Samtidigt som debatten kring jordens klimatförändring är i full gång har intresset för att miljöcertifiera byggnader vuxit oerhört. För fastighetsägare är det en möjlighet att bevisa för sina hyresgäster och köpare att byggnaden är hållbar. Är en byggnad miljöcertifierad har en oberoende part intygat att den uppfyller en nivå av hållbarhet som bestäms utifrån standardiserade kriterier. Fastighetsägaren kan alltså använda certifikatet i marknadsföringssyfte. Den här studien undersökte om en byggnad som är byggnadsminnesförklarad kan miljöcertifieras med Miljöbyggnad. Målet var att hitta kostnadseffektiva lösningar för att uppfylla de miljöcertifieringskriterier som eventuellt inte uppfylls idag. Miljöbyggnad har i dagsläget inga specifika kriterier för kulturhistoriskt värdefulla byggnader, så bedömningen har skett mot de allmänna kriterierna. Vid certifiering med Miljöbyggnad sker en granskning utifrån energi-, inomhusmiljö- och materialrelaterade kriterier. Verktyget mäter alltså inte bara byggnadens hållbarhet i fråga om växthusgasutsläpp utan även i hänseende till hälsan och välbefinnandet hos personerna som vistas i byggnaden. Byggnaden som har utvärderats är Kungliga Tekniska Högskolans studenters kårhus. Den byggnadsminnesförklarades 2012 på grund av sin utpräglade och välbevarade funktionalistiska utformning. Byggd 1930 uppfördes den mitt under en brytningstid när funktionalismen var på intåg i Sverige. I studien har alla kriterier som krävs för en miljöcertifiering gåtts igenom och stämts av mot hur byggnaden ligger till idag. Särskild fokus har lagts på Miljöbyggnads energirelaterade kriterier. För att minska energianvändningen har energieffektiviseringsåtgärder tagits fram som ger en besparing på hundratusentals kronor per år. Energieffektiviseringsåtgärderna består av bättre drift av ventilationen samt byte till effektivare belysning. Energiberäkningsprogrammet DesignBuilder har använts för att utvärdera energieffektiviseringsåtgärderna samt för att simulera termisk komfort och dagsljusinsläpp. Energikällornas hållbarhet vid olika miljöval på elhandelsavtalet och om det finns möjlighet att installera solskydd för fönstren har också undersökts. Hindret för en certifiering är att byggnaden åtminstone behöver uppfylla myndighetskrav på tillgång till dagsljus. Det finns också osäkerheter som har att göra med om energieffektiviseringsåtgärderna minskar energianvändningen så mycket som krävs för en certifiering. För övrigt finns goda förutsättningar för en miljöcertifiering. / Climate change is widely discussed these days, and the interest in environmental assessment for buildings has increased enormously. For landlords and house-owners, it brings the possibility to prove to their tenants and customers that their buildings are sustainable. A building with an environmental assessment certificate is assured by an independent inspector to fulfill a certain level of sustainability that is specified by standardized criteria. The landlords can subsequently use the certificate for advertising. This study investigated if a listed historic building can be certified according to the Swedish environmental assessment method Miljöbyggnad. The objective was to find cost effective ways to meet those criteria for environmental assessment that are not fulfilled today. Miljöbyggnad has no specific set of criteria for historical buildings today, so the investigation has been performed using the general criteria. For a certification with Miljöbyggnad, an audit from energy, indoor environment and material point of view is performed. Thus, the assessment method does not only measure sustainability regarding greenhouse gas emissions, but also concerning well-being of the occupants of the building. The examined building is the student union house of the Royal Institute of Technology (KTH) in Stockholm. The building was listed in 2012 due to its pronounced and well preserved functionalistic design. Built 1930, it was raised during the time when the functionalism was introduced in Sweden. In the study, all criteria for the environmental assessment have been evaluated for the current situation of the building. The energy related criteria has been emphasized. In order to decrease the energy use, measures for improving the energy efficiency has been found, that will save several hundred thousand SEK per year. The measures consist of improved operation of the ventilation system and retrofitted lighting for better efficacy. The energy calculation program DesignBuilder has been used to evaluate the energy efficiency measures and to simulate thermal comfort and daylighting. The sustainability of the energy sources for different environmental options for the electricity contract and the possibility of installing shadings for the windows have been investigated as well. The main difficulty for a certification is that the building has to fulfill building codes for daylighting. There are also uncertainties regarding the energy efficiency measures being able to decrease the energy use sufficiently for a certification. Other than that, the prospects are good for a certification.

Syfte: Den externa redovisningen har som syfte att förmedla en rättvisande bild av företagets ställning och riktar sig till företagets externa omgivning. Årsredovisningar visar inte endast företagens finansiella prestanda utan är även ett sätt att kommunicera med omgivningen. Det som publiceras i årsredovisningar styrs av olika regelverk. Förutom att redovisa det som är lagstadgat, kan företag även redovisa ytterligare information, vilket kallas för frivillig redovisning. Företag inom sjukvårdssektorn utstår ofta offentlig granskning, och genom frivillig redovisning kan de erhålla och bibehålla sin legitimitet. Syftet med denna studie är att studera sambandet mellan företagsspecifika egenskaper och mängden frivillig redovisning i svenska börsnoterade företag inom sjukvårdssektorn, samt vilken typ av information den frivilliga redovisningen består av. Studiens frågeställningar lyder: vilka faktorer påverkar mängden frivillig redovisning och vilken typ av frivillig information redovisas. Metod: Metoden som har tillämpats i denna studie är en kvantitativ metod. Det har först genomförts korrelationsanalyser mellan de oberoende variablerna, därefter har en multipel regressionsanalys genomförts mellan den beroende variabeln och respektive oberoende variabel. Insamling av data för de oberoende variablerna har skett via databasen Retriever och från Nasdaq Stockholm (Stockholmsbörsen). Insamling av data för den beroende variabeln har gjorts manuellt från varje företags årsredovisning från år 2021. Studiens urval består av 58 företag, från en population av 60 företag. Resultat och slutsats: Den slutsats som fastställs är att faktorerna lönsamhet, likviditet och ägarstruktur har ett samband med mängden frivillig redovisning. Av de olika områdena redovisas allmän information i genomsnitt mest, och aktierelaterad information i genomsnitt minst. Företagen uppfyller dock ungefär i genomsnitt lika stor andel inom varje område i indexet. Därav finns inget utstickande mönster avseende vilket område som redovisas mest respektive minst. Examensarbetets bidrag: Svenska bolag inom specifika sektorer är relativt outforskade då majoriteten av tidigare studier är generella och inkluderar företag från olika branscher. Tidigare forskning fokuserar främst på vilka faktorer som påverkar mängden frivillig redovisning, och mindre på vad den frivilliga redovisningen faktiskt innehåller. Därmed bidrar detta arbete med en studie avseende frivillig redovisning i svenska bolag på sektornivå på senare år. Förslag till fortsatt forskning: Förslag för framtida liknande studier är att studera frivillig redovisning inom andra sektorer än sjukvårdssektorn. Dessutom är det möjligt att studera onoterade företag eller företag utanför EU då tillämpningen av regelverk varierar för dessa. Framtida studier kan även studera sambandet mellan frivillig redovisning och ytterligare företagsspecifika egenskaper än de som beaktas i denna studie. / Aim: Financial management aims to convey a justified image of a company's financial performance and is addressed to the company's external environment. Annual reports are not only a way to present the financial performance but also a way to communicate with external stakeholders. Information that’s published in the reports are regulated by differentregulations. Besides obligated disclosure, companies also choose to publish additional information, this type of information is called voluntary disclosure. Companies within the healthcare sector are often publicly scrutinized, thus they frequently disclose voluntarily in order to attain and maintain legitimacy. The aim of this study is to examine the relationship between company characteristics, and the extent of voluntary disclosure in listed companies within the Swedish healthcare sector and which type of information the voluntary disclosure consists of. The research questions formulated are: what are the determinants of voluntary disclosure, and what type of information is voluntarily disclosed. Method: The methodology used for this study is a quantitative method. Initially a correlation analysis was done, to determine the correlation between each independent variable. Thereafter a multiple regression analysis was implemented to determine the relationship between the dependent variable and each of the independent variables. The data for the independent variables was collected from the database Retriever and Nasdaq Stockholm (Stockholm Stock Exchange). The data for the independent variable was collected manually from annual reports for the fiscal year 2021. The sample size for this study is 58 listed companies, from a population of 60 companies. Results and conclusion: The results indicate that the determinants profitability, liquidity, and ownership structure are statistically associated with the extent of voluntary disclosure. On average, general information was disclosed the most, and stock related information was disclosed the least. However, the companies fulfill roughly the same percentage in each area of the index on average. As a result, there is no outstanding pattern regarding which area is disclosed the most and the least. Contribution of the thesis: There is a lack of studies of Swedish companies within specific sectors, since past studies are more general and include companies from different industries. In addition, prior studies focus more on the determinants of voluntary disclosure and less on what it consists of. Therefore, this thesis contributes to a more recent study of voluntary disclosure within Swedish listed companies within a specific sector. Suggestions for future research: A suggestion for future studies like this one, may be studying voluntary disclosure within different sectors. Another suggestion may also be studying non-listed companies or companies outside of the EU, since implementation of regulations vary amongst these. It may also be of interest to study other determinants of voluntary disclosure than those considered in this study.

Denna uppsats syfte till att undersöka hur informationsutgivning om valberedningen inom svensk bolagsstyrning påverkas av att bolaget är internationellt verksamt, bolagets storlek, spridd aktieägarstruktur samt styrelsens storlek. Trots att valberedningen spelar en central roll inom svensk bolagsstyrning är det ett ämne som är outforskat. Därav är det av intresse att undersöka vilken frivillig information om valberedningen finns tillgänglig i årsredovisningen, samt vilka centrala faktorer styr informationsutgivningen i årsredovisningen. Studiens teoretiska ramverk behandlar agentteorin, signalteorin och legitimitetsteorin. Studien genomfördes med en kvantitativ metod med ett urval på 279 bolag. Studiens resultat visade inga signifikanta samband mellan frivillig informationsutgivning om valberedningen och bolaget är internationellt verksamt, bolagets omsättning, spridd aktieägarstruktur samt styrelsens storlek. Gällande resultatet av kriterierna i kod 4.1 omnämndes kriteriet erfarenhet flest gånger, följt av kompetens, jämn könsfördelning och bakgrund. En slutsats av resultatet, är att erfarenhet är det kriteriet som omnämns mest eftersom det är en viktig faktor för att bolaget ska kunna styras i en gynnsam riktning och det är det kriteriet som bolaget vill främst förmedla till aktieägarna att de tar hänsyn till. En övergripande slutsatsen som kan dras är att information om valberedningen i årsredovisningen inte efterfrågas av aktieägarna eftersom de kan få tillgång till informationen på andra kommunikationskanaler. / This study aims to examine how the release of information about the nomination committee within Swedish corporate governance is affected by the fact that the company is international, the company's size, dispersed shareholder structure and the board size. Even though the nomination committee has a great importance in Swedish corporate governance, the topic is unreached. Because of this, it is of interest to examine what voluntary information about the nomination committee is available in the annual report, as well as what central factors govern the release of information in the annual report. This study is based on agency theory, signaling theory and legitimacy theory. The study is conducted with astatistical analysis on a sample of 279 companies. The results of this study showed no significant relationships between voluntary disclosure of information about the nomination committee and the companies that are international, the company's size, dispersed shareholder structure and the board size. Regarding the result of the criteria in code 4.1, the criterion experience was mentioned the most times, followed by competence, equal gender distribution and background. As a conclusion of the result, experience is the criterion that is mentioned the most because it is an important factor for the company to be steered in a favorable direction. It is also the criterion that the company primarily wants to communicate to the shareholders that they consider. An overall conclusion is that information about the nomination committee in the annual report is not requested by the shareholders because they can get access to that information on other communication channels.

The full text will be available at the end of the embargo period: 31st December 2026.

The aim of this study is to explore heritage processes within contemporary urban planning in Sweden, which is done through a single-case study. The point of departure for the study is the management of Havrekvarnen, an early modernist industrial building within an urban development area of Nacka, Sweden. Through parallel decisions by the County Administrative Board and the local Municipality in 2016, the building was firstly, listed with the strongest legal, cultural, and historical protection available, and secondly, the municipal urban regulations were changed so that the landowner was given permission to pursuit a reconstruction of the building, replicating its original appearance. As such the case constitutes a hitherto unique example of a listed future reconstruction in Sweden. The study examines how the process took place, focusing on actors and critical junctures involved in the execution and how the description of the building's heritage-values changed. The study uses a composite theoretical framework of authorized heritage discourse and actor network theory. To this an explaining-outcome process tracing is applied as method. Through a sequential process of collecting empirical data, in the form of archival records and interviews, the process was mapped through the conceptualization of a causal mechanism. The method had not previously been used in the field of art history and was chosen as such with a tentative approach. The study gives an extensive presentation of the legal and practical framework surrounding heritage processes within urban planning in Sweden, as well as puts the study within a local historical context. The results of the study show that within the observed case, a trade-off situation between authenticity and aesthetic historical values arose, caused by the poor technical condition of the building: the aesthetic values were deemed to take precedence in the assessment. The study also shows how antiquarian consultants have had a decisive influence on the process of legislative enabling of the reconstruction of Havrekvarnen. The research design’s use of process tracing to map heritage processes is thus deemed useful for future enquiries within the field of art history and heritage studies.

Le aziende a controllo familiare sono considerate in molti Paesi la struttura proprietaria dominante, e la ricerca accademica si è progressivamente concentrata negli ultimi decenni sugli aspetti peculiari che differenziano le aziende familiari dalle altre strutture proprietarie. Nonostante questa convergenza, molti studi hanno sviluppato teorie contrastanti, in modo particolare sulla capacità delle aziende familiari di generare performance finanziarie superiori. Di converso, pochi studi hanno concentrato l’attenzione sulle scelte strategiche che posso spiegare il (maggiore o minore) differenziale di performance delle aziende familiari. Partendo dall’assunto che punti di forza e di debolezza possano coesistere nelle aziende familiari, identificare se siano gli uni o gli altri a prevalere è una sfida complessa se non si prendono in considerazione le scelte strategiche effettuate dalle aziende familiari. Partendo da questo gap nella letteratura, il presente lavoro cerca di misurare l’impatto che la proprietà familiare può avere sulle performance aziendali concentrandosi su tre aspetti principali della strategia d’impresa: il livello di conformità strategico alla media di settore (mediante la creazione di un indice che approssima le principali determinanti della business strategy), l’avvio di un processo di internazionalizzazione attraverso investimenti diretti esteri (IDE), e le implicazioni delle strategie di acquisizione. / The family business is widely considered the dominant property structure around the world and the research on this field has increased rapidly in the last decades to understand whether and in which aspects family firms differ from other organizations. Despite this convergence, the actual body of research on family firms is populated by conflicting theories and findings, especially on the relationship with financial performance. On the other hand, few studies focus their attention on which strategic choices may explain the financial differences between family firms and non-family peers. Starting from this research gap, we think that both positive and negative aspects may coexist in family firms, and it would be difficult to identify which predominate without considering how family principals frame strategic decisions. In our thesis, we try to disentangle the effect of family ownership on firm performance focusing on three main aspects of firm strategy: the level of strategic conformity through the creation of a composite index (in which we incorporated six items that can be considered as key determinants of the business strategy), the departure of the internationalization process through foreign direct investments (FDI), and the implications of acquisition strategies.

Text in English / Global and South African business challenges necessitate an increased focus on the need for effective leadership. The leaders of South African public listed organisations need to investigate new business solutions to enhance and sustain organisational effectiveness. Public listed South African organisations on the Johannesburg Stock Exchange (JSE) were selected as the organisation type for this study. This study was motivated by the need for public listed South African organisations to explore organisational leadership as a means to assist in differentiating their organisations from competitors, thereby enhancing organisational competitiveness. The primary research objective of this study was to investigate and establish an organisational leadership brand concept model for public listed South African organisations. The discussion of the literature covered the global and South African business context, the concepts of the nature of organisational leadership, brand and organisational leadership brand, and emminated in an exploratory conceptualisation of organisational leadership brand for public listed South African organisations. The pragmatic paradigm was used as the foundation of this study. The study adopted an exploratory, sequential mixed methods research approach, combining a qualitative emphasis and supportive quantitative research approach to conduct the exploratory research. The qualitative findings proposed the concepts: the nature of organisational leadership and organisational leadership brand, including stakeholders and these concepts served as the basis for designing the quantitative survey questionnaire. The quantitative results indicated reliable questionnaire items, and based on the exploratory statistical analysis of the multivariate linear regression equation, described the organisational leadership brand (OLB) concept exploratory model with the best fit. An integration of the qualitative findings and quantitative results provided the empirical support to achieve the primary research objective. The OLB concept model integrates the concepts of organisational leadership and organisational leadership brand. The study contributed across the methodological, theoretical and practical domains as follows: the nature of organisational leadership for South African public listed organisations was conceptualised; the elements comprising the concept of OLB for public listed South African organisations was described; the OLB concept model for public listed South African organisations describes the development of organisational leadership brand equity through four levels of organisational leadership brand equity development; and the OLB concept model for public listed South African organisations may assist by providing guidance for the senior leadership of organisations in establishing organisational leadership brand equity. Furthermore, the study’s research approach provides support for the use of a mixed methods research approach in the study of organisational leadership within the pragmatic context of business organisations / Industrial & Organisational Psychology / D. Litt. et Phil. (Consulting Psychology)

In Sweden, buildings are responsible for about 40 % of total energy use and about 10 % of total CO2 emissions Today more than 60 % of existing Swedish residential buildings are over 40 years old and are in need of major renovation. In addition, 15 % of all multi-family buildings and 27 % of all single-family houses were built before 1945. The increased energy use and threat from CO2 emissions of the building sector create a need for energy efficiency. The important role that renovation of residential buildings will play in reducing the total energy used by the Swedish building sector as well as in reducing primary energy use and CO2 emissions on both the national and global levels has been the impetus for the studies included in this thesis. The aim of the current research is to develop a methodology from a system perspective which can be used to analyze the energy use, optimal life cycle cost (LCC), energy efficiency measure (EEM) package, indoor environment, CO2 emissions, and primary energy use of a building or a community during major renovation. The developed methodology accomplished at three different levels, i.e. building level, cluster level and district level. The methodology considers both energy efficiency and economic viability during building renovation and will also play an important role in overall urban planning. The studied buildings include both non-listed and listed residential buildings and the tools used include building energy simulation (BES), survey, technical measurements, LCC optimization and building categorization. The results show that the combination of BES, technical measurements and surveys provides a holistic approach for evaluation of energy use and indoor environment of the studied residential buildings. The results from the current study also show that the 2020 energy target, i.e., reduction of energy use by 20 %, for the building sector can be achieved by all the studied building types and that the total LCC of these buildings are below the cost-optimal point. In comparison, the 2050 energy target, i.e., reduction of energy use by 50 %, for the building sector may be achieved by the non-listed buildings, but when the constraints relevant to listed buildings are added the cost-optimality changes as some EEMs in direct conflict with the building’s heritage value may not be implemented. The investigation of primary energy use and CO2 emissions by the residential buildings show that the higher the energy saving, the lower the primary energy use becomes, and vice versa. With the same energy saving, the heating system with higher primary energy factor results in higher primary energy use. From a CO2 emissions point of view, EEM packages proposed to help buildings connected to a CHP based district heating system, to reduce the energy use or LCC are not consistently effective. Since these EEM packages will reduce district heating demand, the electricity produced in the CHP plant will also decrease. When the biomass is considered a limited resource, measures such as investment in a biofuel boiler are not favourable from the CO2 emissions point of view. The current study has also shown that combining building categorization method and LCC optimization method will help the community to reduce its energy use, primary energy use and CO2 emissions in a systematic and strategic way. / I Sverige, står byggnadssektorn för cirka 40 % av den totala energianvändningen och cirka 10 % av CO2-utsläppen. Idag är mer än 60 % av befintliga svenska bostäder över 40 år gamla och i stort behov av renovering. Dessutom är 15 % av alla flerbostadshus och 27 % av alla småhus byggda före 1945. Den ökade energianvändningen och hotet från CO2-utsläpp från byggsektorn skapar ett behov av energieffektivisering. Grunden för studierna i denna avhandling är den stora betydelse som renoveringen av bostäder har, såväl för att kunna minska den totala energianvändningen som den primärenergianvändningen och CO2-utsläppen på både nationell och global nivå. Syftet med denna forskning är att utveckla en metodik ur ett systematiskt perspektiv som kan användas för att analysera energianvändning, finna optimal livscykelkostnad (LCC), skapa energieffektiviseringsåtgärdspaket, undersöka inomhusmiljöer, beräkna CO2-utsläpp och primärenergianvändning i en byggnad eller ett samhälle vid omfattande renovering. Den utvecklade metodiken som har använts i de aktuella studierna är på tre olika nivåer: byggnadsnivå, klusternivå och stadsdelsnivå. Metodiken avser både energieffektivitet och ekonomisk lönsamhet vid renovering av byggnader och kommer också att spela en viktig roll i den övergripande stadsplaneringen. De studerande byggnaderna i denna avhandling innefattar både historiska och icke-historiska bostäder. De använda verktygen inkluderar building energy simulering (BES), enkätundersökning, tekniska mätningar, LCC-optimering och byggnadskategorisering. Resultaten visar att kombinationen av BES, tekniska mätningar och enkätundersökning ger en god helhetsbild för utvärdering av energianvändning och inomhusmiljö av den studerade byggnaden. Resultaten från den aktuella studien visar också att 2020-energimålet, d.v.s. en minskning av energianvändningen med 20 % till 2020 av byggsektorn, kan uppnås i alla undersökta byggnader och att den totala LCC av dessa byggnader ligger under den kostnadsoptimala punkten. I jämförelse, kan 2050-energimålet, d.v.s. en minskning av energianvändningen med 50 % till 2050, kan uppnås i icke-historiska byggnader, men med hänsyn tagen till begränsningarna för historiska byggnader, ändras de kostnadsoptimala lösningarna, eftersom vissa energieffektiviseringsåtgärder är i direkt konflikt med byggnadens kulturhistoriska värde och därför inte kan genomföras. Undersökningen av primärenergianvändning och CO2-utsläpp i de studerade byggnaderna visar, att ju högre energibesparingen är, desto lägre blir primärenergianvändningen, och vise versa. Med lika mycket energibesparing, resulterar värmesystemet med högre primärenergifaktor i högre primärenergianvändning. Sett från CO2-utsläppssynvinkel, är de energieffektiviseringsåtgärdspaket, som kan hjälpa byggnader anslutna till ett kraftvärmebaserat fjärrvärmesystem att minska energianvändningen eller LCC, inte effektiva, eftersom dessa åtgärdspaket kommer att minska fjärrvärmeanvändningen. Detta leder till att mängden producerad el i ett kraftvärmeverk också kommer att minskas. När biobränsle betraktas som en begränsad resurs, är åtgärder som investering i en biobränslepanna inte energieffektiva från en CO2-utsläppssynvikel. Den aktuella studien visar också att kombinationen av byggnadskategorisering och LCC-optimering kommer att hjälpa byggnadssektorn att minska sin energianvändning, primärenergianvändning och CO2-utsläpp på ett systematiskt och strategiskt sätt.

The PhD thesis deals with the issue of remuneration of executive bodies' members and other executives of joint stock companies in the Czech Republic and on the international level. This issue is a key area of corporate governance and constitutes an ever current and debated topic. The main research intent of this thesis is an analysis of the development and current shape of regulation in the area of executive remuneration and a related assessment of the regulation` influence on the practice in this area in joint stock companies in the Czech Republic and internationally. Attention is focused on both private and public (listed) companies. The thesis presents the results of the doctrinal and normative research led within the framework of the specific research questions set by the author within the defined research intent. The thesis focuses in detail especially on the question of effectiveness of the post-crisis regulation of remuneration on the global scale, on the interpretation of the regulation of remuneration of executive bodies' members in joint stock companies in the Czech Business Corporations Act and on the proper future shape of Czech rules of corporate governance for listed joint stock companies.

Nel presente lavoro è stato approfondito il tema dell'esclusione del diritto di opzione nelle società quotate. In particolare, muovendo dall'evoluzione normativa caratterizzante il diritto di opzione nell'ordinamento italiano e in altri ordinamenti quello americano e quello tedesco si è inteso far emergere gli interessi che ciclicamente si è inteso soddisfare attraverso la disciplina dell'opzione. All'esito di tale indagine è emersa l'originaria vocazione patrimoniale del diritto e, con riferimento ai recenti sviluppi legislativi, la progressiva tendenza, negli stessi ordinamenti che riconoscono un diritto forte di opzione, verso un allentamento del diritto preferenziale dei soci nelle società aperte : si assiste, cioè, ad una diversificazione normativa in ragione dell'apertura o chiusura dell'impresa verso il mercato del capitale di rischio, delineandosi sul piano empirico già un nesso fra disciplina dell'opzione e grado di concentrazione proprietaria della società. Alla luce di tali considerazioni, l'obiettivo è stato appunto quello di verificare se la disciplina del diritto di preferenza possa assolvere ad una funzione di spartiacque fra i modelli organizzativi di società per azioni e di individuare gli interessi tutelati dal diritto di opzione nelle società quotate. L'indagine ha quindi seguito una duplice direzione: verso l'approfondimento del fenomeno degli aumenti di capitale nella realtà empirica e verso l'analisi delle norme dedicate al diritto di preferenza dei soci, guardandosi alla disciplina dettata, da un lato, per la s.p.a. e per la s.r.l., dall'altro, per la s.p.a. quotata. Considerate le profonde differenze fra la s.p.a. e la s.r.l., è stata ravvisato la possibilità di attribuire al diritto di preferenza dei soci una funzione nella definizione dei diversi modelli organizzativi dell'impresa azionaria: in particolare, il diritto di opzione, oltre alla tradizionale funzione conservativa della partecipazione dei soci, assolve ad una funzione qualitativa circa la composizione della compagine sociale, incidendo sulla maggiore apertura o chiusura dell'impresa. L'attenzione si è poi concentrata sulla previsione speciale dell'art. 2441, comma 4, c.c., che consente alle sole società quotate di riconoscere statutariamente la possibilità di escludere il diritto di opzione nei limiti del 10% del capitale preesistente a condizione che il prezzo di emissione delle azioni corrisponda al valore di mercato. Tale ipotesi si affianca alle tradizionali cause di esclusione, rappresentando un indice della specificità di interessi che caratterizza gli aumenti di capitale e quindi il diritto di opzione e la sua esclusione nelle società con azioni quotate. Dall'analisi degli elementi costitutivi della fattispecie di cui all'art. 2441, comma 4, seconda parte, c.c., risulta che l' esclusione del diritto di opzione è disciplinata da regole specifiche. Non trova applicazione la disciplina di cui ai commi 5 e 6 dell'art. 2441 c.c., non trovano cioè applicazione le cautele sostanziali e procedimentali dettate per le ipotesi generali di esclusione dell'opzione. Dall'inapplicabilità, per espressa previsione legislativa, della disciplina appena richiamata discende che nella fattispecie di cui all'art. 2441, comma 4, seconda parte, c.c. non solo non può configurarsi un diritto concreto di opzione, ma non può neppure configurarsi un diritto astratto di opzione. Il riferimento all' opzione nell'art. 2441, comma 4, seconda parte, c.c. è cioè vuoto, non sintetizza alcuna normativa. Pur rilevando il mancato riconoscimento del diritto di opzione, non è stata, tuttavia, riscontrata alcuna lesione dell'interesse conservativo dei soci a mantenere inalterata la propria quota partecipativa. Muovendo dall'assunto che la medesima funzione di tutela può essere assolta dal riconoscimento di una pluralità di strumenti, sono stati infatti individuati nella previsione del limite quantitativo del 10% nonché della corrispondenza del prezzo di emissione al valore di mercato le condizioni perché sia garantita l'operatività del meccanismo di tutela dell'interesse conservativo, alternativo ma equivalente, al riconoscimento del diritto di opzione: l'acquisto diretto delle azioni sul mercato. A fronte di un sistema fondato sulla parità dei diritti, è stato previsto un sistema finalizzato ad assicurare la parità di trattamento fra i soci, cioè la pari possibilità di acquisto diretto. Peraltro, in ragione Nel presente lavoro è stato approfondito il tema dell'esclusione del diritto di opzione nelle società quotate. In particolare, muovendo dall'evoluzione normativa caratterizzante il diritto di opzione nell'ordinamento italiano e in altri ordinamenti quello americano e quello tedesco si è inteso far emergere gli interessi che ciclicamente si è inteso soddisfare attraverso la disciplina dell'opzione. All'esito di tale indagine è emersa l'originaria vocazione patrimoniale del diritto e, con riferimento ai recenti sviluppi legislativi, la progressiva tendenza, negli stessi ordinamenti che riconoscono un diritto forte di opzione, verso un allentamento del diritto preferenziale dei soci nelle società aperte : si assiste, cioè, ad una diversificazione normativa in ragione dell'apertura o chiusura dell'impresa verso il mercato del capitale di rischio, delineandosi sul piano empirico già un nesso fra disciplina dell'opzione e grado di concentrazione proprietaria della società. Alla luce di tali considerazioni, l'obiettivo è stato appunto quello di verificare se la disciplina del diritto di preferenza possa assolvere ad una funzione di spartiacque fra i modelli organizzativi di società per azioni e di individuare gli interessi tutelati dal diritto di opzione nelle società quotate. L'indagine ha quindi seguito una duplice direzione: verso l'approfondimento del fenomeno degli aumenti di capitale nella realtà empirica e verso l'analisi delle norme dedicate al diritto di preferenza dei soci, guardandosi alla disciplina dettata, da un lato, per la s.p.a. e per la s.r.l., dall'altro, per la s.p.a. quotata. Considerate le profonde differenze fra la s.p.a. e la s.r.l., è stata ravvisato la possibilità di attribuire al diritto di preferenza dei soci una funzione nella definizione dei diversi modelli organizzativi dell'impresa azionaria: in particolare, il diritto di opzione, oltre alla tradizionale funzione conservativa della partecipazione dei soci, assolve ad una funzione qualitativa circa la composizione della compagine sociale, incidendo sulla maggiore apertura o chiusura dell'impresa. L'attenzione si è poi concentrata sulla previsione speciale dell'art. 2441, comma 4, c.c., che consente alle sole società quotate di riconoscere statutariamente la possibilità di escludere il diritto di opzione nei limiti del 10% del capitale preesistente a condizione che il prezzo di emissione delle azioni corrisponda al valore di mercato. Tale ipotesi si affianca alle tradizionali cause di esclusione, rappresentando un indice della specificità di interessi che caratterizza gli aumenti di capitale e quindi il diritto di opzione e la sua esclusione nelle società con azioni quotate. Dall'analisi degli elementi costitutivi della fattispecie di cui all'art. 2441, comma 4, seconda parte, c.c., risulta che l' esclusione del diritto di opzione è disciplinata da regole specifiche. Non trova applicazione la disciplina di cui ai commi 5 e 6 dell'art. 2441 c.c., non trovano cioè applicazione le cautele sostanziali e procedimentali dettate per le ipotesi generali di esclusione dell'opzione. Dall'inapplicabilità, per espressa previsione legislativa, della disciplina appena richiamata discende che nella fattispecie di cui all'art. 2441, comma 4, seconda parte, c.c. non solo non può configurarsi un diritto concreto di opzione, ma non può neppure configurarsi un diritto astratto di opzione. Il riferimento all' opzione nell'art. 2441, comma 4, seconda parte, c.c. è cioè vuoto, non sintetizza alcuna normativa. Pur rilevando il mancato riconoscimento del diritto di opzione, non è stata, tuttavia, riscontrata alcuna lesione dell'interesse conservativo dei soci a mantenere inalterata la propria quota partecipativa. Muovendo dall'assunto che la medesima funzione di tutela può essere assolta dal riconoscimento di una pluralità di strumenti, sono stati infatti individuati nella previsione del limite quantitativo del 10% nonché della corrispondenza del prezzo di emissione al valore di mercato le condizioni perché sia garantita l'operatività del meccanismo di tutela dell'interesse conservativo, alternativo ma equivalente, al riconoscimento del diritto di opzione: l'acquisto diretto delle azioni sul mercato. A fronte di un sistema fondato sulla parità dei diritti, è stato previsto un sistema finalizzato ad assicurare la parità di trattamento fra i soci, cioè la pari possibilità di acquisto diretto. Peraltro, in ragione dell'esclusione del diritto astratto di opzione si è posto un problema di compatibilità del diritto nazionale con il diritto comunitario: la seconda direttiva, all'art. 29, sembra infatti imporre agli stati membri la codificazione del diritto di opzione, vietando un'esclusione statutaria del diritto c.d. astratto di opzione. Non si è tuttavia ritenuto che l'art. 2441, comma 4, seconda parte, c.c. non crei alcun vuoto di tutela per gli azionisti. Invero, la Direttiva, da un lato, tutela con il diritto di opzione il solo interesse conservativo dei soci (e non quello qualitativo relativamente alla composizione della compagine sociale), che deve in ogni caso essere contemperato con l'interesse della società ad un efficiente finanziamento esterno , dall'altro, persegue l'obiettivo dell'equivalenza del medesimo grado di tutela e non dell'equivalenza degli strumenti di protezione volti a tutelare gli interessi in gioco. Ne discende che l'art. 2441, comma 4, seconda parte, c.c., nella misura in cui assicura una protezione equivalente al diritto di opzione, è conforme alla Direttiva. Al contrario, ciò che l'art. 2441, comma 4, seconda parte, c.c. non tutela è la funzione qualitativa del diritto di opzione e, quindi, l'interesse al mantenimento degli assetti proprietari, con la conseguenza che l'art. 2441, comma 4, seconda parte, c.c. deve essere letto in una prospettiva di mercato e nell'ottica della grandissima società per azioni. A tale ultima considerazione consegue la necessità di tutelare i soci non solo a fronte della violazione dei presupposti applicativi dell'art. 2441, comma 4, seconda parte, c.c., ma anche a fronte dell'introduzione della clausola. Invero, l'introduzione della clausola implica il passaggio da una tutela per così dire paternalistica il diritto di opzione ad una tutela di mercato e, non accordando alcuna protezione all'interesse al mantenimento degli assetti proprietari, può determinare un'alterazione delle reciproche proporzioni partecipative fra i soci. Inoltre, in ragione del venir meno della protezione sostanziale e procedimentale di cui all'art. 2441, commi 5 e 6, c.c., il baricentro della tutela si sposta dal momento della delibera di esclusione al momento dell'introduzione della clausola di esclusione. Infine, sono stati esaminati alcuni riflessi applicativi e interpretativi che possono farsi discendere dalla previsione di un'ipotesi in cui il diritto di opzione non è riconosciuto ai soci. E ciò con particolare riguardo alla nozione di interesse sociale ed all'interpretazione dell'ipotesi di esclusione dell'opzione di cui all'art. 2441, comma 5, c.c. nella società quotata. / This work examines the withdraw of the right of pre-emption in public companies. In particular, starting from the regulation development that defines the right of pre-emption in the Italian legal order (and in the American and German ones), there come out the interests that cyclically are satisfied by the pre-emptive right issue. The outcome of this research points out the primal asset-oriented direction of the law and, according to its recent evolution, the gradual trend, in those same legal orders which admit a strong right of pre-emption, toward a loosening of the shareholders' preferential right in the open companies: the law diversification that can be therefore recognized is due to an opening or closing attitude of the company toward the risk capital market, given an already outlined empirical link between the pre-emption regulations and the company ownership extent. That being so, there has been the main intention to check if the pre-emption norms can accomplish the task of splitting the several organization models of public companies in order to spot those interests which are protected by the right of pre-emption in public companies. The survey has then followed a double direction: the in-depth examination of empirical capital increases and the analysis of the laws which settle the shareholders' right of pre-emption, looking at the stock companies and at the limited liability companies, on one side, and at the public companies, on the other. If all the deep differences between the stock companies and the limited liability companies are taken for granted, there is the chance of assigning to the shareholders' option a role in the definition of the various organizational models in the public companies: in particular, the right of pre-emption, beyond its traditional purpose of preserving the members' involvement, accomplishes the qualitative role of weighing on the company opening or closing attitude and therefore the company setting. It's been also noticed that art. 2441, par. 4, c.c., allows public companies to introduce in their articles the withdraw of the right of pre-emption within 10% of the capital, if the stocks are issued at the market price. This joins the traditional withdraw reasons: it represents the peculiarity of the interests concerning the capital increases in public companies. From the analysis of art. 2441, par. 4, second part, c.c., it results that the pre-emptive right withdraw has its own rules. It can't be applied as to par. 5 and 6 of art. 2441, c.c: the generic formal and substantial cautions are not put on. From this all it derives that in art. 2441, par. 4, second part, c.c., there is no right of pre-emption, neither abstractly, nor pragmatically. In art. 2441, par. 4, second part, c.c., the reference to that right is empty (it doesn't describe any rule). However, there isn't any infringement in the shareholders' right of retaining their ownership shares. As the conservation can be put to use in several ways: the 10% and the stock values match with the market quotes let the shareholders keep their shares with a direct purchase. An equal-treatments system, through a direct purchase, instead of an equal-rights system. Due to the withdraw of the abstract pre-emptive right, there comes out the compatibility issue between the national and the european law. The second Council directive, at art. 29, sounds like forcing a formalisation of the right of pre-emption, banning the withdraw of the so-called abstract pre-emptive right from the articles of association. It is believed that art. 2441, par. 4, second part, c.c., isn't responsible for any lack of protection toward the shareholders. The directive thus safeguards the possibility to preserve the amount of quotes (but not to maintain the percentage ratios among the shareholders) that must suit to the company and to the external sources of financing interests, so it grants the same protection, even if not using the same instruments. As a consequence: the art. 2441, par. 4, second part, c.c., complies to the directive, because it ensures the same protection to the right of pre-emption. Otherwise, the art. 2441, par. 4, second part, c.c., doesn't protect the qualitative role of the right of pre-emption (the possibility to keep the ownership configuration), so it must be considered related to the market and from the point of view of a really big company. There comes out the necessity to protect the shareholders from a violation of the assumptions of the art. 2441, par. 4, second part, c.c., and even from the introduction of the clause. The clause involves the transition from a (in a manner of speaking) paternalistic protection of the pre-emptive right to a market protection, which doesn't affect the ownership structure, that can be therefore modified. Moreover, given that a substanstial protection and an art. 2441, par. 5 and 6, c.c., implementation guardship lack, the protection itself runs from the withdraw decision time to the withdraw clause introduction moment. Finally, there has been a research on the consequences of the use and of the understanding that come from an hypothesis according to which the right of pre-emption is not granted to the shareholders. This has been examined related to the company interests and to the understanding of the pre-emptive right withdraw, as per art. 2441, par. 5, c.c., in public companies.