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Book part
Publication date: 31 December 2010

Susan M. Olson

The study of cause lawyers has focused heavily on the private sector, but both public and private attorneys bring voting rights litigation. This chapter first situates voting

Abstract

The study of cause lawyers has focused heavily on the private sector, but both public and private attorneys bring voting rights litigation. This chapter first situates voting rights litigation within cause lawyering, as described by Scheingold and Sarat. It then suggests criteria for analyzing cause lawyering across public and private sectors and applies them to the attorneys who have done the majority of voting rights litigation for American Indians: The Voting Section of the U.S. Department of Justice's Civil Rights Division and the Voting Rights Project of the American Civil Liberties Union. The chapter suggests that the public and private attorneys are more similar than one might expect in their motivation, relationship to clients, and range of political strategies used. Their organizational practice sites differ greatly, but the dynamics of the public practice site confirm that Voting Section attorneys are cause lawyers.

Details

Studies in Law, Politics and Society
Type: Book
ISBN: 978-0-85724-615-8

Article
Publication date: 28 September 2010

Yves Bozec, Richard Bozec and Mohamed Dia

The objective of this study is to investigate further the interplay between corporate governance and firm performance with special focus on a situation expected to bring larger…

1551

Abstract

Purpose

The objective of this study is to investigate further the interplay between corporate governance and firm performance with special focus on a situation expected to bring larger agency costs to the firm, that is, when voting rights of the dominant shareholder exceed his/her cash flow rights.

Design/methodology/approach

The research is conducted in Canada over a four‐year period from 2002 to 2005 and uses a balanced sample of 130 firms or 520 firm‐year observations. Corporate governance is measured based on the ROB corporate governance index published by The Globe and Mail.

Findings

The results clearly show a positive and significant relationship between the ROB governance scores and Tobin's Q, when there is a separation between voting and cash flow rights. In the absence of any excess voting rights, no significant relation is found between governance and performance.

Practical implications

The findings suggest that regulators need to exercise caution before deciding whether or not to recommend or impose corporate governance rules for all firms, since the benefits of these rules may vary among the firms.

Originality/value

The study contributes to explaining mixed international evidence on the governance‐performance relationship, while directing attention to the moderating effect of the deviation from the one share‐one vote principle. To the best of the authors' knowledge, no other study using corporate governance indices has taken into account the impact of excess voting rights despite the widespread use of that practice outside the USA.

Details

International Journal of Managerial Finance, vol. 6 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 19 September 2019

Adam Y.C. Lei, Huihua Li and Jin Yu

The purpose of this paper is to examine the dividend payments and share repurchases of dual-class firms that have both their superior voting shares and inferior voting shares…

Abstract

Purpose

The purpose of this paper is to examine the dividend payments and share repurchases of dual-class firms that have both their superior voting shares and inferior voting shares publicly traded.

Design/methodology/approach

This paper uses matched dual-class and single-class samples from 1994 to 2015 and logit models to evaluate the likelihoods of dividend payment and share repurchase between dual-class firms and single-class firms.

Findings

The results show that dual-class firms are more likely than the matched sample of single-class firms to pay dividends in both share classes. Dual-class firms, however, are more likely to repurchase their superior shares than single-class firms and their inferior shares.

Research limitations/implications

The results suggest that dual-class firms do not use corporate payouts to either mitigate agency problems or maintain the private benefits of control. Instead, dual-class firms use dividend payments to mitigate agency problems while using repurchases of superior shares to maintain the private benefits of control, which supports the agency payout hypothesis.

Practical implications

This paper highlights the differences between dividend payments and share repurchases as forms of corporate payouts and suggests that firms may choose a particular form for a particular purpose.

Originality/value

This paper provides the first piece of empirical evidence on the corporate payouts of dual-class firms separating their superior voting shares and inferior voting shares.

Details

Managerial Finance, vol. 45 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 19 March 2018

Michael Gambert

This chapter is a case study of the valuation of voting rights in France and Italy. New regulations, France’s “Florange Law” as well as Italian Legislative Decree 91/2014, have…

Abstract

This chapter is a case study of the valuation of voting rights in France and Italy. New regulations, France’s “Florange Law” as well as Italian Legislative Decree 91/2014, have created additional voting rights attached to the existing shares of long-term shareholders. The chapter tests whether stock price evolution is consistent with the valuation of voting rights as per existing research.

Results show that stock prices of the float do not factor in the dilution created by loyalty voting rights. The chapter argues that the dilutive effect of the new regulations has a negative impact on stock valuation, but that this is more than offset by taking into account real options. These results address the concern that the new policies would depress stock valuation in France and Italy.

Details

Global Tensions in Financial Markets
Type: Book
ISBN: 978-1-78714-839-0

Keywords

Book part
Publication date: 13 October 2017

Anne Lafarre

In this chapter, we assess the ownership characteristics for the companies in our sample. For this, we do not only use ownership concentration measures such as the…

Abstract

In this chapter, we assess the ownership characteristics for the companies in our sample. For this, we do not only use ownership concentration measures such as the Herfindahl–Hirschman index but also voting power measures since ownership and voting power are not necessarily equivalent. We find that, in line with previous studies, ownership concentration and voting power of large shareholders is generally higher in continental European countries, which has important implications for corporate governance.

Article
Publication date: 6 March 2017

Richard Bozec and Mohamed Dia

The aim of this paper is to revisit the board independence–audit fees (BI–AF) relationship while taking into account the ownership structure of the firm. Two effects are unfolding…

Abstract

Purpose

The aim of this paper is to revisit the board independence–audit fees (BI–AF) relationship while taking into account the ownership structure of the firm. Two effects are unfolding along the ownership concentration spectrum: separation of ownership and control (principal–agent problems) and separation of voting and cash flow rights (principal–principal problems).

Design/methodology/approach

The study is conducted over a seven-year period (2002-2008) using panel regressions on a sample of Canadian publicly traded companies. The authors use a moderated regression analysis incorporating two-way interactive terms (ownership × BI) and a sub-group analysis.

Findings

The results show a positive and significant relationship between BI and AF when ownership is concentrated in the hands of a dominant/controlling shareholder. The higher the gap between voting and cash flow rights of the ultimate owner, the stronger the relationship between BI and AF. Overall, evidence supports both the demand-based perspective on AF and the expropriation effect argument.

Practical implications

Results support a one-size-fits-all approach to governance despite growing concerns from academics and interest groups about the appropriateness of pursuing such strategy when ownership is concentrated in the hands of a dominant/controlling shareholder.

Originality/value

By taking the excess voting rights into account (difference between voting rights and cash-flow rights of the ultimate owner), the authors propose a refined classification of the sample firms along the ownership concentration spectrum.

Details

International Journal of Accounting & Information Management, vol. 25 no. 1
Type: Research Article
ISSN: 1834-7649

Keywords

Book part
Publication date: 9 April 2003

Yasmin A Dawood

This article develops an alternative theoretical approach to the Supreme Court’s controversial electoral redistricting decisions in Shaw v. Reno (1993) and its progeny. Instead of…

Abstract

This article develops an alternative theoretical approach to the Supreme Court’s controversial electoral redistricting decisions in Shaw v. Reno (1993) and its progeny. Instead of relying on the traditional equal protection interpretation, this paper argues that controversies over electoral redistricting are at base disputes among competing visions of democracy. In the Court’s recent redistricting cases, the majority and the dissent adopted fundamentally different visions of democracy – Individualist Democracy and Democracy as Power. In addition to elaborating these rival understandings of democracy, this article develops the concept of Symbolic Democracy to explain a central paradox in the Court majority’s decision: its simultaneous denial and recognition of the relevance of racial groups in representation.

Details

Studies in Law, Politics and Society
Type: Book
ISBN: 978-1-84950-209-2

Book part
Publication date: 13 October 2017

Anne Lafarre

Blockholders can behave opportunistically because small shareholder voting suffers from coordination problems. In this chapter, we investigate the features of small shareholder…

Abstract

Blockholders can behave opportunistically because small shareholder voting suffers from coordination problems. In this chapter, we investigate the features of small shareholder voting using a theoretical framework. Specifically, we investigate when defeating a blockholder’s resolution is optional for shareholders. Regulatory initiatives that facilitate communication between small shareholders or focus on institutional investors and corporate governance tools that alter or add the threshold in the voting game also contribute to solving the coordination problem. These corporate governance initiatives can increase the relevance of AGMs in Europe.

Book part
Publication date: 1 November 2008

Najah Attig

This chapter analyzes the market response to ticker symbol change of stocks with non-conventional voting structures (or multiple class shares, MCS). I find a significant drop…

Abstract

This chapter analyzes the market response to ticker symbol change of stocks with non-conventional voting structures (or multiple class shares, MCS). I find a significant drop (increase) in prices and liquidity (short-sale activity) of MCS stocks, with the most severe decrease being reported for the lower-voting class. This evidence suggests that investors revised downward the assessment of MCS stocks. Regression analysis shows that a significant part of the cross-sectional variation of the event-results is explained by firm's agency costs. Overall, the chapter stresses the importance of enhanced market transparency in curbing private benefits.

Details

Institutional Approach to Global Corporate Governance: Business Systems and Beyond
Type: Book
ISBN: 978-1-84855-320-0

Article
Publication date: 3 April 2018

Elaine James, Mark Harvey and Chris Hatton

People with learning disabilities may experience discrimination which prevents them from exercising choice and control over their right to participate in democratic processes. The…

Abstract

Purpose

People with learning disabilities may experience discrimination which prevents them from exercising choice and control over their right to participate in democratic processes. The paper aims to discuss this issue.

Design/methodology/approach

Taking data collected by social workers during a campaign from the 2015 UK General Election, this paper analyses the variables associated with higher rates of democratic participation by people with learning disabilities.

Findings

The present authors undertook secondary analysis on data collected by social workers supporting adults with learning disabilities who were living in community housing units. In total, 1,019 people with learning disabilities who were living in 124 community housing units in one English county gave consent to participate. In total, 84 per cent were registered to vote and 26 per cent cast a vote on polling day. People were significantly more likely to cast a vote if they lived in a housing unit where they understood their rights (Wald χ2 =4.896, p=0.027).

Practical implications

The analyses are consistent with the hypothesis that supporting people with learning disabilities to understand their right to participate in elections increases the likelihood they will cast a vote on a polling day. There are practical implications from this finding for commissioning practices, support planning, and education of health and social care practitioners.

Originality/value

This is the first study of this size which examines data from people with learning disabilities on their experience of democratic participation and the role of social work.

Details

Tizard Learning Disability Review, vol. 23 no. 2
Type: Research Article
ISSN: 1359-5474

Keywords

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