Die Aktiengesellschaft soll private Ersparnisse in dauerhaft gebundenes, unternehmerisches Anlagekapital transformieren. Zugleich erlaubt die Börsennotierung eine beliebig kurzfristige Anlage in unternehmenstragende Gesellschaften. Vor diesem Hintergrund bestehen in Rechtswissenschaft,...

Shareholders want a firm's objective function to place some weight on consumer welfare, motivated by both self-interested and altruistic motivations. Firms have a unique technology for improving consumer welfare: lowering inefficient price markups, which increases consumer welfare more than it...

Abstract The stakeholder (or responsible) firm is defined in this paper as one that maximizes the (weighted or unweighted) sum of the surpluses of its customers and suppliers (including workers). We show that, although this objective is hard to empirically measure, it can be pursued by simple...

We propose a new theory of the firm based on the premise that "the firm" characterizes a factor-integrative form of doing business that is often the most effective and efficient structure for doing well by doing bad. We define the terms and requirements involved for such a theory, and fulfill...

"The United States federal government has spent over $10 billion on medical protective wear and emergency supplies, yet as COVID-19 swept the nation, life-saving equipment such as masks, gloves, and ventilators was nearly impossible to find. In this brilliant nonfiction thriller, award-winning...

We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on votes for fiscal year 2012. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the...

A data broker sells market segmentations created by consumer data to a producer with private production cost who sells a product to a unit mass of consumers with heterogeneous values. In this setting, I completely characterize the revenue-maximizing mechanisms for the data broker. In particular,...

Pandemics have heterogeneous effects on the health and economic outcomes of members of the population. To stay in power, politician-policymakers have to consider the health vulnerability-economic vulnerability (HV-EV) profiles of their coalition. We show that the politically optimal pandemic...

We estimate institutional investor preferences based on their proxy voting records in publicly listed Russell 3000 firms. We employ a spatial model of proxy voting, the W-NOMINATE method for scaling legislatures, and map institutional investors onto a left-right dimension based on their votes...

We estimate institutional investor preferences based on their proxy voting records in publicly listed Russell 3000 firms. We employ a spatial model of proxy voting, the W-NOMINATE method for scaling legislatures, and map institutional investors onto a left-right dimension based on their votes...

The business and human rights (BHR) movement shares several goals with the Benefit Corporation (B Corp) movement: corporations respecting human rights; maintaining a “wide aperture” so that all impacts of a company on people and communities are addressed; and creating rigorous standards of...

A longstanding literature highlights the tension between the altruism of physicians and their desire for profit. We develop new implications for how these competing forces determine pricing and utilization. Altruism encourages providers to reduce utilization in response to higher prices, but...

The questions of profit maximization -- Why profit maximization is moral -- The objective value of goods and services -- The virtues of businessmen -- Clarifying confusions about profit maximization -- Incomplete defenses of profit maximization -- The inconvenient truth about corporate social...

Seit 30 Jahren erlebt der Apotheker und promovierte Pharmazeut Franz Stadler alle Tricks und Betrügereien der Arzneimittelindustrie. Als Experte und Insider packt er jetzt aus und seziert messerscharf diese Geschäfte, ihre Player und die Geldflüsse dahinter. Heraus kommt ein komplexes System,...

Dieser Beitrag entwickelt eine umfassende Organisationsethik, mit deren Hilfe die Gemeinsamkeiten und Unterschiede von gewinnorientierten Organisationen (Forprofits) und nicht-gewinnorientierten Organisationen (Nonprofits) in einem allgemeinen Analy-serahmen erfasst und verglichen werden...

In this paper we solve the revenue maximization problem of multi-product monopolist when the products are substitutes. We consider a Hotelling model with two horizontally differentiated goods located at the endpoints of the segment. Consumers are located uniformly on the segment, their...

1. Theory of Profit -- 2. Profit Impact in Business Vision -- 3. Smoothing and Earnings Management Policies -- 4. Toward a Definition of Profit Smoothing -- 5. Why China? -- 6. Empirical Analysis of Profit Smoothing.-7. Management Behavior and Profit Smoothing: Implications of the Study.

Klärung der Frage, warum das Management einer ethischen Legitimation bedarf und diese dennoch scheitert -- Grundlegung des diskursiv-integren Managements -- Datenerhebungen mit Think-Aloud-Protokollen