Cette thèse explore les stratégies financières et organisationnelles adoptées par les petites et moyennes entreprises (PME) qui leur permettent de concilier croissance et indépendance. Les quatre chapitres apportent des contributions théoriques et empiriques à cette question. Le premier chapitre teste le lien entre contrôle familial et croissance sur un large échantillon de PME françaises. Le lien négatif entre contrôle familial et croissance s’explique par le fait que les entreprises familiales adoptent un comportement de croissance particulier consistant à créer un réservoir de fonds propres. Le second chapitre développe un modèle théorique afin d’expliquer ce comportement. Le cadre théorique fournit une explication au comportement patient des PME familiales et démontre que la constitution de réserves de trésorerie est une politique rationnelle et optimale en présence d’opportunités de croissance illiquides. Le troisième chapitre interroge les avantages et les coûts de la constitution d’un groupe de PME en utilisant une base de données sur les liens entre entreprises françaises. La constitution d’un groupe de PME est une stratégie organisationnelle qui favorise la croissance des entreprises affiliées au groupe et la croissance globale du groupe, en raison de l’efficience du marché interne des groupes de PME. Le dernier chapitre traite de la question des motivations de l’entrepreneur à créer un groupe de PME. Les observations corroborent l’hypothèse d’immunisation. La structuration sous forme de groupe de PME a pour objectif de limiter l’exposition du patrimoine de l’entrepreneur au risque de son activité, et non d’exproprier les actionnaires minoritaires. This thesis explores the financial and organizational strategies adopted by small businesses in order to conciliate growth and independence. The four chapters present theoretical and empirical contributions to this issue. The first chapter tests the relationship between family control and growth on a large sample of French small businesses. The negative relationship between family control and growth relates to the fact that family controlled small businesses have a higher propensity to adopt patient growth behavior. The second chapter presents a theoretical framework that explains why small businesses hold large amount of cash. The model demonstrates why small businesses, with illiquid growth opportunities, need constituting capital in advance to maintain their growth capacity. The third chapter investigates whether small business groups (SBG) are an organizational strategy that promotes growth. The results show that grouping small businesses promotes small business development, because SBGs improve capital allocation. The last chapter explores entrepreneur motivation to grow the business by building a SBG. According to the results SBGs are built in order to immunize entrepreneur wealth exposure to the business risk, not to increase entrepreneur private benefits of control.

This research was inspired by a particular business problem – the search for an optimal model of strategy-making process in Severstal, a major Russian metals and mining company going through a period of rapid growth and transformation. The research reports on the results of a longitudinal explorative case study based on two distinct empirical projects. The first project addressed strategy process nature, participants, roles of corporate centre, time perspective and impact of the external environment. Its results highlighted the importance of CEO leadership and personal traits, which became the principal focus of the second empirical project. The key empirical contribution of the research was definition of "leader-focused decentralisation" as a particular approach to strategy-making in a multi-business group. This approach combines decentralized, bottom-up, business units-led generation of strategic proposals and initiatives with a crucial role of a company leader as a deeply involved decision-maker, presiding over a small and lean corporate centre with minimal corporate rules and bureaucracy. In Severstal’s case, the "leader-focused decentralisation" approach to strategy was a good match to its volatile yet rewarding external environment. The suggested model can be seen as an empirically-derived step towards a theoretical synthesis of "activist" vs. "detached" views of corporate centre roles in relation to strategy process in multi-business firms. It exhibited some distinctive features which were not yet described in other contexts, including co-existence of strong entrepreneurial leadership and organisational decentralisation. From a practical standpoint, the research highlighted weaknesses and limitations of existing strategy-making model and offered a background for the discussion of ways to develop it in the future.

¡@¡@Corporate foundations initiated by large family enterprises are usually explained from the social responsibility viewpoint. In that, the family initiated the corporate foundations to achieve the social responsibility in the society. However, what is the possible control role of corporate foundations in family businesses is seldom investigated. By utilizing the over-eight-year data in Taiwan¡¦s family business groups, this study tries to investigate the antecedent of corporate foundations in large family business groups from the resource dependence theory and institutional theory viewpoint. The results indicate that the family ownership and family management will influence the control of corporate foundations in large family business groups in Taiwan. Specifically, the more likely that the family members involve in key decision-making roles in the group, and the more likely that the family members will utilize pyramidal ownership structure to control the multiple affiliates in the group, the more likely that the family members will serve as the key decision-making roles in the corporate foundations in the family business groups. The findings provide a power explanation in initiating corporate foundations in family business context. Moreover, the findings indicate that the corporate foundation play a key role in the share-controlled relationships in the large family business groups. The results provide referable values in discussing the non-profit organizations roles in family business group¡¦s control issues.

English Abstract Drawing on agency theory and the institutional perspective, this paper aims to examine the relationship between corporate governance and cash holdings for the business group-affiliated firms listed on the Taiwan Stock Exchange and in the Over-The-Counter market. The empirical results reveal that the group-affiliated firms hold more cash than non-affiliated firms. The findings show that the entrenched business group effects dominate the institutional network group¡¦s effects and indicate that the presence of a pyramidal group ownership structure in the group-affiliated firms leads to a principal-principal conflict and therefore an increase in agency problems. To avoid the confounding effect by which the different corporate governance mechanisms would lead to different predictions regarding corporate governance effectiveness, this paper constructs a corporate governance index by aggregating the six characteristics related to corporate governance effectiveness: the cash flow rights, the control-cash flow rights deviation, the control-affiliated directors, the control-affiliated supervisors, board independence, and the ITDRS rankings. The results show that good governance mechanisms are effective in mitigating the principal-principal agency costs and moderating the effect of group affiliation in affiliated firms¡¦ cash holdings. Keywords: Business Group-Affiliated Firms, Cash Holdings, Corporate Governance, Board Structure, Group Diversity

A presente dissertação tem como objetivo demonstrar a inexistência de responsabilidade tributária de grupo econômico no ordenamento jurídico brasileiro. Para tanto, na primeira de três partes, expõe os conceitos normativos fundamentais a partir dos quais será desenvolvido o estudo. A segunda parte do trabalho divide-se em duas seções, a primeira destinada a estabelecer o que se deve entender por grupo econômico e a segunda voltada à análise da responsabilidade tributária e da sua compatibilidade com o grupo. A terceira parte direciona-se à crítica do emprego impreciso do conceito de grupo de sociedades e dos seus efeitos em situações nas quais a existência de grupo não é relevante ou sequer tratam de responsabilidade tributária. Para sustentar a conclusão proposta, o trabalho apresenta como principais argumentos a incompatibilidade com o sistema tributário nacional da garantia – no sentido de atribuição do risco da solvência do crédito tributário em prejuízo do patrimônio do particular – como finalidade das regras de responsabilidade tributária; a reserva de lei complementar a que está submetida a disciplina da sujeição passiva tributária e que veda a responsabilização por meio de lei ordinária; a necessidade do emprego da técnica do argumento e contrario na interpretação da responsabilidade de terceiros em razão da taxatividade dos enunciados previstos no CTN (hipóteses de antecedente fechado), da excepcionalidade da responsabilidade tributária e da proibição à analogia; e a inaptidão das hipóteses de solidariedade para a atribuição de responsabilidade tributária, seja por interesse comum, seja por previsão legal. Busca ainda evidenciar que a formação de grupo econômico pelo exercício do controle societário sobre uma pluralidade de sociedades não pode ser utilizada como elemento comprobatório de confusão patrimonial ou de desvio de finalidade para fins de desconsideração da personalidade jurídica, pois é indiferente em relação a esses vícios. / This paper aims to demonstrate the absence of tax liability of business groups in the Brazilian legal system. To do so, the first of three parts presents the fundamental regulatory concepts from which the study will be developed. The second part of the paper is divided into two sections, the first one intended to establish what should be understood as a business group and the second one is focused on analysis of tax liability and its compatibility with the group. The third part is focused on criticism of inaccurate use of the concept of group of companies and its effects in situations where the existence of a group is not relevant or not even relates to tax liability. To support the proposed conclusion, the paper presents as its main arguments the incompatibility of the guarantee with the national tax system – in the sense of risk allocation of the solvency of tax credit at the expense of the equity of private persons – as the purpose of tax liability rules; the reservation of complementary law, which the tax liability is subject to, and which bars such due through ordinary law; the need for the use of the technique of argumentum e contrario in the interpretation of third-party liability due to the specificity of those rules laid down in the Brazilian Tax Code (rules of closed antecedent), the exceptionality of tax liability and the ban on analogy; and the inadequacy of the assumptions of joint and several liability for the allocation of tax liability, either by common interest, or by legal provision. It seeks further to show that the formation of a business group by the exercise of corporate control over a plurality of companies cannot be used as evidentiary element of commingling of equity or misapplication of purpose for piercing of the corporate veil, given that it is indifferent to those flaws.

A presente dissertação tem como objetivo demonstrar a inexistência de responsabilidade tributária de grupo econômico no ordenamento jurídico brasileiro. Para tanto, na primeira de três partes, expõe os conceitos normativos fundamentais a partir dos quais será desenvolvido o estudo. A segunda parte do trabalho divide-se em duas seções, a primeira destinada a estabelecer o que se deve entender por grupo econômico e a segunda voltada à análise da responsabilidade tributária e da sua compatibilidade com o grupo. A terceira parte direciona-se à crítica do emprego impreciso do conceito de grupo de sociedades e dos seus efeitos em situações nas quais a existência de grupo não é relevante ou sequer tratam de responsabilidade tributária. Para sustentar a conclusão proposta, o trabalho apresenta como principais argumentos a incompatibilidade com o sistema tributário nacional da garantia – no sentido de atribuição do risco da solvência do crédito tributário em prejuízo do patrimônio do particular – como finalidade das regras de responsabilidade tributária; a reserva de lei complementar a que está submetida a disciplina da sujeição passiva tributária e que veda a responsabilização por meio de lei ordinária; a necessidade do emprego da técnica do argumento e contrario na interpretação da responsabilidade de terceiros em razão da taxatividade dos enunciados previstos no CTN (hipóteses de antecedente fechado), da excepcionalidade da responsabilidade tributária e da proibição à analogia; e a inaptidão das hipóteses de solidariedade para a atribuição de responsabilidade tributária, seja por interesse comum, seja por previsão legal. Busca ainda evidenciar que a formação de grupo econômico pelo exercício do controle societário sobre uma pluralidade de sociedades não pode ser utilizada como elemento comprobatório de confusão patrimonial ou de desvio de finalidade para fins de desconsideração da personalidade jurídica, pois é indiferente em relação a esses vícios. / This paper aims to demonstrate the absence of tax liability of business groups in the Brazilian legal system. To do so, the first of three parts presents the fundamental regulatory concepts from which the study will be developed. The second part of the paper is divided into two sections, the first one intended to establish what should be understood as a business group and the second one is focused on analysis of tax liability and its compatibility with the group. The third part is focused on criticism of inaccurate use of the concept of group of companies and its effects in situations where the existence of a group is not relevant or not even relates to tax liability. To support the proposed conclusion, the paper presents as its main arguments the incompatibility of the guarantee with the national tax system – in the sense of risk allocation of the solvency of tax credit at the expense of the equity of private persons – as the purpose of tax liability rules; the reservation of complementary law, which the tax liability is subject to, and which bars such due through ordinary law; the need for the use of the technique of argumentum e contrario in the interpretation of third-party liability due to the specificity of those rules laid down in the Brazilian Tax Code (rules of closed antecedent), the exceptionality of tax liability and the ban on analogy; and the inadequacy of the assumptions of joint and several liability for the allocation of tax liability, either by common interest, or by legal provision. It seeks further to show that the formation of a business group by the exercise of corporate control over a plurality of companies cannot be used as evidentiary element of commingling of equity or misapplication of purpose for piercing of the corporate veil, given that it is indifferent to those flaws.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第20652号 / 経博第552号 / 新制||経||282(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 黒澤 隆文, 教授 渡辺 純子, 准教授 COLPAN Meziyet Asli / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DFAM

Yes / This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – where this is particularly strong in case of foreign VC as opposed to domestic VC or BA. Our result adds to the literature on multifocal corporate governance mechanisms and the institutional determinants of private equity investment.

集團企業是多個子公司的組合，在追求集團整體利益極大化的過程中，可能爲了追求內部資源市場配置，因而犧牲某些子公司的個別利益，或是彼此子公司之間出現交叉補貼的現象。在交叉補貼的動機下，雙方子公司進行交易時，將可能有一方犧牲，而另一方受惠；或是一方受惠較多，一方受惠較少的情形。在此情形下，集團企業爲追求長期利益，應採取何種管理作為以促使子公司間進行交易，是本研究的核心問題。 本研究以集團企業之子公司間交易為主題，嘗試探索影響子公司間交易發生的因素(本研究將影響子公司間交易發生的因素命名為「交易情境」)，且以「交易情境」的觀點，進一步探討集團企業中子公司間交易之管理方式。為此，本研究以台灣集團企業作為研究對象，結合集團企業之綜效管理相關理論及文獻，針對實務現象進行分析。 本研究採質性研究方法，以集團企業中子公司間的「交易」為分析單位，進行資料蒐集與個案分析。本研究分二階段進行。第一階段為前導個案研究，依個案分析歸納發現，子公司間交易發生的情境因素包括：「投入可衡量程度」、「投入成本程度」、「市場失靈程度」以及「產出互惠程度」。子公司間交易的管理作為包括：「目標一體化」、「轉撥計價」和「市場機制(市價)」。並且建構子公司間「交易情境」與「管理作為」之配適模式，發展出初步的研究架構、研究發現與研究命題，作為後續個案研究之原樣複現基礎。第二階段為後續個案研究，目的在修正並驗證前一階段建立的研究架構與研究命題，使其內容更為豐富。 本研究整合前導個案與後續個案，歸納出下列研究發現： 一、 公司間交易情境與管理作為之配適模式 集團企業進行子公司間交易管理時，應考量「交易」的本質，也就是交易情境，針對「市場失靈程度」、「投入可衡量程度」、「投入成本程度」以及「產出互惠程度」之不同，選擇較能發揮綜效之管理作為。子公司間交易的管理作為包括「目標一體化」、「轉撥計價」和「市場機制(市價)」，因應不同的交易情境組合，管理作為的搭配組合也有所不同，藉由此配適模式，以追求集團企業之綜效。 二、 「目標一體化」程度之提升，有助於「轉撥計價」、「市場機制(市價)」方式的發揮 集團企業在追求綜效過程中，若需要犧牲某一家子公司，成全另一家子公司利益時，「目標一體化」將扮演重要的角色。透過提升「目標一體化」程度，使「轉撥計價」、「市場機制(市價)」方式更能發揮。換言之，集團企業的綜效是源自於「目標一體化」，「目標一體化」有助於子公司之間交易成本的降低。 三、 「目標一體化」、「轉撥計價」和「市場機制(市價)」的使用有其搭配的強弱程度 「目標一體化」對於「轉撥計價」和「市場機制(市價)」具有調節作用，當子公司間交易依賴「高轉撥計價」時，則使用「目標一體化」的程度較低。當子公司間交易依賴「低轉撥計價」時，則使用「目標一體化」的程度較高。當子公司間交易依賴「市場機制(市價)」時，則使用「目標一體化」的程度較低。 / A business group is composed of several subsidiary companies. To increase group-level profits, the profits of subsidiaries may be scarified and one subsidiary may cross-subsidize others. In cross-subsidization between two subsidiaries, one may benefit more than the other or one may benefit and the other may suffer. Giving this understanding, two-stage study is conducted to observe the phenomena by studying business groups in Taiwan. In the first stage, ten pilot cases are conducted and eight more cases are examined in the second stage. Taking the view of “the contexts of transactions”, this study aims to examine how headquarters manages inter-subsidiaries transactions to create group synergy. As part of the methodology, a qualitative research method is adopted and the unit of analysis is inter-subsidiaries transaction. The research process includes two stages. In the first stage, it is found that the contexts affecting inter-subsidiaries transactions consist of “level of input measurability”, “level of input cost”, “level of market failure” and “level of outcome reciprocity”. The mechanisms for managing inter-subsidiaries transactions include “goal alignment”, “transfer-pricing” and “market mechanism (market price)”. Further, a fitting model between “the context of transactions” and “mechanisms” is proposed as a prior research framework for the second stage. In terms of integrating two-stage case analysis, three main research findings include: 1. A fitting model between “the contexts of transactions” and “mechanisms” Headquarters should take into account the essence of transaction when managing inter-subsidiaries transactions. The essence of transaction means “level of input measurability”, “level of input cost”, “level of market failure” and “level of outcome reciprocity”. In other words, different mechanisms should be adopted in different contexts of transactions to achieve group synergy. 2. The increase of the level of “goal alignment” is conducive to “transfer-pricing” and “market mechanism (market price)” “Goal alignment” plays an important role in a business group, especially when the profits of subsidiaries may be scarified and one subsidiary may cross-subsidize others. The increase of the level of “goal alignment” is conducive to “transfer-pricing” and “market mechanism (market price)”. In other words, synergy in a business group results from “goal alignment”, and “goal alignment” decreases the transaction cost between subsidiaries. 3. The combination of three mechanisms with different level “Goal alignment” has mediating effect for “transfer-pricing” and “market mechanism (market price)”. If headquarters depends on high level of “transfer-pricing”, then the level of “goal alignment” is low. If headquarters depends on low level of “transfer-pricing”, then the level of “goal alignment” is high. If headquarters depends on “market mechanism (market price)”, then the level of “goal alignment” is low.

Made available in DSpace on 2016-04-25T18:39:42Z (GMT). No. of bitstreams: 1 Antonio Luis Borges Goncalves.pdf: 1461906 bytes, checksum: dec8022c843a8987d330d28ba011f27e (MD5) Previous issue date: 2011-10-14 / This research seeks to identify the main difficulties for Implementation of the Fiscal Intelligence - Competitive Intelligence stemmed - and the Information Technology area of the controller, in order to perform ITS providing the function of decisionmaking process with useful information, based on the scenario current state of Artificial Intelligence, developed by collection agencies. Methodology for this research was exploratory type Chosen, Which includes an empirical study and a single case study, with analysis and company information, the object of study. In the empirical part was the review of the literature for the Theoretical background, date on the concept of the Comptroller and Importance in organizations, ITS roll, The Importance of information in organizations, the generation of competitive intelligence, organizational intelligence and intelligence tax. In the Practical part of the case study was first prepared a roadmap for guiding the composition of three models of the questionnaire to be answered by professionals of the Following six Sectors: Controlling Fiscal Management and Information Technology, a company owned by a family group, connected to the segment of perfumery and cosmetics, with Both wholesale and retail sales, the market targeted Characterized by the Manaus Free Zone (three research participants) and another for a Free Trade Area, also called the Market Place, with independent structures and independent administration, Represented by the Northern Region of Brazil (three research participants). With research, it Becomes Possible to observe the situation of the company object of study before and after Implementation of the intelligence structure seeking to Fulfill Obligations in full tax principal and accessory to it using an ERP system and Business Intelligence. With the Questionnaires Concluded That it was the business intelligence tool Can help in controlling function of Their Providing reliable, useful and timely decision-making through flexible and dynamic, Providing, as a consequence, the improvement of processes and time generation of digital files designed to meet the governmental entities / Esta pesquisa busca identificar as principais dificuldades para implementação da Inteligência Fiscal − provinda da Inteligência Competitiva e da Tecnologia da Informação à área de controladoria, com o objetivo de exercer sua função de suprir o processo decisório com as informações úteis, baseando-se no cenário da situação atual da Inteligência Artificial, desenvolvida pelos órgãos arrecadadores. Para tanto foi escolhida metodologia de pesquisa do tipo exploratória, que contempla um estudo empírico e um estudo de caso único, com análise e informações da empresa, objeto de estudo. Na parte empírica houve a revisão da literatura para o embasamento teórico, com dados sobre o conceito e a importância da Controladoria nas organizações, o seu papel fundamental, a importância da informação nas organizações brasileiras, a geração de inteligência competitiva, inteligência organizacional e inteligência fiscal. Na parte prática, do estudo de caso, foi primeiramente elaborado um roteiro norteador para a composição de três modelos de questionário a serem respondidos por seis profissionais dos seguintes setores: Controladoria Fiscal, Diretoria e Tecnologia de Informação, de uma empresa pertencente a um grupo familiar, ligado ao segmento de perfumaria e cosméticos, com vendas tanto no atacado quanto no varejo, segmentada por um mercado caracterizado pela Zona Franca de Manaus (três participantes da pesquisa) e outro por uma Área de Livre Comércio, também chamada de Mercado Local, com estruturas independentes e administração independente, representada pela Região Norte do Brasil (três participantes da pesquisa). Com a pesquisa torna-se possível a observação da situação da empresa objeto do estudo antes e depois da implementação da estrutura de inteligência fiscal buscando satisfazer plenamente as obrigações principais e acessórias utilizando-se para isso de um sistema ERP e de um Business Intelligence. Com os questionários foi possível concluir que a ferramenta de Business Intelligence pode auxiliar a controladoria na sua função de prover informações confiáveis, úteis e tempestivas ao processo decisório, por meio de flexibilização e dinamicidade, proporcionando, como consequência, a melhoria dos processos e do tempo na geração de arquivos digitais destinados a satisfazer os entes governamentais