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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.

Commentary

Corporate Political Responsibility in a Captured Economy

Claudine Schneider
Most attention on corporate governance has focused on businesses’ social responsibility. Claudine Schneider and Ed Dolan write that businesses need to take into account...
ESG, Corporate Governance & Future of the Firm

History Shows that Voluntary ESG Standards Lead to a More Focused ESG Disclosure

Ethan Rouen
In recent years, ESG reports have become more common for publicly traded companies. However, critics have found the information they provide to be inconsistent...
ESG, Corporate Governance & Future of the Firm

Investing in Influence: Investors, Portfolio Firms, and Political Giving

Marianne Bertrand
A new paper examines the relationship between the rising concentration in institutional investors' ownership of publicly traded U.S. firms and portfolio companies' political giving....
Big Tech

Twitter’s Corporate Leaders Pushed their Stakeholders under the (Musk) Bus

Lucian Bebchuk
In a new study, we examine whether, in negotiating the sale to Elon Musk, Twitter’s corporate leaders took into account the commitments to employees...
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),...
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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.