This paper examines whether -- in the absence of mandated disclosure requirements -- shareholder activism can elicit greater disclosure of firms' exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate change risks,...

For the past 20 years, financial markets research has concerned itself with issues related to the evaluation and management of financial securities in efficient capital markets and with issues of management control in incomplete markets. The following selective overview focuses on key aspects of...

"Separation of ownership and control" is a phrase whose history will forever be associated with Adolf A. Berle and Gardiner C. Means' The Modern Corporation and Private Property (1932), as well as with Institutionalist economics, Legal Realism, and the New Deal. Within that milieu the large...

This paper demonstrates that shareholder ownership, a sacred cow of business, is a myth. According to our legal system, shareholders do not own the Modern Corporation itself, nor do they own the corporate assets or profits. While this finding raises many important questions, the focus of this...

Related party transactions (RPTs) exist in most countries, including developing countries as well as those already developed. RPTs may take place on an ad hoc basis, or routinely. Routine RPTs are commonly found in a corporate group structure and pose tougher regulatory challenges than ad hoc...

If board voting membership for stakeholders is inefficient and thus likely to be unfeasible, as Transaction Cost Economics (TCE) posits, How can Ben & Jerry's (B&J's) be accounted for? This question, overlooked by TCE scholars and stakeholder advocates alike, is answered in this paper....

Overtime, corporate social responsibility has morphed from being perceived as an irrelevant concept outside corporate governance, to being recognized as a core organizational objective. In the contemporary business world, managers employ the concept as a strategic tool for compliance with...

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...

This paper outlines the ethical case put forward by Catholic Social Thought (“CST”) for giving employees a role in corporate governance and some type of ownership interest in the corporations that they work for. It explains the ethical significance of the corporation and corporate...