Can Employee Share-Ownership Improve Employee Attitudes and Behaviour?

Purpose: To examine the outcomes of a substantial broad-based employee share-ownership scheme for employee attitudes and behaviour in a privatised firm. Methodology: Results are based on a survey of 711 employees in Eircom, an Irish telecommunications firm, which is 35 percent employee-owned. Findings: The ESOP has created sizable financial returns and has had extensive influence in firm governance at the strategic level. However, findings show only a limited impact on employee attitudes and behaviour. This is attributed to a failure in creating a sense of employee participation and line of sight between employee performance and reward. Originality: Little research has examined the impact of a large employee shareholding on attitudes and behaviour within a public-quoted firm. The substantial and unparalleled size of the Eircom ESOP presented a unique opportunity to conduct such a study. Policy implications: The aim of employee share-ownership often includes aligning employee objectives with those of other shareholders, and thus improving labour performance. The findings in this study highlight a need to provide employees with a sense of ownership and control. Findings also question the assumption that where employees have a substantial shareholding, they will focus on securing the long-term prospects of the firm

Information and voting power in the proxy process

We document shareholder support for wealth-decreasing changes in corporate governance in the form of antitakeover charter amendments. the enactment of these amendments is shown to be related to ownership structure. This gives rise to a sample selection bias that contaminates traditional event-study results and explains the discrepancy between our findings and those reported in previous studies. We also provide evidence that strategic behavior by managers plays a role in the adoption of these amendments.Stockholders ; Consolidation and merger of corporations

Growing a Green Economy for All: From Green Jobs to Green Ownership

This Democracy Collaborative report provides the first comprehensive survey of community wealth building institutions in the green economy. Featuring ten cases, the report identifies how policy and philanthropy can build on these examples to create "green jobs you can own.

Democratic Enterprise : Ethical Business for the 21st Century

Published with the support of the Scottish Government and the Economic and Social Research CouncilPublisher PD

Stuck in Unfriendly Skies: How the Seventh Circuit’s Decision in \u3cem\u3eSummers v. State Street Bank & Trust Company\u3c/em\u3e Left United Airlines Employees with Nothing but Hot Air

In Summers v. State Street Bank & Trust Company, the United States Court of Appeals for the Seventh Circuit was asked whether State Street Bank & Trust Company, a directed trustee of United Airlines’ employee stock ownership plan, acted imprudently by failing to cause the plan to sell its United stock after the company suffered massive financial losses in the aftermath of the September 11, 2001 terrorist attacks. Ultimately, the court found that although State Street, as a directed trustee, was bound by certain fiduciary duties under ERISA, it did not act imprudently by continuing to follow the named fiduciary’s instruction to maintain the United stock, even as the stock’s value continued to plummet. This Comment discusses the Summers decision. Specifically, it focuses on how the decision, while in some ways consistent with ERISA, ultimately breaks away from both the underlying policies and language of ERISA. This Comment also analyses a United States Department of Labor Bulletin and how the Summers decision failed to utilize the standard that it offers

Overview of the Nordic Seas CARINA data and salinity measurements

Water column data of carbon and carbon relevant hydrographic and hydrochemical parameters from 188 previously non-publicly available cruises in the Arctic, Atlantic, and Southern Ocean have been retrieved and merged into a new database: CARINA (CARbon IN the Atlantic). The data have been subject to rigorous quality control (QC) in order to ensure highest possible quality and consistency. The data for most of the parameters included were examined in order to quantify systematic biases in the reported values, i.e. secondary quality control. Significant biases have been corrected for in the data products, i.e. the three merged files with measured, calculated and interpolated values for each of the three CARINA regions; the Arctic Mediterranean Seas (AMS), the Atlantic (ATL) and the Southern Ocean (SO). With the adjustments the CARINA database is consistent both internally as well as with GLODAP (Key et al., 2004) and is suitable for accurate assessments of, for example, oceanic carbon inventories and uptake rates and for model validation. The Arctic Mediterranean Seas include the Arctic Ocean and the Nordic Seas, and the quality control was carried out separately in these two areas. This contribution provides an overview of the CARINA data from the Nordic Seas and summarises the findings of the QC of the salinity data. One cruise had salinity data that were of questionable quality, and these have been removed from the data product. An evaluation of the consistency of the quality controlled salinity data suggests that they are consistent to at least ±0.005

Checklists and illustrative financial statements for life insurance companies : a financial accounting and reporting practice aid, December 1994 edition

https://egrove.olemiss.edu/aicpa_indev/1880/thumbnail.jp

A Comparative Study of Takeover Defences in UK, US and Chinese Law

This thesis explores the issues regarding which regime style would be appropriate for China to adopt in the regulation of takeover defences, given that there are two distinct takeover regulatory systems in the world – that of the UK, and that of the US. China has already adopted a UK-style shareholder-friendly regulatory system. This thesis considers the reasons why China has chosen a shareholder-friendly takeover regulatory system rather than a US-style director-friendly regulatory system. In addition, combining analysis of the character of China’s market and its legal framework, it discusses whether the current regulatory system is appropriate for China or not. Furthermore, it considers specific features of individual takeover defensive tactics and the possibility of their use being legitimised in China. This thesis is relevant because of the likelihood of the freeing up of the Chinese takeover market in the future; as this happens, there will be more and more takeover activity, taking place in China’s market. Thus it is important to provide adequate legislation for market players. Though China adopted the UK’s shareholder regulatory system many years ago, when it first regulated its takeover market, the shareholding structure in China is totally different to the UK’s, and so it is important to discuss whether this regulatory system is still relevant for China or whether there should be a change to a regulatory system more like that of the US. As China issued the Administrative Measures of Preferred Shares Experimental Units in 2014, and the new leadership in China has continued China’s economic reform over recent years, it i could be said that China’s listed companies have become more attractive to investors and there could be more hostile raiders entering the market. Hence there is a need to consider whether China’s delegation of decision-making powers to the shareholders regarding defence against hostile raiders is appropriate. It is also important to establish which takeover defence measures might appropriately be legalised and which would be inappropriate for China. Chapter 1 introduces background information about the trend of mergers and acquisitions and hostile takeovers, China’s state-owned enterprises and briefly consider takeover defensive measures. Following this, it discusses shareholding structures, and problems in China’s market in comparison with the UK and US. Chapter 2 outlines both the UK’s and US’s distinctive takeover regulatory systems and evaluates their pros and cons, as well as the reasons why certain regulatory systems are suitable for each market. Chapter 3 explores the differences between China’s ownership structure, market, and legal framework, and those of the UK and US. It also summarises the weaknesses of the Chinese system(s) in seeking to transplant a western-style set of takeover regulations into China’s market. Primarily, these are that (a) China does not provide sufficient legislation relating to takeover defence measures and (b) Chinese market players and legal advisors do not have adequate experience of takeover defence measures. ii Chapter 4 discusses takeover defence measures related to stock trading – share repurchase, the ‘pac-man’ defence, the use of white knights and ESOP. The chapter concludes that the first two tactics may be too risky for target companies such that their adoption should be prohibited in China while the latter two tactics may be helpful and could be widely used by China’s listed companies. Chapter 5 considers takeover defence measures related to management, such as poison pills, shark repellents, the scorched earth policy, dual class recapitalization and three kinds of parachutes. Except for the scorched earth policy, which could be harmful to the long-term interests of target companies, the other tactics may work well in China’s market and help Chinese companies secure controlling power or raise the share premium. Chapter 6 looks into defensive measures relating to litigation, raising anti-trust issues with relevant authorities, inadequate information provision by bidders and other crimes. It summarizes how measures relating to litigation could help delay the hostile takeover process, but could also terminate it, even if the target company is only seeking a greater share premium. This process could also involve government intervention, and its effectiveness cannot be guaranteed. Even if this group of measures are the most frequently used tactics by target companies, this thesis does not recommend it over other options. Chapter 7 analyses and compares the legislative systems of the US and UK and concludes that the UK’s system is better for contemporary China. However, there is iii still the potential for China to legalise certain takeover defensive measures in the future as China’s market is continually being reformed. Chapter 8 concludes the thesis in proposing that China is justified in adopting the UK’s shareholder-friendly regulatory system. This is partly based on consideration of promoting takeover activities, and the existence of China’s SOEs, which may be reasons to prohibit certain defensive measures in China’s market. As the reform of China’s market continues, moderate defensive tactics like the white knight, parachute system and poison pill could work well. However, the decision-making power should remain in the hands of shareholders and the government should provide sufficient supervision over the market whilst following the principle of protecting shareholders’ interests. The importance of the thesis, and its contribution to existing knowledge, is the research for it has found that most other researchers are focused on the mandatory bid rule – adopted from the UK – in China, but that hardly any systematic research is being undertaken into defensive measures. Thus, this thesis fills a gap in the current literature on the takeover regulations area for China. It also discusses most of the major takeover defensive tactics, analysing in which markets certain defensive tactics work, and whether they would be appropriate for China. Newly-released regulations show the intention of Chinese legislators to turn to a more US style – which will make certain takeover defence measures possible in China, such as the poison pill; whether these are suitable for the Chinese market is debatable. In addition, it is found that iv Chinese companies, especially high-tech companies, quite frequently use several defensive measures when they list on the US market, and the function of these tactics in securing control over the target company can be seen. Thus, research into how to regulate those defensive measures and what problems might arise with their use in China is important for regulators, and will make this thesis meaningful in China

AICPA Technical Practice Aids, as of June 1, 1996

https://egrove.olemiss.edu/aicpa_guides/2333/thumbnail.jp