Presented by Michihiro Kawano Tian(Fiona ) Luo Shaoyang Jian Cindy Wong Sisi Li

Agenda Introduction of Required Article 1 Reflections on Required Article 1 Introduction of Required Article 2 Reflections on Required Article 2 Industry Application

Overview Introduces 3 types of stakeholders during an uneven adoption of hostile takeover Dataset based on 37 countries from Results from hostile takeovers ： Increases shareholder rights protected Decreases when worker’s and bank’s rights increased

Additional Article 1 Title: Corporate Governance Systems as Dynamic Institutions: Towards a Dynamic Model of Corporate Governance Systems Schneper and Guillén (2004) stated Shareholders are interested in hostile takeover No information about the categorization of shareholders Emenalo (2012): Principals & Individual Shareholders: Agent:

Additional Article 2 Title: Corporate Governance for Competitive Advantage and Cross - Culture Management Knowledge and Culture Sharing Main Affect – job insecurity Method from Dr. Singhiv Results

Policy’s Flexibility Hostile raider threatened by new buyer Dr Singhiv: “a customized approach” Effect of a fair policy.

Overview Study the corporate ownership and the role of labor with four perspectives social, economic, legal, and politics Find the most efficient way to manage corporation with the examination successful U.S. model Most definitions of corporate governance have limitations Conclusion: none of these perspectives can clearly explain corporate governance at cross-national dimension explicitly by itself yet they do help us to understand the issues

Additional Article 2 Aguilera and Jackson (2010) stated: The employee voice boosts the firm's productivity Singhvi held: “Corporate Governance for Competitive Advantage and Cross - Culture Management” illustrates a model which achieves abnormality free culture

Additional Article 1 Aguilera and Jackson (2010) stated: Agency problem Solution: Principals take the important managerial position Problem of the solution: Principles may not be managerial experts Emenalo (2012) Proposed a dynamic model of corporate governance systems Different missions for different agents

Additional Article 3 Title: Differentiated Governance of Foreign Subsidiaries in Transnational Corporations: An Agency Theory Perspective Multinational corporations need to change their global strategy to be efficient. Based on different locations. Foreign subsidiaries roles Local implementers Specialized contributors World mandates

Local Implementers Local demands Decentralized Specialized Contributors: Competitive Centralized decision-making World Mandates: Local responsiveness and global integration. Work with the headquarters and other interdependent subsidiaries.

Tobacco Industry Hostile takeover: satisfy not only shareholders Workers Banks Ensure positive outcomes for jobs Job security Intrinsic/extrinsic benefits