Avec les scandales financiers à répétition (Maxwell, Polly Peck, Enron…) qui se sont succédé dans le milieu des sociétés cotées notamment au Royaume-Uni et aux États-Unis depuis les années 1980, le droit des sociétés n'a eu de cesse de vouloir contenir et endiguer ces dérives de l'usage d'un pouvoir bien particulier : celui des dirigeants sociaux des grandes entreprises cotées. Mais le constat est amer pour le droit des sociétés : sa faiblesse voire sa relative impuissance face à ce pouvoir que nous qualifions d' « économique », ont entraîné l'émergence d'un droit nouveau : la corporate governance. Mais ce droit qui ne rentre pas dans les catégories du droit connues, ne procède pas d'un ordre de contrainte : il relève d'un ordre juridique négocié. Nous aurons à démontrer en quoi cette corporate governance est aujourd'hui devenu un véritable système juridique, pour l'heure sui generis. En tant que système juridique, la corporate governance ne doit plus être vue comme un « infra-droit » ou seulement un droit souple, mais comme un véritable droit tout simplement : celui du pouvoir économique. / With repeating financial scandals (Maxwell, Polly Peck, Enron…) that have occurred and followed one another in the environment of listed companies in particular in the United Kingdom and in the United States since the 1980s, corporate law has never stopped wanting to contain and to curb these drifts and excesses of the use of a very particular power: that of executives and managers of large listed companies. But the report is bitter for corporate law: its weakness even its relative powerlessness facing this power that we describe and consider to be « economic », have led to the emergence of a new law: corporate governance. But this law which does not fit into the known categories of law, does not proceed of an order of constraint: it is a matter of a negotiated legal order. We shall have to demonstrate in what this corporate governance has become a real legal system today, for the moment sui generis. As a legal system, corporate governance should no longer be seen as a « sub-law » or only a soft law, but as a real and genuine law simply: that of the economic power.

Thesis (MBA.) -- University of Limpopo, 2016 / This paper evaluated the relationship between the Chief Executive Officer’s gender and firm performance. This study was conducted by evaluating the differential effect of CEO’s gender and sales turnover, share price and net profit. The study was deemed necessary because related researches in South Africa did not address the relationship between gender and variables such as turnover, share price and net profit. Hence this research focuses on the evaluation of the differential effect between CEO's gender and the corporate turnover, share price and net profit. The methodological approach used in this study was the quantitative approach. Data were collected from the archives of Socially Responsible Investing Index companies in the JSE. The T-test of difference was applied for data analysis of sixteen (16) selected companies. Three specific objectives were examined as follows: (1) To evaluate the relationship between the CEO's gender and company turnover (2) To assess the relationship, the CEO's gender and share price (3) To examine the relationship between the CEO's gender and net profit. Findings from the statistical analysis revealed that there is no significant relationship between CEO gender and sales turnover. It was further identified that no relationship exists between CEO gender and share price. It was also discovered that there is no differential effect between CEO gender and net profit. Findings from statistical analysis revealed that P-Value was greater than 5 percent indicating that there was no significant relationship between CEO gender and sales turnover, share price and net profit. This means that within the companies examined, CEO gender had no influence on sales turnover, share price and net profit. Based on the findings above, women CEOs can perform as well as the men CEOs. Therefore, women should be afforded the CEO’s positions as their presence have no negative effect on firm performance. Key words: CEO gender, firm performance, sales turnover, share price, net profit, JSE listed companies, corporate profitability, shareholder value and gender stereotyping.

Bakgrund: År 2016 infördes lagen om tidsbestämd obligatorisk byrårotation för företag av allmänt intresse in i svensk lagstiftning. Definitionen "företag av allmänt intresse" innefattar börsnoterade företag och vissa finansiella företag. Regeln om obligatorisk byrårotation ingick i EU:s så kallade revisionspaket. Tanken med EU:s revisionspaket var att förbättra revisionskvaliteten och stärka reviorns oberoende för medlemsländerna. Det fanns även ett behov av att stärka förtroendet för revisionen efter alla revisionsskandaler som inträffat. Tidigare forskning anser att det finns både för- och nackdelar med obligatorisk byrårotation. Vissa forskare menar att revisionskvaliteten ökar av obligatorisk byrårotation medan andra menar att revisionskvaliteten minskar. Således är det intressant att studera vilken påverkan obligatorisk byrårotation har på revisionskvaliteten samt revisionens legitimitet. Problemformulering: Hur påverkas revisionskvaliteten och revisionens legitimitet av obligatorisk byrårotation? Syfte: Syftet med studien är att utifrån ett revisorsperspektiv undersöka hur obligatorisk byrårotation påverkar revisionskvaliteten samt allmänhetens förtroende för revisionen. Studien syftar således till att skapa en ökad förståelse kring hur revisionskvaliteten och revisionens legitimitet påverkas av obligatorisk byrårotation. Metod: Studiens tillvägagångssätt var kvalitativt och datainsamlingen bestod av sex stycken semistrukturerade intervjuer. Alla informanter har revisorsbakgrund. Resultat och slutsats: Studien visar att obligatorisk byrårotation har en övervägande positiv påverkan på såväl revisionskvaliteten som revisionens legitimitet. Detta gäller för både börsnoterade företag och finansiella företag. Obligatorisk byrårotation motverkar långvariga relationer mellan revisor och klient. Samtidigt går kunskap om ett företag förlorad när det genomförs en byrårotation. / Backgrounds: In 2016, mandatory audit firm rotation was confirmed as a new law for public interest entities into Swedish legislation. The definition of "public interest entities" include listed companies and certain financial undertakings. The mandatory audit firm rotation rule was included in the EU audit package. The idea with the audit package was to improve the audit quality and increase the auditor independence for the member states of EU. There was also a need to improve the legitimacy confidence in the audit after all the scandals that occurred. Previous research finds that there are both advantages and disadvantages with mandatory audit firm rotation. Some research shows that the audit quality increase by mandatory audit firm rotation, while some shows that the audit quality decrease. Thus, it is interesting to study the impact of mandatory audit firm rotation on audit quality and audit legitimacy. Questions: How does the audit quality and the audit legitimacy affect by mandatory audit firm rotation? Purpose: The purpose of the study is to investigate, form an auditor's perspective, how mandatory audit firm rotation affects audit quality and public confidence in the audit. The study thus aims to create an increased understanding about how audit quality and audit legitimacy are affected by mandatory audit firm rotation. Method: The study's approach was qualitative and the data was collected by six semi-structured interviews. All informants have background in the audit profession. Result and conclusion: The study shows that mandatory auditor rotation has a predominantly positive impact at the quality of the audit and the audit legitimacy. This applies to both financial undertakings and listed companies. Mandatory auditor rotation decreases the risk of counteracts long-standing relationships between the auditor and tha client. At the same time, knowledge of a company is lost when an audit firm rotation is implemented.

Företags intressenter ställer allt högre krav på företagens hållbarhetsarbete, där de miljömässiga, sociala och ekonomiska aspekterna är i centrum. För att företag ska kunna visa att de fullföljer ansvaret kring arbetet med hållbarhet, upprättar företagen en hållbarhetsredovisning, där främst riktlinjer från Global Reporting Initiative (GRI) används. I GRI är en av principerna intressentinkludering, som innebär att företag ska föra en dialog med intressenter, för att på så sätt få ta del av intressenters åsikter och genom detta bidra till en mer användbar och trovärdig hållbarhetsredovisning. Med utgångspunkt i företags intressentdialog och vad som tidigare studier behandlar inom ämnet, har denna studie förklarat hur svenska börsnoterade företag identifierar, prioriterar och involverar intressenter i hållbarhetsredovisningen, samt hur företagens intressenter inverkar på hållbarhetsredovisningar.   För att uppfylla studiens syfte samt besvara dess problemformuleringar har studien utförts med hjälp av en kvalitativ metod, i form av intervjuer, där sju svenska börsnoterade företag har intervjuats som hållbarhetsredovisar enligt GRI. Resultaten av studien visar att de undersökta svenska börsnoterade företagen identifierar och prioriterar intressenter, där de identifierade intressenterna är de intressenter som påverkar eller påverkas av företagen. De prioriterade intressenterna anses enligt de undersökta företagen vara de som i högre grad påverkar eller som i högre grad påverkas av företagens verksamheter. Intressenterna blir även av de undersökta svenska börsnoterade företagen involverade, detta via olika dialogmetoder som beror på vilken intressentgrupp det berör. Slutligen visar studien att intressenter till de undersökta svenska börsnoterade företagen även inverkar på företagens hållbarhetsredovisningar, där det kan ses att en del intressenter har mer inflytande än andra. / Corporate stakeholders place increasingly high demands on companies regarding the sustainability work, where the environmental, social and economic aspects are at the center. In order for companies to demonstrate that they are in charge of the sustainability work, companies establish a sustainability report, primarily using Global Reporting Initiative (GRI) guidelines. In GRI one of the principles is stakeholder inclusiveness, which means that companies should engage in dialogue with stakeholders in order to gain access to stakeholders' views, and thereby contribute to a more useful and credible sustainability report. Based on the company's stakeholder dialogue and what previous research deal with within the subject, the study has explained how Swedish listed companies identify, prioritize and involve stakeholders in the sustainability report, as well as how companies' stakeholders influence the sustainability reports.   In order to fulfill the purpose of the study and answer its problem formulations, the study has been conducted using a qualitative method, in the form of interviews, in which seven Swedish listed companies have been interviewed, who are using GRI guidelines when they are establishing the sustainability reports. The results of the study show that the surveyed Swedish listed companies identify and prioritize stakeholders, where the identified stakeholders are the stakeholders that affect or are influenced by the companies. Priority stakeholders are, according to the companies surveyed, considered to be those that increasingly influence or are increasingly affected by business activities. The stakeholders will also be involved in the surveyed Swedish listed companies, through different dialogue methods depending on which stakeholder group it concerns. Finally, the study shows that stakeholders of the Swedish listed companies surveyed also in some way affect the companies' sustainability reports, where it can be seen that some stakeholders have more influence than others.

Made available in DSpace on 2010-04-20T20:50:59Z (GMT). No. of bitstreams: 3 61060100563.pdf.jpg: 11108 bytes, checksum: 1b7efa4fbad1f37cc72bcc536ef6be13 (MD5) 61060100563.pdf: 695300 bytes, checksum: f0046fcffe94e5d794a226b2a63f4792 (MD5) 61060100563.pdf.txt: 81822 bytes, checksum: 9a18081c55dad40762777ad28e9b4c2d (MD5) Previous issue date: 2008-06-06T00:00:00Z / This research provides empirical evidence on the use of trade credit as either a substitution or a complement to bank debt for listed companies in Brazil, controlling for the firms reputation, as stated by Alphonse, Ducret and Séverin (2006). The sample consists of 263 publicly-listed companies for 2006. Our findings support all three hypotheses. We provide evidence that trade credit may be used as a signal for the firm’s quality. / Trade credit é o prazo concedido a um comprador pelo fornecedor, durante a realização de uma venda. Portanto, trata-se de um crédito concedido por instituições não-financeiras. Esta dissertação testa as hipóteses de substituição, complementariedade e reputação relacionadas ao uso de trade credit por empresas brasileiras de capital aberto, e, adicionalmente, analisa a relação entre o endividamento e o fornecimento de trade credit por estas empresas. Sob uma visão mais tradicional, o Trade credit é tido como uma fonte alternativa de crédito em relação ao financiamento bancário. Estudos mais recentes ressaltam sua importância em sinalizar às instituições financeiras a boa qualidade da empresa, uma vez que este carregaria informações relevantes possuídas pelos fornecedores sobre seus clientes. Neste sentido, o trade credit teria também a função de facilitar o acesso ao crédito. Alphonse, Ducret and Séverin (2006) sugerem que, num primeiro momento, a empresa com restrição ao crédito usaria o trade credit como complemento do crédito bancário (hipótese de complementariedade). Considerando que este seria percebido pelos bancos como um sinal de boa qualidade da empresa (hipótese de reputação), enquanto num segundo momento, os bancos se tornariam dispostos a dar crédito para essa empresa, e o trade credit passaria a ser uma fonte substitutiva de financiamento (hipótese de substituição). Os resultados confirmam as hipóteses de substituição, complementaridade, e reputação. Além de ser uma importante fonte de financiamento, o uso do trade credit parece de fato sinalizar a boa qualidade da empresa, mesmo para empresas de capital aberto, facilitando assim seu acesso ao financiamento bancário. Com relação à concessão de trade credit, encontramos que o acesso ao crédito está negativamente relacionado ao fornecimento de trade credit. Este resultado é contrário ao encontrado por pesquisas que utilizaram amostra de empresas pequenas e médias, e se justifica pela menor dependência das empresas de capital aberto em relação a seus clientes, condição que as leva a fazer menos concessões 7 aos mesmos. Com relação às empresas com maior acesso ao mercado de capitais (por exemplo, empresas que emitem debêntures), essa relação negativa entre o acesso ao crédito e fornecimento de trade credit foi ainda mais significativa. Este resultado evidencia que quanto maior a reputação menor o fornecimento de trade credit por estas empresas.

Selon les théoriciens de la transparence, qui de tous horizons disciplinaires, en clament les vertus, l’information financière permet l’équilibre, en remédiant à l’asymétrie de connaissances entre l’émetteur et ses dirigeants, d’une part et les destinataires de l’information financière, d’autre part. Elle lève le voile, combat l’opacité, permet la décision et donc, le jeu même du marché. Les économistes parlent alors d’ « efficience informationnelle » car la circulation fluide et rapide des flux d’information en provenance ou en direction de tous les acteurs des marchés boursiers (émetteurs et dirigeants, opérateurs, actionnaires, autorités de régulation, presse, …) permettraient de fournir à tout instant la meilleure valorisation possible des entreprises cotées compte tenu des informations pertinentes publiquement disponibles. Pour ces raisons, de nombreuses réformes ont été opérées ces dernières années afin de multiplier les obligations d’information à la charge des sociétés cotées. Cependant, force est de constater, au vu de la dernière crise financière, que les marchés peuvent ne pas fonctionner efficacement et évaluer correctement la valeur fondamentale d’un actif financier, alors même que les informations relatives à l’actif sous-jacent sont largement diffusées. De là, se pose la question de la pertinence de la transparence des sociétés cotées. / According to theorists of the transparency who of any disciplinary horizons cry out the virtues, the financial information permits the balance by remedying the asymmetry of knowledge between the company and his management on one hand, and the addressees of the financial information on the other hand. The transparency raises the veil, fights the opaqueness, permit the decision and thus, the game of the market. The economists speak then about “informative efficiency” because the fluid and fast circulation of the flows of information in origin or in the direction of all the actors of stock markets (company, management, operators, shareholders, authorities of regulation, press …) would permit to supply all the time the best possible valuation of listed companies considering the publicly available relevant information. For these reasons, many reforms were operated these last years in order to increase the obligations of information towards listed companies. However, we have to admit, in view of the last financial crisis that markets can not work effectively and estimate correctly the fundamental value of a financial asset while the information relative to the underlying asset is widely broadcasted. From there, we have to ask the question of the relevance of the listed companies’ transparency.

Traditionally, some countries have been using the Corporate Income Tax as a way of, starting from relatively high nominal tax rates, encourage certain economic activities through incentives or bonuses that allow considerably reduce actual business taxation. In contrast, other member states have chosen to directly lower the tax rate, regardless of other incentives, thus bringing the nominal taxation to effective.This research aims to analyze the discrepancies in the taxation of corporate income tax between different Eurozone countries for the period 2000-2013, noting the differences between the statutory (STR) and effective tax rates (ETR) of listed companies. In this way, this work locates the idea of the European Commission to adopt a common corporate tax in its current context, determining which countries exercise greater fiscal pressure on the results of their companies. / Tradicionalmente, algunos países han utilizado el impuesto sobre los beneficios empresariales como una vía para, partiendo de unos tipos relativamente elevados, fomentar determinadas actividades mediante incentivos o bonificaciones fiscales que permitirían reducir considerablemente esta carga fiscal empresarial. En cambio, otros Estados han optado por reducir directamente la tasa de impuestos, sin tener en cuenta los incentivos fiscales, acercando la tributación nominal a la efectiva.Esta investigación pretende analizar las divergencias existentes en la tributación por el impuesto sobre sociedades entre los distintos países de la eurozona para el período 2000-2013, observando las diferencias entre los tipos nominales y efectivos de las empresas cotizadas. De esta manera, se sitúa en el contexto actual la idea de la Comisión Europea debe adoptar un impuesto de sociedades común, y determinar qué países ejercen una mayor presión fiscal sobre los resultados de sus empresas. / Tradicionalmente, alguns países com uma elevada taxa nominal utilizam o imposto sobre a renda como uma via para fomentar as atividades econômicas através de incentivos ou bônus que permite reduzir consideravelmente a atual tributação das empresas. Em contrapartida, outros Estados-Membros optaram para diretamente baixar as taxas de impostos, independentemente de outros incentivos, transformando a taxa nominal em efetiva.Esta pesquisa tem como objetivo analisar as discrepâncias na tributação empresarial entre os diferentes países da zona do euro no período 2000-2013, observando as diferenças entre a taxa nominal e a taxa de imposto efetiva das empresas listadas. Desta forma, este trabalho projeta a noção de que a Comissão Europeia adopte um regime comum para o imposto sobre o rendimento, determinando quais são os países que exercem uma maior carga tributária sobre os resultados de suas empresas.

Ao redor do mundo, a maioria das companhias listadas de grande porte tem acionista controlador, à exceção dos EUA e do RU, em que o comando da atividade empresarial é exercido, de fato, pelos administradores. A conformação de controle dominante em cada país resulta de uma série de fatores, muitos deles de ordem jurídica, os quais levam ao surgimento e permanência de uma dessas variantes, ao mesmo tempo em que parecem inibir o desenvolvimento da estrutura alternativa. A gradativa convergência global dos padrões de propriedade acionária a um denominador comum, aparentemente em curso - dos extremos da dispersão e concentração absolutas para o cenário intermediário dos blocos de participação minoritária relevante detidos por investidores institucionais não tem sido acompanhada de transformações significativas nas estruturas de poder de controle interno dominantes em cada país, as quais, em essência, continuam as mesmas. Isso significa que os fatores (jurídicos, especialmente) que levam à predominância de tais estruturas continuam em atuação, não obstante modificações havidas no grau de dispersão do capital com direito a voto de companhias listadas. Este trabalho visa apresentar um conjunto mais específico de fatores jurídicos que, ao mesmo tempo e de modo decisivo, favorecem a proliferação de uma dentre as duas estruturas de controle consideradas (controle acionário ou gerencial) e inibem o desenvolvimento de outra. Trata-se dos instrumentos jurídicos de dissociação entre representatividade política e participação econômica de acionistas, os quais exercem papel central na conformação do regime jurídico das companhias abertas com elevada dispersão do capital votante, integrantes do Novo Mercado da BVSP. / Most of the large listed companies outside USA and UK have a controlling shareholder. The dominant control structure in each country is the result of multiple determinants, many of them arising from the legal system. The gradual convergence of ownership patterns around the world from the extremes of the total concentration and separation of ownership and control to the intermediate scenario of significant blockholdings held by institutional investors - has not been accompanied by a relevant shift in the control structures in listed companies of most of the countries, specially those in the Brazilian Novo Mercado. This Doctorate Thesis presents a specific subset of legal factors contributing for that outcome: the legal instruments separating voting rights from cashflow rights.

Submitted by ALISSON YI CHIEN CHEN (alissonchen@yahoo.com) on 2012-06-16T02:29:58Z No. of bitstreams: 1 Dissertação Alisson Chen Yi Chien.pdf: 651264 bytes, checksum: 7c07dd05427239f9c2811c19a5dcd894 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2012-06-18T16:22:07Z (GMT) No. of bitstreams: 1 Dissertação Alisson Chen Yi Chien.pdf: 651264 bytes, checksum: 7c07dd05427239f9c2811c19a5dcd894 (MD5) / Made available in DSpace on 2012-06-25T17:23:47Z (GMT). No. of bitstreams: 1 Dissertação Alisson Chen Yi Chien.pdf: 651264 bytes, checksum: 7c07dd05427239f9c2811c19a5dcd894 (MD5) Previous issue date: 2012-05-21 / The aim of this study is to identify the relationship between firm value and performance and executive remuneration. In general, the literature suggests that firms with executive higher remuneration tend to have better value and performance in comparison with companies with lower remuneration. We analyze a unique Brazilian database to test this hypothesis. The analysis of 420 Brazilian companies from 2002 to 2009 indicates a positive and significant relation between executive remuneration and firm value (price-to-book), suggesting that companies that pay better executive remuneration have higher value. On the other hand, there is no significant relation between executive remuneration and operational performance (ROA and sales growth). / Este trabalho tem como objetivo identificar se a remuneração dos executivos afeta o valor e desempenho das empresas. Em geral, a literatura sugere que companhias que melhor remuneram seus administradores tendem a apresentar um valor e desempenho superior. Utilizando dados inéditos no Brasil, este trabalho procura testar essa hipótese. A análise de 420 companhias abertas brasileiras no período de 2002 a 2009 indica que existe uma relação positiva e significativa entre remuneração executiva e valor da empresa (price-to-book), ou seja, empresas que pagam mais a seus executivos possuem maior valor de mercado. Por outro lado, não existe evidência significativa que empresas que melhor remuneram seus executivos apresentam um melhor desempenho operacional (retorno sobre ativos e crescimento de vendas).

Submitted by Helena Rangel Margem (margem.helena@gmail.com) on 2013-08-26T17:38:51Z No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2013-08-26T17:40:16Z (GMT) No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) / Made available in DSpace on 2013-08-27T12:24:31Z (GMT). No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) Previous issue date: 2013-05-28 / This study analyzes if the presence of women on boards of directors and in executive positions generate impact on firm value and performance. In general, the literature suggests that female participation on boards of directors and in executive positions tend to generate higher v alue and performance. Th is work is the first to study the female influence on firm value and performance in Brazil. The analysis of 658 publicly traded companies from 2002 to 2009 indicate s that the relationship between firm value and th e presence of women in senior management and on boards is not statistically significant . However, there is a negative relationship between operational performance and presence of women on the board of directors. / Este trabalho tem como objetivo identificar se a presença de mulheres no conselho de administração e diretoria gera impacto no valor e desempenho das empresas brasileiras de capital aberto. Em geral, a literatura sugere que a participação feminina no conselho de administração e em cargos de diretoria tende a gerar valor e desempenho superior. Este trabalho realiza um estudo inédito no Brasil, analisando 658 empresas de capital aberto no período de 2002 a 2009. Os resultados indicam que não existe uma relação estatisticamente significativa entre presença de mulheres no conselho de administração e em cargos de diretoria para o valor das empresas, mas existe uma relação negativa entre presença de mulheres no conselho e desempenho das empresas.