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Is profit an indicator that reflects the real performance of the economic entity? Or is it rather a benchmark for uninitiated users who do not know the artificial effects of policies, options and accounting estimates on this sensitive indicator? The vulnerability of the accounting result makes us focus on the objective nature of cash flow, which is a more modern and tangible measure of performance, eliminating the effects of using different accounting treatments for the same transactions. Corroborated, the two coordinates - the accounting result and the cash flow, and more specifically those related to the operating activity - would give a better appreciation of performance. What should we understand when these indicators contradict each other? Is that possible? The case outlined in this paper demonstrates that the answer is yes. But why does this happen and how do we appreciate the performance in this case? The present paper begins by presenting some beliefs that profit is an important indicator of financial performance. These are to be combated by presenting profit margins as an indicator of financial performance, the main or the disadvantage being its subjective character. Subjectivity does not apply to cash-flow, which leads us to say that the cash-flow reflects more objectively and more accurately the financial performance of the economic entity. Further, we will analyze the two indicators in parallel and comparatively, explaining the discrepancy that may arise between them and especially the situation where the profit is positive and cash-flow is negative. Our research is both empirical and theoretical. The results of this research point out to shareholders that profits can be misleading and recomend them to make a minimum simple comparison between proft and cash-flow, between operating profits and cash-flow from operations before they risk making decisions. Increased attention should certainly be given to the situation where there is a discrepancy between the two indicators, because according to some opinions it may even be a sign of the use of creative accounting, and practice has put us, not least, in the face of bankruptcy companies with huge profits.

Corporate governance (CG) is a fundamental criteria for enhancing investors' and stakeholders' trust, relatively recently recognized in emerging markets. This study investigates the effects of CG practices on the firm-level financial performance of Borsa Istanbul XKURY-indexed companies during 2007-2019. Four specific aspects of CG are analysed: shareholders' rights, public disclosure and transparency, stakeholders' rights, and board of directors functioning, as defined by the Turkish Code of Corporate Governance, in line with international principles of CG issued by OECD. Alternative estimations of panel regression analysis indicate a positive association between stakeholder-oriented governance practices and firm-level financial performance expressed by accounting measures for both financial and non-financial companies. Shareholder protection policies have a negative influence on accounting-based performance, especially for non-financial industries, whereas the corporate practices related to board of directors and public disclosure vary between financial and non-financial entities. These findings contribute to international research on CG implications for emerging markets, providing evidence about the importance of stakeholders' protection and the distinctive effects of CG dimensions for corporate financial performance. [ABSTRACT FROM AUTHOR]

Copyright of Strategy & Development Review is the property of Strategy & Development Review 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.)

The company often needs new funds, and may not be able to obtain new loans, so it increases its capital. The purpose of this increase is to support its financial position, whether it gets these funds from outside or inside the company. Furthermore, there may be no demand for its new shares in the event of public subscription, or it may not wish to increase the number of its shareholders, or it may be a successful or family-owned company, therefore wishing to keep the management and ownership of the company in the hands of its shareholders, thus limiting the subscription to them. This process is subject to conditions and procedures intended to protect both shareholders and the company. [ABSTRACT FROM AUTHOR]

Internet history shows that states, military, universities and other public institutions were essential drivers of innovation in the early stages of network development. However, once risky stages pass, commercialisation starts and investors often reap disproportionate rewards from technological innovation. In this paper, we use the risk-reward nexus (RRN) approach (Lazonick & Mazzucato, 2013; Mazzucato, 2013, 2018; Mazzucato & Shipman, 2014) to understand the imbalance between risky public investment and private allocation of rewards regulated by financial markets. We analyse risk reporting in Form 10-K market reports submitted to the Securities and Exchange Commission (SEC) by Google Inc. (Alphabet Inc.) for the period between 2005 and 2019. We detected 58 organisational, marketing and advertising, technological, legal, competitive, and macroeconomic risks. Based on changes in risk reporting three stages of Google's development can be discerned: post-IPO growth and expansion (2005-2008), growth management and investment diversification (2009-2013), legal struggles and regulatory scrutiny (2014-2019). Reported risks are primarily directed at shareholders, omitting risks relating to internet users, courts, regulators, and nation states. Such an approach is historically rooted in the construction of financial regulation in the name of public interests and markets, with public interests largely interpreted as a proxy for investors' interests. [ABSTRACT FROM AUTHOR]

Banks act as intermediaries between those with funds and those who seek funds for economic enterprises. They are a source of credit and capital investment, and their economic value is clear. Less is known about the role of social connections in the establishment of banks. Using data from 19th-century South Africa, we study the establishment of colonial banks and their shareholder profile. We show, using network analysis, that family connections and influential individuals were crucial to the establishment of these banks. This research opens new lines of inquiry into how these network structures may have influenced the success of these ventures as well. [ABSTRACT FROM AUTHOR]

Rationales for a stakeholder model of corporate governance are based on enlightened self‐interest, moral imperative, and/or externalities. Of these, the externalities rationale holds the most promise to justify a stakeholder focus. Recent evidence, however, indicates that the benefits of a stakeholder focus are limited because the social costs of many corporate activities already are internalized. Potential benefits also must be weighed against the costs, which include increased potential for conflict, waste, and managerial self‐dealing. I conclude by advocating for the traditional governance model based on shareholder interests, with allowance for managers to deviate from this model in limited circumstances when the external impacts on other stakeholders are large. To constrain managerial opportunism, such deviations should be defended with a new type of double bottom line reporting, which augments traditional financial reporting with a statement of the social benefits of any deviations from shareholder value maximization. [ABSTRACT FROM AUTHOR]

The inconsistency of views on the further development of corporate law and the lack of consistent approaches in the legal doctrine to the basic categories of corporate law is an obstacle to solving the problem of ensuring an appropriate level of legal regulation for corporate relations. The issue of a precise definition of the subjects of corporate relations, their legal nature, the essential features remain insufficiently developed and require further scientific research. The aim of the article is to review the existing issues in the legal doctrine on the definition of the subject composition of corporate relations for the development of a well-defined idea about the circle of the main subjects of such relations, features of their legal status and essential attributes, as well as to outline our own vision of directions to improve legislation on these issues. The key figure commonly associated in the legal literature with the emergence and existence of corporate relations is a corporation. A corporation is an economic organization formed by uniting (compulsory or optional) individuals on the basis of participation (membership) and capitals belonging to them to carry out economic activities. It is suggested to enshrine in the corporate legislation a new term that will designate the concept of "corporation" common in the legal literature, as well as an exhaustive list of organizational and legal forms in which corporations may be created and operate. The term "owners of corporate rights" is a collective term to denote individuals who have contributed their property to form the authorized (share) capital or mutual fund of corporations and in exchange for their contributions received the ownership of corporate rights. The notions of "founders", "participants", "members", "shareholders", "depositors", "full participants" are defined. The peculiarities of the legal status of owners of corporate rights are clarified. In determining the subject composition of corporate relations arising in connection with the execution of functions by the corporation bodies, it is appropriate to consider not the relationship between the corporation and its bodies, but rather the relationship between the corporation and the subjects that perform the functions of its bodies. Entities performing the functions of the corporation bodies may include participants of the general meeting of the corporation (owners of corporate rights and their representatives), as well as corporation officers. The Commercial Code of Ukraine should be chosen as the platform for determining the subject composition of corporate relations, and in the case of legislation recodification - the relevant codified act, which will replace it. [ABSTRACT FROM AUTHOR]

Current trends in the development of Ukrainian banks are associated with the intensification of financial globalization processes. Under the influence of the growing presence of foreign capital, Ukrainian banks have faced increased competition and an exacerbation of the problem of limited financing in the domestic market. In the open national market, banks are forced to look for competitive advantages in order to improve access to financial resources and implement effective long-term partnerships with foreign investors. The creation of quality corporate management under international standards is an important advantage for the investors. The need to increase the level of corporate management according to the best international practices determines the importance of the investigation and substantiation of the areas for improvement based on the analysis of internal factors and conditions of banking business development. Conflict of interest is a major problem of corporate management. The investment community, professional circles, as well as regulatory authorities of the countries pay great attention to the problems of organizing relations of companies and banks with shareholders and other stakeholders. There are some approaches to determining the range of stakeholders. Managers and shareholders are considered in the narrow sense. In the broad sense, the list can include all the possible stakeholders. High quality of corporate management is one of the key conditions for bank efficiency. The interests of the owners are completely consistent with the achievement of high profitability, which is the main criterion of efficiency. In turn, the requirements of creditors to the level of risk on the operations of the credit institution is largely the factor of its sustainability in the long run. The ways of solving problems of corporate governance in banks are proposed in this paper. The theoretical foundations of corporate management in banks are substantiated. The specifics of the organization of relations between the participants of corporate relations in the bank are highlighted. It is noted that many issues related to corporate management in credit institutions lie outside the legal system and are ethical rather than legal. [ABSTRACT FROM AUTHOR]

We show that a firm's ability to access the public bond market for the first time is greatly improved when habitual dual holders (HDHs)—financial conglomerates that tend to simultaneously hold both equity and bonds of their portfolio firms—are among its shareholders. HDHs are more likely to buy bonds in a bond initial public offering (IPO) and to take larger bond positions than bond investors with no equity in the firm. Greater equity ownership by HDHs is associated with a higher fraction of the issue ending up in the hands of pre-IPO shareholders, lower offering yield spreads, and more covenants overall but fewer covenants that restrict payout to shareholders. This paper was accepted by Renee Adams, finance. [ABSTRACT FROM AUTHOR]

As Sociedades de Economia Mista – SEM – são um tipo específico de empresa cujas ações são negociadas em bolsa, em que o Governo é acionista majoritário e controlador da Organização e acionistas privados participam no capital. Neste artigo, investigam-se os motivos pelos quais tanto Governo quanto acionistas privados optariam por investir nas SEM. Utilizou-se a teoria de stakeholders como base para a elaboração teórica e para a interpretação dos resultados da pesquisa. Foi realizado estudo de múltiplos casos, de forma qualitativa, transversal e exploratória. Três SEM foram analisadas, nas quais se realizaram 28 entrevistas com administradores e técnicos, além da análise de 107 artigos obtidos em mídia especializada e documentos de publicação obrigatória pelas companhias. Os dados foram compilados e codificados com o software Nvivo. Conclui-se que as motivações para o investimento nas SEM são complexas, transpondo a simples assunção dos objetivos rentista e de execução de políticas públicas.

The role of mergers has grown considerably in the new economic context. Since the end of the last century, the waves of mergers have raised different questions: Why are mergers occurring, what are the reasons? Does the merger generate the growth of the economic position and performance of the companies? Who benefits and who loses from the merger? Under the conditions of an increasingly competitive environment, the application of the best strategies by each company became imperative. The analysis of the financial performance has a determining role in establishing the strategy to be followed by the absorbing companies. The research hypothesis is: the merger operation has a positive impact on the financial position of the absorbing companies. Following the analysis of the financial position of the absorbing companies, it can be said that it is improving.

Corporate governance reflects how a company is managed and controlled. In defining this concept it goes on the idea that the global performance of the company is based on the theory of interest holders. The value of the firm is maximized to the extent that managers manage to identify and harmonize conflicts of interest that arise between the company's social partners, especially between shareholders and managers. Harmonization of these interests is ensured through the corporate governance system. In this paper we aim to analyze the corporate governance in the OECD member countries with a focus on the rights of shareholders and key ownership functions.

Actual problems of not complete building in modern economic conditions have been considered in the article. Questions of land tenure and allocation of sites under not completed objects, strategy of expenses in this segment, state sale and others are consistently have been analysed. Principles and approaches to the analysis of volumes of not complete building with their preliminary estimation for the further alternative use have been defined. Comparative variants of completion of incomplete building objects, the analysis and an estimation of external conditions have been presented. The attention has been paid to possibilities of the state-private partnership and projects of completion of incomplete building objects. Questions of distribution of shares between participants of completion and the further operation of such objects have been considered. Offers under the decision of tasks in view have been provided.

Purpose: the main purpose of the study is to substantiate the prospects and relevance of corporate governance in Russia, which is considered as a factor of stability and profitability of business in the dificult conditions of uncertainty of the external environment due to a series of global challenges. For the objectivization of the choice of possessing the relevant competence of managers and avoiding principal-agent conflicts it is important to explore the factors driving the process of delegating the management of the company to the professional management, and to identify its specifics, characteristic for the Russian realities.Methods: the peculiarity of this article is to compare and summarize the views of members of the expert community, representing different areas of practical and analytical activities and able to assess the state and dynamics of corporate governance in Russia from different points of view. The article attempts to integrate common positions of the expert community and to correlate them in cases where consensus is not yet observed. Thus, the author does not pretend to discover new facts and produce new quantitative data, but offers a generalized representation of existing diverse views on the state and trends of corporate governance in modern Russia.Results: the factor analysis of the origins and status of the problem of delegation of company management to professional management. Modern trends in the development of management of Russian companies are summarized on the basis of a comparison of assessments of practitioners and experts representing different groups of the professional community on the most problematic areas of corporate governance development. The directions of operational activities for assessing the readiness of management to solve strategic tasks and achieve the strategic goals of the company. A set of factors to improve the eficiency of corporate governance was identified and priority indicators for its analysis were identified.Conclusions and relevance: the conducted research shows that the topic of achieving the effectiveness of corporate governance does not lose its relevance, its importance increases many times to achieve the strategic goals of the company, improve its competitiveness and investment attractiveness. The success of strategic development depends on many factors, including productive, responsible and trusting relations of all subjects of corporate governance, first of all – owners and hired management. In strategic terms, those companies that have chosen the path of improving corporate governance, gain more chances of their own growth, reliable strengthening of the previously won leading market positions, acquisition of a global scale.

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.

The aim of article is to conduct comparative-legal research of legislative acts establishing legal background of shareholders’ agreement conclusion and execution in certain foreign states and Ukraine along with presentation of ways to improve the relevant Ukrainian legislation. Subject of research is the experience in area of legal regulation of shareholders’ agreement conclusion and execution in certain foreign states and Ukraine. Меthodology. Research is based on comparison of shareholders’ agreement conclusion and execution in Ukraine, USA, Russia and Western Europe (Italy, Switzerland and Germany). Author defines advantages and deficiencies of shareholders’ agreement conclusion and execution methodology and opportunities to implement relevant foreign practices (on the basis of comparative-legal analysis of specific provisions of civil legislation of Ukraine). Results of this research proved that in order to implement foreign experience related to legal support of shareholders’ agreement conclusion and execution strict civil law sanctions must be imposed. These measures are applied in the case if there are violations of shareholders’ agreement provisions. We consider that reimbursement is the most efficient and appropriate sanction for commitments deriving from the shareholders’ agreements including voting procedure at general meetings, approval of voting format by other shareholders, coordination of actions related to management, key activities, JSC reorganization and liquidation due to the fact that reimbursement amount is defined by the parties and does not depend on damage inflicted, is not reduced according to the court ruling and may be applied along with other civil law sanctions. Practical implementation. Positive experience of development of legal background for shareholders’ agreement conclusion and execution in certain foreign states proves that law enforcement procedures require identification of relevant agreement legal nature as for quite a long time these documents have been used by corporate relations parties. Сorrelation/originality. Comparative analysis of Ukrainian, European and American legislative acts regulating shareholders’ agreement conclusion and execution has become a foundation for presentation of certain amendments.

This work emphasizes the need of a new paradigm in financial and corporate governance literature which would be based on the informational and \"energy\" exchanges that normally take place between the stakeholders of any corporation. Corporate governance is directly related to corporate finance, by definition. The main goal of any intellectual process that intends to express a general model of corporate finance will, firstly, have to go through corporate governance relationships and secondly, through a detailed emphasis of cash and \"energy\" flows. Thus, a new paradigm is required.

Actual problems of development of housing construction in modern economic conditions are considered in the article. Questions of land tenure and allocation of sites under housing construction, strategy of expenses in this segment, state sale and others has been consistently analyzed. The principles and approaches to the analysis of the housing construction has been defined. The comparative dynamics of functioning of the market of construction real estate has been presented. The attention is paid to possibilities of the private-state partnership and co-investing habitation civil-engineering designs. The issues of distribution of shares between participants in housing construction are considered. Offers under the decision of tasks in view are given.

Theorists and practitioners still argue about different shareholders' environmental preferences. Drawing on various processes of institutional theory such as deinstitutionalization and defensive institutionalism, we test the differences between foreign and national shareholders' influences on firms' environmental proactivity. Specifically, we focus on the country of origin of the dominant shareholders and the environmental culture of the countries of origin of the shareholders. Using unbalanced panel data from between 2006 and 2017, which includes 12,527 observations of 1532 different firms from 11 economic sectors and across 23 countries, our results show that foreign shareholders are more prone to modifying existing environmental practices, whereas national shareholders may accept them, despite being reluctant to implement such changes. We make a contribution by showing that the deinstitutionalization forces coming from foreign shareholders are stronger than the defensive institutionalism efforts of national shareholders. However, such forces are not always the best options for sustainability. [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.)

Impediments to corporate accountability have over the recent years manifested in diverse forms. What took place in Peel v Hamon J&C Engineering (Pty) Ltd is a case in point. The aim of this article is in two forms. First, from the commentaries and cases consulted, it is clear that the character of who must qualify in terms of the section 163 criterion is not settled. Moreover, this can be gleaned from the criticisms against Moshidi J’s judgment in Peel for having extended/expanded the section 163 remedy to afford relief to shareholders and directors whom the legislature may not have contemplated to cover under the relief. The aim here is to argue in support of this expansion as promoting accountability. Secondly, it is to make some comments on the criterion that it is only a shareholder and a director who are accorded locus standi to invoke the remedy. From the discussion, the paper makes numerous commendable observations. First, the complaint raised in Peel was not an abuse of process; it was a genuine complaint/application seeking to address genuine and novel issues which often arise between the parties in company law. Second, Moshidi J’s judgment demonstrates evolution/progress for its contextual approach to the section 163 remedy’s interpretation. The judgment heralds/foreshadows colossal principles/practices within company law aimed at balancing stakeholder interests. Third, the judgment potently disentangles hurdles which normally impede accountability by company directors. Lastly, the paper recommends that other stakeholders be considered for relief under the remedy. [ABSTRACT FROM AUTHOR]

In recent years the oil industry has shifted from climate change denialism to advocacy of the Paris Agreement, championing sustainability in an apparent assertion (rather than rejection) of corporate responsibility. Meanwhile growth forecasts continue unabated to finance the industry's enthusiasm for upstream ventures in uncharted territories. How do extractive companies, and those who work in them, square this contradiction? Fieldwork among oil company executives points to a new wave of techno-optimism: a deus ex machina that will descend from the labs of corporate research and development (R&D) labs to reconcile these irreconcilable imperatives. Rather than denial, the projection of win-win synergies between growth and sustainability involves a suspension of disbelief; an instrumental faith in the miraculous power of technology that tenders salvation without forsaking fossil fuels, or restructuring markets. [ABSTRACT FROM AUTHOR]

The most important element leading to the success or failure of any company is due primarily to the directors and the role of the board of directors in the implementation of the policy set by these shareholders. However, the board of directors may not conduct the process as planned. Therefore, the management and accounting control of the company by these shareholders was established in order to ensure the continuity of the company by activating the so-called governance mechanism, which aims to detect the deficiencies and abuses in the field of management. However, there are several factors that negatively affect this control role of shareholders. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to assess the impact of corporate governance on Vietnam banks' performance measured by ROA (return on assets) and OER (operating efficiency ratio). The article uses a research method which is a quantitative research method through the construction of a binary Probit model with two aggregate variables, namely Macroeconomic indicators and financial index variables. The results are consistent with prior research findings, and more importantly, presents statistical justification for pursuing further corporate governance reforms to enhance Vietnam banks' performance. These findings also lay a foundation for policy makers to make necessary changes to improve corporate governance (i.e role of board of directors, shareholder issues) of Vietnam banks in the future. Social Implications: the study used Vietnam listed banks' financial data collected covering a period 2008 to 2018. The findings indicated that board size, CEO duality and large shareholder had statistically significant effect on bank performance in both ROA (return on assets) and OER (operating efficiency ratio). While institutional shareholders and foreign shareholders made no impact on Vietnam banks' performance. [ABSTRACT FROM AUTHOR]

The current study examines the impact of executives’ compensation on firm over-investment. It uses the panel data of 215 USA non-financial listed firms during the period 2007-2019, and it employs an explanatory research with secondary financial data. The study outcomes show that total executives’ compensation is negatively associated with over-investment. It also found an insignificant relationship between over-investment and stock awards but a significant relationship with stock options, in addition to CEO compensation significantly reducing firms’ overinvestments. The inverse relationship between executive compensations and over-investment is consistent with the agency cost hypothesis. Accordingly, the hypothesis that states that there is a positive relationship between executive compensation and over-investment is accepted. [ABSTRACT FROM AUTHOR]

The Queensland Smelting Company smelters were established in 1890 to treat base metal ores for all of Queensland, the first time it had been done in the colony. The choice of a site at Aldershot on Saltwater Creek 17 kms north of Maryborough was largely due to the investors' ownership of the land there. Aldershot smelters are an example of British investment in the Australian mining industry in the 1880s. The company employed one of the world's most acclaimed smelter managers, Ernest Weinberg from Anaconda in the United States. The smelters worked efficiently but the company failed for lack of ore and closed in 1906. [ABSTRACT FROM AUTHOR]

The head-spinning developments in technology and the consequent communication possibilities have made our personal information more vulnerable than it was in the past, making it possible to be acquired by others. The transfer of our personal information into the hands of others has brought unfair use of this information into the agenda. Furthermore, personal data is being used by several companies to the point where consumers are being the prey! In order to overcome such setbacks, a new field of law has appeared where the basic principles and institutions have been defined. This new field of law was called the personal data law or the law of protection of personal data. In terms of the law of processing and protection of personal data, it is important to analyse the method of legal protection against a violation and also the type and extent of shareholders' personal data shareholders to be processed by the joint stock company. This study will be examining the personal data of the shareholders that can be processed in joint stock companies and the legal protection that may be needed in case they are unjustly processed. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Universal Excellence (JUE) / Revija za Univerzalno Odličnost (RUO) is the property of Fakulteta za Organizacijske Studije v Novem mestu 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.)

Since 2014, the ECB has been competent for the granting and withdrawal of banking licences in the euro area. On 5 November 2019, the Court of Justice ruled on three appeals from an order of the General Court on the admissibility of an action for annulment against such a withdrawal. In addition to procedural oddities, the case is interesting from the substantive point of view: it constitutes an excursion of European law into an area traditionally thought to be governed exclusively by national law, namely the representation of legal persons incorporated nationally. The present article argues that this was motivated by a dilemma: it was necessary to avoid an outcome which would be unacceptable from a fundamental rights and effective judicial review perspective; this could be achieved by either undertaking such an excursion, or by deviating from established case law on non-addressee standing under the Plaumann formula. The two courts took different views as to which was the lesser of these two evils. On a more general scale, the judgment demonstrates that, where the ECB--unique among EU Institutions--applies national law, the Union courts will not shy away from superimposing European fundamental rights over such national laws. [ABSTRACT FROM AUTHOR]

This study conducted an empirical analysis of SSE-listed companies to verify the effects of evaluation and disclosure of internal control systems on the agency costs management and controlling shareholders. Agency costs can affect the valuation of accounting information as asymmetry of information in the relationship between a company and its stakeholders, or induce financial costs as an adverse selection. If the firm's agency costs are reasonable, the valuation of the company can also move in a relatively positive direction. In this study, the evaluation information of the internal control system was analyzed through sales management ratio and equity ratio as substitute variables to analyze the relationship between management and agent costs of the controlling shareholders. In addition, independent control ratio, capital balance ratio, and company scale were used as control variables, as a result of the analysis, the evaluation information of internal control was found to be related to the agency costs of managers and governance structure. This study can be conducted to positive factors in evaluating the reliability and corporate value of accounting information according to the evaluation of internal control of SSE-listed companies and helps to understand the financial reporting environment. [ABSTRACT FROM AUTHOR]

This study investigates management communications in annual general meetings (AGMs) from a narrative perspective. This study evaluates the effective elements of AGMs from the shareholder's viewpoint. According to the theoretical framework, the authors developed a conceptual model and extracted the suggested narrative model for the first time. The shareholder's perception was measured through a questionnaire survey containing three sections -- narrative, audience, and narrator -- with 32 indicators from 151 shareholders measuring shareholders' opinions about AGMs in Iran. The results indicate that although shareholders do not consider the AGM communications made by management board as a narrative, they obtain relevant information with a logical flow in AGMs, and believe that these relations are useful. The characteristics of the management board impact on the persuasiveness of their communications. The results supported the mediating effect of AGM communication between managers and shareholders. [ABSTRACT FROM AUTHOR]