Corporate Governance – Hoorcollege 1-5 en samenvatting artikelen en cases
Contents
Corporate Governance Algemeen...........................................................................................5
Hoorcollege 1.......................................................................................................................... 5
Corporate Governance uitdagingen en praktijken van PLC’s...............................................5
Publicly Listed Companies (PLCs): De Vijf Kernkenmerken................................................5
Agency Problems en Agency Costs.....................................................................................7
Corporate Governance in PLC’s..........................................................................................8
Focus: The Board of Directors...........................................................................................10
Conclusie........................................................................................................................... 11
Readings Week 1..................................................................................................................11
Reading 1: Harvard: Corporate Governance - John Coates & Suraj Srinivasan, 2018,
Corporate Governance, Harvard Business Publishing, pp 1-44.*..........................................11
Inleiding: Het Groeiende Belang van Corporate Governance Corporate...........................11
Conflicten tussen controlerende en niet-controlerende eigenaars.....................................12
Wat Is Corporate Governance?.........................................................................................12
Twee Soorten Conflicten: Eigenaar-Manager Conflicten...................................................12
Twee Soorten Conflicten: Intra-Aandeelhouder Conflicten................................................13
Recente Trends in Eigendom............................................................................................14
Beperken van Conflicten Binnen Aandeelhouders.............................................................17
Aanvullende lezing............................................................................................................. 18
Aandeelhouder versus Belanghebbendenmodellen...........................................................18
Hoorcollege 2 - Wie zou er eigendom moeten zijn van een bedrijf en waarom?...................21
Wat is kapitalisme?............................................................................................................ 21
Wat is eigendom?.............................................................................................................. 22
Kenmerken van transacties in een business corporation...................................................22
Een bundel van rechten.....................................................................................................22
2 belangrijke elementen van eigendom:............................................................................22
De kosten van marktcontracting........................................................................................23
Kosten van eigenaarschap................................................................................................24
Wat moet een eigenaar meebrengen (benefits).................................................................24
Wat heeft eigendom tot gevolg?........................................................................................25
Waarom recht op verhandelbaarheid?...............................................................................25
Is eigendom een kracht voor het welzijn van de mensheid?..............................................25
Wie heeft er eigendom?.....................................................................................................25
Levenscyclus van eigenaarschap......................................................................................26
de kosten en baten van eigendom.....................................................................................26
Case: The Goldman Sacks IPO............................................................................................27
,Readings week 2...................................................................................................................28
Hansmann, H. (1988). Ownership of the Firm. Journal of Law, Economics, &
Organization,Vol. 4, No. 2 (Autumn, 1988), pp. 267-304...................................................28
Theoretisch Kader.................................................................................................................28
Een Overzicht van de Theorie...............................................................................................29
De Kosten van Marktcontracten............................................................................................30
Kosten van Eigendom...........................................................................................................30
Investeerder-Eigendom van Bedrijven...................................................................................31
Kosten van Eigendom...........................................................................................................32
Klant-Eigendom van Detailhandel, Groothandel en Leveringsbedrijven................................32
Groothandel- en Leveringsbedrijven.....................................................................................32
4.3 landbouwleveringen........................................................................................................33
Werknemer-Eigendom van Bedrijven....................................................................................34
Kosten van Contracten..........................................................................................................34
Kosten van Eigendom...........................................................................................................34
Nutsvoorzieningen................................................................................................................35
Verzekeringen....................................................................................................................... 35
Kosten van Contracten..........................................................................................................35
Kosten van Eigendom...........................................................................................................35
Huidige Evolutie.................................................................................................................... 35
Bedrijven zonder Eigenaars: Non-profit Ondernemingen......................................................35
Conclusie.............................................................................................................................. 36
Wasserman, N. (2008). The founder’s dilemma. Harvard business review, 86(2), 102-109.. 36
Gornall, W. & Strebulaev, I.A., (March 3, 2022) The Contracting and Valuation of Venture
Capital-Backed Companies. Forthcoming, Handbook of the Economics of Corporate
Finance, Vol 1: Private Equity and Entrepreneurial Finance..................................................38
Case 2 Tyco International.....................................................................................................38
Lecture 3 - Corporate Governance van familiebedrijven.......................................................39
Verschillen tussen familiebedrijven en niet-familiebedrijven..............................................40
Is familiebezit nog optimaal?..............................................................................................40
Karakterisering familiebedrijf..............................................................................................40
Levenscyclus..................................................................................................................... 40
Theorieën over levenscyclus.............................................................................................41
Lessen uit de levenscyclus................................................................................................41
3 uitdagingen..................................................................................................................... 41
Mechanismen om controle te verbeteren:..........................................................................42
Case 3 BBA........................................................................................................................... 44
Extra case............................................................................................................................. 44
Reading 3.............................................................................................................................. 45
Reading 1 Governance of Family Firms................................................................................45
,Reading 2 Family Enterprise Governance.............................................................................47
The Family Enterprise........................................................................................................48
Characteristics family firm vs non family firm.....................................................................48
Family governance system................................................................................................48
Informal elements vs formal elements Informal elements..................................................48
2 reasons for conflicts in family enterprise.........................................................................48
5 conflict management strategies......................................................................................48
Ownership structure........................................................................................................... 49
3 measures of control........................................................................................................49
Control enhancing mechanisms.........................................................................................49
2 contributions board......................................................................................................... 49
2 characteristics of the board.............................................................................................49
Board suggestions.............................................................................................................49
5 succesful transitions.......................................................................................................49
3 categories family office...................................................................................................50
10 best practices of the family offices................................................................................50
5 effective internal controls................................................................................................50
3 important contributions non-family administrator.............................................................50
4 models of family foundation structure.............................................................................50
Family intending to next generation...................................................................................50
Lecture 4 - Stakeholders in Corporate Governance..............................................................52
Shareholders (owners) vs stakeholders.............................................................................52
Primary vs secondary stakeholders...................................................................................52
2 verschillende typen challenges.......................................................................................52
Strategische afhankelijkheid (strategic dependence).........................................................53
Case: Uber, backseat driver..................................................................................................53
Readings............................................................................................................................... 54
Reading 1 Stakeholder Theory Stakeholder theory:..............................................................54
Past: Divergence and reconvergence: 1 economic turn in strategy research, stakeholders
.......................................................................................................................................... 54
concerned with normative ethics........................................................................................54
Present: The stakeholder turn in strategy: 1 testing key proposition of instrumental
stakeholder theory, 2 behavioural stakeholder theory 3 stakeholder strategy theorie........54
Future: New strategy theory: 1 new theory of strategy 2 building blocks for a new strategy
3 future work toward new strategy theory..........................................................................55
3 verschillende stakeholder theorieën:...............................................................................55
Reading 2 Resource dependence theory..............................................................................56
Resource Dependency Theory..........................................................................................57
Bestuurders van politici aan boord.....................................................................................58
Lecture 5 - Corporate Governance and societal concerns (the SLTO)..................................58
, Conclusie........................................................................................................................... 62
Case: Wal-Mark: Nonmarket Pressure and Reputation Risk.................................................62
Readings............................................................................................................................... 63
Reading 1: Strategic CSR: A Concept Building Meta-Analysis..............................................63
Reading 2: What Every CEO needs to know about nonmarket strategy................................65
Contents
Corporate Governance Algemeen...........................................................................................5
Hoorcollege 1.......................................................................................................................... 5
Corporate Governance uitdagingen en praktijken van PLC’s...............................................5
Publicly Listed Companies (PLCs): De Vijf Kernkenmerken................................................5
Agency Problems en Agency Costs.....................................................................................7
Corporate Governance in PLC’s..........................................................................................8
Focus: The Board of Directors...........................................................................................10
Conclusie........................................................................................................................... 11
Readings Week 1..................................................................................................................11
Reading 1: Harvard: Corporate Governance - John Coates & Suraj Srinivasan, 2018,
Corporate Governance, Harvard Business Publishing, pp 1-44.*..........................................11
Inleiding: Het Groeiende Belang van Corporate Governance Corporate...........................11
Conflicten tussen controlerende en niet-controlerende eigenaars.....................................12
Wat Is Corporate Governance?.........................................................................................12
Twee Soorten Conflicten: Eigenaar-Manager Conflicten...................................................12
Twee Soorten Conflicten: Intra-Aandeelhouder Conflicten................................................13
Recente Trends in Eigendom............................................................................................14
Beperken van Conflicten Binnen Aandeelhouders.............................................................17
Aanvullende lezing............................................................................................................. 18
Aandeelhouder versus Belanghebbendenmodellen...........................................................18
Hoorcollege 2 - Wie zou er eigendom moeten zijn van een bedrijf en waarom?...................21
Wat is kapitalisme?............................................................................................................ 21
Wat is eigendom?.............................................................................................................. 22
Kenmerken van transacties in een business corporation...................................................22
Een bundel van rechten.....................................................................................................22
2 belangrijke elementen van eigendom:............................................................................22
De kosten van marktcontracting........................................................................................23
Kosten van eigenaarschap................................................................................................24
Wat moet een eigenaar meebrengen (benefits).................................................................24
Wat heeft eigendom tot gevolg?........................................................................................25
Waarom recht op verhandelbaarheid?...............................................................................25
Is eigendom een kracht voor het welzijn van de mensheid?..............................................25
Wie heeft er eigendom?.....................................................................................................25
Levenscyclus van eigenaarschap......................................................................................26
de kosten en baten van eigendom.....................................................................................26
Case: The Goldman Sacks IPO............................................................................................27
,Readings week 2...................................................................................................................28
Hansmann, H. (1988). Ownership of the Firm. Journal of Law, Economics, &
Organization,Vol. 4, No. 2 (Autumn, 1988), pp. 267-304...................................................28
Theoretisch Kader.................................................................................................................28
Een Overzicht van de Theorie...............................................................................................29
De Kosten van Marktcontracten............................................................................................30
Kosten van Eigendom...........................................................................................................30
Investeerder-Eigendom van Bedrijven...................................................................................31
Kosten van Eigendom...........................................................................................................32
Klant-Eigendom van Detailhandel, Groothandel en Leveringsbedrijven................................32
Groothandel- en Leveringsbedrijven.....................................................................................32
4.3 landbouwleveringen........................................................................................................33
Werknemer-Eigendom van Bedrijven....................................................................................34
Kosten van Contracten..........................................................................................................34
Kosten van Eigendom...........................................................................................................34
Nutsvoorzieningen................................................................................................................35
Verzekeringen....................................................................................................................... 35
Kosten van Contracten..........................................................................................................35
Kosten van Eigendom...........................................................................................................35
Huidige Evolutie.................................................................................................................... 35
Bedrijven zonder Eigenaars: Non-profit Ondernemingen......................................................35
Conclusie.............................................................................................................................. 36
Wasserman, N. (2008). The founder’s dilemma. Harvard business review, 86(2), 102-109.. 36
Gornall, W. & Strebulaev, I.A., (March 3, 2022) The Contracting and Valuation of Venture
Capital-Backed Companies. Forthcoming, Handbook of the Economics of Corporate
Finance, Vol 1: Private Equity and Entrepreneurial Finance..................................................38
Case 2 Tyco International.....................................................................................................38
Lecture 3 - Corporate Governance van familiebedrijven.......................................................39
Verschillen tussen familiebedrijven en niet-familiebedrijven..............................................40
Is familiebezit nog optimaal?..............................................................................................40
Karakterisering familiebedrijf..............................................................................................40
Levenscyclus..................................................................................................................... 40
Theorieën over levenscyclus.............................................................................................41
Lessen uit de levenscyclus................................................................................................41
3 uitdagingen..................................................................................................................... 41
Mechanismen om controle te verbeteren:..........................................................................42
Case 3 BBA........................................................................................................................... 44
Extra case............................................................................................................................. 44
Reading 3.............................................................................................................................. 45
Reading 1 Governance of Family Firms................................................................................45
,Reading 2 Family Enterprise Governance.............................................................................47
The Family Enterprise........................................................................................................48
Characteristics family firm vs non family firm.....................................................................48
Family governance system................................................................................................48
Informal elements vs formal elements Informal elements..................................................48
2 reasons for conflicts in family enterprise.........................................................................48
5 conflict management strategies......................................................................................48
Ownership structure........................................................................................................... 49
3 measures of control........................................................................................................49
Control enhancing mechanisms.........................................................................................49
2 contributions board......................................................................................................... 49
2 characteristics of the board.............................................................................................49
Board suggestions.............................................................................................................49
5 succesful transitions.......................................................................................................49
3 categories family office...................................................................................................50
10 best practices of the family offices................................................................................50
5 effective internal controls................................................................................................50
3 important contributions non-family administrator.............................................................50
4 models of family foundation structure.............................................................................50
Family intending to next generation...................................................................................50
Lecture 4 - Stakeholders in Corporate Governance..............................................................52
Shareholders (owners) vs stakeholders.............................................................................52
Primary vs secondary stakeholders...................................................................................52
2 verschillende typen challenges.......................................................................................52
Strategische afhankelijkheid (strategic dependence).........................................................53
Case: Uber, backseat driver..................................................................................................53
Readings............................................................................................................................... 54
Reading 1 Stakeholder Theory Stakeholder theory:..............................................................54
Past: Divergence and reconvergence: 1 economic turn in strategy research, stakeholders
.......................................................................................................................................... 54
concerned with normative ethics........................................................................................54
Present: The stakeholder turn in strategy: 1 testing key proposition of instrumental
stakeholder theory, 2 behavioural stakeholder theory 3 stakeholder strategy theorie........54
Future: New strategy theory: 1 new theory of strategy 2 building blocks for a new strategy
3 future work toward new strategy theory..........................................................................55
3 verschillende stakeholder theorieën:...............................................................................55
Reading 2 Resource dependence theory..............................................................................56
Resource Dependency Theory..........................................................................................57
Bestuurders van politici aan boord.....................................................................................58
Lecture 5 - Corporate Governance and societal concerns (the SLTO)..................................58
, Conclusie........................................................................................................................... 62
Case: Wal-Mark: Nonmarket Pressure and Reputation Risk.................................................62
Readings............................................................................................................................... 63
Reading 1: Strategic CSR: A Concept Building Meta-Analysis..............................................63
Reading 2: What Every CEO needs to know about nonmarket strategy................................65
