Journal articles: 'Stockholders'

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Hyland, David C., and Lance Nail. "Intersecurity wealth redistribution in conglomerate mergers: A re-examination over three decades." Corporate Ownership and Control 3, no. 3 (2006): 178–89. http://dx.doi.org/10.22495/cocv3i3c1p2.

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In this paper we re-examine the predicted wealth effects for the stockholders and bondholders involved in conglomerate mergers. Seminal studies in finance offer several hypotheses about the valuation consequences of corporate diversification and firm performance. Recent empirical studies document the negative relationship between corporate diversification and firm performance. We evaluate the predictive accuracy of these earlier theories given these more recent empirical results. Our results indicate that the wealth predictions of neither the wealth creation theory of Lewellen (1971) nor the wealth redistribution theories of Higgins and Schall (1975) or Galai and Masulis (1976) hold for bondholders and stockholders in whole. Bondholder wealth changes are virtually independent of stockholder wealth changes in conglomerate mergers in the 1970s and 1980s. However, a significantly negative relationship exists between stockholder and bondholder wealth changes in conglomerate mergers occurring in the 1990s. Conglomerate mergers did not result in significant stock or bond wealth creation in any of the three decades studied. Over the last decade, capital markets have penalized the stockholders in conglomerate mergers with significant wealth losses. Bondholder wealth changes are insignificantly positive, resulting in significant net wealth losses for conglomerate mergers in the 1990s.

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Russ, Robert W., Gary J. Previts, and Edward N. Coffman. "THE STOCKHOLDER REVIEW COMMITTEE OF THE CHESAPEAKE AND OHIO CANAL COMPANY, 1828–1857: EVIDENCE OF CHANGES IN FINANCIAL REPORTING AND CORPORATE GOVERNANCE." Accounting Historians Journal 33, no. 1 (June 1, 2006): 125–43. http://dx.doi.org/10.2308/0148-4184.33.1.125.

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Canal companies were among the first enterprises to be organized in the corporate form and to require large amounts of capital. This paper examines the stockholder review committee of a 19th century corporation, the Chesapeake and Ohio Canal Company (C&O), and discusses how the C&O used this corporate governance structure to monitor and improve financial management and operations. A major strength was the concern and dedication of the stockholders to the company, while a major weakness was the political control exerted by the State of Maryland. The paper provides an historical perspective on corporate governance in the 19th century. This research contributes to the literature by providing detailed workings and practices of a stockholder review committee. The paper documents corporate governance efforts in archival sources that provide an early example of accountability required in a corporate charter and the manner in which the stockholders carried out this responsibility.

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Makwambeni, Blessing, and Brighton Matsika. "Toward Symmetry: An Assessment of Stockholder Communication Practices in South Africa." SAGE Open 12, no. 3 (July 2022): 215824402211163. http://dx.doi.org/10.1177/21582440221116333.

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Investor Relations (IR) has gained prominence globally and is now considered to be a major contributor to corporate value. For companies to thrive in the global environment, they need to build and maintain mutually beneficial relationships with their primary stakeholder, the stockholder. Consequently, scholars have argued that for IR to maximize its benefit to companies, the profession needs to shift from one-way asymmetrical communication to two-way symmetrical communication with stockholders. Although scholars have recommended this shift, there is a paucity of studies that have explored whether two-way symmetrical communication has been embraced in IR practice. Using the two-way symmetrical model of communication as its framework, and a qualitative methodology consisting of in depth interviews, documents analysis, and qualitative content analysis, this paper assessed how Investor Relations professionals in South Africa use communication to maintain relationships with stockholders. The findings of the study show that most IR professionals in South Africa are using what we term a bridged approach, consisting of one-way and two-way symmetrical communication, to maintain relationships with stockholders. Evidence gleaned from the study further indicates that the nature of communication between IR practitioners and stockholders has broadened beyond financial issues to include engagement on non-financial issues. These findings do not only show the existence of a paradigm shift in IR practice in South Africa, they also suggest the need by IR as a field to maintain constant dialogue with Public Relations theory.

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Kataoka, Yutaka. "STOCKHOLDERS AND STOCKHOLDERS' MEETINGS IN THE MEIJI ERA." Keiei Shigaku (Japan Business History Review) 23, no. 2 (1988): 33–58. http://dx.doi.org/10.5029/bhsj.23.2_33.

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Wells, A. F., L. Teng, S. Colgan, C. Deignan, S. Jardon, Y. Klyachkin, A. Majjhoo, and A. Kavanaugh. "AB1118 EFFECT OF APREMILAST ON PSORIATIC DISEASE DOMAINS STRATIFIED BY EXTENT OF SKIN INVOLVEMENT IN PATIENTS WITH PSORIATIC ARTHRITIS." Annals of the Rheumatic Diseases 82, Suppl 1 (May 30, 2023): 1788.2–1789. http://dx.doi.org/10.1136/annrheumdis-2023-eular.1583.

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BackgroundIt has been suggested that greater skin involvement in patients with psoriatic arthritis (PsA) may be associated with greater joint disease activity.ObjectivesTo assess the impact of APR on PsA disease domains in patients with BSA <3% vs BSA ≥3% at 52 weeks using pooled data from 2 phase 3 trials.MethodsPALACE 1 & 2 were randomized, placebo (PBO)-controlled, phase 3 studies in patients with active PsA. Eligible patients had ≥3 swollen and ≥3 tender joints despite prior treatment with a conventional systemic Disease Modifying Antirheumatic Drug (csDMARD) and/or biologic DMARD (bDMARD) or concurrent treatment with csDMARD. Patients were randomized to receive APR or PBO for up to 24 weeks, after which all patients received APR until Week 52. This ad-hoc analysis includes pooled data from patients randomized to APR 30 mg BID at Week 0 in these studies. Assessments included change from baseline at Week 52 in Clinical Disease Activity Index for Psoriatic Arthritis (cDAPSA), swollen joint count (SJC), tender joint count (TJC), patient assessment of pain visual analog scale (VAS), and Patient Global Assessment of Disease Activity (PtGA) VAS stratified by baseline psoriasis body surface area (BSA) involvement (<3% vs ≥3%).ResultsOf 330 patients randomized to APR 30 mg BID at Week 0, 171 had BSA <3% and 159 had BSA ≥3%. Of those with available data, 98.2% of patients with BSA <3% and 100% of patients with BSA ≥3% had a history of psoriasis; mean BSA at baseline was 1.2 in the <3% group and 14.3 in the ≥3% group. More patients with BSA ≥3% at baseline were men with higher rates of nail and SJC involvement, and slightly higher rates of oligoarthritis and TJC (Table 1). At Week 52, both subgroups showed mean decreases (improvement) from baseline in clinical parameters with APR treatment, including cDAPSA (BSA <3%: -18.0, BSA ≥3%: -23.3), SJC (BSA <3%: -6.1, BSA ≥3%: -8.7), TJC (BSA <3%: -10.1, BSA ≥3%: -13.0), Patient Assessment of Pain (BSA <3%: -15.5, BSA ≥3%: -18.0), and PtGA (BSA <3%: -11.8, BSA ≥3%: -16.8) (Table 1). There were numerically greater decreases in these parameters among patients with baseline BSA ≥3% than those with BSA <3%. Improvements in enthesitis and dactylitis were also observed in both subgroups.ConclusionPatients with PsA in PALACE 1 & 2 with higher BSA had higher disease activity in some disease domains at baseline. Both BSA subgroups showed improvement with APR at Week 52 regardless of disease severity, although numerically greater improvements were seen in patients with BSA ≥3%. To our knowledge, this is a novel analysis assessing treatment efficacy in patients with PsA by level of skin involvement.AcknowledgementsThis study was sponsored by Amgen Inc. Writing support was funded by Amgen Inc. and provided by Rebecca Lane, PhD of Peloton Advantage, LLC, an OPEN Health company, and Dawn Nicewarner, PhD, employee of and stockholder in Amgen Inc.Disclosure of InterestsAlvin F. Wells Speakers bureau: AbbVie, Alexion, Amgen Inc., BMS, Celgene, Horizon, Lilly, Novartis, and UCB – consultant and speakers bureau, Consultant of: AbbVie, Alexion, Amgen Inc., BMS, Celgene, Horizon, Lilly, Novartis, and UCB – consultant and speakers bureau, Grant/research support from: AbbVie, Celgene, and Lilly – grant/research support, Lichen Teng Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Stephen Colgan Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Cynthia Deignan Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Shauna Jardon Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Yuri Klyachkin Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Amar Majjhoo Speakers bureau: AbbVie, Amgen Inc., Eli Lilly, and Jansen – consultant, speaker, Consultant of: AbbVie, Amgen Inc., Eli Lilly, and Jansen – consultant, speaker, Arthur Kavanaugh Consultant of: AbbVie, Amgen Inc., BMS, Eli Lilly, Janssen, Novartis, Pfizer, and UCB – consultant.

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Suherli, Michell, and Sofyan S. Harahap. "STUDI EMPIRIS TERHADAP FAKTOR PENENTU KEBIJAKAN JUMLAH DIVIDEN." Media Riset Akuntansi, Auditing dan Informasi 4, no. 3 (December 19, 2007): 223. http://dx.doi.org/10.25105/mraai.v4i3.1806.

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This research examines variables which are predicted influencing dividend amount distribution. In general, investor have primarily objective is to increase their wealth by return as dividend or capital gain. On the other hand, the company expects continous growth and its going concern, also increase its stockholder's wealth. Fac-tors that predicted influencing dividend distribution amount in this research are fo-cused on 7 factors: liquidity, firm size, capital structure, company's growth, stock price, number of stockholders, and family leadership in Board of Director. This re-search examine financial statement of 85 companies are listed at Jakarta Stock Exchange for period ended December 31, 1998 until December 31, 2001.This result concluded that liquidity and firm size significant influence to divi-dend distribution amount policy, while the other factors: capital structure, company's growth, stock price, number, of stockholder, and family leadership in Board of Direc-tor do not.Keywords: Dividend, Cash, Firm Size, Capital Structure, Growth, Stock Price, Investment

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Russ, Robert W., Gary John Previts, and Edward N. Coffman. "CORPORATE GOVERNANCE IN THE 19TH CENTURY: EVIDENCE FROM THE CHESAPEAKE AND OHIO CANAL COMPANY." Accounting Historians Journal 36, no. 2 (December 1, 2009): 113–37. http://dx.doi.org/10.2308/0148-4184.36.2.113.

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Presenting evidence from a 19th century corporation, the Chesapeake and Ohio Canal Company (C&O), the paper shows that issues of corporate governance have existed since the first corporations were established in the U.S. The C&O used a stockholder review committee to review the annual report of the president and directors. The paper shows how the C&O stockholders used this committee to supplement the corporate governance structure. The corporate governance structure of the C&O is also viewed from a theoretical structure as espoused by Hart [1995].

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Maitland, Ian. "Distributive Justice in Firms: Do the Rules of Corporate Governance Matter?" Business Ethics Quarterly 11, no. 1 (January 2001): 129–43. http://dx.doi.org/10.2307/3857873.

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Abstract:Can we achieve greater fairness by reforming the corporation? Some recent progressive critics of the corporation argue that we can achieve greater social justice both inside and outside the corporation by simply rewriting or reinterpreting corporate rules to favor non-stockholders over stockholders. But the progressive program for reforming the corporation rests on a critical assumption, which I challenge in this essay, namely that the rules of the corporation matter, so that changing them can effect a lasting redistribution of wealth from stockholders to non-stockholders. This essay uses a critique of the progressive reform program to argue that the rules of the corporation are distributively neutral. The corporation isn’t rigged against non-stockholders, and changing its rules will not improve the bargaining power of non-stockholders. However, while the rules may be epiphenomenal from the standpoint of distributive justice, they can have substantial impacts on the corporation’s efficiency. As a result, the proposed reforms may hurt the corporation’s capacity to generate benefits for all the parties concerned.

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Dawson, Lindsay. "Stockholders Versus Stakeholders." Philosophy of Management 7, no. 3 (2009): 3–12. http://dx.doi.org/10.5840/pom20097318.

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Maranjory, Mehdi, and Samira Keykha. "Evaluation of the Effect of Company's Life Cycle on the Cost of Equity." Modern Applied Science 10, no. 12 (September 30, 2016): 237. http://dx.doi.org/10.5539/mas.v10n12p237.

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The aim of this study is to investigate effect of company's life cycle on cost of stockholders , in this regard, three hypotheses were developed that a sample of 118 companies during the period of 2009 to 2015 were selected in order test them and regression model and panel data was used to analyze hypotheses. In this study, Dickinson (DeAngelo et al., 2006; Dickinson, 2011; Rahmanian, Moghaddam et al., 2014) company life cycle criteria has been used to separate companies to different steps of company life cycle and the Gordon growth model has been used to measure cost of stockholders. The results show that the cost of stockholders has significant difference with each other in mature phase of Company life cycle Compared with recession of company's life cycle. The results also show that cost of stockholders have significant difference with each other compared with recession of company's life cycle in the growth stage of companies life cycle . Finally, the results show that cost of stockholders have significant difference with each other in the Company life cycle birth and decline compared with the record of company's life cycle.

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Maranjory, Mehdi, and Samira Keykha. "Evaluation of the Effect of Company's Life Cycle on the Cost of Equity." Modern Applied Science 10, no. 12 (October 12, 2016): 241. http://dx.doi.org/10.5539/mas.v10n12p241.

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The aim of this study is to investigate effect of company's life cycle on cost of stockholders , in this regard, three hypotheses were developed that a sample of 118 companies during the period of 2009 to 2015 were selected in order test them and regression model and panel data was used to analyze hypotheses. In this study, Dickinson (DeAngelo et al., 2006; Dickinson, 2011; Rahmanian, Moghaddam et al., 2014) company life cycle criteria has been used to separate companies to different steps of company life cycle and the Gordon growth model has been used to measure cost of stockholders. The results show that the cost of stockholders has significant difference with each other in mature phase of Company life cycle Compared with recession of company's life cycle. The results also show that cost of stockholders have significant difference with each other compared with recession of company's life cycle in the growth stage of companies life cycle . Finally, the results show that cost of stockholders have significant difference with each other in the Company life cycle birth and decline compared with the record of company's life cycle.

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Sutherland, Paul H. "Stockholders as Grassroots Activists." Business Ethics: The Magazine of Corporate Responsibility 4, no. 5 (1990): 15–16. http://dx.doi.org/10.5840/bemag19904546.

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Hoffman, Justin, and Jude Dworaczyk. "SEC approves amendments to the NYSE’s substantial stockholder issuance rule and 20 per cent rule for shareholder approval of certain private offerings." Journal of Investment Compliance 20, no. 2 (July 1, 2019): 16–19. http://dx.doi.org/10.1108/joic-04-2019-0020.

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Purpose To explain recent amendments by the US Securities and Exchange Commission (the SEC) to Sections 312.03(b) relating to issuances of securities to substantial stockholders (the Substantial Stockholder Issuance Rule) and 312.03(c) (the 20 Per cent Rule) of the New York Stock Exchange’s (the NYSE) Listed Company Manual to change the definition of “market value” for purposes of the 20 Per cent Rule and eliminate the requirement for shareholder approval of certain private issuances at a price less than book value but greater than market value. Design/methodology/approach This article provides background on the purpose and policy behind the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and summarizes the provisions of each rule, both before and after the recent SEC amendments thereto. This article then highlights the most important changes to the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and explains the implications thereof for NYSE-listed issuers. Findings The amended Substantial Stockholder Issuance Rule and the 20 Per cent Rule provide NYSE-listed issuers greater flexibility in structuring transactions involving private placements of equity and will likely reduce the number of such transactions requiring a shareholder vote. Originality/value Practical guidance from experienced corporate finance and capital markets lawyers.

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Mazzucco, Bruno De Lorenzi Cancelier, and Roberto Meurer. "Mudanças nos Compulsórios e as Ações dos Bancos Brasileiros." Brazilian Review of Finance 11, no. 3 (November 21, 2013): 399. http://dx.doi.org/10.12660/rbfin.v11n3.2013.6100.

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In this study we tested the hypothesis that part of reserve requirements’ costs is paid by banks’ stockholders, instead of only by depositors and borrowers. Through an event study of fourteen regulatory changes between 1998 and 2010, we investigated the existence of abnormal returns. The results suggest that stockholders share the costs.

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Kwadade-Cudjoe, Francis. "Efficient and Effective Management of Organizations Require Appropriate Ethical Relations Between Stockholders and Stakeholders. What Should be Their Morality (Ethics) on the Organization and the Relationship with Employees?" Advances in Social Sciences Research Journal 9, no. 9 (September 24, 2022): 486–99. http://dx.doi.org/10.14738/assrj.99.13150.

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Peaceful co-existence of stockholders and stakeholders, comprising customers, consumers, employees, managers, suppliers/vendors, shareholders, etc. has always been problematic for organizations to thrive. Stockholders and owners of entities normally invest a lot of money into business with the sole aim of recouping their funds, and with interest. However, managers and employees also accept to work in organizations with the aim of earning good emolument to be able to live and survive. For the organization to be able to achieve competitive advantage, there should be understanding by employees to work hard and co-operate with stockholders by observing the laid down rules, and the owners equally providing good working conditions. This would enable managers and employees to give their best for the success and sustenance of the organization. Unfortunately, the globe is experiencing hard times due to the upsurge of Covid-19 which affected development and destroyed lot of lives, and currently the Russia and Ukraine war, which has also exacerbated the situation and escalated prices of goods. Both stockholders and stakeholders have the moral rights to co-exist peacefully for the success of organizations, which would benefit all parties.

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Guiso, Luigi, Michael Haliassos, and Tullio Jappelli. "The profile of European stockholders." Revue d'économie financière (English ed.) 64, no. 4 (2001): 163–71. http://dx.doi.org/10.3406/ecofi.2001.4495.

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Ramabrahmam, I., and Mukteshwara Rao. "Civil Service Reforms: Stockholders Perspective." Indian Journal of Public Administration 53, no. 3 (July 2007): 376–90. http://dx.doi.org/10.1177/0019556120070305.

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Klonoski, Richard J. "The moral responsibilities of stockholders." Journal of Business Ethics 5, no. 5 (October 1986): 385–90. http://dx.doi.org/10.1007/bf00382784.

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Lenzer, J. "Stockholders protest Pfizer's drug prices." Canadian Medical Association Journal 171, no. 1 (July 6, 2004): 24. http://dx.doi.org/10.1503/cmaj.1040937.

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Sushka, Marie E., and Yvette Bendeck. "Bank acquisition and stockholders' wealth." Journal of Banking & Finance 12, no. 4 (December 1988): 551–62. http://dx.doi.org/10.1016/0378-4266(88)90019-2.

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Marens, Richard, and Andrew Wicks. "Getting Real: Stakeholder Theory, Managerial Practice, and the General Irrelevance of Fiduciary Duties Owed to Shareholders." Business Ethics Quarterly 9, no. 2 (April 1999): 273–93. http://dx.doi.org/10.2307/3857475.

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Abstract:Stakeholder theorists have generally misunderstood the nature and ramifications of the fiduciary responsibilities that corporate directors owe their stockholders. This fiduciary duty requires the exercise of care, loyalty, and honesty with regard to the financial interests of stockholders. Such obligations do not conflict with the normative goals of stakeholder theory, nor, after a century of case law that includes Dodge Bros. v. Ford, do fiduciary responsibilities owed shareholders prevent managerial policies that are generous or sensitive to other corporate stakeholders. The common law recognizes a multitude of legal relationships between various corporate constituents, and fiduciary duties are only a subset of the obligations that arise from these relationships. This article argues that statute and case law can bring comparable legal protection to constituents other than stockholders, and suggests ways that these protections might be further strengthened. Implications for management education are also discussed.

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Mease, P. J., D. D. Gladman, I. B. Mcinnes, S. Cheng, S. Colgan, Y. Klyachkin, L. Teng, and N. N. Mehta. "POS1527 EFFECTS OF APREMILAST ON CHANGES IN CARDIOMETABOLIC PARAMETERS BY DIABETES AND OBESITY STATUS IN PATIENTS WITH PSORIATIC ARTHRITIS." Annals of the Rheumatic Diseases 82, Suppl 1 (May 30, 2023): 1125–26. http://dx.doi.org/10.1136/annrheumdis-2023-eular.45.

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BackgroundThe prevalence of cardiometabolic diseases including obesity and diabetes are higher in patients with psoriatic arthritis (PsA) than those without PsA. Apremilast (APR) is associated with weight loss and a reduction in HbA1c.ObjectivesTo evaluate the effects of APR on cardiometabolic parameters over 52 weeks in patients with active PsA from 5 pooled phase 3 trials.MethodsData from 5 randomized, placebo-controlled, phase 3 studies (PALACE 1–4 and ACTIVE) in patients with active PsA receiving APR 30 mg BID were pooled. Included in this analysis were patients who were treated with APR for 52 weeks. Changes from baseline to Week 52 in low and high density lipoprotein (LDL, HDL), body mass index (BMI), and HbA1c were assessed and stratified by baseline level of these parameters and Week 52 disease activity (Clinical Disease Activity Index for Psoriatic Arthritis [cDAPSA] remission/low disease activity [REM/LDA] vs moderate/high disease activity [ModDA/HDA]).ResultsData from 781 patients with PsA who received APR were pooled (mean age: 50 years, 55% female). Mean LDL was 119.6 mg/dL in the overall population at baseline and decreased by 2.0 mg/dL on average at Week 52 (Figure 1). The greatest decreases in LDL were seen in patients with the highest LDL levels at baseline (Figure 1). Similar favorable changes in HDL were observed. A total of 34/65 (52.3%) moved from the high LDL category (≥160 mg/dL) at baseline to borderline (>129 – <160 mg/dL) or normal (≤129 mg/dL) at Week 52 and 49/128 (38.3%) changed from borderline high to normal LDL levels (Table 1).Mean BMI was 30.3 kg/m2in the overall population at baseline and decreased by 0.5 kg/m2at Week 52 (Figure 1). A trend was again seen where patients with higher BMI at baseline saw greater decreases in BMI at Week 52 (Figure 1). Additionally, 24/267 (9.0%) patients changed from the obese category (≥30 kg/m2) to the overweight category (25 – <30 kg/m2) and 25/204 (12.3%) patients changed from the overweight category to the normal category (<25 kg/m2) (Table 1).Mean HbA1c was 5.6% in the overall population at baseline and decreased by 0.1% at Week 52 (Figure 1). Greater changes in HbA1c were seen in patients who were pre-diabetic (HbA1c 5.7% – <6.5%) and diabetic (HbA1c ≥6.5%) at baseline vs those who had normal HbA1c (HbA1c <5.7%) (Figure 1). Furthermore, 60/119 (50.4%) patients who had prediabetes changed to normal HbA1c levels and 10/25 (40.0%) moved from diabetes to pre-diabetes (Table 1).Results were consistent across Week 52 cDAPSA psoriatic disease activity subgroups; greater changes in cardiometabolic parameters were seen in patients with higher baseline LDL, BMI, or HbA1c regardless of whether REM/LDA was achieved at Week 52.ConclusionAPR treatment was associated with improvement in cardiometabolic parameters observed across psoriatic disease activity groups. The most favorable changes were seen in patients with high LDL, low HDL, obesity, or diabetes at baseline. These findings suggest that those with a high burden of comorbid cardiometabolic diseases and active PsA treatment may gain benefit beyond joint disease with APR. However, these findings require larger, prospective studies.AcknowledgementsThis study was sponsored by Amgen Inc. Writing support was funded by Amgen Inc. and provided by Rebecca Lane, PhD of Peloton Advantage, LLC, an OPEN Health company, and Scott Houck, PhD, employee of and stockholder in Amgen Inc.Disclosure of InterestsPhilip J Mease Speakers bureau: AbbVie, Amgen, Eli Lilly, Janssen, Novartis, Pfizer, and UCB – speakers bureau, Consultant of: AbbVie, Amgen, Bristol Myers Squibb, Eli Lilly, Galapagos, Gilead, Inmagene, Janssen, Novartis, Pfizer, Sun, and UCB – grant/research support and consultant; Acelyrin, Aclaris, Boehringer Ingelheim, GlaxoSmithKline, and Moonlake – consultant, Grant/research support from: AbbVie, Amgen, Bristol Myers Squibb, Eli Lilly, Galapagos, Gilead, Inmagene, Janssen, Novartis, Pfizer, Sun, and UCB – grant/research support and consultant, Dafna D Gladman Consultant of: AbbVie, Amgen, Bristol Myers Squibb, Celgene, Eli Lilly, Galapagos, Gilead, Janssen, Novartis, Pfizer, and UCB – grant/research support or consulting fees, Grant/research support from: AbbVie, Amgen, Bristol Myers Squibb, Celgene, Eli Lilly, Galapagos, Gilead, Janssen, Novartis, Pfizer, and UCB – grant/research support or consulting fees, Iain B. McInnes Grant/research support from: AbbVie, Amgen, Bristol Myers Squibb, Causeway, Evelo, Lilly, Moonlake, Novartis, Pfizer, and UCB – honoraria or research support, Sue Cheng Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Stephen Colgan Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Yuri Klyachkin Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Lichen Teng Shareholder of: Amgen Inc. – employees and stockholders, Employee of: Amgen Inc. – employees and stockholders, Nehal N. Mehta Consultant of: Amgen, Eli Lilly, and Leo Pharm – consultant;, Grant/research support from: AbbVie, Celgene, Janssen Pharmaceuticals, Inc, and Novartis – investigator.

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Malik, Muhammad Umer. "Effect of Dividend Policy on Firm Performance and Stockholders Wealth: Evidence from Listed Firms on Pakistan Stock Exchange." Journalism, Politics and Society 1, no. 2 (June 30, 2023): 84–112. http://dx.doi.org/10.63067/10t1cv16.

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The study investigates the relationship between dividend policy, firm performance, and stockholders’ wealth in the context of listed firms on the Pakistan Stock Exchange. Dividend policy decisions are critical for firms as they directly affect shareholders’ wealth and provide insights into a company’s financial health and management’s confidence in prospects. The study utilizes a comprehensive dataset comprising financial information, Data collected for companies from the DataStream for the period 2010 and 2020. A sample of 100 corporations listed on the Pakistan Stock Exchange was chosen by including firms that have paid dividends for ten years in a row and have consistent payout practices. Various financial indicators such as return on equity (ROE), earnings per share (EPS), and dividend per share (DPS) and Dividend Yield (DY) are employed to measure firm performance and stockholders’ wealth. Using advanced econometric techniques, including descriptive analysis, correlation analysis and regression analysis, the study assesses the impact of dividend policy on firm performance and stockholders’ wealth. The study’s outcomes have implications for investors, managers, and policymakers in Pakistan, enabling them to make informed decisions regarding dividend distributions and their potential impact on various stakeholders. By gaining insights into the relationship between dividend policy and these key performance indicators, firms can make more informed decisions regarding dividend distributions and develop strategies to maximize stockholders’ wealth while maintaining financial stability.

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Nkuah, Evans Fayol, and Hadrat Yusif. "Investigating the Effect of Dividend Policy on the Wealth of Stockholders of Listed Companies on the Ghana Stock Exchange." International Journal of Economics and Finance 8, no. 7 (June 23, 2016): 47. http://dx.doi.org/10.5539/ijef.v8n7p47.

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This paper has examined the impact of dividend policy on the wealth of stockholders of selected registered companies on the Ghana Stock Exchange (GSE). Secondary data were collected on 25 listed firms using annual reports from 2005 to 2011. The dependent variable was wealth of stockholders proxied by market price per stock. The explanatory variables included dividend per stock (DPS), retained earning per stock (REPS), financial leverage (FLEV), and price earning ratio (PER). Fixed-effect model was fitted to the data. The regression results showed that dividend payment, retained earning, and price earning ratio have significant positive impact on the stock market price. It was also found that the impact of dividend is more pronounced than that of retained earning in the context of companies registered on the Ghana Stock Exchange. It is therefore recommended that optimal trade-off between dividend payment and retained earning be established by corporate management to maximise the wealth of stockholders.

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Misrofingah, Misrofingah, and Nurlelasari Ginting. "Analisa Pengaruh Return on Equity (ROE) Current Ratio (CR), Debt to Equity Ratio (DER), terhadap Dividend Payout Ratio (DPR)." Jesya (Jurnal Ekonomi & Ekonomi Syariah) 5, no. 1 (January 1, 2022): 310–18. http://dx.doi.org/10.36778/jesya.v5i1.588.

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Dividend Payout Ratio is the percentage of the amount of the dividend to be paid company’s of total profits from the company to stockholders. The stockholders to invest they capital to get profits. For the company should be able to take a decision or a policy to pay dividends to stockholders or hold for reinvestment. This study aims to examine and analyze the effect of Return on Equity, Current Ratio, and Debt to Equity Ratio toward Dividend Payout Ratio in manufacture companies that listed in Indonesia Stock Exchange from 2016 to 2020. This research is quantitative research explanatory with data collection technique using a pruposive sampling. A total of 16 manufakturing firm are used as sample firm. Data analysis method used is multiple linear regression analysis. The test data used is normality test, test (t), test (f), and the coefficient of determination. The results of this research are: ROE positive effect on DPR, CR no effect on DPR, DER negative effect on DPR.

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Ciepley, David. "The Anglo-American misconception of stockholders as ‘owners’ and ‘members’: its origins and consequences." Journal of Institutional Economics 16, no. 5 (October 7, 2019): 623–42. http://dx.doi.org/10.1017/s1744137419000420.

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AbstractThat stockholders “own” the corporation and are its “members,” are assumptions deeply embedded in Anglo-American treatments of the business corporation. They are also principal supports of the policy of “shareholder primacy” and, in the United States, of the corporate claim to constitutional rights. This article critiques these assumptions, while also explaining why they took hold. Among several reasons for this, the primary explanation is to be found in the peculiar parentage of England's first major business corporation, the English East India Company (EIC). The EIC did not begin its life as a true business corporation, but as a cross between a guild (a form of member corporation) and a joint stock company (a form of partnership). In the transition to a unified business corporation, its stockholders inherited the monikers of “member” and “owner” from their guild and partner forebears. This mis-description set the legal mold for all subsequent Anglo-American treatments of stockholders.

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Rathinasamy, R. S. "Stock repurchases by real estate investment trusts (REITS), stockholder returns and underperformance, free cash flow and capital restructuring motives." Corporate Ownership and Control 5, no. 1 (2007): 214–18. http://dx.doi.org/10.22495/cocv5i1c1p5.

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Returns accruing to the stockholders of 149 Real Estate Investment Trusts (REITs) following the announcement of stock repurchases covering a five-year period from 1998 to 2002 are analyzed. Standard market model (Brown and Warner, 1985) was used to compute the excess returns. Results show that stockholders earn significant average abnormal returns (AARs) and cumulative average returns (CARs) following stock buy-backs. Further, evidence is uncovered providing support for various motives for REITs buyback, namely excess free cash flow, under-performance and capital restructuring motives.

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Rathinasamy, R. S., Ronald E. Shrieves, and C. R. Krishna-Swamy. "Corporate mergers and the impact if pre-merger variance, leverage and maturity of bonds on wealth transfers." Corporate Ownership and Control 4, no. 4 (2007): 125–39. http://dx.doi.org/10.22495/cocv4i4p10.

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This paper addresses several hypotheses concerning wealth transfers among bondholders and stockholders in two firms which merge. In so doing, several refinements relative to the previous research in this area are introduced. We find evidence which supports the presence of diversification effects (coinsurance) to some bondholders, incentive effects (risk increases) to other bondholders, and wealth transfers between stockholders and bondholders. This study examines the impact of 49 industrial mergers between 1970 through 1984 on the returns to bondholders and stockholders of the merging firms. Results indicate that bondholders of the acquired firm group gain significantly in the announcement month, suggesting a diversification effect for acquired firm bondholders. Acquiring firm bondholders suffer significant losses in the pre-announcement month supporting the incentive effects hypothesis for the acquiring firm bondholders. Further analysis indicates that abnormal returns to bondholders are greater for firms with high variance and high leverage pre-merger. We do not find any direct evidence that differences in maturity of merging firms’ bonds have a significant impact on merger-related bondholder returns. We find evidence of wealth transfers between stockholders and bondholders of merging firms and some support for the theory that bondholder returns are negatively related to the pre-merger correlation between cash flows of the merging firms. In total, the empirical findings enable more definitive conclusions regarding the wealth effects of mergers on important classes of claimholders of merging firms, and buttress the theoretical developments relating to wealth transfers among those claimholders.

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Fatmasari, Rhini. "THE RELATION BETWEEN GROWTH OPPORTUNITY, LEVERAGE POLICY AND FUNCTION OF COVENANT TO CONTROL THE AGENCY CONFLICT BETWEEN SHAREHOLDERS AND DEBTHOLDERS." Buletin Ekonomi Moneter dan Perbankan 13, no. 3 (May 30, 2011): 307–24. http://dx.doi.org/10.21098/bemp.v13i3.395.

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Agency conflict is a phenomenon that occurs when a firm is doing its financing policies, especially of those related to the leverage strategies. Some of the former researches revealed some empirical evidence of the existence of a negative effect between growth opportunity, leverage, and debt maturity as one of the efforts in controlling the agency conflict between stockholders and bondholders. By using panel data regression model and data observation for over six years, this studies found that firms with high growth opportunity tend to use low leverage policies with short maturity to control the agency conflict between stockholders and bondholders. On the other hand, firms with low growth opportunity tend to use higher leverage policies with a longer period of debt maturity. Moreover, covenant as a moderating variable, could lower the negative relation between growth opportunity and leverage, but it could not diminish the negative relation between growth opportunity and debt maturity. Debt maturity and covenant also could not be use as substitution variable to lessen the agency conflict.Keywords: growth opportunity, leverage, debt maturity, covenant, stockholders and bondholders conflicts.JEL Classification: D92, G31

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Weidenbaum, Murray, and Stephen Vogt. "Takeovers and Stockholders: Winners and Losers." California Management Review 29, no. 4 (July 1987): 157–68. http://dx.doi.org/10.2307/41162137.

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Herrmann, A. F. "Stockholders in Cyberspace: Weick's Sensemaking Online." Journal of Business Communication 44, no. 1 (January 1, 2007): 13–35. http://dx.doi.org/10.1177/0021943606295778.

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REISCH, MARC. "Protests beset Du Pont stockholders meeting." Chemical & Engineering News 70, no. 18 (May 4, 1992): 6. http://dx.doi.org/10.1021/cen-v070n018.p006.

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Mankiw, N. Gregory, and Stephen P. Zeldes. "The consumption of stockholders and nonstockholders." Journal of Financial Economics 29, no. 1 (March 1991): 97–112. http://dx.doi.org/10.1016/0304-405x(91)90015-c.

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Kesner, Idalene F., and Dan R. Dalton. "Antitakeover tactics: Management 42, stockholders 0." Business Horizons 28, no. 5 (September 1985): 17–25. http://dx.doi.org/10.1016/0007-6813(85)90063-1.

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Moring, Frederick. "Order 528 aims at LDC stockholders." Natural Gas 7, no. 6 (August 20, 2008): 23–24. http://dx.doi.org/10.1002/gas.3410070609.

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Chen, Jun, Tao-Hsien Dolly King, and Xinxin Li. "National Culture and Governance on Bondholder Wealth: Evidence from Joint Ventures and Strategic Alliances around the World." Quarterly Journal of Finance 08, no. 01 (January 19, 2018): 1840003. http://dx.doi.org/10.1142/s2010139218400037.

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This paper examines bondholder wealth effects in global business collaborations with the form of cross-border joint ventures (JVs) and strategic alliances (SAs). Based on a sample of 1,898 event-firms from 2009 to 2015, we find significant and positive abnormal returns for bondholders. On average, bondholder value increases 14.4 basis points in a 3-month observation window. We find that country-level governance and national culture are dominant drivers of bondholder wealth effects. More specifically, bondholders benefit more from JVs and SAs if they are from countries with poorer institutional governance or greater regulatory governance in creditor protection (higher creditor rights and lower shareholder rights). In addition, bondholders gain more when they are from countries characterized with greater individualism, less power distance, a higher level of trust, or larger culture distance. Robustness tests and subsample analyses confirm the main findings. We find a positive impact of JVs and SAs on stockholder wealth, but little evidence for wealth transfer between stockholders and bondholders.

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Huang, Chi-Jui. "Corporate governance, corporate social responsibility and corporate performance." Journal of Management & Organization 16, no. 5 (November 2010): 641–55. http://dx.doi.org/10.1017/s1833367200001784.

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AbstractPrevious research has analyzed and debated corporate governance (CG) and corporate social responsibility (CSR) independently. This paper aims to empirically explore the interrelationship between CG, CSR, financial performance (FP) and Corporate Social Performance (CSP) using a sample of 297 electronics companies operating in Taiwan, a newly industrialized Asian economy. The results show that a CG model which includes independent outside directors and which has specific ownership characteristics has a significantly positive impact on both FP and CSP, whereas FP itself does not influence CSP. The presence of independent outside directors in the firm has the greatest impact on the social performance of the firm's worker, customer, supplier, community and society dimensions. Government shareholders enhance a firm's social performance extraordinarily because government shareholders will be more likely to request that companies fulfill their social responsibilities. Only government shareholders positively and significantly relate to a firm's environmental performance. Furthermore, foreign institutional stockholders help to increase worker and supplier performance by paying more attention to employee policies and supply chain relationships. Finally, independent outside directors, foreign institutional stockholders and domestic financial institutional stockholders are shown to improve financial performance.

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Huang, Chi-Jui. "Corporate governance, corporate social responsibility and corporate performance." Journal of Management & Organization 16, no. 5 (November 2010): 641–55. http://dx.doi.org/10.5172/jmo.2010.16.5.641.

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AbstractPrevious research has analyzed and debated corporate governance (CG) and corporate social responsibility (CSR) independently. This paper aims to empirically explore the interrelationship between CG, CSR, financial performance (FP) and Corporate Social Performance (CSP) using a sample of 297 electronics companies operating in Taiwan, a newly industrialized Asian economy. The results show that a CG model which includes independent outside directors and which has specific ownership characteristics has a significantly positive impact on both FP and CSP, whereas FP itself does not influence CSP. The presence of independent outside directors in the firm has the greatest impact on the social performance of the firm's worker, customer, supplier, community and society dimensions. Government shareholders enhance a firm's social performance extraordinarily because government shareholders will be more likely to request that companies fulfill their social responsibilities. Only government shareholders positively and significantly relate to a firm's environmental performance. Furthermore, foreign institutional stockholders help to increase worker and supplier performance by paying more attention to employee policies and supply chain relationships. Finally, independent outside directors, foreign institutional stockholders and domestic financial institutional stockholders are shown to improve financial performance.

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Arifin, Zaenal. "PENGARUH DAUR HIDUP PERUSAHAAN TERHADAP KEPUTUSAN STRUKTUR MODAL." Media Riset Bisnis & Manajemen 9, no. 2 (August 3, 2009): 113–34. http://dx.doi.org/10.25105/mrbm.v9i2.1077.

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This research investigate the effect of corporate life cycles on capital structure decision and analyze whether capital structure that considering corporate life cycles influence the company's performance. Using manufacturing companies that listing in Jakarta Stock Exchange in 2006 this research found that : (1) corporate life cycle influence capital structure decision only in the big-size companies. The big-size firms use larger debt ratio when the companies enter into growth level of life cycle; (2) capital structure decision that considering corporate life cycles do influence the company's performance, when using cumulative abnormal return as a proxy of company's performance.In the big-size firms, the stockholders give negafive reaction to the increase of debt in the pioneering level of life cycles. In the medium-size firms, the stockholders give positive response to the increase of debt in the mature level of life cycles. In the small-size firms, the stockholders give positive response to the increase of debt in the growth level of life cycles. Capital structure decision that considering corporate life cycles do not influence the company's performance, when using return on investment as a proxy of company's performance. Keywords : Capital structure, Corporate life cycles, Firm-size, Firm performance

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Maitland, Ian. "The Morality of the Corporation: An Empirical or Normative Disagreement?" Business Ethics Quarterly 4, no. 4 (October 1994): 445–58. http://dx.doi.org/10.2307/3857343.

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Abstract:In the canonical view of the corporation, management is the agent of the owners of the corporation—the stockholders—and, as such, has a fiduciary duty to manage the corporation in their best interests. Most business ethicists condemn this arrangement as morally indefensible because it fails to respect the right of other corporate constituencies or “stakeholders” to self-determination. By contrast, the modern agency theory of the firm provides a defense of this arrangement on the grounds that it is the result of stakeholders’ right to self-determination. This paper uses the example of managers’ fiduciary duty to stockholders to argue that different normative judgments often mask empirical disagreements.

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ZHOU, TAO, PEI-LING ZHOU, BING-HONG WANG, ZI-NAN TANG, and JUN LIU. "MODELING STOCK MARKET BASED ON GENETIC CELLULAR AUTOMATA." International Journal of Modern Physics B 18, no. 17n19 (July 30, 2004): 2697–702. http://dx.doi.org/10.1142/s0217979204025932.

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An artificial stock market is established with the modeling method and ideas of cellular automata. Cells are used to represent stockholders, who have the capability of self-teaching and are affected by the investing history of the neighboring ones. The neighborhood relationship among the stockholders is the expanded Von Neumann relationship, and the interaction among them is realized through selection operator and crossover operator. Experiment shows that the large events are frequent in the fluctuations of the stock price generated by the artificial stock market when compared with a normal process and the price returns distribution is a Lévy distribution in the central part followed by an approximately exponential truncation.

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Babar, Samreen Fahim, Syeda Faizaq Urooj, and Khalid Usman. "Does Herding Exist? Evidence from Pakistan’s Stock Exchange." Global Economics Review I, no. I (December 30, 2016): 13–23. http://dx.doi.org/10.31703/ger.2016(i-i).02.

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Herding transpires when an investor imitates the decision of other stockholders or shadow market consensus (Rizzi, 2008). The Chartered Financial Analyst Institute affirms “Herding Behavior Bias” as the principal presumption influencing the investor’s decision. (Kunte, S.2015). Herding behavior contradicts the validity of an Efficient Market Hypothesis (Famma and Franch, 1970). The investigation of herd behavior in the Pakistan stock market is indispensable as the inconsistent behavior of stockholders stems from the inefficient assets pricing and resource misallocation. The study’s result affirms the existence of herd behavior in the stock exchange of Pakistan and contradicts rational assets pricing model and stock price efficiency theory.

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Harrison, Jeffrey S., Robert A. Phillips, and R. Edward Freeman. "On the 2019 Business Roundtable “Statement on the Purpose of a Corporation”." Journal of Management 46, no. 7 (December 17, 2019): 1223–37. http://dx.doi.org/10.1177/0149206319892669.

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The Business Roundtable, a large group of top CEOs, recently issued a statement defining the purpose of the corporation in stakeholder terms, a direct and intended reversal from an earlier statement that defined the duty of directors as serving the interests of stockholders. In this editorial, we briefly describe the major twists and turns in the stockholders-versus-stakeholders debate that make this statement so significant to management theory and practice. We then describe the implications of the statement for scholars and practicing managers. We end with a description of three specific research topics that require more research in light of this statement: firm boundaries, the nature of value creation systems, and theory regarding the destruction of stakeholder value.

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Pfeffer, Marc A., and Marianne B. Bowler. "Access to Safety Data — Stockholders versus Prescribers." New England Journal of Medicine 365, no. 1 (July 7, 2011): 1–3. http://dx.doi.org/10.1056/nejmp1104699.

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Sauer, Robert L. "For Managers and Stockholders: Win-Win Incentives." Compensation & Benefits Review 21, no. 2 (April 1989): 38–46. http://dx.doi.org/10.1177/088636878902100205.

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Ursel, Nancy D., and Marjorie Armstrong-Stassen. "How age discrimination in employment affects stockholders." Journal of Labor Research 27, no. 1 (March 2006): 89–99. http://dx.doi.org/10.1007/s12122-006-1011-2.

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Imbierowicz, Björn, and Mark Wahrenburg. "Wealth transfer effects between stockholders and bondholders." Quarterly Review of Economics and Finance 53, no. 1 (February 2013): 23–43. http://dx.doi.org/10.1016/j.qref.2012.12.002.

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Fataruba, Sabri. "PERLINDUNGAN HUKUM BAGI PIHAK BERKEPENTINGAN ATAS PROSES AKUISISI PT. BANK JASA ARTA OLEH PT. BANK RAKYAT INDONESIA Tbk." SASI 17, no. 2 (June 30, 2011): 10. http://dx.doi.org/10.47268/sasi.v17i2.350.

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Corporate action is dead of law generating impact for all the stockholders, either at requisitionist company and also target company. In Bank context must be paid attention is, minority stockholder, bank creditur, related to protection of law for the side of intended. This thing needs, remember one of impotant element from acquisition is element fairness applied for all party. Related to the intended, hence in process of requisitionist, the bank its the must has paying attention to rules applied, that is invitors number 40 the year 2007 about Limited Liability, number Code 10 the year 1998 about change to number Code 7 year 1992 about Banking, number Code 8 the year 1995 about Capital Market, Indonesia Bank Rules and Keputusan BAPEPAM arranging about Acquisition Procedure for Public Corporation. Intention of at paying attention to order or rule aplied arranging about acquisition for public corporation is for the agenda of giving protection to interested parties, either at requisitionist company or at company target, so that the interested parties nothing that is harmed with existence of acquisition is intended.

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Klock, Mark S., and Katherine I. Gleason. "Bondholder wealth effects from dividend changes." Corporate Ownership and Control 4, no. 3 (2007): 42–52. http://dx.doi.org/10.22495/cocv4i3p3.

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Bhagat and Romano (2002a, 2002b) document the importance of event study analysis of equity returns in corporate governance. We extend their analysis with the argument that analysis of bond returns around important corporate events can provide additional important information. Such information is particularly important in the current active public discussions over corporate governance. We provide an example of event study analysis of bond returns examining the impact of large dividend changes on both stockholders and bondholders in an effort to differentiate between the information content (transparency) and possible wealth transfers (theft) around dividends. Our study replicates earlier studies on investment grade bonds with ambiguous results using a sample of noninvestment grade bonds. Our results suggest that for ordinary dividend changes, wealth expropriation is a significant explanation in the gain to stockholders.

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Shafi, Khuram, Zartashia Hameed, Usama Qadri, and Samina Nawab. "Exploration of Global Brand Value Announcements and Market Reaction." Administrative Sciences 8, no. 3 (August 27, 2018): 49. http://dx.doi.org/10.3390/admsci8030049.

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Brand value is an intangible asset of all firms and plays an important role in a firm’s performance. Many independent firms publish the brand values of the different leading firms worldwide. Here a very simple and basic question is raised; should stockholders and investors consider and analyze brand value when they invest or not. The main objective of this study is to consider this basic question. To answer this question we considered the Global top firms in the period from September 2009 to October 2014. Results are positively significant concerning signaling theory and, it is concluded, in the context of signaling theory, that famous value brands have very important marketplace signals that can help to improve information asymmetry. Investors and stockholders can use this information regarding their investment.

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Journal articles on the topic 'Stockholders'

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