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- 2021
- Working Paper
Governance Transparency and Firm Value: Evidence from Korean Chaebols
By: Akash Chattopadhyay, Sa-Pyung Sean Shin and Charles C.Y. Wang
We examine Korean business groups' transition from circular-shareholding structures to (relatively simple) pyramidal-shareholding structures between 2011 and 2018. When firms were removed from ownership loops, chaebol families' control or incentive conflicts in them... View Details
Keywords: Business Groups; Cross Shareholding; Circular Shareholding; Pyramidal Ownership; Governance Transparency; Ownership Transparency; Earnings Response Coefficient; Business Conglomerates; Corporate Governance; Valuation; Business Earnings
Chattopadhyay, Akash, Sa-Pyung Sean Shin, and Charles C.Y. Wang. "Governance Transparency and Firm Value: Evidence from Korean Chaebols." Harvard Business School Working Paper, No. 22-012, September 2021. (Revised November 2021.)
- 25 May 2010
- First Look
First Look: May 25
controlling shareholder to list equity. Higher valuations support listings associated with greater agency costs. We test the predictions that follow from this idea on a sample of publicly listed corporate subsidiaries in Japan. When there... View Details
Keywords: Martha Lagace
- 07 Jul 2019
- HBS Case
Walmart's Workforce of the Future
executives made it clear that Walmart was equally committed to the complex, costly effort required to train its human workers. “I want to be clear that we don’t believe technology is the answer to everything,” McMillon stated in a 2017 annual View Details
- 14 Jan 2019
- Op-Ed
These 4 CEOs Created a New Standard of Leadership
contribute to society in meaningful ways, not just profit from it. They believed that organization had to benefit all stakeholders: their customers, employees, shareholders, and communities and that this approach would result in sustained increases in revenues,... View Details
- 17 Jan 2012
- First Look
First Look: January 17
stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on bonds also predict returns on bond-like stocks; investor... View Details
Keywords: Sean Silverthorne
- 02 Oct 2006
- Research & Ideas
Negotiating in Three Dimensions
customer relationships, dealing with large shareholders and creditors, as well as initiating and managing cross-border strategic alliances. It is true inside the firm where people from different functional areas and divisions need to... View Details
Keywords: by Martha Lagace
- 11 Aug 2008
- Research & Ideas
Strategy Execution and the Balanced Scorecard
management processes, such as those to develop the strategy, translate the strategy, and orchestrate the senior management strategy review meetings. Many of these processes are new to the organization. Since they cross existing business... View Details
Keywords: by Martha Lagace
- 03 Jul 2018
- What Do You Think?
Should CEO Satya Nadella Cancel Microsoft’s Contract with ICE?
moral leadership, it needs to carefully examine and discuss issues that cross the line from legal to immoral. Microsoft needs to show its employees that it takes the issue of separation ( of families by ICE) seriously. How it does that... View Details
- 02 Sep 2008
- First Look
First Look: September 3, 2008
Building on previous theories of how social activists inspire field-level change, we hypothesize that shareholder actions and regulatory threats are likely to prime firms to cooperate with shareholder... View Details
Keywords: Sean Silverthorne
- 11 Jul 2012
- Research & Ideas
Book Excerpt: ’The Future of Boards’
done better in the last six months to a year," one director said. "What did we miss? I think it's always great to have time to reflect backward about what we learned about what we've just been through, or what we're going through, and how we could have served the View Details
Keywords: by Jay Lorsch
- 03 May 2016
- First Look
First Look, May 3, 2016
Past By: Kouchaki, M., and F. Gino Abstract—Despite our optimistic belief that we would behave honestly when facing the temptation to act unethically, we often cross ethical boundaries. This paper explores one possibility for why people... View Details
Keywords: Sean Silverthorne
- 01 Jul 2014
- First Look
First Look: July 1
members of society to meet their needs and wants. This account is contrasted with prevailing accounts in scholarly literature (e.g., shareholder primacy and stakeholder theory) that frame corporate purpose and responsibility in terms of... View Details
Keywords: Carmen Nobel
- 07 Jul 2009
- First Look
First Look: July 7
upcoming 2009 annual meeting. The Shell remuneration committee wonders how the shareholders will react. Purchase this case: http://hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=409126 Executive Remuneration at Royal Dutch Shell (B)... View Details
Keywords: Martha Lagace
- 18 Jul 2005
- Research & Ideas
Time to Rethink the Corporate Tax System?
could be welcome. Moreover, if shareholders are the recipients of all this value, then this would just be a transfer from tax authorities to shareholders. Unfortunately, the evidence is more mixed on the degree to which View Details
Keywords: by Ann Cullen
- 28 Aug 2012
- First Look
First Look: August 28
delayed for 20 days a shareholder vote on the sale of Del Monte Foods Co. (Del Monte) to a consortium of three private equity firms. In his opinion, Laster was critical of Del Monte's board, noting that the directors may not have properly... View Details
Keywords: Sean Silverthorne
- 05 May 2003
- Research & Ideas
Sharing the Responsibility of Corporate Governance
tripwire that is often triggered before a person crosses the line and violates the law. A manager who becomes accustomed to disregarding his or her inner voice in the name of shareholders is more likely to... View Details
Keywords: by Carla Tishler
- 24 Apr 2006
- Research & Ideas
Managing Alignment as a Process
strategic guidelines to shape strategies at lower levels of the organization. Board and shareholder alignment: The corporation's board of directors reviews, approves, and monitors the corporate strategy. Corporate office to corporate... View Details
- 15 Jul 2014
- First Look
First Look: July 15
The case concerns bidding and negotiations strategies as well as deal structuring issues. In particular, the cross border nature of the investment, a UK firm investing in Norway, leads to a number of financing issues related to raising... View Details
Keywords: Carmen Nobel
- 12 May 2009
- First Look
First Look: May 12, 2009
These contractual devices provide insurance to the shareholders of the target and may protect the buyer as well. The purpose of this note is to define the main categories of price protection and explain their impact on the payoffs and... View Details
Keywords: Martha Lagace
- 16 Jul 2013
- First Look
First Look: July 16
defendants. The likelihood of being named is greater for audit committee members and directors who sell stock during the class period. Named directors receive more negative recommendations from Institutional Shareholder Services (ISS), a... View Details
Keywords: Anna Secino