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The politics of climate change in Australia remains highly fraught, this is despite the country experiencing acute impacts of a changing climate including mega-fires, floods, and severe and prolonged drought. Government inaction has led to limited market signals encouraging producers or consumers to move away from carbon intensive energy production to clean energy. In the absence of regulation, Australian shareholder activists are engaging directly with company boards and executives to reform corporate behaviour. This engagement, environmental, social, and governance (ESG) shareholder activism, has proliferated since 2017, much later than in comparable jurisdictions. Activists have targeted the mining, oil and gas, and finance sectors, due to their contribution to the Australian economy and their direct impact on global emissions. This paper explores the reasons for, and the implications of, the growth in ESG shareholder activism in Australia. It argues that the emergence of this activism in Australia was delayed due to complexities in the country's corporations' law. Regulatory attempts at stymying ESG shareholder activism resulted in the emergence of a duopoly of actors, at the cost of broader investor and civil society engagement. It is concluded that the rise of ESG shareholder activism in Australia is linked to growing tension between societal expectations, regulation, and the behaviour of firms. And, that ESG activists have been successful in leveraging this tension. There is evidence that large corporates have responded to activist claims, rendering this form of activism a potentially effective method for addressing some of the most pressing issues facing society. [ABSTRACT FROM AUTHOR]

The study examined the nexus of shareholder activism, in conjunction with a growing emphasis on Environmental, Social, and Governance (ESG) factors, catalyzing a profound shift in corporate behaviour. Traditionally, shareholders have primarily focused on financial returns, but today, they wield their influence on champion corporate responsibility. This change in basic assumptions stems from the realization that companies are not just profit-making entities but also have wide-reaching impacts on the environment, society, and governance structures. Shareholders, often institutional investors, are now leveraging their power to urge firms to adopt sustainable practices, reduce their carbon footprint, foster diversity and inclusivity, and enhance transparency in decision-making. The methodology used in the study is the library research method. In this exploratory study we found out that this synergy between shareholder activism and ESG considerations is reshaping corporate strategies and instigating responsible business practices. Corporations are compelled to rethink their operations, aligning them with ESG principles to meet evolving investor and societal expectations and as such, allowing investors to make more informed decisions that align with their ethical and sustainability values. Shareholder activism and ESG considerations have become catalysts for positive change, driving corporations towards behaviors that are not only profitable but also ethical, sustainable, and accountable to society. [ABSTRACT FROM AUTHOR]

The corporate world is undergoing a transformation: there has been a dramatic influx in demand for companies to promote environmental, social, and governance (ESG) values. Yet these preferences do not necessarily translate into effective corporate actions. In this Article, we underscore the structural problems that prevent such preferences from steering the corporate ship full steam ahead toward ESG goals. We analyze the central actors in the corporate sphere that can potentially bring about such change on the ground: managers, institutional investors, and activist hedge funds. We demonstrate that none of these actors have the two central elements required for promoting ESG goals: motivation and competence. We refer to this problem as the ESG gap. We then suggest bridging the gap by forming a new entity, the Activist ESG Fund (AEF). The AEF would be an exchange-traded, closed-end mutual fund, uniquely designed for targeted activist investment. The closed-end traded fund structure would enable the fund management to focus on the long run by attracting patient money while permitting impatient investors to sell their shares on the highly liquid stock exchange. The establishment of AEFs can be a turning point in corporations' and society's effective promotion of ESG goals. [ABSTRACT FROM AUTHOR]

The coming together of shareholders participating and corporate governance, which is essential to Corporate Social Responsibility (CSR), has created a complicated and detailed environment full of critical legal consequences. This study explores how corporate social responsibility initiatives and shareholder participation are interconnected in driving change. This article will explore the different responsibilities that organizations, stakeholders, and governing bodies have regarding legal issues. Additionally, we will explore the monetary responsibilities they need to fulfill and the difficulties they might encounter when complying with regulatory guidelines. Furthermore, we shall delve into the possible legal disputes that could emerge in these situations. The paper thoroughly explores the intricate legal elements linked to this topic. Our focus is on analyzing notable events and exploring various legal strategies used in conflicts concerning corporate social responsibility. Furthermore, it provides beneficial recommendations for corporations, investors, and regulatory authorities to effectively maneuver through this constantly evolving landscape while maintaining a harmonious connection between moral behavior in commerce and the concerns of stockholders. In the context of the increasing worldwide attention on corporate social responsibility (CSR) and the influence of shareholders on corporate governance, it is essential for all parties involved to comprehend the legal complexities that arise in this scenario. [ABSTRACT FROM AUTHOR]

Political lobbying in the marketplace in Australia has risen sharply in the last decade, with increased instances of shareholder activism and other forms of investment-based political participation, or 'political investorism'. This article provides the first analysis of political investorism in the Australian context, utilising processtracing and interviews to examine six case studies on issues including modern slavery, climate change, and human rights. We consider the insider and outsider dynamics of political investorism, and the factors that shape the manifestation of this tactic in Australia. We argue that political investorism in Australia is shaped primarily by structural factors including corporate governance rules and the power of superannuation (pension) funds. We demonstrate that some forms of political investorism defy neat categorisation as insider or outsider strategies, identifying a new category of 'unnatural insider' to describe the acquisition of insider status for the explicit purpose of pursuing political goals. [ABSTRACT FROM AUTHOR]

This article draws on a cross-disciplinary framework to analyse the 2018 'Velvet Revolution' in Armenia and its success in implementing regime change through grassroots resistance. Utilising interview data, we suggest that the success of the Armenian revolution—that is, the relative postrevolutionary democratisation—can be partially explained by the combination of the global trend towards the digitisation of political discourse with the active political role played by the local 'activist journalists' within the context of a postsocialist state. [ABSTRACT FROM AUTHOR]

Elliott Investment Management has acquired a stake of over $1 billion in BioMarin Pharmaceutical, following BioMarin's scaled-back sales forecast for its gene therapy for severe hemophilia A. Sangamo Therapeutics has deferred spending on planning a Phase III program for its Fabry disease gene therapy candidate due to lack of funding. AstraZeneca has partnered with Cellectis to develop up to 10 gene and cell therapies, while Ajinomoto is set to acquire Forge Biologics for $620 million to expand its gene therapy manufacturing capabilities. Bluebird Bio has agreed to sell a priority review voucher to Novartis for $103 million if its gene therapy for sickle cell disease is approved. Lexeo Therapeutics has raised $100 million through an IPO, and the FDA advisory panel is considering the approval of a CRISPR-Cas9 gene-edited therapy for sickle cell disease. Sanofi has invested $30 million in MeiraGTx and gained rights to its gene regulation technology platform. MeiraGTx is actively pursuing potential deals and has hired Evercore Group and Wachtell, Lipton, Rosen & Katz as financial and legal advisors, respectively, to help with strategic transactions. The company aims to maximize value for its shareholders. [Extracted from the article]

This study provides evidence on how dividend policy affects earnings management. Our goal is to contribute to the literature by employing data from a sector (aerospace and defence) that to the best of our knowledge has never been studied before in terms of the relationship between earnings management and dividend policy. Our sample consists of 17 listed companies in the U.S. Stock Exchanges, examined for the 2012-2019 period. We employ panel data linear regression to conclude that the dividend policy positively affects the management's practice of discretionary accruals manipulation. Consequently, our results support the signalling hypothesis that points to the importance of a stable dividend policy. Specifically, we provide relevant and robust information on management decision making regarding value return to the shareholders of U.S. aerospace and defence companies. Finally, we provide future research proposals that may shed more light on this obscure relationship. [ABSTRACT FROM AUTHOR]

This article establishes a new basis for examining the participation, mobilisation and impact of investors at a time when market-based activism for social change is rising in prominence. Existing terminology describing the expression of political values through investment decisions lacks conceptual clarity. Political participation by shareholders and other investors is variously described as shareholder activism or socially responsible investment, and currently conceptualised under the banner of political consumerism. However, this term fails to capture the unique political role and diverse actions of investors. We put forward 'political investorism' as a cohering term for investment-based political participation to remedy existing conceptual confusion, to distinguish between investors and consumers as political actors and to set an agenda for the future study of market-based activism. This article defines and develops the concept of political investorism, drawing upon illustrative cases from Australia to identify hallmarks, actors and tactics of this form of political participation. [ABSTRACT FROM AUTHOR]

Organizations face growing pressure from their consumers and stakeholders to take public stances on sociopolitical issues. However, many are hesitant to do so lest they make missteps, promises they cannot keep, appear inauthentic, or alienate consumers, employees, or other stakeholders. Here we investigate consumers' impressions of firms that respond quickly or slowly to sociopolitical events. Using data scraped from Instagram and three online experiments (N = 2452), we find that consumers express more positive sentiment and greater purchasing intentions toward firms that react more quickly to sociopolitical issues. Unlike other types of public firm decision making such as product launch, where careful deliberation can be appreciated, consumers treat firm response time to sociopolitical events as an informative cue of the firm's authentic commitment to the issue. We identify an important boundary condition of this main effect: speedy responses bring limited benefits when the issue is highly divisive along political lines. Our findings bridge extant research on brand activism and communication, and offer practical advice for firms. [ABSTRACT FROM AUTHOR]

How do institutional stakeholders and community activists differ in their perception of their agency to affect change? We explore this question by synthesising Archer's theory of structure–agency dynamics' and Easterly's development models as it is now, and debates on the 'just city' to explore narratives around urban transformation in data from two projects in England's second city, Birmingham. Our results show that, whereas institutional stakeholders affiliated with local government feel rather disempowered and defer to signals from national government or investors, community activists are focused on opportunities to use their agency and create change in their local areas. The implications of this divergence for the aims of achieving empowerment and social justice are discussed. Also, the benefits of a co-production model used in one of the research projects are reflected upon. Building on this model through policies of collaboration, forming social connections and active civic engagement could use the social energy and potential we identify to reinvigorate agency and the motivation of institutional stakeholders and generate change that is more bottom-up than top-down. To this end, we encourage greater reflection on notions of agency and participation in discussions on the 'just city'. However, in view of prevailing structural forces, we acknowledge that such efforts ultimately remain aspirational and difficult to achieve. [ABSTRACT FROM AUTHOR]

The article explores connectivity from the prism of multilateral development banks. It recognises that theorising on connectivity is increasing, but as connectivity agency is less addressed, it aims to contribute to discussions on who the agents of connectivity are and how they contribute thereto. By analysing the Asian Development Bank (ADB) and the Asian Infrastructure Bank (AIIB) respectively, the article sets forth a three-dimensional agency: strategic, developmental and financial. This is in line with the multi-layered nature of the banks, which reflects the broader member states and key state interests. Next to their role as banks, they contribute to the understanding of development, in addition to which they represent key shareholder interests. The banks are both to be seen as nodes of connectivity and as active agents in realising connectivity for others. [ABSTRACT FROM AUTHOR]

Background and Purpose: Forced financial restatement (FFR) creates a major concern as it has an instantaneous and disastrous effect on a firm's share price. Whilst studies focusing on FFR are limited, this study investigated the financial and corporate governance influences that affect the FFR likelihood within the emerging background of Malaysia. This study aims to provide new evidence and insights to Malaysian regulators in developing strategies to reinforce financial reporting quality. Methodology: The influences of board independence, political connection, audit committee financial expertise, government-related institutional ownership, family ownership and control, corporate reporting quality, and financial distress on FFR occurrence were investigated. A multivariate logistic model was employed on 4,759 firm-year observations from 2002 until 2012. Findings: Findings revealed that aggressive accounting influences the FFR likelihood. Based on the results, the number of independent board directors, the presence of politically connected investors or management, working capital accruals management, real earnings management, and the financial health of the firm amplified the FFR occurrences. Contributions: This study enriches the body of knowledge on FFR by investigating a wider range of financial and corporate governance factors as possible determinants of FFR. [ABSTRACT FROM AUTHOR]

By studying the professional trajectories of 276 senior and elected officials and of 486 business leaders within fifteen economic groups listed in the index of the Mexican Stock Exchange, this article studies the revolving door phenomenon in Mexico between 2000 and 2016. It shows that there is mainly a one-way revolving door in the country, from private companies to the State and not vice-versa and analyzes the multiple forms of investment in the political-administrative field of power by the business leaders in the country, taking into account the structural diversity of the economic field of power. Thus, while the direct participation of business leaders in the electoral contest in Mexico tends to refer to individuals who have relatively limited influence in the economic field (economic actors of regional reach), the large owners or shareholders of the country’s main multinationals seek to align themselves with the influence practices of the large groups of the global North and prefer more discreet strategies of influence on public policies. [ABSTRACT FROM AUTHOR]

As the RLA was invoked to prevent a rail strike last year, there were only twenty-three major work stoppages (events that involved at least one thousand workers each) in which a total of one hundred twenty-six thousand workers participated. The Origins and Evolution of the RLA Regime Throughout the years leading up to the passage of the RLA in 1926, railroad worker militancy was the main spur toward the enactment of federal laws regulating labor relations. Over the last decade, PSR, a version of the notorious "stretch out" that textile employers once inflicted on workers (by running looms faster and pushing two workers to tend the same number of looms that three once tended), has seen rail carriers try to run trains continuously with as little down time and as few crew members and maintenance workers as possible. Keywords: labor; collective bargaining; law; collective action; strikes EN labor collective bargaining law collective action strikes 34 41 8 09/11/23 20230901 NES 230901 Graph: A Long Island Rail Road train conductor, October 6, 2022.Marc A. Hermann/MTA During the past year, we have been reminded of the fact that a law now almost a century old - the Railway Labor Act (RLA) - continues to prevent some of our most essential workers from using their most basic power, their ability to engage in collective action to improve their wages and working conditions or defend the common good. [Extracted from the article]

"It has often been said that authoritarian liberalism is an oxymoron"; Chamayou argues that "in fact, it is a pleonasm."[11] In this respect, Chamayou aims to demonstrate that the implementation of neoliberal economic policies depends upon a concomitant transformation of both the state and social world. With the concept of authoritarian liberalism, Chamayou aims to demonstrate that any movement to limit the state's field of intervention I vis-à-vis i the economy must also bolster its political powers. Schmitt argued that the latter type of state is necessarily also a "weak state", owing to the fact that its means of state formation are pluralistic.[3] According to Schmitt, the primary problem with the quantitative total state is that it cannot distinguish between its own affairs and non-state activities. By keeping both sides of this movement in view, Chamayou has produced a remarkable history of the intertwining of state and corporate power that helps to explain why many of us today live under states that are economically liberal but politically authoritarian. [Extracted from the article]

Shareholder activism has gained recognition globally, favoring greater strides and relegating the days of shareholders giving up and selling their shares to express their dissatisfaction. However, a proper legal and regulatory framework is required to formalize and promote the concept of shareholder activism to achieve positive results. Hence, the purpose of this research was to firstly investigate the perception of banks’ executives on this concept in Mauritius and to seek the level of adoption and practice of shareholder activism within banks. Secondly, this research aimed at suggesting recommendations to Mauritian stakeholders in order to enhance the legal and regulatory framework surrounding shareholder activism. A survey in the form of a questionnaire and an interview was conducted with banks’ executives, and a comparative study was also carried out on the relevant Mauritian laws and the corresponding legal and regulatory framework of the UK and South Africa each. The research found that shareholder activism is being moderately practiced by banks’ shareholders due to the inability to devise proposals on managerial issues. Consequently, this research recommends the adoption of a shareholder’s governance code, the establishment of a shareholder’s forum, reinforcement of shareholders’ proposals and the formation of a national commission to support shareholder activism. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has forced governments across the globe to take infection-control actions by and large unforeseen and unforeseeable in their constitutional frameworks. Several measures forcing restrictions on travel, business operations, labour, healthcare and/or the education system have characterised public policy in most of them. A fair number of those restrictions adopted in the form of government or legislature decisions are labelled as 'lockdown measures'. This article examines two recent cases ruled upon by the Constitutional Court of Kosovo (CCK or Court), whose primary aim was to pronounce on whether the Kosovo government's lockdown measures were compatible with the criteria authorising a limitation of fundamental rights. These two cases present an outstandingly activist attitude of the Court in controlling government behaviour in times of a pandemic outbreak, by primarily questioning the state's negative obligations in the face of freedom of movement, right to private and family life, and freedom of assembly; whereas positive obligations of the state with regard to the right to life and its associated right, the right to health, were neglected altogether. The article concludes that the mechanical interpretation which the two Court cases drew neither contributes to a richer substantive human rights protection, nor functionally elevates the concept of human rights in times of pandemic. [ABSTRACT FROM AUTHOR]

This essay examines the prospects for democratizing corporations in the context of US corporate law. US corporate law is "enabling"—it provides enormous latitude to design and alter the rules of corporate governance in almost any way participants see fit. This creates greater room for democratization than is often recognized; at least in principle, there is plenty of room to add employees or other constituencies to corporate boards. Yet board decisions are deeply constrained both by directors' fiduciary duties and by the values and assumptions underlying US corporate law, all of which are strongly biased toward shareholder primacy. These create ongoing ideological and material barriers in both corporate law and supporting institutions that serve as strong obstacles to democratization. [ABSTRACT FROM AUTHOR]

Bicameral firms can generate societal benefits both directly, by granting representatives of labor investors voice in shaping firm decision-making, and more indirectly, by serving as a transition phase from capital investor–owned firms to worker cooperatives. However, there is room to augment these benefits by leveraging insights from research on cooperatives. This article draws lessons from three types of cooperatives—traditional worker cooperatives, multistakeholder cooperatives, and union cooperatives—to help refine Ferreras's proposal for bicameral firms. First, bicameral firms should offer labor investors more opportunities to participate in firm governance and hold their representatives to account. Second, they should create robust channels for other stakeholders to influence firm decision-making. Third, they should carefully delineate the role of labor unions vis-à-vis the Chamber of Representatives of the Labour Investors. These refinements will better position bicameral firms to achieve their direct benefits and facilitate subsequent transitions to worker cooperatives. [ABSTRACT FROM AUTHOR]

This article explores the impact conservative criticism has had on companies' behaviour in Brazil. We investigate whether Natura and Boticário − the two largest Brazilian cosmetics companies − have maintained or reversed LGBTQ-oriented marketing and advertising when confronted with criticism from conservative groups. We draw on interviews with stakeholders, company investors and LGBTQ activists, in addition to complaints filed with the Conselho Nacional de Autorregulamentação Publicitária (National Council for Advertising Self-Regulation, CONAR), and companies' documents on finance and social responsibility. Overall, even when faced with a negative backlash from conservative opinion, companies have persisted in their commitment to diversity issues and LGBTQ inclusion in marketing. However, firms have also employed evasive strategies, such as targeted communication and less controversial forms of retail design, signalling compromises with conservative stakeholders and customers. [ABSTRACT FROM AUTHOR]

Institutional investors are legally obliged to be faithful stewards of their portfolio companies. Yet, the conventional wisdom among commentators is that institutional investors have failed to perform this obligation because they are not incentivized to make adequate investments in corporate governance. This Article contends that this criticism is based on an incomplete analysis that misses a critical aspect of the operation of institutional investors. The critics focus exclusively on institutional investors' efforts in actively engaging with the managements of their portfolio companies. They ignore, however, an important passive governance tool that institutional investors routinely use: corporate guidelines. Corporate guidelines are published by institutional investors to articulate their stance on governance issues and justify their voting decisions in annual meetings. Corporate guidelines have become increasingly popular not only among investors, but also among other market actors who interact with investors in shaping corporations' governance regimes, such as the corporations' managements and other shareholders, proxy advisory firms, and law firms. This Article demonstrates how corporate guidelines exert a profound effect on corporate governance. For institutional investors, corporate guidelines constitute an ideal tool for balancing the investors' governance-related duties and the need for cost minimization. The promulgation and use of guidelines is less costly than active engagements, and unlike outsourcing voting decisions to proxy advisory firms, it is regarded as a valid way to fulfill the investors' duties as corporate stewards. For the managements, aligning governance policies with corporate guidelines signals their commitment to sound governance practices, helping managements fend off challenges by activist shareholders. Activist shareholders, for their part, routinely cite corporate guidelines to support their proposals. This Article empirically substantiates these claims by analyzing the ways in which the guidelines were used by corporations and activist shareholders in proxy statements published by S&P 500 corporations. Initially, I focused on the years 2019-2021. After my initial findings, I expanded the scope to the years 2005 and 2010. Finally, to get a more comprehensive outlook, I expanded the scope of my research, continuing with a focus on the top 100 S&P 500 corporations during the years 2005-2021. This expansion examined the number of explicit references made by corporations and resulted in a significant spike in such references between 2015 and 2021. Furthermore, although the number of explicit references made by activist shareholders was not consistent throughout these years, such references were still made frequently. Importantly, my analysis notes that in certain years under assessment, almost 40% of the corporate proxy statements of the 100 largest companies included explicit references to corporate guidelines. This fact cannot be dismissed when examining institutional investors' stewardship. Overall, I collected data from 3313 proxy statements published by S&P 500 corporations in 2005-2021. This Article therefore offers the first comprehensive theoretical and empirical examination of corporate guidelines and their effect on corporate impact. [ABSTRACT FROM AUTHOR]

The Omega portfolio is one of the non-Gaussian portfolio models independent of the strict distribution assumption, which has attracted interest from scholars. Furthermore, the robust Omega portfolio is capable of coping with the scenario of data uncertainty. However, the conservatism inherent in robust optimization has not been applauded by the activist investors, prompting us to polish the classical portfolio model. Therefore, this paper aims to develop the less conservative robust Omega portfolio, in which a two-stage portfolio structure is designed. In the first stage, Genetic algorithm, Gurobi solver, and Mosek solver are employed to solve the mixed-integer programming problem to screen out qualified risky assets for the sequel modeling. Then, the robust Omega portfolios are built based on the selected assets in the second stage. The US 30 industry portfolio data set is used for the empirical research, whose results demonstrate the effectiveness of the proposed methodology. [ABSTRACT FROM AUTHOR]

It is an undeniable fact that hubristic leaders' or executives' over-confidence and over-ambition together with a high level of self-conceit and God-like attitudes over others (i.e., personnel, shareholders, etc.) present a danger for organizations' ultimate performance and future success since they take systematically strategic decisions and make crucial choices incessantly. By taking all the above into account, the main goals of this study are (1) to contribute to the enhancement of literature regarding the concept of "hubristic leadership" and (2) to develop a multidimensional scale to measure "it, which has been discussed only qualitatively so far but it has not been analyzed quantitatively yet. First, a literature review on the subject was carried out, and then a 32-item scale was formed by conducting focus group discussions, which is considered a qualitative research technique. Afterward, quantitative analyzes were made regarding the scale. First, the scale was applied to a sample of 374 people at the purification stage. As a result of the analyzes made here, two items of the scale were eliminated. Secondly, the scale was applied to a different sample of 242 people during the validation stage and the 30-item scale form was preserved. As a result of all these analyzes, it has been revealed that hubristic leadership is multidimensional as (a) individual, (b) situational, and (c) relational. [ABSTRACT FROM AUTHOR]

In recent years, there has been an increasing visibility of intersex people's issues and experiences of human rights violations amongst international human rights institutions and monitoring bodies. At the United Nations, to date, there are more than 500 treaty bodies' concluding observations taking notice of human rights abuses against intersex persons and calling member states to fulfil their human rights obligations. This paper follows the inclusion and visibility of intersex issues in the text of the United Nations treaty bodies' concluding observations. I looked for explicit mentions of the word "intersex" in treaty bodies' report documents and reviewed how the concluding observations and recommendations of these bodies resonate with demands coming from intersex activist groups. I found that the main issues included in the treaty bodies' reports concern intersex genital surgeries (IGS), autonomy claims, and demands for redress and support mechanisms, and while these issues have gained visibility, there are also a number of demands by intersex activists that remain less visible, if not invisible altogether. This paper aims at providing evidence of the increasing visibility and awareness of human rights monitoring bodies have over intersex people's rights. [ABSTRACT FROM AUTHOR]

Since Indian Administered Kashmir's (IAK) 'summer of unrest' of 2010, greater attention towards the contemporary Kashmir azadi, or freedom, movement has led to more active transnational organising by Kashmiris studying abroad as well as other young people who sympathise with this movement. Indian political elites have predominately framed the azadi movement as a separatist movement. However, this perception had not been shared by many Kashmiris who argue the territory has never legally been a part of India. The perception of being a separatist movement from outside of Kashmir has also shifted with a growing body of literature documenting human rights abuses alongside raising awareness to an international community of activists, which has led to an evolution of the azadi movement into a movement for social justice and human rights. This has been facilitated by social media spaces and heterogeneous activist groups framing their movement as aligned with other social justice movements and anti‐discrimination campaigns. Framing the Kashmir self‐determination movement as a human rights issue appeals to a wider spectrum of non‐Kashmiri activists, especially those already involved in campaigns against the marginalisation of certain groups. [ABSTRACT FROM AUTHOR]

For a number of years now, the South African Airways limped from one turnaround strategy to another, with little or no success. While there is a body of knowledge on turnaround strategies, little is known about the implementation of turnaround strategies in developing economies such as South Africa and of state-owned enterprises at that. The aim of this article was to explore some constraints experienced by SAA in the implementation of its Long-Term Turnaround Strategy. Purposive sampling was used to select participants to be interviewed for this study. Data were collected primarily through semi-structured interviews from 37 participants. Using thematic analysis, the following six themes emerged from the data analysis: shareholder's slow decision making, undercapitalisation of the airline, unstable political leadership, unhealthy board dynamics, leadership instability, and lack of management skills. [ABSTRACT FROM AUTHOR]

This chapter provides an overview of the important work of community college trustees and includes best practices as well as the contrasting challenges of rogue trustees and activist boards. Whether a board is made up of trustees who are elected, appointed, or a combination of the two, there are things that colleges should, and could do which would enhance effective governance. Several best practices are presented to inform college leaders and boards of trustees. [ABSTRACT FROM AUTHOR]

The power of finance vis-à-vis the nonfinancial sector is changing. Macroeconomic developments and financial innovations have reduced financial actors' exit options, thus diminishing exit-based structural power. At the same time, shareholdings have become more concentrated in the hands of large asset managers, thus increasing control-based power. This article documents these trends, before examining whether asset managers wield their power and why, despite being universal shareholders, they have not steered corporate behavior toward decarbonization. Rather than assuming orderly, good-faith interactions between shareholders and managers, this article argues that in the United States today, political considerations govern the use of control-based power. Asset managers' corporate governance policies are subservient to the—increasingly inconsistent—goals of maximizing assets under management while avoiding regulatory backlash. Unlike exit-based power, control-based power is constrained by being highly visible and, therefore, easily politicized. [ABSTRACT FROM AUTHOR]

Sanctions for temporary suspension (suspense) of trading against the company PT. Garuda Indonesia which receives sanctions from the Indonesia Stock Exchange (IDX) if it is related to the regulation of stock suspense in IDX Regulation Number 1-H concerning sanctions (Appendix to the Decree of the Director of PT Bursa Efek Jakarta Number: Kep-307 / BEJ / 07-2004. The regulation regarding incomplete stock suspense sanctions in IDX regulation Number 1-H regarding sanctions has the potential to cause losses to independent shareholder investors because it is not equipped with violation criteria that can be subject to stock suspense sanctions. Based on this background, there is a formulation of the problem as follows: How to regulate stock trading suspense sanctions for companies subject to suspense sanctions; How is the legal protection for shareholders who are subject to stock trading suspense sanctions by the Indonesia Stock Exchange. This research uses normative juridical research methods, with a statutory approach and a conceptual approach, using primary, secondary and tertiary legal materials which are analyzed using descriptive techniques and interprestaation techniques. The results of this study show that legal protection for investors affected by stock suspense consists of preventive legal protection and repressive legal protection. Preventive legal protection is preventive, namely by implementing the principle of openness (Disclosure Principle). Meanwhile, repressive legal protection is to provide recovery in the form of compensation where independent shareholders can file a lawsuit if the company's directors are deemed negligent and cause losses to the company. [ABSTRACT FROM AUTHOR]

Sociologists have been investigating financialization over the past two decades. Shareholder value orientation has been named as one of the central driving forces for financialization in the US. However, financialization also takes place in countries that do not have a strong shareholder value orientation. What drives financialization in these countries? In this article the authors analyze data for Korea, where the power of shareholders is particularly subdued, and present two findings. First, financialization is an unintended consequence of the state's pressure on family-owned conglomerates to comply with the Western standard imposed by the IMF during the economic crisis. In the absence of strong shareholders, it was the interplay between the state's demand to modernize corporate funding practices and the conglomerates' apparent compliance while minimizing their financial liability. Second, the authors investigate the role powerful unions have in financialization. Previous studies have theorized that unions would have negative effects on financialization, only to come up with mixed results. Using Korean data, this article reveals that in a setting where the political and organizational power of unions is strong, unions have clear negative effects on financialization. The authors suggest that the standard story of financialization, according to which the mighty shareholders push firms to pursue short-term profit, is only one of many possible paths toward it. [ABSTRACT FROM AUTHOR]

Mergers and acquisitions (M&A) may serve as a catalyst in energy transition by accelerating this trend and "greenwashing" the deals. M&A are often used by large energy companies as a tool to explore potential synergy benefits. Recently, M&A strategies in the energy industry have been pursued to transform traditional business models into more "sustainable" models. On the one hand, it may be observed that companies are taking a proactive rather than reactive approach towards environmental-, social-, and governance (ESG)-related M&A deals. On the other hand, sustainable M&A deals do not interest activist shareholders and regulatory authorities only anymore. Inclusion of a sustainability framework and managing ESG-related risks have become part of the overall strategy of most companies within the energy industry. This research addresses the problem of how energy M&A are contributing to sustainable development on the one hand and reflecting sustainable developments on the other hand. The current research focuses on the systematic literature on the M&A deals in the energy industry through the lens of sustainability by applying the SALSA methodology. Further, we applied a SWOT analysis of M&A in the energy industry from the perspective of sustainable development. Thomson Reuters DataStream 5.1 database was used for developing a case study. A sample of Lithuanian, Latvian, and Estonian energy companies that were involved as acquirers or targets in the M&A events from 1995 to 2020 was developed. Establishing a methodological approach construed of SALSA, SWOT, and case study analyses allowed us to bridge a gap in the existing literature and provoke further discussion in regards to market developments through the lens of sustainable development. The research results showed that there are relatively few M&A of renewable companies as the M&A market is dominated by traditional energy companies within Baltic states. However, companies in the Baltic states are pursuing energy security, have set targets for emission reductions, renewables and energy efficiency, are supporting EU climate neutrality, and put great emphasis on climate change mitigation. [ABSTRACT FROM AUTHOR]

In this paper, after a systematic presentation of the theoretical background of the European Union regulation, we examine the Hungarian regulation and legal practice (using the websites of five listed Hungarian companies and the Budapest Stock Exchange Corporate Governance Recommendations) in connection with the identification of shareholders by the company, the verifiability of the exercise of shareholder’s rights, the remuneration policy and reporting of the public company limited by shares and the approval of legal transactions concluded with related party. We also focus on financial governance and certain viewpoints of product governance, with special attention to product approval process and the issue of greenwashing. We chose to emphasize these issues since one cannot find verbatim, translations of legal acts of European Union on these fields with respect to Hungarian legislation. The other reason is that there are available practical experiences in connection with them, therefore we reflect on different anomalies. Our aim is to highlight the need to transpose and implement a legal instrument with such wide-ranging implications as sustainable finance into a thoughtful and coherent set of rules that permeate the legal system. [ABSTRACT FROM AUTHOR]

Commodity trading firms occupy a central position in global supply chains and their activities have been associated with financial instability, social upheaval and manifold forms of ecological devastation. This paper examines these companies in the context of debates regarding corporate financialization. We find that since the 2003–2011 commodity boom, trading firms have become less financialized in terms of the source of their profits as they have shifted away from financial activities. However, they have become more financialized in terms of the destination of profits, with dividend and share repurchase commitments reaching new heights after 2015. In view of this finding, we inquire into whether trading firms' growing commitment to shareholder payouts will encourage them to continue to prioritize short-term returns, or whether instead these firms' linkages to financial markets will lend clout to financial activists concerned by the long-term environmental and social consequences of their operations. Ultimately, we find several sources of commodity trader resilience which insulate them from shareholder resolutions and divestment campaigns aimed at curbing ecological destruction and human rights abuses in their supply chains. We accordingly suggest that pressures from activist investors must be complemented with more wide-ranging efforts to defend living systems across the planet. [ABSTRACT FROM AUTHOR]

Different from developed markets, China capital market is dominated by retail investors. In the digital age, retail investors are increasingly making their voice heard through online channels, which is a new form of shareholder activism in China. This paper examines the association between retail investor activism (RIA) and corporate greenwashing behavior (CGB) using the data of question raised by investors on official investor interactive platforms (IIPs) in China. We discover that the RIA on IIPs is negatively associated with CGB. The mechanism analysis shows that the RIA helps to curb CGB through promoting information transparency and improving internal corporate governance level. We also find that the association between RIA and CGB is strengthened in regions with weaker green finance and environmental regulation, and in industries with weaker product market competition. This indicates that the RIA, a type of private governance, can serve as a substitute to the governance effect of the government and the product market. Further studies show that RIA on unofficial channels such as stock forums or search engines can promote CGB, contrary to the conclusion about IIPs. Our research suggests that strengthening the rights of retail investors through official channels helps to reduce CGB and demonstrates the importance of official channels in the governance role of RIA in emerging markets. [ABSTRACT FROM AUTHOR]

From an enactivist perspective, I present some reflections on teachers' and students' body movements in mathematics learning. [ABSTRACT FROM AUTHOR]

While deeply sympathising with Shvarts and Abrahamson's thoughtful attempt at theoretically explaining semiotic mediation from a radical embodied perspective, we suggest that their metaphor of an "ontological gap" to be bridged deserves pondering. We also discuss their illustrative "empirical finale" from our enactivist viewpoint. [ABSTRACT FROM AUTHOR]