scholarly journals Long term changes in voting power and control structure following the unification of dual class shares

2011 ◽  
Vol 17 (2) ◽  
pp. 215-228 ◽  
Author(s):  
Beni Lauterbach ◽  
Yishay Yafeh
Keyword(s):  
Control Structure ◽  
Voting Power ◽  
Power And Control ◽  
Long Term Changes ◽  
Dual Class Shares ◽  
Dual Class ◽  
And Control

Dual-Class Firms and Innovation after NAFTA

2020 ◽  
Vol 23 (01) ◽  
pp. 2050007
Author(s):  
Lei Gao ◽  
Andrey Zagorchev
Keyword(s):  
Trade Agreement ◽  
Operating Efficiency ◽  
Firm Innovation ◽  
Exogenous Shock ◽  
Managerial Entrenchment ◽  
Innovation Activities ◽  
Dual Class Shares ◽  
Dual Class ◽  
Improve Operating

We examine the effect of dual-class shares on U.S. firm innovation after the exogenous shock of the 1994 North American Free Trade Agreement (NAFTA), which intensified international competition. Using difference-in-differences models, we find that dual-class structure firms become less innovative but improve operating efficiency following NAFTA. We show that dual-class firms in many manufacturing industries reduce innovation, but marginally increase capital expenditures after the agreement, and thus substitute risky innovation with safer, long-term investments. The findings indicate that firms with dual-class structures facing lower competition decrease their stock market related innovation activities. We find that dual-class firms with entrenched managers decrease innovation and improve operating efficiency following NAFTA. Based on the robust results, agency costs and managerial entrenchment could explain these changes in innovations, efficiency, and investments.

Dual-Class Shares and Audit Pricing: Evidence from the Canadian Markets

2008 ◽  
Vol 27 (2) ◽  
pp. 199-216 ◽  
Author(s):  
Samer Khalil ◽  
Michel L. Magnan ◽  
Jeffrey R. Cohen
Keyword(s):  
Cash Flow ◽  
Positive Association ◽  
Audit Fees ◽  
Control Rights ◽  
Audit Pricing ◽  
Audit Risk ◽  
Dual Class Shares ◽  
Cash Flow Rights ◽  
Dual Class ◽  
And Control

SUMMARY: This paper investigates whether audit fees vary with the wedge between cash flow rights and control rights arising from the presence of dual-class share structures. Dual-class shares exist in firms having two or more classes of shares with disproportionate voting rights. They affect audit fees through their effect on the supply for audit services. External auditors conduct wider (narrower) scope audits depending on whether dual-class shares increase (decrease) audit risk and/or auditor business risk. Wider (narrower) scope audits are more (less) costly for the auditors and for their clients. This paper documents a positive association between audit fees and the wedge between cash flow rights and control rights in a sample of Canadian firms during 2004. It extends current research by investigating whether dominant shareholdings affect audit pricing, and by examining audit pricing in Canada over a time period that witnessed significant changes in corporate governance.

Third World vulnerabilities and global negotiations

1983 ◽  
Vol 9 (4) ◽  
pp. 235-249 ◽  
Author(s):  
Stephen D. Krasner
Keyword(s):  
United States ◽  
Third World ◽  
Well Being ◽  
The United States ◽  
The North ◽  
Power And Control ◽  
The Common ◽  
Long Term Prognosis ◽  
And Control

What do Third World countries want? More wealth. How can they get it? By adopting more economically rational policies. What should the North do? Facilitate these policies. How should the North approach global negotiations? With cautious optimism. What is the long term prognosis for North–South relations? Hopeful, at least if economic development occurs. This is the common wisdom about relations between industrialized and developing areas in the United States and much of the rest of the North, Within this fold there are intense debates among adherents of conventional liberal, reformist liberal, and interdependence viewpoints. But the emphasis on economics at the expense of politics, on material well-being as opposed to power and control, pervades all of these orientations.

scholarly journals Corporate governance and implications for minority shareholders in Turkey

2003 ◽  
Vol 1 (1) ◽  
pp. 72-86 ◽  
Author(s):  
B. Burcin Yurtoglu
Keyword(s):  
Minority Shareholders ◽  
Holding Companies ◽  
Control Structures ◽  
Listed Firms ◽  
Financial Firms ◽  
Using Data ◽  
Dual Class Shares ◽  
Cash Flow Rights ◽  
Dual Class ◽  
And Control

This paper reports on the ownership and control structures of publicly listed firms in Turkey using data from 2001. While holding companies and non-financial firms are the most frequent owners at the direct level, families ultimately own more than 80 percent of all publicly listed firms in Turkey. Pyramids and dual class shares are common devices that families use to separate their cash-flow rights from control rights. We also show that such deviations result in significantly lower market to book ratios suggesting large agency costs because of the conflict of interests between controlling families and minority shareholders

Conclusion and Epilogue

Before HIV ◽  
2013 ◽  
Author(s):  
Shane Doyle
Keyword(s):  
Twentieth Century ◽  
Intimate Relationship ◽  
Adolescent Sexuality ◽  
Perceptions Of Risk ◽  
Long Term Changes ◽  
Control Programmes ◽  
History Of ◽  
And Control

This chapter considers the role of long-term changes in patterns of fertility, mortality, and STDs in the emergence and control of HIV in this region. It emphasizes that in order to explain the rapidity with which HIV became a mass epidemic in a largely rural context, it is necessary to examine the long history of changes in marriage, adolescent sexuality, leisure, materialism, and perceptions of risk. Equally, the remarkable success of AIDS control programmes in both southern Uganda and Buhaya can only be understood through an analysis of the series of campaigns aimed at improving public morality beginning in the early twentieth century, which helped legitimize sex as a topic of serious debate. Finally, the chapter also examines in detail the intimate relationship between fertility and mortality in Africa.

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