The active board of directors and performance of the large publicly traded corporation
Corporations with active, independent, professional boards of directors achieve higher returns for investors than those with passive, non-independent boards. A study of 154 large, publicly traded domestic corporations analyzing operating earnings in excess of capital costs along with the authors' judgment as to the presence or absence of a professional board is used to test this hypothesis. The data analysis from 1991-1995 shows significant increases in economic profit when a professional board headed the corporation.
Publication Name: Columbia Law Review
Corporate constituency statutes: hollow hopes and false fears
The author discusses corporate constituency statutes which he concludes have not served the purpose for which they were enacted. That purpose was to encourage changes in corporate policy toward labor and the community through the empowerment of directors to consider issues other than shareholder profit when making decisions.
Publication Name: Annual Survey of American Law
- Abstracts: The constitutionality of race-conscious admissions programs in public elementary and secondary schools. The constitutionality of vouchers after Mitchell v . Helms
- Abstracts: Mandatory arbitration agreements as an unfair labor practice: Gilmer v. Interstate Johnson Lane Corp. and the resurgence of the yellow dog contract
- Abstracts: The privatization-nationalization cycle: the link between markets and ethnicity in developing countries. State settlement class actions that release exclusive federal claims: developing a framework for multijurisdictional management of shareholder litigation
- Abstracts: The self-critical analysis privilege in employment law. An alternative approach to diversity jurisdiction for corporations: parent-subsidiary corporations
- Abstracts: U.S. taxation of international athletes: a reexamination of the Artiste and Athlete Article in tax treaties. Game theory, signalling, and international legal relations