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ESG, Corporate Governance & Future of the Firm

The system of formal and informal rules by which a company is governed. Corporate governance shapes more than just a given’s company value – it dictates who controls the capital in the economy and so how this capital is being put the use. Corporate governance therefore affects and is affected by the degree of cronyism and rent-seeking in society.

ESG, Corporate Governance & Future of the Firm

Shareholder Democracy Doesn’t Work. Here’s How It Can.

Oliver Hart
An opinion piece by Oliver Hart and Luigi Zingales describes how a new voting mechanism could help individual investors persuade companies to act in...
ESG, Corporate Governance & Future of the Firm

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?  

Lucian Bebchuk
In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value to all...
ESG, Corporate Governance & Future of the Firm

Will “Portfolio Primacy” Throw a Monkey Wrench in Elon Musk’s Plans to Acquire Twitter?

Bernard Sharfman
The SEC's definition of fiduciary duty allows institutional shareholders to vote against Elon Musk's Twitter takeover bid thanks to portfolio primacy. Is the Musk...
ESG, Corporate Governance & Future of the Firm

How Enlightened is Enlightened Shareholder Value?

Lucian Bebchuk
There has been growing support for replacing the traditional corporate purpose with so-called “enlightened shareholder value,” which would guide firms to consider stakeholder interests...
ESG, Corporate Governance & Future of the Firm

Are “Bankruptcy Directors” Bad for Creditors?

Jared Ellias
A new paper studies the rise of so-called “bankruptcy directors,” typically former bankruptcy lawyers, investment bankers, or distressed debt traders who join corporate boards...
ESG, Corporate Governance & Future of the Firm

Should ESG-Driven Investors and Stakeholders Divest or Engage? A Stigler Center/Rustandy Center Panel Explores

ProMarket writers
Should investors and stakeholders who wish to influence companies to promote desirable social and environmental outcomes focus on actions like divestment and boycotts (exit),...
Commentary

Max Oversight Duties: How the Boeing Case Signifies a Shift in Corporate Law

Roy Shapira
Why did regulation, corporate governance, and fear of repetitional harm fail to prevent the Boeing 737 Max debacle from happening? A new paper explores...
ESG, Corporate Governance & Future of the Firm

How the US Partisan Divide Shapes Global Capital Flows

Elisabeth Kempf
A new empirical paper explores how partisan perception affects capital allocation beyond national borders, showing that the global investment practices of US institutional investors...
ESG, Corporate Governance & Future of the Firm

The Flaws and Limits of ESG-Based Compensation

Lucian Bebchuk
Companies increasingly use ESG metrics in their compensation packages for CEOs. A new empirical study suggests that this practice has questionable promise and produces...
Covid-19

How the Covid-19 Pandemic Put Corporate Stakeholder Promises to the Test

Lucian Bebchuk
Prior to the outbreak of Covid-19, corporate leaders pledged to look after all stakeholders, not just deliver value to shareholders. Did they live up...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.