Literature regarding the Supreme Court's holdings in Establishment Clause cases suggests the Court's jurisprudence has been inconsistent. Because the Court had both upheld and invalidated challenged governmental actions that relate to religious practices or institutions, a broad overview of the Court's holdings in Establishment Clause cases seems to support that notion. But where does the inconsistency lie: in the tests and criteria used by court members or in the holdings themselves? This thesis suggests that when comparing categories and subsets of the Court's holdings in Establishment Clause cases to one another, the jurisprudence is in fact consistent. This thesis demonstrates where the consistency can be identified and measured in the Court's jurisprudence by analyzing the holdings. The thesis employs three models, Strict-Separationism, Non-Preferentialism, and Accommodationism, to create standardized categories of Supreme Court's holdings, as independent as possible of the reasoning, criteria, or tests applied to the case by the Court members. I grouped the cases included in this study into one or more categories based on which model(s) the Court's actual holding matched. Then I compared cases within each category of holdings to one another across variables (such as actual holding and case types) to measure consistency between the cases. I conclude with an examination of the measured consistency and explanation of identified patterns in the Supreme Court's Establishment Clause holdings. The data indicated that the Court's actual holdings matched the same projected holdings consistently when compared to cases with similar variables. / Master of Arts

The literature indicates that private equity backed companies generate attractive returns on capital fortheir investors. These insights are intriguing and raise the question of what private equity firms do toachieve such performance as the majority owners of these companies. Through a qualitative multiple casestudy conducted through interviews with significant actors of two Swedish private equity firms, we ask;how can Swedish private equity firms conducting buyouts improve the operating performance for theirportfolio holdings through active ownership? By investigating chosen private equity actors we recognizedifferent value driving functions that align with the theoretical framing of the phenomenon. The findings ofthis paper highlight that the concepts’ structure, networking, and capital management can be used tocaptivate the active ownership role in driving portfolio company performance.

Since theories of corporate finance are recognised to be conditional, this study explores the impact of the global financial crisis (GFC) of 2007-2009 and institutional settings in determining corporate financial decisions. The recession on the supply of credit and demand for credit affects the corporate financial channels. The credit recession causes more agency costs, bankruptcy costs and information asymmetry, which adversely influence both borrowing and investments. Firms reduce debt financing, retain more cash and cut corporate payouts due to a sharp rise in uncertainty. Moreover, the role of institutional settings on corporate decisions differs following the GFC. Three empirical chapters contribute to the literature: First, Chapter 3 investigates the role of GFC on determinants and the adjustment speed of leverage and debt maturity and reveals that the effect of bankruptcy costs, agency costs and information asymmetry only increases on debt maturity, as opposed to leverage in the post-GFC. The adjustment speed of leverage and debt maturity drops after the GFC due to the low supply and demand for credit. Chapter 4 examines how cash holdings have been affected by the GFC across countries which have different agency problems and analyses how the rise of agency costs and information asymmetry can explain cash decisions before and after the GFC. Financially constrained firms have quicker cash holdings’ adjustment compared to unconstrained firms. However, while firms in low-governance countries have slower adjustment speed of cash than those in high-governance countries in pre-crisis, it has been found that it is vice versa in the post-crisis period. Finally, Chapter 5 analyses the effect of agency problems and the GFC on dividend payouts. Contrary to firms in high-governance countries, those in common-law countries are less likely to pay out dividends, as confirmed by the substitute and outcome models, sequentially after the GFC. Also, dividends are used as a signalling device by the GFC. Overall, the GFC and institutional settings impact corporate financial policies of firms to specify where and when their shareholders invest. / Ministry of National Education of the Republic of Turkey İlim Yayma Vakfı İstanbul İktisatçılar Derneği (İKDER)

No description available.

<p>This thesis explores the following three important issues in the field of corporate finance: window dressing in corporate cash holdings, market effects of SEC regulation of short-term borrowing disclosure and market response to dividend change announcements by unregulated versus regulated firms.</p> <p>First, I find strong evidence of upward window dressing in cash holdings by U.S. industrial firms during the fourth fiscal quarter. This behavior is robust to several controls and a December year-end dummy. Further cross-sectional analysis reveals that the window dressing is sensitive to firm size and level of information asymmetry. I also find that firms manipulate discretionary accruals to dress up fourth quarter cash, perhaps to gain favourable credit terms on issuing short-term debt.</p> <p>Second, I use portfolios of financial and non-financial SEC registrants to examine the market reaction to proposed SEC short-term borrowing disclosure regulation. Using event study methodology, I find that the market reaction is positive and significant at the announcement date and negative and significant at the voting date. Overall, I observe a positive market reaction, indicating the usefulness of the disclosure from the vantage point of users. The results for various subsets confirm the expectations and suggest that a “one-size-fits-all” approach to regulation is undesirable.</p> <p>Finally, I use large samples of dividend increase and decrease announcements for the period 1960 to 2010 in order to compare stock price reactions of unregulated and regulated firms. I observe a stronger market reaction to the dividend increase announcements of unregulated firms compared to those of regulated firms after controlling for firm characteristics, market factors and contemporaneous earnings announcements, a result consistent with the dividend signaling hypothesis and uniqueness argument for regulated firms. However, I find that the market reaction to dividend decrease announcements is similar for unregulated and regulated firms. The cross-sectional analysis further confirms that the stronger stock price reaction to dividend increase announcements of unregulated firms is associated with the level of information asymmetry.</p> / Doctor of Philosophy (PhD)

by Chan Ping Cheung, Fung Hon Cheung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 64-66). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / PREFACE --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Our Approach --- p.2 / Chapter II. --- METHODOLOGY --- p.3 / Steps --- p.3 / Chapter III. --- MAJOR BUSINESS OF CHEUNG KONG (HOLDINGS) LIMITED / PRIOR TO THE SPIN-OFF --- p.5 / Genera] Description --- p.5 / Major Lines of Business --- p.7 / Chapter IV. --- ANALYSIS OF FINANCIAL POSITION OF CKH --- p.14 / Other Financial Obligations --- p.15 / Chapter V. --- FUNDING STRATEGIES --- p.18 / Chapter VI. --- THE WHOLE STORY OF CKI'S SPIN-OFF --- p.20 / Chapter VII. --- MARKET COMMENTS ON CKI'S SPIN-OFF --- p.23 / Chapter VIII. --- THE MAIN REASON FOR CKI'S SPIN-OFF --- p.27 / Chapter IX. --- OTHER MANAGERIAL PURPOSES AND INCENTIVES OF CKI'S SPIN-OFF --- p.31 / Chapter X. --- POSSIBLE DISADVANTAGES OF SPIN-OFF --- p.34 / Chapter XI. --- THE SHARE PRICE PERFORMANCE OF CKI --- p.36 / Chapter XII. --- CONCLUSION --- p.41 / APPENDIX / Chapter I. --- ANALYSIS OF SPIN-OFFS --- p.42 / Chapter II --- BUSINESSES & HIGHLIGHTS OF CKI --- p.44 / Chapter III --- CHEUNG KONG GROUP STRUCTURE CHART --- p.48 / Chapter IV --- LEGAL ASPECTS OF SPIN-OFF --- p.49 / Chapter V --- HISTORY OF CKH --- p.51 / Chapter VI --- CHINA-CONCEPT IPOS --- p.53 / BIBLOGRAPHY --- p.54

Submitted by Guilherme Pereira das Neves NEVES (gneves@nseb.com.br) on 2017-12-08T13:43:30Z No. of bitstreams: 1 GUILHERME NEVES - 08.12-versão final pós banca - 06-12-2017 (00088671xDAE77)-1 (002).pdf: 2533438 bytes, checksum: e1de02bc7e0a2aae008c392a5cbfae68 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-12-08T14:28:50Z (GMT) No. of bitstreams: 1 GUILHERME NEVES - 08.12-versão final pós banca - 06-12-2017 (00088671xDAE77)-1 (002).pdf: 2533438 bytes, checksum: e1de02bc7e0a2aae008c392a5cbfae68 (MD5) / Made available in DSpace on 2017-12-08T16:37:51Z (GMT). No. of bitstreams: 1 GUILHERME NEVES - 08.12-versão final pós banca - 06-12-2017 (00088671xDAE77)-1 (002).pdf: 2533438 bytes, checksum: e1de02bc7e0a2aae008c392a5cbfae68 (MD5) Previous issue date: 2017-11-13 / A legislação fiscal brasileira estabelece como condição necessária para a dedução fiscal do ágio pago na aquisição de participação em empresas brasileiras a ocorrência de evento especial de incorporação. Diante dela, investidores não residentes constituem holdings no país, as quais (i) ou realizam diretamente as correspondentes aquisições, ou (ii) servem de receptoras da participação societária adquiridas ordinariamente por suas controladoras no exterior. As referidas holdings são posteriormente incorporadas pelas empresas operacionais cujas participações societárias foram adquiridas, de modo que estas passam a deduzir fiscalmente o ágio. A Receita Federal do Brasil (RFB) entende que a utilização de sociedade holdings nesse contexto é artificial, uma vez que este tipo de estrutura societária oculta o real adquirente do investimento. Por esta razão desconsidera as referidas sociedades para fins tributários. Nesse contexto, a presente pesquisa pretende demonstrar que o ato de requalificação empreendido pelas autoridades fiscais, se considerado válido, gera como consequência jurídica ofensa à regra de não discriminação prevista no art. 2º da Lei nº 4.131/62, assim como ao princípio constitucional da igualdade tributária previsto no art. 150, II, da CF/88. / Brazilian tax law establishes as a mandatory condition for tax deduction of the goodwill paid upon the purchase of equity interest in Brazilian companies the occurrence of a special merger event. In view of that, non-resident investors incorporate holding companies in Brazil which either (i) perform the corresponding purchases directly, or (ii) serve as receivers of the equity interest originally purchased by their parent companies abroad. Said holding companies are subsequently downstream merged into the operating companies whose equity interests were acquired, and as a result they can deduct the goodwill paid for tax purposes. The Brazilian Federal Revenue Office ([Receita Federal do Brasil (RFB)] understands that the use of holding companies in that context is rather artificial, to the extent that this type of equity structure disguises the actual purchaser of the investment. For that reason, it disregards said holding companies for tax purposes. In this context, this research is intended to demonstrate that the act of requalification performed by tax authorities, if deemed to be valid, generates as a legal consequence the violation of the non-discrimination rule established by article 2 of Law No. 4,131/62 [Lei 4.131/62], as well as the constitutional principle of tax equality provided for by article 150, II of the Federal Constitution of 1988.

Thesis (MBA (Business Management))--University of Stellenbosch, 2007. / ENGLISH ABSTRACT: This report presents a structured approach to design and implement a shared services model for Capricorn Investment Holdings (CIH), Namibia. Shared services are tactical by nature and aim to support the organisation's strategy. Shared services are the consolidation of support activities into a business unit which operates on business principles and focuses on value creation, and the leverage of the skills and knowledge in an organisation. The successful transformation to a shared services business unit requires the transformation of the employees (people), business processes, and technology. Without the required transformation shared services will remain "faddish-, and the organisation will not gain the full benefits associated with shared services. The banking operations under the CIH group, similar to the other banks in Namibia are under ever increasing pressure to reduce costs, improve service, develop and deliver high quality banking products. These issues are important to increase market share and profits in order to position themselves as leaders against both traditional and non-traditional competition. CIH group now has a perfect opportunity, with business in Botswana, Zambia and Namibia to build a shared services model suitable to its needs and also to support the group strategy to expand throughout Africa. Although geographically dispersed operations or transaction centres will not go the way of the dinosaur, companies must design and manage each support function according to the integrated and, when possible, standardised model. This framework should allow for necessary geographic, regulatory or cultural variations, while ensuring maximum control and management. It must also achieve economies of scale and leverage employee expertise. That is why CIH firstly started off, with the process blueprint project, which caters for standard processes, and will be rolled out to the rest of the banking business. Secondly, after completion of the process blueprint project, CIH is going to follow a component business approach in order to make the transition to a shared services model much easier. Component business models offer a proven approach to driving a specialised focus, both internally and externally. With this exercise, CIH will be in a position to identify both the core and non-core components of its banking business. This will enable the group to take an informed decision on which components to share and which should remain in the different business units. Thirdly, the group is going to redesign the supply chain. Especially with the shared services model, a much closer, deeper relationship with intermediaries and service companies should be built to ensure that the group move in a customer centricity way. The optimum relationship would be long-term cooperation, joint planning of sales strategy and operations, and shared knowledge in order to optimise business, develop innovative initiatives and continuously improve to consolidate market position. Further to this study, CIH is going to re-evaluate its value chain where the support activities in a single organisation are extended across organisations, multiple companies, divisions or business units to cater for its expansion strategy. Lastly CIH, with its approach to firstly sharing the IT structure, then business processes, still have a few critical decisions to make. The shared services centre involves finding and assessing service providers, determining geographies from which to source the services, like will it be Botswana, Zambia, Windhoek or South Africa? Other critical issues are developing contracts, defining service levels and a myriad of other tasks. Whichever road CIH chooses, successful implementation demands considerable front-end investment and cultural transformation. To clear these initial hurdles, the group, especially senior management, must be fully committed to significant change. Key to successful implementation is distinguishing between the types of services to share, developing service contracts, choosing shared services staff carefully, benchmarking the service against outside vendors, establishing a governance board and designing an implementation approach unique to the specific needs of the group. It is very important to ensure successful transformation of the shared services model, existing of all the projects currently running within the group. In order to do that the executive team should know that implementing shared services is not a simple process. The rollout and implementation will take time, at least one to two years. Finally, building a shared services model requires focusing on the internal clients. The solution is not a simple, quick fix, but calls for careful consideration and implementation of all the points made throughout the course of this research report, from strategy and design to governance and transparent metrics. / AFRIKAANSE OPSOMMING: Hierdie verslag stel 'n gestruktueerde benadering voor tot die ontwikkeling en implimentering van 'n gedeeldedienste-model vir Capricorn Investment Holding groep (CIH) Namibie. Gedeeldedienste is takties van aard en het ten doel om organisasie- struktuur te ondersteun. Die beginsel van gedeeldedienste impliseer die samevoeging van Ondersteuningsaktiwiteite en fokus op waarde ontsluiting en die hefboom van kennis en vaardighede binne die organisasie. Die sukses van transformasie na gedeeldedienste is afhanklik van die transformasie van die mense, prosesse en tegnologie in die organisasie. Sonder hierdie transformasie sal gedeeldedienste onsamehangend gelewer word en sal die organisasie nie die volle voordele daarvan geniet nie. Bankdienste binne die CIH groep, soos ook die geval is met ander handelsbanke in Namibie,is geduring onder toenemende druk om kostes te verlaag, dienslewering- standaarde te verhoog en bankprodukte van kwaliteit te voorsien. Hierdie aangeleenthede is belangrik om markaandeel te verhoog en wins te verseker, maar ook om die CIH groep te posisioneer as markleiers onder beide tradisionele en minder tradisionele rolspelers. Die CIH-groep is nou in 'n gunstige posisie met besigheid in Botswana, Zambie en Namibia, om 'n gedeeldedienstemodel daar te stel wat die groep se strategie vir uitbreiding in Afrika kan ondersteun. Alhoewel geografies wydverspreide operasies of dienspunte nie sal verdwyn nie, moet die onderskeie maatskapye ondersteuningsdienste ontwerp en bestuur volgens 'n geintegreerde en, waar moontlik, 'n gestandaardiseerde model. Hierdie raamwerk moet ruimte laat vir geografiese, wetlike en kulturele verskille terwyl dit effektiewe kontrole en bestuur moet verseker. Dit moet ook aan die beginsel van skaalekonomiee voldoen en moet die optimale benutting van vaardighede van personeel verseker. Om hierdie rede het CIH 'n projek geloots, Proses Witskrif, wat die standaard prosesse verval. Hierdie projek sal uiteindelik ook die res van die prosesse in die bank se besigheid insluit. Na voltooiing van die Proses Witskrif projek sal CIH 'n benadering volg van besigheid in komponente om sodoende die transformasie na 'n gedeeldedienste-model te vergemaklik. Die model van besigheid in komponente bied 'n beproefde benadering tot die implimentering van 'n gespesialiseerde fokus, beide intern en ekstern. CIH sal met die implimentering van hierdie projek beide kern en nie-kern komponente van die bank se besigheid kan identifiseer. Dit sal die groep in staat stel om ingeligte besluite te neem oor watter komponente gedeel behoort te word, en oor watter komponente in die verskillende besigheidseenhede moet bly. Hierna kan die groep die verskaffingsketting herontwerp. Om te verseker dat die groep sake doen in 'n klientgesentreerde manier, veral met die gesentreerdedienste-model moet hegter verhoudings met tussengangers en diensverskaffers gesmee word. Die ideale verhouding is een van langtermyn samewerking, gesamentlike beplanning van verkoopstrategiee, die implementeering van operasies, en 'n gedeelde poel van kennis om sodoende operasies, ontwikkeling van innoverende voorstelle en deurlopende verbetering van markaandeel te bewerkstellig. Vervolgens gaan CIH sy waardeketting herevalueer waar ondersteuningsaktiwiteite in die groep oor die grense van organisasie, maatskappye, afdelings of besigheids- eenhede strek om sodoende te beantwoord aan sy uitbreidingstrategie. Laastens sal CIH met 'n benadering van gedeelde tegnologiese platvorms en besigheidprosesse nog 'n paar kritieke besluite moet neem. Die gedeeldedienste-sentrum moet geskikte diens- verskaffers identifiseer en beoordeel, of dit in Botswana, Zambia, Namibie of Suid Afrika moet wees. Verdere uitdagings is die ontwikkeling van kontrakte en definiering van diensleweringstandaarde asook ander aspekte. Afgesien van watter rigting die groep mag inslaan, sal suksesvolle implementering 'n relatiewe hoe aanvanklike beleggings- en kulturele-transformasie verg. Ten einde hierdie aanvanklike hindernisse te oorkom, moet die groep, veral senior bestuur, ten volle toegewyd wees aan groot verandering. Die sleutel van suksesvolle implementering le in die vermoe om te bepaal watter dienste gedeel moet word, watter standaarde van diensleweringooreenkomste te ontwikkel, personeel wat gedeelde dienste moet lewer noukeuring te kies, dienslewering te meet aan standaarde van eksterne verskaffers, 'n beheerliggqaam te vestig en 'n benadering tot implementering te ontwerp wat die spesifieke behoeftes van die groep kan vervul. Dit is belangrik om te verseker dat suksesvolle transformasie van die gedeeldedienste-model alle bestaande projekte kan akkomodeer. Die kompleksiteit hiervan moet nie deur senior bestuur onderskat word nie. Die ontwerp en implimentering kan een tot twee jaar neem. Dit verg verder 'n deurlopende benadering van fokus op interne kliente. 'n Oplossing verg deeglike oorweging en implimentering van alle aspekte wat tydens die navorsing na vore gekom het. Dit sluit strategie en ontwerp in om sodoende deursigtige beheer te verseker.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Since the early 1990’s shortly after Namibia gained independence, the Namibian financial industry has gone through substantial changes. New bank legislation and regulatory requirements were introduced and the market broadened to include blacks who were excluded from the formal banking services. Customers gained more bargaining power, competition intensified, international scrutiny intensified and customers now demand more sophisticated products and quality service. The Namibian banking and financial industry is relatively well developed in terms of service institutions and instruments. Like most developing countries, the financial and banking industry is made up of formal and informal sectors. The formal sector consists of the central bank, commercial banks, development financial institutions (Development Bank of Namibia), insurance companies and the stock exchange, while the informal sector comprises mainly of micro lenders. The Namibian banking industry comprises of four commercial banking groups of which FNB Namibia is the market leader, as can be seen in this paper. The BEE (Black Economic Empowerment) partnership has also enabled FNB to venture into areas that were previously unbanked or under banked. The focus has shifted from urban centres to rural areas. The financial services industry has prospects to grow given the economic, political and environmental stability in Namibia. However, the Namibian economy is not immune to the external forces responsible for the global economic slowdown. This economic slowdown affects food, oil and energy prices, which in turn affect the performance and profitability of FNB Namibia. In addition to this, an entry of two commercial banks (ABSA and PHB Bank) is underway, which will erode FNB’s profits and reduce market share. The purpose of this research was to analyse and assess the alignment of the strategic planning and budgeting process within FNB Namibia. It further intends to establish how best this management model is able to cope with the fast changing environmental and business landscape. The research also explores an alternative strategic planning and budgeting approach that will promise to create and improve shareholder value. The research focuses on the experience of FNB Namibia Holdings Limited, which operates in the banking and financial industry. The FNB Group was traditionally a banking institution with its primary focus on retail banking and asset financing in the higher end of the market. The strategic goals of the Group are based on three pillars, i.e. People, Customer and Efficiencies. The Group seeks to achieve its mandate based on these pillars and through innovation and value adding partnerships. An overview of the banking industry as well as the governing structures of FNB and the entire banking industry is provided. The external and internal business environment has an impact on the operations of FNB, both negative and positive. Therefore an environmental analysis on the basis of the political, economic, social, technological and environmental aspects was done. A detailed historical perspective was provided, which also provided the context of the transformation that took place in the discipline of strategic planning and budgeting. The Beyond Budgeting management model that is based on devolved leadership was explored and recommended as an alternative to the traditional command and control model. The devolved leadership principles empower the frontline managers and allow decision making to be made at customer contact. The move from the traditional strategic planning and budgeting model to Beyond Budgeting will require a systems transformation and not only a change in some part. To understand FNB’s management model, the Biomatrix systems thinking approach is recommended to analyse the underlying processes in accordance with the seven perspectives of organisation, i.e. ethos, environment, aims, structure, process, resources and governance. The analysis of FNB along these seven perspectives will ensure that strengths and weaknesses are identified in the whole system (company) and that the people in the company are well prepared for change. The Balanced Scorecard was also explored and recommended as a tool to improve strategy implementation and a tool to communicate the strategy to the rest of the company. Conclusions were drawn from the research and some recommendations were made for the transformation of the FNB management model and the implementation thereof. / AFRIKAANSE OPSOMMING: Sedert die vroeë 1990’s en kort nadat Namibië onafhanklikheid verkry het, het die Namibiese finansiële bedryf aansienlike veranderinge beleef. Nuwe bankwetgewing en reguleringsvereistes is ingestel en die mark het breër geword om swart mense in te sluit, nadat hulle voorheen van die formele bankdienste uitgesluit was. Kliënte het groter onderhandelingsmag verkry, mededinging het intensiewer geword, die internasionale soeklig het feller geword en kliënte vereis nou meer gesofistikeerde produkte en gehaltediens. Die Namibiese bank- en finansiële bedryf is relatief goed ontwikkel ten opsigte van diensinstellings en –instrumente. Soos in die meeste ontwikkelende lande bestaan die finansiële en bankindustrie uit formele en informele sektore. Die formele sektor bevat die sentrale bank, handelsbanke, ontwikkelings-finansiële instellings (Ontwikkelingsbank van Namibië), versekeringsmaatskappye en die aandelebeurs, terwyl die informele sektor hoofsaaklik uit mikroleners bestaan. Die Namibiese bankwese omvat vier handelsbankgroepe waarvan FNB Namibia die markleier is, soos uit hierdie navorsing afgelei kan word. Die SEB-vennootskap (Swart Ekonomiese Bemagtiging) het FNB ook in staat gestel om toegang te verkry tot areas waar daar voorheen geen of te min bankbedrywighede was. Die fokus het van stedelike na landelike gebiede verskuif. Die finansiëledienstebedryf het groeivooruitsigte gegewe die ekonomiese, politieke en omgewingstabiliteit in Namibië. Die Namibiese ekonomie is egter nie immuun teen die eksterne magte wat verantwoordelik is vir die wêreldwye ekonomiese verlangsaming nie. Hierdie ekonomiese verlangsaming het ‘n uitwerking op die prys van voedsel, olie en energie, wat op hulle beurt die prestasie en winsgewendheid van FNB Namibia beïnvloed. Daarbenewens word die toetrede van twee ander handelsbanke (ABSA en PHB Bank) verwag, wat FNB se wins verder sal inkort en sy markaandeel sal verminder. Die doel van hierdie navorsing is om te ontleed en te beoordeel of die strategiese beplannings- en die begrotingsproses binne FNB Namibia met mekaar belyn is. Dit het verder ten doel om te bepaal hoe hierdie bestuursmodel die vinnig veranderende omgewings- en sakelandskap ten beste kan hanteer. Die navorsing ondersoek ook ‘n alternatiewe benadering tot strategiese beplanning en begroting met die oog op die skepping en verbetering van aandeelhouerswaarde. Die navorsing fokus op die ondervinding van FNB Namibia Holdings Ltd, wat in die bank- en finansiële nywerheid bedryf word. Die FNB Groep was tradisioneel ‘n bankinstelling met sy primêre fokus op kleinhandelbankwese en batefinansiering in die hoër gedeelte van die mark. Die strategiese doelwitte van die Groep is gebaseer op drie pilare, nl. Mense, Kliënt en Vaardighede. Die Groep wil sy mandaat bereik gebaseer op hierdie pilare en deur innovering en waardetoevoegende vennootskappe. ‘n Oorsig van die bankwese asook die bestuurstrukture van FNB en die totale bankindustrie word voorsien. Die eksterne en interne sakeomgewing het ‘n impak op die bedryf van FNB, beide negatief en positief. Daar is dus ‘n omgewingsontleding op die basis van die politieke, ekonomiese, sosiale, tegnologiese en omgewingsaspekte uitgevoer. ‘n Gedetailleerde historiese perspektief word gegee, wat ook die konteks voorsien vir die transformasie wat plaasgevind het in die dissiplines van strategiese beplanning en begroting. Die Beyond Budgeting-bestuursmodel, gebaseer op die afgewentelde leierskap is ondersoek en word aanbeveel as ‘n alternatief tot die tradisionele bevels- en beheermodel. Die beginsels van afgewentelde leierskap bemagtig die bestuurders in die kantore waar kliënteskakeling plaasvind, om besluite te neem. Die verskuiwing van die tradisionele model van strategiese beplanning en begroting na Beyond Budgeting, vereis ‘n stelseltransformasie en nie net ‘n gedeeltelike verandering nie. Ten einde die FNB se bestuursmodel te begryp, word die Biomatrix-benadering van stelseldenke aanbeveel om die onderliggende prosesse te ontleed ooreenkomstig die sewe perspektiewe van organisasie, naamlik etos, omgewing, doelwitte, strukture, proses, hulpbronne en bestuur. Die ontleding van FNB op grond van hierdie sewe perspektiewe verseker dat die sterk en swak punte in die hele stelsel (maatskappy) geïdentifiseer word en dat die mense in die maatskappy goed voorberei word op verandering. Die Balanced Scorecard is ook ondersoek en word aanbeveel as ‘n instrument om die implementering van strategie te verbeter en die strategie aan die res van die maatskappy te kommunikeer. Gevolgtrekkings is uit die navorsing gemaak en ‘n paar aanbevelings word gedoen vir die transformasie van die FNB-bestuursmodel en die implementering daarvan.

本研究係探討公司治理機制是否影響台灣上市櫃公司之現金持有率，並透過檢驗公司治理對公司現金持有價值之影響，來探討公司治理如何影響公司之價值。本研究發現，董事會規模及董事會內部化程度顯著影響公司現金持有率之高低，並發現公司之董事長是否兼任總經理、董事會內部化程度、董監持股率、機構法人持股率、公司是否屬家族控制型態、控制股東之盈餘分配權，以及股份控制權之偏離程度等因素，均影響公司現金之價值，此種結果與現金持有之代理觀點一致。換言之，公司治理機制較差的公司，其管理者（或控制股東）易因個人私利而影響公司現金持有政策，而控制股東與小股東間的核心代理問題，也會顯著降低公司現金持有價值。 / This paper investigates the relationship between corporate governance characteristics and corporate cash holdings of Taiwanese listed companies, and further explores how corporate governance characteristics impact a firm’s value through the value of its cash holdings. Our empirical results show that board size and insider dominance of the board are important determinants of cash holdings. In addition, the duality of chairman and CEO, insider dominance of the board, percentage of equity ownership held by directors, the ratio of institution stockholdings, family-control of a firm, the divergence between control rights and cash-flow rights all affect the value of a firm’s cash holdings. These findings are consistent with the agency view of cash holdings. That is, managers in the firms with poor corporate governance have more incentive to influence corporate cash policies for their own benefits, and the core agency problem between controlling shareholder and minority shareholders affect the value of cash holdings negatively.