No / The authors present findings from the initial phase of an ongoing externally funded research project into senior executive perceptions of the impact of capital taxation upon unquoted companies incorporated in the United Kingdom. Open-ended interviews were conducted with the senior executives of six unquoted companies which are also multigenerational family businesses. The interviews guided the executives to explore the history of their company; the values and aspirations of the founding or owning family(ies); the impact of capital taxation regimes, previous and current, both on ownership and on management succession; and strategies being pursued. Using content analysis to identify key themes, the authors suggest that their findings indicate that capital taxation may have a major impact both on ownership and on management succession as well as on succession planning. However, the current capital tax regime in the United Kingdom is perceived to be more favourable than that of previous regimes and vis-aé-vis the regimes currently operating in most European countries. Capital taxation is not thought to influence strategic or operational decisions either positively or negatively. Companies use taxation-planning devices, frequently involving trusts, in order to reduce the actual burden of capital taxation falling upon individual shareholders at ownership succession. The present capital taxation regime, which includes gift relief and business asset taper relief within capital gains tax, and 100% business property relief within inheritance tax, eases succession planning. Business asset taper relief also facilitates shareholder exit strategies.

L’objectif de cette thèse est de discerner les originalités des sociétés familiales non cotées par rapport au gouvernement d’entreprise. On s’intéresse aux sociétés non cotées parce que les préoccupations sur le gouvernement d’entreprise se focalisent plutôt sur les grandes entreprises multinationales. Cependant, les sociétés familiales non cotées, actuellement la forme la plus répandue de l’initiative privée, posent de problèmes particuliers de gouvernement d’entreprise, parce que le lien entre famille et entreprise génère de conflits d’intérêts que la grande société cotée ne connaît pas. Premièrement, on expose les raisons pour lesquelles le gouvernement d’entreprise prend une importance plus cruciale dans ces sociétés. Il s’agit de montrer l’existence d’un particularisme s’agissant de la configuration de propriété, de gestion et de contrôle, puisque ces sociétés comportent la particularité de se trouver au croisement de deux systèmes ; la famille et l’entreprise (TITRE I). L’entreprise familiale se comporterait différemment vu que la composante familiale prédomine et influence le processus de prise de décision et les mécanismes de contrôle de la direction. LE TITRE II est consacré à la proposition d’ un ensemble de mesures susceptibles, à notre avis, de rendre son efficacité au système de gouvernance de la société familiale non cotée : une modification de la culture qui prévaut au sein des conseils; un renforcement de l’expertise et une amélioration de l’information des administrateurs ; la stricte séparation des fonctions de direction et de contrôle. / This thesis aims to discern the particularities of family non -listed companies in relation to corporate governance. It isspecially focussed in non-listed companies, because research on corporate governance has been so far focussed on largemultinational firms. Non-listed family firms, nowadays the most common form of private initiative, pose particular problems of corporate governance, since the interconnection between family and company is a source of conflicts of interest that a public company does not face. Initially, the reasons why corporate governance has a crucial importance in this type of enterprise – due to its unique nature- are presented. This is to demonstrate the existence of uniqueness with regard to the configuration of ownership, management and control, as these companies have the distinction of being at the crossroads of two divergent systems: family and enterprise (Part I). The family business behaves differently because the family component predominates and undoubtedly influences the processes of decision making, control mechanisms and overall management. Part 2 is devoted to the proposal of a set of measures which, make ensure the effectiveness of the governance system of a non-listed family enterprise. It essentially entails a step change in the prevailing culture of the boards, a strengthening of expertise and improved information and management. The strict separation of management and control is also proposed.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This research aims at studying the influences of the business game over the perception of the necessity of managerial skills development by participants of family companies in Santa Maria, (RS). These companies present characteristics that become confusing in the relation among family, business and property. This study adopted a group of methods operacionalized through the development of an activity of university extension that changed the usual research in the administrative sciences, bringing the companies to the university. The theoretical approach in this study is based on three themes: business game, family business and perception. The game applied was the Metaltec Business Game focusing on the qualification of managers of micro and small companies. In order to test the influence of the business game on the process of perception of the necessity of managerial skills development, it was collected a structured group of data in two moments: before and after the application of the game. The population and sample of this study was constituted by 11 participants of family companies, classified in the model of the three circles by de Gersick et al.(1999). The results showed that the business game stimulated the participants to develop their managerial skills. The conclusions indicate that the skillful management contributes to organizations financial benefits, besides providing recommendations for future research. / O objetivo desta dissertação é o de estudar as influências do jogo de empresa na percepção da necessidade de desenvolvimento de competências em integrantes de empresas familiares da cidade de Santa Maria, (RS). Uma vez que tais empresas apresentam configurações que se confundem na relação família, negócio e propriedade. A abordagem desenvolvida no estudo utilizou um conjunto de métodos encadeados de pesquisa, operacionalizados através do desenvolvimento de uma atividade de extensão universitária, que inverteu o desenho habitual de pesquisa nas ciências administrativas, levando desta forma as empresas para academia. Os elementos teóricos que fundamentaram a realização o estudo derivaram de três grandes eixos: jogos de empresas, empresas familiares e percepção. O jogo aplicado foi o Metaltec voltado à qualificação de gestores de micro e pequenas indústrias. Para validação da influência do jogo de empresa no processo de percepção da necessidade de desenvolvimento de competências gerenciais, mediuse um conjunto de informações em dois momentos: pré aplicação do jogo, pós aplicação do jogo, através de instrumentos de coleta de dados, estruturado. A população e amostra foi formada por 11 integrantes de empresas familiares, enquadrados no modelo dos três círculos da empresa familiar, de Gersick et al.(1999). Os resultados obtidos indicaram que o jogo de empresa instigou os participantes a buscarem desenvolverem suas habilidades de gerenciamento, as conclusões permitiram refletir que o gerenciamento habilidoso é revertido em resultados financeiros nas organizações, além de permitirem recomendações para futuras pesquisas.

Made available in DSpace on 2014-12-17T13:53:17Z (GMT). No. of bitstreams: 1 MarceloHNP.pdf: 399705 bytes, checksum: f533206b771423a65df425800c7b7982 (MD5) Previous issue date: 2008-08-29 / The present objective study to inside identify the critical factors of success of the local family companies of a competitive boarding. For in such a way the same it understands the culture and the management of the family companies of success, identifies the essential areas of performance, it establishes the restrictive factors of the success, and analyzes the level of influence of the critical factors of success in the competitiveness of this type of company. In function of the subject little to be explored, and of this study to provide a general vision concerning the factors that take the family companies to get success, this research is explorer. On the other hand, for describing characteristic of the familiar companies in prominence in the local scene and for being worried about the practical performance, the same one also is descriptive. The sample in turn is the not-probabilist one of the intentional type, for accessibility. For operacionalization of the collection of data, the direct contact was used, being the composed instrument of research for variable as management, culture, critical factors of success and competitiveness. The study it evidences that in regards to the management and the culture of the family companies of success, some variable are turned aside from the standard of the conventional family companies cited by literature. Of general form in the familiar companies of success it has a bigger level of professionalization of the management. As for the value given to the knowledge, the study sample that the conventional family companies give little importance to it, in contrast of the family companies in prominence, who value of significant form the search for the knowledge. He is demonstrated despite the family companies of success, even so total are not professionalized, possess a bigger level of professionalization of the management, ratifying of certain forms the reason for which the majority develops the Strategical Planning formal periodically. In short, the results point 17 critical factors of success with respect to the family companies, in special factors as the product quality and services, and the use of the technology / O presente estudo objetiva identificar os fatores cr?ticos de sucesso das empresas familiares locais dentro de uma abordagem competitiva. Para tanto o mesmo compreende a cultura e a gest?o das empresas familiares de sucesso, identifica as ?reas de performance essenciais, estabelece os fatores restritivos do sucesso, e analisa o n?vel de influ?ncia dos fatores cr?ticos de sucesso na competitividade deste tipo de empresa. Em fun??o do tema ser pouco explorado, e desse estudo proporcionar uma vis?o geral acerca dos fatores que levam as empresas familiares a obterem sucesso, esta pesquisa ? explorat?ria. Por outro lado, por descrever caracter?sticas das empresas familiares em destaque no cen?rio local e por estar preocupada com a atua??o pr?tica, a mesma tamb?m ? descritiva. A amostra por sua vez ? a n?o-probabil?stica do tipo intencional, por acessibilidade. Para operacionaliza??o da coleta de dados, foi utilizado o contato direto, sendo o instrumento de pesquisa composto por vari?veis como gest?o, cultura, fatores cr?ticos de sucesso e competitividade. O estudo constata que no tocante ? gest?o e a cultura das empresas familiares de sucesso, algumas vari?veis desviam-se do padr?o das empresas familiares convencionais citadas pela literatura. De forma geral nas empresas familiares de sucesso h? um maior n?vel de profissionaliza??o da gest?o. No que se refere ao valor dado ao conhecimento, o estudo mostra que as empresas familiares convencionais o d?o pouca import?ncia, ao contr?rio das empresas familiares em destaque, que valorizam de forma significativa a busca pelo conhecimento. Fica demonstrado ainda que as empresas familiares de sucesso, embora n?o sejam totalmente profissionalizadas, possuem um n?vel maior de profissionaliza??o da gest?o, ratificando de certa forma a raz?o pela qual a maioria desenvolva formalmente o Planejamento Estrat?gico periodicamente. Em suma, os resultados apontam 17 fatores cr?ticos de sucesso para as empresas familiares, em especial fatores como a qualidade dos produtos e servi?os, e o uso da tecnologia

家族企業約佔我國上市公司的80.63％，其管理權與經營權多掌握在同一家族中，家族對企業有很大的影響力。本研究探討家族企業與非家族企業多角化程度與董監質押比例之高低跟盈餘管理之關聯性。 本研究以我國1997年至2006年底之上市公司為樣本，實證結果發現：(1)家族企業較非家族企業從事盈餘管理的可能性為高；(2)當公司多角化經營程度越高時，公司有較大之誘因進行盈餘管理之行為，然而當公司為家族企業且其多角化程度越高時，反而會降低家族企業盈餘管理可能性；(3)家族企業樣本中，多角化經營程度高低，與家族企業是否從事盈餘管理並無顯著之關係；(4)公司非相關多角化經營之高低，與家族企業是否從事盈餘管理，並無顯著之關係；(5)公司董監事質押比率之高低，與家族企業是否從事盈餘管理，並無顯著之關係。 / Family firms take about 81% of the listed firms in Taiwan. This study investigates the relation between business diversification and earnings management and that between stock pledge of directors and earnings management under the family-firms/non-family -firms setting. Based on the sample of firms listed in Taiwan during 1997-2006, the empirical results show that the family companies are more apt to manipulate earnings than the non-family companies. The higher the degree of diversification, the more the companies are apt to manipulate the earnings. However, neither unrelated diversification nor stock pledge of directors is related to earning management. Contrast to non-families, well-diversified family companies may decrease the possibility of earnings management, but taking family companies as a sample, diversification is not associated with earnings management.

El presente artículo está orientado a aquellas familias que habiendo constituido empresas familiares cuentan con capitales millonarios y a quienes se les sugiere, mediante un Consejo de Familia, constituir Family Office con la finalidad de tener un mejor control del financiamiento de sus empresas y llegar a distinguir con claridad cuál es el patrimonio de la empresa familiar y cuando es el patrimonio familiar. Está institución está orientada a empresas familiares de capitales superiores a los 100 millones de dólares y sirve como un mecanismo de inversión de grandes proyectos en donde se procurará preservar el patrimonio económico en aras de proteger a las futuras generaciones. / This paper is intended for families who, having set up family companies, have millions of dollars and who have been suggested, through a Family Council, to establish a Family Office in order to have a better control over the financing of their companies and to distinguish eith clarity what is the family business’ assets and what is the family’s assets. This institution aims at family businesses with capital exceeding 100 million US dollars and serves as an investment mechanism for large projects where efforts will be made to preserve the financial assets in order to protect future generations.