金融秩序之維持基於金融機構的穩健運作，金融機構穩健運作之關鍵來自內部控制制度的落實，而此一制度係建構在公司治理—強化經營者責任上。2013年底，我國公司治理機制一項重大變革為審計委員會之設置要求。因此本研究即探討審計委員會與內部控制缺失之關聯性。以2013年至2015年上市櫃金融控股公司（包含其銀行和保險子公司）以及上市櫃和興櫃的銀行及保險公司為研究對象。 本研究發現：審計委員會與內部控制缺失具統計上的顯著關聯性。審計委員會的設立與內部控制缺失呈顯著負相關；監督者（獨立董監事及審計委員會成員）會計或財務專業的比例，並未與內部控制缺失成顯著負相關，拆出分獨立董監事和審計委員會兩項不同監督機制，其成員會計或財務專業的比例與內部控制缺失也並未呈現顯著的負相關；金融控股母公司的獨立董事同時兼任子公司獨立董事，則與較多的裁罰件數成顯著正相關。另外研究也發現，部分會計師事務所與金融業者內部控制缺失呈顯著的負相關。 綜上結果隱含以下推論：審計委員會監督功能發揮，將幫助金融業者減少內部控制缺失的發生，不過獨立董事在同一金控體系兼任多家公司獨立董事的情形，並未有較佳的監督效果出現。由於我國金融業者發生的內部控制缺失類型多樣，因此在審計委員的安排上，除了會計或財務專業的審計委員，也可廣納其他專業的專家學者擔任，另外會計師事務所也可扮演完善內部控制制度的一個輔助角色。 / To find out the effect of the audit committee on internal control, this study examines the association between audit committees and internal control deficiencies.The samples are listed financial holding companies including their bank and insurance subsidiaries, bank, and insurance companies in TWSE and OTC in Taiwan over the period from 2013 to 2015. I find that the audit committees are negatively associated with the internal control deficiencies. However, there is no association between the audit committees of accounting or financial expertise and internal control deficiencies. Besides, I find that the circumstances that the independent directors of the financial holding parent companies also serve as an independent directors of the subsidiaries are positively associated with more incidences of penalty cases. Taken together, the empirical result indicates the association between the audit committees and internal control deficiencies in Taiwan financial industry.

The non-interest and profit-loss sharing schemes of Islamic finance (IF) are attracting increasing global attention. Despite exposure to the similar opportunities as other Western countries that have adopted the financial business model there is little evidence of Islamic finance windows operating in the conventional institutions in Canada. This thesis takes a qualitative approach to bring the issue forward in Canadian social science literature by exploring the perceived challenges to, and the potential of, the development of IF offerings with a focus on factors affecting the supply and management decisions in the industry. The study used an inductive approach with archival data and critical survey of literature to arrive at the hypotheses surrounding the challenges. These were tested deductively by semi-structured interviews and panel discussions both in Canada and the US on a sample of senior officials involved in both IF and conventional financial institutions. Using a thematic analysis the study arrived at findings supporting the hypotheses related to awareness, regulation, management intent and internal resources. In the external environment, factors affecting strategic decision on offering IF services are mainly due to regulation, lack of awareness, even among Muslim communities, or misgivings about Sha’riah authenticity. Internally, highly customized IT infrastructures, lack of funds and foreign investment make it unfeasible. Management interest when proposed with the concept is high but not in a top-down manner and there is an overall uncertainty avoidance culture and little proactivity with market research. Access to specific Sha’riah knowledge is not considered a hurdle anymore. It is apparent that investments in Sha’riah compliant stocks would be easiest to set up. Mortgage structures can be affected by the capital market structure, even if not tax structures. Knowledge on this can have implications for banks seeking to expand their investment portfolios and aid government policies.

La liberalización financiera y la integración internacional a finales de los años 1980, tuvo un gran impacto en las economías a nivel mundial. Los nuevos cambios regulatorios y la entrada a una economía más globalizada, habría incorporado la necesidad de encaminar un mayor crecimiento y desarrollo al sector financiero. En ese sentido, se incorporó un nuevo desafío para las instituciones financieras de América Latina en aplicar distintas estrategias que permitan establecer ventajas competitivas en una economía mundial más exigente. Entre dichas estrategias, los acuerdos de fusión horizontal han sido incorporado en numerosas entidades financieras como una estrategia corporativa con potencial en generar sinergias operativas, permitir un mayor tamaño corporativo, aumentar la participación de mercado, reforzar esfuerzos en mejorar los niveles de poder de mercado que permita defender su posición en el sector y obtener mayores niveles de rentabilidad según los estándares permitidos por su entidad reguladora. Este documento presenta un análisis empírico del impacto de las fusiones horizontales en el desempeño de las entidades del sector financiero peruano medido por el poder de mercado a través del Índice de Lerner durante los años 2012-2019. Los hallazgos revelan que la práctica de fusiones horizontales en instituciones financieras tiene un impacto positivo y significativo en el poder de mercado en un periodo de corto y largo plazo. Sin embargo, la persistente competencia en el mercado no bancario de microcrédito y la adecuada regulación por el ente fiscalizador (SBS) de incentivar la libre competencia y el control de dicha estrategia en la industria financiera disuadiría la posibilidad del ejercicio del poder de mercado para fines anticompetitivos. / Financial liberalization and international integration in the late 1980s had a major impact on economies worldwide. The new regulatory changes and the entry into a more globalized economy would have incorporated the need to direct greater growth and development to the financial sector. In this sense, a new challenge was incorporated for financial institutions in Latin America to apply different strategies that allow them to establish competitive advantages in a more demanding world economy. Among these strategies, horizontal merger agreements have been incorporated into numerous financial entities as a corporate strategy with the potential to generate operating synergies, allow a larger corporate size, increase market share, reinforce efforts to improve the levels of market power that allows you to defend your position in the sector and obtain higher levels of profitability according to the standards allowed by your regulatory entity. This document presents an empirical analysis of the impact of horizontal mergers on the performance of entities in the Peruvian financial sector measured by market power through the Lerner Index during the years 2012-2019. The findings reveal that the practice of horizontal mergers in financial institutions has a positive and significant impact on market power in a short and long-term period. However, the persistent competition in the non-banking microcredit market and the adequate regulation by the supervisory entity (SBS) to encourage free competition and the control of said strategy in the financial industry would dissuade the possibility of exercising market power for conduct anticompetitive. / Tesis

Following the introduction of new laws and regulations to ensure data protection in GDPR and PIPEDA, interests in technologies to protect data privacy have increased. A promising research trajectory in this area is found in Generative Adversarial Networks (GAN), an architecture trained to produce data that reflects the statistical properties of its underlying dataset without compromising the integrity of the data subjects. Despite the technology’s young age, prior research has made significant progress in the generation process of so-called synthetic data, and the current models can generate images with high-quality. Due to the architecture’s success with images, it has been adapted to new domains, and this study examines its potential to synthesize financial tabular data. The study investigates a state-of-the-art model within tabular GANs, called CTGAN, together with two proposed ideas to enhance its generative ability. The results indicate that a modified training dynamic and a novel early stopping strategy improve the architecture’s capacity to synthesize data. The generated data presents realistic features with clear influences from its underlying dataset, and the inferred conclusions on subsequent analyses are similar to those based on the original data. Thus, the conclusion is that GANs has great potential to generate tabular data that can be considered a substitute for sensitive data, which could enable organizations to have more generous data sharing policies. / Med striktare förhållningsregler till hur data ska hanteras genom GDPR och PIPEDA har intresset för anonymiseringsmetoder för att censurera känslig data aktualliserats. En lovande teknik inom området återfinns i Generativa Motstridande Nätverk, en arkitektur som syftar till att generera data som återspeglar de statiska egenskaperna i dess underliggande dataset utan att äventyra datasubjektens integritet. Trots forskningsfältet unga ålder har man gjort stora framsteg i genereringsprocessen av så kallad syntetisk data, och numera finns det modeller som kan generera bilder av hög realistisk karaktär. Som ett steg framåt i forskningen har arkitekturen adopterats till nya domäner, och den här studien syftar till att undersöka dess förmåga att syntatisera finansiell tabelldata. I studien undersöks en framträdande modell inom forskningsfältet, CTGAN, tillsammans med två föreslagna idéer i syfte att förbättra dess generativa förmåga. Resultaten indikerar att en förändrad träningsdynamik och en ny optimeringsstrategi förbättrar arkitekturens förmåga att generera syntetisk data. Den genererade datan håller i sin tur hög kvalité med tydliga influenser från dess underliggande dataset, och resultat på efterföljande analyser mellan datakällorna är av jämförbar karaktär. Slutsatsen är således att GANs har stor potential att generera tabulär data som kan betrakatas som substitut till känslig data, vilket möjliggör för en mer frikostig delningspolitik av data inom organisationer.

The provision of global bank capital and its governance has undergone dramatic changes in the last two decades. There has been a growing awareness among companies to address the environmental, social and governance issues to contribute to sustainable development. Several studies have been conducted that address the need to merge sustainability into business strategies. The banking sector is increasingly taking measures to make banking operations more sustainable, as an important tool for addressing issues of sustainable development, but also as a marketing tool. From 10 March 2021, with an implementation period until 1 January 2023, new rules on sustainability‐related disclosures in the financial services sector, were applied in the European Parliament, also known as SFDR (2019/2088/EU). The purpose of SFDR is that the new requirements will lead to a more coherent design of sustainability-related information within the financial market. The requirements refer to, among other things, that finance companies must provide information on the proportion of sales from products or services related to economic activities that are environmentally sustainable. Although the regulation indicates different types of obligations regarding what is to be disclosed and reported, this regulatory framework still lacks a clear path for the application of financial market participants, which generated the research question “What challenges do Swedish credit market companies face related to sustainability risks according to EU regulation SFDR sustainability-related information?”   To investigate the subject, a qualitative research method was applied with an abductive research method. In-depth interviews were conducted with a sample of employees at a credit market company that is under the supervision of Finansinspektionen, which are thus affected by SFDR. These interviews were supplemented by an interview with an employee at Finansinspektionen who is active in banking/sustainability. The interviews gave results in the form of identified challenges, the greatest were within; (i) lack of knowledge about sustainability in the financial industry, (ii) the introduction of SFDR in financial institutions, (iii) data management, (iv) maintenance of regulatory compliance, and (v) investment decisions related to sustainability. The analysis provided indications that challenges that were identified in previous research could be confirmed and extended. The analysis illuminated questions such as, there is a difficulty to know how the end customer works with sustainability, how far should the finance companies go in their investigations when granting credit? Several of the respondents agreed that it is difficult to make such an assessment and how far down the chain the analyzes should go; who will be ensuring quality assurance in the next stage and take care of the supervision of it?   The conclusions of this study are that the identified challenges are found mainly within; (i) the competence in sustainability in the financial industry, (ii) an increased use of resources, (iii) the collection and creation of data, and (iv) to systematize the sustainability work throughout the businesses. / Tillhandahållandet av globalt bankkapital och dess styrning har genomgått dramatiska förändringar de senaste två decennierna. Det har funnits en växande medvetenhet bland företag att ta itu med miljö-, sociala- och styrningsfrågor för att bidra till en hållbar utveckling. Det har gjorts ett flertal studier som behandlar behovet av att införliva hållbarhet i verksamheters strategier. Banksektorn vidtar i allt högre grad åtgärder för att göra bankverksamheten mer hållbar, som ett viktigt verktyg för att ta itu med frågor om hållbar utveckling, men även som ett marknadsföringsverktyg. Från och med den 10 mars 2021, med en infasningsperiod fram till och med 1 januari 2023, tillämpades nya regler om lämnande av hållbarhetsrelaterade upplysningar på värdepappersmarknaden i Europaparlamentets och rådets förordning, även kallad SFDR (2019/2088/EU). Syftet med SFDR är att de nya kraven ska leda till en mer sammanhållen utformning av hållbarhetsrelaterad information på värdepappersmarknaden. Kraven avser bland annat att finansbolag ska lämna upplysningar om hur stor andel av omsättningen från produkter eller tjänster relaterade till ekonomisk verksamhet som anses vara miljömässigt hållbar. Trots att förordningen indikerar olika typer av skyldigheter när det gäller vad som ska avslöjas och rapporteras, saknar detta nya regelverk fortfarande en tydlig väg för tillämpning av finansmarknadsaktörer, vilket genererade forskningsfrågan ”Vilka utmaningar står svenska kreditmarknadsbolag inför relaterat till hållbarhetsrisker enligt EU:s förordning SFDR om hållbarhetsrelaterade upplysningar?”   För att undersöka ämnet tillämpades en kvalitativ forskningsmetod med en abduktiv undersökningsmetod. Djupintervjuer genomfördes med ett urval av anställda på ett kreditmarknadsbolag som går under Finansinspektionens tillsyn, som således blir berörda av SFDR. Dessa intervjuer kompletterades med en intervju med en anställd hos Finansinspektionen som är verksam inom bank/hållbarhet. Efter de genomförda intervjuerna gav de resultat i form av identifierade utmaningar, de största var inom; (i) brist på kunskap om hållbarhet i finansbranschen, (ii) införandet av SFDR i finansiella institut, (iii) utmaningar vid datahantering, (iv) upprätthållande av regelefterlevnad, och (v) utmaningar vid investeringsbeslut relaterat till hållbarhet. Analysen gav indikationer på att utmaningar som påtalats i tidigare forskning kunde bekräftas och även utvidgas. Däribland, är det svårt att veta hur slutkunden arbetar med hållbarhet, hur långt ska finansbolagen gå i sina undersökningar vid kreditgivning? Flera av respondenterna höll med om att det är svårt att göra en sådan bedömning och hur långt ned i kedjan analyserna ska gå. Frågan blir vem det är som kvalitetssäkrar i nästa led och sköter tillsynen av det?   Slutsatserna av den här studien att de identifierade utmaningarna återfinns främst inom; (i) kompetensen inom hållbarhet i finansbranschen, (ii) en ökad resursanvändning, (iii) inhämtning och skapande av data, samt (iv) att systematisera hållbarhetsarbetet i hela verksamheten.

Problem: Idag påverkas företagen av tryck utifrån av sina intressenter vilket gör att de måste ta ett större ansvar för att legitimera sig. Olika branscher har varit med om olika skandaler och blivit uppmärksammade på olika sätt. Kan detta leda till att branscher utvecklas olika i sitt ansvarstagande för hållbarhet?Syfte: Syftet med studien är att undersöka om olika branscher i Sveriges näringsliv har utvecklats olika emot ett hållbart samhälle och därmed att beskriva hur långt deras ansvarsområden sträcker sig i årsredovisningar och hållbarhetsredovisningar. Mer specifikt undersöka branschernas ansvar inom ekonomi, miljö och socialt.Forskningsfråga: Vilka skillnader finns det mellan branschernas ansvarstagande inom hållbarhet idag?Forskningsdesign: För att besvara vår forskningsfråga använde vi oss av en kvalitativ innehållsanalys av företagens hållbarhetsrapporter och årsredovisningar. Vi utför en tvärsnittsstudie av tre branscher med tre företag i varje bransch. Branscherna är Textil-, livsmedel- och finansbranschen.Slutsatser: Sammanfattningsvis kan man se att det finns skillnader mellan branscherna. Textilbranschen visade på störst ansvar när man jämförde alla kategorier. Medan livsmedelsbranschen och finansbranschen visade på ett mindre ansvar i förhållande till textilbranschen. När vi sedan ser till varje kategori kan man urskilja var skillnaderna ligger. I den ekonomiska kategorin fanns en stor likhet och inga skillnader kunde identifieras. Inom kategorin för miljö visade textilbranschen ett betydligt större ansvar i förhållande till de övriga branscherna. Kategorin för det sociala ansvaret var betydligt mer omfattande och de olika branscherna utmärkte sig olika mycket i de olika underkategorierna. Inom alla underkategorier visade det sig att Livsmedelsbranschen tog ett mer jämnt ansvar. I anställningsförhållanden och arbetsvillkor utmärkte sig finansbranschen och vidare visade textilbranschen på ett stort ansvar inom mänskliga rättigheter. / Problem: Today’s businesses are affected by the pressure from the outside, by their stakeholders. This allows them to take greater responsibility for legitimacy. Different industries have been involved in various scandals and have received attention different ways. Could this lead to industries developing differently in their social responsibilities for sustainability?Purpose: The purpose of the study is to investigate whether various industries of the Swedish economy has developed differently to a sustainable society and thus to describe how far their responsibilities extend in annual reports and sustainability reports. More specifically investigate various industries responsibilities in regards to economic, environmental and social aspects.Research question: What differences exist between the industries' responsibility in sustainability today?Research Design: To answer our research question, we used a qualitative content analysis of corporate sustainability reports and annual reports. We carry out a cross-sectional study of three industries with three companies in each industry. The industries are textile, food and the finance industry.Conclusions: In summary, one can see that there are differences between industries in the whole. The textile industry showed the greatest responsibility when comparing all the categories. While the food industry and the financial industry showed a minor responsibility in relation to the textile industry. When you look at each category we can distinguish where the differences lie. In the economic category, there was a great similarity and no differences could be identified. Within the category of environment the textile industry showed a much greater responsibility in relation to the other industries. The category of social responsibility was much more extensive and the various industries stood out very different in the different subcategories. In all subcategories, it turned out that the food industry took a more evenly responsibility. In terms of employment and working conditions distinguished the financial industry and the textile industry showed great responsibility in human rights.

Bakgrund: Det finns många aktier att välja mellan på aktiemarknaden. För en person som aldrig tidigare har handlat med aktier kan det vara svårt att veta vilken investering som efter en tid kan generera ett högre värde än det satsade kapitalet. Relativvärdering är en investeringsstrategi som kan tillämpas för att identifiera dessa aktier. Syfte: Syftet med studien är att undersöka om värdemultiplarna P/E-talet, P/BV-talet och direktavkastning kan generera överavkastning genom investeringar i undervärderade aktier i finansbranschen. Om så är fallet, därefter påvisa vilken av värdemultiplarna som genererar högst avkastning. Metod: Studien har att tillämpat en kvantitativ metod med deduktiva inslag. Värde- och tillväxtportföljer har komponerats med värdemultiplarna P/E-talet, P/BV-talet och direktavkastning. Värdemultiplarna har beräknats fram med sekundärdata från databasen Thomson Reuters EcoWin Pro och årsredovisningar. Resultat: Studiens resultat påvisar att det går att generera överavkastning med relativvärdering som investeringsstrategi. Majoriteten av värdeportföljerna presterade bättre än tillväxtportföljerna. Portföljen som hade den högsta överavkastningen var värdeportföljen baserat på P/BV-talet. / Background: The capital stock market consists of many different shares. For a person who has never acted in shares, it can be difficult to know which investment over time that could generate a higher value than the invested capital. Relative valuation is an investment strategy that can be applied to identify these shares. Objective: The aim of this study is to investigate whether key ratios P/E-ratio, P/BV-ratio and dividend yield can generate excess returns by investing in undervalued stocks in the financial industry sector. If so, then demonstrate which of key ratios that generates the highest return. Method: This study has applied a quantitative approach with deductive features. Value and growth portfolios have been composed by key ratios P/E-ratio, P/BV-ratio and dividend yield. Key ratios have been calculated on secondary data from the database Thomson Reuters EcoWin pro and annual reports. Results: Our results demonstrate that it is possible to generate excess returns with the relative valuation as an investment strategy. The majority of the value portfolios performed better than the growth portfolios. The portfolio that had the highest excess return over the total period was the value portfolio that consisted of P/BV-ratio.

台灣金融業競爭日益激烈，在產品同質性高的情況之下，各家金融機構轉而透過服務來創造差異化利基並且盡力與顧客維持長久且深厚的關係，厚植競爭力。對於金融機構行銷人員來說，其透過提供符合期望之產品服務來使既有顧客重複購買使用，並選擇正確的溝通管道與顧客溝通，藉此增加顧客對該行的忠誠度，達到極大化顧客終身價值的顧客關係管理目標。 金融機構與顧客接觸的管道相當多元，從實體分行之臨櫃人員、理財專員、客服中心到虛擬之電子郵件、網路銀行與手機APP等。然而，過去卻少有研究探討金融機構在執行顧客關係管理活動時透過不同「溝通管道」與「溝通內容」對於顧客溝通訊息之說服效果差異。因此，本研究目的在於了解金融機構在執行顧客關係管理活動的訊息傳遞時，透過何種管道以及傳遞何種內容之訊息對於顧客會有最佳之說服效果，進而提升顧客關係管理之成效。本研究主要透過實驗設計與問卷發放來蒐集資訊。 研究結果有以下幾點；首先，顧客對於來自不同管道的「非個人化訊息」所認知之說服效果有差異，又以網路銀行的說服效果最佳。然而「個人化訊息」透過不同溝通管道傳遞，對於顧客卻沒有顯著差異的說服效果。其次，透過「電話」與「電子郵件」傳遞訊息時，搭配「個人化訊息」有顯著較佳的說服效果，其中電話的差異性較大。至於「網路銀行」不論搭配何種內容的訊息，對於說服效果無顯著差異，不過整體來說，使用網路銀行與顧客溝通時，說服效果皆大於其他溝通管道。 / As the competiton among financial industry in Taiwan is getting increasingly fierce, under the high product homogeneity, each financial instutution turns to create differentiation through service and tries hard to maintain a life-long relationship with cistomers. For financial marketers, they make customers purchase the product or use the service again and again not only by providing proucts and services which meets their expectations, but also choosing the right channel to communicate with customers. All the efforts are meant to increase cusomers’ loyalty and attain the goal of customer relationship management – maximize customers’ life-time value. There are multi channels for financial institutions to contact their customers, from physical channels including counter personnels, financial consultants and call center to virtual channels such as email, online bank and APP on mobile phones. However, few studies had discussed the difference of persuasive effects of messages delivered through “different channels” and “different contents” within when financial institutions implementing CRM activities. Therefore, the purpose of the study is to compare and understand by what channel and with what contents may have the best persuasive effects when sending messages to customers, in order to enhance the result of CRM.The main research method is experimental design and collecting data by questionnaires. The study result are shown below. First, the persuasive effect of “non-pesonalized” message delivered through different channels is significantly different, especially through “online bank” has the best persuasive effect. However, the persuasive effect of “pesonalized” message delivered through different channels has no differences. Second, delivering “pesonalized” message by “phone” and “email” has significantly better persuasive effect. Besides, using “online bank” to deliver messages, there is no difference of persuasive effect no matter what content within. But generally speaking, using online bank to communicate with customers, compared to other two channel, it has better persuasive effects.

In this article, the authors describe how the International Financial Corporation of the World Bank, and the 77 global financial institutions that have signed on to the Equator Principles, have come to the conclusion that social conflict with indigenous communities needs to be resolved through the application of free, prior, informed and consent. While the requirement to obtain consent of an indigenous people would appear to make it more difficult for extractive industry projects to proceed, theories of dispute resolution developed by the Harvard Negotiation Project suggest that where consent is obtained, it is more likely thatc onflicts will be reduced.

Made available in DSpace on 2016-03-15T19:31:19Z (GMT). No. of bitstreams: 1 Walter Roberto Kuroda.pdf: 533116 bytes, checksum: 5c2d1fc5bb48a65b19555c30cc9b12c7 (MD5) Previous issue date: 2009-03-17 / This study verified the role of intangible assets of commercial banks in developed and developing countries to obtain sustainable competitive advantage, or to testify if the higher amount of intangible assets, the greater sustainability of institutions would be. The research considered not only the superior average returns of the financial sector, which characterizes competitive advantage, but also its persistence over time that typifies sustainability. The rationale was based on the Vision Based on Resources (RBV), although the approach of several empirical researches was made toward economic sector business, generally excluding the financial sector. This study has its relevance represented by the novelty of the theme, whitch approuches the relation between Intangible Assets and the sustainable competitive advantage, specifically in banking institutions. / Este estudo verificou o papel dos ativos intangíveis dos bancos comerciais em países desenvolvidos e em países em desenvolvimento na obtenção de vantagens competitivas sustentáveis, ou seja, constatando se quanto maior a quantidade de intangíveis maior seria a sustentabilidade das instituições. A pesquisa considerou não só os retornos com média superior do setor financeiro, que caracterizam vantagem competitiva, mas, também, a persistência ao longo do tempo o que tipifica a sustentabilidade. A fundamentação apoiou-se na Visão Baseada em Recursos (Resource-Based View - RBV), que, apesar de muito utilizada em pesquisas empíricas dirigidas para diversos setores econômicos empresariais, geralmente excluem o setor financeiro. Desta forma, a relevância da contribuição deste estudo está no ineditismo de uma pesquisa relacionando Ativos Intangíveis e Vantagens Competitivas Sustentáveis em instituições bancárias.