近年來我國屢次爆發掏空公司資產之弊案，而細究其掏空之方式，多係藉由公司之交易行為，將公司資產不法輸送予特定人士。我們不難發現這些特定人士時常某程度與公司之董事或控制股東，具有一定之利害關係，甚至這些特定人士即為董事或控制股東本身。正因如此，關係人交易在我國公司治理議題上逐漸受到重視，並引起廣泛之討論，尤其針對具有董事或控制股東身分之人。由於此兩類身分之人同時具有掌握公司資訊及影響公司經營決策之權力，更易藉此方式自公司謀取私利。 我國對於關係人交易下董事之義務，雖已有規範，然而自比較法之觀點，美國法對此部分顯然較我國完備，不僅對於關係人交易設有事前之董事行為標準，並且對於符合行為標準之關係人交易，給予董事安全港之保護。同時，配合司法實務上所發展之司法審查標準，採取寬嚴不一的審查模式，使董事得於關係人交易中合理預測訴訟風險。一方面可降低關係人交易中非常規交易發生之可能性，另一方面亦不至於全然扼殺關係人交易在現代經濟社會中產生之正面價值。我國法之董事義務既是繼受英美法上受任人義務之概念，因此本文嘗試分析美國法中關於關係人交易之相關規定，希冀做為我國修法之參考以求法制之完備。 又我國現行公司法在控制股東義務方面，似存在重大之法律漏洞。尤其在關係人交易下，有心人士為規避擔任董事可能帶來之相關義務，轉而選擇置身於幕後，成為不具董事身分卻實際掌握公司經營決策權之控制股東。此無疑對於欲利用關係人交易不法掏空公司之人，開啟方便之大門。事實上，在英國及美國法上對於控制股東在特定情況下課予如同公司董事一般之受任人義務，而本文則將其焦點限縮在關係人交易下控制股東之義務，經由整理分析英美兩國法制上之條文、學說及重要判決，以期建構出我國規範關係人交易下控制股東義務之依據。

Šiuo metu vyraujanti pasaulinė ekonominė krizė, taip pat ankstesni bendrovių bankrotų pavyzdžiai (tokių kaip Enron, Parmalat) signalizuoja apie būtinybę tinkamai sureguliuoti bendrovių valdymo teisinę bazę, o ypač aspektus susijusius su bendrovės akcininkų ir valdymo organo santykiais. Todėl šiame magistro darbe yra analizuojamos teisinės priemonės, kurios padeda sumažinti interesų konfliktus kylančius tarp bendrovių, kurių vertybiniais popieriais yra prekiaujama reguliuojamoje rinkoje, akcininkų ir valdymo organo. Šiam tikslui pasiekti yra išskiriamos penkios teisinio reguliavimo sritys: bendrovių kontrolės rinkos ir bendrovių perėmimo, informacijos atskleidimo, valdymo organo narių finansinio skatinimo, valdymo organo struktūros bei bendrovės akcininkų teisių teisinis reguliavimas. Kiekviena reguliavimo sritis yra aptariama dviem aspektais, pirmiausia, analizuojant Europos Sąjungos lygiu egzistuojantį teisinį reguliavimą, po to vertinant tokio reguliavimo įgyvendinimą Lietuvos Respublikoje bei pateikiant pastabas ir pasiūlymus. Darbe padaroma išvada, kad norint sumažinti neigiamas pasekmes atsirandančias dėl nuosavybės teisės ir valdymo atskyrimo bendrovėse, reikia, kad visos aukščiau išvardintos priemonės papildytų viena kitą ir būtų taikomos sistemiškai. / The ongoing economic crisis around the world and the recent events in corporate bankruptcy sector (including Enron and Parmalat cases) have shown a clear signal to regulate more efficiently the corporate governance laws and especially the relations between shareholders and the governance body of the company. This thesis paper addresses the regulatory framework issues, which mitigate the conflict of interests between the shareholders and the governance body of publicly traded companies. Five legal instruments are analyzed in order to achieve this objective: market for corporate control and takeovers, information disclosure, director remuneration, structure of governance body and shareholder empowerment. Each legal instrument is analyzed from two legal perspectives, first, the European Union legal framework is described and then analysis concentrates on the implementation of European law in the Republic of Lithuania. Comments and proposals are given to existing implementation problems. The conclusion emphasizes that a systematic use of all the above mentioned legal instruments is required in order to mitigate the costs of separation of ownership and control in publicly traded companies.

關於股東會決議之瑕疵，依我國目前法律與實務通說下，共有三種類型：股東會決議無效、不存在與得撤銷。惟我國公司法並未規範一旦法院判決認定股東會決議無效、不存在或撤銷股東會決議後之法律效果為何，若將具瑕疵之決議限縮於選任董事之決議上，則不具董事身分之人擔任公司董事一職下，由於訴訟程序冗長，此段期間公司對外之法律關係(或董事代表公司所為之法律行為)、公司與不具董事身分之人間之法律關係及公司後續的程序召集上，其法律效果為何？日本學說上提出「連鎖瑕疵」闡述此問題。我國公司法學者通說採取對外類推適用表見代理、對內適用無因管理之見解；惟本文以為此見解將生諸多疑問，故本文參考英國法、美國法與日本學說上之見解，介紹英國公司法第161條規定並採取「事實上董事理論」以嘗試解決此問題。最後並進一步探究股東會決議瑕疵所產生的後續相關法律問題。 / According to the current law and common practice, there are three types of the defect of shareholder meeting of the company. There are void resolution, no resolution, and annulment of such resolution. However, our corporate law didn’t regulate the results once the court makes the verdict of the above mentioned types of defects of shareholder meeting of the company. If the defect of shareholder meeting of the company could be restrained on the election of directors of the resolution, while the person who was disqualified to act as a director is still in charge, the legal effect of the company’s external legal affairs, also the relationship between the company and the disqualified director, and the assembly of the meeting remain discussible. The Japanese scholars bring up a theory called the chain of defect to elaborate the upper mentioned problem. Our corporate law scholars mainly consider that the legal effect of the company’s external legal affairs should be an apparent agent situation. The company’s internal legal affairs, such as the relationship between the company and the disqualified director, and the assembly of the meeting should think as a management of affairs without mandate situation. However, my article considers that the previous perspective remains plenty of doubtful points. For this reason, my article would refer to the Companies Act 2006 (United Kingdom Company Law), Laws of the United States, and Japan’s legal theories. Moreover, I would introduce the Sec.161 of the Companies Act 2006, and adopt the theory of de facto directors in order to solve the problem. Eventually, I would analyze the extended and related legal problems of the defect of shareholder meeting of the company.

Submitted by Rafaela Moraes (rafaela.moraes@fgv.br) on 2016-09-02T19:15:55Z No. of bitstreams: 1 Leonardo_Braga_De_Vincenzi_Dissertacao_Final_Mestrado_Adm_Publica_FGV_Ebape.pdf: 799777 bytes, checksum: d003e163ee8789cf0175e8a4b5b12065 (MD5) / Approved for entry into archive by Rafaela Moraes (rafaela.moraes@fgv.br) on 2016-09-02T19:16:50Z (GMT) No. of bitstreams: 1 Leonardo_Braga_De_Vincenzi_Dissertacao_Final_Mestrado_Adm_Publica_FGV_Ebape.pdf: 799777 bytes, checksum: d003e163ee8789cf0175e8a4b5b12065 (MD5) / Approved for entry into archive by Rafaela Moraes (rafaela.moraes@fgv.br) on 2016-09-02T19:17:38Z (GMT) No. of bitstreams: 1 Leonardo_Braga_De_Vincenzi_Dissertacao_Final_Mestrado_Adm_Publica_FGV_Ebape.pdf: 799777 bytes, checksum: d003e163ee8789cf0175e8a4b5b12065 (MD5) / Made available in DSpace on 2016-09-02T19:18:11Z (GMT). No. of bitstreams: 1 Leonardo_Braga_De_Vincenzi_Dissertacao_Final_Mestrado_Adm_Publica_FGV_Ebape.pdf: 799777 bytes, checksum: d003e163ee8789cf0175e8a4b5b12065 (MD5) Previous issue date: 2008 / Paralelamente ao surgimento da gestão estratégica, emerge no cenário nacional um novo enfoque administrativo: a gestão social. E o planejamento urbano é uma das áreas da administração pública que mais pode beneficiar-se desse modelo de tomada de decisão. A Lei do Estatuto da Cidade estabelece um conjunto de regras para a ordenação do uso do solo urbano, e obriga os municípios com mais de 20 mil habitantes a apresentar um Plano Diretor. Ela traz, entre outras novidades legislativas, a gestão social e a função social da propriedade, repercutindo sob aspectos como, dentre outros, o econômico, o político, o social e o ambiental. O Brasil – até há poucas décadas basicamente um país agrário – passou por um acelerado processo de urbanização, com a migração de trabalhadores oriundos do campo. Até então, o planejamento urbano era feito por uma estrutura burocrática centralizada, autoritária, e com interesses sobretudo especulativos e econômicos. Em decorrência, ocorreram um crescimento desordenado da população de baixa renda na área urbana, bem como uma acentuada proliferação de atividades urbanas informais. O presente trabalho analisa, brevemente e de forma geral, como a implementação da gestão social pelo Estatuto da Cidade e o Plano Diretor alteram essa realidade, e como ela pode influenciar o desenvolvimento e o planejamento urbano carioca. / In parallel to strategic management, a new administrative approach emerges in the national scene: the social management. Urban planning is one of the areas of the public administration that can best be benefited from this model of decision-making. The City Statute Law establishes a set of rules aiming at urban land utilization. It makes compulsory the presentation of a Director Plan by all municipalities with more than twenty thousand inhabitants. This brings, among other legislative innovations, social management and the social function of property, with repercussions in several aspects such as, among others, economic, political, social and environmental conditions. Brazil – basically an agrarian country up to a few decades ago – went through a fast urbanization process due to workers migration from rural areas. The urban planning used to be carried out by a bureaucratic, centralized, authoritative structure, mainly with speculative and economic interests. As a result, a disorderedly low income population growth came up to urban areas with striking proliferation of informal urban activities. This paper analyses briefly and in a general view how implementation of social management through the City Statute Law and the Director Plan is changing this situation and how it may influence urban development and planning in Rio de Janeiro City.

Like death, the defining human reality underlying our relationships and views of life's meaning, the experiences and activities of undertakers, remains an uncommon subject for psychological research. Existential anxiety roots a society-wide denial of the fundamental nature of death. which necessitates the development of institutions to take responsibility for the dying and dead. As the image and service of the stigmatised funeral industry improves, society's experience of death should become more meaningful. The overview of the research into these topics noted the need for further studies. Within a holistic, ecosystemic epistemology, this study adopted a qualitative approach and case study method, which provided descriptions of the ecology, contexts, and relationships characteristic .of the undertaker's vocation by focussing on patterned expressions of views and attitudes. The aim was to gain insight into the undertaker's experience of the many faces of death, with a genuine interest and deep respect for their world. / Psychology / M.A. (Clinical Psychology)

L’étude juridique du groupe de sociétés fait apparaître une difficulté majeure qui émane de la grande différence entre le droit et le fait. En effet, bien qu’elles soient liées par un intérêt commun, les sociétés membres d’un groupe ne font toujours pas l’objet d’une réglementation détaillée qui prendrait en considération leur entité et leur unité économique et sociale distinctes. Il découle de cet antagonisme un risque de non correspondance des intérêts particuliers des sociétés membres avec la prévalence juridique de l'intérêt du groupe, lequel pourrait induire des effets préjudiciables aux différentes catégories des créanciers de ces sociétés.Toutefois, cette absence d’une loi particulière aux groupes a donné lieu à une réglementation ponctuelle qui vient modifier des règles du droit des sociétés ou qui régit certains domaines particuliers. De même, en raison d'une telle insuffisance de normes écrites, une importante partie du droit positif des groupes semble d’origine jurisprudentielle. Soutenus par la Cour de cassation, les juges du fond ne cessent de circonscrire les différents aspects de ce phénomène en vue de combler des lacunes juridiques qui heurtent l’équité. Plusieurs théories ont été instaurées en la matière, construisant ensemble une base importante pour la protection des créanciers, des salariés et des associés minoritaires liés à l’ensemble des sociétés regroupées. / Legal study of the group of companies reveals a major difficulty which emanates from the big difference between law and reality. Indeed, although they are linked by a common interest, the member companies of a group are not always the object of a detailed ruling which would take into consideration their entity and their economic unity and social distinctions. From this antagonism follows a risk of not connecting the particular member companies with the legal acceptance of the group’s interest, which might lead to prejudicial actions towards the different categories of creditors and companies.However, this absence of a special law for groups gave rise to a timely rule which modifies the rules of the rights of companies or which rules certain particular fields. In the same way, because of an insufficiency of written standards, an important part of the actual right is derived from the origins of precedent. Supported by the Supreme Court of Appeal, the the trial judges do not cease to draw a line around the different aspects of this occurrence in the light of closing a legal loop hole which goes against fairness. Several theories have indeed been established on the subject, forming together an important base for the protection of creditors, wage earners and minor partners linked to the whole of the amalgamated companies.

Tato diplomová práce je zaměřena na vývoj simulačního prostředí v Matlab/Simulink zvoleného letadla ve známém letovém režimu. Pozice a orientace letadla pohybujícího se ve vzduchu je popsána pohybovými rovnicemi se šesti stup\v{n}i volnosti. Soustava translačních, rotačních a kinematických rovnic tvoří soustavu devíti nelineárních diferenciálních rovnic prvního řádu. Tyto rovnice lze linearizovat okolo nějakého rovnovážného stavu, který budeme nazývat letovým režimem. Součástí simulačního prostředí je řídící systém letadla založený na PID regulaci. Základem je návrh autopilota, který řídí úhel podélného sklonu a úhel příčného náklonu. Součástí návrhu jsou takzvané „flight director\textquotedblright \phantom{s}m\'dy jako udržení výšky, volba kursu, regulace vertikální rychlosti, změna výšky, zachycení požadované výšky a navigační m\'{o}d založený na nelineárním navigačním zákonu. Optimalizace regulátorů za použití PSO algoritmu a Pareto optimalitě je využita pro nastavení parametrů PID regulátoru. Simulační prostředí je vizualizováno v softwaru FlightGear.

Cette thèse a pour objectif principal d’apporter une contribution à la littérature concernant la structure et l’efficacité du conseil d’administration (CA). Elle s’articule autour de quatre chapitres. Le premier chapitre est une revue de la littérature, tandis que les trois autres portent sur des questions de recherche distinctes. La première étude présentée dans le deuxième chapitre de cette thèse a pour objectif d'étudier les déterminants de la taille du CA, de l'indépendance de ses membres et de la dualité des fonctions de direction et de présidence du CA. Les principaux apports de cette étude peuvent être résumés comme suit : tout d'abord, nos résultats sont fondés sur l'analyse d'un des plus grands échantillons utilisés dans ce domaine, avec à peu près 16000 observations (entreprises-années) pour près de 2300 entreprises américaines observées de 1997 à 2010. De plus, sur le plan méthodologique, une batterie de tests statistiques a été réalisée afin de vérifier la robustesse de nos résultats, notamment des tests tenant compte des biais d'hétérogénéité et de simultanéité. Enfin, cette étude est probablement la première à démontrer que le passage de la loi SOX a limité la capacité des dirigeants à influencer la composition du CA. La deuxième étude s’attache à analyser les deux principales fonctions du CA, qui sont le conseil au chef d'entreprise et le contrôle de ses activités. Ainsi, comprendre la capacité du CA à remplir ces fonctions est une question fondamentale que nous nous proposons d’approfondir. Cette étude vient enrichir la littérature émergente sur la fonction consultative du CA en fournissant de nouveaux éléments de preuves sur l'importance de cette fonction dans la création de valeur de l'entreprise. Ces résultats apportent également des éclairages sur le conflit potentiel existant entre les deux principales fonctions du CA. Enfin, cette étude s'inscrit dans le courant de pensée qui cherche à évaluer l'impact des caractéristiques des entreprises sur l'efficacité de leurs structures de gouvernance. Le principal objectif de la troisième étude présentée dans le dernier chapitre de cette thèse est de déterminer si la rémunération à base d’actions des administrateurs peut affecter les décisions futures en matière d'acquisition, et le cas échéant, comment. Les résultats de cette étude apportent un nouvel éclairage concernant la rémunération des administrateurs. Cette étude met en exergue l'importance des pratiques de rémunération incitative sous forme d’actions et d’options pour les membres du CA. Par ailleurs, bien que de nombreuses études aient été réalisées afin d'analyser la relation existante entre les mesures incitatives à destination des administrateurs et la performance de l'entreprise, notre étude est l'une des premières à explorer les mécanismes à travers lesquels ces mesures peuvent influencer la valeur de l'entreprise. / This thesis aims at providing contributions to the existing literature on the structure and effectiveness of corporate boards. It comprises three essays that address distinct research questions. The first study examines the trends and determinants of corporate board structure using a panel data sample. This study extends the existing literature on the determinants of board structure in three important ways. First, our results are based on one of the largest samples used in this area, with almost 16,000 firm-year observations for nearly 2,300 firms observed from 1997 to 2010. Second, in terms of methodology, a set of statistical tests was performed in order to check the robustness of our findings, including tests that account for heterogeneity and simultaneity. Finally, this is probably the first study to show that the enactment of SOX has reduced the ability of CEOs in influencing board composition. Specifically, while SOX does not fundamentally alter the economic determinants of board structure, our results show that the documented negative impact of well performing CEOs on board independence in the pre-SOX era is no longer significant post-SOX. In the second study, the principal objective is to investigate the effects of advisory directors' presence on the board and monitoring intensity on the board's overall effectiveness in value creation. This study makes some significant contributions to the literature. First, it complements and extends the growing literature on the board's advisory function by providing strong new evidence on the importance of this board function in value creation. Second, it also provides some evidence on the potential conflict between the two primary functions of corporate boards. Finally, this study adds to the literature that attempts to assess the impact of firm and industry characteristics on the effectiveness of specific governance structures. The last study has as main objective to examine the relation between director compensation structure and shareholder interests in the context of acquisitions. This study contributes to the literature in several ways. First, we add to the recent but burgeoning literature that deals with the determinants of director compensation. Guided by theoretical work in this area, we show that director compensation is mainly consistent with firm's needs for monitoring and advising. Second, we extend the body of research that highlights the importance of equity-based compensation by providing evidence that the use of incentive-based compensation schemes to reward directors also matters. Finally, although many studies have examined the relation between directors' incentives and firm performance, this work is one of the first to examine the channels through which directors' equity-based pay affects shareholders' value.

No description available.

Abstract in English language This work depicts the life story story of a "self-made man" Jaroslav Salda, the creator and director of the Melantrich, the biggest printing company in Czechoslovak time of so called First Republic. It is doing so by compiling interviews with period witnesses, archival documents and literary sources. Each chapter is a part of the answer to the question: How is it possible that the illegitimate child without funds and university education had become the man with extensive expertise, the frequent guest of Ministers and the President and the powerful head of the media industry? This text as a whole, firmly tied to the history of the Czech nation and Melantrich, reflects the experience of the man who dedicated his life to building, because he considered the constructive, innovative, diligent and hard work the main means of fulfillment in life and the key to success. It shows a person which embodies the adage: Where there is a will, there is a way. Key words Jaroslav Salda, Melantrich, Czech National Socialist Party, Ceske slovo, Svobodne slovo, Hvezda, Vaclavske namesti, a time of so called First Republic, capitalism, business, director, print, newspapers, Publishing Company, resistance activity.