کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7423120 1482680 2018 6 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Reexamining dual-class stock
ترجمه فارسی عنوان
بازنگری سهام دو طبقه
کلمات کلیدی
سهام دوگانه، حاکمیت شرکتی، سرمایه گذاران فعال دموکراسی سهامداران، سهامداران بنیانگذار،
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
Snapchat's initial public offering, which provided shares with no voting rights, is a culmination of the growing trend of dual-class shares. It contradicts the precept of one-share, one-vote that is essential for corporate democracy. Snapchat's action caused an uproar among influential investors. In January 2017, a coalition of the world's biggest money managers, which together control more than $17 trillion in assets, demanded a total ban on dual-class shares. We reason that the increasing prominence of dual-class stock is explained by the confluence of three economic trends: the growing importance of intangible investments, the rise of activist investors, and the decline of staggered boards and poison pills. A dual-class structure offers immunity against proxy contests initiated by short-term investors. It enables managers to ignore capital market pressures and to avoid myopic actions such as cutting research and development, which hurt companies in the long term. Thus, a dual-class structure is optimal in certain scenarios. We put forth alternatives to dual-class structure that enable managers to maintain control while retaining focus on sustainable value creation.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Business Horizons - Volume 61, Issue 3, May–June 2018, Pages 461-466
نویسندگان
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