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Purpose: This research aimed to identify the behavioral Models of stakeholder groups in corporate governance within Iran's Social Security Organization and its affiliated companies. In other words, it explored corporate governance from a behavioral perspective.Methodology: To conduct the research, a theoretical behavioral model was developed based on a review of the literature. This model identified six common behavioral indicators among stakeholders. Subsequently, a questionnaire with 36 questions was designed and distributed to experts in the field of corporate governance. A total of 207 responses were received, and the instrument's reliability was confirmed with a Cronbach's alpha of 0.933. Furthermore, exploratory factor analysis using the principal component method was employed to explain the factors of the model, which represented a classification of stakeholder groups. To validate these findings, confirmatory factor analysis was used to evaluate the proposed theoretical model.Findings: The results yielded a CMIN value of 2.694, which is below the critical value of 3. The root mean square error of approximation (RMSEA) was 0.097, falling within the acceptable range of 0.05 to 0.1. The Akaike Information Criterion (AIC) was 1812, closer to the saturated model index (1404) compared to the independent model (5660), indicating a good fit of the model.Originality/Value: Overall, six stakeholder groups were identified in the corporate governance of companies affiliated with the Social Security Organization: institutional stakeholders, government, political stakeholders, social networks, economic stakeholders, and shareholders. Additionally, six common behavioral indicators were identified among stakeholder groups: conflict resolution, building trust in the board of directors, political bargaining, power-politics relationships, goal setting, and decision-making processes. To assess the impact of each behavioral indicator, a parametric t-test and mean comparisons were used. The results showed that institutional stakeholders, the government, and political stakeholders had a significant and greater impact on governance in the Social Security Organization compared to others. Moreover, government interventions in goal setting, political bargaining, building trust in the board of directors, and conflict resolution had a significant and above-average impact on the governance of the studied companies. On the other hand, political groups had a significant and above-average impact on the corporate governance of companies affiliated with the Social Security Organization in terms of decision-making processes, goal setting, and power-politics relationships. The evaluation of behavioral indicators among stakeholder groups revealed that the shared focus of these groups was primarily on three indicators: goal setting, decision-making, and power-politics relationships.

Purpose – This paper uses test panel data for the biggest companies listed on the boards of directors of the Palestine Stock Exchange from 2016 to 2022 and will focus on the relationship between the corporate governance index, accounting conservatism, and the comprehensive index of corporate governance. Design/methodology/approach – The relationship between corporate governance and accounting conservatism is experimentally investigated for its impact on the likelihood of stock price breakdown and decline among companies listed on the Palestine Stock Exchange between 2016 and 2022, using a mixed utilities approach. Findings – The findings demonstrated the adverse correlation between corporate governance, accounting conservatism, and stock prices. Higher levels of corporate governance can effectively reduce the likelihood of future stock price increases, while conservative accounting policies can effectively prevent stock price collapses in these listed companies. Higher levels of corporate governance can greatly lessen the detrimental effect of accounting conservatism on the likelihood of future stock price breakdowns and declines. Both accounting conservatism and corporate governance have substitution effects in decreasing the danger of stock price collapse. Research limitations/implications – The limitations of the current research are that higher levels of corporate governance can significantly reduce the harmful effect of accounting conservatism on the probability of stock price breakdown and decline in the future on the study sample used, and these results cannot be generalized to all company stocks that were excluded in this study. The last research limitation is that the sample size of this study is somewhat small, and therefore the effects of the results cannot be used on all unlisted companies, and they cannot be generalized to all of these companies except only to companies listed on the Palestine Stock Exchange. Practical implications – Our findings have interesting managerial and policy implications. Listed firms should first strengthen external audit oversight, improve the method of disclosing accounting information, and improve the system architecture to raise the level of accounting conservatism. Moreover, it is imperative to enhance and improve the ownership structure of publicly traded firms, construct a robust mechanism for replacing shareholders, fortify the duties of the board of directors, proficiently fulfil the role of independent directors, and develop and refine the internal and external framework for corporate governance. Originality/value – This study provides insights about reducing the probability of a stock market breakdown and collapse from two sides: enhancing corporate governance, improving accounting conservatism, enhancing the reliability and integrity of disclosure, and growing the number of sustainable disclosures. These suggestions can also be used as a template for Palestine's capital market's gradual and sustainable expansion.

Purpose: This research aimed to identify the behavioral Models of stakeholder groups in corporate governance within Iran's Social Security Organization and its affiliated companies. In other words, it explored corporate governance from a behavioral perspective. Methodology: To conduct the research, a theoretical behavioral model was developed based on a review of the literature. This model identified six common behavioral indicators among stakeholders. Subsequently, a questionnaire with 36 questions was designed and distributed to experts in the field of corporate governance. A total of 207 responses were received, and the instrument's reliability was confirmed with a Cronbach's alpha of 0.933. Furthermore, exploratory factor analysis using the principal component method was employed to explain the factors of the model, which represented a classification of stakeholder groups. To validate these findings, confirmatory factor analysis was used to evaluate the proposed theoretical model. Findings: The results yielded a CMIN value of 2.694, which is below the critical value of 3. The root mean square error of approximation (RMSEA) was 0.097, falling within the acceptable range of 0.05 to 0.1. The Akaike Information Criterion (AIC) was 1812, closer to the saturated model index (1404) compared to the independent model (5660), indicating a good fit of the model. Originality/Value: Overall, six stakeholder groups were identified in the corporate governance of companies affiliated with the Social Security Organization: institutional stakeholders, government, political stakeholders, social networks, economic stakeholders, and shareholders. Additionally, six common behavioral indicators were identified among stakeholder groups: conflict resolution, building trust in the board of directors, political bargaining, power-politics relationships, goal setting, and decision-making processes. To assess the impact of each behavioral indicator, a parametric t-test and mean comparisons were used. The results showed that institutional stakeholders, the government, and political stakeholders had a significant and greater impact on governance in the Social Security Organization compared to others. Moreover, government interventions in goal setting, political bargaining, building trust in the board of directors, and conflict resolution had a significant and above-average impact on the governance of the studied companies. On the other hand, political groups had a significant and above-average impact on the corporate governance of companies affiliated with the Social Security Organization in terms of decision-making processes, goal setting, and power-politics relationships. The evaluation of behavioral indicators among stakeholder groups revealed that the shared focus of these groups was primarily on three indicators: goal setting, decision-making, and power-politics relationships. [ABSTRACT FROM AUTHOR]

The multi-tiered shareholder identification and registration systems are dominant within the European Union member States, but in the Nordic countries, the holding structure is based on a direct holding model. Share registers of all listed companies are public, so basically, anyone may have a full outlook on the corporate ownership structure whenever they want. However, even the Nordic corporate governance model allows you to hide your ownership from public scrutiny by using other companies, most preferably unlisted ones, as intermediaries. The more complicated the chain of intermediaries, the more difficult it is to understand the ownership pattern and level of ownership concentration, which is especially important when evaluating the diversity and functioning of the news media markets. This is why maximum transparency requires not only public share registers but also a structural database, which has also been designed to show the full chain of direct and indirect ownership of each legal owner. This article analyses the relational database model developed for studying and presenting multilevel direct and indirect ownership structures of European news media in the first phase of the Euromedia Ownership Monitor project funded by the European Union. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Derecho Privado (0123-4366) is the property of Universidad Externado de Colombia, Departmento de Derecho Civil and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Shareholder loans are often used as an alternative to traditional third-party loans or equity especially for private companies in various jurisdictions, including South Africa, to finance their business activities. These loans provide companies with greater flexibility to meet their financing needs, i.e., there is no need to seek external financing while offering shareholders a potentially profitable investment opportunity. However, the legal nature of shareholder loans could pose complex legal questions and this form of loans may not necessarily be as straightforward as it first appears. This article explores the legal framework and practical considerations surrounding shareholder loans in South Africa in small private companies, with a focus on developments in case law and their implications for companies and shareholders. Amongst other issues, the application of the principle of arbitrium boni viri to the interpretation and enforcement of these agreements will be discussed. The article aims to provide a critical analysis of the legal questions associated with shareholder loans in South Africa.

Fintech companies are relatively young and operate in a rapidly evolving and ever-changing industry, which makes it important to understand how different factors, including shareholder presence in management roles, affect their performance. This study investigates the impact of shareholder presence in director and manager positions on the financial performance of Latvian fintechs. Our investigation centers on essential financial ratios, including Return on Assets, Return on Equity, Profit Margin, Liquidity Ratio, Current Ratio, and Solvency Ratio. Our findings suggest that the presence of shareholders in director and manager roles does not significantly affect the financial performance of fintech companies. Although the statistical analysis did not yield significant results, it is important to consider additional insights garnered from Cliff's Delta effect sizes. Specifically, despite the lack of statistical significance, practical significance indicates that fintech companies in which directors and managers are shareholders show slightly better performance than other fintech companies. Beyond shedding light on the intricacies of corporate governance in the fintech sector, this research serves as a valuable resource for investors, stakeholders, and fellow researchers seeking to understand the impact of shareholder presence in director and manager roles on the financial performance of fintechs. [ABSTRACT FROM AUTHOR]

The research paper aims to bring into discussion the theoretical approaches of corporate governance but also to identify, through specialized literature, the existing relationships between corporate culture and the governance process improvement as well as the effects of management's orientation towards innovation in terms of organizational culture in the development of effective corporate governance systems, based on generally accepted rules or principles. The study highlights the complexity of governance, as a result of innovative business models capable of integrating economic, social, cultural, ethical pillars and to generate for stakeholders a unitary information systems. The balance mandatory for organizations to optimally fulfill the set objectives can be achieved all the more easily as corporate responsibility becomes part of the thinking of all members of the organization and responsibility and accountability towards all stakeholders is directed from the inside out.

Background The confidence of Bottom 40 (B40) shareholders is crucial for cooperative’s sustenance within wider corporate governance. An in-depth study on cooperatives is needed, as they play a crucial role in the Malaysian economic system and contribute greatly to the country’s social development. However, in the current landscape, confidence among shareholders is at stake. This study aims to identify the research gap into corporate governance for cooperativess in relation to B40 shareholder confidence, as well as identify current study challenges and develop a conceptual framework for future research. Methods We conducted a systematic literature review, with the use of agency theory to assess shareholders’ confidence. Emerald, ProQuest, InderScience, Scopus and Science Direct were the online databases used in this study to search five keyword phrases: corporate governance, confidence, cooperative, agency theory and Bottom 40% (B40) household. Tranfield’s five stages were used to conduct the systematic review. Results Only 5 of the 324 studies assess shareholders’ confidence in cooperatives, as well as one paper on B40 and two papers on agency theory. Our review presents three major findings. First, research in the context of B40 shareholder’s confidence in cooperatives is scarce. Second, the challenges related to shareholders’ confidence in B40 are major issues in the context. Third, research on agency theory in the context of shareholders’ confidence within cooperatives and corporate governance is still scant. Conclusions This review urges the research community to conduct more studies based on the highlighted research gaps.

Background The confidence of Bottom 40 (B40) shareholders is crucial for cooperative’s sustenance within wider corporate governance. An in-depth study on cooperatives is needed, as they play a crucial role in the Malaysian economic system and contribute greatly to the country’s social development. However, in the current landscape, confidence among shareholders is at stake. This study aims to identify the research gap into corporate governance for cooperativess in relation to B40 shareholder confidence, as well as identify current study challenges and develop a conceptual framework for future research. Methods We conducted a systematic literature review, with the use of agency theory to assess shareholders’ confidence. Emerald, ProQuest, InderScience, Scopus and Science Direct were the online databases used in this study to search five keyword phrases: corporate governance, confidence, cooperative, agency theory and Bottom 40% (B40) household. Tranfield’s five stages were used to conduct the systematic review. Results Only 5 of the 324 studies assess shareholders’ confidence in cooperatives, as well as one paper on B40 and two papers on agency theory. Our review presents three major findings. First, research in the context of B40 shareholder’s confidence in cooperatives is scarce. Second, the challenges related to shareholders’ confidence in B40 are major issues in the context. Third, research on agency theory in the context of shareholders’ confidence within cooperatives and corporate governance is still scant. Conclusions This review urges the research community to conduct more studies based on the highlighted research gaps.

The COVID-19 pandemic has caused a rapid transformation in the healthcare industry. Telemedicine, mHealth, and artificial intelligence technologies have become integral components of healthcare delivery, enabling remote consultations, symptom tracking, medication reminders, diagnosis, and treatment. However, the adoption of these technologies in healthcare organisations is often met with resistance from shareholders. The most frequent reasons are fear of technology, uncertainty about the impact of technology solutions on patient care, ethical and regulatory concerns, skepticism about the effectiveness of remote medical consultations, concerns about data privacy and security, reluctance to change workflows, risk of job losses due to automation of certain processes, and possible conflicts of interest. This article explores the complex landscape of shareholder resistance during software implementation projects, the origins of this problem, its manifestations, advantages, disadvantages, and consequences. The article also examines this issue through the prism of the Lewin's Change Model and the Transtheoretical Model of Change, and demonstrates it on the examples of Information Technology Company and Microsoft. The article offers strategic recommendations for healthcare organisations to effectively manage and mitigate these challenges, facilitating a successful transition to the healthcare technology landscape. Among the main problems, the article discusses the following things: creating open and transparent communication channels for shareholders; joint problem-solving sessions with all stakeholders; an iterative approach to implementing IT projects in healthcare facilities, which allows reviewing, adjusting, and agreeing on solutions at each iteration; involving shareholders in decision-making at the early stages of the software implementation process; comprehensive programs to improve shareholder competencies; targeting opinion leaders who are supporters of changes in the organisation; maintaining continuous feedback, etc. [ABSTRACT FROM AUTHOR]

The objective of this study was to examine the impact of corporate governance on the financial choices of non-financial companies operating in the Australian Securities Exchange. A purposive sampling technique was employed to select a total of 113 firms representing 14 sectors listed in the Australian Securities Exchange during the period from 2008 to 2021. The findings of the study revealed a positive and significant relationship between the size of the board, gender diversity among board members, board member affiliation, and board compensation with the financial decisions of the corporations. Additionally, the study identified that the presence of experienced and non-executive board members had a negative and significant impact on internally generated funding. Furthermore, it was observed that board gender diversity, board size, board member affiliation, and board compensation displayed a positive and significant association with debt financing, internally generated financing, and equity financing. Most organisations displayed a preference for internal and debt financing over equity funding. Aligning governance with financial decisions enhances firms’ cost of capital. Governance quality affects capital market access, debt, and equity costs. Effective governance leads to favorable financing terms. [ABSTRACT FROM AUTHOR]

Globalization influences and effects can be easily observed in all mediums and in all economic fields, meaning that significant measures, contributions and changes at all management levels has to made in order to ensure market competitiveness and profitability. Small and medium enterprises (SMEs) are facing significant obstacles after financial recessions, especially in assuring the financial support needed to fulfil the shareholders goals and objectives. The current state of challenges lead naturally to the development of different strategies in order to achieve the proposed development goals and therefore also those of shareholders and investors. In this study, we propose a dynamic competitive strategy for SMEs with the purpose of increasing the levels of competitiveness in a global and interconnected economic context. After discussing the proposed model and determining its theoretical effects, we strive to analyse the types of actions needed to ensure correct and efficient implementation of proposed strategy. Further discussions regarding prevention of negative effects induced by auxiliary costs are also presented in this conducted study. This paper also concerned itself with the conceptual issues of economic and financial competitive strategies and emphasizes as well the necessity for a theoretical model framework embracing financial decisions.

This article sheds light on the identity and functions of the boxholders in the coastal theatres of part of the former Venetian republic at the turn of the 20th century, investigating which social categories were represented among them and in what economic terms of "ownership" they were related to the theatre. The boxholders held regular meetings. How were their assemblies organised? What was discussed? Those who paid a social fee for the opera season had a say in the works to be performed, the endowment to be granted to the impresario, and even the cost of admission tickets to the theatre. There were many disputes that could arise from these collective decisions; one event, however, managed to unify the intentions of the boxholders, namely what happened with the death of Giuseppe Verdi. There was a common intent to name many of the coastal theatres after the composer: was it just a tribute to a great artist or perhaps the desire to affirm the italianità of the shareholders in an area that perceived pressure from Croatian nationalists and the growing demands of the Habsburg monarchy for a "germanisation" or "slavicisation" of the territory?

The effect of environmental factors has engendered a lot of debate in the existing literature. This study examines the effect of environmental factors on SMEs performance in Ogun State, Nigeria. The study is premised on the dimensions of environmental factors, which are employees, shareholders, government support and competitive pressure. Survey research design, comprising of 218 business owners in Ijebu Ode and Ago-Iwoye, Ogun State, Nigeria was employed. The F-statistics (Fc = 32.931; P = 0.000) shows that environmental factors are strong determinants of SMEs performance. The findings further revealed that shareholders (Tc = 3.041; P < 0.05) and competitive pressure (Tc = -2.753; P < 0.05) are the critical factors determining SMEs performance in Ogun State, Nigeria while employees and government support are also significantly related to the performance of SMEs. Hence, business owners should pay more attention to the environment factors as well as competitive pressure and shareholders since these are the most critical measures of the environmental factors determining the performance of SMEs in Ogun State, Nigeria.

Based on a wide range of sources, including archival documents, published reports of joint stock companies and official statistical digests, the present article considers the directors of electrotechnical companies. In the context of economic modernization at the turn of the 19th and 20th centuries, electrotechnical enterprises, which were formed mainly from branches of foreign companies, received priority development in industry and electricity distribution to state and public institutions and private consumers. The rapid growth of enterprises in this sector exacerbated the problem of management personnel, primarily search for and appointment of worthy candidates as executive directors, who were the most important element in the management system, since they performed main functions related to the direct management of the company. The study of thirty companies of various levels, which accounted for more than half of all officially approved joint stock electrotechnical companies in Russia, revealed mechanism for selecting and appointing specialists as executive directors as well as their personal data. It has been found that most often this position was held by the shareholders of the companies and in some cases even by the founders. It is concluded that the level of professional education of this category of managers was quite high, which allowed them to effectively perform their duties and contributed to the rapid development of the industry in general.

Hotel groups listed on various security exchanges have the tendency to be representative for their respective country and/or to be emblematic worldwide. They expand and evolved from an owner-operator business model, still dominant in the 1980s, toward a sophisticated combination of the owner-operator model and asset-light business model. In the case of Romania, the owner-operator business model is dominant and is the common ground for the hotel companies listed at Bucharest Stock Exchange. The present paper has the following objectives: a) to investigate which of the former hotel companies listed on Rasdaq were chosen to be transferred on the new alternative trading system; b) if new hotel companies were willing to become publicly traded on BVB or in AeRO; c) to identify the portfolio of hotels for the listed companies, and d) to investigated the trading frequency, volume and value, and extract potential patterns. The period under scrutiny is May 2015 – May 2023. Based on the findings of the present paper the Romanian listed hotel companies do not attract the investors’ attention since they do not offer too much. Some of the problems might be generated by the low free-float and controlling shareholders/groups. Though, the main problems seem to be related to the companies’ lack of proper transparency regarding their activities (and profit centers), hotel/lodging portfolios, and the absence of (at least) domestic known brand.

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.

AbstractThe aim of this paper is to analyse the Relative Age Effect (RAE) on European elite football teams segmented by type of ownership. The study presents the RAE incidence in the Academy of the UEFA top 10 ranking clubs near the conclusion of the 2020–21 season. The sample (n = 746) comprises players aged 17 to 23 years of age. The frequency of the players’ date of birth adjusting to a Poisson regression was used in order to confirm the presence of RAE. The existence of RAE in the whole sample was verified (p

Copyright of Journal of Application Business & Management / Jurnal Aplikasi Bisnis dan Manajemen is the property of IPB University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

I first distinguish the terms economic growth, economic development, and sustainable development. I then discuss the term ESG and why this term is used with respect to the corporation. I follow with a discussion of the shareholder primacy perspective and how this perspective plays a defining role in corporate law, corporate governance, and asset management. I argue that the shareholder primacy perspective is not appropriate for sustainability reporting because when a firm pollutes the environment, reduces biodiversity, or has inequitable social policies, it does not bear the full cost of its action; society and the planet does. Therefore, providing sustainability disclosures that are relevant to investors misses the point that sustainability disclosures are motivated by the desire of other stakeholders to learn about externalities. I discuss the different standard setters in the sustainability space and how accounting and measurement play key roles. I close with a discussion of research opportunities. Data Availability: Data are publicly available from sources indicated in the text. JEL Classifications: K22; L21; M41; M48; Q56; Q58. [ABSTRACT FROM AUTHOR]

The General Meeting of Shareholders (GMS) is the supreme authority within a company, responsible for making decisions on all significant company matters, provided that certain legal conditions are met. This research aims to analyze the implementation and legal consequences of the Extraordinary General Meeting of Shareholders (EGMS) conducted by PT. KOLINGKAS under Law Number 40 of 2007 concerning Limited Liability Companies. Employing normative legal research methods with a qualitative approach, the study draws on primary, secondary, and tertiary legal sources, including books, journals, and relevant laws and regulations. The findings indicate that the legality of the EGMS held by PT. KOLINGKAS is questionable. The study reveals that during the EGMS, the Plaintiff, a Board member, was not afforded an opportunity to present a defense, nor was the Plaintiff given prior notice of the intended dismissal. The unilateral nature of the proceedings, which excluded the Plaintiff's awareness, suggests that the EGMS, as documented in Deed Number 06 concerning the Minutes of the Extraordinary General Meeting of Shareholders, failed to adhere to the procedural requirements established by the Company Law (UUPT) and constitutes an unlawful act. Consequently, the decision is deemed legally flawed, and the parties involved in the EGMS may be held civilly liable for the fraudulent actions committed.

The remuneration of the owners of the entity for the capital invested by them is of particular concern for the management of the company. It must be taken into consideration on one hand to serve the interest of the owners consisting in the gain of a part of the obtained profit in a short period of time, and on the other hand to revere the applicable accounting and tax regulations. Also, the management of the company is highly interested in carrying out this type of operations in terms of cost optimisation as far as obtaining the information is concerned, in order to determine the amount of dividends due to the shareholders.

The influence of the realization of economic value determined by the cost of equity capital and borrowed capital is in the permanent attention of shareholders and all participants in the financial exercise of an enterprise. Shareholders are directly interested in the value creation mechanism as the remuneration they expect for the capital invested and the risk assumed. The strategic object of increasing the performance of the organization and implicitly of the newly created value satisfies the immediate interest of the managers and of the other employees, constituting the guarantee of maintaining the jobs. Salary packages often also include clauses regarding obtaining a remuneration from the company's profit or participating in its share capital. At the level of the national economy, value creation means the efficient use of the national economic potential and on this basis the increase of the gross domestic product that contributes to the increase of social welfare

The research paper aims to bring into discussion the theoretical approaches of corporate governance but also to identify, through specialized literature, the existing relationships between corporate culture and the governance process improvement as well as the effects of management's orientation towards innovation in terms of organizational culture in the development of effective corporate governance systems, based on generally accepted rules or principles. The study highlights the complexity of governance, as a result of innovative business models capable of integrating economic, social, cultural, ethical pillars and to generate for stakeholders a unitary information systems. The balance mandatory for organizations to optimally fulfill the set objectives can be achieved all the more easily as corporate responsibility becomes part of the thinking of all members of the organization and responsibility and accountability towards all stakeholders is directed from the inside out. [ABSTRACT FROM AUTHOR]

Copyright of Themis: Revista de Derecho is the property of Themis Asociacion and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Hotel groups listed on various security exchanges have the tendency to be representative for their respective country and/or to be emblematic worldwide. They expand and evolved from an owner-operator business model, still dominant in the 1980s, toward a sophisticated combination of the owner-operator model and asset-light business model. In the case of Romania, the owner-operator business model is dominant and is the common ground for the hotel companies listed at Bucharest Stock Exchange. The present paper has the following objectives: a) to investigate which of the former hotel companies listed on Rasdaq were chosen to be transferred on the new alternative trading system; b) if new hotel companies were willing to become publicly traded on BVB or in AeRO; c) to identify the portfolio of hotels for the listed companies, and d) to investigated the trading frequency, volume and value, and extract potential patterns. The period under scrutiny is May 2015 - May 2023. Based on the findings of the present paper the Romanian listed hotel companies do not attract the investors' attention since they do not offer too much. Some of the problems might be generated by the low free-float and controlling shareholders/groups. Though, the main problems seem to be related to the companies' lack of proper transparency regarding their activities (and profit centers), hotel/lodging portfolios, and the absence of (at least) domestic known brand. [ABSTRACT FROM AUTHOR]

Fintech companies are relatively young and operate in a rapidly evolving and ever-changing industry, which makes it important to understand how different factors, including shareholder presence in management roles, affect their performance. This study investigates the impact of shareholder presence in director and manager positions on the financial performance of Latvian fintechs. Our investigation centers on essential financial ratios, including Return on Assets, Return on Equity, Profit Margin, Liquidity Ratio, Current Ratio, and Solvency Ratio. Our findings suggest that the presence of shareholders in director and manager roles does not significantly affect the financial performance of fintech companies. Although the statistical analysis did not yield significant results, it is important to consider additional insights garnered from Cliff’s Delta effect sizes. Specifically, despite the lack of statistical significance, practical significance indicates that fintech companies in which directors and managers are shareholders show slightly better performance than other fintech companies. Beyond shedding light on the intricacies of corporate governance in the fintech sector, this research serves as a valuable resource for investors, stakeholders, and fellow researchers seeking to understand the impact of shareholder presence in director and manager roles on the financial performance of fintechs.

Globalization influences and effects can be easily observed in all mediums and in all economic fields, meaning that significant measures, contributions and changes at all management levels has to made in order to ensure market competitiveness and profitability. Small and medium enterprises (SMEs) are facing significant obstacles after financial recessions, especially in assuring the financial support needed to fulfil the shareholders goals and objectives. The current state of challenges lead naturally to the development of different strategies in order to achieve the proposed development goals and therefore also those of shareholders and investors. In this study, we propose a dynamic competitive strategy for SMEs with the purpose of increasing the levels of competitiveness in a global and interconnected economic context. After discussing the proposed model and determining its theoretical effects, we strive to analyse the types of actions needed to ensure correct and efficient implementation of proposed strategy. Further discussions regarding prevention of negative effects induced by auxiliary costs are also presented in this conducted study. This paper also concerned itself with the conceptual issues of economic and financial competitive strategies and emphasizes as well the necessity for a theoretical model framework embracing financial decisions. [ABSTRACT FROM AUTHOR]

The effect of environmental factors has engendered a lot of debate in the existing literature. This study examines the effect of environmental factors on SMEs performance in Ogun State, Nigeria. The study is premised on the dimensions of environmental factors, which are employees, shareholders, government support and competitive pressure. Survey research design, comprising of 218 business owners in Ijebu Ode and Ago-Iwoye, Ogun State, Nigeria was employed. The F-statistics (Fc = 32.931; P = 0.000) shows that environmental factors are strong determinants of SMEs performance. The findings further revealed that shareholders (Tc = 3.041; P < 0.05) and competitive pressure (Tc = -2.753; P < 0.05) are the critical factors determining SMEs performance in Ogun State, Nigeria while employees and government support are also significantly related to the performance of SMEs. Hence, business owners should pay more attention to the environment factors as well as competitive pressure and shareholders since these are the most critical measures of the environmental factors determining the performance of SMEs in Ogun State, Nigeria. [ABSTRACT FROM AUTHOR]

(Series Information) European Papers - A Journal on Law and Integration, 2022 7(1), 327-332 | European Forum Insight of 18 June 2022 | (Table of Contents) I. Introduction. - II. Procedural history of Ernests Bernis (Appeal) and related judicial proceedings. - III. Main findings of the Court in case Ernests Bernis (Appeal). - IV. Conclusions. | (Abstract) With the judgment of 24 February 2022 in case C-364/20 P Bernis and Others v SRB ECLI:EU:C:2022:115, the European Court of Justice has dismissed the appeal lodged by Ernests Bernis, Oļegs Fiļs, OF Holding SIA and Cassandra Holding Company SIA (shareholders of ABLV Bank) against the order of the General Court rendered on 14 May 2020 in case T-282/18 Bernis and Others v SRB ECLI:EU:T:2020:209, concerning the decisions not to take resolution action with respect to ABLV Bank. With this judgment, the ECJ has closed the judicial proceedings at stake and has ruled for the first time on the locus standi of the shareholders of a credit institution to challenge the decision not to take resolution action with respect to the same entity.

This study aims to examine the effect of dividend policy on firm value with capital structure as a moderating variable. The research was conducted on manufacturing companies on the Indonesia Stock Exchange in 2016-2019. The purposive sampling technique took the research data. Data analysis used a moderated regression analysis. The findings of this study indicate that the dividend policy increases firm value. However, this analysis demonstrates that the capital structure has a moderating influence on the effect of dividends on firm value. Investors in Indonesia’s capital market have reacted positively to manufacturing businesses’ dividend payout policies. However, if the company’s capital structure is highly leveraged, this reaction will be diminished.

Purpose of the research. Investigate formats for managing the value of international corporate structures, taking into account the formation of digital assets, and develop recommendations for introducing precise modifications to the management of the value of international corporations in the digital economy. Design/Method/Plan of the reseach. Systematic, synergistic, conceptual and methodological approaches are used, involving the use of the method of analysis and synthesis, modeling, formalization, methods of statistical and economic analysis, modeling, expert support and evaluation. Results of the research. The formation of a new external environment of corporations - the "digital environment" - is substantiated as a space for the manifestation of competitive advantages of the digital transformation of the economy, which is characterized by a clarification of the influence of digitalization on the activities of international corporate structures. The factors of increasing the cost in the digital environment are identified, being based on the developed modified approach, which takes into account both the change of the previously known cost factors in the digital environment and the emergence of new, previously unformulated cost factors, which allow to create a scenario of the economic activity of the corporation in the digital environment, to establish the dependence of the selected factors cost and will divide the factors acting in the formation of the digital environment, and the factors that manifest themselves directly in the digital economy. The concept of cost management of the corporation has been developed, in terms of assessing the new external corporate environment, taking into account the influence of digital factors, identifying new cost levers, taking into account radical changes in technological processes, including recommendations on the adaptation of new digital cost management tools, which allows assessing the digital component of the growth of modern markets and takes into account both the creation and destruction of value under the influence of the digital economy. The theoretical significance of the research. The role of the digital economy in relation to the models and tools of corporate governance has been determined. The points of contact and interaction of corporate strategies and the process of business digitalization based on the effective management of the value of the corporation have been studied. The practical significance of the research. The results and recommendations of the study can be implemented in long-term programs for the digitalization of international corporate governance practices and digital support for the development or adaptation of corporate strategies in order to implement the complex potential of the corporation. Originality/Value/Scientific novelty of the research. The specificity of the implementation of digital economy tools in the organizational formats of the activities of international corporate structures has been studied. Modified models for improving corporate value management based on blockchain technologies and digital cost control as part of a corporate strategy have been proposed. Prospects for further research. The obtained results of the research can be used in the context of the development of national and branch programs for digitalization of corporate management and the implementation of digital technologies in the model of corporatization of enterprises and organizations of various forms of ownership. Article type. Theoretical. JEL Classification: F23, L19, O33

The influence of the realization of economic value determined by the cost of equity capital and borrowed capital is in the permanent attention of shareholders and all participants in the financial exercise of an enterprise. Shareholders are directly interested in the value creation mechanism as the remuneration they expect for the capital invested and the risk assumed. The strategic object of increasing the performance of the organization and implicitly of the newly created value satisfies the immediate interest of the managers and of the other employees, constituting the guarantee of maintaining the jobs. Salary packages often also include clauses regarding obtaining a remuneration from the company's profit or participating in its share capital. At the level of the national economy, value creation means the efficient use of the national economic potential and on this basis the increase of the gross domestic product that contributes to the increase of social welfare. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

The article discusses the features of the requirements of certain groups of users to the content of information on equity capital. They are connected with the fact that management, shareholders and potential investors show interest in various aspects of its formation, movement and efficiency of use. As a result of the study, a diversification of forms of analytical presentation of information on equity capital, reflecting the most popular financial reporting data and analytical indicators, was proposed. When compiling the forms, the features of the formation of data under RAS and IFRS were taken into account. The approbation of the developed approach was carried out on the materials of PJSC Bashneft.

Abstract The legal standing of ones who can file for bankruptcy in Indonesia’s Bankruptcy Law is still unclear, thus it is important to conduct a research focusing on whether shareholders who do not get their share of dividend are eligible to file for bankruptcy. Dividend is shareholders’ right protected by law in exchange for their investment in the company, also to minimize the practice of abuse of power by the company. This research aims to analyze whether the shareholders who do not receive their share of dividend are still eligible to file for bankruptcy in Indonesia. This research uses normative research methods with statue and conceptual approach. The results show that shareholders who do not receive dividends can file for bankruptcy if dividend distribution has been mentioned in the General Meeting of Shareholders (GMS) followed by it being stated clearly on the summary of the annual General Meeting of Shareholders (GMS). Before filling for bankruptcy, the shareholders must abide the provisions stipulated in Article 2 paragraph (1) of Law of the Republic of Indonesia Number 37 of 2004 on Bankruptcy and Suspension of Obligation for Payment of Debt. Abstrak Persoalan legal standing pemohon pailit dalam peraturan perundang-undangan mengenai kepailitan di Indonesia masih mengalami hambatan-hambatan dalam penafsirannya, penting halnya mengkaji apakah pemegang saham yang tidak mendapatkan dividen dapat mengajukan permohonan pernyataan pailit karena pada dasarnya dividen adalah hak yang dilindungi oleh hukum dari pemegang saham dari sebuah perseroan agar tidak terjadi tindakan sewenang-wenang oleh perseroan yang pada akhirnya dapat menimbulkan kerugian para pemegang saham selaku pemodal atau investor dalam sebuah perseroan. Penelitian ini bertujuan untuk menganalisis secara mendalam mengenai legal standing pemegang saham yang tidak memperoleh dividen untuk mengajukan permohonan pernyataan pailit di Indonesia. Penelitian ini menggunakan metode penelitian normatif dengan pendekatan penelitian perundang-undangan (statue approach) dan konseptual (conceptual approach). Hasil penelitian menunjukkan bahwa pemegang saham yang tidak memperoleh dividen dapat mengajukan permohonan pernyataan pailit jika pembagian dividen telah dijanjikan di dalam RUPS yang kemudian dilanjutkan di dalam risalah RUPS. Pengajuan permohonan pernyataan pailit juga harus memperhatikan ketentuan yang telah diatur di dalam Pasal 2 ayat (1) Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang.

The paper discusses legal consequences of violations of law which may occur in the course of passing resolutions by shareholders or when convening the meeting. Such violations take the form of procedural infringements, as opposed to material defects which concern the subject matter of the resolution. Several jurisdictions were taken into account in order to demonstrate that illegality of the procedure does not need to imply nullity of resolutions. There are various instruments which, despite illegality, are intended to preserve the resolution. This is all about the balance of preferences: in company law there are definitely situations where legality should be less valued than stability and certainty.

The paper discusses legal consequences of violations of law which may occur in the course of passing resolutions by shareholders or when convening the meeting. Such violations take the form of procedural infringements, as opposed to material defects which concern the subject matter of the resolution. Several jurisdictions were taken into account in order to demonstrate that illegality of the procedure does not need to imply nullity of resolutions. There are various instruments which, despite illegality, are intended to preserve the resolution. This is all about the balance of preferences: in company law there are definitely situations where legality should be less valued than stability and certainty. [ABSTRACT FROM AUTHOR]

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