Search results for "shareholder"

Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain

2019

Evidence from business shows that small- and medium-sized enterprises (SMEs) are fragile. They suffer from a high mortality rate that primarily owes to difficulties in securing financing as a result of major information asymmetries. Despite these difficulties, SMEs provide the economic backbone of all economically developed countries. Aware of the key role of SMEs in national economic stability and of the financial problems that SMEs face, governments have designed a range of financial and tax measures to protect them. These financial measures include a highly specific form of public financing called subordinated debt. This concept refers to debt with the lowest credit seniority, just befor…

Elektroniczne walne zgromadzenie akcjonariuszy w świetle Art. 406 Kodeksu spółek handlowych : obecna formuła i perspektywy rozwoju

2017

How publicly quoted family business organizational behavior reflects financial crisis : a content analysis of the annual reports from 2008 to 2011

2012

The aim in this research is to analyze the strategic reactions the entrepreneurs in public traded family business take towards the global financial crisis. It is mainly based on a bilateral contextual structure: the internal context concerns the Entrepreneurial Orientation (EO) five-dimension theoretical framework (Lumpkin & Dess, 1996) under family business background; the external con-text refers to the global financial crisis as a macro environment. Hence, the re-search question can be concluded as “how the entrepreneurs in large publicly traded family firm organizational behavior, named EO, reflects the global financial crisis?” Furthermore, during the analysis process, several assumpti…

Les medias en tant que mécanisme de gouvernance partenarial - Media as a corporate governance mechanism:a stakeholder view

2010

(VF)Les médias jouent un rôle important dans les crises, en particulier, celles touchant à la création et à la répartition de la valeur. L’objectif de cet article est de proposer un cadre conceptuel expliquant le rôle des médias en tant que mécanisme de gouvernance partenarial. Leur rôle est analysé à travers une étude de cas basée sur le conflit opposant le groupe Danone à certaines de ses parties prenantes, lors de la restructuration de sa branche biscuit, en 2001. Nous montrons que la presse est un mécanisme de gouvernance d’entreprise partenarial efficient.(VA)Media play an important role in crises in particular these touching on value creation and on value distribution. The objective o…

Behind the curtain of international diversification: An agency theory perspective

2018

This paper dissects the antecedents of international diversification through the lens of the agency cost of free cash flow arguments. It explores whether the partial convergence of interests among managers, majority shareholders, and minority shareholders affects a firm's choice to diversify internationally. Using a sample panel of 60 Italian firms evaluated longitudinally from 2004 to 2014, the study tests whether a firm's international diversification is affected by its free cash flow (as the ultimate source of managerial discretion) and debt (as the main constraint to managerial discretion), especially in firm contexts that exacerbate agency problems. We find that the effects on internat…

The influence of international ownership on the performance of microfinance institutions

2016

Master thesis Business Administration - University of Agder 2016 The microfinance industry is experiencing rapid growth and financing this growth is a legitimate concern. During the past decade, international commercial funding in the form of international equity and debt has played a remarkable role in this regard. Until now, microfinance research that focus on the performance implications of international funding of MFIs is inadequate even though microfinance literature is voluminous. Our study focuses on the presence of international shareholders in microfinance institutions. Using data from 148 Microfinance Institutions (MFIs) in 51 countries, we empirically determine MFI characteristic…

La contabilidad de las cooperativas al día

2003

The proposal of an adaptation of the National Accounting System (PGC) for the Cooperative sector has seen fruition in a Project, currently at the draft stage, published by the Instituto de Contabilidad y Auditoría de Cuantas (ICAC) and disseminated in several forums with the aim of: being spread in co-operative circles, giving sufficient time to take on the changes implied in adopting the project, debating the new aspects and proposing alternative solutions, among others. This paper aims to provide a critical commentary for some of the more controversial aspects the new regulations raise.

The Capital’s Election Criteria Used in the Financial Management of a Company’s Financing Decision

2009

The optimization of the capital structures of a company after the cost criteria represents a profitable activity, provided that it is well conceived, organized and carried out. For this consideration, the capital’s structure and their medium cost is an important profit source for the company, so the profit comes from this source, and not from the exploitation activity or other financial sources or traditional exceptive. In conclusion, the cost of the capital has to be previewed; the company has to build an adequate strategy and tactical procedures to accomplish this challenge. Besides the capital’s cost, in this paper we present some other criteria that can interfere in the choice of the fi…

Understanding family shareholders in family firms : an exploration of the role of family dynamics in the development of family shareholders' behaviou…

2013

Il coinvolgimento di soci e stakeholders nella determinazione delle remunerazioni degli amministratori. Prime riflessioni alla luce della proposta di…

2016

L'articolo analizza la disciplina delle remunerazioni degli amministratori delle società quotate europee dettata dalla recente proposta di direttiva modificativa della Shareholder Rights Directive, soffermandosi, in particolare, sulle modalità di coinvolgimento dei soci e degli stakeholders nel relativo procedimento decisionale. Alla luce dell'analisi svolta, appare opportuna la previsione, contenuta nel testo della proposta di direttiva, di un'obbligatoria consultazione assembleare - a valenza anche meramente consultiva - avente ad oggetto la politica remunerativa e la successiva relazione annuale sui compensi, nell'ottica della prevenzione dell'endemico conflitto d'interessi che caratteri…