TAILIEUCHUNG - New Jnches Sustainability Issues Working Group An Insider’s Guide to Finance and Accounting in Higher Education

The high ownership concentration can also serve as a credible commitment that the controlling owner is willing to build a reputation for not expropriating minority shareholders (Gomes, 2000). The commitment is credible because minority shareholders know that if the controlling owner unexpectedly extracts high levels of private benefits when he/she still holds a substantial amount of shares, they will discount the stock price accordingly, and the majority owner’s share value will be reduced. In equilibrium, the majority shareholder will hold a large ownership stake and the stock price of the company will be higher. Thus, ownership concentration has an incentive alignment effect: increasing an owner’s share ownership beyond. | New JNCHES Sustainability Issues Working Group An Insider s Guide to Finance and Accounting in Higher Education January 2011 fbufdg british universities finance directors group The Educational Institute of Scotland HIGHER EDUCATION GMB UNIVERSITIES COLLEGES EMPLOYERS ASSOCIATION University and Colege Union UNISON the public service union JNCHES New Joint Negotiating Committee for Higher Education staff NEW unite theUNION First published in January 2011 by Universities and Colleges Employers Association UCEA in association with the British Universities Finance Directors Group BUFDG . Registered and operational address Universities and Colleges Employers Association Woburn House 20 Tavistock Square London WC1H 9HU Tel 020 7383 2444 Fax 020 7383 2666 Web All rights reserved. No part of this publication may be reproduced stored in a retrieval system or transmitted in any form or by any means electronic or mechanical including photocopying recording or otherwise without prior permission of the publisher. An Insider s Guide to Finance and Accounting in Higher Education How UK Higher Education Institutions HEIs manage their finances and report their financial performance Introduction This Guide has been commissioned1 to help anyone involved in higher education especially employers and trade union representatives understand the technical basis of the annual accounts of higher education institutions HEIs and the techniques they use to manage their finances. It explains the main concepts and accountants jargon you re likely to find in those accounts or financial statements as they re more usually known . It will suggest some things to watch for and some ways to judge the financial health of your institution and other institutions. You ll be pleased to hear that no technical accountancy knowledge is assumed. You ll find it very useful to get a copy of your institution s annual Financial Statements from your finance department most institutions now put them on .

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• ncreasingly
• economic development
• abandoning traditional
• recruiting large
• tax breaks
• financial incentives
• alternative plan
• equally valuable
• mineral deposits
• building businesses
• supporting
• existing enterprises