The Typology of Organizational Forms of Companies' Integration
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Corporate Governance of Company Groups: International and Latin American Experience
Corporate Governance of Company Groups: International and Latin American Experience Preliminary version for comment. Hosted by : Please send written comments to [email protected] by 5 December, 2014 Latin American Roundtable Task Force on Corporate Governance of Company Groups 17 November, 2014 Hotel Hilton Bogotá, CARRERA 7 NO. 72-41, BOGOTA, 00000, COLOMBIA http://www.oecd.org/daf/ca/latinamericanroundtableoncorporategovernance.htm With funding support of: TABLE OF CONTENTS International and Latin American Overview ............................................................................. 3 1. Introduction............................................................................................................................ 3 2. Economic Rationale for Corporate Groups and the Role of Corporate Governance ............. 4 3. International Work on Corporate Governance of Groups ...................................................... 8 4. Economic Relevance of Company Groups in LatAm .......................................................... 12 5. What is an Economic Group in LatAm? .............................................................................. 12 6. Structure of the Regulatory and Supervisory Framework ................................................... 13 7. Protection of Minority Shareholder Rights .......................................................................... 14 8. Economic Groups and Conflicts of Interest ......................................................................... 15 9. Multinational -
Evaluation of Government-Sponsored R&D Consortia in Japan
Chapter 12 EVALUATION OF GOVERNMENT-SPONSORED R&D CONSORTIA IN JAPAN by Mariko Sakakibara 1 Anderson Graduate School of Management, University of California, Los Angeles Introduction Co-operative R&D has been widely celebrated as a means of promoting private R&D, and some see it as a major tool for enhancing industry competitiveness. Co-operative R&D is defined as an agreement among a group of firms to share the costs and results of an R&D project prior to the execution of that project. Co-operative R&D can be executed in many forms, including R&D contracts, R&D consortia and research joint ventures.2 In this analysis, these forms are collectively referred to as R&D consortia or co-operative R&D projects, interchangeably. Japan is regarded as a forerunner in the practice of co-operative R&D. The most celebrated example is the VLSI (Very Large Scale Integrated circuit) project, designed to help Japan catch up in semiconductor technology. The project, conducted between 1975 to 1985 with a budget of 130 billion yen (US$591 million) of which 22 per cent was financed by the government, developed state-of-the-art semiconductor manufacturing technology. All of the major Japanese semiconductor producers participated in this project, and Japanese semiconductor companies gained world leadership after the project. It is widely believed that this success story is only one of many. The perceived success of the VLSI project has motivated other countries to emulate “Japanese- style” collaboration. The 1984 US National Co-operative Research Act was enacted to relax antitrust regulations in order to allow the formation of research joint ventures. -
JP Morgan and the Money Trust
FEDERAL RESERVE BANK OF ST. LOUIS ECONOMIC EDUCATION The Panic of 1907: J.P. Morgan and the Money Trust Lesson Author Mary Fuchs Standards and Benchmarks (see page 47) Lesson Description The Panic of 1907 was a financial crisis set off by a series of bad banking decisions and a frenzy of withdrawals caused by public distrust of the banking system. J.P. Morgan, along with other wealthy Wall Street bankers, loaned their own funds to save the coun- try from a severe financial crisis. But what happens when a single man, or small group of men, have the power to control the finances of a country? In this lesson, students will learn about the Panic of 1907 and the measures Morgan used to finance and save the major banks and trust companies. Students will also practice close reading to analyze texts from the Pujo hearings, newspapers, and reactionary articles to develop an evidence- based argument about whether or not a money trust—a Morgan-led cartel—existed. Grade Level 10-12 Concepts Bank run Bank panic Cartel Central bank Liquidity Money trust Monopoly Sherman Antitrust Act Trust ©2015, Federal Reserve Bank of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of St. Louis, www.stlouisfed.org/education. 1 Lesson Plan The Panic of 1907: J.P. Morgan and the Money Trust Time Required 100-120 minutes Compelling Question What did J.P. Morgan have to do with the founding of the Federal Reserve? Objectives Students will • define bank run, bank panic, monopoly, central bank, cartel, and liquidity; • explain the Panic of 1907 and the events leading up to the panic; • analyze the Sherman Antitrust Act; • explain how monopolies worked in the early 20th-century banking industry; • develop an evidence-based argument about whether or not a money trust—a Morgan-led cartel—existed • explain how J.P. -
Recent Developments in the Public-Enterprise Sector of Korea
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Governance, Regulation, and Privatization in the Asia-Pacific Region, NBER East Asia Seminar on Economics, Volume 12 Volume Author/Editor: Takatoshi Ito and Anne O. Krueger, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-38679-1 Volume URL: http://www.nber.org/books/ito_04-1 Conference Date: June 28-30, 2001 Publication Date: January 2004 Title: Recent Developments in the Public-Enterprise Sector of Korea Author: Il Chong Nam URL: http://www.nber.org/chapters/c10186 4 Recent Developments in the Public-Enterprise Sector of Korea Il Chong Nam 4.1 Introduction The government has always been the dominant figure in the corporate landscape of Korea. This is not surprising, considering that Korea has a relatively short history of capitalism and that the government played a de- cisive role in the fast industrialization process that began in the 1960s. An important aspect of the economic development strategy of the successive administrations was the creation of large firms in modern industries that realize economies of scale and scope. Many large commercial Korean firms were established by the chaebol system, which crucially depended on the government’s intervention in the financial market. Following the heavy and chemical industry drive of the mid-1970s, the automobile, shipbuild- ing, electronics, chemical, and oil refinery industries, as well as a host of others (including construction), were erected in this manner.1 The government’s involvement has been more direct in the remaining in- dustries that require large amounts of capital to start and maintain the business. -
Unit 7 Business Regulation Case Study: Standard Oil
UNIT 7 BUSINESS REGULATION CASE STUDY: STANDARD OIL CHAPTER 1 THE INDUSTRIAL REVOLUTION ..................................................................................................1 CHAPTER 2 ROCKEFELLER’S MILLIONS ...........................................................................................................7 CHAPTER 3 JOHN D. ROCKEFELLER IN CLEVELAND.................................................................................12 CHAPTER 4 THE THEORY OF LAISSEZ-FAIRE................................................................................................15 CHAPTER 5 EMPIRE ʹS CHALLENGE TO STANDARD ..................................................................................19 CHAPTER 6 BUSINESS 0RGANIZATIONS.........................................................................................................23 CHAPTER 7 ROBBER BARON OR INDUSTRIAL STATESMAN ....................................................................28 CHAPTER 8 THE SHERMAN ANTI-TRUST ACT AND STANDARD OIL....................................................33 CHAPTER 9 STANDARD OIL ON TRIAL...........................................................................................................36 CHAPTER 10 THE SUPREME COURT DECIDES...............................................................................................39 by Thomas Ladenburg, copyright, 1974, 1998, 2001, 2007 100 Brantwood Road, Arlington, MA 02476 781-646-4577 [email protected] Page 1 Chapter 1 The Industrial Revolution he word ‘revolution’ implies -
An Overview of EU and National Case Law
e-Competitions Antitrust Case Laws e-Bulletin Utilities & Cartels Cartels in the utility sectors: An overview of EU and national case law ANTICOMPETITIVE PRACTICES, BID RIGGING, CARTEL, EXCHANGE OF INFORMATION, JOINT-VENTURE, UTILITIES, SANCTIONS / FINES / PENALTIES, FOREWORD, JUDICIAL REVIEW, PRICE INCREASE Peter Alexiadis e-Com petitions Special Issue Utilities & Cartels I. Introduction A number of years have passed since I was invited to write the rst edition of the Foreword in e-Competition publication. Since that time, the case-law at EU and Member State level has expanded signicantly, with an ever-wider net being drawn over anti-competitive practices such as bid rigging and information sharing, on the one hand, and those problematic commercial practices featuring the active involvement of trade associations, on the other. We have also witnessed a range of cases where the dynamics of network industries have given rise to very particular restrictions of competition and where the public policy concerns justifying those restrictions are nely balanced. Finally, we have seen the inexorable rise of cartel prosecutions taking place in utility sectors which had, at least until recently, been associated with the abusive practices of dominant rms rather than incentives to collude. The compendium of case reviews covered in this publication covers all of the above themes, and a host of important procedural issues ranging from whether Government bodies can be found guilty of distorting national law through their anti-competitive actions [1], the interaction between sector-specic regulation and competition policy [2], the extent to which the ‘single economic entity’ doctrine insulates anti-competitive agreements entered into between different members of the same corporate group [3], whether adherence to ‘standard terms’ used across an industry can be treated as collusion [4], and the roles played by sectoral enquiries [5], follow-on civil damages actions [6] and on-site inspections [7]. -
The Dismantling of the Standard Oil Trust
The Dismantling of The Standard Oil Trust The saga of Standard Oil ranks as one of the most dramatic episodes in the history of the U.S. economy. It occurred at a time when the country was undergoing its rapid transformation from a mainly agricultural society to the greatest industrial powerhouse the world has ever known. The effects of Standard Oil on the U.S., as well as on much of the rest of the world, were immense, and the lessons that can be learned from this amazing story are possibly as relevant today as they were a century ago. Standard Oil Company was founded by John D. Rockefeller in Cleveland, Ohio in 1870, and, in just a little over a decade, it had attained control of nearly all the oil refineries in the U.S. This dominance of oil, together with its tentacles entwined deep into the railroads, other industries and even various levels of government, persisted and intensified, despite a growing public outcry and repeated attempts to break it up, until the U.S. Supreme Court was finally able to act decisively in 1911. John D. Rockefeller John Davidson Rockefeller was born the second of six children into a working class family in Richford, (upstate) New York in 1839. In 1853, the family moved to a farm in Strongsville, Ohio, near Cleveland. Under pressure from his father, Rockefeller dropped out of high school shortly before commencement and entered a professional school, where he studied penmanship, bookkeeping, banking and commercial law. In 1859 Edwin Drake struck oil in Titusville, in western Pennsylvania. -
Academic Regulations
Mount Holyoke College Catalog 2015-2016 Academic Regulations Mount Holyoke students are expected to be fully acquainted with the policies affecting their academic and nonacademic lives on campus. Policies are published in this Bulletin, the Student Handbook, and in Faculty Legislation. New policies are published on the registrar’s website. Registration and Class Attendance Students register for the next semester following academic advising periods. Courses may be added only during the first ten days of classes. Students may withdraw from courses through the first ten weeks of classes. Through the fifteenth day of classes, courses from which the student has withdrawn will not appear on the student’s academic record. After the fifteenth day of classes, withdrawals from courses require the approval of the instructor and will appear on the student’s record, with the notation “W.” After the fiftieth day of classes, students may withdraw from courses only with the authorization of the director of health services, the director of the counseling service, or the dean of the College and with the approval of the instructor. Courses recorded with the notation “W” will not affect a student’s grade average. Regular class attendance is expected of all students unless an individual instructor suspends this expectation. Deadlines for adding and withdrawing from courses that begin midsemester, such as half-semester physical education courses, fall midway through the term and are listed on the academic calendar on the registrar’s website. Course Load and Credits The normal program for undergraduates is 16 academic credits per semester. Students carrying fewer than 12 credits are considered part-time. -
Profile of John D. Rockefeller
Profile of John D. Rockefeller Few family names are arguably better known in the United States than the Rockefellers. As convenient and visible public icons of wealth, big business, and politics, the Rockefellers have been revered and reviled in American music, literature, and news media. For instance, during the Great Depression, Louis Armstrong sung about being as “Rich as Rockefeller”. Decades later, for many Americans, “Rockefeller” is still synonymous with money and power. The Rockefellers have made substantial contributions to American politics, health care, and arts as well as to the controversial “competitive capitalism” or business monopoly that gripped the nation at the turn of the 20th century. Few Americans are aware, however, of the equally profound influence the family patriarch, John D. Rockefeller, had on American philanthropy and traditions of civic responsibility and leadership. John D. Rockefeller was born in 1839 on a farm in Richford, NY, the son of William A. and Eliza Rockefeller. One of six Rockefeller children, John and his family moved to Ohio in his teenage years. John attended public schools in Cleveland and after a short stint at a business college, began work as a bookkeeper. Deeply religious, Rockefeller worshiped at a Baptist Church each Sunday and by age 21 was selected as a Church trustee. He regularly gave a portion of all his total earnings to his church, as well as to other religious and charitable endeavors. At his first job, Rockefeller earned all of $3.57 for a week’s work. In wasn’t long, however, before the ambitious young man joined with a partner in 1859 to start a produce business, using for capital $1,000 in savings and a $1,000 loan from his father. -
Authorised Cartels in Twentieth-Century Japan
10 Policy transfer and its limits Authorised cartels in twentieth-century Japan Takahiro Ohata and Takafumi Kurosawa Introduction The history of cartel registration in Japan deserves special attention for several reasons. First, the country had the world’s most institutionalised and encompassing cartel registration system during the second half of the twentieth century. A system- atic international comparison conducted by Corwin Edwards, a renowned trust-buster in US and founder of Japan’s post-war antimonopoly law, showed that the scope of reporting requirements was the widest in Japan among the 11 nations compared (Wells 2002; Edwards 1967: 48). Second, Japan’s system clearly exhibits the dual nature of the cartel register; namely, authorisation of cartels on the one hand, and containment of them on the other. The balance between these two factors changed over time, reflecting the industrial structure, the role of state intervention, and the international environ- ment. Additionally, Japan is representative of how the practice of cartel registration flourished in the spheres between the general prohibition of cartel and economic liberalism, where laissez-faire meant the liberty of contract and relative freedom for cartels. Third, Japan’s cartel registration system exhibits the uniqueness as well as the universality of the nation’s experience. Its uniqueness lies in the dramatic volte-face in the competition policy following American occupation and policy transfer imme- diately after the Second World War. The huge leap from the promotion of cartels and a war economy to the other extreme of an idealistic and draconian post-war anti- trust law was ordered and supervised by the General Headquarters of the Supreme Commander for the Allied Powers (GHQ/SCAP). -
Index About Us 3
InfoCamere IT Consortium of the Italian Chambers of Commerce www.infocamere.it October 2014 1 Index About us 3 Company Profile 4 InfoCamere in figures 6 Group companies 7 History of InfoCamere 9 IC Network - The InfoCamere geographical network 10 Summary of technical equipment 11 1) Responsibilities: Management of information assets; Services availables 12 Management of the information assets: the Italian Business Register 13 Services availables 14 A - Viewing & Analysis 14 Access and analysis for professionals and the public: registroimprese.it 14 What you can find on www.registroimprese.it 15 What you can send via www.registroimprese.it 23 Access and analysis for Public Authorities: VerifichePA and Telemaco 25 Access and analysis for Official Distributors: Telemaco 34 B – Information access hub 35 2) Responsibilities: Innovation & Simplification 37 Innovation & Simplification 38 Online files: the Single Communication and Submission of Financial Statements in XBRL format 38 The Single Communications for the business activity 39 XBRL, the new format for balance sheets 40 The Single Information Point for Production Activities (SUAP) 42 The InfoCamere Payment Institution 45 The Global LEI - Legal Entity Identification System 47 Civil Justice Services: Mediation and Civil law Online 48 Digital certification: National Service Card (Carta Nazionale dei Servizi- CNS) and digital signature - Digital tachograph cards 49 PEC - INI-PEC: National Index of Certified Electronic Mail Addresses 52 3) Responsibility: Automation & Infrastructure 54 Automation -
Collaborations Across Borders Establishing International Joint Ventures
Collaborations Across Borders Establishing international joint ventures Virtual Round Table Series Commercial Working Group 2018 Virtual Series | Collaborations Across Borders IR Virtual Series, issue #33. First published August 2018. irglobal.com | page 3 Collaborations Across Borders Establishing international joint ventures Joint ventures can be an efficient and A JV can take many different forms, include a variety of clauses designed to effective way to access new markets, from an informal contractual arrange- limit liability, such as defence, indemnifi- develop new products or explore new ment between two parties to an entirely cation and hold harmless provisions. industries. They can be operational in new entity formed by multiple partners Each type has its advantages and disad- nature, or passive if they are used to hold complete with equity stakes or share- vantages, depending on the goal of the intellectual property or licences. holder agreements. In between there are joint venture and the structuring priorities hybrid forms, such as the temporary joint Their effectiveness has been confirmed for each partner. In the following discus- venture or UTE popular in Spain, which is by research from Bain & Company sion our experts describe some of these used to win large government contracts which conducted a global survey of 253 differences in more detail, touching on such as infrastructure build projects. companies that have used joint ventures the reasons why certain vehicles are (JVs) to generate growth or optimise Having a formalised structure with a new used in particular jurisdictions and the their product mix. More than 80 per cent company can be a useful way to record way in which their use can affect the of those firms reported that the deals had value, hold capital and apportion liability apportionment of liability in case of met or exceeded their expectations.