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Goodman, Jennifer Coralie. "Social shareholder engagement: How shareholders bring social, environmental and ethical concerns to the heart of management." Doctoral thesis, Universitat Ramon Llull, 2015. http://hdl.handle.net/10803/295841.
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Els accionistes sempre han estat fonamentals per entendre un negoci. I ho continuen essent avui. Tanmateix, suposar que una empresa s’ha de dirigir només per satisfer les demandes dels accionistes, i que aquests accionistes estan preocupats només per maximitzar els seus beneficis econòmics, resulta problemàtic, davant de les nombroses exigències que tant aquests accionistes com d’altres stakeholders plantegen a les empreses.
En una època en què temes com el canvi climàtic i la distància creixent entre els rics i els pobres s’estan convertint en preocupacions urgents per a la societat, el paper de les empreses, les seves finalitats i les seves pràctiques s’estan qüestionant tant en l’àmbit públic, com en el privat i en l’acadèmic. La inversió responsable, els diversos tipus d’inversors, les iniciatives multistakeholder, les comunitats, les campanyes d’activisme i una varietat creixent de stakeholders plantegen múltiples i diverses demandes a les empreses, que van més enllà dels interessos econòmics.
Aquesta tesi adopta la perspectiva del repte que suposa per a les empreses que es qüestionin els supòsits en què es fonamenta la seva naturalesa. Hi ha accionistes que s’impliquen en la gestió corporativa de les problemàtiques socials, mediambientals i ètiques, com els drets humans o la degradació de l’entorn. En aquest estudi, s’analitza empíricament i conceptualment aquesta “implicació de l’accionista” (shareholder engagement), que és un fenomen cada vegada més rellevant en la pràctica corporativa i en l’activitat investigadora. Oferim una nova perspectiva de la implicació de l’accionista, que identifica la seva naturalesa política i ètica. D’aquesta manera, participem i contribuïm a la literatura sobre govern corporatiu, inversió responsable, activisme social i ètica empresarial, i obrim noves vies per a la recerca futura.Los accionistas siempre han sido fundamentales para entender un negocio. Y lo siguen siendo hoy. Sin embargo, suponer que una empresa ha de ser dirigida únicamente para satisfacer las demandas de los accionistas, y que dichos accionistas están preocupados únicamente por maximizar sus beneficios económicos, resulta problemático, a la luz de las numerosas exigencias que plantean a las empresas tanto los accionistas como otros stakeholders. En un tiempo en que determinados temas, como el cambio climático y la distancia creciente entre ricos y pobres, se están convirtiendo en preocupaciones acuciantes para la sociedad, el papel de las empresas, sus fines y sus prácticas están siendo cuestionados en los ámbitos público, privado y académico. La inversión responsable, los diversos tipos de inversores, las iniciativas multistakeholder, las comunidades, las campañas de activismo y la gran variedad de stakeholders han planteado múltiples y diversas demandas a las empresas, que van más allá de los intereses económicos. Esta tesis adopta la perspectiva del reto que supone para las empresas el cuestionamiento de las asunciones en que se fundamenta su naturaleza. Hay accionistas que se implican en la gestión corporativa de las preocupaciones sociales, medioambientales y éticas, como los derechos humanos o la degradación del entorno. En este estudio, se analiza empíricamente y conceptualmente esta “implicación del accionista” (shareholder engagement), pues es un fenómeno cada vez más relevante en la práctica corporativa y en la actividad investigadora. Ofrecemos una nueva perspectiva de la implicación del accionista, que identifica su naturaleza política y ética. De este modo, participamos y contribuimos a la literatura sobre gobierno corporativo, inversión responsable, activismo social y ética empresarial, y abrimos nuevas vías para la investigación futura.
Shareholders have always been fundamental to an understanding of the corporation. The same is true today. However, the assumptions that the firm should be run to meet only the demands of shareholders, and that those shareholders are concerned only about the maximization of financial returns, are problematic in light of the multitude of demands placed on corporations by both shareholders and other stakeholders. At a time when issues such as climate change and the widening gap between rich and poor have become pressing societal concerns, the role of business, its purposes and its practices have been challenged in the public, private, and academic spheres. Responsible investment, diverse investor types, multi-stakeholder initiatives, communities, activist campaigns, and a variety of other stakeholders have resulted in multiple and diverse demands on the company which go well beyond financial interests. This thesis takes the perspective of one such challenge to the fundamental assumptions about the nature of the firm: shareholders who actively engage with corporate management on issues of social, environmental, and ethical concern such as human rights or environmental degradation. This ‘social shareholder engagement’, an increasingly relevant phenomenon in practice and research, is explored here both empirically and conceptually. I provide a new perspective on social shareholder engagement, which identifies the political and ethical nature of these actions. In this way I engage with and contribute to the corporate governance, responsible investment, social activism and business ethics literatures and open a number of future avenues for research.
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Anastasio, Edoardo <1996>. "The relationship between financial risk management and shareholders value." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/20812.
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The aim of this thesis is to investigate the relationship between financial risk management (or hedging), the underinvestment problem and the increase in shareholders and firm value. To do so, we will present first the different theories and supporting evidence for the value generation capability of hedging strategies (i.e by generating tax benefits, reducing distress costs, reducing the underinvestment problemt). Moving on, we will provide a theoretical introduction to the concepts of risk, exposure, and risk management, and then we will review different schools of thought of risk management, more specifically the financial risk management, the strategic risk taking and the enterprise risk management (ERM). In the following chapter the focus will be on what different risk management strategies are implemented in the practic for hedging financial risks (interest rate, exchange rate, commodity prices), from those relying only on the use of financial instruments like derivatives, to those using operational hedges to conclude with those using a combination of boht, exploiting also the benefits of extra liquidity.
The final chapter is where we will try to investigate the relationship between the use of hedging derivatives and the investment spending of italian companies from different industry sectors. After investigating that, we will see for which companies there is an effective increase in shareholders value, using a metric proposed by P. Fernandez. Our research tries to combine two different analysis to establish a potentially useful relationship also for the practice.
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Boros, Elizabeth Jane. "Minority shareholders : prevention and remedy of common grievances." Thesis, University of Cambridge, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.334094.
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Котенко, Олександр Олександрович, Александр Александрович Котенко, and Oleksandr Oleksandrovych Kotenko. "Protection of rights for minority shareholders in the conditions of world financial crisis." Thesis, Crimean Institute of Business, 2010. http://essuir.sumdu.edu.ua/handle/123456789/62411.
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Alfordy, Faisal D. "The impact of Saudi Arabian culture on minority shareholders' rights." Thesis, University of Gloucestershire, 2016. http://eprints.glos.ac.uk/4259/.
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The aim of this research study is to examine the impact of Saudi Arabian culture on corporate governance (CG) and its regulatory compliance with respect to the protection of minority shareholders’ interests. The protection of minority shareholders is a primary concern in the area of CG and particularly as defined by the Organization for Economic Co-operation and Development (OECD) principles. In Saudi Arabia, CG is a newly introduced regime. Its set of CG principles was initially issued after the first market crash in 2006, which signified the need for appropriate CG standards in Saudi Arabia because minority shareholders suffered catastrophic losses. Moreover, CG legislation in Saudi Arabia is still slowly moving from voluntary to obligatory because family-owned firms, which is the dominant form of incorporation, are stifling corporate growth by their reluctance to open their equity to outside shareholders, as argued by the OECD report of Koldertsova (2011). Hence, the conceptual framework for understanding how Saudi Culture affects minorities is based upon Hofstede’s (1980-2010) Cultural Value Dimension (CVD) model linking societal constructs with the legal and political milieu. Thus, this research sets out to examine this link in relevance to Saudi Culture. In addition, this undertaking will extend, via the second research question, to uncover other factors, such as the legal and political, influencing the level of compliance of listed Saudi corporations with the OECD principles with respect to the protection of minority shareholder rights. The findings of this study provides significant correlations between each of Hofstede’s CVDs: Individualism, Power Distance, Uncertainty Avoidance, Femininity, and Long Term Orientation and the quality of the exercise of minority shareholders’ rights as defined by the OECD’s principles of CG in Saudi Arabia. Moreover, the distribution of each CV dimension was found not to be the same when comparing groups of Majority and Minority shareholders. Hence, the significant correlations expose two different subcultures: an active culture pertaining to Majority shareholders and a passive culture pertaining to Minority shareholders in Saudi Arabia. Moreover, the current legal environment guiding the CG procedures in Saudi Arabia was found to attach a low level of significance to minority shareholders in terms of: ease of litigation, establishment of specialised courts, appointment of competent qualified judges in CG commercial cases, and creation of awareness programmes for minority shareholders’ rights. In addition, the lack of a solid constitution was found to weaken popular pressure to safeguard shareholders' rights and promote a block-holding model of corporate control. Hence, due to governmental institutions falling short on their responsibilities, Saudi controlling families can practically be considered as an institution, as indicated by Institutional Theory, and this familial institution is likely to continue to manifest itself in the governance of emerging economic systems such as Saudi Arabia's as its survival is dependent on the institutional context.
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Hörner, Sven [Verfasser], Andrea [Gutachter] Szczesny, and Hansrudi [Gutachter] Lenz. "Empirical Studies on Accounting – Shareholders’ Perceptions of Earnings Quality / Sven Hörner ; Gutachter: Andrea Szczesny, Hansrudi Lenz." Würzburg : Universität Würzburg, 2020. http://d-nb.info/1218019336/34.
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Hardman, Stephen. "Can a tools-based implementation of lean in the manufacturing industry provide attractive investment opportunities for shareholders." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6169.
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Thesis (MBA (Business Management))--Stellenbosch University, 2008.ENGLISH ABSTRACT: The concept of a business existing to fulfil the wants and needs of the various stakeholders acknowledges that the prime goal of any commercial business is that of profit maximisation and the resultant stock price maximisation (Brigham & Ehrhardt, 2002:10). Any decision by the senior management or the board of an organisation should be primarily in the interest of its shareholders. It follows that any decision that does not add shareholder value subtracts from shareholder value; in other words, decisions must impact the bottom line financially. The manufacturing sector has seen its fair share of methods, interventions and programmes aimed at cost reduction and profit maximisation through a variety of total quality management (TOM), statistical process control (SPC), right/downsizing, efficiency improvements and yield maximisation. One of the most enduring and successful of these has been the advent of the lean manufacturing philosophy, defined as the complete and thorough elimination of waste to reduce the time line from receipt of customer order to delivery. It is a process-focused philosophy and not results focused, the belief being that the elimination of waste from all aspects of the process will ultimately result in financial success. Toyota have developed, and perfected more than most, the concept of lean manufacturing. They have termed their lean initiative the Toyota Production System (TPS). At the core of TPS is the concept of one piece flow controlled by customer pull. Given the success derived from TPS by Toyota it is only natural that other organisations have shown interest and have attempted, in varying degrees of success, to copy the TPS. But the magnitude of attempting to change the philosophy of an organisation in the short term is a daunting task and it is understandable why adopters of a lean way forward have rather turned to the lean tools as drivers of the process and value. The attraction of lean tools is that they can be applied in many areas of an organisation independent of one another. Organisations have a range of needs that need to be satisfied which include growth, increased profits, cash now and talent retention. The need to decide what interventions to apply when and where and what impact to profit and share value is of paramount importance to decision makers of organisations. By analysis of the results of a global industrial packaging company's efforts to implement lean through a tool-based approach, this study attempts to offer guidance to those organisations interested in implementing lean tools. The tools employed comprise four operational and three commercial tools. A financial model examining the impact of the tools on financial metrics is then developed and tested. The results show that the impact of the applied tools impact directly financial metrics used by investors to assess the relative attractiveness of an organisation's shares for the period 2003 to 2007. Further research should be conducted to determine the performance of the organisation for a ten to fifteen-year period to determine future success.
AFRIKAANSE OPSOMMING: Die konsep dat 'n sakeondememing bestaan om die verwagtinge en behoeftes van die onderskeie rolspelers te dien erken dat maksimale wins en die gevolglike optimale aandeleprys die primere doelwitte van enige kommersiele onderneming is (Brigham & Ehrhardt, 2002:10). Enige besluit deur die senior bestuur of the direksie van 'n ondememing behoort dus primer in die belang van sodanige ondememing se aandeelhouers te wees. Gevolglik sal enige besluit wat geen waarde tot die aandeelhouer bied nie, sodanige waarde verminder en moontlik lei tot disinvestering; met ander woorde, besluite moet finansieel 'n invloed op winsgewendheid he. Die vervaardigingsektor het al verskeie metodes, ingrypings en programme beleef wat gemik is op kostevermindering en winsverhoging deur middel van 'n verskeidenheid van algehele kwaliteitsbestuur ("total quality management"), statistiese prosesbeheer ("statistical process control"), herstrukturering deur middel van sogenaamde afskaling ("rightdownsizing"), verbetering van effektiwiteit en opbrengs. Een van die standhoudendste en suksesvolste van hierdie is die skep van die "spilvrye" vervaardigingsfilosofie ("lean manufacturing philosophy") wat gedefinieer word as: die totale en volledige eliminering van verspilling om die tydsverloop tussen die ontvangs van die klient se bestelling tot die aflewering te verminder. Die aanname word gemaak dat die eliminering van verspilling vanuit alle aspekte van die proses uiteindelik finansiele sukses tot gevolg sal he. Die filosofie is dus gefokus op die proses en nie op resultate nie. Toyota het die konsep van "spilvrye"-vervaardiging ontwikkel en, meer as ander, vervolmaak en verwys na hul inisiatief as die "Toyota Production System" of TPS. Sentraal tot die TPS is die konsep van enkel-aaneenlopende produksievloei beheer deur klienteopdrag en -behoefte. As gevolg van Toyota se sukses met die toepassing van die TPS is dit te verwagte dat ander organisasies belangstelling sou toon en met wisselende sukses gepoog het om die TPS na te boots. Om die filosofie van 'n organisasie in die kort termyn te verander is so 'n omvangryke taak dat dit begryplik is waarom nuwe bekeerlinge tot die "spilvrye" -filosofie eerder "spilvrye"-instrumente verkies as die dryfvere van die proses en waarde. Die aantrekkingskrag van "spilvrye"-instrumente is dat dit onafhanklik van mekaar in baie areas van 'n organisasie deur individue, werkspanne of konsultante aangewend kan word. Insluitend groei, die verhoging van wins, kontantvloei en die behoud van talent, het organisasies uiteenlopende behoeftes wat aangespreek moet word. Dit is van die uiterste belang vir besluitnemers van organisasies om te besluit op toepaslike ingryping, wanneer en waar, asook die uitwerking op wins en aandeelwaarde. As 'n poging om belangstellende organisasies te help, bied hierdie studie 'n analise van die resultate voortspruitend uit 'n globale industriele verpakkingsmaatskappy se pogings om die "spilvrye" konsep deur middel van 'n instrument-gebaseerde benadering te implementeer. Die resultate toon dat die impak van die toegepaste instrumente 'n direkte invloed het op die finansiele meetinstrumente, wat deur beleggers aangewend word om die relatiewe aantrekkingskrag van 'n organisasie se aandele vir die tydperk 2003 tot 2007 te bepaal. Om toekomstige sukses te bepaal behoort verdere navorsing egter gedoen te word ten opsigte van die organisasie se prestasie oor 'n tien- tot vyftien-jaar tydperk.
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ZHAO, Xiaofeng. "Hello, is anybody there? Corporate accessibility for minority shareholders as a signal of agency problems in China." Digital Commons @ Lingnan University, 2013. https://commons.ln.edu.hk/fin_etd/8.
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My thesis examines whether corporate accessibility for minority shareholders, defined as the ease with which minority shareholders are able to contact corporate insiders, can be a signal of the severity of a firm’s agency problems. Using Chinese public listed firms as the testing group, I find that accessible firms are associated with less serious agency problems than is the case for non-accessible firms. Specifically, accessible firms tend to be associated with lower agency costs, lower cost of equity, higher firm valuation, and better operating performance. I also find that accessibility can signal agency problems in firms with different ownership and corporate governance structures, though the signaling effects are weaker in the firms where the incentives of insiders are tied less closely to stock price performance. Overall, my results indicate that corporate accessibility for minority shareholders is a value-relevant signal for investors to detect the quality of the publicly listed firms in China.
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Chokuda, Carias Tererai. "The protection of shareholders' rights versus flexibility in the management of companies: a critical analysis of the implications of corporate law reform on corporate governance in South Africa with specific reference to protection of shareholders." Doctoral thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/25199.
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In June 2004 the Department of Trade and Industry embarked on a corporate law reform process which culminated in the enactment of the Companies Act 71 2008. One of the key objectives of the reform process was to provide flexibility in the formation and management of companies. As part of this goal, and by the use of the concept of alterable and unalterable provisions, the new Act unravelled some shareholder protective mechanisms provided for under the old Companies Act 61 of 1973. At the same time, it conferred increased powers on the board of directors of a company. These changes affect the power dynamic between shareholders and the board of directors within the company. Given the significant role of directors within the company, these changes give rise to concerns about shareholder protection, especially in the light of the conduct of directors in corporate scandals of the recent past. The objective of this thesis is to show where there has been a shift in the balance of power between shareholders and the board of directors and, how this shift affects shareholder protection and, whether the shift of power has been balanced by increased shareholder protection.
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Yang, Kisuk 1962. "Fundamentals of divestiture as a restructuring method : case study of LG demergers in terms of shareholders value and corporate governance in the context of Korean practice." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/28283.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2003.Includes bibliographical references (leaves 79-82).
This thesis is to generally review the practices and cases in the global capital market places in regard to the divestitures as one of the corporate restructuring instruments and to confirm the generally acceptable hypothesis that the most of breakup cases driven by the strategic purpose of "focus and concentration" would be justified by the enhancement of shareholders value. And the discussion expands to the divestitures in Korea introduced in late 1990s, which prevailed and practiced widely in the market ever since, but in some cases, it was combined with formation of the holding company structure in accordance to the Monopoly Regulation and Fair Trade Act making the issue complicated one in regard to the reform and restructuring of major conglomerates, the "Chaebol" in Korea. The LG demerger cases were right in the center of the discussions, and this thesis is to address four hypotheses in regard to the background, key components, aftermaths, and the implication of the LG's transaction through which it would be assessed in terms of shareholders value and corporate governance in the context of Korean practice.
by Kisuk Yang.
M.B.A.
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Veselá, Lucie. "Shareholder management - vybrané aspekty." Master's thesis, Vysoká škola ekonomická v Praze, 2006. http://www.nusl.cz/ntk/nusl-7379.
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Hlavním cílem této práce je nastínit vztah mezi zvyšováním hodnoty podniku a optimalizací činností finančního řízení. Teoretická část je zaměřena na definování hodnoty podniku a vybraných nástrojů řízení hodnoty, porovnání koncepce shareholder a stakeholder value a možnosti zvyšování hodnoty pro akcionáře. Teoreticko-praktická část v úvodu charakterizuje analyzovaný podniku, popisuje jeho ekonomický (finanční) úsek a organizační strukturu. Na tomto podniku je představen příklad praktické ?cesty?, která by měla vést ke zvyšování hodnoty podniku ? zhodnocení současného stavu vybraných oblastí finančního řízení, srovnání s nejlepšími postupy, návrh změn a doporučení za účelem budoucího zvyšování hodnoty podniku pro akcionáře.
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Gallová, Silvia. "Ekonomická pridaná hodnota a jej sposoby využitia v podnikohospodárskej praxi." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-10907.
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A concept of EVA is critical in evaluating the performance of any business. Economic Value Added refers to the incremental value created by an activity or a business venture. It measures the economic rather than accounting profit created by a business after the cost of all resources including debt and equity had been implied. Improving EVA can be achieved by generating more revenue without using additional capital. The capital invested in the business might be reduced by selling non-operating assets and redeploying the capital into projects and activities with higher operating performance than current projects have. ...
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Bártová, Michaela. "Správa a řízení společností (Corporate governance) na příkladu SAZKA, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-96398.
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The aim of the Thesis is to examine the level of keeping of Corporate Governance in the Czech Republic after 1990. Theoretic part of the Thesis examines the Theory of the Firm and Theory of Corporate Governance as a result from the Theory of the Firm. Analytic part of the Thesis analyses creation of Corporate Governance in the process of Privatization during transformation of Economy in the Czech Republic with current reflection of document Principles of Corporate Governance OECD. Analysis of level of using and keeping of Corporate Governance is made on example of company SAZKA, a.s. The Discussion and the End of the Thesis describe realized facts, serious failures of top management and also representatives of Shareholders during Corporate Governance of SAZKA, a.s., failure of Codex Principles of Corporate governance and impact to the economy of the company and its fall into the insolvency.
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Zhou, Xin, Teuta Alija, and Owoicho Ochoche. "Poison Pills : A management-shareholder benefits comparison." Thesis, Jönköping University, JIBS, Business Administration, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12413.
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Abstract
Problem: The problem of this thesis involves the controversy that the implementation of poison pills generates. The conflict amongst various stakeholders that are affected directly or indirectly by the implementation of the poison pill also contributes significantly to the problem of this thesis.
Purpose: The purpose of this thesis is to investigate and compare the benefits of the poison pill adoption on shareholder and management interests. We also seek to evaluate arguments for and against pill adoption, and determine if these arguments are valid in view of facts established from our study.
Conclusions: Our study in this thesis has brought us to five conclusions about the poison pill policy in fulfillment of the purpose. We state in our conclusion that arguments for and against the poison pill can both be validated depending on the case, we also state that a general conclusion cannot be drawn as to the negative or positive effect of the poison pill on stakeholders. We proceed to argue that the pill is a very effective fighting toll in the current business world and state that more should be done to regulate pill implementation. We finish up our conclusion by identifying what appears to be an inverse relationship between management and shareholders benefits from the implementation of the pill.
Originality: The uniqueness of our study resides in the theoretical framework that is developed from two prevailing hypotheses in the academic research of the poison pill. The previous studies either take on the management entrenchment hypothesis (MEH) or the shareholder interest hypothesis (SIH). However, we have combined the elements of both hypotheses and jointly revealed the advantages and disadvantages of the pill adoption for both management and shareholders via our original management shareholder benefits comparison matrix.
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Greyling, Christoffel Jacobus Coetzer. "Value-based management : shareholder value creation and management / Christoff Greyling." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4780.
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The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period.
Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market.Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.
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Mackenzie, Iveta. "AKVIZICE & PŘEMĚNY ve strategickém řízení." Doctoral thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-204784.
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Acquisitions & Mergers, a tool of strategic management, that is the basis of my research. The first question that my research addresses is the acquisition activity in the European Union. The acquisition activity is shown at two levels. In the basic level the numbers of transactions in each country were compared according to freely selected criteria. In the next level, the research deals with the existence of a relationship between the acquisition activity and macroeconomic indicators. The research study presents in detail three new economic indicators for comparison of acquisition activity: M-total, M-score, M-index. The second question that my research addresses is the percentage of successful and unsuccessful deals in the Czech Republic. My research evaluating acquisitions & mergers is based on the financial results. Financial results are looked at from three aspects according to how they may benefit specific interest groups: owners, creditors, employees. The next issue is a verdict on which firms, in terms of financial results in the pre-transaction period, have potential for successful development in the post-transaction period, and which seem to have no potential. The research study presents in detail the new method for acquisitions & mergers evaluating: Acquisition Value Analysis.
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White, Todd Palmer. "Analyst Herding, Shareholder Investment Horizon, and Management Earnings Guidance." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/37618.
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This dissertation examines the characterization of transient investors by financial analysts. Transient investors have been portrayed in the literature as either 1) informed investors or 2) poor monitors. No research to date, however, has examined how financial analysts, who are important information intermediaries, characterize transient investors. A view of transient investors through the lens of a financial analyst is obtained through examining how the presence of transient owners in a firm affects financial analystsâ decision making. Specifically, this study examines how transient ownership affects both the propensity of analysts to herd when issuing earnings forecasts for a given firm as well as the incidence with which analysts revise their forecasts when the firm issues earnings guidance. Empirical tests show that financial analysts exhibit a greater propensity to herd when there are transient investors present. The proposed reason for this effect is analysts are herding due to reputational concerns. Further testing, however, does not show that the relation between transient ownership and analyst herding is owed to poor monitoring behavior of transient-owned firms. In contrast, evidence is consistent with the hypothesis that the firm information environment of transient-owned firms is an important cause of analyst herding. In summary, evidence is consistent with the informed investor portrayal of transient investors and there is no evidence indicating financial analysts view transient owners as poor monitors. Finally, when the decision of analysts to issue revised forecasts is examined, it is found that having a higher percentage of the firm owned by dedicated or long-term investors increased the propensity of analysts to issue a revised forecast. Thus, while my analysis is inconsistent with a poor monitoring portrayal of transient investors, results suggest that a dedicated investor base can enhance the perceived credibility of firm disclosures.
âPh. D.
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Zalesky, Alexander 1959. "Creating shareholder value through total customer solutions." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/9213.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2000.Also available online at the DSpace at MIT website.
Vita.
Includes bibliographical references.
This thesis examines how various chemical companies create shareholder value. Against the backdrop of the latest strategic thinking of Arnoldo C. Hax and Dean Wilde Il as discussed in the Deha Model, the author reviews the strategic position of each company and compares them to the shareholder value they create. This thesis concludes that adopting the Total Customer Solutions strategic posture creates enhanced shareholder value. The Chemical Industry, despite its rich and profound history, when compared to the Standard and Poor's 500 over the last five years, has been consuming value. In order to reverse these trends, companies have been focusing their energy on Rapid Globalization, Increased Mergers and Acquisitions, Business Transformation and Innovation. The advent of the Internet and how companies position themselves within this new space will also play a critical role in most companies' future success. The thesis suggests that all of these activities should be viewed from the Total Customer Solutions perspective, creating stronger alignment between strategy, adaptive processes, and execution. The thesis concludes by suggesting how Eastman Chemical Company may utilize the principles embedded in the Deha Model to strategically reposition itself as a Total Customer Solutions Company.
by Alexander Zalesky.
M.B.A.
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Martins, Fernando Miguel Pinto. "Do classified boards protect top management? : evidence from shareholder proposals." Thesis, Massachusetts Institute of Technology, 2018. http://hdl.handle.net/1721.1/117995.
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Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2018.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 38-40).
This paper examines the relationship between classified boards and managerial entrenchment by applying a panel regression discontinuity design to shareholder proposals on board declassification. We focus on shareholder proposals that pass or fail by a small margin of votes in order to provide a causal estimate of the impact of board declassification. We find that shareholder proposal approval leads to a reduction in CEO compensation, an increase in the likelihood of CEO replacement, a positive but insignificant impact on pay-performance elasticity, and an increase in firm value. The reduction in CEO compensation is strongest among firms who possess weaker levels of corporate governance. These findings suggest that classified boards protect top management and lead to higher levels of managerial entrenchment.
by Fernando Miguel Pinto Martins.
S.M. in Management Research
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Harris, Jane Leslie. "Opportunities to enhance shareholder value through real estate asset management." Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/66721.
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Raab, Hermann. "Shareholder value und Verfahren der Unternehmensbewertung : Leitmaxime für das Management? /." Herne : Verlag Neue Wirtschaftsbriefe, 2001. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009517995&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Moldenhauer, Benjamin [Verfasser]. "Insider Ownership, Shareholder Structures and Corporate Governance. / Benjamin Moldenhauer." Berlin : Duncker & Humblot GmbH, 2020. http://d-nb.info/1238494609/34.
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Пігуль, Наталія Георгіївна, Наталья Георгиевна Пигуль, and Nataliia Heorhiivna Pihul. "Дивідендна політика як складова сучасної моделі корпоративного розвитку." Thesis, Українська академія банківської справи Національного банку України, 2002. http://essuir.sumdu.edu.ua/handle/123456789/52075.
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У роботі досліджено особливості існуючих моделей корпоративного управління та основні фактори формування національної моделі корпоративно-го управління з урахуванням специфіки розвитку корпоративних відносин в Україні.
Розвинуто сутність дивідендної політики як складової загальної стратегії економічного розвитку з метою забезпечення ефективної реалізації прав влас-ності в процесі здійснення стратегічних і тактичних фінансових рішень. Обґру-нтовано особливості реалізації основних типів дивідендної політики залежно від стадій життєвого циклу корпорації та особливостей її фінансово-економічного розвитку, запропоновано класифікацію видів і форм дивідендів за основними ознаками.
На основі застосування методів багатофакторного регресійного аналізу розвинуто методичні підходи до визначення впливу рівня дивідендних виплат на ринкову вартість корпорації; вдосконалено методику розрахунку максима-льного темпу зростання активів корпорації без додаткового зовнішнього фінан-сування для підприємств з несталою структурою акціонерної власності, а також розроблено схему перерозподілу та використання коштів, нарахованих на диві-денди за державними корпоративними правами, для забезпечення випуску дер-жавних довгострокових облігацій інвестиційного розвитку.In the work the features of existing corporate management models are investigated. The author considers the major factors and peculiarities of corporate management national model formation with the allowance of specificities of the corporate relations development in Ukraine. The essence of dividend policy as component of general strategy of economic development with the purpose of ensuring effective realization of the property rights in the process of strategic and tactical financial solutions realization is showed in the dissertation. The features of realization of dividend policy main types depending on stages of life cycle of corporation and features of its financial and economic development are justified. In the work the classification of kinds and forms of the dividends depending main indications is offered. Using the methods of multifactor regressive analyse the methodical approaches of determination of influence of dividends payments level on a market value of corporation are offered. In the dissertation the method of calculation of maximum rate of increase of corporation assets without additional external financing for the enterprises with the not resisted structure of joint-stock property is improved. In the work the scheme of redistribution and using funds, which are charged on the dividends on state corporative rights for ensuring issue of the state long-term investment development bonds is offered.
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Loose, Thomas. "Tax-Management der kapitalmarktorientierten internationalen Unternehmung." Lohmar Köln Eul, 2009. http://d-nb.info/999286676/04.
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Shin, Sa-Pyung. "Essays on Corporate Governance and Shareholder Activism." Thesis, Harvard University, 2016. http://nrs.harvard.edu/urn-3:HUL.InstRepos:32744405.
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In these essays, I explore the relation between shareholder activism and corporate governance, mainly the board of directors and takeover defense measures.
In the first essay, “Takeover defenses in the era of shareholder activism,” I examine whether or not takeover defense measures that were originally developed to protect the management have differential effects on the probability of shareholder activism. I also examine what are the types of demands activists make when there are defense measures in place and look at the outcomes following activist campaigns. I find that firms with a staggered board or dual-class shares are less likely to be targeted while firms with a poison pill in place are more likely to be targeted. Also, staggered board and poison pill are more likely to be removed following activism and target firms are more likely to be taken over following activism despite having defense measures in place.
In the second essay, “Consequences to Directors of Shareholder Activism,” co-authored with Ian D. Gow and Suraj Srinivasan, we examine how shareholder activists can influence accountability of the board of directors. We find that the directors are more likely to leave the board in the two years following activist engagement and their turnover is more sensitive to their performance in the period leading up to shareholder activism. However, we do not find evidence of reputational consequences for the directors as we do not find changes in the number of other board seats.
In the third essay, “Activist directors – determinants and consequences,” also co-authored with Ian D. Gow and Suraj Srinivasan, we examine whom the directors shareholder activists put in when they are granted a board seat or when they win proxy fights and whether having these board seats can help them achieve their goals more effectively. We identify 1,369 activist directors during the period of 2004–2015. Activists remain as shareholders longer when they have board seats and having activist directors is associated with significant strategic and operational actions by firms.
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Lafrenz, Karsten. "Shareholder Value-orientierte Sanierung : Ansatzpunkte und Wertsteigerungspotenzial beim Management von Unternehmenskrisen /." Wiesbaden : Dt. Univ.-Verl, 2004. http://www.gbv.de/dms/zbw/388111739.pdf.
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Main, Europa-Univ. Viadrina, Diss. u.d.T.: Shareholder Value-orientierte Sanierung - eine kapitalmarktorientierte Analyse des Einflusses von Krisensituationen und Handlungskonzeptionen auf den Sanierungserfolg--Frankfurt, 2003.
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Tomes, Richard. "Creating shareholder value : a case study of the PPC brand." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/80645.
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University of Stellenbosch Business SchoolThe objective of this study is to determine whether brands create value for shareholders and the extent to which such value can be quantified. The research methodology is based on a case study of Pretoria Portland Cement, South Africa’s leading cement producer, and seeks to demonstrate how a commodity like cement can be successfully differentiated and branded. Primary data was gathered by conducting unstructured interviews with business leaders and key personnel involved with the development and execution of the company’s brand vision. Secondary data is based on the results of a customer loyalty survey by IPSOS Markinor as well as on customer perceptions from Millward Brown’s BrandDynamics™ model. The results of both these surveys, together with historic market share data and the company’s financial performance over a 15-year period, is analysed and interpreted before conclusions are made about the brand’s contribution to value creation. The study concludes by attempting to make generally applicable findings about the value of brands and their overall contribution to shareholder value. One of the major limitations of the study is the inability to assign a definitive value to the PPC brand because of the vast number of credible brand valuation models available and the lack of consensus among academics and industry experts regarding the determination of brand value.
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Bryans, Robert. "Linking operational excellence to shareholder value : McDonald's as a case study." Thesis, Stellenbosch : Stellenbosch University, 2004. http://hdl.handle.net/10019.1/21214.
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Thesis (MBA)--Stellenbosch University, 2004.ENGLISH ABSTRACT: McDonald's is world renowned for the benchmark standards it sets in operations management. This is evidenced by the numerous references in operations management textbooks over the last 10-15 years. However, since 1999, McDonald's has not been able to link this operations excellence to creating shareholder value. In fact, the McDonald's share price has declined by 64 % over the last 4 years. In comparison, Wendy's (McDonald's biggest competition in the US fast food market) share price has increased by 2 % over the same period. Understanding why McDonald's has not been able to link operational excellence and the creation of shareholder value is the reasoning behind this mini-thesis. The hypothesis is that there are a number of factors. which influence shareholder value, and operational excellence is but one of these factors. A literature survey was conducted in order lO understand the underlying theories which link operational excellence and shareholder value creation. Evidence supporting this hypothesis is then presented and discussed. In Chapter 3, McDonald's ability to deliver operational excellence is evaluated against the evidence presented in operations management textbooks and other sources. The success of McDonald's in delivering perfonnance in the other factors affecting shareholder value is then discussed in Chapter 4 and compared to its biggest competition. Firstly, the share price of McDonald's is compared to its biggest competition (Wendy's), then the strategy of McDonald's and its impact on shareholder value creation is discussed, along with McDonald's ability to implement the other important factors and drivers, namely customer value creation, efficiency of value delivery and direct financial impact on shareholders. As a result of the above evidence. it was found that there are two basic reasons why McDonald's has not been able to link operational excellence and shareholder value creation: 1. Relative to its competition, McDonald's has not demonstrated sufficient competence in the other factors, which influence shareholder value creation. These factors are: customer value creation and the efficiency of customer value delivery. This is further evidenced by the financial output measures of McDonald's relative to its competition. 2. McDonald's ability in delivering operational excellence has diminished recently. This is evidenced by falling ratings in customer satisfaction surveys. The above reasons are evidenced by customer satisfaction survey results, comparative financial results and a number of non-direct driver results. In order to increase shareholder value creation, it is recommended that McDonald's change the focus of its strategy from operations to the creation of customer value. In order to support this change, the organisational structure and business processes will have to be changed by top management, who must be the crusaders of this change.
AFRIKAANSE OPSOMMING: McDonald's is bekend vir die maatskappy se wereldklas bedryfs bestuur standaardc. Die standaarde word tel kens na verwys in menige bedryfs bestuur handboeke oor die afgelope 10 tot 15 jaar. McDonald's kon egtcr nie daarin slaag om die hoe bedryfsbetuur standaarde in aandeelhouer waarde te omskep nic. Die waarde van die McDonald's aandele het met 64% gedaaJ oor die afgelope 4 jaar. In kontras het Wendy's (McDonald's se grootste mededinger in die Amerikaanse kitskos mark) se aandeel pryse met meer as 2% gestyg oor dieselfde peri ode. Die redc vir hierdie studie is dan juis om te bepaal waarom McDonald's nie hul voortrcflike bestuurs standaarde kon koppel aan stygende aandeelhouer waarde nic. Die hipotese is dat daar 'n aantal faktore is wat die aandeelhouer waarde van 'n maatskappy bepaal en dat bedryfs bestuur standaarde maar net een van hierdie faktore is. 'n Literatuur studie is gedoen om te bepaal wat die verwantskap is tussen puik bedryfsbetuur standaarde en die skepping van aandeelhouer waarde. Die bewyse vanuit die literatuurstudie is dan gebruik om die hipotese mee te toets. In Hoofstuk 3 is die vennoe van McDonald' s om hoe bedryfsbestuur standaarde te handhaaf evalueer aan die hand van die literatuur studie. McDonald's se sukses in die implementering van die ander faktore wat lei tot verhoogde aandeelhouer waarde is in Hoofstuk 4 bespreek en terselfde tyd vergelyk met die verrnoens van sy grootste mededingers. Eerstens is die aandeelprys van McDonald's met die van sy grootste mededinger (Wendy's) vergelyk en tweedens is die strategie van McDonald's en die impak daarvan op aandeelhouer waarde bespreek. Ander belangrike faktore soos kliente waarde skepping. effektiwiteit van waarde toevoeging en direkte finansiele impak op aandeelhouers is ingesluit in die bespreking. Daar is gevind dat daar twee hoofredes is waarom McDonald's nie daarin geslaag het om bedryfs bestuur uitmuntenheid te omskep in aandeelhouer waarde nie: 1. McDonald's het in vergelyking met sy mededingers nie goed genoeg gedoen m.b.t. die ander faktore wat aandeelhouer waarde bernvloed nie. Hierdie faktore is kliente waarde skepping en effektiwiteit van waarde toevoeging. 2. McDonald's se bedryfs bestuur standaarde het begin afneem. Dit word gestaaf deur laer waarderings in klante tevredenheids bepalings. Die onvermoe van McDonald' s om die bogenoemde faktore te implementeer word deur die klante tevredenheids bepalings, vergelykende finansiele resultate en 'n aantaJ indirekte maatstawwe gestaaf. Daar word dus voorgestel dat McDonald's sy stralegiese fokus moet verskuif vanaf bedryfs bestuur optimisering na kliente waarde skepping. Die organisasie struktuur en besigheids prosesse van McDonald's sal dus deur bestuur herorganiseer moet word om die verandering in strategie te kan ondersteun.
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Cascorbi, Annett. "Demerger-Management : wertorientierte Desintegration von Unternehmen /." Wiesbaden : Dt. Univ.-Verl, 2003. http://www.gbv.de/dms/zbw/376273887.pdf.
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Madubela, Albert Dingalethu. "What shareholder information on the shareholder spread is disclosed in the financial statements of JSE listed entities in accordance with listing requirements of the JSE?" Thesis, Stellenbosch : University of Stellenbosch, 2011. http://hdl.handle.net/10019.1/8518.
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Thesis (MBA)--University of Stellenbosch, 2011.The study was undertaken to determine whether companies listed on the Johannesburg Stock Exchange disclose shareholder spread in line with the available statutes such as the JSE Listing Requirements. Further, the study explored the closing balances for group, company, trusts, subsidiaries, and treasuries of all the 50 companies studied to ascertain whether there were differences with the ex WDH share program. Various sources to answering the question were used including the Internet, McGregor BFA, Annual Reports of the companies, and material from University of Stellenbosch Business School (USB). There were varying findings with regards to the study as it was found that some companies had differences in group, company, trusts, subsidiaries, and treasuries. Most of the differences were due to company mistakes, non-consolidation of trusts, and use of different methods. It was found that certain companies tend to omit certain information in disclosing the shareholder spread and this has resulted in many companies with differences in their closing balances for the company, group, trusts, subsidiaries, and treasuries. In addition, it was also discovered that certain companies disclosed major shareholders of less than the prescribed five percent which proved to be very helpful in this study.
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Campestrini, Sandro. "Cash Management in Supply Chains." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02600252002/$FILE/02600252002.pdf.
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Fechtel, Achim. "Wertorientiertes, strategisches Management von Mehrgeschäfts-Unternehmungen /." Wiesbaden : Dt. Univ.-Verl, 2001. http://www.gbv.de/du/services/toc/bs/328985430.
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Dietze, Andreas. "Information System Value Management : wertorientierte Gestaltung des Informationssystems im Unternehmen /." Wiesbaden : Dt. Univ.-Verl, 2004. http://www.gbv.de/dms/zbw/393884473.pdf.
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Basson, Shawn. "Using shareholder analysis as a control measure to verify treasury transactions." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/992.
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Thesis (MBA (Business Management))--University of Stellenbosch, 2010.ENGLISH ABSTRACT: Market capitalisation is a measure of size and prestige for various JSE listed companies. Changes in the Companies Act in relation to the capital maintenance provided companies the opportunity to repurchase their own shares. South Africa’s legislation is different to those of its international peers which resulted in a different interpretation of how to deal with treasury shares and resultantly impacted on the valuation of market capitalisation. This study was undertaken with the aim of establishing if there are differences in the reporting of closing balances of the number of shares of the company and group as provided by the share analysis section of the annual financial reports which is required by the JSE Listing Requirements. Thirty-four companies were selected specifically, analysed and compared to information as per the University of Stellenbosch Business School share program to determine whether differences arise and to determine the impact that this has on the market capitalisation valuation and explanations for deviations. The results reflected that the non reconciliation of closing balances of the group was primarily due to the non consolidation of trusts, subsidiaries and treasury shares and companies not adhering to the listing requirements as per section 3.3 of the shareholders’ spread to adequately disclose treasury related transactions. The study also found ambiguity in accounting standards IAS 1 in that they did not provide conclusive guidance in terms of the disclosure of share movements in rand value and units to reconcile between opening and closing balances of all treasury shares. Changes in the tax legislation will in future negate the reason for share repurchases through the subsidiaries or trusts which will have an impact on the reconciliation process going forward. Ultimately the accounting profession and JSE will have to implement standardised guidelines to ensure that the reporting of treasury shares is simplified to ensure that market users’ understanding of treasury activities and market capitalisation valuation can be improved.
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Волик, І. М. "Фінансова мотивація акціонування підприємств регіону." Thesis, Українська академія банківської справи Національного банку України, 2001. http://essuir.sumdu.edu.ua/handle/123456789/51361.
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На підставі порівняльного аналізу діяльності акціонерних товариств поглиблено та конкретизовано основні підходи до фінансових механізмів акціонування. Запропоновано схему проведення додаткової емісії акцій з метою забезпечення фінансування акціонерних товариств та вдосконалення механізмів емісійної діяльності. Вдосконалено систему показників для оцінки інвестиційної діяльності привабливості акцій на підставі визначення їх дохідності. Обгрунтовано організаційно-економічні засади та механізми організації дивідендної політики з метою розширення кола потенційних інвесторів і формування оптимальної стратегії розподілу прибутків. Досліджено систему економічних стимулів акціонування на підставі вдосконалення механізмів захисту прав акціонерів. Визначено напрями здійснення управління акціонерним товариством з боку власника об'єднаного майна та суб'єкта господарювання в процесі запровадження фінансової мотивації акціонування.На основании сравнительного анализа деятельности акционерных обществ углубленно и конкретизированы основные подходы к финансовым механизмов акционирования. Предложена схема проведения дополнительной эмиссии акций с целью обеспечения финансирования акционерных обществ и совершенствования механизмов эмиссионной деятельности. Усовершенствована система показателей для оценки инвестиционной деятельности привлекательности акций на основании определения их доходности. Обоснованы организационно-экономические основы и механизмы организации дивидендной политики с целью расширения круга потенциальных инвесторов и формирования оптимальной стратегии распределения доходов. Исследованы систему экономических стимулов акционирования на основе совершенствования механизмов защиты прав акционеров. Определены направления осуществления управления акционерным обществом со стороны собственника объединенного имущества и субъекта хозяйствования в процессе внедрения финансовой мотивации акционирования. Main conceptions of financial mechanisms of joint-stock company creation are developed and concreticised owing to the comparative analysis of joint-stock company activity. The scheme of addi-tional issue of stock in the aim of financing of joint-stock company and the improvement of mechanisms of emission activity are suggested. The system of parameters for the estimation of the investment attrac-tiveness of stocks based on their profitability is essentially improved. The organizing economic basis and the mechanism of organization the dividend policy in purpose of expansion the circles of potential investors and formation the optimal strategy of incomes distribution are implemented in the work. The system of economic stimuli of sole of shares grounded on the introduc-tion of mechanisms of rights protection of stockholders substantiated the directions of management of joint-stock company from the side of the owner of joint assets the economic the financial motivation of sale of shares are determined.
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Dao, Mai TT. "Shareholder Ratification of The Auditor and Audit Market Competition." FIU Digital Commons, 2009. http://digitalcommons.fiu.edu/etd/84.
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In my dissertation, I examine factors associated with firms’ submission of auditor selection for shareholder ratification and test if shareholder ratification of auditor selection is associated with the extent of price competition in the audit market (as measured by audit fees) and audit quality (as measured by clients’ earnings management). The dissertation is motivated from the recent recommendation of the U.S. Treasury’s Advisory Committee on Auditing Profession (ACAP) regarding the submission of auditor selection for shareholder ratification votes. The ACAP suggests that this practice may improve the competition in the audit market; yet, there is no empirical evidence supporting the ACAP’s recommendation. My dissertation attempts to fill the gap in the literature on an issue of current interest to the auditing profession. I find that firm size, CEO-Chair duality, insider ownership and institutional ownership are associated with the submission of auditor selection for shareholder ratification vote. However, I do not find an association between audit committee variables and the submission of auditor selection for shareholder ratification vote. The second essay investigates the association between auditor ratification and audit fees. Audit fees are higher in firms that submit auditor selection for shareholder ratification. The finding is not consistent with the increased price competition predicted by the ACAP. The third essay of my dissertation examine whether the submission of auditor selection for shareholder ratification is associated with earnings management. I find that firms that submit auditor selection for shareholder ratification are more likely to have lower level of earnings management. Overall, the results suggest that the same factors that are associated with higher quality monitoring also may be associated with the submission of auditor selection for shareholder ratification vote. The results call into question the one-size-fits-all approach recommended by the ACAP.
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Paulus, Stefan [Verfasser], and Marco [Akademischer Betreuer] Wilkens. "On the link between shareholder and corporate social responsibility / Stefan Paulus ; Betreuer: Marco Wilkens." Augsburg : Universität Augsburg, 2020. http://d-nb.info/1231712783/34.
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Chang, Chen. "The impact of customer-related strategies on shareholder value." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2008. https://ro.ecu.edu.au/theses/190.
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Marketing strategy has been justified by a number of criteria, including brand awareness, consumer attitudes, repeat buying and ratings of customer satisfaction; but the existing literature indicates the existence of weak relationships between these variables and sales, and almost no relationship with profitability. The 'customer perspective' of the balanced scorecard (BSC) suggests that measures of customer satisfaction might provide leading indicators with the ability to predict a firm's future financial performance; but empirical research has thus far failed to establish the existence of a consistent causal relationship between increased customer satisfaction and a firm's profitability. Similar findings cast doubt on the relationship between customer loyalty and firm profitability. Such empirical evidence is in conflict with the expectations of the service-profit chain which suggests that increases in customer satisfaction will increase customer loyalty and earn additional profits from customers. Management focus on the achievement of customer satisfaction and customer loyalty, and associated investment, might, therefore, be misguided, if they believe that the available empirical evidence supports a link between these variables and firm performance.
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Inci, Serdar [Verfasser]. "Shareholder Engagement : Chancen, Risiken und Kompatibilität mit der deutschen Corporate Governance / Serdar Inci." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2018. http://d-nb.info/1160311684/34.
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Burcovich, Lisa <1997>. "Value-Based Management: Performance Indicators of Value Creation. Alternative Measures to Assess Shareholder Returns." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/20331.
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How much is a company worth? Before buying a firm's shares, investors want to know if they are making a good investment choice. They want to understand the true value of the company. At the same time, current corporate owners want to gain from their investment because they take a risk by committing their money to the firm. In order to pursue this goal and satisfy the stockholders' needs, the company's management must use corporate fundings to undertake strategic investments that will generate future positive cash in-flows and design corporate strategies able to maximise value creation in the long term. Over the years, scholars developed many financial indicators to help managers, but which is the one that precisely computes the shareholder value created? This thesis analyses the most significant evolutions in business management, which led to the development of the Value-Based Management approach. Moreover, it tries to answer this question through theoretical and empirical research analyses by comparing alternative performance metrics.
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Currle, Michael Horváth Péter. "Performance Management für IT-Services : Realisierung von Strategien und Steigerung des Unternehmenswertes /." Wiesbaden : Dt. Univ.-Verl, 2002. http://www.gbv.de/dms/zbw/354037846.pdf.
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Bassan, Heder. "Gestão pela qualidade total e desempenho financeiro : um estudo da geração de riqueza ao acionista em empresas vencedoras de prêmios nacionais da qualidade do continente americano." Universidade Federal de São Carlos, 2016. https://repositorio.ufscar.br/handle/ufscar/7455.
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Many authors of total quality management suggest a positive relationship between the implementation of Total Quality Management and financial performance of companies. However, empirical studies have produced mixed results due to methodological limitations of data analysis and performance indicators used. In this sense, this thesis aims to analyze the shareholder value creation using value financial indicators of winning companies of national quality awards in the Americas and to compare them to companies operating in the same economic sector. The use shareholder value performance indicators and winning companies of national awards quality seven Western Hemisphere countries is a differential of this thesis in relation to other studies. The financial data was collected from the Economática system database in specialized sites on the disclosure of financial statements and own sites of the winning companies of this research study object. The time period of analysis is ten years. The hypotheses about the companies performance on creating shareholder value were tested applying MANOVA and Factorial Analysis. The results point out the quality award winning companies has created more value to their shareholders than the other companies operating on the same economic sector.
Diversos pesquisadores sobre o tema Gestão pela Qualidade Total sugerem que existe uma relação positiva entre a implantação da Gestão pela Qualidade Total e o desempenho financeiro das empresas. Todavia, os estudos empíricos têm produzido resultados diversos, devido às limitações dos métodos utilizados para as análises dos dados e dos indicadores de desempenho utilizados. Neste sentido, o objetivo principal desta tese é analisar a geração de valor para o acionista, por meio da aplicação de indicadores financeiros de valor, de empresas vencedoras dos prêmios nacionais da qualidade do Continente Americano, bem como comparar tais empresas com outras do mesmo setor econômico. A utilização de indicadores de desempenho de valor para o acionista e a utilização de vencedoras de prêmios nacionais da qualidade de sete países do Continente Americano constitui o ineditismo desta tese em relação aos demais trabalhos. Os dados foram coletados do banco de dados do sistema Economática, em sites especializados em divulgação de demonstrações financeiras e nos próprios sites das empresas vencedoras objeto de estudo desta pesquisa. O período de análise compreendeu um período de dez anos. Para atingir ao objetivo do trabalho foram testados grupos de hipóteses sobre o desempenho das empresas estudadas. Para a análise dos dados foram utilizados a análise fatorial confirmatória e a exploratória e em seguida para testar as hipóteses foi utilizado a MANOVA. Os resultados indicam que as empresas vencedoras de prêmios nacionais da qualidade geram mais riqueza aos acionistas do que as demais empresas do mesmo seguimento econômico.
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Buchanan, John. "Corporate Governance and the Shareholder: Asymmetry, Confidence, and Decision-Making." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3751.
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In the decade following the ten-plus percent stockmarket collapse of 2000, regulators enacted a myriad of regulations in response to increasing angst experienced by U.S. capital market retail investors. Systemic asymmetric disclosures have fractured investor confidence prompting many commentators to characterize the relationship between Wall Street and the investment community on main street as dire. Though copious works exist on the phenomenon of corporate behaviors, especially matters of shareholder welfare, weak boards, pervious governance mechanisms, and managerial excess, current literature has revealed a dearth in corporate governance praxis specific to the question and effects of asymmetric disseminations and its principal impact on the retail/noninstitutional accredited investor's (NIAI) confidence and decision-making propensities. This phenomenological study is purposed to bridging the gap between the effects of governance disclosure and the confidence and decision-making inclinations of NIAIs. Conceptual frameworks of Akerlof's information theory and Verstegen Ryan and Buchholtz's trust/risk decision making model undergirded the study. A nonrandom purposive sampling method was used to select 21 NIAI informants. Analysis of interview data revealed epistemological patterns/themes confirming the deleterious effects of asymmetrical disseminations on participants' investment decision-making and trust behaviors. Findings may help academicians, investors, policy makers, and practitioners better comprehend the phenomenon and possibly contribute to operating efficiencies in the capital markets. Proaction and greater assertiveness in the investor/activist community may provide an impetus for continued regulatory reforms, improved transparency, and a revitalization of public trust as positive social change outcomes.
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Kirsten, Dirk W. "Das bankspezifische Shareholder-Value-Konzept : Anwendbarkeit und Konkretisierung für deutsche Kreditinstitute /." Wiesbaden : Wiesbaden : Deutscher Universitäts-Verlag ; Gabler, 2000. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009087699&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Brück, Christian [Verfasser], and Thorsten [Akademischer Betreuer] Knauer. "New Perspectives on Incentive and Control Systems for Shareholder Value Enhancement / Christian Brück ; Betreuer: Thorsten Knauer." Bayreuth : Universität Bayreuth, 2019. http://d-nb.info/1181187869/34.
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Menninger, Frederic [Verfasser]. "Three Essays on Corporate Governance using RDD applied to Close Votes on Shareholder Proposals / Frederic Menninger." Konstanz : KOPS Universität Konstanz, 2018. http://d-nb.info/1227189362/34.
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Beecker, Rainer. "Speed-Management zur Steigerung des Unternehmenswertes /." Bern [u.a.] : Haupt, 1996. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=007165464&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Banzhaf, Jürgen. "Wertorientierte Berichterstattung (Valie Reporting) : Analyse der Relevanz wertorientierter Informationen für Stakeholder unter besonderer Berücksichtigung von Mitarbeitern, Kunden und Lieferanten /." Frankfurt am Main [u.a.] : Lang, 2006. http://swbplus.bsz-bw.de/bsz252874439vlg.pdf.
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Wille, Kai. "Customer Equity : Grundlagen der kundenwertorientierten Unternehmungsführung /." Wiesbaden : Dt. Univ.-Verl, 2005. http://www.gbv.de/dms/zbw/499539982.pdf.
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Zobay, Nikolas. "Kapitalmarktorientierte Unternehmensführung Eine Analyse unter Berücksichtigung der Erwartungsbildung an den Finanzmärkten /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02607273002/$FILE/02607273002.pdf.
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