2002-2012. The purpose of this paper, after having created a taxonomy of deal motivations, is to empirically test two alternative hypotheses: deviation vs convergence of M&A deal rationales between state-owned and private enterprises. Design/methodology/approach The data set is obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). A recursive algorithm is developed to infer the ownership nature of the enterprises at the time the deal took place and then the authors double-checked the identity of the global ultimate owner by visual inspection of all the available information. Motivations are analyzed through a case-by-case analysis and classified into several categories, thereby providing a taxonomy of rationales behind SOE M&As and discussing their differences and similarities relative to private firms. Findings More than 60 percent of the deals performed by SOEs as acquirers are driven by “shareholder value maximization” motives, similarly to private enterprise acquirers. The other 40 percent of deals are almost equally spread among three rationales that specifically relate to the role of modern state capitalism in the economy. “Financial distress” motivation, which is the only one clearly deviating from the objectives of profit maximization typical of private ownership, is far less important than the others. Research limitations/implications The paper does not analyze the case studies in detail. Neither does it correlate the evidence with the quality of corporate governance or the quality of institutions in the country. This would be interesting in order to discover whether the alignment of objectives between public and private enterprises is enhanced by certain features of public sector management, as suggested by the OECD (2015) Guidelines. Practical implications The paper suggests some policy implications in terms of reforms of the corporate governance of the SOEs and accountability of their management against clearly stated public missions. It also calls for the need for citizens to be informed in a transparent way about the rationales of major M&A deals when a SOE is on the acquirer side, and the consistency of such rationales with the mission assigned by governments to the enterprises they own. Finally, it underlines that regulatory concerns raised in many countries by the rise of cross-border SOE M&As are in most of the cases unfounded. Originality/value Existing literature has mainly focused on private corporate M&A deals or has just disregarded the ownership status of the acquiring firm. This paper focuses on the motivations for SOE deals in order to elaborate a taxonomy of SOE deal rationales and to identify the differences and similarities between private corporate firms.
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Mitra, Santanu, and William M. Cready. "Institutional Stock Ownership, Accrual Management, and Information Environment." Journal of Accounting, Auditing & Finance 20, no. 3 (2005): 257–86. http://dx.doi.org/10.1177/0148558x0502000304.

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This study examines the empirical relationship between institutional percentage shareholding and accounting discretion exercised by firms to manage accruals over a period of time. It also evaluates the effects of firm size and information environment on such relationship. By employing a firm-specific abnormal accrual estimation design to measure accounting flexibility/discretion used to adjust abnormal accruals in financial reporting, the study documents that institutional stock ownership is inversely related to such accounting discretion exercised to manage abnormal current accruals. This inverse relationship is, however, found to be dependent on firm size and richness of information environment. Specifically, the inverse relationship strongly holds for smaller firms that are deemed to have an impoverished information environment compared with larger firms having information-rich environment. Furthermore, by using a two-stage least-squares approach, the study addresses the endogeneity-driven ambiguity which is inherent in the simple identification of a negative relation between institutional stock ownership and accrual management. The analysis demonstrates that the overall negative relationship is partly attributed to institutional shareholder monitoring that constrains management's ability to opportunistically manage abnormal accruals. The evidence is consistent with the view that active monitoring of institutional shareholders mitigates opportunistic reporting behavior of corporate managers and improves the quality of governance in the financial reporting process.
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Book chapters on the topic "Shareholder-Driven Institutions"

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Anand, Anita Indira. "Shareholder Democracy and Shareholder Activism." In Shareholder-driven Corporate Governance. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190096533.003.0003.

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This chapter examines shareholder-driven corporate governance (SCG) through the twin concepts of shareholder democracy and shareholder activism. Taken together, these concepts are the vehicle through which SCG takes effect in practice. The term activist investor describes an institutional investor that seeks value-enhancing changes in the leadership, governance, capital structure, or strategy and operations of a corporation in which it is invested. There are two basic types of activism: offensive activism, in which a hedge fund takes over a poorly performing firm and then reforms it to enhance its performance; and defensive activism, in which the activist institution takes on an advocacy role when it is unhappy with a corporation of which it already holds a significant block. Meanwhile, shareholder democracy refers to the ability of shareholders to influence the corporation through their votes. It is an important concept in corporate law, one that underpins the legitimacy of shareholder activism.
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Orondo, Peter O. "An Alternative Model of Information Security Investment." In Handbook of Research on Social and Organizational Liabilities in Information Security. IGI Global, 2009. http://dx.doi.org/10.4018/978-1-60566-132-2.ch008.

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Most companies would agree that securing their information assets is worth some investment. It is thus plausible to assume that low levels of IT security investment indicate that only a small portion of the firm’s business is IT asset value driven. It could also point to a misaligned corporate investment policy. Conversely, some firms may be investing more than is warranted given the value of their information asset holdings, thereby wasting shareholder resources. The question then becomes: What level of IT security investment is enough? Several models exist to help companies set their IT spending in general and Information Security spending in particular. The leading model out there is the Information Technology Portfolio Management (ITPM) model. This is really nothing more than financial portfolio management theory applied to the information technology realm. Thus ITPM tries to optimize IT spending based on a number of factors like business value, efficiency and cost reduction among others. Despite current vigorous research at esteemed institutions like the Center for Information Systems Research (CISR) at MIT and at the Free University of Amsterdam, ITPM is still in its infancy and the field would benefit from alternative models. In this chapter, we propose an alternative model of IT security spending that firms may readily apply when setting their Information Security budgets. The model is analytical and starts by developing a model for the business value of information. It then develops a model for the cost of an information security breach. Finally, we find the relationship between the value model and the cost model from.
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Orondo, Peter O. "An Alternative Model of Information Security Investment." In Information Resources Management. IGI Global, 2010. http://dx.doi.org/10.4018/978-1-61520-965-1.ch306.

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Most companies would agree that securing their information assets is worth some investment. It is thus plausible to assume that low levels of IT security investment indicate that only a small portion of the firm’s business is IT asset value driven. It could also point to a misaligned corporate investment policy. Conversely, some firms may be investing more than is warranted given the value of their information asset holdings, thereby wasting shareholder resources. The question then becomes: What level of IT security investment is enough? Several models exist to help companies set their IT spending in general and Information Security spending in particular. The leading model out there is the Information Technology Portfolio Management (ITPM) model. This is really nothing more than financial portfolio management theory applied to the information technology realm. Thus ITPM tries to optimize IT spending based on a number of factors like business value, efficiency and cost reduction among others. Despite current vigorous research at esteemed institutions like the Center for Information Systems Research (CISR) at MIT and at the Free University of Amsterdam, ITPM is still in its infancy and the field would benefit from alternative models. In this chapter, we propose an alternative model of IT security spending that firms may readily apply when setting their Information Security budgets. The model is analytical and starts by developing a model for the business value of information. It then develops a model for the cost of an information security breach. Finally, we find the relationship between the value model and the cost model from.
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Ringe, Wolf-Georg. "Adaptive Advocacy." In The Oxford Handbook of Corporate Law and Governance, Second Edition. Oxford University Press, 2025. https://doi.org/10.1093/oxfordhb/9780192888006.013.0015.

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Abstract This chapter explores the evolution of shareholder activism, detailing its transformation from 1980s "corporate raiders" to its current, more sophisticated focus on sustainability and coalition-building. It emphasizes the global spread of activism and examines how ownership structures in the US, UK, and Europe influence tactics, particularly the challenges posed by dominant blockholders. Activists now adopt nuanced strategies, including private negotiations, media support, and collaboration with institutional investors, to achieve goals such as advancing environmental, social, and governance initiatives. The chapter highlights how coalition-building enhances activist influence and credibility while balancing short-term returns with long-term corporate value. Finally, the chapter underscores how sustainability-driven activism and regulatory constraints shape modern shareholder strategies.
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Conference papers on the topic "Shareholder-Driven Institutions"

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Hettige, S., N. Mudalige, and C. Kavinda. "Unravelling the influential factors shaping the adoption of Green Financing: Evidence from Banking Institutions in Sri Lanka." In Proceedings of the 3rd International Conference on Sustainable & Digital Business. SLIIT Business School, 2024. https://doi.org/10.54389/mguf9208.

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This study explores into the key drivers, challenges, and internal determinants influencing the adoption of green financing within Sri Lankan banking institutions. The study expounds the motivations and strategic frameworks supporting the incorporation of sustainability into banking practices through conducting in-depth interviews with the representatives from Domestic Systematically Important Banks (D-SIBs) in Sri Lanka. The findings pinpoint several key drivers such as regulatory frameworks, varying consumer preferences, shareholder involvement, and the quest for innovation. Regulatory transformations, colliding with targeted incentives and policies, have substantially driven banks toward sustainable practices. Simultaneously, changes in consumer behaviour and high environmental awareness have infused the development and introduction of innovative green financing products. Additionally, investor demands for increased transparency and the integration of Environmental, Social, and Governance (ESG) criteria have significantly influenced banks' strategic directions. This should be acknowledged as pioneers in sustainable finance and the necessity for competitive differentiation has been a key internal driver. Further, the results are aligned with the Resource Based View Theory and the Resource Theory of Sustainable Finance, underlining the vital role that firm-specific resources, competencies, and institutional framework contribute towards accomplishing sustainable finance goals. The study highlights that to promote the adoption of green financing initiatives, favourable regulations, increased consumer awareness, internal collaboration, capacity development, coordination of strategies, involvement of stakeholders, product innovation, risk management, and partnerships are essential. Hence, this study offers an in-depth comprehension of the intricate factors guiding the incorporation of green finance into Sri Lankan banks, with significant implications for decision-makers, financial institutions, and other parties involved in fostering green finance. Keywords: Competitive Advantage, Consumer Preferences, ESG, Green Finance, Regulations, Shareholder Activism
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