Keeping union power in check, the three economists find, helps managers to boost their own, rather than shareholders', income.
In terms of management, both clubs are accountable to their socios or members, rather than shareholders or some rich owner.
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The Treasury cannot, for example, force them to write down mortgage principal to mitigate defaults, even though taxpayers rather than shareholders would bear any associated costs.
The pension fund, which goes by the initials CalSTRS, "believes Wal-Mart's board is dominated by directors beholden to the Walton family rather than shareholders, " the fund's governing board said in a statement.
In Germany, the interests of the whole company, rather than its shareholders, are seen as paramount.
One that refuses to do so might almost be seen as protecting the rights of said management rather than the shareholders they actually have a duty to.
Companies settle them rather than subject their shareholders to the risk of a game-over verdict.
They reinvested dividends rather than give them shareholders.
Some cynical bankers suggest that the 40% of Morgan Stanley's shareholders who worked at the bank before its merger with Dean Witter, Discover have done rather better than its outside shareholders.
Italy now requires independent board members to veto any transaction which appears to benefit blocking shareholders rather than the company itself.
Citigroup, Merrill Lynch and other US banks also have tapped shareholders rather than the actual culprits for payment of fraud fines.
He abolished tax credits on dividends paid to pension funds, asserting that this would encourage firms to invest rather than handing cash to shareholders.
Because firms that pay dividends tend to see more value in shipping cash to shareholders rather than reinvesting profits, high-dividend stocks tend to perform best when value stocks do.
Would we have been better served by returning the extra cash to shareholders rather than investing it in a franchise that seems to have questionable prospects for turning around?
Or the acquisition of major content suppliers like Disney, rather than giving money back to shareholders.
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As such, they should be returning more of that capital to shareholders, rather than keeping it in a war chest.
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It is Bankia's shareholders, rather than its account-holders, who should be upset.
Previously, the attraction at Dresdner Kleinwort Wasserstein was a skewed bonus system that rewarded deal revenue rather than the actual return to shareholders.
But a 2009 study found that they used every repatriated dollar to pay down debt or make distributions to shareholders, rather than create jobs.
Even though shares for many firms still look relatively cheap, companies are opting to hold on to their cash rather than hand it back to shareholders.
In contrast, if a parent chooses to sell a business rather than distribute it to its shareholders, it will typically incur a capital gains tax of 35%.
Over the last several months, the chief executives of a number of major gold-mining companies said they are putting more emphasis on spending restraint and returning capital to shareholders, rather than a race for more total production.
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The failure, caused by political hostility and weak nerves, has been a big blow to the cause of industrial restructuring in Germany, and to the idea that shareholders, rather than politicians, trade unionists and managers, should have the final say in a company's future.
Thus, if Scrum and Agile are focused on the traditional business goal of making money for shareholders, rather than delighting the customer, then there is a risk that the huge gains in productivity that Scrum and Agile generate will be used to downsize the software development staff, thereby killing the very creativity and innovation that are responsible for the gains.
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He may indeed be motivated by a desire to save his shareholders' fortunes rather than the lives of smokers.
In fact, his view is that the thrust of the ring-fencing reform is to make it easier for banks to be dismantled, or resolved, in a crisis, with the costs heaped on shareholders and creditors rather than taxpayers.
This capital shortfall has already prompted asset sales by banks, which would rather shrink their balance-sheets than tap shareholders.
Thirdly, banks are to hold a sufficient capital buffer - as outlined by global regulators - which means that if banks do fail, losses can be absorbed by shareholders and other creditors rather than the taxpayer.
Some of the problems the regulator sees with audits are a lack of auditor professional skepticism and an inappropriate focus on building and maintaining the client relationship with the company management rather than on performing a public duty for shareholders.
Agents (ie, managers) were feathering their own nests rather than serving the interests of their principals (shareholders).
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