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Salar Ghahramani - One of the best experts on this subject based on the ideXlab platform.

  • Divestment laws, fiduciary duty, and pension fund management: an empirical examination
    International Journal of Law and Management, 2014
    Co-Authors: Salar Ghahramani
    Abstract:

    Purpose – This paper aims to conduct an empirical analysis of subnational laws of the USA that require public pension funds to divest from companies that are in business with Cuba, Iran, Syria, and Sudan and explores whether public fund officials may be in violation of their fiduciary duty responsibilities toward pension system beneficiaries as they execute state-mandated Divestment schemes. Design/methodology/approach – A database search was conducted for specific federal laws, presidential executive orders, and departments, offices, and terminology relevant to the topic of the research to explore the extent by which states employ public pension Divestment regimes inspired by the federal governments designation of the four countries labeled as state sponsors of terrorism. Quantitative and financial calculations were used to conduct the cost analysis of Divestment laws. Findings – Divestment laws are costly for the beneficiaries. In the majority of the states that have Divestment laws, the public funds, r...

  • Divestment laws fiduciary duty and pension fund management an empirical examination
    Social Science Research Network, 2014
    Co-Authors: Salar Ghahramani
    Abstract:

    Purpose – This paper aims to conduct an empirical analysis of subnational laws of the USA that require public pension funds to divest from companies that are in business with Cuba, Iran, Syria, and Sudan and explores whether public fund officials may be in violation of their fiduciary duty responsibilities toward pension system beneficiaries as they execute state-mandated Divestment schemes.Design/methodology/approach – A database search was conducted for specific federal laws, presidential executive orders, and departments, offices, and terminology relevant to the topic of the research to explore the extent by which states employ public pension Divestment regimes inspired by the federal governments designation of the four countries labeled as state sponsors of terrorism. Quantitative and financial calculations were used to conduct the cost analysis of Divestment laws.Findings – Divestment laws are costly for the beneficiaries. In the majority of the states that have Divestment laws, the public funds, rather than the states, must cover the losses associated with Divestment, resulting in pension fund trustees and managers having to take action that are in violation of their fiduciary duty responsibilities.Research limitations/implications – The study recommends a major overhaul of the current Divestment laws.Practical implications – Divestment legislations must be revised as they cause a divergence of interests between state-driven political gestures, the fiduciary responsibilities of pension system trustees, and the financial interests of the beneficiaries.Originality/value – This is the first study that recommends specific legislative action that would resolve the divergence of interests between state-driven political gestures, the fiduciary responsibilities of pension system trustees, and the financial interests of the beneficiaries.

  • Public pensions, international affairs and Divestment regulations: A critical analysis and call for a model law
    Pensions: An International Journal, 2012
    Co-Authors: Salar Ghahramani
    Abstract:

    This article undertakes a critical examination of the state laws of the United States requiring public pension funds to divest from companies that do business with Cuba, Iran, Syria and Sudan, countries that are currently listed as ‘state sponsors of terrorism’ by the federal government. The article finds that Divestment statutes contain legal and public policy deficiencies that are worth revisiting and rectifying. The article argues that a model law that addresses the Divestment schemes’ statutory deficiencies be drafted. The project posits that the voluntary adoption of the proposed model law by the states would ensure the constitutionality of the Divestment statutes and would also protect pension fund employees, retirees and government employees. The project, to the best of the author's knowledge, is the first study that analyses the substance of state Divestment statutes and places them in a comparative perspective to highlight the laws’ strengths and weaknesses.

  • protecting public pension funds from Divestment related lawsuits exploring the state laws of the united states
    Social Science Research Network, 2011
    Co-Authors: Salar Ghahramani
    Abstract:

    Imagine: You are a public pension fund trustee, employee or investment advisor. The legislature of your state passes a law that requires you to divest some or all of your stock holdings in companies that do business with a specific country. You seek the advice of an outside research firm that specializes in the identification of such companies. You also seek advice from an in-house or contracted counsel to determine the lawful course of action. You then proceed with the state-mandated Divestments and sell your holdings. As a result, the fund's performance suffers. Should you, and those who helped you make the Divestment decision, be held liable by the pensioners and other beneficiaries claiming that you have breached your fiduciary duty? This article argues not. The article finds that while most states that have Divestment laws against companies that do business in Cuba, Iran, Sudan and Syria do provide some level of lawsuit protection for public fund employees, the degree of protection varies significantly. The study ranks the states’ protection levels and proposes that the higher-ranked jurisdictions serve as models for the others.

Mikko Rajavuori - One of the best experts on this subject based on the ideXlab platform.

  • Divestment of Fossil Fuel Assets
    Social Science Research Network, 2020
    Co-Authors: Mikko Rajavuori
    Abstract:

    Fossil fuel Divestment refers to activist-led campaigns aiming to convince large institutional investors to sell their holdings in companies that operate in carbon-intensive sectors and industries. Part of a larger anti-fossil fuel movement, the growing momentum of the fossil fuel Divestment movement has put forward a real-world experiment of the interplay between global capital markets and transnational activist discourse in the context of climate policy and climate change mitigation. This chapter analyses Divestment of fossil fuel assets as an emerging trend in climate finance and climate governance from two main perspectives. First, the chapter discusses the history, the political and financial logic and the impact of fossil fuel Divestment. Second, the chapter focuses on the legal and governance implications of fossil fuel Divestment. The chapter concludes by identifying further research opportunities.

Patricia Cairns - One of the best experts on this subject based on the ideXlab platform.

  • The role of leadership in international retail Divestment
    European Business Review, 2010
    Co-Authors: Patricia Cairns, Barry Quinn, Nicholas Alexander, Anne Marie Doherty
    Abstract:

    Purpose – The purpose of this paper is to explore the role played by leadership in Divestment decision making and indeed during the corporate restructuring phase for retail organisations. In doing so, the paper aims to contribute to a growing body of research that seeks to develop understanding of the factors leading to retail Divestment and the nature of corporate response to Divestment.Design/methodology/approach – A multiple case approach is utilised. The cases are selected from a database of international retail Divestment activity over a longitudinal period.Findings – The paper demonstrates that Divestment can be a response to “failure”, however, support is also provided for the assertion that Divestment can be a strategic decision to devote resources more efficiently elsewhere, either at home or abroad. A key finding is the role of leadership and managerial stability in relation to Divestment and restructuring at home and abroad.Research limitations/implications – The themes presented in this paper ...

  • Understanding the International Retail Divestment Process
    Journal of Strategic Marketing, 2008
    Co-Authors: Patricia Cairns, Nicholas Alexander, Anne Marie Doherty, Barry Quinn
    Abstract:

    This paper focuses on the international retail Divestment process. Using a qualitative methodological approach the paper presents findings that facilitate a stage‐by‐stage consideration of the process. Interviews with current and ex‐employees, all senior managers, provide insights into the most important considerations, decisions and outcomes at different stages in the Divestment process. By using this approach it has been possible to build up a complete picture of the process and has avoided an emphasis being placed on only one stage of Divestment activity.

  • Understanding the retail Divestment process
    2006
    Co-Authors: Patricia Cairns, Nicholas Alexander, Anne Marie Doherty, Barry Quinn
    Abstract:

    This paper focuses on the international retail Divestment process. Using a qualitative methodological approach the paper presents findings that facilitate a stage-by-stage consideration of the process. Interviews with current and ex employees, all senior managers, provide insights into the most important considerations, decisions and outcomes at different stages in the Divestment process. By using this approach it has been possible to build up a complete picture of the process and has avoided an emphasis being placed on only one stage of Divestment activity.

  • International Retail Divestment Activity
    International Journal of Retail & Distribution Management, 2005
    Co-Authors: Nicholas Alexander, Barry Quinn, Patricia Cairns
    Abstract:

    Purpose – The research presented here initiates the process of the detailed analysis of international retail Divestment activity through the identification of the volume of global Divestment activity and the characteristics of that activity during the timeframe of 1987‐2003.Design/methodology/approach – The methodology followed here is essentially historical in nature and draws on a wide range of contemporary periodicals, reports and other sources.Findings – The paper reports findings on: the form and extent of Divestment activity; the year of Divestment; Divestment by retail sub‐sector; divested chain size; length of time spent in the market of Divestment; Divestment by retail sub‐sector; and the market of origin of divesting retailer.Originality/value – This paper provides an initial indication of the volume and nature of international retail Divestment in the period considered. Such material has not been available previously. International retailing research has primarily focused on the internationalis...

  • Interpreting international retail Divestment
    2004
    Co-Authors: Nicholas Alexander, Barry Quinn, Patricia Cairns
    Abstract:

    International retailing research has focussed on international market investment rather than retail Divestment. However, Divestment from international markets is an issue of increasing importance within the competitive global environment. The limited research on Divestment that has emerged has focussed on individual company experience. For the first time, the research presented here attempts to build a general picture of the scale and dimensions of international retail withdrawal.

Gabriel R. G. Benito - One of the best experts on this subject based on the ideXlab platform.

  • Divestment and international business strategy
    Journal of Economic Geography, 2005
    Co-Authors: Gabriel R. G. Benito
    Abstract:

    This paper deals with Divestment, i.e., the closure or sell-off of units in foreign locations, or conversely units owned by foreign firms. Such actions are discussed from the perspective of the firms making such decisions, and Divestment assessments are looked at through the lens of international business strategy. Based on the integration-responsiveness framework of international business strategy, it is argued that the Divestment propensities of foreign subsidiaries depend on the type of strategy pursued by the corporation. Subsidiaries of transnational corporations are in general likely to display the highest Divestment rates. Whereas subsidiaries forming part of international and multi-domestic strategies may have the lowest Divestment likelihood initially, subsidiaries established as part of a global strategy are expected to be the least probable to be divested in the longer run. Copyright 2005, Oxford University Press.

  • Divestment Seen through the Lens of International Business Strategy
    2003
    Co-Authors: Gabriel R. G. Benito
    Abstract:

    This paper deals with Divestment, i.e. the closure or sell-off of units in foreign locations, or conversely units owned by foreign firms. Such actions are discussed from the perspective of the firms making such decisions, and Divestment assessments are looked at through the lens of international business strategy. Based on the integrationresponsiveness framework developed by Bartlett and Ghoshal (1989), it is argued that the Divestment propensities of foreign subsidiaries depend on the type of strategy pursued by the corporation. Subsidiaries of transnational corporations are in general likely to display the highest Divestment rates. Whereas subsidiaries forming part of international and multi-domestic strategies may have the lowest Divestment likelihood initially, subsidiaries established as part of a global strategy are expected to be the least probable to be divested in the longer run.

  • Divestment of foreign production operations
    Applied Economics, 1997
    Co-Authors: Gabriel R. G. Benito
    Abstract:

    This study investigates some determinants fo the Divestment of foreign manufacturing operations by Norwegian companies. To date, very few studies have taken a closer look at what might influence whether foreign subsidiaries are divested or not. Although foreign direct investment – in principle – represent long-term commitments to foreign manufacturing operations, Divestments are in fact quite common. This study shows that more than half of a sample of foreig subsidiaries woned by Norwegian companies in 1982 wee divested within a period of ten years. The empirical findings indicate that foreign Divestment is inversely related to economic growth in the host country, and that the propensity to divest is significantly higher for subsidiaries that had been acquired than for greenfield establishments. Also, related (horizontal) subsidiaries are less likely to be divested than unrelated (non-horizontal)subsidiaries.

Theodor Cojoianu - One of the best experts on this subject based on the ideXlab platform.

  • does the fossil fuel Divestment movement impact new oil gas fundraising
    Social Science Research Network, 2019
    Co-Authors: Theodor Cojoianu, Francisco Ascui, Gordon L Clark, Andreas G F Hoepner, Dariusz Wojcik
    Abstract:

    This paper explores whether increasing fossil fuel Divestment commitments are related to the reduction of capital flows into the oil & gas sector, based on an analysis of syndicated lending, equity and bond underwriting across 33 countries from 2000 to 2015. We find that increasing oil & gas Divestment pledges in a country are negatively related with new capital flows to domestic oil & gas companies. This effect is enhanced in more stringent environmental policy regimes and diminished in countries which heavily subsidise fossil fuels. However, the Divestment movement may have an unintended effect, insofar as domestic banks situated in countries with high Divestment commitments and stringent environmental policies provide more finance to oil & gas companies abroad. We explain these findings through the lens of institutional theory, and show how both regulatory and socially normative elements of institutions shape this dynamic.