Corporate group

About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.

The Iconic Cases in Corporate Law

Abstract: Iconic Cases in Corporate Law gathers together in one book the most important (iconic) cases in U.S. corporate law. Each chapter features one case, or a pair or trilogy of closely related cases that represents the classic, representative and historically important cases in various areas of corporate law. These are the classic cases with which every student and practitioner of corporate law should be familiar. It seems appropriate that important research and new insights about these cases be brought together. Read from cover-to-cover the book provides a very useful introduction into U.S. corporate law. Each chapter also can be read individually in order to provide new insights, not only about particular cases but also about whole bodies of law including insider trading, shareholder voting, fiduciary duties and the business judgment rule.

The Impact of the Ownership Discrepancy Between Cash-Flow Rights and Voting Rights on Firms’ Soft Asset Investment Decisions: Evidence from Large Business Groups in South Korea

Abstract: This study investigates the impact of the ownership discrepancy between cash flow rights and voting rights on firms’ soft asset investment decisions in large business groups in South Korea We find a negative association between the ownership discrepancy and the level of investments in intangibles and human resources Our finding implies that when controlling (or ultimate) shareholders have higher voting rights than their cash flow rights, they have more incentives to reduce firms’ investments that are essential for business success in long-term strategic perspectives, exploiting minority shareholders’ rights In addition, we find that the negative association is more pronounced for firms with a higher level of free cash flows and that the negative association becomes less significant or insignificant in the period after the Internal Accounting Control System Legislation

The Effects of Legal Measures to Empower Supervisory Directors: Evidence from a Financial Distress Perspective

Abstract: A great number of studies have been conducted over the past 20 odd years in search of the Holy Grail of corporate governance: the relationship between the corporate governance structure of a company and its financial performance. These studies predominantly hypothesize that ‘better’ corporate governance generates better corporate performance. The analysis is ‘upward-performance’ directed. This paper stresses that the ‘downward performance’ issue i.e. how does the company handle arising serious financial difficulties, is equally important, since it affects the sustainability of the company. A governance structure that facilitates the company to discover, analyse and solve its problems in a timely manner will improve the chances to avoid or survive serious financial difficulties. Our analysis shows that measures to strengthen the position of supervisory directors, to require a minimum number and a minimum availability are statistically significantly more often found in the control group of companies than in our financially distressed group. As for measures to ascertain independence and diversity of supervisors, our results suggest that these provisions have opposite effects. Control companies have less diverse and less independent supervisory boards than financially distressed companies.

Modes of state intervention and business group performance in China's transitional economy

Abstract: This paper examines the contingent nature of state intervention affecting business group performance in the context of a transition economy by identifying different modes of state intervention in China's transitional economy. Using data on China's 76 business groups collected in 2006, I find that, at the group level, modes of state intervention have different economic effects on business group performance, depending on the specific modes of intervention and the context of the institutional environment in China's transitional economy. Through direct intervention – such as ownership, officials, and Chinese Communist Party members at the group level – the Chinese state failed to provide positive economic effects. However, the result demonstrates the state's ability to provide positive economic effects by matching the functional demands of the emerging market, such as loans from state-controlled banks as financial support.

Traditional Corporate Group Economics in Southeast Asia: An Ethnographic Study with Archaeological Implications

Abstract: From the late nineteenth century to the present, social scientists and archaeologists have been intrigued by village-level corporate groups living under a single roof. Yet remarkably little is known ethnographically about the internal economic and social dynamics of these groups or why such groups emerge at certain time periods or places. My research focuses on some of the last indigenous corporate groups in mainland Southeast Asia. I document the advantages corporate organizations provide for members (mainly risk reduction), the high costs often involved for members, the range of status and wealth within such groups, and the probable motivations of individuals for organizing corporate groups. I contrast the communitarian models with aggrandizer models for the creation of corporate groups, but note considerable variability within the corporate residential phenomenon. I postulate that residential corporate groups were probably much more widespread in the Neolithic and Metal Ages of Southeast Asia than historically was the case.