- 日本経済新聞電子版「米経済界『株主第一主義』見直し—従業員配慮を宣言」（2019年8月20日）
- Business Roundtable, Statement on the Purpose of a Corporation (Aug. 2019)
「theory of the firm」タグアーカイブ
Zohar Goshen & Richard Squire, Principal Costs: A New Theory for Corporate Law and Governance, 117 Colum. L. Rev. 767 (2017)
- Zohar Goshen & Richard Squire, Principal Costs: A New Theory for Corporate Law and Governance, 117 Colum. L. Rev. 767 (2017)
William W. Bratton, The Separation of Corporate Law and Social Welfare (2017)
- William W. Bratton, The Separation of Corporate Law and Social Welfare (2017)
It is often said today that, as a matter of economics, shareholder value enhancement proxies as social welfare enhancement. But my essay shows the association to be false. It is also said that shareholding has been democratized, aligning the shareholder interest with that of society as a whole. But this proposition also is false. Although more people have interests in shares, the shareholder interest retains substantially the same upper bracket profile that characterized it at the end of World War II.
Corporate law, thus separated from social welfare, today provides a framework well-suited to attainment of shareholder objectives, which in fact have been realized for the most part. If the practice continues to evolve in this mode, the field of corporate law can be expected to fall away from public policy margin and evolve as a narrow private law domain.
エクイティは枕で負債は剣
昔，David L. Yermack先生の授業で出てきた時に印象に残ったにもかかわらず，文献名を知らなかったのですが，思い出して調べて見たところ，15分ほどで見つかりました。
- Stewart, G. Bennett, III, and David M. Glassman, 1988, The motives and methods of corporate restructuring, part II, Journal of Applied Corporate Finance 1, 79-88
Equity is soft, debt hard. Equity is forgiving, debt insistent. Equity is a pillow, debt a sword. Equity and debt are the yin and yang of corporate finance. Equity lulls management to sleep, forgiving their sins more readily than a death-bed priest. A surplus of stock muffles the alarms that should be heard when earnings decline. Forgive and forget is equity’s creed. Debt’s edge jabs management awake, demanding attention. A staggering debt load is a credible threat, compelling necessary changes and exceptional performance.
Damodaran先生は，pillowではなく，cushionを使っているようです1 。どちらの方が良いのでしょうか2 。
Lynn Stout, Corporate Governance—What Do Shareholders Really Value?
株主中心主義に対するStout教授の講演です。
”Stakeholders vs. Shareholders”: Haas Faculty Debate ”Whom Exactly Should Business Serve?”
利害関係者対株主という問題に関するBerkeleyのBusiness Schoolでの議論です。ビジネス・スクールでの議論ですが参考にはなります。
via University of California Berkeley, Haas School of Business