Dividends, Efficiency, or Safety? Governance Choices at Corn Products Refining

IF 0.7 2区 历史学 Q4 BUSINESS Enterprise & Society Pub Date : 2022-05-12 DOI:10.1017/eso.2022.18
S. Clarke
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Abstract

At Corn Products Refining (CPR), stockholders so disagreed with one another that they threatened to undermine the merger itself. Its predecessor, Corn Products (1902–1906), nearly failed, and so might have CPR. For several years, from its organization in 1906 to perhaps 1915, CPR’s owners weighed paying dividends against funding factories. Because paying dividends chanced syphoning off sums needed for plants, this might cause facilities to deteriorate and workers to face threats like factory fires that often set off explosions. CPR President E. T. Bedford managed this test and strove to upgrade facilities, which, by design or not, helped improve safety. His efforts almost came to naught given CPR’s anticompetitive tactics, yet the court’s antitrust decision—although highly critical—inadvertently gave the merger the chance to enhance profits and safety.
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分红,效率,还是安全?玉米产品精炼的治理选择
在玉米产品精炼公司(CPR),股东之间的分歧如此之大,以至于他们威胁要破坏合并本身。它的前身玉米制品公司(1902-1906)几乎失败了,因此可能有CPR。从1906年成立到1915年的几年里,CPR的所有者一直在权衡支付股息和资助工厂。因为支付股息可能会吸走工厂所需的资金,这可能会导致设施恶化,工人面临工厂火灾等经常引发爆炸的威胁。CPR主席E.T.Bedford管理了这项测试,并努力升级设施,无论设计与否,这都有助于提高安全性。考虑到CPR的反竞争策略,他的努力几乎化为泡影,然而法院的反垄断裁决——尽管非常关键——无意中给了合并提高利润和安全的机会。
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来源期刊
CiteScore
1.20
自引率
30.00%
发文量
37
期刊介绍: Enterprise & Society offers a forum for research on the historical relations between businesses and their larger political, cultural, institutional, social, and economic contexts. The journal aims to be truly international in scope. Studies focused on individual firms and industries and grounded in a broad historical framework are welcome, as are innovative applications of economic or management theories to business and its context.
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