‘Academic Freedom and World Class Universities: A virtuous circle?

Using empirical data from over 1500 respondents (drawn from across the UK) to a survey on academic freedom, and the Times Higher’s World University Rankings, this paper is a comparative assessment of the relationship between professed levels of defacto protection for academic freedom by teaching and research staff in individual UK universities, and their institution’s excellence, as evinced by world university rankings. The study reveals that normative protection for academic freedom is strongest in Russell Group universities and weakest in post-1992 institutions. Additionally, the professed level of protection for academic freedom reported by respondents to the survey is shown to have a positive relationship with the World Rankings’ positions of their institutions. Furthermore, the study considers whether academic freedom may be a prerequisite for, or defining characteristic of, a world-class university. Finally, the paper assesses the possible policy implications of this research for universities and their leaders, and higher educational policy makers, within the UK and beyond, seeking to improve the Times Higher’s World Ranking positions of their institutions

Debunking the myth of shareholder ownership of companies: Some implications for corporate governance and financial reporting

The shareholder primacy model is dominant in Anglo-Saxon corporate governance and financial reporting even though it is considered to be dysfunctional and a source of crisis. The possibilities of reforms are routinely stymied with the claims that shareholders are the owners of large corporations and management should promote their interests. This paper seeks to debunk such claims. It shows that a corporation is a distinct legal person and cannot be owned by its shareholders. It argues that shareholders in contemporary corporations are owners of ?fictitious? capital which is very distinct from ?real? capital. The systemic pressures require the holders of fictitious capital to constantly buy/sell shares in pursuit of short-term gains. The paper further shows that in a globalised economy, the shareholding duration in major UK companies has shrunk and shareholders are more dispersed than ever before. They are not in any position to control or direct corporations for the benefit of other stakeholders and society generally. The paper calls for abandonment of the shareholder model of governance and calls for empowerment of stakeholders with a long-term interest in the wellbeing of corporations