Hershey Company Research Articles

Hershey Company (THE)

AbstractFood (MIC: 4.1 SIC: 2064 NAIC: 311340)Hershey is a North American manufacturer of chocolate and confectionery products, and a snack food company. Co.'s main product groups include confectionery and snack products; gum and mint refreshment products; and food and beverage enhancers such as baking ingredients, peanut butter, toppings and beverages. Co. also provides a range of products specifically developed to address the nutritional interests of health‐conscious consumers. Co.'s five operating segments comprise geographic regions including the U.S., Canada, Mexico, Brazil and other international locations, such as Japan, Korea, the Philippines and China. Co. markets its confectionery products in over 50 countries worldwide.

Shipper-Carrier Relationships and their Effect on Carrier Performance

Abstract The transportation function is critical to efficient and effective logistical operations. In order to improve transportation performance, it may be necessary for firms to form closer relationships with their carriers. Unfortunately, there are few studies examining the nuances and outcomes of shipper-carrier relationships. The focus of this work is to delineate the levels of relational closeness found between shippers and carriers and to assess the effects of relational closeness on carrier performance. Based on data and expertise provided by The Hershey Company, a major U.S. confectionary corporation, this research utilizes qualitative and quantitative techniques to accomplish these tasks. Findings indicate that closer relationships between shippers and carriers have no effect on carriers' on-time performance but significantly influence carriers' willingness to commit assets to the shipper and accept loads during times of constrained transportation capacity.

Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off

In July of 2002 the trustees of the Milton Hershey School Trust announced a plan to diversify the Trust’s investment portfolio by selling the Trust’s controlling interest in the Hershey Company. The Company’s stock jumped from $62.50 to $78.30 on news of the proposed sale. But the Pennsylvania attorney general, who was then running for governor, brought suit to stop the sale on the grounds that it would harm the central Pennsylvania community. In September 2002, after the attorney general obtained a preliminary injunction, the trustees abandoned the sale and the Company’s stock dropped to $65.00. Using standard event study econometric analysis, we find that the sale announcement was associated with a positive abnormal return of over 25 percent and that canceling the sale was followed by a negative abnormal return of nearly 12 percent. Our findings imply that instead of improving the welfare of the needy children who are the Trust’s main beneficiaries, the attorney general’s intervention preserved charitable trust agency costs on the order of roughly $850 million and prevented the Trust from achieving salutary portfolio diversification. Overall, blocking the sale destroyed roughly $2.7 billion in shareholder wealth, reducing aggregate social welfare by preserving a suboptimal ownership structure of the Hershey Company. Our findings contribute to the literature of trust law by supplying the first empirical analysis of agency costs in the charitable trust form and by highlighting shortcomings in supervision of charitable entities by the state attorneys general. Our findings also contribute to the literature of corporate governance by measuring the difference in firm value when the Hershey Company was subject to a takeover versus under the control of a controlling shareholder. * Visiting Professor of Law, University of Pennsylvania (Fall 2007); Visiting Professor of Law, Columbia University (Spring 2008); Jeffrey A. Stoops Professor of Law, Florida State University . ** John L. Gray Professor of Law, Harvard University . The authors thank Evelyn Brody, John Coates, John Columbo, Harvey Dale, Joel Dobris, Einer Elhauge, Allen Ferrell, Jonah Gelbach, Eric Helland, Adam Hirsch, Edward Iacobucci, Marcel Kahan, Louis Kaplow, Ehud Kamar, Reinier Kraakman, Robert Lawless, John Langbein, James Lindgren, Yair Listokin, Geoffrey Manne, Henry Manne, John McGinnis, Richard Posner, Edward Rock, Larry Ribstein, Dan Rubinfeld, Max Schanzenbach, Kathryn Spier, Mark Weinstein, and workshop participants at FSU, Harvard, Illinois, Northwestern, NYU, and the 2007 Annual Meeting of the American Law and Economics Association for helpful comments and suggestions; Teresa Gallego O’Rourke, Kelley Smith, Shira Tydings, Ethan White, Rachel Zeehandelaar, and Annmarie Zell for superb research assistance; and Harvard Law School and NYU School of Law for financial support. 108 Columbia Law Review ___ (forthcoming 2008) Draft of September 2, 2007 ii Agency Costs, Charitable Trusts, and Corporate Control: Evidence From Hershey’s Kiss-Off

Shipper-Carrier Relationships and their Effect on Carrier Performance

Abstract The transportation function is critical to efficient and effective logistical operations. In order to improve transportation performance, it may be necessary for firms to form closer relationships with their carriers. Unfortunately, there are few studies examining the nuances and outcomes of shipper-carrier relationships. The focus of this work is to delineate the levels of relational closeness found between shippers and carriers and to assess the effects of relational closeness on carrier performance. Based on data and expertise provided by The Hershey Company, a major U.S. confectionary corporation, this research utilizes qualitative and quantitative techniques to accomplish these tasks. Findings indicate that closer relationships between shippers and carriers have no effect on carriers' on-time performance but significantly influence carriers' willingness to commit assets to the shipper and accept loads during times of constrained transportation capacity.

Hershey Company (THE)

Mergent's Dividend AchieversVolume 3, Issue 2 p. 140-140 U.S. Company Reports Hershey Company (THE)† First published: 20 April 2006 https://doi.org/10.1002/div.3948 † Contact: : Richard H. Lenny— Chmn., Pres., C.E.O. Address: : 100 Crystal A Drive, Hershey, PA 17033 Web Site: : www.hersheys.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinked InRedditWechat Abstract Food (MIC: 4.1 SIC: 2066 NAIC: 311320) Hershey is engaged in the manufacture, distribution and sale of consumer food products including: chocolate and non-chocolate confectionery products sold in the form of bar goods, bagged items and boxed items; and grocery products sold in the form of baking ingredients, chocolate drink mixes, peanut butter, dessert toppings and beverages. Co.'s products are marketed in over 90 countries worldwide under more than 50 brands. Principal confectionery brands include: Hershey's®, Reese's®, Mr. Goodbar®, Jolly Rancher®, Kit Kat®, Milk Duds®, Whoppers®, York®, Twizzlers®, Super Bubble®, Ice Breakers®, Breath Savers® and Care*free®. Volume3, Issue2Spring 2006Pages 140-140 RelatedInformation

Hershey Company (THE)

Mergent's Dividend AchieversVolume 3, Issue 4 p. 139-139 U.S. Company Reports Hershey Company (THE)† First published: 10 October 2006 https://doi.org/10.1002/div.4782 † Contact: : Richard H. Lenny — Chmn., Pres., C.E.O. Address: : 100 Crystal A Drive, Hershey, PA 17033 Web Site: : www.hersheys.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Food (MIC: 4.1 SIC: 2064 NAIC: 311340) Hershey is engaged in the manufacture, distribution and sale of consumer food products including: chocolate and non-chocolate confectionery products sold in the form of bar goods, bagged items and boxed items; and grocery products sold in the form of baking ingredients, chocolate drink mixes, peanut butter, dessert toppings and beverages. Co.'s products are marketed in over 90 countries worldwide under more than 50 brands. Principal confectionery brands include: Hershey's®, Reese's®, Mr. Goodbar®, Jolly Rancher®, Kit Kat®, Milk Duds®, Whoppers®, York®, Twizzlers®, Super Bubble®, Ice Breakers®, Breath Savers® and Care*free®. Volume3, Issue4Autumn (Fall) 2006Pages 139-139 RelatedInformation

Hershey Company (THE)

AbstractFood (MIC: 4.1 SIC: 2066 NAIC: 311320)Hershey is engaged in the manufacture, distribution and sale of consumer food products including: chocolate and non‐chocolate confectionery products sold in the form of bar goods, bagged items and boxed items; and grocery products sold in the form of baking ingredients, chocolate drink mixes, peanut butter, dessert toppings and beverages. Co.'s products are marketed in over 90 countries worldwide under more than 50 brands. Principal confectionery brands include: Hershey's®, Reese's®, Mr. Goodbar®, Jolly Rancher®, Kit Kat®, Milk Duds®, Whoppers®, York®, Twizzlers®, Super Bubble®, Ice Breakers®, Breath Savers® and Care*free®.

Hershey Company (THE)

AbstractFood (MIC: 4.1 SIC: 066 NAIC: 11320)Hershey is engaged in the manufacture, distribution and sale of consumer food products including: chocolate and non‐chocolate confectionery products sold in the form of bar goods, bagged items and boxed items; and grocery products sold in the form of baking ingredients, chocolate drink mixes, peanut butter, dessert toppings and beverages. Co.'s products are marketed in over 90 countries worldwide under more than 50 brands. Principal confectionery brands include: Hershey's®, Reese's®, Mr. Goodbar®, Jolly Rancher®, Kit Kat®, Milk Duds®, Whoppers®, York®, Twizzlers®, Super Bubble®, Ice Breakers®, Breath Savers® and Care*free®.