Shin Jang-Sup is an economics professor at the National University of Singapore. His research interests include technology and innovation, East Asian economic growth, financial crises and restructuring, competitive strategies and organizations of firms, and so on. He wrote books like The Economics of the Latecomers: Catching-Up, Technology Transfer and Institutions in Germany, Japan and South Korea (1996, Routledge), Restructuring Korea Inc. (2003, Routledge), An Anatomy of the Technological Leadership of Samsung Electronics: Strategy and Organization for Creating First-Mover Advantages (2006, SERI), The Finance War: The Five Financial Theorems and Understanding the International Financial Market (2009, Chonglim), The Global Financial Crisis and the Korean Economy (2013 forthcoming, Routledge) and so on. He had been in journalism for 14 years until 1999, as editorial writer, deputy economics editor, Asia correspondent and so on, for the Maeil Business Newspaper. He received his Ph.D and M.Phil from the University of Cambridge, and BA from Seoul National University. He was a part-time economic advisor to the Finance Minister of Korea during 2008-2009.
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How corporate raiders coopted “shareholder democracy” for their own ends
This paper explains how hedge-fund activists are exerting power over corporate resourceallocation far in excess of the actual voting power of their shareholdings.
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“In taking over industrial companies, financial managers focus on the short run, because their salary and bonuses are based on current year’s performance. The “performance” in question is stock market performance. Stock prices have largely become independent from sales volume and profits, now that they are enhanced by corporations typically paying out some 92 percent of their revenue in dividends and stock buybacks.” — Michael Hudson, Naked Capitalism William Lazonick, “Profits Without Prosperity:Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off,”Harvard Business Review, September 2014. And more recently, Lazonick and Jang-Sup Shin, Predatory Value Extraction: How the Looting of the Business Corporation Became the U.S. Norm and How Sustainable Prosperity Can Be Restored(Oxford: 2020).