Large Owners Research Articles

Reformasi Agraria dan Dampaknya terhadap Perekonomian Indonesia pada Era Orde Lama dan Orde Baru

Agrarian reform encompasses a series of government actions and policies designed to restructure the land system, aiming to enhance social justice, reduce land ownership inequality, increase agricultural productivity, and stimulate economic growth in the agricultural sector. These reforms typically involve transferring land from large owners to smaller farmers, improving the land ownership structure, and granting land to farmers. This study employs descriptive qualitative research. According to Lexi J. Moleong, qualitative research seeks to understand phenomena experienced by the subjects. Although agrarian reform in Indonesia began during Dutch colonialism, significant reforms were implemented during the Old Order and New Order eras, particularly through Law Number 5 of 1960, known as the Basic Agrarian Law (UUPA). This law established regulations related to agrarian principles during the Old Order period. The Old Order’s agrarian reform aimed to dismantle colonial capitalism and feudalism by nationalizing foreign companies and redistributing land. However, agrarian reform in Indonesia still faces numerous challenges that need to be addressed to ensure inclusive and sustainable economic growth.

Revealing agricultural land ownership concentration with cadastral and company network data

AbstractIn many high-income countries, agricultural land is highly concentrated in a few hands, but detailed knowledge of ownership structures is limited. We examined land ownership structures and agricultural land concentration for the entire state of Brandenburg, Germany (1.3 million ha), using cadastral and company network data. Our aim was to characterise all landowners, analyse the degree of ownership concentration, and examine the role of the largest landowners in more detail. We found a high fragmentation of ownership among 185,000 different owners. Most of the land was owned by individuals not active in agriculture and only a third of the land was owned by farmers and other agricultural actors. Absentee ownership covered a quarter of the land. Ownership concentration was low to moderate in most regions and reached high levels in only a few areas. The largest owners were public institutions, private investors and nature protection institutions. Areas where public institutions owned a lot of land showed high concentrations, but also some areas where private landowners owned a lot of land. In summary, our analysis provides rare information on the concentration of agricultural land ownership in a large region. Such analysis facilitates better justification and design of policies that regulate agricultural land markets.

State-owned enterprises after the market turn: Hybridisation and the historical development of nested paradoxes in the case of Norway

The article studies the recent history of state owned enterprises (SOEs) in Norway through the lens of paradox theory. A tension between business goals and political goals lie at the heart of SOEs, and I analyse processes of partial privatisations in the 1990s and early 2000s as attempts to overcome this original paradox. Through the public listing of major SOEs, the Norwegian state became the largest owner on the Oslo stock exchange and a new corporate governance setup for these entities arose. I propose to see this development as a case of historically developed nested paradoxes, and argue that a new paradox emerged in which the Norwegian state attempted to reach political goals through the ownership of SOEs by not having explicit political goals. I find two main equilibrating mechanisms for this paradox, and discuss some of the ways paradoxical tensions of SOEs still persist despite attempts to overcome them.

Institutional Investors and ESG Preferences

ABSTRACTResearch Question/IssueWe examine the effect of multiple environmental, social, and governance (ESG) scores on institutional investor ownership of firms and investor portfolio weightings. We are also the first to analyze the three individual components of ESG rankings to estimate the relative preferences of institutional investors.Research Findings/InsightsUsing a unique panel dataset covering US companies and institutional investor portfolios over the 2010–2019 period, we find that while investors are driven to add high‐quality ESG companies to their portfolios, there is a negative relationship with ESG when it comes to taking large ownership stakes. Furthermore, ESG scores are negatively related to the portfolio weightings of institutional investors, which raises concerns of greenwashing. Our analysis of individual ESG scores points to significantly larger effects of G scores in terms of holdings, and G is the only score with no negative impact on portfolio weightings. Finally, in support of systematic stewardship theory, top institutional investors allocate higher proportions of their portfolios to firms with high‐ESG ratings. Our results are robust to the use of a difference‐in‐differences analysis addressing endogeneity concerns.Theoretical/Academic ImplicationsThe findings in this paper offer important policy implications for institutional investors, managers, and policymakers. Given the ongoing debate on ESG scores, this paper shows the importance of examining greenwashing for investors who have a concern regarding the extent to which the valuation of assets might be influenced by unsupported sustainability claims. In addition, our study adds to the debate regarding ESG investing and stewardship theory.

Аграрное развитие Аргентины во второй половине XIX – начале ХХ вв.

The work is devoted to the final stage in the formation of agrarian regime in Argentina. The foundation for contempo-rary Argentina was built at that time On the Argentina pampas a significant change took place. A land that had produced cat-tle useful only for hides, tallow and salted beef was trans-formed into cultivated fields and pastures where fences closed stock into alfalfa pastures. The rise of the farming and sheep ranching accompanied this shift in the cattle economy. Frigorificos – plants for production of chilled beef made it possible to be sold in markets of Great Britain. Argentina be-came one of the world’s leading exporters of wheat, corn, beef mutton and wool. It indicates that behind this economic accomplishment lies land structure – the predominance of large ownership – latifundia. Argentina had no homestead act or other long-seal land distribution plan that wood root immi-grants to the nation by granting them ownership of the soil. The Argentina landed elites owned most of the good land with the result that immigrants became tenants on short term leases. The farming developed primary as servant to the predom-inant sheep and cattle interests. The result was a pampa without settler filled with migrant tenant farmers a land exploited but not possessed. The predominance of latifundia and the land tenant system retarded the intensification of agrarian sector: Argentina failed to build a modern agrarian economy.

Impact of equity structure on risk of financial distress in Vietnam

This study aims to evaluate the impact of transparency of budget structure on risk of getting into financial distress in Vietnam. The article uses data regarding equity proportion from the financial reports of business entities on Hanoi Stock Exchange (HNX), divided into four main categories, namely large ownership, institutional ownership, managerial ownership, and state ownership ratio, to find the relation between the allocation of equity and the chance a company having financial failure. From the mentioned information, the research attempts to explain the relations, as well as suggestions for companies to prepare and avoid financial distress from an equity structure perspective. Results from the study’s sample show insignificant correlations between the share of owners and financial distress situation of a company, which plays a part to help the overall estimation of risk in businesses as a whole.

ПРИВЛАСНЕННЯ ІНФОРМАЦІЙНО-ЦИФРОВОГО ІНТЕЛЕКТУАЛЬНОГО ПРОДУКТУ: МІЖНАРОДНИЙ ДОСВІД ТА ПЕРСПЕКТИВИ ДЛЯ УКРАЇНИ

The article was sanctified to research of international experience of appropriation of informatively-digital intellectual product. On the achievements of foreign experience of realization of appropriation of informatively-digital intellectual product was accented. The prospects of implementation of partial conditions of appropriation of informatively-digital intellectual product from the European countries to realities of national economics of Ukraine were circumscribe. Analysis of evolution of product's of attribute of appropriation of intellectual product and specific of its deployment in the conditions of the Ancient World and in the epoch of European middle Ages was conducted. Significant differences in the evolution of such attribute of appropriation of informatively-digital intellectual product in the European countries in New and Newest times were shown. To research of specific of exteriorization of appropriation of informatively-digital intellectual product in Germany was spared the special attention. Were found out the stages of fixing and legitimating of intellectual product, namely: symbol (to V of century), privileged (from V to ХVІІІ of century), legal (from ХVІІІ to ХІХ of century), sign-symbol (from the end ХІХ of century). On the exert of appropriation mainly not own the created legitimate informatively-digital intellectual product in the conditions of strengthening of tendency of transformation of large ownership in the largest at the Germany was accented. The functional of appropriation not own the created legitimate informatively-digital intellectual product was detected and formalized in the system of equalizations. The stimulus of the extended reproduction of actors of appropriation not own the created legitimate informatively-digital intellectual product were severed in next parts: the state-private partnership for subsidies to tuitions of skilled specialists, research-and-developments (in the cluster of creators); protecting of national inventions from the "unwanted copy" (in the cluster of producers); government stimulation by the subsidies of research-and-developments, and also structuring of relations between a bank and industry (in the cluster of mediators-entrepreneurs). Further researches must be directed on the search of prospects of implementation of partial conditions of appropriation of informatively-digital intellectual product from the European countries to realities of national economics of Ukraine. Practical importance of the paper was represented in an availability for government regulation of use of international experience of development of local types of industrial activity in Ukraine, and also them scientific accompaniment.

Home-ownership and unemployment: revisiting the Oswald hypothesis from a regional heterogeneity perspective

Home-ownership may create both positive and negative externalities. As an example of a negative externality, the so-called Oswald hypothesis suggests that a high home-ownership rate creates frictions in the economy and thus increases the unemployment rate. We approach this hypothesis from a novel perspective by taking into account regional differences in population density and dwelling composition. Using municipality-level panel data, we find that although the phenomenon identified by the Oswald hypothesis may not be omnipresent, it may manifest itself, particularly in semi-urban areas where the share of large ownership dwellings is high. We also find that in-migration to these areas is lower, which is consistent with the view that the home-ownership rate may affect migration flows and, thus, economic dynamics.

Target date funds as asset market stabilizers: evidence from the pandemic

Abstract Target date funds (TDFs) provide retirement investors, many of whom are unsophisticated or inattentive, with age-appropriate exposures to different asset classes like stocks and bonds. To maintain exposures, TDFs trade actively against market returns, buying stock funds when the stock market does poorly, and selling when the market does well (Parker et al., 2023, Journal of Finance). This paper shows that trading by TDFs was a significant stabilizing force in US equity markets during the unprecedented economic volatility of the COVID-19 pandemic period. Specifically, TDFs – now comprising a quarter of all 401(k) plan assets – caused significant contrarian investment flows across asset classes, flows that were not undone by enrollment of TDF investors or by discretionary actions by TDF managers. Mutual funds with large ownership by TDFs had more stable funding through the pandemic, and stocks that had greater indirect ownership by TDFs had lower co-movement with the market and lower volatility during the pandemic period.

Sovereign Wealth Funds and Corporate Investments: Evidence from Norway Sovereign Wealth Fund target firms

Using a sample of 105 Indian firms acquired by the Norwegian Sovereign Wealth Funds, we investigate whether Sovereign Wealth Fund investments affect the corporate investments of firms., particularly, whether Norway sovereign wealth fund serves as a disciplinary mechanism in reducing the mangers opportunistic behavior. Our findings reveal that Norway Sovereign Wealth Fund ownership and size reduce corporate investments, supporting the political agenda hypothesis, suggesting that the firm must decide on taking large ownership stakes of Norway Sovereign wealth funds ownership to attenuate mangers opportunism behavior and political agendas. Our findings are robust to an alternative measure of sovereign wealth funds and endogeneity concerns.

The reform policy of Maria Theresa and Joseph II in the field of urban development in the Austrian monarchy and its influence on the cities of Galicia (second half of the 18th century)

The article analyzes the reform policy of Maria Theresa and Joseph II in the field of urban development in the Austrian monarchy and determines its influence on the cities of Galicia (second half of the 18th century)). It is noted that the reformist policies of Maria Theresa and Joseph II limited the power of large owners in Galicia, created conditions for raising the material and educational level of the local population. Imperial measures to limit city self-government were correlated with a decrease in the competence of land sejms - landtags. The new government was looking for a model of successful administration for the Kingdom of Galicia and Lodomeria. Therefore, it was decided that Galicia should not be governed according to the model of any old province, but should receive a new, more efficient administrative apparatus. Centralization reforms in Hungary and Bohemia encountered strong opposition from local political elites. Galicia was a new province and the reform strategy here had to be completely different. The goal was to dismantle all that was left of the Polish system of governance, and in its place to create a new, perfect administrative state apparatus. Anton Pergen, the first governor of the Kingdom of Galicia and Lodomeria, wrote about this in his memorandum to Empress Maria Theresa. The plan was approved by the empress. She liked the idea of turning Galicia into a “model province” (Musterprovinz) for other territories of the Habsburg monarchy.It was established that the Austrian authorities considered the cities as potential industrial centers of the country (following the Prussian or British model). Apart from Vienna, cities such as Budapest, Trieste, Fiume and Prague were more or less industrial and commercial centers. Industrial revolution on the border of the 18th and 19th centuries. belatedly, but still reflected in the structure and growth of individual cities of the empire. In order to contribute to the rise of cities, it was necessary to modernize and introduce new technologies. For this purpose, under both Maria Theresa and Joseph II, tax benefits were introduced for several years for entrepreneurs who installed machines in their factories. There were programs to attract skilled workers from Germany and Italy. Tax breaks and exemptions from the army were introduced for colonists, and rules were introduced for entrepreneurs that encouraged the use of modern technologies in factories and factories. On the other hand, penalties were applied to those who did not want to obey the changes. For example, high fines were imposed in Moravia in 1754 and in Bohemia in 1756 for the lack of modern technologies in paper production. Enterprises that used machines for the technological process of production were completely exempt from paying taxes for several years.

Ownership effects on direction of multinationality: Evidence from Indian EMNEs

AbstractAn essential yet challenging decision that emerging market multinational enterprises (EMNEs) must make when setting up a subsidiary abroad is whether to do it in developed or emerging market economies. The extant literature has rarely probed what influences the location choice of EMNEs' outward investments. This paper aims to address this gap and hypothesizes that large shareholdings by promoters or foreign institutional investors negate agency problems (due to managerial risk aversion) and enhance the propensity to pursue risky but value‐accrediting upmarket strategies. Furthermore, this paper argues that these beneficial effects of large owners are significantly weaker for group‐affiliated firms compared to their standalone counterparts. We test our proposed hypotheses using a proprietary, longitudinal dataset during 2007–2013 for 213 Indian multinational firms and find support for our arguments.

Sources of incentive and entrenchment effects in family firms: balancing self-dealings with operating efficiencies

PurposeThe purpose of the study is to examine how operating efficiencies from incentive alignment compensate for rent extraction in family firms. The author asks whether ownership (1) improves operating efficiencies to increase firm value, (2) positively affects related-party transactions (RPTs), or (3) destroys firm value. Finally, the author assesses whether the incentive effect dominates the entrenchment effect.Design/methodology/approachThis study employs a panel of 333 listed family firms (and 185 nonfamily firms) and handles endogeneity using a dynamic panel system GMM and panel VAR.FindingsOwnership decreases discretionary expenses and increases asset utilization to add firm value. The efficiency gains generate more value in family firms, especially majority-held ones, than in nonmajority ones. However, ownership is also related to increased RPTs (especially dubious loans/guarantees), reducing firm value. RPTs destroy value more severely in the family (or group) firms than in nonfamily (nongroup) firms. It could be why ownership's positive impact on value is lower in family firms than in nonfamily firms. Overall, the incentive effect dominates the entrenchment effect and is robust to controlling private benefits of control in the dynamic ownership-value model.Research limitations/implications(1) A family firm's ownership may not be optimal. (2) The firm's long-term commitment as a dynasty limits the scale of expropriation yet sustains impetus for long-term value creation. The paradox partly explains why large family holdings and firm-specific investments endure over generations. (3) This way, large ownership substitutes weak investor protection in India despite tunneling as skin in the game provides necessary investor confidence. (4) Future studies can examine whether extraction varies with family generations and how family characteristics affect the incentive effects.Practical implications(1) Concentrated ownership may not be a wrong policy choice in emerging markets to draw firm-specific investments. (2) Investors, auditors, or creditors must pay closer attention to loans/guarantees. (3) More vigorous enforcement, auditor scrutiny, and board oversight are needed.Social implicationsFamily firms are not necessarily a bad organization type that destroys investor wealth. They can be valuably efficient due to their ownership and wealth concentration, and frugality. They matter in the economic growth of a developing market like India.Originality/value(1) Extends ownership-performance research to family firms and shows that although ownership facilitates tunneling, the incentive effect dominates; (2) family ownership is not impacted by firm value; (3) family ownership levels reduce discretionary expenses and increase asset utilization to create added value, especially in majority-held family firms; (4) RPTs and loans/guarantees increase with ownership; (5) value erosion from RPTs is higher in family (group) firms than in other firms.

Effect Of Corporate Governance On Performance Of Listed Banks

Following the recent corporate scandals and turbulences in the Ghanaian financial sector, a fierce debate on banks and corporate performance nexus has emerged. While literature on banks-corporate performance subject remain highly contested, evidence within the Ghanaian contest is sparse. This paucity of literature has motivated this study to examine the effect of corporate governance practices on commercial banks’ performances within the Ghanaian contest drawing evidence from the Ghana Stock Exchange market for the period 2009-2019. Correlational analysis and fixed effect and random effect regression estimator have been employed as the main estimation techniques. Results show that board diversity positively influence corporate performance indicators such ROA and EPS. The study further found that size of the board of directors has negative effects on bank’s performance. Another very important discovery from this study was that, composition of board of directors has effects on bank’s performance. Thus, independent board of directors have positive effects on bank’s performance. Ownership concentration has negative effects on bank’s performance in that larger ownership was usually associated with higher risks. As a sequel, policy should aim at enhancing corporate governance practices while females should be given a fair representation on board committees. The study again advises that independent directors should be included in the board to achieve greater firm results. The arrangement of company ownership should be assessed and controlled. Concentrated ownership structure in specific should be promoted and banks should strive to increase the size of the Independent Board to improve results

The Distribution of Land Rights in Huaibei from the Republican Period to the Early Years of the People’s Republic of China: A Case Study Based on the Suixi County Archives

Abstract It was once believed that land rights in the Huaibei region were highly concentrated and that large ownership of land was extremely common. However, in recent years, more and more scholars have come to believe that there was no such tendency of serious land concentration in modern China. Republican-era statistics on land ownership in Huaibei are extremely rare. In contrast, the “Land and Real Estate Ownership Certificate Stubs” 土地房产所有证存根 collected by the Suixi County Archives in the early years of the People’s Republic provide detailed records on the land ownership distribution in this county. Using these materials, we calculate the Gini coefficient of land ownership distribution for each village. It turns out that most of the villages had a Gini coefficient lower than 0.35, which indicates only a moderate differentiation of land occupation. It shows that large landownership did not prevail in rural Suixi. Rather, it was a world of small-scale landowners.

Stakeholders’ participation at the IMO marine environmental protection committee

This paper analyses the determinants of participation of stakeholders in Marine Environmental Protection Committee (MEPC) of the International Maritime Organization using information on 2669 proposals to 28 MEPC meetings (2002–2019). Our statistical analysis stresses that proposals were submitted by 117 different Members States and by 75 Intergovernmental and Non-Governmental Organizations. Proposals from Member States are by rich countries, with a vested interest in international trade and with a high political accountability. Countries that are both vulnerable to climate change and have less adaptive capacity to cope with climate change impacts are less active, unless they are large ownership countries. Out of the 15 Intergovernmental and 60 Non-Governmental Organizations that submitted proposals at Marine Environmental Protection Committee, shipowners’ interests (40%) and shipping-related associations (27%) represent the majority of all Intergovernmental and Non-Governmental Organization submissions. Finally, when Member States cooperate with Non-Governmental Organizations (4% of all proposals), they tend to collaborate with shipowners’ interest associations. Our findings confirm the large participation of a handful of countries in the first stage of the decision-making process at International Maritime Organization, while highlighting the lack of diversity in the profile of participants. International Maritime Organization should encourage a wider participation of vulnerable countries with less adaptive capacity to cope with climate change impacts and Non-Governmental Organizations to counterbalance the strong participation of large shipping nations and industry representatives.

Do Controlling Ownership Structure Moderate the Link between Economic Policy Uncertainty and Firm Value?

In this study, we investigate the relationship between economic policy uncertainty (EPU) and firm value of Chinese listed companies. Our research is based on China’s EPU index developed by previous researchers and financial data on 1749 Chinese listed companies from 2011 to 2020. The empirical results reveal that economic policy uncertainty negatively influences firm value, and that corporate governance affects the degree of the effect. To be more specific, we investigate the moderating effect of corporate governance in terms of ownership structure and use 3 variables, the largest shareholder’s holding, board size, and independent directors’ proportion, to measure ownership structure. The results show that the increase in the largest ownership and the expansion of board size can help companies go through the negative effect of EPU on firm value, while the increase in the proportion of independent directors can intensify the effect. The evidence illustrates that Chinese policymakers should pay attention to the possible impact of initiating a new economic policy on firm value. More importantly, our empirical results also give directors of Chinese listed companies advice about how they should adjust their ownership structure to mitigate the effect of the volatility caused by economic policy.

A practical application-oriented model predictive control algorithm for direct expansion (DX) air-conditioning (A/C) systems that balances thermal comfort and energy consumption

The large ownership of direct-expansion (DX) air-conditioning (A/C) systems in small and medium-sized buildings brings with it the need to reduce their energy consumption without damaging the thermal comfort of the occupants. Model predictive control (MPC) is an effective method to optimally control the operation of air-conditioners. However, most existing MPC methods require the investment of additional equipment and labor-intensive work, which greatly increases the cost of MPC and hinders its practical application. To solve the problem, this paper presents an economical and practical MPC algorithm for DX A/C systems, capable of achieving a balance between thermal comfort and energy saving. The proposed algorithm was experimentally validated on both an experimental DX A/C system and a market available split-type air-conditioner. Experimental results on the experimental DX A/C system show that temperature and humidity set-points selected at α = 1 saved 23.3% of energy consumption compared to those selected at α = 0, while keeping indoor thermal comfort within acceptable range. And results on the split-type air-conditioner demonstrate energy savings of up to more than 32% compared to the baseline and proved that the algorithm can be practically applied on market available D/X air-conditioners.

Krążownik ciężki – problemy klasyfikacyjne. Część 3. Krążowniki ciężkie w służbie Stanów Zjednoczonych, Japonii i Wielkiej Brytanii

This article is the third in a series of six texts devoted to classification problems in the group of artillery ships, such as heavy cruisers. In the first text, we dealt with the genesis of the heavy cruiser and formulated its definition, necessary for making reliable scientific analyses. In the second text, we confronted this definition with ships with a disputed classification. This section presents the heavy cruiser fleets of the three largest owners. The following will discuss the fleets of these types of ships under the other flags and their global characteristics. The three most numerous owners of heavy cruisers: the United States, Japan, and Great Britain, had 70% of their total number. These values clearly reflect for whom they were the most desirable weapons. This is confirmed by the hostilities of 1937-1945, especially the Pacific War. The U.S.A. had the largest fleet of 38 ships, followed by Japan with 18 ships, and the third with Great Britain with 13 ships of this type. As a result of World War II, the Japanese Navy’s heavy cruiser fleet was completely wiped out, the Americans lost 7, the British 4, and they also handed over 1 to Australia. The Anglo-Saxon powers’ remaining heavy cruisers were gradually decommissioned during the Cold War. At the same time, the Royal Navy completed this process by the end of the 1940s, for reasons of economy. U.S. Navy also used them, among others in the Korean Wars 1950-1953 and Vietnam Wars 1964-1973. The last American heavy cruiser, Newport News, was decommissioned in 1975. On the other hand, the last deletion from the records of the U.S. Navy was made in 1991 when it happened to reserve Salem.

PROBLEMS OF IMPLEMENTATION OF THE HOUSING POL ICY OF THE SOVIET AUTHORITY IN RESPECT OF THE "FORMER" IN 1917-1921 (ON THE MATERIALS OF THE CITIES OF THE TAMBOV PROVINCE)

The article deals with the problems of regional peculiarities of housing policy at the initial stage of the formation of the Soviet state in 1917-1921 in relation to the so-called representatives of the "exploitative" strata of the urban population. The processes of nationalization and municipalization of housing property of the "former peole" in the cities of the Tambov province, the problems of implementing the new Soviet housing policy were investigated. The basis of the research source base consists of materials from the archives of the Tambov region, a significant part of which is being introduced into scientific circulation for the first time.The study led to the conclusion that the large owners of urban real estate in the governorate have lost their rights to their property. At the same time, the issue of alienation of immovable property of the "bourgeoisie" in the cities of the Tambov governorate during the study period could not be fully resolved. In the course of municipalization and nationalization, the authorities faced a number of problems. In some cases, during the implementation of the new housing policy, they were forced to be guided not only by class, but also by pragmatic motives. Representatives of the "exploitative" classes in the cities of the province during the revolution and the Civil War tried to use various mechanisms to avoid eviction and consolidation, while maintaining more comfortable housing conditions in comparison with other social groups of the provincial urban population.