Showing papers on "Corporate group published in 1995"

Corporate ownership and control structures: An international comparison

Abstract: This paper analyzes the economic fundamentals of the corporate firm with publicly held shares and the salient characteristics of varying corporate systems, focusing on international differences in ownership and control structures, including alternative disciplinary mechanisms. Those international differences seem to influence economic behavior and corporate performance, including the way in which corporate restructurings take place. Market-oriented corporate systems and network-oriented corporate systems are likely to mutually converge in the future.

In High Gear: A Case Study of the Hees-Edper Corporate Group

Abstract: 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 risk levels of Hees-Edper firms remain much higher.Our study shows that the extreme incentive-based compensation schemes used by Hees-Edper firms encouraged managers to adopt high-risk strategies, and that the intercorporate co-insurance (allowed by the interlocking ownership structure of the firms) made this possible by increasing the group's apparent debt capacity. Since this higher risk did not improve overall performance, it was arguably at an economically inefficient higher level. The higher leverage of Hees-Edper companies should have produced a sizable tax advantage because of the deductibility of interest at the corporate level. The mediocre performance of the companies thus raises the possibility that abnormally poor performance was masked by tax breaks.

Business Participation in Health Care Policy Reform: Factors Contributing to Collective Action Within the Business Community

Abstract: This paper examines business political activity by exploring those corporate characteristics that contribute to intercorporate coalition formation. Using differences of interest in relation to health care profitability to illustrate the difficulties inherent in corporate collective action, this study examines the role of corporate selfinterest in political behavior. Distinguishing between narrow individual interest, a broader self-interest that may overlap with the individual interests of other corporations, and classwide interest, this study addresses the extent to which corporate political activity reflects the narrow self-interest of individual firms. It begins by examining membership patterns in big business' major lobbying group on health — The Washington Business Group on Health continues by tracing the development of the WBGH — as it matured from a spinoff of the Business Roundtable to a mature lobbying group in its own right. Finally, it investigates individual corporate reaction to a proposed change in accounting requirements for health care costs, thus, comparing individual behaviors with collective action.

European Corporate Law

Abstract: Preface. Table of Contents. Abbreviations. 1. Introduction. 2. Business Organisations within the EU. 3. The Harmonisation Programme within Europe. 4. Business Organisations under EU Law. 5. Formation and Financing of Companies. 6. Management and Control of Companies under National Law. 7. Employee Involvement. 8. Cross-border Cooperation and Acquisitions. 9. Annual Accounts. 10. Groups. Selected Bibliography. Index.

Corporate governance & corporate control

Abstract: This book critically considers the relationship between directors,shareholders and auditors in the corporate governance system. Traditionally, company law has been primarily based on this tripartite relationship. This book comprises a series of contributions from authors who argue that there are wider interests which British company law has largely ignored. These include the interests of creditors, employees, consumers, suppliers and the general public. The concept of corporate governance is examined with comparative references to the USA and Canada. Particular reference is made to the Cadbury Committee and its implications for future company law reform. The ethical and sociological dimensions of corporate governance is also fully discussed.

Perspectives on Company Law

Abstract: Challenges for Company Law F. Patfield. The Position of Corporate Minorities Hoffmann. The Response to the Report of the Committee on the Financial Aspects of Corporate Governance A. Cadbury. Capital Maintenance W. J. L. Knight. The Legal Personality of Associations H. Rajak. Private Property and Corporate Governance. Part I: Defining the Interests S. Leader. Part II: The Content of Directors' Duties and Remedies. Corporate Rescue Procedures - Some Overseas Comparisons L. Sealy. Insolvency: Controlling Holders' Actions Arden. Close Corporations and Private Companies in South and Southern Africa J. J. Henning. Reforming Company Law J. Freedman.

Evaluating research projects at toshiba. Designing a conceptual framework of evaluating research and technology development (RTD) programs

Abstract: Toshiba, a broadly-based electric/electronics manufacturer, operates diversified businesses. A sophisticated research and technology management system supports those businesses based on a research and technology development (RTD) organization consisting of three layers: corporate, business group, and divisional laboratories. Evaluation of RTD projects is varied in accordance with their characteristics. To promote future inter-divisional business, the Corporate Incentive Program (CIP) funds corporate projects which are authorized and evaluated by the Corporate Technology Committee (CTC). In parallel, under the Corporate Strategic Program (CSP), committees monitor and evaluate specific, rapidly-advancing technologies so as to promote early acquisition and diffusion. Additionally, transnational strategic alliances (TSAs) are promoted on the basis of their merits and in accordance with Toshiba's corporate philosophy of Competition, Cooperation and Complementarity (CCC subsequently actual monetary contributions are monitored annually. Another style of pre-evaluation can be observed at the RDC in the Exploratory Programs by the Young (EPY). First, some actual cases at Toshiba are introduced. Next, discussion is extended to the evaluation framework, the corporate technology model and RTD productivity. Also noted is the importance of recognizing that the consumer is the ultimate evaluator and that evaluation-quality is improved by feedback from the market. Concept creation and target clarification must come first; only then does the evaluation make sense.

Inward investment and Scottish devolution: towards a balanced view

Abstract: This paper analyses the various issues relating to inward investment in Scotland upon which devolution, as currently proposed, might exert some influence. It does not speculate on whether independence for Scotland would follow or what impact that might have. Within all the potential business effects, the coverage here is confined to inward investment in view of its scale, mobility, international orientation, the role it plays within the Scottish economy and the choices which such companies can exercise on locations. Within that group of companies, the focus is mainly on manufacturing investment. It is written from a neutral political perspective and concentrates on bringing a balanced judgement to the whole question based on many years of both academic research and practical experience in this field. Its conclusions cannot be regarded as definitive; at best they could, however, be regarded as reasonably well-informed. It is recognised that there are many aspects of the potential impact of devolution on corporate competitive positions and on their decision processes which are extremely difficult to forecast at this stage.