The development of dual-class shares in tech innovation companies: a human capital perspective címmel jelent meg Xueying Tian és Tóth, Arnold írása Az emberi erőforrások gazdálkodási aspektusaiban.
Absztrakt
The dual-class share governance structure, widely adopted by tech innovation companies, highlights the value-creating capability of human capital. Despite gaining broad recognition from capital markets and regulatory bodies, this structure remains a subject of extensive debate in academic circles. The article first reviews the historical background of the "one share, one vote" principle and its significance in terms of fairness, while comparing the advantages of the dual-class share structure in tech innovation companies. It then delves into the internal logic of corporate governance structures, emphasizing the importance of appropriately allocating residual control and residual income rights for the survival and development of companies and the motivation of stakeholders. Building on this, the study examines the characteristics of human capital and its impact on corporate governance, underscoring the importance of key skills and core knowledge personnel to tech innovation companies. The research finds that the dual-class share structure can effectively stimulate the human capital of founding teams.