Skip to content Skip to navigation
University of Warwick
  • Study
  • |
  • Research
  • |
  • Business
  • |
  • Alumni
  • |
  • News
  • |
  • About

University of Warwick
Publications service & WRAP

Highlight your research

  • WRAP
    • Home
    • Search WRAP
    • Browse by Warwick Author
    • Browse WRAP by Year
    • Browse WRAP by Subject
    • Browse WRAP by Department
    • Browse WRAP by Funder
    • Browse Theses by Department
  • Publications Service
    • Home
    • Search Publications Service
    • Browse by Warwick Author
    • Browse Publications service by Year
    • Browse Publications service by Subject
    • Browse Publications service by Department
    • Browse Publications service by Funder
  • Help & Advice
University of Warwick

The Library

  • Login
  • Admin

Concentrated ownership, socioemotional wealth, and the 'third possibility' : bringing society back in

Tools
- Tools
+ Tools

Heracleous, Loizos Th. and Lan, Luh Luh (2022) Concentrated ownership, socioemotional wealth, and the 'third possibility' : bringing society back in. In: Meyer, R. E. and Leixnering, S. and Veldman, J., (eds.) The Corporation : Rethinking the Iconic Form of Business Organization. Research in the Sociology of Organizations , 78 . Bingley: Emerald Group Publishing Ltd., pp. 13-30. ISBN 9781800433779

[img]
Preview
PDF
WRAP-Concentrated-ownership-socioemotional-wealth-third possibility-society-2021.pdf - Accepted Version - Requires a PDF viewer.
Available under License Creative Commons Attribution 4.0.

Download (469Kb) | Preview
Official URL: https://doi.org/10.1108/S0733-558X20220000078001

Request Changes to record.

Abstract

Concentrated ownership implies greater alignment between ownership and control, mitigating the agency problem. However, it may also engender governance challenges such as funds appropriation through related party transactions and the oppression of minority shareholders, especially in the context of weak legal systems. We draw from legal theory (the tradeoff controlling shareholder model and private benefits of control) and from organization theory (socioemotional wealth), to suggest that concentrated ownership can be beneficial in both robust and weak legal systems for different reasons. We advance theory on the effects of controlling shareholders and suggest that the longer-term outlook associated with engaged concentrated ownership can aid the shift of the corporation toward Berle and Means' (1932, p. 355) “third possibility” of corporations serving the interests of not just the stockholders or management but also of society.

Item Type: Book Item
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HF Commerce
H Social Sciences > HG Finance
H Social Sciences > HM Sociology
Divisions: Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Corporations , Organizational sociology , Corporate governance , Industrial concentration, Stock ownership, Stockholders , Business enterprises , Social responsibility of business
Series Name: Research in the Sociology of Organizations
Journal or Publication Title: The Corporation: Rethinking the Iconic Form of Business Organization
Publisher: Emerald Group Publishing Ltd.
Place of Publication: Bingley
ISBN: 9781800433779
ISSN: 0733-558X
Book Title: The Corporation : Rethinking the Iconic Form of Business Organization
Editor: Meyer, R. E. and Leixnering, S. and Veldman, J.
Official Date: 27 January 2022
Dates:
DateEvent
27 January 2022Published
1 April 2021Accepted
Volume: 78
Page Range: pp. 13-30
DOI: 10.1108/S0733-558X20220000078001
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Copyright Holders: Copyright © 2022 Emerald Publishing Limited
Description:

Book series

Date of first compliant deposit: 26 October 2021
Date of first compliant Open Access: 19 January 2022
Related URLs:
  • Publisher

Request changes or add full text files to a record

Repository staff actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics

twitter

Email us: wrap@warwick.ac.uk
Contact Details
About Us