Weitere Artikel dieser Ausgabe durch Wischen aufrufen
This paper examines the dynamics of hostile takeovers (HT's) as a form of corporate warfare. There are a number of compelling reasons for believing this to be an accurate approximation to corporate reality and therefore an appropriate analogy. In circumstances where it is all-too easy for either of the protagonists to act unethically (Berle and Means, The modern corporation and private property, Transaction Publishers, New Brunswick, 1991), there is an evident need for an appropriate template through which to analyse and evaluate the ethical dilemmas that HT's inevitably raise (Armour and Skeel, Georget Law J 95:1727, 2007)—whilst also, where possible, employing its prescriptions as a means of corporate conflict resolution. This paper evaluates just war theory (JWT) as one such template. In seeking a conceptually adaptable framework for analysing, interpreting and articulating antagonistic behaviour during a HT, it became apparent in the course of the research that JWT provided a potentially useful and viable template within which to pursue the above. The research questions centre not necessarily on whether this template could in some way be a substitute for statutory and regulatory constraints on unethical conduct but, rather, whether it might better inform all stakeholders of the importance of ethically informed restraint in the interest of the greater good.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Anderson, J., & Honneth, A. (2005). Autonomy, vulnerability, recognition and justice. In J. Christman & J. Anderson (Eds.), Autonomy and the challenges to liberalism: New essays (pp. 127–149). New York: Cambridge University Press. CrossRef
Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103–120. CrossRef
Arlen, J. (2002). Designing mechanisms to govern takeover defenses: Private contracting, legal intervention, and unforeseen contingencies. The University of Chicago Law Review, 69, 917–932. CrossRef
Armour, J., Jacobs, J. B., & Milhaupt, C. J. (2011). The evolution of hostile takeover regimes in developed and emerging markets: An analytical framework. Harvard International Law Journal, 52(1), 260.
Armour, J., & Skeel, D. A., Jr. (2007). Who writes the rules for hostile takeovers, and why-the peculiar divergence of US and UK takeover regulation. Georgetown Law Journal, 95, 1727.
Baker, J. B. (2003). The case for antitrust enforcement. The Journal of Economic Perspectives, 17(4), 27–50. CrossRef
Baldassarri, D., & Grossman, G. (2011). Centralized sanctioning and legitimate authority promote cooperation in humans. Proceedings of the National Academy of Sciences, 108(27), 11023–11027. CrossRef
Bass, G. J. (2004). Jus post bellum. Philosophy & Public Affairs, 32(4), 384–412. CrossRef
Berle, A. A., & Means, G. C. (1991). The modern corporation and private property. New Brunswick, NJ: Transaction Publishers.
Bhide, A. (1989). The causes and consequences of hostile takeovers. Journal of Applied Corporate Finance, 2(2), 36–59. CrossRef
Boyle, J. M. (1980). Toward understanding the principle of double effect. Ethics, 90, 527–538. CrossRef
Brewer, E., Jackson, W. E., & Jagtiani, J. (2010) Corporate governance structure and mergers (pp. 1–29). FRB of Philadelphia, Working Paper No. 10–26.
Brindley, B. (2008). In J. Law & J. Smullen (Eds.), A dictionary of finance and banking. Oxford: Oxford University Press.
Bruner, R. F. (2004). Applied mergers and acquisitions (Vol. 173). New York: Wiley.
Burns, D., & Claypool, G. A. (1997). A suggested ethical framework for evaluating corporate mergers and acquisitions. Journal of Business Ethics, 16(16), 1761.
Calhoun, L. (2002). Legitimate authority and “Just war” in the modern world. Peace & Change, 27(1), 37–62. CrossRef
Cartwright, S., & Schoenberg, R. (2006). Thirty years of mergers and acquisitions research: Recent advances and future opportunities. British Journal of Management, 17(1), 1–5. CrossRef
Ceulmans, C. (2005). War against terrorism: Some ethical considerations from the just war perspective. In W. Smit (Ed.), Just war theory and terrorism: The end of the just war concept? (pp. 7–30). Peeters.
Chen, Al. Y. S., Sawyers, R. B., & Williams, P. F. (1997). Reinforcing ethical decision making through corporate culture. Journal of Business Ethics, 16(8), 855–865. CrossRef
Christensen, L. J., et al. (2007). Ethics, CSR, and sustainability education in the Financial Times top 50 global business schools: Baseline data and future research directions. Journal of Business Ethics, 73(4), 347–368. CrossRef
Christopher, M. (2000). The agile supply chain: Competing in volatile markets. Industrial Marketing Management, 29(1), 37–44. CrossRef
Clark, F., Dean, G. W., & Oliver, K. G. (2007). Corporate collapse: Regulatory, accounting, and ethical failure. New York: Cambridge University Press.
Conyon, M. J., et al. (2001). Do hostile mergers destroy jobs? Journal of Economic Behavior & Organization, 45(4), 427–440. CrossRef
Cooke, M. (2006). Re-presenting the good society. Cambridge, MA: MIT Press.
Corey, G., Corey, M. S., Corey, C., & Callanan, P. (2014). Issues and ethics in the helping professions (9th Ed., pp. 22–144). Stamford, CT: Brooks/Cole Cengage Learning.
Crane, F. G. (2004). The teaching of business ethics: An imperative at business schools. Journal of Education for Business, 79(3), 149–151. CrossRef
Davidoff, S. M. (2007). The SEC and the failure of federal takeover law. Florida State University Law Review, 34, 211–269.
Davies, P. L. (2008). The board of directors: Composition, structure, duties and powers. OECD Report on Company Law Reform in OECD Countries. A Comparative Outlook of Current Trends, Sweden.
Deakin, S., & Slinger, G. (1997). Hostile takeovers, corporate law, and the theory of the firm. Journal of Law and Society, 24(1), 124–151. CrossRef
Dörmann, K. (2009). From an address titled, The Geneva conventions today, given by, Head of the Legal Division of the International Committee of the Red Cross, in London, England on July 9th 2009.
Fotion, N. (2007). EPZ war and ethics: A new just war theory. London: A&C Black.
Fukukawa, K., Balmer, J. M. T., & Gray, E. R. (2007). Mapping the interface between corporate identity, ethics and corporate social responsibility. Journal of Business Ethics, 76(1), 1–5. CrossRef
Garrett, T. M. (1966). Business ethics. New York: Sheed & Ward.
Ghoshal, S. (2005). Bad management theories are destroying good management practices. Academy of Management Learning & Education, 4(1), 75–91. CrossRef
Gilson, R. J., & Schwartz, A. (2005). Understanding MACs: Moral hazard in acquisitions. Journal of Law Economics and Organization, 21(2), 330–358. CrossRef
Goergen, M., & Renneboog, L. (2003). Value creation in large European mergers and acquisitions. Advances in Mergers and Acquisitions, 2, 98–135.
Gomes, K. J. (2008). An intellectual genealogy of the just war: A survey of christian political thought on the justification of warfare. Small Wars Journal, (1–18).
Goodwin, R. (1989). Aquinas’ justice. The New Scholasticism, 63(3), 275–285. CrossRef
Gordon, J. N. (2003). An American perspective on the new German anti-takeover law. Harvard Law School John M. Olin Center for Law, Economics and Business Discussion Paper Series, 407.
Green, M. J. (1974, May 26). Deciding on utilities: Public or private?; Con Ed has taken a step that makes it a little of each. The New York Times.
Greenberg. (2011, January 10). Thomas insights on global M&A developments from ‘Skadden’s 2011 insights’ report.
Hancock, G. D. (1992). Battles for control: An overview of proxy contests. Managerial Finance, 18(7/8), 59–76. CrossRef
Hanly, K. (1997). Hostile takeovers and methods of defense: A stakeholder analysis. Journal of Law and Society, 24(1), 124–151. CrossRef
Hansmann, H., & Kraakman, R. (2000). The end of history for corporate law (pp. 1–44). Harvard Law School Discussion Paper 280.
Harris, J., & Bromiley, P. (2007). Incentives to cheat: The influence of executive compensation and firm performance on financial misrepresentation. Organization Science, 18(3), 350–367. CrossRef
Herman, E., & Lowenstein, L. (1988). The efficiency effects of hostile takeovers. In J. C. Coffee Jr., L. Lowenstein, & S. Rose-Ackerman (Eds.), Knights, bidders, and targets (pp. 211–240). New York: Oxford University Press.
Hirsch, P. (1986). Banking on fraud: Drexel, junk bonds, and buyouts. American Journal of Sociology, 91(4), 800–837. CrossRef
Hitt, M., et al. (1998). Attributes of successful and unsuccessful acquisitions of US firms. British Journal of Management, 9(2), 91–114. CrossRef
Höpner, M., & Jackson, G. (2006). Revisiting the Mannesmann takeover: How markets for corporate control emerge. European Management Review, 3(3), 142–155. CrossRef
Ilesanmi, S. O. (2000). Just war theory in comparative perspective: A review essay. The Journal of Religious Ethics, 28(1), 151. CrossRef
Jones, T. M. (1995). Instrumental stakeholder theory: A synpaper of ethics and economics. Academy of Management Review, 20(2), 404–437. CrossRef
Kaler, J. (2002). Morality and strategy in stakeholder identification. Journal of Business Ethics, 39(1–2), 91–100. CrossRef
Kerr, R., & Robinson, S. (2011). Leadership as an elite field: Scottish banking leaders and the crisis of 2007–2009. Leadership, 7(2), 151–173. CrossRef
Knight, F. H. (1997). The ethics of competition. New Brunswick, NJ: Transaction Publishers.
Knoeber, C. R. (1986). Golden parachutes, shark repellents, and hostile tender offers. The American Economic Review, 76, 155–167.
Lambrecht, B. (2004). The timing and terms of mergers motivated by economies of scale. Journal of Financial Economics, 72, 41–62.
Langevoort, D. C. (2011). Psychological perspectives on the fiduciary business. Boston University Law Review, 91, 995.
Langan, S. J. (1984). The elements of St. Augustine’s just war theory. The Journal of Religious Ethics, 12(1), 20.
Langevort, D. C. (2011). The behavioral economics of mergers and acquisitions. Rochester, NY: Social Science Electronic Publishing Inc.
Lin, C. Y. Y., & Wei, Y. C. (2006). The role of business ethics in merger and acquisition success: An empirical study. Journal of Business Ethics, 69(1), 95–109. CrossRef
Lowenstein, L. (1983). Pruning deadwood in hostile takeovers: A proposal for legislation. Columbia Law Review, 83, 249–334. CrossRef
Luban, D. (1980). Just war and human rights. Philosophy & Public Affairs, 9, 160–181.
Lütge, C. (2005). Economic ethics, business ethics and the idea of mutual advantages. Business Ethics: A European Review, 14(2), 108–118. CrossRef
Macmillan, I., & Prakash, S. (2015). Deloitte and Touche Global M&A Index: US companies leading surge in M&A’s. Accessed from http://www2.deloitte.com/content/dam/Deloitte/uk/Documents/mergers-acqisitions/m-and-a-index-q3-2015.pdf.
May, C., & Sell, S. K. (2006). Intellectual property rights: A critical history. Boulder, CO: Lynne Rienner Publishers.
Mayer, W. J., & Walker, M. M. (1996). An empirical analysis of the choice of payment method in corporate acquisitions during 1980 to 1990. Quarterly Journal of Business and Economics, 35, 48–65.
McGee, R. W. (2004). Some overlooked ethical issues in acquisitions and mergers. Available at SSRN 538662.
Meir, S. (2007). Local ethics in a global world. Financial Analysts Journal, 63(3), 32. CrossRef
Meron, T. (1987). The Geneva conventions as customary law. American Journal of International Law, 81, 348–370. CrossRef
Milhaupt, C. (2005). In the shadow of delaware? The rise of hostile takeovers in Japan. Columbia Law Review, 105(7), 2171–2216.
Millstone, D., & Subramanian, G. (2007). Oracle v. PeopleSoft: A case study. Harvard Negotiation Law. Review, 12(1), 1–23.
Moeller, S. (2012, January 9). Case study: Kraft’s takeover of Cadbury. The Financial Times.
Mohlmann, B. (2012). Hostile takeovers: The long term effect on shareholder value of acquiring companies. Rotterdam: University of Rotterdam, Erasmus School of Economics.
Mohr, J., & Spekman, R. (1994). Characteristics of partnership success: Partnership attributes, communication behavior, and conflict resolution techniques. Strategic Management Journal, 15(2), 135–152. CrossRef
Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do managerial objectives drive bad acquisitions? The Journal of Finance, 45(1), 31–48. CrossRef
Navarro, P. (2008). The MBA core curricula of top-ranked US business schools: A study in failure? Academy of Management Learning & Education, 7(1), 108–123. CrossRef
Newton, L. H. (1988). Charting shark-infested waters: Ethical dimensions of the hostile takeover. Journal of Business Ethics, 7(1–2), 81–87. CrossRef
Nichols, D., & Subramaniam, C. (2001). Executive compensation: Excessive or equitable? Journal of Business Ethics, 29(4), 339–351. CrossRef
O’Donovan, O. (2003). The just war revisited (Vol. 2). Cambridge: Cambridge University Press. CrossRef
Ol’sevich, I. (2009). Psychological aspects of the current economic crisis. Problems of Economic Transition, 52(5), 34–51. CrossRef
Orend, B. (2000). Ius post bellum. Journal of Social Philosophy, 31(1), 117–137. CrossRef
Orend, B. (2006). The morality of war (pp. 161–200). Peterborough, ON: Broadview Press.
Orend, B. (2007). Ius post Bellum: The perspective of a just-war theorist. Leiden Journal of International Law, 20(3), 583. CrossRef
Osterdahl, I. (2012). Just war, just peace and the Ius post bellum. Nordic Journal of International Law, 813, 271–293. CrossRef
Pax Christi. (2016). Conference proceedings from the nonviolence and just peace gathering held in Rome 11th to the 13th of April 2016. http://www.paxchristi.net/news/appeal-catholic-church-recommit-centrality-gospel-nonviolence/5855#sthash.RkIk6WZX.QaN6ltSS.dpuf; http://www.paxchristi.net/news/appeal-catholic-church-recommit-centrality-gospel-nonviolence/5855#sthash.RkIk6WZX.QaN6ltSS.dpbs
Pontifical Council for Justice and Peace. (2004). Compendium of the social doctrine of the church. Libreria Editrice Vaticana.
Prusack, L. (2010). What can't be measured. Harvard Business Review. https://hbr.org/2010/10/what-cant-be-measured.
Raleigh, N. C. (1925). Thomas Aquinas’ Summa Theologica. London: Hayes Barton Press.
Reichberg, G., Syse, H., & Begby, E. (2006). The ethics of war: Classical and contemporary readings. Oxford: Blackwell.
Rendtorff, J. D. (2009). Responsibility, ethics and legitimacy of corporations. Copenhagen: Copenhagen Business School Press.
Ribstein, L. E. (2002). Market vs. regulatory responses to corporate fraud: A critique of the Sarbanes-Oxley Act of 2002. Journal of Corporation Law, 28, 1–67.
Richards-Wilson, S. (2002). Changing the way MBA programs do business—Lead or languish. Journal of Education for Business, 77(5), 296–300. CrossRef
Rigstad, M. (2006). Ius ad bellum after 9/11: A state of the art report. Oakland: Oakland University Press.
Robilotti, M. G. (1997). Codetermination, stakeholder rights, and hostile takeovers: A reevaluation of the evidence from abroad. Harvard International Law Journal, 37, 536.
Rodin, D. (2004). War and self-defense. Ethics & International Affairs, 18(1), 63–68. CrossRef
Rodrik, D. (2011). The globalization paradox: Why global markets, states, and democracy can’t coexist. Oxford: Oxford University Press.
Ruback, R. S., & Jensen, M. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5–50. CrossRef
Schianchi, A., & Mantovi, A. (2006). A theory of hostile takeovers. Available at SSRN 901956.
Schneider, S. C., & Dunbar, R. L. M. (1992). A psychoanalytic reading of hostile takeover events. The Academy of Management Review, 17(3), 546. CrossRef
Schneper, W. D., & Guillén, M. F. (1992). Stakeholder rights and corporate governance: A cross-national study of hostile takeovers. Journal of Business Ethics, 11(12), 895–913. CrossRef
Schwert, G. W. (2000). Hostility in takeovers: In the eyes of the beholder? The Journal of Finance, 55(6), 2599–2640. CrossRef
Servaes, H. (1991). Tobin’s Q and the gains from takeovers. The Journal of Finance, 46(1), 409–419. CrossRef
Shivdasani, A. (1993). Board composition, ownership structure, and hostile takeovers. Journal of Accounting and Economics, 16(1–3), 167–198. CrossRef
Shleifer, Andrei, & Summers, Lawrence H. (1988). Breach of trust in hostile takeovers. In A. J. Auerbach (Ed.), Corporate takeovers: Causes and consequences (pp. 33–68). Chicago: University of Chicago Press.
Soule, E. (2005). Embedding ethics in business and higher education: From leadership to management imperative. Washington: Business Higher Education Forum.
Steinbrink, W. H. (1977). Management’s response to the takeover attempt. Case Western Reserve Law Review, 28, 882.
Syse, H., & Reichberg, G. M. (2007). Ethics, nationalism, and just war: medieval and contemporary perspectives. CUA Press.
Thomas, C. W. (2004). An inventory of support materials for teaching ethics in the post-Enron era. Issues in Accounting Education, 19(1), 27–52. CrossRef
Tse, T. (2011). Shareholder and stakeholder theory: After the financial crisis. Qualitative Research in Financial Markets, 3(1), 51–63. CrossRef
Uhlmann, M. H. (2003). The use and abuse of just war theory. Claremont Review of Books (Summer edition).
Walzer, M. (1983). Spheres of justice. New York: Basic Books.
Walzer, M. (2004). Words of war: Challenges to the just war theory. Harvard International Review, 26(1), 36.
Walzer, M. (2006). Just and unjust wars: A moral argument with historical illustrations. New York: Basic Books.
Wood, G., & Callaghan, M. (2003). Communicating the ethos of codes of ethics in corporate Australia, 1995–2001: Whose rights, whose responsibilities? Employee Responsibilities and Rights Journal, 15(4), 209–221. CrossRef
Wood, G., et al. (2004). Implementing the ethos of corporate codes of ethics: Australia, Canada, and Sweden. Business Ethics: A European Review, 13(4), 389–403. CrossRef
Zuckert, M. P. (1994). Natural rights and the new republicanism. Princeton, NJ: Princeton University Press.
- Hostile Takeovers—An Analysis Through Just War Theory
- Springer Netherlands
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, digitale Transformation/© Maksym Yemelyanov | Fotolia