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The field of broad-based employee ownership within corporations is a specific application of the foundational topic of property ownership. It is situated at the intersection of a broad range of scholarly disciplines including economics, law, finance and management. Each discipline contributes vocabulary and distinctions describing this field. That broad spectrum of disciplinary inquiry is a strength but it also lends a “ships passing in the night” quality to discussions of employee ownership. This paper attempts to unravel the narrative diversity surrounding this topic. Four meanings of ownership are introduced. Those meanings are in turn embedded within two abstract models of the corporation; the corporation as property and the corporation as social institution.

There is no experimental design The paper presents a conceptual overview and introduces a taxonomy of four meanings and two models of ownership.

Four meanings of ownership are introduced. The meanings are ownership as compensation, investment, retirement and membership. Those meanings are in turn embedded within two abstract models of the corporation; the corporation as property and the corporation as social institution.

No hypotheses are advanced. This is not a research paper. A conceptual overview that makes use of taxonomy of meanings and models is introduced to help clarify confusions abundant in the field of employee ownership. Readers may differ with the categories of meanings and models introduced in this conceptual overview.

The ambition of the paper is to describe the various meanings and models of employee ownership presently in use in both academic and applied settings. It is not necessary or desirable to assert the primacy of a single meaning or model in order to achieve progress. The analysis provided here surfaces a range of assumptions about ownership that have heretofore been implicit in both scholarship and in practice. Making those assumptions explicit should prove useful to both scholars and practitioners of employee ownership.

The concept of employee ownership enjoys a relatively broad appeal with the public. Among the academic disciplines that have trained their lights upon it, a more mixed reception prevails. Much of the academic and policy controversy derives from confusion about the nature and structure of employee ownership. This paper attempts to address that confusion by presenting a taxonomy of meanings and models that may prove useful for future research.

This study is one of the first efforts to comprehinsively map the various meanings and models of broad-based employee ownership.

A range of studies have shown that performance is typically higher in organisations with employee share ownership (ESO) schemes in place. Many possible causal mechanisms explaining this relationship have been suggested. These include a reduction in labour turnover, synergies with other forms of productivity-enhancing communication and participation schemes, and synergies with employer-provided training. The paper aims to discuss these issues.

This paper empirically assesses these potential linkages using data from the 2004 and 2011 British Workplace Employment Relations Surveys, and provides comparisons with earlier analyses conducted on the 1990 and 1998 versions of the survey.

Substantial differences are found between the 2004 and 2011 results: a positive relationship between ESO and workplace productivity and financial performance, observed in 2004, is no longer present in 2011. In both years, ESO is found to have no clear relationship with labour turnover, and there is no significant association between turnover and performance. There is, however, a positive moderating relationship with downward communication schemes in 2004 and in 2011 in the case of labour productivity. There is no corresponding relationship for upward involvement schemes.

The results are only partially supportive of extant theory and its various predictions, and the relationship between ESO and performance seems to have weakened over time.

The study further questions the rhetoric offered in support of wider ESO.

Both the academic literature and practitioners have long noted the need for an equity investment mechanism for worker-controlled firms that alleviates investor anxieties without undermining internal workplace democracy. The purpose of this paper is to outline one such possible mechanism.

The proposal locks together the interests of workers and external investors, via non-voting shares with dividends set by a pre-agreed value-added sharing formula. Each worker is paid a base wage, with the average across the firm being a pre-defined multiple of the national minimum wage. Any additional surplus is split into a number of equal “slices”, with each share receiving one slice as its dividend, and the average worker receiving a pre-agreed number of slices as a bonus.

Workers have an incentive to maximise their own incomes, and in so doing, will also automatically maximise the dividends received by investors, obviating the need for the shares to have normal voting rights. Working on this principle of aligned interests, the authors also discuss reinvestment, worker ownership of non-voting shares and possibilities for a secondary share market. The authors show how this proposal will be a significant step in aligning the interests of investors with owner-workers in a democratic, negotiated way that shares both risk and returns, thus making worker-controlled firms more attractive to equity investment.

In light of the recognised problem of underinvestment in worker-controlled firms and the risk of their degeneration, this paper will interest both academics and practitioners in employee ownership, co-operatives and various forms of workplace democracy.

The purpose of this paper is to examine the empirical relationship between gray directors (non-executive non-independent directors) and executive compensation among companies listed in India’s National Stock Exchange (NSE). The paper also examines the possible interplay of relationships between controlling shareholder duality (controlling shareholder being the CEO), ownership category and executive compensation.

A sample of 438 firms listed in the NSE of India was studied using data spanning five financial years, 2012–2013 to 2016–2017.

Empirical evidence suggests that there is a positive association between the proportion of gray directors on the board and executive compensation. The sensitivity of executive compensation to gray directors is found to be higher among family controlled firms. This research has also found that CEOs who belong to controlling shareholder groups received higher pay than professional CEOs. The authors conjecture that these results suggest cronyism and may contribute to lower levels of corporate governance practices in the country.

The hybrid board structure, which India has adopted with the desire to bring the best of Anglo Saxon and Japanese board philosophies, has paradoxically led to self-serving boards. Exploration of alternative thinking to bring about changes in the regulatory framework is, therefore, necessary.

Serious problems are identified with the philosophy behind board composition mandated by Listing Requirements for Indian firms with empirical evidence showing how the existing rules generate cronyism and unfairness to minority shareholders.

This study aims to empirically investigate the effect of managerial ownership on bank value concerning conventional and Islamic bank. The analysis uses a balanced panel data set based on a sample consisting of 480 bank-year observations between 2003 and 2017.

Ordinary least squares, fixed effect and random effect have been used primarily to examine the relationship between managerial ownership and banks' value. Later, the authors validate the core results by using the generalized linear model.

This study provides general support for the claim of interest alignment that encourages bank standards with a high level of managerial ownership and partly opposes the view of the entrenchment effects.In addition, the study finds a U-shaped and insignificant relation between managerial ownership and bank value. This indicates that initially, managerial ownership is a blessing, and later, it becomes a curse in considering bank value. Moreover, bank value affects managerial ownership positively both for conventional and Islamic banks.

A good number of studies are available in the current literature, which examine the impact of managerial ownership on either bank performance or risk-taking. However, very few studies are found that examine the bidirectional relationship between managerial ownership and banks' value. Moreover, to the best of authors’ knowledge, there is a dearth of literature on this topic that is built on the comparative analysis between conventional and Islamic banks.

The purpose of this paper is to contribute to the literature on secondary equity offerings (SEOs) by examining the impact of the Black Economic Empowerment (BEE) policy on secondary equity offering (SEO) pricing dynamics of South African Real Estate Investment Trusts (REITs).

With a sample of 152 SEOs of South African REITs from 2010 to 2020, ordinary least squares (OLS) models, fixed effect models, parametric and non-parametric tests were applied to test for the impact of BEE on the underpricing of SEOs.

Significant underpricing is discovered in highly compliant (BEE) REITs; in other words, SEOs pricing of BEE compliant REITs are more underpriced compared to non-compliant BEE REITs. With this, BEE compliant REITs and more so, highly compliant BEE REITs in particular leave more money on the table.

The government is therefore aware of the impact policy interventions play when REITs raise financing through SEOS. With these, highly compliant BEE REITs will need to be more strategic when making BEE compliance decisions as this is shown in our study to impact the underpricing of SEOs.

This is the first study to investigate SEO underpricing for the BEE policy using the South African REITs context.

This introductory chapter points to the need for sound and critical reflection on how to mobilize public, private and third sector actors, facilitate collaboration in partnerships and networks, and cocreate SDG solutions that are at once innovative, effective, and democratic. It spells out the aim of the book, which is to show how Goal 17 on partnerships can be used as a lever for securing global transformation toward socioeconomic and environmental sustainability. It explicates the basic argument that cocreation provides a promising strategy for advancing goal attainment by mobilizing competent, engaged, and knowledgeable stakeholders, stimulating innovation and ensuring broad-based support to solutions that make a difference. Finally, it briefly presents the content of the book and explains its intended usage.

In recent years, both academics and institutions have acknowledged the crucial role multinational enterprises (MNEs) can play in addressing the sustainability challenges, as formalized by the sustainable development goals (SDGs). Nevertheless, because of their extensiveness and their design as country-level targets, SDGs have proven challenging to operationalize at a firm level. This problem opens new and relevant avenues for research in international business (IB). This chapter attempts to frame the topic of extended value chain sustainability in the IB literature. In particular, it addresses a specific topic, that is, how sustainability and resilience-building practices interact in global value chains (GVCs). To do so, the present study develops the case of STMicroelectronics (ST), one of the biggest semiconductor companies worldwide.

This chapter insists that local cocreation projects need not only good intentions and the hard work of volunteers but also require funding and financing of the design and implementation of new solutions. It draws a conceptual distinction between funding and financing and explains who may help to provide funding and financing and why they may do so. As a part of this discussion, attention is drawn to the importance of writing good and persuasive funding applications and drawing up a strong and convincing business case to secure financing of new solutions. The new and emerging strategy for mobilizing private capital to help finance SDG projects is explained and illustrated, before closing the chapter with a discussion of the need to develop a proper system for fiscal accounting and auditing, which can prevent mismanagement and misconduct that eventually undermine popular support for local SDG projects.

Following the recent surge in research on carsharing, the paper synthesizes this growing literature to provide a comprehensive understanding of the current state of research and to identify directions for future work. Specifically, this study details implications for service theory and practice.

Systematic selection and analysis of 279 papers from the existing literature, published between 1996 and 2020.

The literature review identified four key themes: business models, drivers and barriers, customer behavior, and vehicle balancing.

For managers, the study illuminates the importance of collaboration among stakeholders within the automotive sector for purposes of widening their customer base and maximizing utilization and profits. For policy makers, their important role in supporting carsharing take-off is highlighted with emphasis on balancing support rendered to different mobility services to promote mutual success.

This is the first systematic multi-disciplinary literature review of carsharing. It integrates insights from transportation, environmental, and business studies, identifying gaps in the existing research and specifically suggesting implications for service research.