scholarly journals Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s

2001 ◽  
Author(s):  
Bengt R. Holmström ◽  
Steven N. Kaplan
Keyword(s):  
Corporate Governance ◽  
Merger Activity ◽  
Making Sense ◽  
The U.S

scholarly journals Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s

2001 ◽  
Vol 15 (2) ◽  
pp. 121-144 ◽  
Author(s):  
Bengt Holmstrom ◽  
Steven N Kaplan
Keyword(s):  
United States ◽  
Corporate Governance ◽  
Shareholder Value ◽  
The United States ◽  
Leveraged Buyouts ◽  
Governance Mechanisms ◽  
Merger Activity ◽  
Making Sense ◽  
Corporate Governance Mechanisms

This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed in the second half of the decade, while LBOs and hostility did not. Instead, internal corporate governance mechanisms appear to have played a larger role in the 1990s. We conclude by considering whether these changes and the movement toward shareholder value are likely to be permanent.

CORPORATE GOVERNANCE IN THE 19TH CENTURY: EVIDENCE FROM THE CHESAPEAKE AND OHIO CANAL COMPANY

2009 ◽  
Vol 36 (2) ◽  
pp. 113-137 ◽  
Author(s):  
Robert W. Russ ◽  
Gary John Previts ◽  
Edward N. Coffman
Keyword(s):  
Corporate Governance ◽  
19Th Century ◽  
Annual Report ◽  
Governance Structure ◽  
Review Committee ◽  
Corporate Governance Structure ◽  
Theoretical Structure ◽  
The 19Th Century ◽  
The U.S

Presenting evidence from a 19th century corporation, the Chesapeake and Ohio Canal Company (C&O), the paper shows that issues of corporate governance have existed since the first corporations were established in the U.S. The C&O used a stockholder review committee to review the annual report of the president and directors. The paper shows how the C&O stockholders used this committee to supplement the corporate governance structure. The corporate governance structure of the C&O is also viewed from a theoretical structure as espoused by Hart [1995].

scholarly journals Corporate Governance of Artificial Intelligence in the Public Interest

Information ◽  
2021 ◽  
Vol 12 (7) ◽  
pp. 275
Author(s):  
Peter Cihon ◽  
Jonas Schuett ◽  
Seth D. Baum
Keyword(s):  
Artificial Intelligence ◽  
Corporate Governance ◽  
Law Enforcement ◽  
Nonprofit Organizations ◽  
Public Interest ◽  
Department Of Defense ◽  
The Public ◽  
Wide Range ◽  
The Media ◽  
The U.S

Corporations play a major role in artificial intelligence (AI) research, development, and deployment, with profound consequences for society. This paper surveys opportunities to improve how corporations govern their AI activities so as to better advance the public interest. The paper focuses on the roles of and opportunities for a wide range of actors inside the corporation—managers, workers, and investors—and outside the corporation—corporate partners and competitors, industry consortia, nonprofit organizations, the public, the media, and governments. Whereas prior work on multistakeholder AI governance has proposed dedicated institutions to bring together diverse actors and stakeholders, this paper explores the opportunities they have even in the absence of dedicated multistakeholder institutions. The paper illustrates these opportunities with many cases, including the participation of Google in the U.S. Department of Defense Project Maven; the publication of potentially harmful AI research by OpenAI, with input from the Partnership on AI; and the sale of facial recognition technology to law enforcement by corporations including Amazon, IBM, and Microsoft. These and other cases demonstrate the wide range of mechanisms to advance AI corporate governance in the public interest, especially when diverse actors work together.

scholarly journals Creditor-Focused Corporate Governance: Evidence from Mergers and Acquisitions in Japan

2011 ◽  
Vol 46 (4) ◽  
pp. 1051-1072 ◽  
Author(s):  
Vikas Mehrotra ◽  
Dimitri van Schaik ◽  
Jaap Spronk ◽  
Onno Steenbeek
Keyword(s):  
Corporate Governance ◽  
Mergers And Acquisitions ◽  
Dominant Role ◽  
Sharp Contrast ◽  
Distinctive Features ◽  
Target Firms ◽  
The World ◽  
Main Bank ◽  
The U.S

AbstractMergers in Japan have the dubious distinction of not creating wealth for shareholders of target firms, in sharp contrast to what occurs in much of the rest of the world. Using a sample of 91 mergers from 1982 through 2003 we document several distinctive features of the merger market in Japan: Mergers tend to be countercyclical and appear to be driven chiefly by creditor concerns. In particular, where the merging firms share a common main bank, we find that merger gains are lower. Overall, our results point to a market that is distinctly less shareholder focused than that in the U.S., and a market where creditors play an important, perhaps dominant, role in corporate governance.

Union status and merger activity in the U.S.

1995 ◽  
Vol 23 (1) ◽  
pp. 45-56
Author(s):  
James Peoples
Keyword(s):  
Merger Activity ◽  
Union Status ◽  
The U.S
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