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Abstract The purpose of restructuring the company into financial difficulties the company can make by corporate restructuring procedures, the company has re-rehabilitation may be an opportunity to make a comeback. Although the corporate restructuring law conception fine, but the actual success of corporate restructuring are too low, and the case company is one of the successful cases. To understand the success of the process of corporate restructuring cases in this study will use the case study method. With access to several key players in the restructuring process, the interview will collate the case a key factor in the success of corporate restructuring. The study reached the following conclusions. First, the case is due to corporate restructuring with banks' own liquidity problems operational difficulties, resulting in companies facing financial problems. Second, faced with staff that the process of restructuring, legal cases, and re-engineering business for the company who are not familiar with such challenges. Third, the restructuring strategy includes: communicating with stakeholders, dealing with litigation, research and development into new products, expand business and markets. Fourth, the case company to create value is developed and patented new products, new market development. Fifth, the case is due to the success of corporate restructuring were re-, re-engineering supervisor with the operators of perseverance, staff cohesion and trust of customers, legal affairs are handled properly and expand the market and new product development.

As a result of global competitiveness and a continuously changing business environment, organisations are constantly seeking for ways and means to enhance their profitability. The current organisational trend for businesses to gain competitive advantage is to restructure them to leaner and more flexible organisations. Businesses are striving to increase shareholder value by increasing performance through corporate restructuring to obtain an increase in efficiency and production. Unfortunately restructuring affects employees and could result in uncertainty with potential side effects in the work environment that could influence the employees‘ trust within the organisation. Damage to institutional trust, or trustworthiness as perceived by employees, could affect how employees engage within the organisation and impact on the profitability of such an organisation. A quantitative research study was conducted to determine if corporate restructuring affects institutional trust. It also investigated the relationship between institutional trust and employee engagement to determine if corporate restructuring affects employee engagement. The main findings of the research are that corporate restructuring has a profound impact on institutional trust and that damage to institutional trust affects how employees engage within the organisation. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

A central question in corporate finance has been about the optimal balance between both debt and equity financing when trying to determine the optimal capital structure of a new or existing firm. In this thesis, I investigate how the capital structure of the parent and carve-out company evolve following the carve-out itself. This investigation is a direct extension of Dittmar's (2004) work and contributes to the literature on the choice of a carve-out or spin-off. This leverage choice may be influenced by the parent corporation's need for cash, either to finance growth opportunities, to distribute cash to shareholders, or to repay debt (Michaely & Shaw, 1995). Using a sample of 102 subsidiaries that have completed a carve-out between the years of 1985 and 2001 , I find that carve-outs do not have higher debt levels than spinoffs as reported in Dittmar's (2004) study. I also find that the parent firms ' leverage does not decrease as predicted. Leverage actually increases during the three years following the carve-out. I have also found that cash constraints, collateral value, and the parent firms ' pre-debt level are positively related to leverage choice while the parent firms' precarve- out cash constraint is negatively correlated. However, there is no significance between leverage and firm size, growth opportunities, or profitability.

The presented master thesis is intended to serve as a guide to the corporate turnarounds for small and medium enterprises. In the first part, the theoretical background related to corporate turnaround is outlined complemented with specific aspects of the CEE region and the Czech Republic. In the next part, a comprehensive turnaround framework based on theoretical research is developed. The final part presents a case study of a small Czech company that went through a turnaround and evaluates the company's turnaround actions from the perspective of suggested theoretical framework.

<p>Year 1996 a new law was introduced in Sweden, the law of corporate restructuring, what purpose was to help companies in financial distress. Now, nine years later the procedure hasn’t been successful. This is what this thesis is trying to find out.</p><p>This thesis main question is: What distinguishes the companies that have filed for a corporate restructuring, according to the financial position?</p><p>The purpose of this thesis is to find out if key ratios can be used to distinguish the companies that filed for corporate restructuring. This is studied through a couple of key ratios which is calculated from four years (2000-2003) prior to the decision of corporate restructuring (2004). The key ratio that I have chosen is: a profitability ratio, return on assets, cash ratio and solvency.</p><p>The method I have used is a quantitative method and a hypothesis testing procedure is used to statistically distinguish the restructuring companies. Two control populations were used to compare with restructuring companies, bankrupt companies and companies that aren’t in financial distress. 21 restructuring companies, 79 bankrupt companies and 97 healthy companies were used in the research.</p><p>The result of the thesis shows that the companies that filed for corporate restructuring has a much weaker financial position than the healthy companies. This tells us that these companies are in a relatively deep financial distress. In comparison with the bankrupt companies so are the restructuring companies in a better financial position under the two years prior to the restructuring decision. During these years the bankrupt companies’ financial position worsens faster than the restructuring companies. This could be a sign, that with a slower impairment the companies should be reconstructed instead of putting it into bankruptcy.</p> / <p>Bakgrund: År 1996 infördes en ny lag i Sverige som skulle underlätta för företag i finansiell kris att kunna rekonstruera sin verksamhet för att få den lönsam igen. Lagen om företagsrekonstruktion ersatte den tidigare ackordslagen eftersom den inte hade blivit något bra alternativ till konkurs. Den nya lagens syfte var att inte bara rensa bland företagens skulder, som den tidigare ackordslagen varit till för, utan den skulle även underlätta en ändring av verksamheten i stort. I dag nästan nio år senare har den nya lagen inte frambringat fler företagsrekonstruktioner, utan det har till och med blivit färre. Problemet är att många företag hellre går i konkurs än rekonstruerar sina företag, vilket innebär onödiga kostnader för samhället och för företagarna. Ett annat problem är även att arbetstillfällena bli färre.</p><p>Varför är det då inte fler företag som rekonstrueras? Detta är frågan som var upprinnelsen till att denna uppsats blev till. För att försöka finna en klarhet i det här har följande problemformulering formulerats: Vad utmärker de företag som har ansökt om en företagsrekonstruktion, vad gäller den finansiella ställningen? Vilket är av intresse att få svar på då det skulle underlätta att urskilja vilken väg företaget borde ta innan den finansiella krisen blivit för djup.</p><p>Syfte: Syftet med uppsatsen är att undersöka om finansiella nyckeltal kan användas för att urskilja företagen som ansökt om företagsrekonstruktion, och om i så fall, när detta kan visa sig. Detta utförs genom ett antal utvalda nyckeltal som uträknats under fyra år (2000 - 2003) innan det år rekonstruktionen beslutats (2004).</p><p>Metod: Metoden som använts är en kvantitativ metod där hypotestestning använts för att urskilja rekonstruktionsföretagen. Två kontrollpopulationer sattes upp, konkursföretag och friska företag, för att jämföras med rekonstruktionsföretagen. 21 rekonstruktionsföretag, 79 konkursföretag och 97 friska företag ingick i undersökningen.</p><p>Genomförande: Nyckeltalen som valts ut för att svara på problemformuleringen är: Resultat före avskrivningar i % av omsättningen, Räntabilitet på totalt kapital, Kassalikviditet och Soliditet. Dessa nyckeltal för rekonstruktionsföretagen har jämförts med nyckeltal för de två kontrollpopulationerna och skillnaderna har statistiskt testats genom hypoteser.</p><p>Resultat och slutsatser: Rekonstruktionsföretagen visade sig skilja sig markant från de friska företagen för alla nyckeltalen. De är därmed företag som är i en relativt djup finansiell kris. I jämförelse med konkursföretagen så hade rekonstruktionsföretagen en bättre finansiell ställning de två åren innan rekonstruktionen beslutats. Under dessa år försämras konkursföretagens finansiella ställning snabbare än rekonstruktionsföretagen. Detta skulle vara ett tecken på att vid en långsammare finansiell försämring så borde företagen rekonstrueras istället för att försättas i konkurs.</p>

Year 1996 a new law was introduced in Sweden, the law of corporate restructuring, what purpose was to help companies in financial distress. Now, nine years later the procedure hasn’t been successful. This is what this thesis is trying to find out. This thesis main question is: What distinguishes the companies that have filed for a corporate restructuring, according to the financial position? The purpose of this thesis is to find out if key ratios can be used to distinguish the companies that filed for corporate restructuring. This is studied through a couple of key ratios which is calculated from four years (2000-2003) prior to the decision of corporate restructuring (2004). The key ratio that I have chosen is: a profitability ratio, return on assets, cash ratio and solvency. The method I have used is a quantitative method and a hypothesis testing procedure is used to statistically distinguish the restructuring companies. Two control populations were used to compare with restructuring companies, bankrupt companies and companies that aren’t in financial distress. 21 restructuring companies, 79 bankrupt companies and 97 healthy companies were used in the research. The result of the thesis shows that the companies that filed for corporate restructuring has a much weaker financial position than the healthy companies. This tells us that these companies are in a relatively deep financial distress. In comparison with the bankrupt companies so are the restructuring companies in a better financial position under the two years prior to the restructuring decision. During these years the bankrupt companies’ financial position worsens faster than the restructuring companies. This could be a sign, that with a slower impairment the companies should be reconstructed instead of putting it into bankruptcy. / Bakgrund: År 1996 infördes en ny lag i Sverige som skulle underlätta för företag i finansiell kris att kunna rekonstruera sin verksamhet för att få den lönsam igen. Lagen om företagsrekonstruktion ersatte den tidigare ackordslagen eftersom den inte hade blivit något bra alternativ till konkurs. Den nya lagens syfte var att inte bara rensa bland företagens skulder, som den tidigare ackordslagen varit till för, utan den skulle även underlätta en ändring av verksamheten i stort. I dag nästan nio år senare har den nya lagen inte frambringat fler företagsrekonstruktioner, utan det har till och med blivit färre. Problemet är att många företag hellre går i konkurs än rekonstruerar sina företag, vilket innebär onödiga kostnader för samhället och för företagarna. Ett annat problem är även att arbetstillfällena bli färre. Varför är det då inte fler företag som rekonstrueras? Detta är frågan som var upprinnelsen till att denna uppsats blev till. För att försöka finna en klarhet i det här har följande problemformulering formulerats: Vad utmärker de företag som har ansökt om en företagsrekonstruktion, vad gäller den finansiella ställningen? Vilket är av intresse att få svar på då det skulle underlätta att urskilja vilken väg företaget borde ta innan den finansiella krisen blivit för djup. Syfte: Syftet med uppsatsen är att undersöka om finansiella nyckeltal kan användas för att urskilja företagen som ansökt om företagsrekonstruktion, och om i så fall, när detta kan visa sig. Detta utförs genom ett antal utvalda nyckeltal som uträknats under fyra år (2000 - 2003) innan det år rekonstruktionen beslutats (2004). Metod: Metoden som använts är en kvantitativ metod där hypotestestning använts för att urskilja rekonstruktionsföretagen. Två kontrollpopulationer sattes upp, konkursföretag och friska företag, för att jämföras med rekonstruktionsföretagen. 21 rekonstruktionsföretag, 79 konkursföretag och 97 friska företag ingick i undersökningen. Genomförande: Nyckeltalen som valts ut för att svara på problemformuleringen är: Resultat före avskrivningar i % av omsättningen, Räntabilitet på totalt kapital, Kassalikviditet och Soliditet. Dessa nyckeltal för rekonstruktionsföretagen har jämförts med nyckeltal för de två kontrollpopulationerna och skillnaderna har statistiskt testats genom hypoteser. Resultat och slutsatser: Rekonstruktionsföretagen visade sig skilja sig markant från de friska företagen för alla nyckeltalen. De är därmed företag som är i en relativt djup finansiell kris. I jämförelse med konkursföretagen så hade rekonstruktionsföretagen en bättre finansiell ställning de två åren innan rekonstruktionen beslutats. Under dessa år försämras konkursföretagens finansiella ställning snabbare än rekonstruktionsföretagen. Detta skulle vara ett tecken på att vid en långsammare finansiell försämring så borde företagen rekonstrueras istället för att försättas i konkurs.

Made available in DSpace on 2015-05-07T14:27:12Z (GMT). No. of bitstreams: 1 ArquivoTotalAnna.pdf: 924596 bytes, checksum: c67e939ccad95dd2d696af42ba5a8afa (MD5) Previous issue date: 2013-03-22 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The paper focuses on the changes in the labor market towards the corporate restructuring, highlighting the emergence of a collective of workers, called parasubordinate workers or economically dependent self-employed. Therefore, a legal theoretic instrumental survey was undertaken, of qualitative nature, using dialectic and analytical methods to approach the subject. As procedure methods; historical, comparative and interpretation systems were applied, and finally indirect documentation was used as a research technique. The State restricted intervention in the economy facing the neoliberal policies enabled that companies promoted a productive restructuring, to mold to the context of international economies, dismantling the labor market structures. Precarious work was intensified in the 1990s, since it was up to the workers the choice between unemployment and working in precarious conditions, through atypical contracts. Subcontracting and outsourcing gained prominence in business decentralization, allowing companies to focus their attention only in activities related to the valorization of brands and their products, transferring to others the execution of the production process. The use of self-employed manpower without a stable relation took over society. The self-employed, with high or low qualifications are regimented to develop activities directly related to the business dynamics, consuming much of their workday, being unable, for them, to provide services to other companies. The Law, then, according to the parasubordination theory - the labor insertion tool used in Italy, and improved in Spain, through the Statute for Autonomous Work - aims to protect these workers who are legally independents but economically dependents, guaranteeing minimum rights to those who work either on their own, whether on behalf of others, giving an identity to the working class to mobilize and act searching for the achievement of its development. / Esta dissertação focaliza as mudanças ocorridas no mercado de trabalho diante da reestruturação empresarial, evidenciando o surgimento de um coletivo de trabalhadores, denominados de parassubordinados ou autônomos economicamente dependentes. Para tanto, foi empreendida uma pesquisa jurídica teórico-instrumental, de natureza qualitativa, utilizando os métodos dialético e analítico para a abordagem do tema. Como procedimento foram empregados os métodos histórico, comparativo e de interpretação e, por fim, utilizou-se como técnica de pesquisa, a documentação indireta. A restrita intervenção do Estado na economia em virtude das políticas neoliberais possibilitou que as empresas promovessem uma reestruturação produtiva para se moldarem ao contexto de economias internacionais, desmantelando as estruturas do mercado de trabalho. O trabalho precário intensificou-se na década de 1990, uma vez que aos trabalhadores cabia a escolha entre o desemprego e o trabalho em condições precárias, por meio de contratos atípicos. As subcontratações e terceirizações ganharam destaque na descentralização empresarial, permitindo que as empresas concentrem em si apenas atividades ligadas à valorização das marcas e dos seus produtos, transferindo para terceiros a execução do processo produtivo. A utilização de mão de obra autônoma sem um vínculo estável tomou conta da sociedade. Os trabalhadores autônomos, com alta ou baixa qualificação, são arregimentados para desenvolverem atividades diretamente ligadas à dinâmica empresarial, consumindo grande parte da sua jornada de trabalho, impossibilitando, assim, a prestação de serviços para outras empresas. O Direito, então, a partir da teoria da parassubordinação, instrumento de inserção laboral utilizado na Itália e aprimorado na Espanha, por meio do Estatuto do Trabalho Autônomo, visa proteger esses trabalhadores que são juridicamente autônomos, mas economicamente dependentes, garantindo direitos mínimos a todos aqueles que trabalham, seja por conta própria, seja por conta alheia, conferindo uma identidade à classe trabalhadora para se mobilizar e atuar em busca da concretização do seu desenvolvimento.

During the last century, not only the legal literature but also the literature in many fields along with government efforts on all levels, were all mainly devoted to the debate of trade liberalization in general, and specifically to the case of the expected gains from using international agreements as a tool to remove the trade barriers. Meanwhile, all the parties have paid little attention to profound questions about identifying the impediments that they are facing and the other possible options that might maximize the general welfare, which are the cross-border merger and acquisition transactions. This dissertation will address that under-researched question, and it will try to identify some of those impediments that are facing the cross-border merger and acquisition transactions. The dissertation will mainly focus on the different premerger control laws that are adopted around the globe, as an impediment that faces the cross-border mergers and acquisitions, and it will try to identify the drawbacks of those laws and most importantly develop and examine reforming proposals. The underlying result of this dissertation will reveal that the multijurisdictional premerger control laws across the globe have numerous drawbacks that are actual impediments that face mergers and acquisitions in general, and especially the cross-border transactions. In addition to that, the best reformative option is the abolishing of the premerger control laws, or in other words the deregulation of the cross-border merger and acquisition transactions. The conclusion of this dissertation is that using the law as a useful tool should be reinvented on two dimensions, at one end of the spectrum the law should enable the state possibilities that are required to give a hand and facilitate the entry to markets, by abolishing the premerger control laws i.e. deregulating mergers and acquisitions, and at the other end of the spectrum the law should grant the state the power to monitor and challenge those practices that might cause harm to employees or consumers, before the courts, along with the primary power to challenge anticompetitive behaviors.

Bakgrund:  Börsnoterade bolag strävar efter att maximera aktieägarvärdet genom strategiska beslut som förvärv och avyttringar. Avknoppningar, där en del av företaget blir ett självständigt bolag, har sedan införandet av Lex Asea 1991 blivit en attraktiv strategi i Sverige delvis drivet av skatteförmåner. Internationella studier visar att avknoppningar ofta leder till förbättrad effektivitet och högre värdering. Trots positiva internationella forskningsresultat är avknoppningars effekter på den svenska aktiemarknaden relativt outforskad och resultaten varierande, vilket motiverar en djupare analys. Syfte: Syftet med denna studie är att analysera avknoppningars effekter på aktieavkastningen för bolag på den svenska aktiemarknaden mellan åren 2005–2023.   Metod: En kvantitativ ansats har använts för att genomföra eventstudier som undersöker aktieavkastningen både vid annonseringstillfället och på lång sikt. Studien inkluderar data från olika eventfönster och använder relativ storlek, industriell fokusering och konjunkturläge som förklaringsvariabler för att förstå deras påverkan på den observerade abnormala aktieavkastningen. Statistiska tester, inklusive t-tester och regressioner, används för att säkerställa resultatens trovärdighet.   Slutsats: Resultaten visar en statistiskt signifikant abnormal aktieavkastning vid annonseringen av en avknoppning, vilket tyder på en positiv marknadsreaktion. På lång sikt observeras även viss signifikant abnormal avkastning under specifika eventfönster, vilket indikerar att avknoppningar kan bidra till fortsatt värdeskapande över tid. Marknadsreaktionerna påverkas i varierande grad av faktorer såsom industriell fokusering, relativ storlek och konjunkturläge vid avknoppningstillfället. / Background: Publicly listed companies strive to maximize shareholder value through strategic decisions such as acquisitions and divestitures. Spin-offs, where a part of the company becomes an independent entity, have become an attractive strategy in Sweden since the introduction of Lex Asea in 1991, partly driven by tax benefits. International studies show that spin-offs often lead to improved efficiency and higher valuation. Despite positive international research results, the effects of spin-offs on the Swedish stock market are relatively unexplored and the results are varied, motivating a deeper analysis. Purpose: The purpose of this study is to analyze the effects of spin-offs on stock returns for companies on the Swedish stock market between the years 2005–2023. Method: A quantitative approach has been used to conduct event studies that examine stock returns both at the announcement and in the long term. The study includes data from various event windows and uses relative size, industrial focus, and economic conditions as explanatory variables to understand their impact on the observed abnormal stock returns. Statistical tests, including t-tests and regressions, have been used to ensure the reliability of the results. Conclusion: The results show a statistically significant abnormal stock return at the announcement of a spin-off, indicating a positive market reaction. In the long term, some significant abnormal returns are also observed during specific event windows, suggesting that spin-offs can contribute to continued value creation over time. Market reactions are influenced to varying degrees by factors such as industrial focus, relative size, and economic conditions at the time of the spin-off.