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When asset prices surge far beyond their true worth, a phenomenon known as a stock market bubble occurs, and it is frequently followed by a severe decline in value. Using statistical tools such as SPSS and Excel, this study delves into the issue of stock market bubbles. It specifically examines the top 100 businesses listed on the Bombay Stock Exchange (BSE) in India. Using examples such as the 1929 Wall Street Crash, the late 1980s Japanese asset price bubble, and the late 1990s dot-com boom, this study seeks to understand the causes of bubbles and how they affect investors and the financial system as a whole. Market mood, trading volumes, price-to-earnings ratios, and valuation trends are some of the early warning indicators that are analyzed using quantitative approaches in the study. While non-stationarity does not prove the existence of a bubble on its own, it does raise the possibility that prices are trending without undergoing a mean-reverting process, which is a hallmark of bubbles. This study intends to shed light on how to improve financial stability in the Indian stock market and reduce the risks of speculative bubbles by analyzing these powerful corporations.

El presente trabajo aborda la evolución del concepto de interés social en la gestión de sociedades y la irrupción de nuevos intereses que deben ser tenidos en cuenta por los gestores en la toma de decisiones. Especialmente, reflexiona sobre la irrupción del fenómeno ESG (medioambiental, social y gobernanza, por sus siglas en inglés) y si ello implica un cambio en la concepción del interés social., This paper addresses the evolution of the concept of corporate purpose in corporate governance and the emergence of new interests that must be taken into account by managers when making decisions. In particular, it reflects on the emergence of the ESG (environmental, social and governance) phenomenon in corporate governance and whether this implies a change in the concept of corporate purpose, Depto. de Derecho Mercantil, Financiero y Tributario, Fac. de Derecho, TRUE, pub

La definición y la administración de las finanzas de un emprendimiento son bases de vital importancia para que posteriormente la idea prospere y se constituya una empresa competitiva y sostenible en el tiempo. En consideración a que en el mercado del emprendimiento se presentan barreras que dificultan la construcción de una start-up (una empresa emergente), en este trabajo se identifican cuáles son los instrumentos que generan vínculos entre las finanzas y el gobierno corporativo, a fin de proporcionar sugerencias e ideas para aplicarlas y superar estos obstáculos. Para este propósito se tomaron datos históricos de empresas de la misma naturaleza y exitosas financieramente, que aplicaron buenas prácticas de gobierno corporativo y son referentes en la actualidad., The definition and administration of the finances of a venture are vitally important bases so that the idea can later prosper and become a competitive and sustainable company over time. Considering that in the entrepreneurship market there are barriers that hinder the construction of a startup, through this work the instruments that generate links between finance and corporate governance are identified, in order to provide suggestions and ideas to apply them and overcome these obstacles. For this purpose, historical data was taken from companies of the same nature and financially successful, that applied good corporate governance practices and are currently benchmarks.

Denna uppsats behandlar könskvotering till bolagsstyrelser. Sverige har alltjämt motsatt sig kvotering som ett medel för att nå en jämnare könsfördelning. Trots redovisade fördelar, främst avseende bolagens ekonomiska effektivitet, har reglerna ansetts inskränka aktieägarnas äganderätt att fritt utse styrelseledamöter. Utifrån egendomsskyddet i RF kan däremot konstateras att det inte rör sig om en otillåten inskränkning av äganderätten. Inom ramen för Europeiska unionens samarbete beslutades nyligen om ett direktiv som ska främja en jämnare könsfördelning bland styrelseledamöter i börsnoterade bolag. I egenskap av medlemsstat förväntas Sverige implementera direktivet och uppfylla de fastställda kvoterna. Det är därför av intresse att analysera direktivets utformning, innehåll och ändamålsenlighet. Direktivet uppvisar flertalet brister. Det gäller såväl direktivets materiella innehåll som dess förenlighet med subsidiaritets-och proportionalitetsprincipen. Vidare kan riktas kritik mot den rättsliga grund som direktivet vilar på. Till fördel för direktivet är den undantagsbestämmelse som Sverige bland andra länder har möjlighet att tillämpa, och som medför att direktivet i praktiken inte kommer få någon större effekt för svenska börsbolag.

The aim of this study is to expand the knowledge regarding whether the riskperception among investors in different generations in the stock market differs, as well as how it differentiates. This study delves deeper in four different generations, consisting of an age range between 18-78 years. The four generations are the following: Baby Boomers, Generation X, Y and Z. This essay utilizes a quantitative research method, which includes a survey, along with a deductive approach. The survey study involves questions that are intended to differently measure riskperception. Furthermore, the empirical basis is based on relevant statistical methods, containing descriptive statistics, a two-sided unpaired t-test, a regression analysis, and a correlation analysis with the purpose of answering our hypotheses nuancedly, as well as correctly. A 95% confidence interval is applied. With respect to the empirical evidence of the study, a discussion is also made, which thereby is connected to the theories and previous research that are presented in this study. Lastly the essay concludes that there is enough statistical evidence in order to confirm that the riskperception among shareholders between different generations differs in the stock market. Additionally, the study also leads to the conclusion that differences specifically manifest between Generation Baby Boomers and Generation Z. Following that, with the help of the correlation analysis, the empirical evidence confirms that Generation Baby Boomers riskperception is higher in comparison with Generation Z. All and all, the study did not result in any significant differences regarding the rest of the generations., Syftet med denna uppsats är att undersöka huruvida samt hur riskperception hos investerare inom olika generationer på aktiemarknaden skiljer sig. Generationerna som denna uppsats tittar på är Baby Boomers, Generation X, Y och Z, vilket föranleder till att åldersintervallet är 18-78 år. Studien utgår från en kvantitativ forskningsstrategi i form av en enkätstudie samt är av deduktiv karaktär. Enkätstudien involverar frågor som på olika sätt är ämnade att mätariskperception. Det empiriska underlaget är baserat på relevanta statistiska tester som innefattar t-test, regression och korrelation som tillsammans besvarar hypoteserna. Dessa tester förutsätter ett 95 procentigt konfidensintervall. Med hänsyn till resultaten studien kommit fram till, förekommer även en diskussion rörande resultatet. De resultat som uppsatsen genererat diskuteras med koppling till de teorier och den tidigare forskning som finns. Slutsatsen som kan dras är att det finns tillräckligt med statistiskt belägg för att säkerställa att riskperceptionen hos aktiesparare skiljer sig mellan olika generationer inom aktiemarknaden. Därtill föranleder studien att skillnader specifikt förekommer mellan Generation Baby Boomers respektive Generation Z. Med hjälp av korrelationsanalysen, gårdet även att konstatera att Generation Baby Boomers riskperception är högre i jämförelse med Generation Z. I allmänhet resulterar studien inte i signifikanta skillnader rörande resterande generationer.

With the new society demands, companies had to innovate and adapt their business practices in the search for competitive advantage and guarantee in building long-term value. In this context, sustainability and socio-environmental responsibility have assumed an important role in the modern world business, leading companies to perfect good corporate governance practices. Thus, the objective of the study is to investigate whether the profitability of companies belonging to Brazil, Bolsa, Balcão (B3) has changed after joining the Corporate Sustainability Index (ISE). To achieve this purpose, the rentability of a sample made up of 20 companies that remained the ISE portfolio since their entry until 2018 year was analyzed using the rentability indicator Return on Assets (ROA). Statistical variables were determined (means, medians and coefficients of variation) and the hypothesis that there was some change in the mean ROA value after the company’s entry into the ISE was assessed using the Mann-Whitney non-parametric hypothesis test. The results showed that there is no possibility to state that entry into the ISE will lead to an increase or decrease in rentability, however, most companies showed an improvement in the variability of rentability, that is, more consistent rentability., Com as novas exigências da sociedade, as empresas tiveram de inovar e readaptar suas práticas empresariais na busca por diferencial competitivo e garantia na construção de valor a longo prazo. Nesse contexto, a sustentabilidade e a responsabilidade socioambiental têm assumido papel importante no moderno âmbito dos negócios, levando as empresas ao aperfeiçoamento das boas práticas de governança corporativa. Desta forma, o objetivo do estudo é investigar se a rentabilidade das empresas pertencentes a Brasil, Bolsa, Balcão (B3) apresentou alguma alteração após seu ingresso no Índice de Sustentabilidade Empresarial (ISE). Para atingir esta finalidade, a rentabilidade de uma a amostra composta por 20 empresas que se mantiveram de forma ininterrupta desde sua entrada na carteira ISE até o ano de 2018 foi analisada através do indicador de rentabilidade “Retorno Sobre o Ativo” (ROA). Foram determinadas as variáveis estatísticas (médias, medianas e coeficientes de variação) e posteriormente foi avaliada a hipótese de haver alguma mudança no valor médio do ROA após o ingresso da empresa no ISE através do teste de hipóteses não paramétrico de Mann-Whitney. Os resultados demonstraram que não há possibilidade de afirmar que a entrada no ISE irá ocasionar alguma mudança na rentabilidade da empresa, porém, a maioria das empresas apresentou uma melhora significativa na variabilidade da rentabilidade após o ingresso no ISE, ou seja, uma rentabilidade mais consistente.

Stakeholder management researchers have recently put a lot of effort into figuring out why organizations facing extensive pressure respond differently to social responsibilities. In particular, ethics researchers believe that senior management must drive corporate social responsibility since their attitudes toward such issues are so important. In line with this sentiment, our study develops a framework of management power, composed of CEOs’ power and the organizations’ power, and explores how managerial power heterogeneity affects the corporate social responsibility (CSR) performance of a firm. Using sample data from the largest emerging market—China—for the period 2010–2018, we submit that CEOs with structural power and shareholders with the highest concentration tend to show a lower commitment to CSR activities. On the other hand, we recognize that the ownership, expertise, and prestige power of CEOs’, the supervision, monitoring, and political power of the board can improve a firms’ CSR performance. These results are also validated by using a fixed effect model, two stage least square (2-SLS) regression, and the propensity score matching (PSM) technique. Our results imply that the implementation of social policies fundamentally results not only from powerful CEOs, but also from powerful boards and shareholders. Moreover, our study provides useful implications with regard to the social outcomes of power authorized by CEOs and the organizations.

Commercial activities require today more than ever to be up to date with tax processes, however, the heavy transport sector in the city of Guaranda shows irregularities in relation to the respective documents that are presented to the tax administration, for this reason, The idea of making an exhaustive review on this subject was born, taking as object of study the Compañía Nacional de Transporte de Carga Pesada Bolivarenses S.A Transguaranda. The methodology has a qualitative approach, so the open interview was used as a validation instrument. From the results obtained, it was evidenced that the Company does not have efficient tax practices, since the partners or shareholders do not deliver the sales receipts and complementary documents on time at their points of issue, being important to implement internal measures that contribute to better control of tax practices before the Internal rents service., Las actividades comerciales exigen hoy más que nunca estar al día con los procesos tributarios, sin embargo, el sector de transporte pesado en la ciudad de Guaranda muestra irregularidades en relación a los respectivos documentos que se presentan frente a la administración tributaria, por esta razón, nace la idea de hacer una revisión exhaustiva acerca de este tema, tomando como objeto de estudio a la Compañía Nacional de Transporte de Carga Pesada Bolivarenses S.A Transguaranda. La metodología tiene un enfoque cualitativo, se usó una entrevista abierta como instrumento de validación. De los resultados obtenidos, se evidenció que, la Compañía no cuenta con prácticas tributarias eficientes, puesto que, los socios o accionistas no entregan a tiempo los comprobantes de venta y documentos complementarios en sus puntos de emisión, siendo importante implementar medidas internas que contribuyan a llevar un mejor control de las prácticas tributarias ante el Servicio de Rentas Internas.

The nature of capital companies is to continuously provide themselves, through their shareholders, partners, new investors and, of course, their profits, the social capital that will allow them to fulfill the purpose for which it was created. However, the law allows a company to become a shareholder of it; for which, it establishes limited assumptions and conditions. This permissiveness may present several risks to society, such as the loss of social capital and its effects that undermine the principle of capital reality, affecting the principle of parity of shareholders and other political and economic rights, incidence in the stock market and loss of control of the company by the shareholders. Due to the above, the present work aims to briefly analyze the fundamentals of the treasury stock, its positive aspects and, in a deeper way, the problems caused by the misuse of the acquisition of own shares by a corporation., É da natureza das sociedades de capitais dotar-se continuamente, através dos seus accionistas, sócios, novos investidores e, claro, dos seus lucros, do capital social que lhes permita cumprir o fim para o qual foram criadas. No entanto, o sistema jurídico societário permite que uma empresa se torne acionista de si mesma; para o qual estabelece premissas e condições limitadas. Essa permissividade pode apresentar diversos riscos para a empresa, como o enfraquecimento do capital social e seus efeitos que ferem o princípio da realidade do capital, afetação do princípio da paridade dos acionistas e demais direitos políticos e econômicos, incidência na mercado de ações e a perda do controle da empresa pelos acionistas. Pelo exposto, este artigo pretende analisar brevemente os fundamentos das ações próprias, seus aspectos positivos e mais profundamente os problemas decorrentes do uso deturpado da aquisição de ações próprias por uma sociedade anônima., La naturaleza de las sociedades de capital es dotarse continuamente, a través de sus accionistas, socios, nuevos inversores y, por su puesto, de sus utilidades, del capital social que le permitirá cumplir con el objeto para el que fue creada. Sin embargo, el ordenamiento legal societario permite que una sociedad se convierta en accionista de sí misma; para lo cual, establece limitados supuestos y condiciones. Esta permisividad puede presentar, diversos riesgos para la sociedad, tales como, el aguamiento del capital social y sus efectos que atentan contra del principio de realidad de capital, afectación del principio de paridad de los accionistas y demás derechos políticos y económicos, incidencia en el mercado bursátil y la pérdida de control de la sociedad por parte de los accionistas. Debido a lo anterior, el presente artículo pretende analizar brevemente los fundamentos de la autocartera, sus aspectos positivos y de manera más profunda los problemas devenidos del uso tergiversado de la adquisición de acciones propias por parte de una sociedad anónima.

This study analysed how positive, neutral, and negative sustainability news impacted the share prices of American and European energy companies, focusing on short-term market reactions. Our goal was to understand whether or not the sustainability narrative had similar effects on share-holder behaviour in both markets, and whether the COVID-19 pandemic changed the way shareholders invested as they faced uncertainty. We used the event study methodology to analyse the cumulative average abnormal returns (CAAR). We gathered 2134 event studies according to the type of energy source (renewable, fossil fuel or nuclear) and news sentiments. We analysed all global and digital news on sustainability from 2017 to 2020 using the GDELT news database as a source of information, which contains 295,093 viral news stories (high-volume news). The results showed notable differences between the American and European market reactions. The American market was much more optimistic, particularly during the pandemic. At the same time, the European market was more negative, showing declines in prices even in the face of positive news about nuclear and renewable energy. Nevertheless, both markets agreed that nuclear power was still on investors’ agenda. Finally, fossil fuels were less penalised by investors following negative or neutral news than other types of energy and were equally or more rewarded following positive news. So, it could be concluded that fossil fuel investors were less impacted by negative news about the energy market before and during COVID-19. These results could be relevant for policy makers in the context of changing the current shareholders’ narratives and incentives towards an effective sustainable energy transition through the use of new incentives/legislations., Peer Reviewed, Postprint (published version)

The General Meeting of Shareholders (GMS) must be held no later than 6 (six) months after the financial year ends (Article 78 Paragraph 2 of The Company Law). When a company does not hold an annual GMS on a regular basis it can cause legal problems and cause losses to shareholders, especially minority shareholders, minority shareholders can not find out information on the company's conditions, company financial reports, etc. related to the company. The problem that became the discussion in this study was how to protect the law for minority shareholders for the implementation of the GMS that went beyond the period and how the legal consequences for the company. The method used in this study is a normative juridical approach which emphasizes the legal literature source, namely legislation. The specifications of this study are in the research with descriptive analysis. The data collected in this thesis comes from books on law, especially relating and Limited Liability Companies, minority shareholders and Limited Liability Company Laws. The theory used in this thesis is the theory of legal protection and the theory of legal certainty. The study results show that in the Law Number 40 year 2007 concerning Limited Liability Companies, there was little protection for minority shareholders if there was a delay in the implementation of the GMS, because there were no sanctions of any kind, so that it did not cause nay legal consequences for the company, although it can be said that if no GMS is implemented, the responsibility of the company has not been completed in that year. However, there are efforts that can be made by minority shareholders, namely by filling a lawsuit / or request to the head of the district court to obtain a determination to hold a GMS

Full Text, Thesis (PhD Doctorate), Doctor of Philosophy (PhD), Dept Account,Finance & Econ, Griffith Business School, Over the last three decades, executive compensation has attracted considerable media attention worldwide and has become a significant issue in corporate governance debates among academic and business communities. Specifically, due to corporate collapses and scandals in the early 2000s as well as the global financial crisis of 2008, managerial remuneration has been subjected to much criticism in recent years. Regulators and activist shareholders around the world have advocated that shareholders have a greater say (vote) on executive pay and greater influence in the boardroom to restrain managerial power and rent extraction. Therefore, Say-on-Pay (SoP) legislation has been enacted in several countries including the United Kingdom, the United States, France, Germany, Japan, Canada, Brazil, China, Russia, India, Belgium, Spain, Sweden, Switzerland, the Netherlands, Finland, Denmark, Norway, Italy, South Africa, Israel, and Slovenia. Australia also has introduced SoP regulation, namely the ‘two-strikes’ rule in 2011 after a decade of growing concerns with the ‘fat cat’ pay and rewards for failure. Australia’s ‘two-strikes’ rule is viewed as a unique and innovative governance tool in that it empowers minority shareholders to remove a board of directors if a listed company receives a ‘strike’ against its remuneration report in two consecutive years. However, giving shareholders more power to have a greater direct say over the executive pay have been heavily debated. Proponents of SoP laws argued that allowing shareholders votes on executive compensation would increase accountability and transparency and incentivize boards to fulfil their fiduciary duty and ensure that CEOs are paid for performance, and thereby maximise shareholder value. In contrast, opponents argued that SoP rules would empower shareholders who lack the required expertise and sophistication, and therefore are likely to abuse their voting rights and put unnecessary pressure on the board of directors to ado

Denna studie syftar till att åskådliggöra huruvida bankernas hållbarhetsrapporter innehåller olika detaljerad information och om viss information i sådana fall prioriteras. Forskaren avser vidare studera vad hållbarhetsrapporterna har för betydelse för investerare, och om eventuella trender i aktiekurserna kan identifieras i samband med hållbarhetsrapporternas publicering. För att besvara studiens syfte och forskningsfrågor har forskaren analyserat Handelsbankens, SEB:s och Swedbanks hållbarhetsrapporter mellan 2016 och 2020. I denna studie har forskaren tillämpat en flerforskningsmetod, vilket är en kombination av en kvalitativ och kvantitativ forskningsstrategi. Genom att tillämpa en flerforskningsmetod avser forskaren att minimera respektive forskningsstrategis svagheter och därigenom öka resultatets trovärdighet. Studien har analyserats med hjälp av CONI-modellen som belyser kvaliteten och kvantiteten i rapporterna för att underlätta en empirisk jämförelse. Resultatet indikerar att bankernas hållbarhetsrapporter innehåller olika detaljerad information samt att bankerna prioriterar viss information framför annan. Forskaren har sedermera genomfört ett ANOVA- test för att besvara huruvida signifikanta skillnader existerar mellan hållbarhetsrapporterna. Resultatet visar att det inte finns några signifikanta skillnader, vilket skulle kunna bero på att det lagstadgade kravet på hållbarhetsredovisning trädde i kraft 1 januari 2017. Vidare visar den tekniska analysen att aktiekurser sjunker i samband med att hållbarhetsrapporter publiceras. Med stöd i tidigare forskning, och med hjälp av resultatet från CONI-modellens tolkande och mekanistiska delar, drar forskaren slutsatsen att bankernas hållbarhetsarbete, och således hållbarhetsrapportering, är av betydande vikt för investerare., This study aims to illustrate whether the banks’ sustainability reports contain various detailed information, and if certain information is prioritized. The researcher also intends to study the significance of sustainability reports for investors, and whether any trends in share prices can be identified in connection with the publication of sustainability reports. To answer the study’s purpose and research questions, the researcher has analyzed Handelsbanken’s, SEB’s and Swedbank’s sustainability reports between 2016 and 2020. In this study, the researcher has applied mixed methods research which is a combination of a qualitative and quantitative research strategy. Mixed methods research intends to minimize the weaknesses of each research strategy and thereby increase the credibility of the results. The study has been analyzed using the CONI-model, which highlights the quality and quantity of the reports to facilitate an empirical comparison. The results indicate that the banks’ sustainability activities contain various detailed information and that the banks prioritize certain information over others. The researcher has subsequently carried out an ANOVA-test to answer whether significant differences exist between the sustainability reports. The results show that there are no significant differences, which may be due to the legal obligation for sustainability reporting coming into force on the 1st of January 2017. Furthermore, the technical analysis indicates that share prices fall in connection with the publication of sustainability reports. With support from previous research, and with the results from the CONI-model, the researcher draws the conclusion that the banks’ sustainability activities, and thus sustainability reporting, is significant to investors.

El abuso de derechos corporativos ha ido adquiriendo, como otros principios reconocidos, una función integradora del ordenamiento jurídico, abarcando en su ámbito diversas relaciones jurídicas. Es importante tener en cuenta la obligatoriedad que pueden implicar este tipo de principios, que por su solidez podrían incluso, en algunos casos, acompañados de una buena retórica, triunfar sobre las reglas exactas y vigentes que pueden regular una relación concreta., The abuse of corporate rights has been acquiring, like other recognized principles, an integrating function of the legal system, embracing in its scope various legal relationships. It is important to take into account the obligatory nature that this type of principles may imply, which due to their strength could even, in some cases, accompanied by a good rhetoric, triumph over the exact and current rules that can regulate a specific relationship.

In this text, the author analyzes BIC corporations under a context of corporate social responsibility or CSR. To do that, the concept of social responsibility of business is studied both in Colombia and in other countries. This will lead to conclude how the state of art in Colombia is right now. With this information, it will be analyzed if the new law brings an important advance in this regime, having to observe the positive and negative aspects of the recent regulation. This will lead to a necessary focus on the objectives of the law and its actual results. After that, the author analyzes if the incentives that these BIC stamps give to corporations are effective compared to the obligations that come with them and if the law effectively regulates some possible conflictive situations that may come with CSR.

Abstrak Tulisan ini ingin membahas dividen perseroan terbatas yang tidak dibagikan kepada pemegang saham sebagai utang dalam kepailitan. Persoalannya berkenaan dengan apakah dividen perseroan terbatas yang tidak dibagikan kepada pemegang saham sebagai utang dalam kepailitan, serta akibat hukum dividen perseroan terbatas yang tidak dibagikan kepada pemegang saham dalam kepailitan. Hasil studi menunjukkan bahwa dividen perseroan terbatas yang belum dibagikan kepada pemegang saham dapat dianggap sebagai utang perseroan, yang mana utang tersebut dapat ditagihkan ke perseroan. Akibatnya adalah perseroan yang belum membagikan dividen kepada para pemegang saham dapat dipailitkan oleh pemegang saham dengan berlandaskan pada dividen yang dianggap sebagai utang., This article aims to analyze the limited liability company dividends that are not distributed to shareholders as debt in bankruptcy by focusing on its legal consequences. The article shows that the limited liability company dividends that are not distributed to shareholders yet can be considered as the company's debt, meaning the debt can be collected from the company. As a result, a company that has not distributed dividends to shareholders can be bankrupt by the shareholders based on dividends which are considered debt.

Over the last three decades, executive compensation has attracted considerable media attention worldwide and has become a significant issue in corporate governance debates among academic and business communities. Specifically, due to corporate collapses and scandals in the early 2000s as well as the global financial crisis of 2008, managerial remuneration has been subjected to much criticism in recent years. Regulators and activist shareholders around the world have advocated that shareholders have a greater say (vote) on executive pay and greater influence in the boardroom to restrain managerial power and rent extraction. Therefore, Say-on-Pay (SoP) legislation has been enacted in several countries including the United Kingdom, the United States, France, Germany, Japan, Canada, Brazil, China, Russia, India, Belgium, Spain, Sweden, Switzerland, the Netherlands, Finland, Denmark, Norway, Italy, South Africa, Israel, and Slovenia. Australia also has introduced SoP regulation, namely the ‘two-strikes’ rule in 2011 after a decade of growing concerns with the ‘fat cat’ pay and rewards for failure. Australia’s ‘two-strikes’ rule is viewed as a unique and innovative governance tool in that it empowers minority shareholders to remove a board of directors if a listed company receives a ‘strike’ against its remuneration report in two consecutive years. However, giving shareholders more power to have a greater direct say over the executive pay have been heavily debated. Proponents of SoP laws argued that allowing shareholders votes on executive compensation would increase accountability and transparency and incentivize boards to fulfil their fiduciary duty and ensure that CEOs are paid for performance, and thereby maximise shareholder value. In contrast, opponents argued that SoP rules would empower shareholders who lack the required expertise and sophistication, and therefore are likely to abuse their voting rights and put unnecessary pressure on the board of directors to ado, Thesis (PhD Doctorate), Doctor of Philosophy (PhD), Dept Account,Finance & Econ, Griffith Business School, Full Text

The importance of having good corporate governance policies that respond to the particularities of the company is indisputable, especially in capital structures (such as startups), whose special dynamics in the industry (of venture capital) generate a high risk of harming the interests of disadvantaged groups (such as minority shareholders). In addition, there is a risk of unduly influencing management, due to the privileged position that certain groups hold (such as investors with a high financial capacity). In this order of ideas, this article exposes the challenges and complexities that the venture capital industry is going through, mainly in the Peruvian startup market. Likewise, the author analyzes some proposals for good corporate governance, in order to outline a starting point in the search for practices and policies that allow the consolidation of the figure in the country., Es indiscutible la importancia de contar con políticas de buen gobierno corporativo que respondan a las particularidades de la sociedad; sobre todo, en estructuras de capital (como las startups), cuya dinámica especial en la industria (del venture capital) genera un alto riesgo de vulnerar los intereses de grupos en desventaja (como lo son los accionistas minoritarios). Así como también, existe el riesgo de influenciar indebidamente la gestión en razón de la posición privilegiada que determinados grupos detentan (como lo son los inversionistas con alta capacidad financiera). En ese orden de ideas, el presente artículo expone los retos y complejidades que atraviesa la industria del venture capital, fundamentalmente en el mercado de startups peruano. Asimismo, el autor analiza algunas propuestas de buen gobierno corporativo, a efectos de trazar un punto de partida en la búsqueda de prácticas y políticas que permitan la consolidación de la figura en el país.

Il saggio, dopo avere ripercorso i principali profili problematici della responsabilità sociale dell'impresa, cerca di verificare come, in una società quotata, il c.d. "successo sostenibile" (assunto come specificazione della responsabilità sociale dell'impresa) si ripercuota sulla governance societaria. L'attenzione, in particolare, è rivolta a comprendere come dovrà essere sviluppato il dialogo tra gli azionisti e i diversi stakeholders rilevanti della società, secondo quanto richiesto dall'art. 1, IV principio, del nuovo Codice di corporate governance di Borsaitaliana s.p.a. (gennaio 2020).

Nella pratica manageriale l’uso di termini come stakeholder e shareholder è sempre più comune. Ma qual è il loro vero ruolo nell’attuale modello di business, e quale il più appropriato? Per affrontare adeguatamente questi problemi, dovremmo necessariamente confrontarci con l’origine e la natura stessa delle imprese, il loro ruolo nella società e il loro obiettivo finale., In the managerial practice the use of terms as stakeholder and shareholder is increasingly common. But which is their actual role in the current business model, and which is the most appropriate? To address properly these questions, we should necessarily confront the origin and the very nature of enterprises, their role in our society and their ultimate goal.

Janpiere Prugger, Abweichender Titel laut Übersetzung der Verfasserin/des Verfassers, University of Innsbruck, Diplomarbeit, 2020, (VLID)4951367

This dissertation explores investor characteristics and shareholdings of publicly traded Swedish firms. The dissertation consists of an introductory chapter, three published papers, and one working paper. All four papers use Swedish data. Two of the studies examine initial public offerings (IPOs) and the ownership structure; one explores first-time shareholders, and one examines IPOs and first-time shareholders. Paper I studies IPOs with the focus on initial return, the allocation of the shares and inside holdings. The paper presents evidence on allocation of shares to institutional and individual investors. The paper highlights the information asymmetry between institutional and individual investors and shows a wealth transfer from old to new shareholders. The results also show that money left on the table is received primarily by institutions rather than individual investors. Paper II explores the characteristics of first-time shareholders (rookies). I portray the rookies of the stock market and present a model to explain portfolio characteristics. The results show that despite the trend of individuals leaving the stock market, there are new individuals investing in stocks. I also show that gender balance among individual shareholders is rather even, which contradicts approximations of previous studies in other countries. The paper also raises the concern of diversifying stock portfolios, as the average portfolio holds less than four shares for all individuals and less than two for rookies. Paper III studies the relationship between IPOs and rookies. The paper highlights whether rookies invest in IPOs. The results show that besides bringing new firms to the stock market, IPOs contribute to that market, as they attract rookies to invest in the IPOs. The results also show that the return for rookies investing in IPOs is lower compared with rookies investing in non-IPOs. Paper IV studies the relationship between offer price and post-IPO ownership structure. The pape

A Corporate Governance Code is a set of rules, principles, and recommendations for behavior and operation, considered as the best practices for the good governance of organizations, in order to improve transparency, disclosure, and accountability. This paper analyzes the degree of compliance with the Corporate Governance Code in Argentina, where the Code is mandatory for companies that make a public offering of their securities. The empirical work is carried out in a sample of 20 national capital companies, excluding the financial sector and the companies that cross-list their values. The analysis of the level of compliance of the code presented by each firm is developed from two perspectives: the self-assessment carried out by the company, according to the principle of comply or explain, and the analysis performed by an external evaluator, based on publicly available information. The results show that the level of compliance is higher from the perspective of self-assessment and for larger companies. The principles of greater compliance, regardless of the size of the company, are those related to related parties and the audit function. In companies with greater capitalization, adherence to the principle of business ethics is also high. Theprinciple referred to remunerate in a fairly and responsibly way presents the lowest compliance in all the studied companies., Un Código de Gobierno Corporativo es un conjunto de normas, principios y recomendaciones de comportamiento y funcionamiento, considerados como las mejores prácticas para el buen gobierno de las organizaciones para mejorar la transparencia, divulgación y rendición de cuentas. En el presente trabajo se analiza el grado de cumplimiento del Código de Gobierno Societario en la Argentina, que es de presentación obligatoria para las empresas que hacen oferta pública de sus títulos. El trabajo empírico se lleva cabo en una muestra de 20 empresas de capitales nacionales, excluyendo al sector financiero y a las compañías que realizan cross listing de sus valores. Se determina el nivel de cumplimiento del código presentado por cada firma desde dos perspectivas: la autoevaluación realizada por la propia emisora, según el principio de cumplir o explicar, y el análisis efectuado por un evaluador externo, a partir de la información públicamente disponible. Los resultados muestran que el nivel de cumplimiento es mayor desde la óptica de la autoevaluación, y para las empresas de mayor tamaño. Los principios de mayor cumplimiento, independientemente del tamaño de la compañía, son los referidos a partes relacionadas y a la función de auditoría. En las firmas de mayor capitalización también resulta elevada la adhesión al principio de ética empresarial. El principio referido a remunerar de manera justa y responsable presenta el menor cumplimiento en todas las empresas estudiadas.

This article identifies and characterizes the network of dominant businesses which owned wind farms in Galicia (Spain) from 1995 to 2017. This research contributes to reduce the research gap about identifying the investment groups involved and to appreciate the real size of the wind sector. The novelty of the research lies in identifying the network of real owners of wind farms through the application of Domhoff’s power structure analysis, normally used in the analysis of the power structure of corporations and political institutions. With this method, it is possible to observe how the individual wind farm companies are assessed as well as the matrix company, and/or the principal shareholders to which the farm belongs are identified. The article shows that the installed wind power in Galicia is owned by large energy firms with the participation of international investment funds as well, even though the smaller number of local companies in the sector were given favored status under the existing regulations. This study concludes that although there is no single worldwide model for wind promotion, a network of dominant owners has been formed, and that this network consists of energy companies, investment funds, financial institutions, and construction firms. It can be surmised that if the capital were of mostly Galician origin, this would facilitate a bigger reinvestment of the profits in the region

Emerging restrictions on shareholders’ distributions –in the form of legislative bans, market pressure or supervisory measures –in the context of the Covid-19 crisis suggest a shift in the company’s purpose. As for banks and insurance companies,recent measures adopted by the supervisory authorities, from this viewpoint, seem to go even further, since they emphasise the need that banks and insurance companies must ensure, as their main corpore purpose, that both banking intermediation and insurance intermediation can effectively continue.

Producción Científica, La preocupación por el Buen gobierno corporativo no ha estado ausente en el sector cooperativo. Muchas de las disfuncionalidades que se apuntan en la estructura y funcionamiento de las cooperativas son comunes en el ámbito de empresas societarias del sector privado capitalista, aunque, evidentemente, lo sean bajo parámetros diferentes. Conviene, por ello, examinar las propuestas sobre gobierno corporativo (corporate governance), que, aunque centradas en el gobierno de las sociedades cotizadas, se han venido elaborando en los últimos años, impulsadas por los cambios operados en la realidad económica y social. Ahora bien, en este análisis resulta prioritario conocer la perspectiva o enfoque de buen gobierno corporativo que se siga (accionarial o monista versus pluralista o Stakeholders), así como la técnica jurídica que se proponga (intervención legislativa versus autorregulación a través de los que se conoce como Códigos de Buen Gobierno). En el trabajo que presentamos, después de perfilar algunos aspectos conceptuales, describimos cómo se han incorporado al Derecho español las ideas del gobierno corporativo, destacamos las principales etapas en esa búsqueda de la construcción del buen gobierno societario y analizamos algunas propuestas concretas de buen gobierno que, desde distintos ámbitos, se han dirigido, especialmente, a las sociedades cooperativas., Este trabajo es resultado del proyecto de investigación “Economía Social, Autogestión y Empleo” (DER2016-78732-R) financiado por el Ministerio de Economía, Industria y Competitividad del Gobierno de España y por el Fondo Europeo de Desarrollo Regional.

Throughout the last century there has been an extensve discussion regarding the optimal capital structure.Excessive research has further been conducted to understand the relationbetween the market debt and equity on an aggregated market-level. However, it is observed that the research on thefirm-specific co-movement of stock and bondsis scarce. Since the last financial crisis,the bond market has especiallyseen a rapid growth. The growthstemsfrom the low interest rate climate togetherwithmore restrictive lending policies from banks. Based on this discussion the purpose of this research is to investigate if Swedish corporationsare making the optimal capital structure decision. This based on a potential co-movement of stocks and bonds. To answer the purpose the research question was therefore: What is therelationship between a corporation’s bond returnand stock return?The scientific method that was used in this research is a quantitative method witha deductive process and a positivistic angle. Because the research uses the whole population that is available, this is a censusstudy. In the population companies that have been active on the stock and the bond market sometime during the period from 2008 to 2018. Although, companies that have been delisted during this period have been excluded. From a population of 75 companies and 1972 observations, two regressions were made due to the inconclusive results regarding the dependency of stock return and bond return. No significant result between the returns was found. However, a significant result between marketcapitalizationand the returns togheter with stock standard deviation and the returns was found. Based on the result, the authors could conclude that there seems to be a demand for the issuance of both stocks and bonds. This follows a discussion regarding the possibility of diversification of the securities based on the modern portfolio theory. Further, the authors can conclude that the theories regardin the irrelevance

Denna uppsatsen handlar om att undersöka vad förbudet av penninglån till aktieägare betyder samt hur låneförbudets straffrättsliga konsekvenser påverkar vårt förtagande. Uppsatsen har följande frågeställning: 1. Vad betyder förbudet av penninglån till aktieägare enligt 21 kap 1§ ABL? 2. Hur påverkar låneförbudets straffrättsliga konsekvenser vårt företagande ? Låneförbudet blir tillämpligt i ett avtalet vid dess ingående och styrelsesuppleant kan likställas som styrelseledamot. Penninglån begreppet utreds i uppsatsen då det i lagstiftningen står väldigt lite om vad som rums i begreppet penninglån. Olika transaktioner såsom varukrediter, förskottsbetalningar, maskerade lån samt nyemissioner och kapitaltillskott analyseras och utreds om dessa kan falla inom begreppet penninglån. Uppsatsen kommer fram till att dessa kan komma att utgör en del av begreppet penninglån beroende på vissa faktorer, dessa tydliggörs i uppsatsen. I den andra frågan kommer uppsatsen fram till att tre olika konsekvenser kan tillkomma den som bryter mot låneförbudet. Den första är dem civilrättsliga konsekvenserna kommer i form av att olaglig överföring av kapital från ett bolag som medför ett omedelbart återbäringsskyldighet för mottagaren av denna överföring. Den skatterättsliga konsekvensen som kan tillkomma kommer i en form av en skattesanktion, vilket är kännbar för personen som är föremål för denna skattesanktion. Den tredje och sista konsekvensen som är dem straffrättsliga konsekvenserna vilket är böter och fängelse upp till ett år. Alla tre sanktionerna kan vara tillämpliga på en rättshandling vilket gör att om det exempelvis finns skäl att inte utge straffrättsliga konsekvenser på rättshandlingen så kan fortfarande civilrättsliga ta vid. Företagare blir påverkade av att deras flexibilitet i generationsskiften exempelvis blir mindre, samtidigt som ett rejält hot om fängelse ger staten en ett redskap att komma åt skattefusket., This essay is about examining what the prohibition of money loans to shareholders means and how the criminal law consequences of the loan ban affect our engagement. The following questions is this essay going to examen: 1. What does the prohibition of money loans mean to shareholders according to Chapter 21, Section 1 of ABL? 2. How does the criminal law consequences of the loan ban affect our entrepreneurship? The loan ban becomes applicable in an agreement at its initial momentents and the deputy board member can be equated as a board member. The money loan concept is main area off interest in this essay because off its lack off explanation in the legislation about what rums in the term money loan. Various transactions such as credit, advance payments, masked loans and new issues and capital injections are analyzed and investigated whether these can fall within the term money loan. The essay concludes that these may be part of the term money loan depending on certain factors, these factors are made clear more comprehensive in the essay. In the second question, the essay states that it exist three different consequences that may be added to the one that violates the loan ban. The first is that the civil consequences come in the form of the illegal transfer of capital from a company that imposes an immediate refund obligation on the recipient of this transfer. The tax law consequence that comes in the form of a tax sanction. The third and final consequence is their criminal consequences, which are fines and imprisonment for up to one year. All three sanctions may be applicable to a legal act, which means that if, for example, there are reasons not to impose criminal consequences on the legal action, civil law can still apply. Entrepreneurs are affected by the fact that their flexibility in the generational changes, for example, becomes smaller, while a considerable threat of imprisonment gives the state a tool to access tax fraud.

The benefits that Good Corporate Governance (BGC) entails for companies, such as the characteristics of its structuring and its strengthening that greater consensus has been achieved in businessmen and scholars, allowed to determine its presence in two health insurance companies in the Caribbean region Colombian, in addition to assessing the cause effect relationship between the two from the perception of their respective General Managers. Structured interviews were carried out, from which it was sought to test the hypothesis that the business success exhibited by the two companies is strongly related to the structuring and strengthening of a BGC. In the case of the companies analyzed, the results show that although all the characteristics recommended in the literature were not found, nor the perception of the relationship between them and all the organizational achievements referred to, if evidence of the relationship between the characteristics was found present and the expected developments that form the basis of its organizational success., Les avantages que la bonne gouvernance d’entreprise (BGC) entraîne pour les entreprises, tels que les caractéristiques de sa structuration et son renforcement qu’un plus grand consensus a été atteint chez les hommes d’affaires et les universitaires, ont permis de déterminer sa présence dans deux compagnies d’assurance maladie dans la région colombienne des Caraïbes, en plus d’évaluer la relation de cause à effet entre les deux à partir de la perception de leurs directeurs généraux respectifs. Des entretiens structurés ont été menés, à partir desquels on a cherché à tester l’hypothèse selon laquelle la réussite commerciale des deux sociétés est fortement liée à la structuration et au renforcement d’un BGC.Dans le cas des entreprises analysées, les résultats montrent que, bien que toutes les caractéristiques recommandées dans la littérature n’aient pas été trouvées, ni la perception de la relation entre elles et toutes les réalisations organisationnelles mentionnées, si des preuves de la relation entre les caractéristiques ont été trouvées présente et les développements attendus qui sont à la base de son succès organisationnel., Los beneficios que el Buen Gobierno Corporativo (BGC) acarrea para las empresas, como las características propias de su estructuración y su fortalecimiento que mayor consenso han logrado en empresarios y estudiosos, permitió determinar su presencia en dos empresas del aseguramiento en salud de la región caribe colombiana, además de valorar la relación de causa-efecto entre ambas desde la percepción de sus respectivos Gerentes Generales. Se realizaron de entrevistas estructuradas, a partir de las cuales se buscó probar la hipótesis que el éxito empresarial exhibido por las dos empresas, se encuentra fuertemente relacionado con la estructuración y fortalecimiento de un BGC. Para el caso de las empresas analizadas, los resultados muestran que aunque no se encontraron la totalidad de las características recomendadas en la literatura, ni la percepción de relación entre ellas y todos los logros organizacionales referidos, si se encontró evidencia de la relación entre las características presentes y los desarrollos esperados que constituyen la base de su éxito organizacional.

This research presents as theme the profitability of the companies listed in the ISE - Corporate Sustainability Index. The general objective is to investigate whether the companies that are part of the ISE portfolio of the clothing, telephony and food industry segments in the years 2015 to 2017 presented a return and financial security for the shareholders. As for the methodology, this is a quantitative, documental and exploratory descriptive research. The data that compose the sample of this present research were collected through the financial statements of 19 companies listed in B3 for the years 2017, 2016 and 2015. The liquidity, indebtedness and economic indices are calculated to investigate whether companies classified in ISE economic and financial performance. To test whether the ISE component companies are more profitable, less indebted and have a better financial situation, the T-Student test is used. In the analyzes referring to the financial security indicators, it is stated that the companies participating in the ISE have a greater capacity to honor their commitments with or without dependence on their inventory, but in the analysis of dry liquidity under the standardized criteria of significance level, the averages are the same. In relation to the level of indebtedness, listed companies have a greater record of short-term debt and, on the other hand, non-ISE companies are more dependent on third-party capital. However, the study evidences a higher profitability of the companies included in the ISE portfolio and proves the viability for shareholders to invest in companies that are classified by the ISE.Incluir o resumo em inglês., Esta pesquisa apresenta como tema a rentabilidade das empresas listadas na carteira ISE - Índice de Sustentabilidade Empresarial. O objetivo geral investigar se as empresas componentes da carteira ISE dos segmentos de vestuário, telefonia e indústria alimentícia nos anos de 2015 à 2017 apresentaram retorno e segurança financeira para os acionistas. Quanto à metodologia, trata-se de uma pesquisa quantitativa, documental e exploratória descritiva. Os dados que compõem a amostra desta presente pesquisa foram coletados através dos demonstrativos financeiros de 19 empresas listadas na B3, referente aos anos de 2017, 2016 e 2015. São calculados os índices de liquidez, endividamento e econômicos para investigar se as empresas enquadradas no ISE possuem melhor desempenho econômico e financeiro. Para testar se as empresas componentes do ISE são mais rentáveis, menos endividadas e possuem uma melhor situação financeira, é utilizado o teste T-Student. Nas análises referentes aos indicadores de segurança financeira afirma-se que as empresas participantes do ISE possuem maior capacidade de honrar seus compromissos com ou sem dependência de seu estoque, porém, na análise da liquidez seca sob os critérios de nível de significância padronizados, nota-se que as médias são iguais. Em relação ao nível de endividamento, as empresas listadas possuem maior registro de dividas a curto prazo e em contrapartida as empresas não participantes do ISE possuem maior dependência de capital de terceiros. Contudo, o estudo evidência uma maior rentabilidade das empresas enquadradas na carteira ISE e comprova a viabilidade para os acionistas a investirem nas empresas que são classificadas pelo ISE., Esta investigación presenta como tema la rentabilidad de las empresas listadas en la cartera ISE - Índice de Sustentabilidad Empresarial. El objetivo general de investigar si las empresas componentes de la cartera ISE de los segmentos de vestuario, telefonía e industria alimentaria en los años 2015 a 2017 presentaron retorno y seguridad financiera para los accionistas. En cuanto a la metodología, se trata de una investigación cuantitativa, documental y exploratoria descriptiva. Los datos que componen la muestra de esta presente investigación fueron recolectados a través de los estados financieros de 19 empresas listadas en la B3, referente a los años de 2017, 2016 y 2015. Se calculan los índices de liquidez, endeudamiento y económicos para investigar si las empresas encuadradas en el ISE tienen un mejor desempeño económico y financiero. Para probar si las empresas componentes del ISE son más rentables, menos endeudadas y tienen una mejor situación financiera, se utiliza la prueba T-Student. En los análisis referentes a los indicadores de seguridad financiera se afirma que las empresas participantes del ISE tienen mayor capacidad de honrar sus compromisos con o sin dependencia de su stock, sin embargo, en el análisis de la liquidez seca bajo los criterios de nivel de significancia estandarizados, que los promedios son iguales. En cuanto al nivel de endeudamiento, las empresas listadas poseen mayor registro de divisiones a corto plazo y en contrapartida las empresas no participantes del ISE poseen mayor dependencia de capital de terceros. Sin embargo, el estudio evidencia una mayor rentabilidad de las empresas encuadradas en la cartera ISE y demuestra la viabilidad para los accionistas a invertir en las empresas que son clasificadas por el ISE.

This article discusses about provisions and application of the Piercing The Corporate Veil (PVC) doctrine in the United Kingdom, Australia and Indonesia. The main issue is when and how the courts apply the PVC doctrine, also whether the doctrine can be applied outside the courts or not. In some states such as the United Kingdom and Australia which exercise common law tradition, the courts may apply the PVC doctrine on share holders and directors when there is an exceptional circumstance which requires to apply the doctrine. Similar to both states, Indonesia, through the Indonesian Supreme Court, has already applied the doctrine long before the law on Limited Liability Company was enacted. In 1998, a unique legal case about the Liquidity Aid of Bank Indonesia shows a phenomenon that was beyond the normal understanding of the Law. In that time, the Indonesian Bank Restructuring Agency applied an out-of-court settlement model to hold shareholders' liability. Finally, this article recommends that a legal and economic study should be considered to examine the effectiveness of this approach., Artikel ini membahas ketentuan dan penerapan doktrin Piercing The Corporate Veil (PVC) di Inggris, Australia dan Indonesia. Isu utamanya adalah kapan dan bagaimana pengadilan dapat menerapkan doktrin PVC? Apakah doktrin PVC bisa diterapkan di luar pengadilan? Dalam tradisi common law, di Inggris dan Australia, pengadilan dapat menerapkan doktrin PVC bagi pemegang saham dan direktur jika terdapat keadaaan khusus yang menjamin untuk dilakukan. Hal yang sama terjadi di Indonesia dimana jauh sebelum Undang-Undang PT berlaku pertama kali tahun 1995, Mahkamah Agung RI telah menerapkan doktrin PVC. Bahkan di Indonesia, terjadi peristiwa hukum yang unik dan di luar kelaziman hukum perusahaan dimana dalam kasus Bantuan Likuiditas Bank Indonesia tahun 1998, Badan Penyehatan Perbankan Nasional menerapkan model out of court settlement untuk meminta pertanggung jawaban pribadi pemegang saham. Disarankan agar dilakukan kajian hukum dan ekonomi untuk melihat efektifitas pendekatan ini.

Purpose: Central clearing counterparties’ (CCPs) specific loss allocation mechanism is reflected in the specific resolution regime designed at the international level. At the same time, international guidance texts require equity to bear losses first in resolution. This creates a tension that immediately exposes resolution authorities to potential claims from CCPs’ shareholders. The purpose of this paper is to seek possible options to solve that tension, thereby enabling a workable and credible resolution regime for CCPs. Design/methodology/approach: The paper analyses the current tension between the no creditor worse-off (NCWO) counterfactual for CCPs and the “equity bears first losses in resolution” principle. It then considers six different options to solve this tension, ranging from a revision of insolvency law to the modification of the loss-allocation structure. Findings: The paper concludes that additional layers of capital contribution, adapting the contractual arrangements or articles of incorporation and/or the creation of a specific NCWO counterfactual for shareholders could help in solving the identified tension. Practical implications: The paper presents options on how to design a workable and credible resolution regime for CCPs that would enable resolution authorities to exercise their powers and have the flexibility to intervene at an early stage in recovery to prevent the exhaustion of available financial resources, without being unduly exposed to claims. Originality/value: The paper contributes to the literature on CCP resolution. It is one of the first to analyse the articulation between the loss-allocation structure of CCPs, the NCWO principle and shareholders’ rights. We hope that this paper will encourage further literature to develop on this important subject., SCOPUS: ar.j, DecretOANoAutActif, info:eu-repo/semantics/published

Corporate governance regulation is a contested area. The introduction of a corporate governance code could, on the one hand, be understood as a regulatory capture performed by international institutional investors, but on the other hand, as the introduction of a code tend to involve local adaptations it could be understood as support for status quo, and hence favoring strong local interest groups. In this paper, these competing explanations are empirically tested through the analysis of non-compliance by Swedish listed corporations with different corporate control arrangements. The main findings are that corporations with a concentrated “Swedish” control situation (i.e. controlling shareholder holding more than 50% of the votes) explain significantly more than corporations with other ownership arrangements, whereas corporations with dispersed ownership (“Anglo-American” control situation) explain significantly less. This could be interpreted as that the Swedish code - regardless of controlling shareholder involvement in the regulatory process - favor corporate governance arrangements based on dispersed ownership, and hence a control situation that international institutional investors are familiar with. These findings have implications for how corporate governance codes should be understood in a global setting and what roles such codes could perform in a reform process aiming to change corporate governance arrangements.

Using a large sample of China's listed firms between 2005 and 2015, we find that domestic mutual funds have a positive effect on the CEO pay‐performance relationship, and this effect becomes stronger when their ownership is higher and closer to the controlling shareholder's ownership. This effect is stronger in non‐state‐owned enterprises (non‐SOEs), firms facing weaker industry competition incentives, and firms located in more developed regions. However, Qualified Foreign Institutional Investors (QFIIs) do not have such an influence. Overall, our study contends that the effectiveness of institutional investors' monitoring role is subject to their identity, controlling shareholders and institutional environments.

India needs 10 million jobs a year and global data shows that it is startups, not large enterprises that create net new jobs in any country. Startups are the centers of innovation and are a great way to enhance employment creation in the economy. The concept of Start –up India campaign was started on 15th August 2015. Startups involve dealing with new technology which generally lies at the highest end of value addition chain. India is a home to almost 3100 startups starting per year standing just behind the US, UK, and Israel according to the NASSCOM report of 2015. If the growth continues in the same pace then it is expected that Indian tech startups will generate almost 2.5 lakh jobs in the next five years. India is also said to enjoy demographic dividend and it is anticipated that by 2020 India will be a home to 112 million working population falling in the age bracket of 20-24 years as compared to that of 94 million workers of China. This demographic dividend will definitely boost the startup culture in the country. The Prime Minister’s Startup India campaign is a great initiative to boost entrepreneurship in India. This initiative will play a very important role in further facilitating startups and providing a new dimension to entrepreneurship in the country.

Problemformulering År 2015 beslutade FN om en ny universell hållbarhetsplan, vid namn Agenda 2030, som syftar till att förbättra de sociala, ekonomiska och miljömässiga förhållanden som råder i världen. Enligt EU-kommissionen ska CSR-arbete ledas på initiativ av företaget. Det här skapar en intressekonflikt mellan företag och de mål som FN satt upp i Agenda 2030 då vissa menar att ansvar för hållbar utveckling inte ska, eller ens kan, ligga på företaget. Sverige anses idag ligga i framkant när det gäller frågor som berör mänskliga rättigheter och demokrati, men för att kunna nå de ambitiösa målen i Agenda 2030 krävs ytterligare ansträngning. Då vi hävdar att näringslivets ansvar har ökat i takt med samhällsutvecklingen, innehar företagen en central roll för uppfyllandet av Agenda 2030. Utan förståelse och vilja, från företagens sida, att ta ansvar för hållbar utveckling tror vi det kommer vara närmast omöjligt att nå målen i Agenda 2030. Därför anser vi att det är viktigt att undersöka ifall Agenda 2030 leder till en större förståelse och vilja för vad företagen behöver göra för att uppnå hållbarhetsmålen. Forskningsfrågor Vad karaktäriserar och motiverar svenska energiföretags CSR-arbete idag? Vad influerar svenska energiföretags CSR-arbete idag? Har Agenda 2030 förändrat eller påverkat synen på ekonomiskt, socialt och miljömässigt ansvar hos svenska energiföretag? Om ja: Hur har Agenda 2030 förändrat eller påverkat synen på ekonomiskt, socialt och miljömässigt ansvar hos svenska energiföretag? Om nej: Varför har Agenda 2030 inte förändrat eller synen på ekonomiskt, socialt och miljömässigt ansvar hos svenska energiföretag? Har Agenda 2030 förändrat eller påverkat CSR-arbetet hos svenska energiföretag? Om ja: Hur har Agenda 2030 förändrat eller påverkat CSR-arbetet hos svenska energiföretag? Om nej: Varför har Agenda 2030 inte förändrat eller påverkat CSR-arbetet hos svenska energiföretag? Syfte Studien syftar till att undersöka hur svenska företag inom energisekt, Problem discussion By 2015, the UN decided on a new universal sustainability plan, called Agenda 2030, which aims to improve the social, economic and environmental conditions in the world. According to the EU Commission, CSR work is conducted on the initiative of the company. This creates a conflict of interest between companies and the goals set by the UN in Agenda 2030, as some argue that responsibility for sustainable development should not, or even may, lie on the company. Sweden is now considered to be at the forefront of issues relating to human rights and democracy, but in order to achieve the ambitious goals of Agenda 2030 further efforts are required. As we argue that the responsibility of business and industries has increased in line with the development of the society, companies have a key role to play in fulfilling Agenda 2030. Without a understanding and willingness of companies to take responsibility for sustainable development, we believe it will be impossible to achieve the goals of Agenda 2030. Therefore, we consider it important to investigate if Agenda 2030 leads to a greater understanding and willingness for what businesses need to do to achieve the sustainability goals. Research questions What characterizes and motivates Swedish energy companies' CSR work today? What influences Swedish energy companies' CSR work today? Has Agenda 2030 changed or influenced the view of economic, social and environmental responsibility of Swedish energy companies? If yes: how has Agenda 2030 changed or influenced the view of economic, social and environmental responsibility of Swedish energy companies? If no: why has Agenda 2030 not changed or influenced the view of economic, social and environmental responsibility of Swedish energy companies? Has Agenda 2030 changed the CSR work of Swedish energy companies? If yes: how has Agenda 2030 changed the CSR work of Swedish energy companies? If no: why has Agenda 2030 not changed the CSR work of Swedish energycompanies?

Denna studie syftar till att undersöka sambandet mellan målet med en investering och en beslutsfattares val av kapitalbudgeteringstekniker i medelstora företag. Vidare har beslutsfattarens humankapital lagts till som modererande faktor för att kontrollera dess påverkan på det generella sambandet mellan målet med en investering och valet av kapitalbudgeteringstekniker. Baserat på 51 kvantitativa svar från beslutsfattare i medelstora företag visar resultatet att valet av kapitalbudgeteringstekniker varierar beroende på vilket mål investeringen syftar till att uppfylla medan beslutsfattarens humankapital inte visat någon modererande effekt. Vidare bidrar studien med en alternativ uppdelning av kapitalbudgeteringstekniker som frångår den teoretiska uppdelningen, en uppdelning som är mer praktiskt orienterad och ser till intressenters målsättningar., This study aims to explore the relationship between the target goal of an investment and the choice of capital budgeting techniques made by decisionmakers in medium-size companies. Furthermore, the decisionmaker’s human capital has been added as a moderating factor to control for its impact on the general relationship between the goal of an investment and the choice of capital budgeting techniques. Based on 51 questionnaires from decisionmakers in medium- size companies, the results show that the choice of capital budgeting techniques varies depending on the target goal of the investment, where shareholders generally chose sophisticated techniques and stakeholders tend to use the unsophisticated techniques. Contrastively, the decisionmaker’s human capital shows no moderating effect. Finally, this study provides an alternative structuring of capital budgeting techniques incongruent with theoretical approaches, one that is more practically oriented and conscientious of the end target of interested parties.

Over the past decades, major changes have been noticed in annual reports. For instance, annual reports have become more comprehensive. Today, corporations can partly decide what to include in their annual reports. This is called voluntary disclosures. Furthermore, corporations chose to disclose pictures, narratives and other graphics material in their voluntary disclosures. This, to give an image of the corporation. Moreover, voluntary disclosures could impact shareholders’ trust towards corporations. Therefore, it is of interest to investigate whether shareholders trust is affected by the voluntary disclosures in annual reports. The purpose of this study is therefore to examine in what way shareholders have increase trust in corporations based on the voluntary disclosures, including marketing aspects, that corporations publish in their annual reports. Furthermore, corporations view of the voluntary disclosures in their annual reports connected to shareholders trust are also examined. This study was conducted with a qualitative research method. The empirical findings were collected through semi-structured interviews with both shareholders and listed corporations in Sweden. During these interviews, both shareholders and corporations answered questions regarding their view of the annual report, its voluntary disclosures and trust. After completing this study, the authors identified parts of the voluntary disclosures that shareholders consider more interesting in trust purposes. For instance, more information about the CEO and managers increase trust among shareholders. Moreover, all shareholders emphasized that transparency and honesty were two factors that have a positive effect on trust. This is something the corporations showed awareness of. They disclose succinct and informativevoluntary disclosures rather than increasingly comprehensive., Under de senaste årtionden har stora förändringar i årsredovisningen skett. Ett exempel är att de ökat i omfattning. Företag har idag delvis frihet att själva bestämma vad som ska ingå i deras årsredovisning. Denna del kallas för den frivilliga informationen. Vidare kan företag med hjälp av bland annat bilder, berättande text och annat grafiskt material måla upp en bild av sig själva. Detta är något som kan ha en påverkan på aktieägarnas upplevda tillit gentemot företagen. Därför är det av intresse att studera huruvida aktieägarnas tillit påverkas av den frivilliga informationen i årsredovisningar. Syftet med studien är således att undersöka hur aktieägares tillit påverkas av ökad frivillig information som företag väljer att publicera i sina årsredovisningar. Studien kommer även att undersöka om marknadsföringsaspekter i årsredovisningar ökar aktieägarnas tillit. Vidare kommer det även undersökas hur företag ser på den frivilliga informationen och marknadsföringsaspekterna i deras årsredovisningar som ett sätt att öka aktieägarnas tillit. Denna studie genomfördes med en kvalitativ forskningsmetod. Därmed samlades studiens empiri in genom semistrukturerade intervjuer med både aktieägare och svenska börsnoterade företag. Under dessa intervjuer fick både aktieägarna och företagen svara på frågor gällande deras syn på årsredovisningen, dess frivilliga information och tillit. Efter genomförd studie har författarna identifierat delar i den frivilliga informationen som anses vara mer intressant i tillitssyfte. Ett exempel är att ökad information från VD:n skulle öka tilliten hos aktieägarna. Vidare pratade samtliga aktieägare om att transparens och ärlighet är två faktorer som påverkar tilliten positivt. Detta behöver inte innebära mer information utan det kan även betyda att det ska vara kvalité på den information som företagen publicerar i deras årsredovisningar. Detta är någonting som företagen även identifierat och satsar därför på att publicera kortfattad och i

This paper attempts to analyze the opinion of shareholders and company secretaries on reforms ushered to enhance shareholders participation with the amendments to Companies Act 2013 towards electronic initiatives; to study the perceptions of company secretaries on newly introduced provisions on electronic board meetings and; to compare the opinions of shareholders and company secretaries on different aspects of electronic initiatives. Through primary data analysis using phenomenological analysis, logistic regression, independent sample t-test, one sample test and binomial test the evidence has been collated. Specifically, for electronic delivery of documents, its impact on the environment has come out to be insignificant, while the level of ease and comfort associated with it and its impact on cost reduction have come out to be the significant variables impacting the opinion of shareholders in favour of electronic mode. For electronic voting, level of ease, no risk of security and no issue of e-votes being less informed have turned out to be the significant variables for the shareholders. It has been found that spreading awareness is quintessential for all the three initiatives. 66.7% of company secretaries and 83.6% of the shareholders themselves have agreed that educating shareholders about various concepts of an electronic interface is the need of the hour.