CROSS-BORDER ACQUISITIONS AND BOARD GLOBALIZATION IN THE WORLD'S LARGEST TNCS, 1995–2005

Because of their size, power, and undemocratic nature, the cross-border activities of the world's transnational corporations (TNCs) are of particular interest to sociologists. Previous research shows that over the past decade the boards of directors of the world's largest TNCs have become more multinational, in other words are increasingly composed of individuals from different countries. During the same period there was also a dramatic increase in the number of cross-border TNC mergers and acquisitions (M&As). Anecdotal evidence suggests a connection between cross-border acquisitions and the increasingly multinational composition of TNC boards, and this study explores that relationship using data on the 148 largest TNCs and commercial banks. We find that a cross-border acquisition almost always results in a more multinational board of directors, that multinational boards are more likely to do cross-border deals, and that once a board becomes multinational it stays that way. The evidence also shows that multinational boards are concentrated in Europe, suggesting another dynamic between the integrating forces of the European Union and its TNCs. Because the results show increasing cross-national contact between the corporate elites who serve on multinational TNC boards, the results also provide some support for claims about the recent emergence of a "Transnational Business Class" or "Transnational Capitalist Class," at least in Europe, although it is recognized that more study is needed to make the case that such a class is forming.     

CORPORATE TAX LAWS, CORPORATE RESTRUCTURING, AND SUBSIDIARIZATION OF CORPORATE FORM, 1981–1995

Between 1981 and 1995 the dominant form of Fortune 500 firms changed from the multidivisional form to the multisubsidiary form (Zey and Camp 1996). The explanation for the movement toward subsidiarization originates in changes during the late 1970s and 1980s in the political economy, the relationship between corporations and capital, and the regulation of corporations. As a result of the declining capital accumulation of the 1970s, the federal government instituted two measures of corporate welfare, the Tax Reform Act of 1986 (TRA86) and the Revenue Act of 1987 (RA87), that provided corporations with nontaxable ways to restructure their acquisitions and divisions as subsidiaries. Thus, by the process of subsidiarization, corporations were able to continue capital flows. We examine the increase in subsidiarization from 1981–1995 as a means of assessing the utility of four theoretical perspectives to explain change in corporate form. A one-way random effects panel analysis demonstrates how corporate financial conditions, national business laws, and organizational characteristics combine to affect the rate of subsidiarization of U.S. corporations. Separate panel models for 1981–1985 (pre- TRA86) and 1986–1995 (post- TRA86) reveal that changes in corporate tax laws affect capital accumulation and result in significant change in corporate form. This analysis supports the structural political economy contingency theory arguing that change in capital accumulation, brought about by macro changes in political legal conditions of corporations, leads to the transformation of corporate form.     

AGENCY, STRUCTURE, AND JEWISH SURVIVAL OF THE HOLOCAUST:

In this article I use a life history of two brothers who survived the Holocaust to bring survivor research into the mainstream of sociological inquiry and to explore one of the central problems of general social theory: the relationship between human agency and social structure. A theory of agency and structure offers a distinctly sociological alternative in a literature that has been dominated by psychological theorizing and that has often characterized Jews in overly negative or overly heroic terms. Survivors' accounts are permeated with "epiphanies," including "crucial moments" involving the ability to make difficult choices and quick decisions that were the difference between life and death. These situations illuminate the relationship between agency and structure in instances where the tension between them is heightened. Survivors' life histories suggest ways in which Jews' ability to exercise agency to survive structural conditions of extremity was influenced by their pre-war exposure to cultural schemas and resources that they were able to transpose to the war-occupation context. Successful agency, however, was in large part a collective accomplishment and dependent on factors beyond individuals' control.     

THE IMPACT OF TRADE COSTS ON FIRM ENTRY,EXPORTING, AND SURVIVAL IN KOREA

This study examines how changes in trade costs have affected entry, exit, productivity, and exporting in the Korean manufacturing sector. We verify several predictions of heterogeneous‐firm models of international trade. For example, falling import‐trade costs are associated with less entry and lower market shares among existing domestic firms, and higher total factor productivity for Korean manufacturing as a whole. The size of firms plays an important role in many of our results. New domestic firms are more likely to be small, but large firms are less likely to exit and more likely to have an increase in total factor productivity. (JEL F10, D24)     

AN ACCOUNT OF IMMIGRATION STUDIES IN THE UNITED STATES AND CANADA, 1990–2004

The growth and proliferation of sociological immigration research has garnered sufficient attention to warrant a review and evaluation of the development of the field. This study took the first step by collecting detailed information about work published in the area of immigration research from major journals between 1990 and 2004. We explored three major areas: research topics addressed, theoretical frameworks employed, and population groups studied in the published literature. We compared the development of the field in the United States and Canada. The studies reveal several important patterns in the sociological publications of the United States and Canada. First, the topics studied and population groups included in the sociological publications on immigration are closely associated with the demographic and immigrant integration context of the country. Second, the publications as a whole show that in the development of immigration literature, researchers in the field are engaging in the general sociological theoretical discussion.     

THE DETERMINANTS OF THE PUBLIC DEBT IN THE UNITED STATES, 1953–1978

Barro claims that since the public rationally forecasts and discounts future taxes, government debt does not represent net wealth to the public and therefore does not affect any real economic variables. Then why are there ever deficits? Barro has presented a theory of optimal deficits based on intertemporal tax smoothing. The theory predicts that nominal debt grows in proportion to anticipated inflation, varies contracyclically with respect to real income cycles, and varies procyclically with respect to war cycles. Barro tested his theory using annual American data for 1922-76 and found weak support for his theory. This paper reexamines Barro's tests, using quarterly American data for 1953:Q1 to 1978:Q4 and finds stronger support for Barro's theory than Barro found using annual data. This paper also concludes that state and local governments do not engage in tax-smoothing behavior–––probably due to considerations of migration–––and that the debt held by the central bank should be included in the definition of public debt.     

THE KNIGHTS OF LABOUR AND THE FAILURE OF THE ARBITRATION PLATFORM, 1886–1887: Ideology, Hegemony, and Contextually Generated Opportunities for Frame Success

This article examines the reasons why the Knights of Labour, a labor movement that enjoyed enormous popularity and success during the penultimate decade of the 19th century, were unable to construct a resonant cultural frame in support of their platform of arbitration. The theoretical framework employed in this article is constructed by importing two concepts from political process models of social movement action into culturalist accounts, historical environment (or context), and opportunity. This framework allows me to look at how historical environments offer transient openings for the effective construction of counterhegemonic or subversive collective action frames. I argue that opportunity for framing has to do with the intersection between the signification requisites of framing practices, and the systemic features of cultural environments. I find that the nature of this opportunity in the years between 1885 and 1887 helps explain why movement practice within the Knights of Labour diverged so significantly from the practices advocated by its leadership.     

THEORIES OF THE STATE: THE CASE OF LAND REFORM IN ITALY, 1944–1961

This article examines the case of land reform in Italy from 1944 to 1961 in relation to the role of the State in capitalism. Through an analysis of recent debate on the capitalist State, it offers an investigation of the generation and outcomes of the process of land reform. It is important to note that the social pressure exerted by landless peasants and farm workers for the redistribution of land and the dissolution of the dominant social bloc generated the conditions for a land reform that only partially satisfied the needs of the agricultural working class. Simultaneously, the mediation of the State enhanced the overall interests of the domestic bourgeoisie. In this context, land reform produced contradictory results that favored the processes of accumulation of capital and legitimation of social dissent.     

MONEY, INCOME, AND PRICES IN THE UNITED KINGDOM: 1870–1913

This paper examines certain aspects of the operation of the gold standard and its effects on the United Kingdom in the period before World War I. Reduced-form tests and estimates of output and money-demand equations are presented. The major conclusions are (1) Prices and interest rates in the United Kingdom can be represented as being determined independently of the money stock and output in the United Kingdom; and (2) Evidence concerning Lucas's version of the natural-rate hypothesis indicates various inadequacies.     

SEX-ROLE ATTITUDE CHANGE AND REPORTING OF RAPE VICTIMIZATION, 1973–1985

This article examines the relationship between sex-role attitude change and female victims' reports of rape incidents to police in an analysis of time-series data from national attitude surveys of college freshmen and adults, and from annual victimization surveys. Declining support for traditional sex-role attitudes among both college women and men is strongly related to an increase in the proportion of rapes by nonstranger assailants that were reported to police from 1973 to 1985. However, victims' reports of rapes by strangers are more closely related to offenders' use of weapons during sexual assaults. These findings and other evidence against alternative explanations suggest that the cultural bases for "rape myths" have eroded during the 1970s and 1980s, and that broader definitions of rape have contributed to increased reporting of certain forms of sexual assault to police.     

THE EFFECT OF DIVORCE ON SUICIDE IN DENMARK, 1951–1980

Past research on the effect of marital dissolution on suicide is limited largely to the cultural and institutional framework of the U.S. The present article studies Denmark, a nation with a different social context. A Cochrane-Orcutt iterative regression analysis replicates the American-based pattern for Denmark. The divorce index is more closely associated than the unemployment rate with changes in the suicide rate. A 1% increase in divorce is associated with a 0.32% increase in suicide. Divorce trends also predict the incidence of youth suicide. The study further confirms the generalization that links rapid change in kinship structures to suicide in industrial societies.     

THE PASS‐THROUGH OF BEER TAXES TO PRICES: EVIDENCE FROM STATE AND FEDERAL TAX CHANGES

From a policy perspective, it is crucial to understand how changes in beer taxes affect retail beer prices. This study provides new evidence of the pass‐through rate of state beer taxes to prices in a post‐merger era. Our estimates that use state‐level beer tax changes suggest that a 10‐cent increase in beer taxes raises retail prices by about 17 cents. Comparable findings from the 1991 federal beer tax increase show a rise in retail beer prices of 19–22 cents. Our findings suggest that consumers fully bear the burden of increased beer taxes. (JEL H2, I0, D4)     

DEMAND AND SUPPLY OF HOUSING IN THE U.S.: 1929–1978

Annual data for the period 1929–1978 are used to estimate a complete model of demand and supply of housing services and consumption goods in the U.S. by maximum likelihood methods. The demand functions are derived by maximizing a utility function characterized by weak inter-temporal separability. Utility in each period is assumed to be of a generalized CES type with housing services and consumption goods as arguments. The estimating demand relation is transformed into a relatively simple form by focusing on the relative demand of housing to consumption goods. It is found that the intra-temporal elasticity of substitution between housing and consumption goods is unitary. The maximum likelihood estimates of the other parameters of the elementary utility function are also presented. Finally, it is noted that by estimating the structure of individual preferences a basis is established for the calculation of long-run efficiency gains of a change in the tax treatment of housing.