The objective of this paper is to examine the relationships between the governance structure of a firm and its choice of corporate strategy. Using a sample of 102 corporate takeovers, it finds that the probability of engaging in a diversification program decreases when the board of directors is dominated by outsiders, but it increases when the CEO is also the chairperson of the board. In addition, it finds that the gains to the shareholders of the acquiring firm are smaller when the CEO is also the chairperson of the board.

.  Cooperative R&D and production joint ventures may enable firms to achieve significant cost efficiencies. However, they can also be a means of controlling industry output and raising product prices. A review of the literature on the welfare implications of allowing rival firms to cooperate in the R&D and production stages indicates that the issue is controversial from a theoretical perspective. There is need to examine the motivations of R&D and production joint ventures in order to assess the welfare implications of the National Cooperative Research Act (NCRA) of 1984 and National Cooperative Production Amendments (NCPA) of 1993, which relaxed the antitrust treatment of R&D and production joint ventures. Using samples of 127 cooperative R&D joint ventures and 342 cooperative production joint ventures announced by U.S. domestic firms during 1979–1999, this article finds that these endeavors do not meet the criteria for collusive behavior specified by the market power doctrine. We interpret these findings as suggesting that cooperative R&D and production joint ventures are motivated by cost efficiencies and are, therefore, welfare enhancing. Our results pose some challenges to the doctrine that antitrust actions by regulatory authorities are always welfare improving.

Whistleblowing has been taking place in the United States since the American Revolution. Whistleblowing can and does occur in various contexts: government, environment, public health and safety, and accounting. Some of the benefits of whistleblowing are that it can help shape laws and regulations, can improve public safety and can protect investors. This paper discusses several recent instances of whistleblowing and focuses on the SEC Whistleblower Program. Several high dollar amount whistleblower awards are discussed. Results of our analysis indicate that whistleblowing is prevalent in many aspects of today's society. While the United States has some protections for whistleblowers, there is more that could be done in the U.S. and elsewhere to further encourage whistleblowing.