Stakeholders and the composition of the voting rights of the board of directors |
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| Authors: | Dan Galai Zvi Wiener |
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| Institution: | 1. Immunoregulation Research Center, Shahed University, Tehran, Islamic Republic of Iran;2. Department of Immunology, Shahed University, Tehran, Islamic Republic of Iran;3. Medical Biology Research Center, Kermanshah University of Medical Sciences, Kermanshah, Islamic Republic of Iran;4. Department of Internal Medicine, Shahed University, Tehran, Islamic Republic of Iran;5. Department of Biostatistics and Social Medicine, Zanjan University of Medical Sciences, Zanjan, Islamic Republic of Iran;6. Department of Immunology, Isfahan University of Medical Sciences, Isfahan, Islamic Republic of Iran;7. Immunology Research Center, Mashhad University of Medical Sciences, Mashhad, Islamic Republic of Iran;8. Department of Physiology, Shahed University, Tehran, Islamic Republic of Iran;9. Janbazan Medical and Engineering Research Center (JMERC), Tehran, Islamic Republic of Iran;10. Fasa University of Medical Science, Fasa, Fars Province, Islamic Republic of Iran;11. Department of Immunology, Tarbiat Modares University, Tehran, Islamic Republic of Iran;1. Institute of Biochemistry and Biophysics, Tehran University, Tehran, Islamic Republic of Iran;2. Janbazan Medical and Engineering Research Center (JMERC), Tehran, Islamic Republic of Iran;3. Department of Biostatistics and Social Medicine, Zanjan University of Medical Sciences, Zanjan, Islamic Republic of Iran;4. Shafa Neuroscience Research Center, Tehran, Islamic Republic of Iran;5. Dep of Pediatrics, Shaheed Mostafa Khomeini Hospital, Shahed University, Tehran, Islamic Republic of Iran;6. Faculty of Medicine, Isfahan University of Medical Sciences, Isfahan, Islamic Republic of Iran;7. Isfahan University of Medical Sciences, Isfahan, Islamic Republic of Iran;8. Immunoregulation Research Center, Shahed University, Tehran, Islamic Republic of Iran;9. Department of Immunology, Shahed University, Tehran, Islamic Republic of Iran;1. Department of Finance, Terry College of Business, 452 Brooks Hall, University of Georgia; Athens, GA 30602, United States;2. Department of Finance, Sobey School of Business, Saint Mary''s University, Halifax, NS B3H 3C3, Canada |
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| Abstract: | We propose a new approach to dynamic representation of different groups of stakeholders on the board of directors. This approach is based on a simple economic model of the firm, with an objective function to maximize its market value. We look at the marginal claim of each stakeholder on the assets of the firm. It divides the voting rights based on the change in value of each stakeholder with a one dollar change in the value of the firm as a whole. We translate these conditions to relative voting powers on the board. While there are many claims in the academic and popular literature on sharing voting rights on the board, our paper is the first to propose a quantitative dynamic model of the power sharing in the corporation. |
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