Dissertations / Theses: 'Share ownership'

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Råsbrant, Jonas. "Essays on Share Repurchases and Equity Ownership." Doctoral thesis, KTH, Entreprenörskap och Innovation, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-122236.

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This thesis comprises five empirical essays using Swedish data. Three of the essays examine open market share repurchases, one essay investigates changes in investors’ shareholdings surrounding equity rights offerings (ROs), and the last essay investigates owner-managers’ equity portfolio choices. The first essay examines stock performance around initiation announcements of open market share repurchase programs, the price impact of repurchase trading and the long-run stock performance following the initiation announcements. The study uses a unique data set of initiation announcements and actual share repurchases conducted by firms listed on the Stockholm Stock Exchange (SSE). The results show that initiation announcements of open market repurchase programs exhibit a 2 day abnormal return (AR) of 2% on average. The price impact on the actual repurchase days is positively correlated with the daily repurchase volume, and is both statistically and economically significant during the first 3 repurchase days in a repurchase program. The long-run abnormal stock performance is positively associated with the fraction of shares bought in the program and is on average 7% for the first year following the initiation announcement. The results indicate that repurchase trading provides price support and that the market participants detect and perceive the initiation announcement and the first repurchase days in a repurchase program as a signal of undervaluation. The second essay examines differences in the market performance of Swedish firms that initiate repurchase programs infrequently (1-2 programs), occasionally (3-4 programs) and frequently (5 or more programs) over the period 2000-2009. It is found that infrequent repurchase programs are greeted with a stronger positive reaction than occasional and frequent programs. However, over the long-term, infrequent repurchase programs show no AR while occasional and frequent repurchase programs show significant positive ARs. A positive relationship between AR and repurchase size is documented for all types of repurchase programs. The third essay examines the market liquidity impact of open market share repurchases in an electronic order-driven market. The study uses a detailed data set of daily repurchase transactions on the SSE together with intraday data on bid-ask spreads and order depths which enables an investigation of the liquidity effects on the actual repurchase days. It is found that repurchase trades inside the order-driven trading system contribute to market liquidity through narrower bid-ask spreads and deeper market depths. After controlling for trading volume, price and volatility, a significant decrease of the bid-ask spread on repurchase days relative to surrounding non-repurchase days is still found. However, repurchases executed as block trades outside the order-driven trading system have a detrimental effect on the bid-ask spread, consistent with a negative response to the presence of informed managerial trading. The fourth essay examines changes in equity ownership surrounding ROs by firms listed on the SSE. The results show that domestic individual investors on average reduce their shareholdings following rights issues, whereas domestic institutional investors and foreign investors increase their holdings. However, when ownership changes are adjusted with changes in ownership in matched non-issuing firms, it is documented that domestic institutions significantly increase their shareholdings in RO firms, whereas foreign investors decrease their holdings in these firms. A positive (negative) association between the 6 month benchmark adjusted return following the offering and the change in shareholdings by foreign investors (domestic institutional investors) is also documented. Finally, the fifth and last essay investigates how Swedish owner-managers (CEO or Chairman) invest in the Swedish stock market conditional on a major investment in their own firm. No evidence is found that owner-managers seek diversification benefits when they invest in other Swedish stocks. In general, they choose other stocks that show higher correlation among themselves than the average Swedish stocks. It is also found that owner-managers within high-tech industries invest significantly more of their total Swedish stock investments in IT stocks than owner-managers within other industries.

QC 20130515

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Trewhitt, Lisa. "Employee share ownership in the UK bus industry." Thesis, University of Bedfordshire, 2004. http://hdl.handle.net/10547/322256.

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The aim of this thesis was to generate a series of propositions identifying the elements most likely to be found in 'durable' employee-owned organisations. Previous studies in the field had often been marked by the assumption that benefits associated with employee share ownership, including reduced 'social divisions' between employees and their managers and a greater propensity among the former to work harder, would follow in all employee-owned enterprises, Few researchers had addressed the 'empirical reality' and 'diversity' of individual employee share ownership conversions and the circumstances in which systems had been created, implemented and subsequently managed by organisations.' Areas covered by the thesis included an examination of employee participation structur'es in different employee share ownership environments and 'feelings of ownership and commitment' among employee shareholders. The thesis also considered whether the 'traditional' trade union role would be undermined by new forms of representation and participation resulting from the introduction of employee share ownership programmes, Applying an extensive 'multimethod' approach, quantitative and qualitative data were collected over an eighteen-month period from six organisations in the UK bus industry -regarded by the mid 1990s as the most important locus of employee-owned companies. In 1994, some twenty-five UK bus companies were defined as 'employee-owned', generally consisting of non-managerial employees holding at least 25 per cent of the equity in their work places, Results from the investigation revealed that 'direct monetary investment' by employees and extensive information and communication programmes were among the elements characterising durable employee-owned organisations, Preservation of the 'traditional' trade union role was also evident, with employee shareholders generally content to participate in company matters through their union, More broadly, the thesis concluded that recognition in future research of the interplay of different variables was essential to increase understanding in relation to employee commitment, participation and industrial relations outcomes.

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McConville, David. "Employee interpretations of employee share ownership and its impact : the role of psychological ownership." Thesis, Loughborough University, 2012. https://dspace.lboro.ac.uk/2134/9785.

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This interpretive study explores the effect of employee share ownership (ESO) plans (SIP, EMI and SAYE) on employee attitudes and behaviours at work by taking into account the role of Psychological Ownership (PO), characterised by feelings of "mine" and "ours". The key concepts and relationships specified in positivist causal models of ESO and PO were translated into a set of interview questions and were used to explore with 37 ESO plan participants and 9 ESO plan managers whether the causal models fit with the way they explain for themselves their experiences of and reactions to employee share ownership. In doing this, the study has responded to suggestions made in the research literature to compare the attitudinal effects of different types of employee ownership, avoid the manipulation of large, readily available data sets, and to provide insights into the causal processes surrounding ESO. Overall, three main themes can be identified from employees responses, which appeared to have some influence on whether or not the share plan was felt to have an impact. First, employees interest in making money, and expectations of whether they would, played a large part in their explanations of ESO s impact. A number of employees felt the share plan helped retain them in the organisation. However, this did not appear to be because the plan was making then more committed, in the sense that they would feel more emotionally attached, or a greater sense of identification with the company. Instead, the plan was retaining employees by causing them to make an assessment of the costs associated with leaving (continuance commitment). Second, many of the ESO outcomes featured in the academic literature were already felt to be experienced by employees at work and ESO was felt to only be able to add in a small way to what was already being experienced. Finally, in some situations ESO represented something quite meaningful to employees. ESO was sometimes interpreted as being a sign that the company valued employees, wanted them to feel part of the company, or that the employees were important to the company. The offer to participate in ESO was interpreted in some cases as being an acknowledgement of hard work, and an indication of how the company wanted employees to feel. This was found to enhance ESO s capacity to impact how employees felt at work. However, with regards to most outcomes explored in this study, employees reported little or no impact from ESO. Findings suggested that the ESO plans, even when they were felt to lead to feelings of PO, provided little incentive to work harder. PO was also found to play little or no part in employees explanations of how share plans had an impact or why they did not. Employees felt they had a long wait before making a financial return and no tangible day to day benefits of ESO. This led the plans, and the potential gains that could be made, to be perceived as very long term, and easily forgotten. Finally, this study highlights a mismatch between the causal models of ESO and PO, the conventional wisdom of ESO, the views of the ESO managers, and the interpretations of the employees who were interviewed and raises the question of whether ESO achieves what it is intended (and often believed) to achieve.

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Mohmad, Adnan B. Alias. "An empirical study of employee share ownership in Malaysia." Thesis, University of Stirling, 2003. http://hdl.handle.net/1893/3429.

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Malaysia is one of a number of developing countries that have used employee share ownership schemes as part of its strategy to further economic development. There is a considerable literature on employee share ownership. However most of it has been based on schemes implemented in developed countries where their contextual environments are different from the one in Malaysia. It is expected that the different context will affect the implementation and the outcome of the schemes. This study looks at a number of issues related to the 'employee share option scheme' (ESOS), a common form of employee share ownership scheme in Malaysia. First this study identifies the nature and structure of the schemes implemented in the country. This is important as the nature of the scheme can affect its effectiveness. Furthermore, the type of scheme introduced in Malaysia has been distinctive. Second this study looks at the objectives of companies in introducing the schemes and their perception of the scheme's effectiveness. Third this study looks at the employees' understanding of the schemes and the relationship of the scheme to employees' attitudes and to organisation identification. Fourth, the relationship between the schemes and trade unions is identified. The results of this study shows that the nature and the structure of the schemes seem to be localised to suit the Malaysian context, even though the objectives of management in implementing them seem similar to the objectives of managers elsewhere. One interesting finding from this study, which does not seem to have been found elsewhere is that ESOS tends to be used by the government as part of its strategy to close the economic disparity between the ethnic groups and to educate its citizens about shares as part of its National Economic Development Policy. One of the other findings was that although on one measure (a comparison of participants and non-participants) there seems to be no significant effect on attitude towards work and company, on another measure (the employees' perception of the effect of membership of an employee share option scheme) participation seems to have a positive effect on identification with the company. Two factors that seem to differentiate Malaysia from other countries are its ethnic groups and its religion. These two variables appear to be related to the employees' view of the success of the scheme. The findings of this study also suggest that the role of trade unions does not appear to have been affected by the introduction of the employee share option scheme. On the contrary, the scheme seems to have strengthened the role of the union. Finally, this study looks at the overall relationship of the scheme to the contextual factors of the country. It is suggested that to some extent the contextual factors of the country seem to have influenced the implementation and the outcome of the scheme. This conclusion raises and strengthens the questions about the universality of implementation and the outcome of employee share ownership schemes.

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Suzuki, Kazunori. "Essays in new equity issues and ownership." Thesis, London Business School (University of London), 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.314231.

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Sengupta, Sukanya Sunil. "The impact of employee share-ownership schemes on organisational performance." Thesis, Cardiff University, 2005. http://orca.cf.ac.uk/55428/.

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Pinet-Eve, Alexander. "Employee-share-ownership : Human Resources Management and employees behavioural outcomes." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-182865.

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Employee share ownership (ESO) is widely defended as a competitive organisational structure to increase organisational productivity through higher labour performance. Research on the relationship between ESO and labour performance produced mixed results when looking at the commitment and labour turnover. With more than 50% of all companies in Europe providing ownership to their employee, this research studies how ESO influence the labour performance building from previous research on Human Resource Management and employees’ behavioural outcomes. This study uses a quantitative design to analyse French workers' labour performance and compare the results between employees' owners and non-owners. Extrinsic and instrumental satisfaction resulting from HRM policies were considered to influence employees’behavioural outcomes. Finally, these satisfaction indicators were tested for moderation between ESO and the behavioural outcomes.This research finds a significant relationship between ESO and commitment. Moreover, extrinsic, and instrumental satisfaction predicted commitment. Only extrinsic satisfaction resulted in a decrease in employee's intention to turnover. Results show that instrumental satisfaction moderates the relationship between ESO and commitment, such as employees in an organisation with ESOwill exhibit more significant commitment as their employers increase their ability to be autonomous and participate in decision-making. However, the results defend that extrinsic satisfaction is a more significant predictor for turnover and instrumental satisfaction for commitment than ESO. These results suggest that ESO cannot systematically explain increased commitment and lower intention to turnover, as the behavioural outcomes change depending on how the organisation supports their employee’s satisfaction and that the employees' values and beliefs are different in ESO compared to employees in traditional organisations.

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Akponah, Voke Blessing. "The adoption of employee share ownership plans (ESOPs) in Nigeria." Thesis, Nelson Mandela University, 2017. http://hdl.handle.net/10948/13834.

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This study investigated the factors that influence the adoption of ESOPs in Nigeria. Furthermore, the study investigated the influence of the adoption of ESOPs on organisational performance, employee retention and employee commitment. The study results reveal that trade union responsiveness, reforms, awareness of employee benefits and taxation implication positively influence the adoption of ESOPs based on transparency. The results in this study further reveal that trade union responsiveness, takeovers, reforms, awareness of employee benefits and taxation implication effectively influence the adoption of ESOPs based on two-way communication. In addition, the study results reveal that trade union responsiveness, takeovers, reforms, awareness of employee benefits and trust positively influence the adoption of ESOPs based on empowerment. The study further reveals that adoption of ESOPs based on transparency, two-way communication and empowerment leads to organisational performance, employee retention and employee commitment. This study, being the first of its kind in Nigeria, filled the gap that existed in the Nigerian literature in respect of the awareness and adoption of ESOPs. This study provides literature and theoretical model that can be used as a foundation by organisations and the government to start up the adoption of ESOPs. This study showed that ESOPs is beneficial to boost the economy, enhance desired organisational outcomes (organisational performance, employee retention and employee commitment) and meet the financial and retirement needs of employees. However, for organisations and employees to enjoy the full benefits of ESOPs, underlying forces such as, trade union responsiveness, takeovers, reforms, awareness of employee benefits, trusts and taxation implication must be taken into account. Furthermore, the adoption, implementation and operations of ESOPs will be successful management, trade union leaders and employees utilise strategies such as, transparency, two-way communication and empowerment.

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Wong, Sau-shing Pierre. "A study of the correlation of share price movements of Taiwan listed companies with cross holdings /." Hong Kong : University of Hong Kong, 1997. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18836288.

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Ivancic, Antonny John Social Sciences &amp International Studies Faculty of Arts &amp Social Sciences UNSW. "The transformation in direct private share ownership in Australia: Embourgeoisement? Democracy?" Publisher:University of New South Wales. Social Sciences & International Studies, 2008. http://handle.unsw.edu.au/1959.4/42985.

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The increase in direct personal investment in capital market assets by Australians over the past two decades represents an unprecedented engagement with that sector of Australian economic life. This dissertation critically investigates claims that this engagement heralds a shareholder democracy. Increased economic participation based on private direct ownership of corporate securities could be interpreted as a weak form of democratisation. Using a class-theoretical framework, the dissertation conceptualises the private shareholder phenomenon as a process of embourgeoisement and argues that the development of a macro-level mass consumer financial products market is the result of capitalist class development and expansion. A thesis of strong democratisation proffers the notion that the private shareholder, as an ascendant class of financial actor, engages with real democratic processes in addition to simply owning securities. To test this thesis the dissertation measures the extent to which small shareholders control the objective conditions under which they accumulate greater wealth by seeking evidence of potential or actual engagement with macro-market and meso-corporate level social processes. The dissertation assesses macro-level practice by drawing on the work of Bourdieu and on notions of the social field. It considers the entry of the new class of financial actor to the financial field and analyses their capacity to accumulate and deploy informational capital, and compares their ability to influence a state-sponsored economic reform process (CLERP) with that of other actors. The dissertation analyses longitudinal ownership and shareholder voting data from a set of over 30 major Australian companies. It finds that the new class of economic actor is most prevalent in privatised state-owned enterprises and mutuals. In the context of an ideal Habermasian public sphere, the study considers the potential for small shareholders to participate in meso-level, corporate agenda-setting and deliberation. Using the ideal political space of Arendt, it searches for methods of achieving democratic outcomes. The dissertation finds that while the personal ownership of tradable financial assets may constitute a weak form of economic democratisation, small shareholders?? inability to influence real outcomes, even in companies in which they constitute the majority, places substantial restrictions on the overall strength of the share ownership-as-democracy thesis.

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Liang, Ping Barth James R. "What determines the foreign ownership share of a country's banking assets?" Auburn, Ala, 2008. http://repo.lib.auburn.edu/EtdRoot/2008/FALL/Economics/Thesis/Liang_Ping_47.pdf.

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Snape, Dawn Catherine. "Participation in and outcomes of employee share ownership : a case study." Thesis, London School of Economics and Political Science (University of London), 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.285703.

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The research was conducted in a case study organisation and involved two stages. An initial attitude survey was administered to employees in the first three months of the company's employee share ownership scheme and a second survey was administered eighteen months later. In addition to the surveys, data were also obtained via depth interviews with senior managers and group discussions with employees. A series of models were developed to test possible reasons why employees joined the scheme and the nature of the relationship between the reason for joining and both participation in the scheme as well as the level of investment made to the scheme. Of particular interest was whether financial capacity was a significant factor influencing whether employees joined or the level at which they invested. The results showed that two of the models of reasons for joining predicted either participation in the scheme or the level of investment made. Financial capacity was also highly significant in predicting both participation in the scheme as well as the level of the investment. Outcomes of the scheme, both attitudinal and behavioural, were examined using employees' self-reports and 'objective' measures comparing changes over time. Analysis was also conducted to determine whether reasons for joining influenced subsequent outcomes. Employees' indicated that they expected or experienced only modest attitudinal changes as a result of the scheme and they did not expect behaviour to change. The 'objective' measures confinned that neither participation in the scheme, nor the level of investment made to the scheme were significant predictors of attitudes or behaviour eighteen months after employees had joined. Attitudes generally declined over the eighteen months between the surveys, but this again was unrelated to participation or to the level of investment in the scheme. The employees' reason for joining also did not appear to be a significant predictor of attitudes.

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Liu, Xiaoyan. "Share ownership distribution, non-renewable resources extraction rate and pollution intensity." Thesis, Durham University, 2012. http://etheses.dur.ac.uk/6954/.

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There is increasing concern for scarcity of natural resources and deterioration of the environment due to economic activity. Although theoretically the Hotelling rule not only provides an optimal extraction for the resource owner's profit maximization problem but also provides the optimal solution for society as a whole, the rule fails to fit the facts and only applies to the idealised world for which it was constructed. In particularly, when the resource firm realises it can affect its price depending on extraction, shareholders will disagree on the extraction rate. Thus, how to deal with the shareholders' interests and make decisions for resource firms is of central importance. Endogenizing firms' objectives through shareholder voting via majority rule is considered as the solution. This thesis analyzes the behaviour of resources firms in shareholder voting equilibrium when the firms' decisions are taken through shareholder voting. Firstly, theoretical models are formulated for the extraction rate and pollution intensity of resources firms respectively. We show that the share ownership owned by the largest shareholder is an important determinant of extraction rate and pollution intensity. Moreover empirical studies using panel data are conducted to test the hypothesis. We find strong evidence supporting our theoretical implications. As for the extraction rate in resource firms, the results indicate a significant and negative relation between extraction rate and the share owned by the largest shareholder. However, a significantly positive relation is found using oil fields level data. As for the pollution emissions in firms, we find the firm where the largest shareholder holds a larger share will have lower pollution intensity.

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Bakan, Ismail. "The effects of profit sharing and employee share ownership schemes on employee motivation." Thesis, Coventry University, 1999. http://curve.coventry.ac.uk/open/items/83c72d39-4fa0-f4ce-1163-f8eb35c3dd88/1.

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This thesis investigates the effect of profit sharing and employee share ownership schemes on employee job attitudes and behaviours by taking into account the critical role of participation in decision making. The data were obtained from a large British retail organization operating profit sharing (PS) and save-as-you-earn (SAYE) schemes. This is a quantitative study in which the data were gathered through a questionnaire. The unit of analysis is the individuals who responded to the survey, and the study is cross-sectional. To analyse the data a variety of statistical techniques, namely frequency, Pearson correlation, partial correlation, t-test, chi-square (X2), reliability, multiple regression, hierarchical regression, and path analyses, were conducted using SPSS. The sample comprised 1,000 employees subdivided into groups of managerial and non-managerial employees, and participants in schemes and non-participants in schemes. The administration of the questionnaire resulted in 450 returns (430 usable), an overall response rate of 45%. This study addresses four main research questions: (1)What are the effects of profit sharing and employee share ownership schemes (financial participation) on the job attitudes of individual employees in a large organization? (2) What are the effects of participation in decision making on employee job attitudes in a large organization? (3) What are the relative effects of financial participation in comparison to the effects of individual participation in decisions? (4) Does the combination of financial participation and participation in decision making produce more favourable effects on employee job attitudes than does participation in decision making on its own? The aim of this study was to construct a more advanced model of profit sharing and employee share ownership schemes by reviewing the theoretical and empirical literature and testing two theoretical frameworks, those developed by Long (1978) and Florkowski (1989). After reviewing the employee participation literature and testing Long's and Florkowski's models, it was found that both financial participation and participation in decision making have separate effects on employee job attitudes and behaviours, even if financial participation has a small (not statistically significant) impact on some attitudes and behaviours. Since financial participation shows a negligible effect on some job attitudes, and participation in decision making has a stronger effect on job attitudes than has financial participation, the new model is constructed on the assumption that both (a) the combination of financial participation and participation in decision making and (b) participation in decision making produce favourable effects on employee job attitudes, such as integration, involvement, commitment, satisfaction, motivation, perceived pay equity, and perceived performance-reward contingencies. The test of the new model shows that both (a) the combination of fmancial participation and participation in decision making and (b) participation in decision making produce favourable effects on employee job attitudes and behaviours, but the combination of financial participation and participation in decision making does not produce more favourable effects on employee job attitudes than does participation in decision making on its own. It should be noted that it is not known in this research whether financial participation changed employees' actual influence in decision making, as the study did not collect any data on this question. Therefore, there is the possibility that if the same study were conducted in organizations with financial participation schemes which increase employees' influence in decision making, the effect of the combination of financial participation and participation in decision making might be found to be stronger than that reported in this dissertation.

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Bohlin, Ludvig. "Network analysis of the share ownership structure on the Swedish stock market." Thesis, Umeå universitet, Institutionen för fysik, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-56593.

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The stock market is an example of a complex system, i.e. it consists of a number of traders, interacting in such a way that their collective behaviour, the behaviour of the market, is not a simple combination of their individual behaviour. One of the most important tasks in modern finance is finding efficient ways of summarizing and visualizing the stock market data to obtain useful information about the behavior of the market. In this thesis we investigate the possibility of finding a way to summarize and cluster share ownership data from the Swedish stock market. This is done by using a network approach to analyze the structure of the share ownership in order to find significant patterns in the data. The analysis of the network is performed with the community detection algorithm InfoMap, which turns the problem of finding clusters into the problem of optimally compressing the flow of information on the structure of the network. The results of the analysis indicate that it is possible to find significant patterns in the ownership data when looking at the holdings of individuals using a binary approach. By using the clusters with the largest information flow, a majority of the analyzed individuals are categorized into clusters that accommodates for different properties regarding the ownership of the included individuals. The clustering results are visualized using alluvial diagrams which also are used to display changes that occur in the ownership structure between two dates.

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Puleo, Michael. "Insider Share-Pledging and Firm Investors." Diss., Temple University Libraries, 2016. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/386109.

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Business Administration/Finance
Ph.D.
Corporate insiders frequently borrow from lending institutions and pledge personal equity shares as collateral for the loan. Using manually collected pledge data for January 2007-December 2011, I examine how this phenomena affects firm investors and analyze agency conflicts between pledging managers and (a) outside shareholders, and (b) bondholders. Pledging potentially influences investor risk through changing managerial incentives and/or contingency risk from ill-timed margin calls. Findings suggest influential insiders extract private benefits of control at the expense of outside shareholders through pledging. Difference-in-differences regressions utilizing an exogenous shock to lending supply indicate pledging corresponds with a 9.9% relative increase in stock volatility – controlling for changes in fundamentals – and support a causal interpretation of the relation between pledging and equity risk. Despite apparently harming equity investors however, further analysis suggests pledging benefits bondholders, and corresponds with an economically and statistically significant reduction in yield spreads on corporate bonds. Robustness tests evidence reductions in risky financing when insiders pledge, corroborating the negative relation between pledging and cost of debt and consistent with mitigated agency conflicts between managers and bondholders.
Temple University--Theses

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Pan, Huifen. "Core-Staff-Based ESOPs : a new concept of employee share ownership in China." Thesis, Université de Lorraine, 2021. http://www.theses.fr/2021LORR0022.

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Notre recherche vise au développement des mécanismes de l’actionnariat salarié en Chine (dénommé ci-après AS). Nous tentons de combler des lacunes en connaissances, de chercher une vérité derrière des stéréotypes, de réviser les analyses de performance et d’étudier l’écologie organisationnelle du développement de l’AS dans les contextes spécifiques en Chine. À cet effet, nous construisons le cadre théorique avec les théories de l’organisation et de prise de décisions, et utilisons les techniques de grandes données pour réaliser les études empiriques. Nous relevons que la structuration isomorphique ne survient pas entre les entreprises chinoises et occidentales à cause de l’environnement spécifique en Chine. En revanche, deux mécanismes d’AS, ayant émergé pendant les différentes périodes historiques, peuvent fusionner sous un nouveau modèle dénommé « Core-staff-based ESOPs ». Étant distinct de « broad-based ESOPs » et de « executive-based ESOPs », ce mécanisme de l’AS demande la qualification des participants, impliquant la participation des administratifs supérieurs, des directeurs au niveau moyen et d’autres employés qui contribuent particulièrement à l’entreprise. Nous explorons aussi les motivations des entreprises de l’AS à travers des analyses institutionnelles, des caractéristiques d’entreprises et de performance. Nos constats rejettent les impacts coercitifs et les désirs risquophiles dans les situations peu performantes ; toutefois, ils soutiennent les effets apportés par les spécificités d’entreprises et les politiques institutionnelles. Nous contextualisons d’ailleurs le modèle des coûts d’agence sur la base des analyses en prospects. Sur la base des régressions effectuées avec 119 994 données trimestrielles du panel pendant 2006-2018, nos résultats confirment les effets positifs engendrés par les « Core-staff-based ESOPs ». Enfin, nous capitalisons les contributions des employés sous le potentiel « multi-capital », et découvrons les rôles de l’AS dans l’innovation, lequel permet aux entreprises Hi-Tech d’augmenter leurs chances de survie dans l’écosystème de l’innovation
Our underlying thesis focuses on the development of employee share ownership plans in China (called ESOPs as below). We attempt to fill knowledge gaps, search for a truth behind stereotypes, revise performance analyses, and study the organizational ecology of ESOP development in the specific contexts of China. For this, we construct our theoretical framework with the theories of organizations and decision-making, and apply specific big data skills for empirical studies. Our findings reveal that isomorphic structuration has not occurred between Chinese firms and western firms due to China’s specific environments. However, two ESOP mechanisms having emerged in different periods can be merged into one new model called Core-staff-based ESOPs, because of the similarity in structures, objectives and procedures. Distinct from broad-based or executive-based ESOPs, this particular ESOP mechanism requires participants’ qualification, involving the participation of senior executives, directors at the middle level and any other employees that make particular contributions to firms. In a society where traditional values conflict with new ESOPs’ inherent properties, we explore ESOP firms’ motives with institutions, firm characteristics, and performance analyses. Our findings reject coercive impacts and risk-taking desires in worrisome situations but support the effects of firm specificities and particular institutional policies, which would have encouraged a specific group of Chinese firms to challenge. We also contextualize the agency cost model with the resource-based analyses in prospects. Based on the regressions conducted with 119994 firm-quarter panel data during 2006-2018, our results confirm the positive effects of Core-staff-based ESOPs in improving firms' performance, reducing business risks, and increasing firms' market values in the normal business situations. Finally, we capitalize employees’ contributions in the multi-capital potential and unveil the roles of “Core-staff-based ESOPs” in innovation, which enable Hi-Tech firms to increase their survival chances and enhance the innovation ecosystem’s efficiency as a whole

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Wong, Sau-shing Pierre, and 黃守誠. "A study of the correlation of share price movements of Taiwan listed companies with cross holdings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B31268390.

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Gratton-Lavoie, Chiara. "Essays on Privatization." Diss., Virginia Tech, 2000. http://hdl.handle.net/10919/29010.

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Selling state-owned enterprises to the private sector has become a popular policy for governments all around the world. Chapter 1 provides an historical perspective on privatization, and it describes the objectives and the privatization techniques that have been adopted by many governments since the late 70s. The chapter then focuses on two important issues in the privatization debate, the underpricing of shares and the effect of ownership on performance. It reviews the most significant theoretical and empirical contributions to the analysis of these two issues, and it introduces the questions addressed in the remaining chapters of this dissertation. In Chapter 2 I consider a government that first privatizes a company and then competes for votes against a political opponent. The government's objective is to choose the price of shares and the level of promotional effort to maximize its total net revenues. After the sale of the company to the public there is an election and the two parties announce what expropriation rate they would implement if they win the political competition. I show that in this context it is optimal for the party in power in the first period to actively promote the sale and to underprice the stock with respect to its true value, in order to increase the size of the shareholders' interest group that will vote for the party announcing a low expropriation rate. In Chapter 3 I estimate the long-term impact of the British privatization program of the 70s, 80s, and 90s, on the government's finances. For a large sample of British companies that were privatized in the years 1979 to 1994, regression analysis shows no effect of change in ownership on company's gross profitability. This information is then combined with estimates of all relevant costs (implicit and explicit) and revenues for each sale, to assess the long-term effect of the privatization policies on the government's net worth. The results show that "Selling the State" generated considerable losses for the British Government.
Ph. D.

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Bengtsson, Elias. "Shareholder activism of Swedish institutional investors /." Stockholm : School of Business, Stockholm University, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-610.

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Митрофанова, Анастасія Сергіївна. "Суперечності та шляхи розвитку акціонерної власності як напряму соціалізації виробничих відносин." Thesis, Харківський національний економічний університет ім. Семена Кузнеця, 2015. http://repository.kpi.kharkov.ua/handle/KhPI-Press/19470.

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Наявність протиріч між постіндустріальним технологічним способом виробництва і сучасними виробничими відносинами зумовлює необхідність їх вдосконалення, одним з напрямів якого стає розвиток акціонерної форми власності. Метою статті є виявлення проблем та суперечностей розвитку акціонерної власності, а також визначення шляхів її розвитку в Україні, із урахуванням необхідності підвищення її соціального змісту. У дослідженні використано такі методи: діалектичний, системного підходу, порівняння. У статті виявлено дві групи суперечностей акціонерної власності: породжені її сутністю як поєднання реального та фіктивного капіталу, а також породжені конфліктом економічних інтересів суб'єктів акціонерних відносин. Проаналізовано специфічні проблеми акціонерної власності у країнах з перехідною економікою. Запропоновано систему заходів державної політики розвитку акціонерної власності в Україні.
Contradictions between post-industrial technological mode of production and modern production relations determine the need to improve production relations, one of the areas of which is corporate ownership development. The aim of the article is to identify the problems and contradictions of corporate ownership, as well as to identify ways of its development in Ukraine, taking into account the need to improve its social content. Following methods were used in the study: dialectical, systematic approach, comparison. The article reveals two groups of contradictions of corporate ownership: generated by its essence as a combination of real and fictitious capital, as well as generated by the conflict of economic interests of shareholders. Specific problems of corporate ownership in the countries with transitive economies were analyzed. System of public policies of corporate ownership development in Ukraine was offered.

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Eriksson, Oscar, and Henrik Pedersen. "Manipulation av informationsflöde vid aktieåterköp : studie om bolag noterade på Stockholmsbörsen." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-12848.

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Aktieåterköpen har haft en stor utveckling globalt sett den senaste tiden och sedan det blev rättsligt tillåtet i Sverige år 2000 använder allt fler företag aktieåterköp som metod för att distribuera pengar till sina aktieägare. Tidigare forskning visar att företagsledningar innehar en stor handlingsfrihet när det gäller publicering av nyheter och de kan till stor del styra hur företagets interna nyhetsflöde utges till marknaden. Tidigare studier åskådliggör att företagsledningar utnyttjar denna handlingsfrihet och strategiskt publicerar information för att gynna sig själva. Manipulation av nyhetsflödet vid aktieåterköp är dock ett mycket outforskat område där de få studier som förekommer har genomförts i USA. Syftet med den här uppsatsen är att undersöka och klargöra om och i vilken omfattning svenska företagsledningar manipulerar nyhetsflödet vid aktieåterköp med avsikten att gynna sig själva. Studien ska förklara om svenska företagsledningar medvetet ändrar innehållet och tidpunkten för deras nyheter i samband med aktieåterköp. Tidigare amerikansk forskning påvisar att företagsledningar publicerar fler negativa nyheter innan ett aktieåterköp med intentionen att få en nedåtdrivande aktiekurs där aktierna återköps till ett lägre pris. Efter aktieåterköpet publiceras fler positiva nyheter för att driva upp aktiekursen igen. Uppsatsens studie visade att svenska företagsledningar publicerade fler negativa nyheter innan ett aktieåterköp och till viss del fler positiva nyheter efter ett aktieåterköp. Resultatet i uppsatsen innehöll en för hög signifikansnivå och därför var inte resultatet tillräckligt tillförlitligt för att vara statistiskt signifikant. Resultatet tolkas som att svenska företagsledningar inte manipulerar nyhetsflödet i samband med aktieåterköp i lika stor omfattning relativt företagsledningar i USA. Anledningarna till det är främst på grund av de påtagliga skillnaderna i ägarstruktur mellan Sverige och USA. Avslutningsvis diskuteras förslag till framtida forskning där det vetenskapliga arbetet om ämnesområdet skulle kunna utvecklas genom att utöka undersökningen till fler delar av Europa. På så sätt skapas en bredare bild över hur vanligt förekommande manipulation i samband med aktieåterköp är i olika delar av världen.
Share repurchases has increased a lot globally recently and since it was legally permitted in Sweden 2000, more companies use share repurchases as a method of distributing cash to their shareholders. Previous research implicates that corporate managers have a lot of control when it comes to publishing news and they can largely control the company's internal newsfeed that is published to the market. Previous studies illustrate that corporate managers trade on this control and strategic publishes information to benefit themselves. Manipulation of news feed when it comes to share repurchases is a largely unexplored area. The few studies that exist have been conducted in the United States. The purpose of this paper is to investigate and clarify if and to what extent Swedish corporate managers manipulate the news feed related to share repurchases with the intent to benefit themselves. The study will explain how the Swedish corporate managers consciously change the content and timing of their news related to share repurchases. Previous American research shows that corporate managers publish more negative news before a share repurchase with the intention of repurchase shares at a lower price. Following the share repurchase corporate managers published more positive news to push up the stock price again. This paper showed that Swedish company managers published more negative news before a share repurchase and some more positive news after a share repurchase. The result in this paper was not within the significance level and therefore was not the result reliable enough to be statistically significant. The result is interpreted as the Swedish corporate managers do not manipulate their newsfeed related to share repurchase as much as corporate managers in the United States. The reason for this is mainly due to the considerable differences in ownership structure between Sweden and the United States. Finally, we discuss suggestions for research in the future where the scientific work in the subject could be developed by extending the survey region to more parts of Europe. This would create a broader picture of how common manipulation related to share repurchase is in different parts of the world.

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Zhou, Xianxian. "The impact of split share structure reform on corporate governance in China : an empirical analysis of ownership structure and firm performance of listed companies." University of the Western Cape, 2011. http://hdl.handle.net/11394/5222.

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Magister Economicae - MEcon
China has embarked on a wide range of economic reforms in the past thirty years. One of the major reforms was to restructure state-owned enterprises (SOEs) into public listed companies (PLCs) to improve the performance and quality of corporate governance of SOEs. However, the unique phenomenon of China’s equity market is that the state continues to hold a controlling stake in PLCs with less than 40% of shares tradable in the stock market. This seriously affects the performance and quality of corporate governance of China’s PLCs. This mini-thesis investigates the effects of split-share structure reform on SOEs in China, with particular focus on an analysis of the relationship between ownership structure and firm performance of listed companies. By using a sample of the top 50 companies based on the ranking of the 2004 Fortune top 100 PLCs, a negative correlation was found between the state ownership structure and firm performance of China PLCs before the announcement of split-share structure reform. However, by using the same samples and techniques, the analysis shows that the improvement in the diversified ownership structure had a positive impact on firm performance in China PLCs after the reform.

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Jälminger, Marcus, and Filip Rosendahl. "Ägarkoncentration och internt ägande i aktieåterköpande och icke-återköpande bolag : En kvantitativ tvärsnittsstudie som jämför bolag noterade på Stockholmsbörsen." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-41501.

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Aktieåterköp är en snabbt växande företeelse och är på grund av tidigare lagar relativt nytt i Sverige jämfört med andra utvecklade länder. Aktieåterköp kan i vissa fall användas som ett substitut för utdelning, men kan även genomföras för att signalera marknaden och förhindra företagsuppköp. För att få en större förståelse för aktieåterköp har ett fåtal studier undersökt dess samband till ägarförhållanden på olika sätt. Dessa studier visar olika resultat i olika länder, vilket kan tyda på att landspecifika faktorer spelar roll vid undersökning av ägarförhållanden. Den aktuella studien undersöker hur ägarkoncentrationen och det interna ägandet ser ut i bolag som återköper aktier, samt om det finns någon skillnad i ägarkoncentration och internt ägande mellan aktieåterköpande och icke-återköpande bolag som är noterade på Stockholmsbörsen. Studien har en kvantitativ ansats och använder en tvärsnittsdesign för att besvara hypoteserna och jämföra de två grupperna. Hypoteserna är framställda utifrån den teoretiska referensramen som främst grundar sig i agentteori och asymmetrisk information. Resultatet visar hur ägarkoncentrationen och det interna ägandet ser ut för bolag som återköper egna aktier på Stockholmsbörsen 2019. Små skillnader kunde ur studiens resultat observeras mellan de två grupperna av observationer. Skillnaderna uppvisade ingen statistisk signifikans.
Share repurchases are a rapidly growing phenomenon and is relatively new in Sweden compared to other developed countries due to previous swedish laws. Share repurchases are often seen as a substitute for dividends, but can also be implemented to signal the market and prevent corporate acquisitions. Few studies have investigated share repurchases relation to ownership in various ways in order to understand the phenomenon further. These studies show different results in different countries, which may indicate that country-specific factors play a role when investigating ownership. The current study examines the ownership concentration and the internal ownership in companies that repurchase shares, and also if there is a difference in ownership concentration and internal ownership between companies that repurchase stocks and those who don’t. These companies are listed on Nasdaq Stockholm. The study has a quantitative approach and uses a cross-sectional design to answer the hypotheses and compare the two selected groups. The hypotheses are produced on the basis of the theoretical frame of reference, which is mainly based on agency theory and asymmetrical information. The results of the study indicate how the concentration and internal ownership looks for companies that repurchase their own shares on Nasdaq Stockholm. Small differences could be observed from the study’s results between the two groups of observations. The differences showed no statistical significance.

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Chbib, Imad. "An investigation into the impact of board composition and ownership structure on corporate performance : the case of the FTSE All Share listed companies." Thesis, University of Portsmouth, 2015. https://researchportal.port.ac.uk/portal/en/theses/an-investigation-into-the-impact-of-board-composition-and-ownership-structure-on-corporate-performance(b0d5ba14-a9ae-47bd-ab11-b264e64be840).html.

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The thesis investigates two major mechanisms of corporate governance in terms of their impact on corporate performance. These mechanisms are the composition of board of directors, and the ownership structure. The thesis focuses on the UK FTSE All Shares non-financial firms. The reason for excluding financial firms was the different regulations that monitor the financial sector, and by excluding this sector from the study, findings more comparable with prior research can be obtained. The sample size arrived at 363 companies that had survived at least four years in the FTSE All shares between the year 2005 and 2010. The main hypotheses tested were whether board composition and ownership structure have an impact on firm performance, using Tobin’s Q (TQ) as a market based performance measure, and Return on Assets (ROA), Return on Equity (ROE), Return on Capital Employed (ROCE), and growth in total sales (SGRTH), as accounting-based performance measures. Correlation and multi-regression analysis (univariate and multivariate regression) were carried out to test these hypotheses. The results suggested a high positive association between board size and TQ, and insignificant association between board size and accounting-based performance measures (ROA and ROE), while some evidence was found of an impact of an independent board on firm performance. The results also found a negative association between blockholdings and performance during the financial crisis in 2008, whilst an insignificant relationship was observed before 2008.

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Jonas, Samantha. "A critical analysis of the tax efficiency of share incentive schemes in relation to employees in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/71766.

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Thesis (MAcc)--Stellenbosch University, 2012.
ENGLISH ABSTRACT: Share incentive schemes have become an important part of the remuneration package of employees in South Africa. Employers offer share incentive schemes to employees in order to attract and retain high quality workers while aligning the interests of the employees with those of the shareholders. Employees are motivated to participate in share incentive schemes due to the opportunity to invest in their financial future, as well as the opportunity to share in the economic success and growth of the employer company. Due to the increase in the utilisation of share incentive schemes to remunerate employees, the South African Revenue Service (the SARS) increased its focus on the taxation of such schemes. Section 8C of the Income Tax Act No. 58 of 1962 (the Act) was introduced by the SARS on 24 January 2005 to govern the taxation of share incentive schemes in South Africa. Prior to the introduction of section 8C, section 8A sought to tax the gains realised by employees participating in share incentive schemes, being the difference between the market value on the exercise date and the grant price. The tax liability incurred by employees in terms of section 8A did not tax the full gain eventually realised by employees upon vesting of the shares and the SARS sought to close this loophole through the introduction of section 8C to the Act. The employer company is required by the Fourth Schedule to withhold employees’ tax amounting to the gain realised by the employee in terms of section 8C of the Act. This assignment analysed the workings of the four share incentive schemes most commonly found in the South African marketplace, namely: share option scheme, share purchase scheme, deferred delivery share scheme and phantom share scheme. The current normal income tax legislation governing share incentive schemes in relation to employees was examined by considering literature contained in the Act, amendment bills and acts, case law and other material. Based on current income tax legislation, the tax implications of each of the four selected share incentive schemes was determined and compared in order to determine which of the selected share incentive schemes are most tax efficient in relation to the employee. It was concluded that the share option scheme and the deferred delivery share scheme are the most tax efficient schemes in relation to the employee. Based on case studies conducted, along with an analysis of the current income tax legislation contained in the Act, the share option scheme and the deferred delivery share scheme resulted in the lowest overall tax liability for employees. It was further concluded that employers will be required to revisit the structuring of their current share incentive schemes in order to ensure that any dividends paid to employees in terms of the schemes will remain exempt in terms of the amended section 10(1)(k)(i)(dd). The assignment includes recommendations relating to how share incentive schemes can be structured to be more tax efficient.
AFRIKAANSE OPSOMMING: Aandele-aansporingskemas het ’n belangrike deel van die vergoedingspakkette van werknemers in Suid-Afrika geword. Werkgewers bied aandele-aansporingskemas aan werknemers om sodoende hoë-kwaliteit werkers te lok en te behou terwyl die belange van die werknemers met dié van die aandeelhouers belyn word. Werknemers word gemotiveer om aan aandele-aansporingskemas deel te neem vanweë die geleentheid om in hul finansiële toekoms te belê, sowel as die geleentheid om in die ekonomiese sukses en groei van die werkgewer-maatskappy te deel. Weens die toename in die aanwending van aandele-aansporingskemas om werknemers te vergoed, het die Suid-Afrikaanse Inkomstebelastingdiens (die SAID) sy fokus op die belasting van welke skemas verskerp. Artikel 8C van die Inkomstebelastingwet Nr. 58 van 1962 (die Wet) is deur die SAID op 24 Januarie 2005 ingestel om die belasting van aandele-aansporingskemas in Suid-Afrika te beheer. Voor die instelling van artikel 8C het artikel 8A gepoog om die winste gerealiseer deur werknemers wat aan aandele-aansporingskemas deelneem, te belas, synde die verskil tussen die markwaarde op die uitoefeningsdatum en die toekenningsprys. Die belastingaanspreeklikheid aangegaan deur werknemers ingevolge artikel 8A het nie die volle wins uiteindelik gerealiseer deur werknemers ten tye van vestiging van die aandele belas nie, en die SAID het gepoog om hierdie skuiwergat te sluit deur die instelling van artikel 8C in die Wet. Daar word van die werkgewer-maatskappy verwag om werknemersbelasting ingevolge die Vierde Bylaag te weerhou ten bedrae van die wins deur die werknemer ingevolge artikel 8C van die Wet gerealiseer. Hierdie studie het die werking van die vier mees algemene aandele-aansporingskemas in die Suid-Afrikaanse mark geanaliseer, naamlik: die aandele-opsieskema, aandeleaankoopskema, uitgestelde-leweringskema, en die skyn-aandeleskema. Die huidige normale inkomstebelastingwetgewing wat aandele-aansporingskemas ten opsigte van werknemers beheer, is ondersoek deur die literatuur in die Wet, wysigingswetsontwerpe en wette, beslissings en ander materiaal in oënskou te neem. Gebaseer op huidige inkomstebelastingwetgewing is die belastingimplikasies van elk van die vier geselekteerde aandele-aansporingskemas bepaal en vergelyk om sodoende te bepaal watter van die geselekteerde aandele-aansporingskemas die mees belastingdoeltreffend ten opsigte van die werknemer is. Daar is gevind dat die aandele-opsieskema en die uitgestelde-leweringskema die mees belastingdoeltreffende skemas ten opsigte van die werknemer is. Gebaseer op gevallestudies wat uitgevoer is, tesame met ’n analise van die huidige inkomstebelastingwetgewing vervat in die Wet, het die aandele-opsieskema en die uitgestelde-leweringskema gelei tot die laagste algehele belastingaanspreeklikheid vir werknemers. Daar is verder tot die gevolgtrekking gekom dat daar van werkgewers verwag gaan word om die strukturering van hul huidige aandele-aansporingskemas te hersien om sodoende te verseker dat enige dividende wat aan werknemers in terme van die skemas betaal word, vrygestel sal bly ingevolge die aangepaste artikel 10(1)(k)(i)(dd). Die studie sluit aanbevelings in oor hoe aandele-aansporingskemas gestruktureer kan word om meer belastingdoeltreffend te wees.

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Abdel, Nour Joseph. "The effect of employee ownership on audit fees, auditor independence and earnings management : evidence from France." Electronic Thesis or Diss., Aix-Marseille, 2020. http://theses.univ-amu.fr.lama.univ-amu.fr/200407_ABDELNOUR_601e813hbqqyh297jdc660bt_TH.pdf.

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L’Actionnariat Salarié (AS) est une composante de rémunération qui permet de relier le patrimoine personnel du salarié à celui de l’entreprise. Il assure leur représentation dans le conseil d’administration, ce qui génère des effets sur plusieurs niveaux : individuel, organisationnel et macroéconomique. Ce travail doctoral examine les effets de l’AS sur les pratiques de comptabilité et audit en France, pays où l’AS est le plus développé en Europe. Le premier chapitre introduit les plans d’AS et les autres plans de participation des salariés en France et dans le monde. Le second chapitre étudie les coûts d’agence et les honoraires d’audit. Il montre une relation en U inversé entre l’AS et ces deux variables, indiquant que l’AS a un double effet : l’alignement des intérêts et l’enracinement des dirigeants. Le troisième chapitre montre que l’AS rassure les parties prenantes sur l’indépendance de l’auditeur. Il permet notamment aux dirigeants de profiter des bénéfices liés à un double engagement (audit et non-audit) et d’acquérir plus de services non-audits. Le quatrième chapitre révèle que la gestion des résultats par les managers en France, à travers les accruals discrétionnaires, est plutôt utilisée de manière opportuniste. L’étude démontre aussi que l’AS réduit la manipulation opportuniste des résultats et le taux d’opportunisme des accruals. Le dernier chapitre présente une conclusion de la thèse et synthétise les résultats, les contributions et les limites de la recherche. Cette thèse de doctorat contribue à la littérature sur la gouvernance d’entreprise, en examinant l’effet de l’AS sur les coûts d’agence à travers divers prismes
Employee Share Ownership (ESO) refers to a compensation practice through which an employee’s wealth is directly tied to their companies’. It provides their representation in the board of directors and has several effects on the individual, corporate and macroeconomic levels. This doctoral thesis discusses the effects of employee ownership on accounting and audit practices in France, the country that has the most developed ESO in Europe. The first chapter provides a general introduction to ESO schemes and other shared capitalism arrangements in France and in the world. The second chapter focuses on agency costs and audit fees, and finds a negative U-shaped relationship between ESO and both variables. It indicates that ESO aligns the interests of employees with those of shareholders, but also acts as a managerial entrenchment mechanism. The third chapter finds that ESO reassures the company’s stakeholders about the auditor’s independence and allows managers to benefit from their auditor’s joint-engagement benefits by purchasing more non-audit services. The fourth chapter studies earnings management through discretionary accruals and reveals that earnings management in France is rather used opportunistically by managers. It also finds that ESO helps decreasing the manipulation of earnings and reduces the opportunism of the discretionary accruals. The final chapter summarizes the thesis’ results and presents its contributions and limitations. This doctorate dissertation contributes to research on corporate governance by studying ESO’s effect on agency costs from several perspectives

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Pajuste, Anete. "Corporate governance and controlling shareholders." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-537.

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The classical corporation, as described by Berle and Means (1932), was characterized by ownership that is dispersed between many small shareholders, yet control was concentrated in the hands of managers. This ownership structure created the conflict of interest between managers and dispersed shareholders. More recent empirical work (see, e.g., La Porta et al. (1999) and Barca and Becht (2001)) has shown that ownership in many countries around the world is typically concentrated in the hands of a small number of large shareholders. As a result, an equally important agency conflict arises between large controlling shareholders and minority shareholders. On the one hand, large shareholders can benefit minority shareholders by monitoring managers (Shleifer and Vishny, 1986, 1997). On the other hand, large shareholders can be harmful if they pursue private goals that differ from profit maximization or if they reduce valuable managerial incentives (Shleifer and Vishny, 1997; and Burkart et al., 1997). In the presence of several large shareholders, a conflict of interest may arise between these controlling shareholders (see, e.g., Zwiebel (1995), Pagano and Röell (1998), and Bennedsen and Wolfenzon (2000)). They can compete for control, monitor each other, or form controlling coalitions to share private benefits. The question arises as to what determines the role of controlling shareholders in various firm policies and performance. Previous literature has noted that the incentives to expropriate minority shareholders are often exacerbated by the fact that the capital invested by the controlling shareholders is relatively lower than the voting control they achieve through the use of dual class shares (i.e., shares with differential voting rights) or stock pyramids (e.g., Claessens et al., 2002). Moreover, the identity of the shareholder (e.g., family vs. financial institution) is important for understanding the role of controlling shareholders (see, e.g., Holderness and Sheehan (1988), Volpin (2002), Claessens et al. (2002), and Burkart et al. (2003)). Using Swedish data, Cronqvist and Nilsson (2003) show that the agency costs of family owners are larger than the agency costs of other controlling owners. The role of controlling shareholders in transition countries is exacerbated by the fact that the legal and general institutional environment remains underdeveloped. In such an environment, strong owners may be the second best option to weak legal protection of investors (La Porta et al., 1997, 1998). The transition countries of central and eastern Europe are experiencing increasingly concentrated control structures, typically with the controlling owner actively involved in the management of the firm (Berglöf and Pajuste, 2003). Moreover, experience from transition countries suggests that foreign direct investment, where investors take controlling positions, have been critical to the successful restructuring of privatized firms. This thesis consists of four self-contained chapters that empirically examine various corporate governance issues. The common theme throughout the thesis is the focus on large shareholders, their identity, as well as to whether they deviate from the principle of one share-one vote. In particular, I examine the effect of large shareholders on firm value (in the first and third chapters), dividend policies (in the second chapter), and stock returns (in the final chapter). The first two chapters employ the data from Finland, the third looks at companies in seven European countries where deviations from one share-one vote are common, and the final one explores the evidence from transition countries.
Diss. Stockholm : Handelshögskolan, 2004

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Stresna, Cristina. "Household portfolio allocation, risk attitudes and credit constraints : evidence from the eurozone." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/11658.

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Mestrado em Economia Monetária e Financeira
Esta dissertação investiga o efeito que as restrições de crédito e os outros fatores têm sobre a decisão das pessoas, com idade igual ou superior a 50 anos, de participar no mercado de títulos e de ações. Para as restrições de crédito, usámos como proxy a disponibilidade de crédito conforme indicado pelos bancos, usando o inquérito Bank Lending Survey (BLS). Na nossa análise, usámos também micro dados de 2007 e 2011 das duas ondas do inquérito Survey of Health, Ageing and Retirement in Europe (SHARE). A base de dados construída tem dados sobre o mesmo indivíduo em dois anos diferentes, o que permite estudar as mudanças no comportamento antes e depois da crise. Nós usamos modelos Probit, em que a variável dependente é uma variável dicotómica que representa o investimento em ativos de risco. Os resultados mostram que restrições de crédito são estatisticamente significativas e negativamente correlacionadas com a posse de obrigações em ambos os anos estudados. No entanto, obtivemos que as restrições de crédito não são estatisticamente significativas no caso das ações. Outros fatores que reduzem a probabilidade de participação no mercado accionista são: ser do sexo feminino, o número de filhos, viver em Itália ou Espanha e o rendimento baixo, enquanto ser empregado e a riqueza aumentam a probabilidade de participar no mercado das acções. A posse das obrigações é positivamente correlacionada com a idade, viver em Itália ou Espanha, ser empregado e riqueza; e negativamente correlacionada com o número de filhos, baixo rendimento e a inflação.
This dissertation investigates the effect that credit constraints and other factors have on the decisions of the aged 50 and above to participate in the bond and stock market. For credit constraints, we use, as a proxy, the credit availability as reported by banks from the Bank Lending Survey (BLS). We also use micro data of five European countries from two waves of the Survey of Health, Ageing and Retirement in Europe (SHARE), from 2007 and 2011. The database built includes the same individual for both years which allows us to study the changes in behaviour before and after the crisis. We used Probit models, in which the dependent variable is a dichotomous variable representing the investment (or not) in risky assets. The results show that credit constraints are statistically significant and negatively correlated with bond ownership in both studied years. However, we obtained that being credit constrained is not statistically significant for the stockownership. Other factors that reduce the probability of investing in the stock market are: being female, number of children, living in Italy or Spain and low income while being employed and wealth increase the probability of holding stocks. The bond ownership is positively related with age, living in Italy or Spain, being employed and wealth; and negatively related with number of children, low income and inflation.

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Kårbring, Hilda, and Patrick Söderström. "Återköp av aktier : Samband mellan återköpsprogram och andel aktier i styrelse, ledning och verkställande direktör." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-227514.

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År 2000 blev det möjligt för svenska börsnoterade bolag att göra återköp av egna aktier. Detta har medfört ytterligare en möjlighet för hur bolagen kan distribuera den vinst de gör vid brist på andra gynnsamma investeringar. Under perioden 2000 till 2013 har 139 olika bolag genomfört återköp av egna aktier och bland dessa bolag varierar mängden återköpta aktier och antalet genomförda återköpsprogram kraftigt. Aktiebolagslagen sätter ramarna för återköpet och per återköpsprogram får maximalt tio procent av det totala aktiekapitalet köpas tillbaka. Bolagstämman beslutar om återköp skall bli aktuellt och beslutet sträcker sig som längst till nästa bolagsstämma. Sedan 2010 finns en utredning hos regeringen där det föreslås att ta bort tioprocentsspärren och låta det stå bolagen fritt att återköpa hur mycket aktier de vill. Detta examensarbete syftar till att undersöka den svenska markanden och att bidra i debatten och belysa ett område som ej tidigare har undersökts, nämligen sambandet mellan de bolag som genomför återköp av egna aktier samt hur ägarandelen i grupperna styrelsen, ledningen och verkställande direktör påverkas före och efter återköpen. Vidare analyser i den här studien inkluderar 126 av de 139 bolagen. Tretton bolag har exkluderats på grund av bristande uppgifter eller att årsredovisningar helt saknas. Materialet kategoriseras efter dels hur återköpen genomförs; ett enda program, flera program i följd alternativt spridda program, dels efter storlek på bolag enligt SmallCap, MidCap och LargeCap. Vidare analyseras sambandet mellan den genomsnittliga ökningen av det egna innehavet hos bolagets styrelse, ledning och verkställande direktör samt ägarandelen, bolagets storlek och återköpsstrategi. Den slutliga analysen bygger på de bolag som gjort flera återköpsprogram samt där styrelse och VD tillsammans ökat sitt genomsnittliga egna aktieinnehav per återköpsprogram. Vår studie visar ett signifikant samband utifrån den avsedda beroendevariabeln, den genomsnittliga ägarandelen för styrelse och VD samt ett signifikant negativt samband med storlekskategorin largecap. Vilket innebär att den genomsnittliga ökningen i innhav per återköpsprogram delvis kan förklaras genom hur stor ägarandelen var innan återköpet samt bolagets storlek. Även grupptillhörighet, det vill säga typ av återköpsstrategi, har ett samband men detta placerar sig strax under en signifikansnivå på 90 procent.
In the year of 2000 the Swedish government changed a part of the Swedish Companies Act and made it possible for swedish listed companies to repurchase a maximum of ten percent of their own shares. Up until today 139 companies have chosen to use this possibility to distribute some of their profit. Out of the 139 companies thirteen companies are excluded due to missing data, 126 companies remains in further studies of this paper. The pattern of the repurchase varies in three different systems; one share repurchase program alone, several consecutive share repurchase programs and several scattered share repurchase programs. We aim to study if there is a connection between the way the companies repurchase their own shares and the change in ownership within the board, CEO and company management. Our study show that a higher concentration of ownership within the board and CEO has a significant positive effect on the average increase of own shares per program. Also largecap firms has a significant negative effect on the average increase per program.

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Fuksová, Daniela. "Obchodní podíl v s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-10366.

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The thesis focuses on a member's ownership interest in a limited liability company. In the introduction, we provide an outline of the basic institutes of a limited liability company such as its incorporation and creation, composing of memorandum of association, the way of member's liability etc. Then we define the legal nature of an ownership interest as another property value. The main stress is put particularly on a member's rights and obligations arising from the ownership of his/her interest, and on different changes of members. To illustrate the issues described in the thesis, we also provide relevant judgments rendered by Czech courts in appellate and appellate review proceedings related to ownership interests in limited liability companies.

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Benltaifa, Asma. "Les rachats d'actions des entreprises françaises : motivations et impacts." Thesis, Grenoble, 2011. http://www.theses.fr/2011GRENG016.

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Le rachat d'actions est devenu au fil des années une opération financière répondue au même titre que la distribution de dividende. Toutefois, le rachat reste une opération complexe dont la recherche peine à apprécier les motivations et les conséquences. En effet, la décision de rachat est à la fois une décision d'investissement, de distribution, de structure de capital et un moyen de modifier la structure de l'actionnariat. Cette recherche se penche sur les motivations des opérations de rachat d'actions annoncées sur le marché français et analyses leurs conséquences et impacts sur le cours de l'action, les conflits d'agence et la structure de l'actionnariat
The share repurchase has become in recent years an increasingly important instrument for distributing cash to shareholders. However, the repurchase is a complex operation whose research has difficulties to appreciate its motivations and consequences. Indeed, the decision to repurchase is an investment, payout, and capital structure decision and also the way to change the ownership structure. This research examines the motivations of buyback program of French market and analyzes their implications and impacts in stock price, agency conflicts and ownership structure

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Broad, Gayle. "Stepping outside the safety zone : worker ownership and participation at Algoma Steel Inc." Thesis, University of Bristol, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.271842.

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Coccato, Marcelo. "Alternatives to home ownership : rental and shared sub-markets in informal settlements, Resistencia, Argentina." Thesis, McGill University, 1996. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23976.

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Most developing countries have based their housing strategies on ownership. Approaches they have adopted, such as sites and services or upgrading schemes, rely basically on ownership through self-help. Yet, most of these efforts have proved inadequate to cope with the increasing demand for urban housing. In this context, informal settlements seem to provide the cheapest and more 'affordable' ownership options for the poor. Nevertheless, home ownership, even in its squatter form, demands time, investment, and long term commitment; a luxury that some households simply cannot afford.
Based on qualitative research conducted in three low income barrios of informal origin, this study looks at the kind of non-ownership-oriented solutions available for the poor in Resistencia a provincial capital in Northeast Argentina. On the demand side, findings suggest that for some households rental or shared housing is the only choice. For others, on the contrary, it seems to be a matter of preference, a way to avoid the chores of ownership. On the supply side, the study unveils a fairly wide spectrum of choices, with options ranging from a bed in a house to rooming houses of up to 15 rooms. While some of the landlords are relatively wealthy, others are just as poor, or poorer than their tenants.
Rental and shared alternatives are far from being 'ideal' housing solutions. Under certain conditions, however, they result in reasonable short-term options that, apart from generating extra income for small landlords, contribute to diversify the supply of cheap accommodation for poor households.

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Högel, Markus, and Axel Schröder. "Differences in Sharee Motivations to Participate in Car Sharing with Regard to Ownership Allocation." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-39717.

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Jansson, Waldemar. "Shared Ownership : A vehicle for property investments and decreased household indebtedness and increased affordability." Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-260086.

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There is a housing shortage in attractive urban areas in Europe and Sweden. The waiting lists for affordable rental housing are increasing and that in turn creates pressure on owner-occupied housing. Inflated asset prices and household debt have become a major concern for policy makers. Shared ownership is a mixture of equity and debt, therefore, a mixture of owner-occupation and rental accommodation. In the UK it´s used by the non-profit sector to help households to buy their own home. In this research a shared ownership model is developed for the Swedish property market. The model is commercially viable and used to extend traditional mortgage finance. The findings suggest that the proposed model can increase household affordability and lower their exposure to the financial markets. An investor will gain a market rate of return and access a market segment different from rental housing, shared ownership is an investment in owner-occupational housing. The major drawback of the model is the relationship between the bank and the investor. The bank will require priority to the collateral which results in a complicated and inflexible model. Further research should investigate the possibility of sharing collateral which would result in a simpler and more flexible model.
Bostadsbristen i europeiska och svenska storstadsregioner har resulterat i långa köer till rimliga hyresrätter. Detta har ökar pressen på bostadsrätter och ökat hushållens skuldsättning, vilket ses som ett potentiellt hot mot ekonomin. Hybridköp av bostäder innebär att bostadskonsumenten hyr en del av bostaden och köper den andra. I Storbritannien subventioneras detta av staten för att hjälpa hushåll att köpa sin bostad. Målet med denna studie är att skapa en modell för hybridköp i Sverige. Modellen kommer att komplimentera bostadslån och drivas på kommersiella grunder. Resultatet av studien visar att konsumenten kan ökar sin köpkraft och minska exponeringen mot den finansiella marknaden. Investeringen har en marknadsmässig avkastning och ger en möjlighet att investera i bostadsrätter och småhus, ett segment som skiljer sig från hyresrätter. Den största nackdelen är att banken kommer att kräva prioritet till säkerheten som ligger i bostaden vilket resulterar i en komplicerad modell. Fortsatta studier borde utforska möjligheten att dela säkerheten mellan investeraren och banken.

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Laland, Pierre. "L’association financière des salariés à la performance de l’entreprise." Thesis, Paris 2, 2016. http://www.theses.fr/2016PA020056.

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Au carrefour du droit du travail, du droit civil et du droit des sociétés siège la notion de rémunération. À l’image du contrat de travail, la rémunération peut se métamorphoser pour devenir un outil d’association financière des salariés à la performance de l’entreprise. L’association financière des salariés aux performances de l’entreprise ne présente pas un visage unique. Elle déploie d’abord ses effets dans le périmètre du Code du travail : l’individuel et le collectif se rejoignent pour dessiner une première forme d’association. Salaire et épargne salariale constituent les fruits du contrat de travail exécuté sous la seule bannière de la qualité de salarié. Celle-ci constitue l’élément primaire de l’association financière. L’actionnariat salarié emporte, en revanche, une double qualité : à celle de salarié s’ajoute celle d’associé. L’association financière devient alors parfaite
At the crossroads between civil law and corporate law lies the notion of remuneration. Modelled on the contract of employment, remuneration can turn into a tool to share profits with the employees according to the performance of the company. Sharing profits with the employees according to the company’s performance is a multifaceted action. Its first effects appear within the scope of the labor code: the notions of individual and collective meet to give a first draft of profit sharing. Salaries and employee savings plans are at the core of profit sharing. On the contrary, employee share ownership presents a twofold position: employee and associate. Profits then become perfectly shared

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Tall, Aguibou Bougobaly. "Intéressement, actionnariat et conflits dans l'entreprise : études sur données d'entreprises françaises." Thesis, Paris 2, 2016. http://www.theses.fr/2016PA020026/document.

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L'idée de base des contrats incitatifs est celle de la réalisation d'intérêts communs provoquant des changements dans le comportement des salariés et l'amélioration de la performance de l'entreprise. Les résultats et les succès de l'entreprise dépendent également du climat des relations professionnelles. Dans ce contexte, l'objectif de cette thèse est de contribuer à la compréhension de la participation financière (l'intéressement et l'actionnariat salarié) et ses liens avec les conflits à partir de données d'entreprises françaises. La recherche sur ces deux thèmes est d'une importance pratique et novatrice. Tout d'abord, il existe au sein de l'entreprise une multitude de types de conflits. Nous nous intéressons principalement aux conflits collectifs. Ensuite, la plupart des études sur les conflits collectifs se concentre uniquement sur les grèves, en ignorant les autres formes d'actions collectives, et très peu d'études font le lien avec les systèmes d'incitations collectives au sein de l'entreprise. Ainsi, ce travail se décompose en quatre études empiriques. La première vise à analyser les différentes formes de conflits au sein de l'entreprise. La deuxième analyse l'effet de la participation financière sur les conflits collectifs. La troisième étude s'intéresse à l'impact de la négociation et de la participation financière sur la résolution des conflits collectifs. Enfin, la dernière examine la performance des entreprises en fonction de la participation financière et des conflits collectifs. Nos recherches reposent sur des outils d'analyse multidimensionnelle et économétriques. L'approche multidimensionnelle fait appel à l'Analyse des Correspondances Multiples et à la Classification Hiérarchique Ascendante.L'approche économétrique fait usage de méthodes d'estimations classiques (OLS,Probit Simple, Probit Multinomial, Probit Ordonné), de modèles à sélection (Heckman), et des techniques d'estimations de modèles récursifs à équations simultanées traitant ainsi les problèmes d'endogénéité et la mixture (quantitative et qualitative) des variables dépendantes (Roodman, Conditional Mixed Process)
The basic idea of incentive contracts is that of achieving common interests causing changes in the behavior of employees and improving firm performance.The firms' outputs and success also depend on the industrial relation climate. In this context, the aim of this thesis is to contribute to the understanding offinancial participation (profit sharing and employee share ownership) and its links with the conflicts using data on French firms. Research on these topics isinnovative and highly recommended. First, there exists within the firm a multitude of types of conflicts. We are primarily concerned with collective conflicts. Most of studies on collective conflicts focuses only on strikes, ignoring other forms of collective actions. Very few studies make the link between collective incentive schemes and collective conflicts. Thus, this work is dividedinto four empirical studies. The first one analyzes the different forms of conflicts within the firm. The second one analyzes the effect of financial participation on collective conflicts. The third study focuses on the impact of bargaining and financial participation on the resolution of collective conflicts. The last one examines firm's performance based on financial participation and collective conflicts. Our research is based on multidimensional analysis and econometric tools. The multidimensional approach uses the Multiple Correspondence Analysis and Ascending Hierarchical Clustering. The econometric approach usesclassical estimation methods (OLS, Probit, Mutinomial Probit, Ordered Pobit),selection models (Heckman), and methods estimating simultaneous and recursive equations, treating the endogeneity problems and the mixture (quantitative and qualitative) of the dependent variables (Roodman, Conditional Mixed Process)

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Boyle, Jeremy. "Shared money, less conflict, stronger marriages: The relationship between money ownership perceptions, negative communication, financial satisfaction, marital satisfaction and marital instability." Diss., Kansas State University, 2012. http://hdl.handle.net/2097/13638.

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Doctor of Philosophy
Department of Family Studies and Human Services
Kristy Archuleta
Jared Anderson
The current study tests a conceptual model exploring the relationship between perceived money ownership (PMO) in marriage, negative communication, financial satisfaction, marital satisfaction and marital instability. Relying on a cross-sectional, convenience sample (N=345) of social media users, structural equation modeling was used to analyze the relationship between these variables. The results indicate that individuals who perceive money as shared in their relationship experience greater marital satisfaction and financial satisfaction and less marital instability, and that the relationship between PMO and these outcome variables are mediated by negative communication. Thus, having a shared money ownership perception is associated with lower levels of negative communication which in turn is associated with higher levels of financial satisfaction and marital satisfaction and lower levels of marital instability. These findings add to the literature on couples, finances, and relationships by showing that PMO is a potentially important variable in understanding relationship processes and outcomes in marriage.

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Hay, Rowena Friederike Castel. "A half way house? : an exploration of the impact of shared ownership's dual status as a form of social rented and private ownership on households and front line staff in Cumbria and London." Thesis, Durham University, 2015. http://etheses.dur.ac.uk/11381/.

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Despite making up less than one per cent of total housing stock in England, since its introduction at the national level in 1980, shared ownership has played an important material and ideological role as part of wider neoliberal reforms to replace publicly-owned rented stock with privately-owned housing. The scheme has been used as part of a bundle of mechanisms to reduce spending on public housing, to enable access to appreciating housing wealth as part of asset-based welfare policies, and to spread a set of personal, social and community benefits which have come to be associated with ‘home’ ownership. In the first two decades of the twenty first century shared ownership has taken on new prominence as a solution to the “housing crisis”, characterised by declining owner occupation rates and a chronic shortage of affordable and secure housing particularly for younger low to middle income households. Although launched with significant amounts of hyperbole and taking up an increasing proportion of government subsidy for affordable provision, the evidence suggests that schemes like shared ownership have a limited impact upon these underlying problems in the housing market. Indeed, shared ownership can be seen to embody some of the contradictions at the heart of neoliberal policies that seek to find market solutions to market-based problems. This thesis explores these contradictions by examining the extent to which shared ownership can be used to meet the housing needs of particular regional populations as well as individual households. Drawing on empirical material gathered through in-depth interviews and participant observation with households and front-line housing staff in Cumbria and London, the thesis illuminates a set of tensions that run through the veins of shared ownership as a form of social and market-based housing. The thesis reveals the challenges housing associations experience in meeting housing needs whilst also driving sales; the divergent ways in which public and private discourses deal with ambiguities in relation to established tenure norms; and finally the difficulties both households and housing associations face in attempting to manage the risks associated with marginal home ownership.

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Richter, Vide. "Transport Choices and Vehicle Ownership with Autonomous Vehicles : A modelling effort on car ownership, transport mode choice and travel demand with Driverless Technology." Thesis, KTH, Hållbar utveckling, miljövetenskap och teknik, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-233863.

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Transport is one of the basic needs of a functioning society. Unfortunately, transport also pollutes our cities and release greenhouses gases. Driverless technology is a technology predicted to disrupt the future transport system, and perhaps change how we travel from private cars to shared vehicles. This study focuses on the aspect of privately owned versus shared driverless vehicles, to create more knowledge of how the future transport system will look. A utility-based demand model is used to find the demand for private and shared transport when driverless vehicles are available. The utility of different transport options is estimated by looking at earlier studies about the performance of driverless cars, driverless buses and shared driverless taxis, which is used as input for the utility model. The results indicate that driverless technology will not be a catalyst that makes transport go from private to shared. While driverless buses can improve public transport, and shared driverless taxis outcompete current taxis, driverless technology will also improve private vehicles. The results in this study imply that the sustainability improvements earlier reports have predicted with a high use of shared driverless transportation might not materialise unless efforts are done to increase use of shared transportation.
Transport är ett av de grundläggande behoven för ett välfungerande samhälle. På samma gång släpper transporter ut både växthusgaser och skadliga partiklar. Självkörande teknik är något som förväntas revolutionera framtidens transportsystem, förhoppningen är att de ska förändra hur folk reser från privata bilar till delade transporter. Denna studie fokuserar på den förhoppningen. Kommer framtidens transporter ske i privata självkörande fordon eller delade självkörande fordon och vad i sin tur betyder det för framtidens transportsystem? Med en nyttobaserad efterfråge- och bilinnehavsmodell modelleras efterfrågan av självkörande delade taxis, självkörande bussar och självkörande privatbilar. Resultaten indikerar att självkörande teknik inte nödvändigtvis kommer vara en katalysator som får människor att sluta äga och använda privatbilar. Självkörande bussar kan göra kollektivtrafiken bättre, och självkörande delade taxibilar kommer troligtvis användas mer än dagens taxis. Men självkörande privatbilar kommer också ha många fördelar, och de som äger dem kommer dessutom troligtvis köra längre sträckor än dagens bilister. Resultatet av denna rapport indikerar därför att de stora förväntningarna som finns på självkörande teknik gällande delade transporter kan vara felaktiga, om inte andra åtgärder också görs för att öka delning. Att delningen inte ökar gör också att de hållbarhetsförbättringar som vissa tidigare rapporter förutspått inte nödvändigtvis kommer ske.

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Dudin, Emeline. "Le rôle des salariés dans le fonctionnement des entreprises." Thesis, Paris 2, 2017. http://www.theses.fr/2017PA020021.

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Le rôle des salariés dans le fonctionnement des entreprises trouve appui sur l’alinéa 8du Préambule de la Constitution de 1946 : « tout travailleur participe, par l’intermédiaire de ses délégués, à la détermination collective des conditions de travail ainsi qu’à la gestion des entreprises. ». La participation des salariés a pourtant été lente à s’imposer. La crise économique a révélé l’importance de leur association aux décisions sociétales. Les politiques publiques ont tenté de rééquilibrer les forces en présence afin de circonscrire les effets du capitalisme. Des lois successives ont accru les pouvoirs des salariés et des institutions représentatives du personnel dans l’entreprise pour en faire de véritables acteurs dans la gestion de celle-ci. Le paysage législatif révèle la volonté du législateur de faire de l’entreprise une démocratie dans laquelle toutes les parties doivent s’exprimer. Toutefois, que le salarié soit traité comme un associé ou un administrateur, salariés et entrepreneurs demeurent distincts
The role of the employees in the management of the companies is based on paragraph 8 ofthe preamble of the Constitution of 1946 : « Every employee participates, through one of its delegates, to the collective determination of the working conditions as well as the company management. » The implementation of the employees’ participation has however been slow. The economic crisis has revealed the importance of the employees’ association in corporate decisions. Public politics have tried to rebalance current forces in order to circumscribe the effects of the capitalism. Successive laws have increased the powers of employees and of the representative institutions of the personnel in the company so that they could become real actors in the management of the company. The legislative landscape reveals the intention of the legislator to design the company as a democracy in which all the parties shall express themselves. However, regardless of whether the employee is a shareholder or an administrator, employees and entrepreneurs remain distinct

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Quintana, Francisco Javier Ari. "Mobility-as-a-Service (MaaS) for disincentivizing car ownership and use in Reykjavík." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-451312.

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Iceland faces problems in achieving decarbonization goals, especially regarding its transportation sector having highly car-oriented passenger transport in the capital city, Reykjavík. Therefore, there is a need to shift toward more sustainable transport modes. It is well established that private and car-centered mobility regimes impose externalities on the environment and the livability of cities. Mobility-as-a-Service (MaaS) is a recent mobility service concept that poses a promising solution to shift much of the travel demand within urban settings from private car ownership to shared mobility. This thesis aims to determine whether MaaS can function as a disincentive for private car ownership and find use in the context of Reykjavík, Iceland. Specifically, it provides an initial investigation on how influences on car ownership and use, and opinions on shared mobility services and the concept of MaaS may differ between different demographic groups. To test whether MaaS can function as a disincentive for private car ownership and use in Reykjavík, an online survey was distributed to car owners in the city. Respondents volunteered and were asked to respond to two sets of inquiries relating to perceived influences on car ownership and use, and sentiments on shared mobility and MaaS, respectively. The responses were inferentially analyzed. The results showed that in Reykjavík’s current state (i.e. public transport infrastructure and built environment), MaaS would struggle to disincentivize car ownership and be adopted city-wide. However, the younger generations are the most promising first adopters of the service. The results suggest that the city should focus on increasing urban densification and enhancing public transport. Furthermore, the results suggest that as these factors are enacted, the disincentivizing function of MaaS may become more effective. In line with this, further research should be focused on how to facilitate first adopters in their use of MaaS.

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Baumann, Christoph [Verfasser], and Wolfgang J. [Akademischer Betreuer] Paul. "Ownership-based order reduction and simulation in shared-memory concurrent computer systems / Christoph Baumann. Betreuer: Wolfgang J. Paul." Saarbrücken : Saarländische Universitäts- und Landesbibliothek, 2014. http://d-nb.info/1053980663/34.

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Bertini, Ruas Edgar. "The Influence of Shared Mobility and Transportation Policies on Vehicle Ownership: Analysis of Multifamily Residents in Portland, Oregon." PDXScholar, 2019. https://pdxscholar.library.pdx.edu/open_access_etds/4842.

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Since the beginning of the 21st Century, the world has seen the rapid development of the so-called "sharing economy" or collaborative consumption (Botsman, 2010). One of the first areas affected by the shared economy is vehicle ownership. With the emergence of several new providers of mobility services, such as Uber and car2go, there has been the promise of changes to the traditional way of owning and using a vehicle (Wong, Hensher, & Mulley, 2017). One potential consequence of shared mobility services is the reduction in vehicle ownership. At the same time, cities are trying to anticipate these changes by reducing the amount of space dedicated to parking, including parking requirements for residential developments. This thesis aims to assess the extent to which new shared mobility services (specifically, carsharing, bikesharing, and ridehailing) and travel demand management strategies (especially parking requirements and transit pass availability) relate to vehicle ownership among residents of multifamily dwellings. To do this, we use a web-based survey targeted to residents of multifamily apartments from Portland, Oregon. With these data, we built a multinomial logistic of the number of the vehicles owned as a function of socio-demographics, built environment, parking supply, transit passes, and three forms of shared mobility services. Results suggest that there is a strong association between shared mobility use and car ownership. However, it is not as significant as the effects of income, household size, distance to work, transit pass ownership, or even parking availability. Carshare use was negatively associated with the number of household vehicles, suggesting that it may be a useful tool in reducing car ownership. For respondents with higher education and income levels, increased carshare use was associated with fewer cars. Ridehail use, however, was not as clearly associated with reducing vehicle ownership and the effect was much smaller than that of carsharing. Parking availability in the building also has a significant and positive association with vehicle ownership. In sites with no parking available, there is an increased chance of the household owning less than two or more vehicles. However, this effect seems to disappear with the increased use of shared mobility. For all income levels, monthly use of ridehail and carshare between two and three times may decrease the odds of owning two or more vehicles. The use of both options, relaxing parking requirements and shared mobility availability, seems the best strategy to reduce vehicle ownership. In the short term, it is an alternative to those residents that decide to get rid of one or all cars but still are not ready to give up using cars. For the long term, a new relationship with vehicle ownership can be built now for the younger generation.

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Bäckström, Martin, and Fredrik Lundin. "Röstförstärkande Mekanismer : En studie om svenskt bolagsägande." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32899.

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The ownership structure in Sweden is characterized by a few controlling owners who often base their ownership of a lower capital investment than in many other countries. The separation of ownership and control is determined by control-boosting mechanisms and is a constantly debated topic. These mechanisms are used to control companies without having to bear the bulk of the capital, and the criticism centers around concerns that companies with control-boosting mechanisms are not managed as well as companies without them. The purpose of the study was to examine the use of control enhancing mechanisms and its effect on the market value of Swedish companies on Nasdaq Stockholm. The study adopted a quantitative form with hypotheses testing. The data collection has been made through annual reports of the sample and then statistically tested in SPSS through multiple regression. The use of vote-strong shares was shown to have a strong positive effect on the value of a company. Minor effects proven came from the difference between the largest owner's voting share and capital contribution, and of the percentage of the total votes held by the largest owner. These two, however, counteracted each other in approximately equal amounts. Not offering their vote-strong shares to on the public exchange is suggested to be strongly negative, but this could not be ascertained. Type of ownership and age were both insignificant in their ability to explain company value.

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Menon, Nikhil. "Autonomous Vehicles: An Empirical Assessment of Consumers’ Perceptions, Intended Adoption, and Impacts on Household Vehicle Ownership." Scholar Commons, 2017. http://scholarcommons.usf.edu/etd/6901.

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Emerging automotive and transportation technologies have provided revolutionary possibilities in the way we might travel in the future. Major car manufacturers and technology giants have demonstrated significant progress in advancing and testing autonomous vehicles in real-life traffic conditions. Governmental agencies are grappling with how to plan transportation systems for a world with autonomous vehicles. Past research has shown that not all technologies are immediately welcomed by the public. Autonomous Vehicles would have to likely go through a similar phase, and would need to overcome not just technological challenges but also social barriers for successful penetration into the marketplace. Most previous studies on consumer opinions, and potential adoption of these technologies provide only descriptive, univariate analyses that fail to extract deeper insights on consumers’ perceptions, and their intended adoption of autonomous vehicles. Multi-population surveys were conducted to obtain data on consumers’ perceptions, their intended adoption, and eventual use of autonomous vehicles. Descriptive results revealed that around one-fifth of the respondents were unfamiliar about this technology, with larger shares of the younger generations expressing unfamiliarity. Questions on intended adoption of autonomous vehicles were asked across two stages of the survey and results revealed the merit of providing information to the recipients which seem to have assisted them in making more informed decisions about their intended adoption (or non-adoption process). 40% of the respondents were unlikely to adopt autonomous vehicles with a further 20% being unsure, presently. When analyzed across generations, it was seen that higher shares of older generations were unlikely to adopt autonomous vehicles than their younger counterparts. In addition to adoption, other interesting insights on use of autonomous vehicles, and travel behavioral implications of autonomous vehicles were also obtained in this analysis. Considering the vast market potential of this technology, it is important to obtain insights on possible differences in adoption (or non-adoption) across various consumer market segments. The current dissertation fills these gaps in the literature by providing an in-depth understanding of the potential market segments of autonomous vehicle consumers, and revealing the factors influencing their adoption (or non-adoption of autonomous vehicles). Two-step cluster analysis of consumers’ perceptions of potential benefits and concerns with autonomous vehicles reveal four distinct consumer market segments – the benefits-dominated market segment, the concerns-dominated market segment, the uncertain market segment, and the well-informed market segment. The insights obtained are further used to uncover various triggers influencing the adoption (or non-adoption) of autonomous vehicles across these market segments. It can be seen that in addition to the influence of sociodemographics, various other factors such as current travel characteristics, crash history, and current vehicle purchase inventory have significant influences in the adoption process across each market segment. The results from this exercise provide autonomous vehicle stakeholders with a more in-depth understanding of the potential market segments interested (or uninterested) in adopting autonomous vehicles, which could be used to develop enhanced marketing and policy initiatives to achieve better outcomes. Considering the high initial cost of autonomous vehicles, novel business models like shared autonomous vehicles (SAVs), could emerge as possible alternatives to individually owning, and operating autonomous vehicles. The recent emergence of popular rideshare giants, such as Uber and Lyft, into the SAV market have further brought some discussion on possible alterations to household vehicle ownership models in a shared environment. Previous research simulating SAV fleets in a gridded city network reveal the cost benefits of having shared autonomous vehicles in comparison to owning and individually operating them. This study looks into the implications of shared autonomous vehicles on current household vehicle ownership and uncovers the factors influencing the relinquishment of a household vehicle to use shared autonomous vehicles for commute trips. Results show that the effect of relinquishing household vehicles is different among single- and multi-vehicle households with different triggers such as socio-demographics, current travel characteristics, crash severities, and vehicle purchase histories influencing the relinquishment of household vehicles.

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48

Andersson, Elin. "Hur långt har kommunerna kommit i arbetet med en hållbar mobilitetsutveckling? : En undersökning av bilens betydelse för samhället och hur kommuner idag arbetar med alternativa lösningar till det egna användandet av personbilen." Thesis, Umeå universitet, Institutionen för ekologi, miljö och geovetenskap, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149903.

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The purpose of this study was to investigate how the use of the private car has developed throughout history and to describe options for private use of private cars. The study aimed to investigate how municipalities in Sweden encourage and support their residents away from private car ownership to reduce car traffic. The study is based on literature research and a survey which were sent to 30 municipalities in Sweden to study the work of shared use of vehicle, shared mobility, combined mobility and mobility management interventions which aims to, by changing travellers’ attitudes and behaviour reduce private car use. Private cars are a major source to anthropogenic emissions of carbon dioxide which contributes to climate change and global warming. Renewable fuels and fuel efficient vehicles are part of the solutions for reducing the emission of carbon dioxide, but also reduce private car use. The result of the survey showed that mobility management interventions were most common. More than half of the municipalities offered shared mobility, especially the larger municipalities. Combined mobility was not offered by the municipalities today. Municipalities state that they are both working on a strategy to reduce private car use along with various other projects. Challenges with the strategies to reduce private car use were reported to be the work of getting different actors to move in the same direction, toward reduced emissions from private car use.

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Izquierdo, Grau Guillem. "La división y la temporalidad del dominio." Doctoral thesis, Universitat Autònoma de Barcelona, 2017. http://hdl.handle.net/10803/405309.

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El legislador català ha introduït en el llibre cinquè dels drets reals del Codi civil de Cataluña dues noves formes del dret de propietat, a través de la Llei 19/2015, de 29 de juliol, del Parlament de Catalunya. No obstant això, tot i que el legislador de Catalunya configura ambdues figures jurídiques com a formes del dret de propietat, la propietat temporal i la propietat compartida no tenen precedents en l’Ordenament jurídic espanyol, ja que es basen en figures del dret de propietat anglosaxó, les característiques dogmàtiques del qual difereixen substancialment respecte de la dogmàtica civil de la propietat que segueix la Constitució espanyola de 1978, Codi civil general i el Codi civil de Catalunya. La incorporació de la propietat temporal i la propietat compartida en el Codi civil de Catalunya podria comportar problemes dogmàtics perquè la divisió del domini i la seva temporalitat són residuals o inexistents entre les institucions del Dret civil del Codi civil general i del Codi civil de Catalunya. No obstant, el preàmbul de la Llei 19/2015, de 29 de juliol, es refereix a institucions que comporten una divisió de les facultats dominicals o una situació transitòria de temporalitat del domini que seran objecte d’estudi en aquesta per determinar si la propietat temporal i la propietat compartida tenen una connexió amb altres institucions del Dret civil. Tanmateix, la Constitució espanyola de 1978 regula el dret a la propietat privada en l’article 33 CE, es consagra que la propietat ha de complir una funció social i en l’article 53.1 CE s’imposa el mandat constitucional al legislador de respectar el contingut essencial dels drets en la conformació del seu contingut. Per aquest motiu, serà objecte d’estudi la doctrina constitucional del dret de propietat per analitzar la constitucionalitat d’ambdues noves formes de propietat a Catalunya en allò que es refereix a la seva naturalesa jurídica, l’abast del principi de la funció social del dret de propietat per flexibilitzar el domini i crear noves formes del dret de propietat, el respecte a la garantia del contingut essencial de la propietat en base a la regulació de la propietat temporal i de la propietat compartida, així com les competències del legislador de Catalunya per regular nous tipus del dret de propietat.
El legislador de Cataluña ha introducido en el libro quinto de los derechos reales del Código civil de Cataluña dos nuevas formas del derecho de propiedad, a través de la Ley 19/2015, de 29 de julio, del Parlamento de Cataluña. No obstante, la propiedad temporal y la propiedad compartida no tienen precedentes en el Ordenamiento jurídico español, puesto que se basan en figuras jurídicas anglosajonas, cuyas características dogmáticas difieren sustancialmente respecto de la dogmática civil de la propiedad que sigue la Constitución española de 1978, el Código civil general y el Código civil de Cataluña. La incorporación de la propiedad temporal y de la propiedad compartida en el Código civil de Cataluña podría conllevar problemas dogmáticos porque la división del dominio y su temporalidad son residuales o inexistentes entre las instituciones del Derecho civil del Código civil general y del Código civil de Cataluña. Sin embargo, el preámbulo de la Ley 19/2015, de 29 de julio, se refiere a instituciones que comportan una división de las facultades dominicales o una situación transitoria de temporalidad del dominio que serán objeto de estudio para determinar si la propiedad temporal y la propiedad compartida tienen una conexión con otras instituciones del Derecho civil. Asimismo, la Constitución española de 1978 regula el derecho a la propiedad privada en el Art. 33 CE, se consagra que la propiedad debe cumplir una función social y en el Art. 53.1 CE se impone el mandato constitucional al legislador de respetar el contenido esencial de los derechos en la conformación de su contenido. Por este motivo, será objeto de estudio la doctrina constitucional del derecho de propiedad para analizar la constitucionalidad de ambas nuevas formas del derecho de propiedad en Cataluña en lo que se refiere a su naturaleza jurídica, el alcance del principio de la función social del derecho de propiedad para flexibilizar el dominio y crear nuevas formas del derecho de propiedad, el respeto a la garantía del contenido esencial de la propiedad con base en la regulación de la propiedad temporal y de la propiedad compartida, así como las competencias del legislador de Cataluña para regular nuevos tipos del derecho de propiedad.
The Catalan legislator has introduced in the fifth book of the real rights of the Catalan civil Code two new forms of the property right, through the Act 19/2015, 29th July, of the Catalan Parliament. Nevertheless, the temporary ownership and the shared ownership are unprecedented in the Spanish legal system of laws, because they are based on forms of the English property right whose characteristics substantially differ with regard to Roman property right, which is contained in both the Spanish civil Code and the Catalan civil Code, that define the property right as an absolute, exclusive and perpetual right. The incorporation of the temporary ownership and the shared ownership in the Catalan civil Code could involve troubles because the division of the domain and its temporality are residual or non-existent among the institutions of civil law of the Spanish civil Code and the Catalan civil Code. However, the preamble of the Act 19/2015, 29th July, refers to some institutions that involve a division of the owner’s powers or a transitory situation of temporary domain that shall be studied to determine whether if the division and the temporality of the property right could be held based in such institutions. Likewise, the Spanish Constitution 1978 regulates the property right in the article 33 CE. This article proclaims the social function of the property right and the article 53.1 CE imposes the constitutional mandate to the legislator to preserve the essential content of the constitutional rights in the conformation of its content. This is the reason why the constitutional doctrine of the property right is studied to analyze the constitutionality of both new forms of Catalan properties in terms of their legal nature, the scope of the principle of the social function of the property right, respect for the guarantee of the essential content of property based on the regulation of the temporary ownership and the shared ownership, as well as the powers of the Catalan legislator to regulate new types of property rights.

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50

Cheung, Oi Lin. "Two Essays on the Role of Information in the Interaction between American Depository Receipts and Their Home Shares: Information Transfer and Issuer Decisions." ScholarWorks@UNO, 2008. http://scholarworks.uno.edu/td/855.

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American Depository Receipts (ADRs) represent shares of foreign firms that are issued and traded in the U.S. Since an ADR and its underlying shares represent ownership interest of the same firm, they should be perfect substitutes in a perfect market. However, market imperfections such as differences in information environment, liquidity, investment and trading restrictions, taxes, control right, corporate governance might make them less-than-perfect substitutes. These imperfections, on the other hand, also present opportunities for research. This dissertation consists of two essays on ADRs, both related to the effects of less-thanperfect information. Specifically, the first essay examines the return and volatility transfers between ADRs and their underlying home shares. Our investigation differs from the previous studies in that we cover substantially more countries and that we attempt to explain the variations in the extents of transfer effects both across firms and across countries. Various hypotheses are developed, based on the premise that barriers associated with trading, investments, and corporate governance would lower the extent or effectiveness of transfers. Overall, our empirical results support these hypotheses. The second essay takes the viewpoint of the issuing firms. Supposedly, an issuer's timing and dollar amount raised depend on the conditions of three markets: its home equity market, the U.S. equity market, and the currency market. From purely the standpoint of information accessibility, ADR issuers are likely to time their issues or set their amounts with respect to the conditions of the home equity market and/or currency market, with which they are more familiar. On the other hand, issuers typically employ the assistance of U.S. investment banks, and therefore they may be well-informed about the U.S. equity market. This is largely an empirical issue. Generally, our empirical results are mixed, but there is somewhat stronger evidence for the U.S. equity market being more important when setting the issue amount. There is also evidence that suggests regulations having influences on such activities.

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Dissertations / Theses on the topic 'Share ownership'

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