Berle and Means introduced the "managerial thesis" nearly eighty years ago in their classic text, The Modern Corporation and Private Property. They argued that control of the corporation in the United States had already shifted from large shareholder groups (founding families and financial capitalists) to professional, non-shareholding managers. We propose to re-evaluate the managerial thesis by arguing that economic forces and regulatory initiatives have shifted corporate control from focal firm managerial teams to independent outside directors. Today, director control remains intact, despite financial market concentration, institutional investor savvy, and regulatory reforms. However, director demographics have changed fundamentally. Independent, non-management directors, recruited disproportionately from the ranks of active and retired CEOs, have displaced inside-directors as the dominant group.
{"title":"Sarbanes-Oxley and the New Corporate Governance in the United States","authors":"Ernie Englander, A. Kaufman","doi":"10.2139/ssrn.1030804","DOIUrl":"https://doi.org/10.2139/ssrn.1030804","url":null,"abstract":"Berle and Means introduced the \"managerial thesis\" nearly eighty years ago in their classic text, The Modern Corporation and Private Property. They argued that control of the corporation in the United States had already shifted from large shareholder groups (founding families and financial capitalists) to professional, non-shareholding managers. We propose to re-evaluate the managerial thesis by arguing that economic forces and regulatory initiatives have shifted corporate control from focal firm managerial teams to independent outside directors. Today, director control remains intact, despite financial market concentration, institutional investor savvy, and regulatory reforms. However, director demographics have changed fundamentally. Independent, non-management directors, recruited disproportionately from the ranks of active and retired CEOs, have displaced inside-directors as the dominant group.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128961621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Until the end of 1977, the method used in the U.S. consumer price index (CPI) to measure rent inflation tended to omit rent increases when units had a change of tenants or were vacant. Since such units typically had more rapid increases in rents than average units, this response bias biased inflation estimates downward. Beginning in 1978, the Bureau of Labor Statistics (BLS) implemented a series of methodological changes that reduced response bias but substantial bias remained until 1985. We set up a model of response bias, parameterize it, and test it using a BLS microdata set for rents. We conclude that from 1940 to 1985 the CPI inflation rate for rent most likely was understated by 1.4 percentage points annually in U.S. data. We construct an improved rental inflation series for 1940 to 2000; at the starting point in 1940, the revised index is 54 percent as large as the official CPI.
{"title":"The CPI for Rents: A Case of Understated Inflation","authors":"","doi":"10.2139/ssrn.598205","DOIUrl":"https://doi.org/10.2139/ssrn.598205","url":null,"abstract":"Until the end of 1977, the method used in the U.S. consumer price index (CPI) to measure rent inflation tended to omit rent increases when units had a change of tenants or were vacant. Since such units typically had more rapid increases in rents than average units, this response bias biased inflation estimates downward. Beginning in 1978, the Bureau of Labor Statistics (BLS) implemented a series of methodological changes that reduced response bias but substantial bias remained until 1985. We set up a model of response bias, parameterize it, and test it using a BLS microdata set for rents. We conclude that from 1940 to 1985 the CPI inflation rate for rent most likely was understated by 1.4 percentage points annually in U.S. data. We construct an improved rental inflation series for 1940 to 2000; at the starting point in 1940, the revised index is 54 percent as large as the official CPI.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125172155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim is to review transition literature for evidence that supports sequential reform strategy, as presented in this report. The second part discusses the findings in the context of Azerbaijan, a formerly socialist transition economy with interesting initial conditions. Evidence of the country's current need to focus on improving public services fits well with the sequential reform view. The authors argue that constraints captured by initial conditions (human resources, administrative capacities, traditions, etc.) necessitate sequencing of reforms and outline general aspects of a sequential reform strategy designed to expedite the transition process. The literature survey supports the Washington Consensus recommendations for starting transition with macroeconomic reforms, but over time initial conditions inevitably constrain and necessitate sequencing. In other words, reform efforts initially need to be directed across the widest possible front, but later in transition the emphasis of reform efforts needs to shift from one area to another. In the later stages, emphasis needs to be laid on improvement of public sector governance to support and promote macroeconomic reforms and formation of a healthy corporate sector. Democratic institutions arise with economic growth generated by the corporate sector.
{"title":"Sequential Reform Strategy: The Case of Azerbaijan","authors":"J. Laurila, Rupinder Singh","doi":"10.2139/ssrn.1016054","DOIUrl":"https://doi.org/10.2139/ssrn.1016054","url":null,"abstract":"The aim is to review transition literature for evidence that supports sequential reform strategy, as presented in this report. The second part discusses the findings in the context of Azerbaijan, a formerly socialist transition economy with interesting initial conditions. Evidence of the country's current need to focus on improving public services fits well with the sequential reform view. The authors argue that constraints captured by initial conditions (human resources, administrative capacities, traditions, etc.) necessitate sequencing of reforms and outline general aspects of a sequential reform strategy designed to expedite the transition process. The literature survey supports the Washington Consensus recommendations for starting transition with macroeconomic reforms, but over time initial conditions inevitably constrain and necessitate sequencing. In other words, reform efforts initially need to be directed across the widest possible front, but later in transition the emphasis of reform efforts needs to shift from one area to another. In the later stages, emphasis needs to be laid on improvement of public sector governance to support and promote macroeconomic reforms and formation of a healthy corporate sector. Democratic institutions arise with economic growth generated by the corporate sector.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"125 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116261787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper attempts to describe and compare developments in the components of Finland’s net international investment position (NIIP). The data consist of sectoral flows and valuation items over the period 1985 – 1998, which is, for analytical purposes, broken down into two subperiods: before and after the Finnish markka was floated. The study focuses on the main sectors, ie banks, corporations and the central government. Valuation items (changes in exchange rates and equity prices) are also important in the decomposition of the NIIP, particularly as regards recent history of equity prices. The mean and variability of each item is estimated, and for some items also bivariate robust variance tests are carried out. The major feature in Finland’s balance of payments has been nonresidents’ increased interest in Finnish equities as an object of investment. This phenomenon, along with the boom in share prices, has in recent years raised the equity holdings of foreigners to the rank of most significant item in Finland’s international investment position. Another important feature in the BOP is the rapid growth of the central government’s foreign debt due to the deep recession of 1991 - 1994. In respect to Finland, it is important to note the different stories told by developments in NIIP vs net external debt components: NIIP figures indicate that ownership of corporations based in Finland has indeed become global and that the value of shares has been increasing, whereas net external debt figures indicate that the economy has succeeded in restoring external indebtedness to pre-recession levels. The results also confirm that the Finnish banks still contribute prominently to variations in Finnish BOP flows. As regards the late 1980s and early 1990s, this can be inferred from the highly bank-oriented structure of Finnish financial markets, but the same holds true during the 1990s as well in the period of recovery from economic crisis.
{"title":"Changes in Finland's International Investment Position, 1985-1998. A Brief Statistical Analysis","authors":"Jorma Hilpinen, Heikki Hella","doi":"10.2139/ssrn.1021223","DOIUrl":"https://doi.org/10.2139/ssrn.1021223","url":null,"abstract":"This paper attempts to describe and compare developments in the components of Finland’s net international investment position (NIIP). The data consist of sectoral flows and valuation items over the period 1985 – 1998, which is, for analytical purposes, broken down into two subperiods: before and after the Finnish markka was floated. The study focuses on the main sectors, ie banks, corporations and the central government. Valuation items (changes in exchange rates and equity prices) are also important in the decomposition of the NIIP, particularly as regards recent history of equity prices. The mean and variability of each item is estimated, and for some items also bivariate robust variance tests are carried out. The major feature in Finland’s balance of payments has been nonresidents’ increased interest in Finnish equities as an object of investment. This phenomenon, along with the boom in share prices, has in recent years raised the equity holdings of foreigners to the rank of most significant item in Finland’s international investment position. Another important feature in the BOP is the rapid growth of the central government’s foreign debt due to the deep recession of 1991 - 1994. In respect to Finland, it is important to note the different stories told by developments in NIIP vs net external debt components: NIIP figures indicate that ownership of corporations based in Finland has indeed become global and that the value of shares has been increasing, whereas net external debt figures indicate that the economy has succeeded in restoring external indebtedness to pre-recession levels. The results also confirm that the Finnish banks still contribute prominently to variations in Finnish BOP flows. As regards the late 1980s and early 1990s, this can be inferred from the highly bank-oriented structure of Finnish financial markets, but the same holds true during the 1990s as well in the period of recovery from economic crisis.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123659667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1997-08-01DOI: 10.1787/pension_glance-2011-78-en
Frederic S. Mishkin, A. Posen
Part VI of the special Economic Policy Review volume on inflation targeting.
关于通货膨胀目标制的特别经济政策检讨卷第六部分。
{"title":"United Kingdom","authors":"Frederic S. Mishkin, A. Posen","doi":"10.1787/pension_glance-2011-78-en","DOIUrl":"https://doi.org/10.1787/pension_glance-2011-78-en","url":null,"abstract":"Part VI of the special Economic Policy Review volume on inflation targeting.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132405075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Endnotes to the special Economic Policy Review volume on inflation targeting.
关于通货膨胀目标制的特别经济政策评论卷的尾注。
{"title":"Endnotes","authors":"Frederic S. Mishkin, A. Posen","doi":"10.2307/j.ctv8bt15k.10","DOIUrl":"https://doi.org/10.2307/j.ctv8bt15k.10","url":null,"abstract":"Endnotes to the special Economic Policy Review volume on inflation targeting.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130677966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Impact of Technological Change on Incentive Provision - The simple trade-off between incentive and risk, which is crucial to the agency problem, is not a sufficient explanation for the ineffectiveness of a specific output-related pay such as the contract system adopted in the US iron and steel industry during the second half of the nineteenth-century. The high rate of technological innovation along with workers’ extensive bargaining power made output-related pay a sub-optimal solution. This stylised fact unveils the conflicting nature of piece-rate pay compared to fixed pay as new technology is introduced and stimulates an analysis of the interaction between technological change, bargaining powers, and payment systems which can be conducive to a better understanding of the agency problem and the use of incentive pay. Key words: Incentive Contracts, Inside Contracting, Unions, Technological Change. JEL Classification: J33, J51, N31, O33
{"title":"The Impact of Technological Change on Incentive Provision","authors":"M. Lisciandra","doi":"10.3280/STE2008-095001","DOIUrl":"https://doi.org/10.3280/STE2008-095001","url":null,"abstract":"The Impact of Technological Change on Incentive Provision - The simple trade-off between incentive and risk, which is crucial to the agency problem, is not a sufficient explanation for the ineffectiveness of a specific output-related pay such as the contract system adopted in the US iron and steel industry during the second half of the nineteenth-century. The high rate of technological innovation along with workers’ extensive bargaining power made output-related pay a sub-optimal solution. This stylised fact unveils the conflicting nature of piece-rate pay compared to fixed pay as new technology is introduced and stimulates an analysis of the interaction between technological change, bargaining powers, and payment systems which can be conducive to a better understanding of the agency problem and the use of incentive pay. Key words: Incentive Contracts, Inside Contracting, Unions, Technological Change. JEL Classification: J33, J51, N31, O33","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117102861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Philippine policy experience in the retail trade sector is distinct. Two radical policy shifts have occurred in the industry and the policy change took a circular path. In 1954, the Third Congress passed Republic Act (R.A.) 1180, the Retail Trade Nationalization Act, and in 2000, the Eleventh Congress enacted R.A. 8762, the Retail Trade Liberalization Act. The former was a change from an open to a protectionist policy, while the latter was a change from a protectionist to an open policy. Typically, any move to change an existing policy is always contentious and difficult. Those benefiting from the status quo would naturally take action to preserve their advantage; thus, policy change entails winners and losers. In examining the politics of policy change in the retail trade, this paper will utilize four factors — the context, the stakeholders and the cost benefit equation, policy rationalization, and presidential intervention and concessions — to systematically outline and explain the policy shifts that occurred.
{"title":"The Nationalization and Liberalization of the Retail Trade Industry in the Philippines","authors":"Bing Baltazar C. Brillo","doi":"10.2139/ssrn.1925323","DOIUrl":"https://doi.org/10.2139/ssrn.1925323","url":null,"abstract":"The Philippine policy experience in the retail trade sector is distinct. Two radical policy shifts have occurred in the industry and the policy change took a circular path. In 1954, the Third Congress passed Republic Act (R.A.) 1180, the Retail Trade Nationalization Act, and in 2000, the Eleventh Congress enacted R.A. 8762, the Retail Trade Liberalization Act. The former was a change from an open to a protectionist policy, while the latter was a change from a protectionist to an open policy. Typically, any move to change an existing policy is always contentious and difficult. Those benefiting from the status quo would naturally take action to preserve their advantage; thus, policy change entails winners and losers. In examining the politics of policy change in the retail trade, this paper will utilize four factors — the context, the stakeholders and the cost benefit equation, policy rationalization, and presidential intervention and concessions — to systematically outline and explain the policy shifts that occurred.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126457134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article reviews beer production, consumption and the industrial organization of breweries throughout history. Monasteries were the centers of the beer economy in the early Middle Ages. Innovation and increased demand later induced the growth of commercial breweries. Globalization and scientific discoveries transformed the beer industry and increased competition from the 16th through the 19th century. The 20th century was characterized by dramatic (domestic and international) consolidation, major shifts in consumption patterns, and the re-emergence of small breweries.
{"title":"From Monasteries to Multinationals (and Back): A Historical Review of the Beer Economy","authors":"E. Poelmans, J. Swinnen","doi":"10.2139/ssrn.1995425","DOIUrl":"https://doi.org/10.2139/ssrn.1995425","url":null,"abstract":"This article reviews beer production, consumption and the industrial organization of breweries throughout history. Monasteries were the centers of the beer economy in the early Middle Ages. Innovation and increased demand later induced the growth of commercial breweries. Globalization and scientific discoveries transformed the beer industry and increased competition from the 16th through the 19th century. The 20th century was characterized by dramatic (domestic and international) consolidation, major shifts in consumption patterns, and the re-emergence of small breweries.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123689866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A socio-cognitive foundation for human agency requires much deeper exploration to adequately understand the origins of our interests, preferences, and choices as they shape both the emergence of institutions, as well as the process of institutional change. In the collegial spirit of rapprochement and cross-pollination reminiscent of earlier efforts in new institutional organisation studies and in recent work in business history, the central contention of this paper is that the new institutional economics of ‘late’ Douglass North (i.e. North 2005), provides such a socio-cognitive approach and an important ontological frame for dealing with embedded agency that may afford a more thorough account of how institutions are formed and change over time.
{"title":"Towards Micro-Foundations of Human Agency: Lessons from Douglass North's Socio-Cognitive Turn","authors":"K. Bruce, Peter von Staden","doi":"10.2139/ssrn.2296757","DOIUrl":"https://doi.org/10.2139/ssrn.2296757","url":null,"abstract":"A socio-cognitive foundation for human agency requires much deeper exploration to adequately understand the origins of our interests, preferences, and choices as they shape both the emergence of institutions, as well as the process of institutional change. In the collegial spirit of rapprochement and cross-pollination reminiscent of earlier efforts in new institutional organisation studies and in recent work in business history, the central contention of this paper is that the new institutional economics of ‘late’ Douglass North (i.e. North 2005), provides such a socio-cognitive approach and an important ontological frame for dealing with embedded agency that may afford a more thorough account of how institutions are formed and change over time.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114505477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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