Corporate Ownership, Control, and Firm Performance in Victorian Britain

Scholars have long debated whether ownership structure matters for firm performance. The standard view with respect to Victorian Britain is that family-controlled companies had a detrimental effect on operating profit and shareholder value. Here, we examine this view using a hand-collected corporate ownership dataset. Our main finding is that it was not necessarily the broad structure of corporate ownership that mattered for performance, but whether family blockholders had a governance role. Large active blockholders tended to increase operating performance, implying that they reduced managerial agency problems. In contrast, we find that directors who were independent of large family owners were more likely to increase shareholder value.

Moral asymmetries in judgments of agency withstand ludicrous causal deviance

Americans have been shown to attribute greater intentionality to immoral than to amoral actions in cases of causal deviance, that is, cases where a goal is satisfied in a way that deviates from initially planned means (e.g., a gunman wants to hit a target and his hand slips, but the bullet ricochets off a rock into the target). However, past research has yet to assess whether this asymmetry persists in cases of extreme causal deviance. Here, we manipulated the level of mild to extreme causal deviance of an immoral versus amoral act. The asymmetry in attributions of intentionality was observed at all but the
most extreme level of causal deviance, and, as we hypothesized, was mediated by attributions of Blame/credit and judgments of action performance. These findings are discussed as they support a multiple-concepts interpretation of the asymmetry, wherein blame renders a naïve concept of intentional action (the outcome matches the intention) more salient than a composite concept (the outcome matches the intention and was brought about by planned means), and in terms of their implications for cross-cultural research on judgments of agency.

Are there different moral domains? Evidence from Mongolia

In this paper we report a study conducted in Mongolia on the scope of morality, that is, the extent to which people moralize different social domains. Following Turiel’s moral-conventional task, we characterized moral transgressions (in contrast to conventional transgressions) in terms of two dimensions: authority independence
and generality of scope. Different moral domains are then defined by grouping such moral transgressions in terms of their content (following Haidt’s classification of morally relevant domains). There are four main results of the study. First, since all five Haidtian domains were moralized by the Mongolian participants, the study provides
evidence in favour of pluralism about moral domains. However, the study also suggests that the domain of harm can be reduced to the fairness domain. Furthermore, although the strong claim about reduction of all moral domains to the domain of fairness seems not to hold, a significant number of participants did indicate considerations of fairness across domains. Finally, a significant amount of participants moralized conventional transgressions a la Turiel, but it did not reach a statistical significance.