scholarly journals How America’s Corporations Lost their Public Purpose, and How it Might be (Partially) Restored

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
David Ciepley
Keyword(s):  
Corporate Control ◽  
Historical Process ◽  
Business Corporation ◽  
Public Benefits ◽  
Public Purpose ◽  
Present Essay ◽  
The U.S

AbstractIn honor of Lynn Stout’s efforts to better suit the business corporation for the pursuit of long-term, publicly-beneficial purposes, the present essay reviews critically the historical process by which the corporation’s tie to public purposes—a precondition of the earliest grants of corporate powers to business enterprisers—was slowly severed. And it explores a form of corporate control, once widespread in the U.S. and easily revivable, that could partially restore corporate emphasis on public benefits—the foundation-controlled corporation.

Innovative Enterprise Solves the Agency Problem

2019 ◽  
pp. 156-191
Author(s):  
William Lazonick ◽  
Jang-Sup Shin
Keyword(s):  
Agency Theory ◽  
Hedge Fund ◽  
Innovation Theory ◽  
Long Term Effects ◽  
Business Corporation ◽  
Innovative Enterprise ◽  
And Performance ◽  
Short Termism ◽  
The U.S

This chapter uses innovation theory to provide both a general theoretical critique and a selective empirical critique of the use of agency theory to rationalize the looting of the U.S. business corporation as enhancing economic efficiency. It focuses on three empirical works, Bebchuk and Fried, Pay Without Performance (2004); Bebchuk, Brav, and Jiang, “The Long-Term Effects of Hedge-Fund Activism” (2015); and Fried and Wang, “Short-Termism and Capital Flows” (2017). The chapter contends that MSV ideology as promulgated by agency theorists has contributed to inferior corporate and economic performance. It then argues that, for analyzing the operation and performance of the economy, innovation theory should replace agency theory.

National coastal management challenges and needs

Shore & Beach ◽  
2020 ◽  
pp. 34-43
Author(s):  
Nicole Elko ◽  
Tiffany Roberts Briggs
Keyword(s):  
Coastal Management ◽  
Harmful Algal Blooms ◽  
Algal Blooms ◽  
Local Community ◽  
Extreme Event ◽  
Technical Information ◽  
Interdisciplinary Approach ◽  
Beach Erosion ◽  
The U.S

In partnership with the U.S. Geological Survey Coastal and Marine Hazards and Resources Program (USGS CMHRP) and the U.S. Coastal Research Program (USCRP), the American Shore and Beach Preservation Association (ASBPA) has identified coastal stakeholders’ top coastal management challenges. Informed by two annual surveys, a multiple-choice online poll was conducted in 2019 to evaluate stakeholders’ most pressing problems and needs, including those they felt most ill-equipped to deal with in their day-to-day duties and which tools they most need to address these challenges. The survey also explored where users find technical information and what is missing. From these results, USGS CMHRP, USCRP, ASBPA, and other partners aim to identify research needs that will inform appropriate investments in useful science, tools, and resources to address today’s most pressing coastal challenges. The 15-question survey yielded 134 complete responses with an 80% completion rate from coastal stakeholders such as local community representatives and their industry consultants, state and federal agency representatives, and academics. Respondents from the East, Gulf, West, and Great Lakes coasts, as well as Alaska and Hawaii, were represented. Overall, the prioritized coastal management challenges identified by the survey were: Deteriorating ecosystems leading to reduced (environmental, recreational, economic, storm buffer) functionality, Increasing storminess due to climate change (i.e. more frequent and intense impacts), Coastal flooding, both Sea level rise and associated flooding (e.g. nuisance flooding, king tides), and Combined effects of rainfall and surge on urban flooding (i.e. episodic, short-term), Chronic beach erosion (i.e. high/increasing long-term erosion rates), and Coastal water quality, including harmful algal blooms (e.g. red tide, sargassum). A careful, systematic, and interdisciplinary approach should direct efforts to identify specific research needed to tackle these challenges. A notable shift in priorities from erosion to water-related challenges was recorded from respondents with organizations initially formed for beachfront management. In addition, affiliation-specific and regional responses varied, such as Floridians concern more with harmful algal blooms than any other human and ecosystem health related challenge. The most common need for additional coastal management tools and strategies related to adaptive coastal management to maintain community resilience and continuous storm barriers (dunes, structures), as the top long-term and extreme event needs, respectively. In response to questions about missing information that agencies can provide, respondents frequently mentioned up-to-date data on coastal systems and solutions to challenges as more important than additional tools.

THE INFLUENCE OF SCOTTISH ACCOUNTANTS IN THE UNITED STATES: THE EARLY CASE OF THE SOCIETY OF ACCOUNTANTS IN EDINBURGH

1997 ◽  
Vol 24 (1) ◽  
pp. 117-141 ◽  
Author(s):  
T. A. LEE
Keyword(s):  
United States ◽  
General Theory ◽  
Research Program ◽  
The United States ◽  
The World ◽  
Early Case ◽  
The Impact ◽  
Chartered Accountants ◽  
The U.S

This study represents part of a long-term research program to investigate the influence of U.K. accountants on the development of professional accountancy in other parts of the world. It examines the impact of a small group of Scottish chartered accountants who emigrated to the U.S. in the late 1800s and early 1900s. Set against a general theory of emigration, the study's main results reveal the significant involvement of this group in the founding and development of U.S. accountancy. The influence is predominantly with respect to public accountancy and its main institutional organizations. Several of the individuals achieved considerable eminence in U.S. public accountancy.

Mindtree: Tryst with the Corporate Control Market

2021 ◽  
pp. 227797792199190
Author(s):  
P. Bala Bhaskaran
Keyword(s):  
Capital Market ◽  
Corporate Control ◽  
Theory And Practice ◽  
Effective Control ◽  
Small Fish ◽  
Market Theory ◽  
Strategic Fit ◽  
Sequence Of Events ◽  
The Capital Market

The case is structured around the takeover of Mindtree Ltd (ML) by Larsen & Toubro Ltd (L&T) in June 2019. ML was founded and nurtured by a group of software professionals. In two decades, it had blossomed into an enterprise with global presence, US$ 1 billion turnover and a unique organizational culture. In a strange sequence of events, more than 20% of ML’s shares landed in L&T’s lap. L&T grabbed this opportunity and ran a systematic campaign to acquire the company. In about 100 days, L&T achieved its objective and got into the driver’s seat. The case traces the evolution of ML from a start-up to a publicly held company with global standing. It examines the circumstances and events leading to L&T getting the initial stake in the company; it examines the acquisition campaign of L&T and the response of the top management of ML. Research Questions Was there a strategic fit between ML and L&T? Were the capital market processes just and fair to all the stakeholders involved in the acquisition? Was L&T fair, prudent and sensitive in the acquisition process? Was Siddhartha loyal and fair to the founders of ML? Link to Theory The theoretical concepts that would enable a better comprehension of the case are: Analysis of strategic fit in M&A situations Capital market: Theory and practice Strategy for corporate control of an enterprise Significance of culture and ecosystem in knowledge organizations Phenomenon Studied Leadership styles relevant at different stages of evolution of an enterprise are different. A leader, at a given point of time, is successful when he is able to match his aspirations with the leadership needs of the enterprise at that point of time. The case can be used to demonstrate this phenomenon. Case Context Context of the case is that of an emerging infotech enterprise, coming under corporate raid and the unfolding capital market processes. The case highlights the shortcomings of the co-founders, leading to their unseating as also the sensitivity of the incoming management in handling the transition. Findings The case demonstrates the ability of the capital market to be fair to all stakeholders ensuring reward for competence and punishment for sloppiness. The case emphasizes the need for co-founders to have an effective strategy for corporate control; only then they could hope to achieve the long-term objectives. The case also illustrates the significance of sensitivity in handling softer issues like people and ecosystem in ensuring long-term success. Discussions At the outset, the case may appear to be that of a big fish swallowing a small fish. But a closer scrutiny would reveal the multiple dimensions of the case. Consider the role of Siddhartha. He seeded the idea of the company; he was a financier to it; he remained an investor in the company longer than most of the founders; when he pulled out, the co-founders could not hold the company together. Neither Siddhartha nor the co-founders had the far-sightedness to consolidate their shareholdings for effective control of the company into the future. This would trigger discussions on the differing roles of technocrats, managers, leaders and founders. Another point worthy of discussion would be: How were the co-founders choosing their leaders? Was it by rotation among themselves, or did they engage a set of criteria to identify an incumbent capable of leading a global company?

scholarly journals Connectivity: insights from the U.S. Long Term Ecological Research Network

Ecosphere ◽  
2021 ◽  
Vol 12 (5) ◽  
Author(s):  
David M. Iwaniec ◽  
Michael Gooseff ◽  
Katharine N. Suding ◽  
David Samuel Johnson ◽  
Daniel C. Reed ◽  
...  
Keyword(s):  
Research Network ◽  
Ecological Research ◽  
Long Term Ecological Research ◽  
The U.S

scholarly journals A Holistic Framework for Evaluating Adaptation Approaches to Coastal Hazards and Sea Level Rise: A Case Study from Imperial Beach, California

Water ◽  
2021 ◽  
Vol 13 (9) ◽  
pp. 1324
Author(s):  
David Revell ◽  
Phil King ◽  
Jeff Giliam ◽  
Juliano Calil ◽  
Sarah Jenkins ◽  
...  
Keyword(s):  
Sea Level Rise ◽  
Sea Level ◽  
Public Trust ◽  
Adaptation Strategy ◽  
Public Benefits ◽  
Study Results ◽  
Local Risk ◽  
Over Time

Sea level rise increases community risks from erosion, wave flooding, and tides. Current management typically protects existing development and infrastructure with coastal armoring. These practices ignore long-term impacts to public trust coastal recreation and natural ecosystems. This adaptation framework models physical responses to the public beach and private upland for each adaptation strategy over time, linking physical changes in widths to damages, economic costs, and benefits from beach recreation and nature using low-lying Imperial Beach, California, as a case study. Available coastal hazard models identified community vulnerabilities, and local risk communication engagement prioritized five adaptation approaches—armoring, nourishment, living shorelines, groins, and managed retreat. This framework innovates using replacement cost as a proxy for ecosystem services normally not valued and examines a managed retreat policy approach using a public buyout and rent-back option. Specific methods and economic values used in the analysis need more research and innovation, but the framework provides a scalable methodology to guide coastal adaptation planning everywhere. Case study results suggest that coastal armoring provides the least public benefits over time. Living shoreline approaches show greater public benefits, while managed retreat, implemented sooner, provides the best long-term adaptation strategy to protect community identity and public trust resources.

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