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- All HBS Web
(2,173)
- People (3)
- News (201)
- Research (1,780)
- Events (7)
- Multimedia (11)
- Faculty Publications (1,443)
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- 28 May 2007
- Research & Ideas
How Property Ownership Changes Your World View
What happens when a person owns property? Aside from the well-established financial benefits of equity and potential access to credit, there is the equally strong pull of the American Dream and everything it suggests—the idea that through hard work and determination,... View Details
Keywords: by Julia Hanna
- Research Summary
Talent and Ownership on Corporate Boards
This research, with co-author Emilie Feldman, examines the performance of firms whose boards include directors with sizeable ownership stakes and relatively low levels of business experience. In contrast to theories that predict a strong... View Details
- 2024
- Chapter
Broadening Ownership for a Responsible Digital Revolution
By: Nien-hê Hsieh
The chapter explores how broadening ownership of business enterprises provides a response to three concerns raised by the digital revolution. The first is the potential for widespread job displacement and unemployment due to automation. The second relates to the harms... View Details
Keywords: Digital; Industrial Policy; Work; Ownership; Technology Adoption; Job Cuts and Outsourcing
Hsieh, Nien-hê. "Broadening Ownership for a Responsible Digital Revolution." In Sustainable by Design—Industrial Policy for Long-Term Competitiveness in the EU, by Marija Bartl, Rutger Claassen, and Nena van der Horst, 30–33. Amsterdam, Netherlands: European Research Council, 2024. (White Paper.)
- August 2024
- Technical Note
Is Concentrated Ownership Good?
By: Christina R. Wing, Everett Alexander and Justin Huang
This note provides an overview of factors to consider when valuing a closely held, private business. View Details
Wing, Christina R., Everett Alexander, and Justin Huang. "Is Concentrated Ownership Good?" Harvard Business School Technical Note 625-033, August 2024.
- 09 Jun 2010
- Working Paper Summaries
Agency Costs, Mispricing, and Ownership Structure
- Article
Agency Costs, Mispricing, and Ownership Structure
By: Sergey Chernenko, C. Fritz Foley and Robin Greenwood
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with outside investors. We argue that if equity is... View Details
Keywords: Business and Shareholder Relations; Ownership; Conflict of Interests; Investment; Valuation
Chernenko, Sergey, C. Fritz Foley, and Robin Greenwood. "Agency Costs, Mispricing, and Ownership Structure." Financial Management 41, no. 4 (Winter 2012): 885–914.
- April 2012
- Article
Corporate Ownership Structure and Bank Loan Syndicate Structure
By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan
Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan... View Details
Keywords: Ownership; Financing and Loans; Cash Flow; Borrowing and Debt; Accounting; Crisis Management; Relationships; Law; Contracts; Banking Industry
Lin, Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan. "Corporate Ownership Structure and Bank Loan Syndicate Structure." Journal of Financial Economics 104, no. 1 (April 2012): 1–22. (Lead Article.)
- January 15, 2019
- Article
Is Your Company's Strategy Aligned with Your Ownership Model?
By: Josh Baron
The legacy of Vanguard founder John Bogle has brought attention to the transformative influence of ownership structures within the business world. Bogle's revolutionary insight into the limitations of active fund management led to the widespread adoption of index... View Details
Keywords: Ownership Type; Business Strategy; Organizational Structure; Strength and Weakness; Competitive Advantage
Baron, Josh. "Is Your Company's Strategy Aligned with Your Ownership Model?" Harvard Business Review (website) (January 15, 2019).
- 25 Sep 2019
- Working Paper Summaries
Corporate Purpose and Firm Ownership
- May 2002 (Revised October 2002)
- Background Note
Incentive Strategy II: Executive Compensation and Ownership Structure
By: Brian J. Hall
This case analyzes incentive strategy from the perspective of a company's board of directors and owners. The focus is the role that executive compensation and ownership structure (the composition of, and financial structure between, a company's owners) play in... View Details
Keywords: Governing and Advisory Boards; Executive Compensation; Ownership; Behavior; Motivation and Incentives; Perspective; Strategy; Value Creation
Hall, Brian J. "Incentive Strategy II: Executive Compensation and Ownership Structure." Harvard Business School Background Note 902-134, May 2002. (Revised October 2002.)
- 1994
- Chapter
Separation of Ownership and Control
By: Michael C. Jensen and Eugene F. Fama
Jensen, Michael C., and Eugene F. Fama. "Separation of Ownership and Control." In Management of Non-profit Organizations, edited by S. M. Oster. Dartmouth Publishing, 1994. (Also published in Journal of Law and Economics, Vol. 26, No. 2 (June, 1983) and Michael C. Jensen, Foundations of Organizational Strategy, (Harvard University Press, 1998).)
- April 2011
- Article
Ownership Structure and the Cost of Corporate Borrowing
By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan
This article identifies an important channel through which excess control rights affect firm value. Using a new, hand-collected data set on corporate ownership and control of 3,468 firms in 22 countries during the 1996-2008 period, we find that the cost of debt... View Details
Keywords: Borrowing and Debt; Cash Flow; Cost; Financing and Loans; Governance Controls; Ownership Stake; Business and Shareholder Relations
Lin, Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan. "Ownership Structure and the Cost of Corporate Borrowing." Journal of Financial Economics 100, no. 1 (April 2011): 1–23. (Lead Article. First Place Winner of the 2011 Jensen Prize for the Best Paper in the Areas of Corporate Finance and Organizations published in the Journal of Financial Economics.)
- 2022
- Article
The Pricing and Ownership of U.S. Green Bonds
By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details
Keywords: Green Bond; Pricing; Climate Finance; ESG; SRI; Sustainable; Municipal; Bonds; Environmental Sustainability; Financial Markets; Price; Ownership; United States
Baker, Malcolm, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler. "The Pricing and Ownership of U.S. Green Bonds." Annual Review of Financial Economics 14 (2022): 415–437.
- February 21, 2025
- Article
How a Company’s Ownership Model Shapes the Mistakes It Makes
By: Josh Baron
Why do some companies continue to thrive for decades and others die after an initial run of success? Like many kinds of accidents, company failure is generally the consequence of cascading effects that combine to overwhelm a previously effective strategy. But the... View Details
Baron, Josh. "How a Company’s Ownership Model Shapes the Mistakes It Makes." Harvard Business Review Digital Articles (February 21, 2025).
- 1994
- Chapter
Ownership and Commitment in Development Projects
By: G. Forward, T. Eager and S. C. Wheelwright
Forward, G., T. Eager, and S. C. Wheelwright. "Ownership and Commitment in Development Projects." In The Perpetual Enterprise Machine: Seven Keys to Corporate Renewal through Successful Product and Process Development, edited by H. K. Bowen, K. B. Clark, C. H. Holloway, and S. C. Wheelwright. New York: Oxford University Press, 1994.
- March 2025
- Case
Taylor Guitars: Making Employee Ownership Work the Taylor Way
By: Dennis Campbell, Petros Kusmu and Stacy Straaberg
In 2013, guitar manufacturer Taylor Guitars’ co-founders Bob Taylor and Kurt Listug were considering several exit options including selling to a competitor or to a private equity firm. The co-founders decided, instead, to embark on a seven-year process to transfer 100%... View Details
Keywords: Business Exit or Shutdown; Communication Strategy; Announcements; Decisions; Music Entertainment; Values and Beliefs; Borrowing and Debt; Geographic Location; Global Range; Governance; Employee Stock Ownership Plan; Management Style; Organizational Culture; Organizational Structure; Private Ownership; Business Strategy; Management Succession; Transition; Employee Ownership; Performance; Manufacturing Industry; Entertainment and Recreation Industry; United States; California; San Diego; Mexico; Netherlands
Campbell, Dennis, Petros Kusmu, and Stacy Straaberg. "Taylor Guitars: Making Employee Ownership Work the Taylor Way." Harvard Business School Case 125-054, March 2025.
- 2019
- Working Paper
Does Public Ownership and Accountability Increase Diversity? Evidence from IPOs
By: Rembrand Koning and John-Paul Ferguson
Does public ownership improve employment diversity? Organizational researchers theorize that increased transparency to regulators and the public should lead firms to conform to legal and social norms—but that social closure and decoupling should preserve the status... View Details
Keywords: IPO; Initial Public Offering; Employees; Diversity; Gender; Race; Entrepreneurship; United States
Koning, Rembrand, and John-Paul Ferguson. "Does Public Ownership and Accountability Increase Diversity? Evidence from IPOs." Harvard Business School Working Paper, No. 19-071, January 2019.
- February 2024
- Teaching Note
JTC: Stronger Together with Shared Ownership
By: Ethan Bernstein and Cara Mazzucco
Teaching Note for HBS Case No. 420-008. View Details
- October 2004 (Revised July 2006)
- Background Note
Ownership Structure in Professional Service Firms: Partnership versus Public Corporation
By: Ashish Nanda
This case reviews the relative merits of partnership and public ownership structures in professional services firms. It also evaluates the various rationales for converting partnership professional services firms to publicly owned firms. Finally, the case highlights... View Details
Keywords: Private Ownership; Transition; Partners and Partnerships; Public Ownership; Service Industry
Nanda, Ashish, and Lauren Prusiner. "Ownership Structure in Professional Service Firms: Partnership versus Public Corporation." Harvard Business School Background Note 905-038, October 2004. (Revised July 2006.)
- Article
The Influence of Ownership on Accounting Information Expenditures
This paper analyzes the association between ownership, top management incentives, and expenditures on accounting information. We argue that organizations with privately appointed boards of directors such as for-profit and non-governmental nonprofit organizations use... View Details
Keywords: Governance; Motivation and Incentives; Accounting; Health Care and Treatment; Ownership; Health Industry
Eldenburg, Leslie, and Ranjani Krishnan. "The Influence of Ownership on Accounting Information Expenditures." Contemporary Accounting Research 25, no. 3 (Fall 2008).