近年來，在中國大陸市場有大量公司進行掛牌上市的同時，也有越來越多的公司出現債務逾期甚至是違約的情況。考慮到目前中國經濟增速放緩，處在轉型發展的複雜階段，銀行信貸等資金供應鏈需要謹慎評估企業出現財務困境的風險。但是我們發現金融機構在平常管理信貸業務的時候會盲目地看重高額利潤的回報而忽略借款者潛在的財務危機，而且投資人在進行投資分析的時候往往也會忽略企業的財務狀況而使自己遭受損失，因此從企業的財務狀況入手對其進行財務困境機率的評估有非常重大的現實意義。 本文通過對企業財務指標進行相關分析以構建公司財務困境機率評估模型。本文選取了不良貸款率最高的製造業作為研究對象，將2015年滬深兩地的124家上市製造業公司的財務資料作為訓練樣本，將2014年120家上市公司的財務資料作為檢驗樣本，將交易所特別處理公司劃分為非正常組公司，其餘為正常組。本文通過篩選得出23個財務指標作為研究變數，引入了 Logistic 模型與 SVM 模型，針對單一模型的預測結果在準確率和穩定性方面不理想的問題引入了基於 Logistic 模型、SVM 模型的組合模型，並用檢驗樣本進行了四個模型的相關實證分析，比較了四個模型之間的準確度。 對四個模型進行實證分析的結果表明：Logistic模型穩健性好、可解釋性強、建模過程簡單易操作，但分類精度略低於 SVM 模型；SVM雖然分類精度高，但缺乏可解釋性和穩定性，且建模過程依賴專家知識和經驗；Logistic -SVM 組合模型則兼具其優點，預測精確度較單一模型均有提高，而且研究發現異態並行結構優於串型結構。通過本文建立的模型可以計算出企業的陷入財務困境的機率，有效評估企業的違約風險，進而為相關金融機構和投資者提供放款或投資的判斷依據。 / At present, more and more companies are listed in the Chinese mainland market. At the same time, more and more companies are frequently at risk of default and overdue. Given the slowdown in China's economic growth and the complex environment of transformation and development, the supply of funds such as bank loans and other capital needs to be cautious, debt default, loan overdue cases are still likely to occur one after another. However, we find that financial institutions blindly value the return of high profits while ignoring the potential financial crisis of borrowers in the normal management of credit business, it is of great significance to start with the financial status of a company to assess the probability of financial distress. This paper builds a company default probability assessment model by analyzing the financial indicators of enterprises. This paper selects the manufacturing industry with the highest NPL as the research object. Taking the financial data of 124 listed manufacturing companies in Shanghai and Shenzhen in 2015 as the training samples, using the financial data of 120 listed companies in 2014 as the test sample, Exchange special treatment companies divided into non-normal group companies, the rest for the normal group. According to the data of its 2015 financial indicators, 23 financial indicators were screened out as research variables, and a comprehensive analysis was carried out. The Logistic model and SVM model were introduced. Combined model was introduced based on the Logistic model and SVM model to solve the problem that the prediction accuracy and stability of the single model were not ideal,. Finally, empirical analysis of the four models is carried out using the sample data of listed companies in 2014, and the accuracy of the four models is compared. The results of empirical analysis of the four models show that Logistic regression model has no strict assumptions on the data, a better stability and interpretation, but the classification accuracy is slightly lower than the SVM model. The SVM model has higher classification accuracy, but the disadvantage is the lack of interpretability and stability, the modeling process depends on expert knowledge and experience. In order to balance the stability of Logistic model and the accuracy of SVM model, this paper introduces a combined model based on Logistic model and SVM model. The analysis shows that the prediction accuracy of combined model is higher than that of single model, the combination of Logistic regression model and SVM model based on Parallel structure has a higher prediction accuracy than Sequential structure. The model established in this paper can calculate the default probability of an enterprise, effectively assess companies’ risk of financial distress, and then provide the judgment basis for the relevant financial institutions and investors to lend or invest.

Titel: “Könsfördelningen i styrelser och dess samband med utdelningsnivån i börsnoterade företag, En kvantitativ studie utförd på svenska börsnoterade företag” Nivå: C-uppsats i företagsekonomi Författare: Mathias Ehrlin och Elvira Estmyr Handledare: Peter Lindberg Datum: 2017 - September Syfte: Syftet med denna studie är att undersöka om utdelningsnivån har något samband med andelen kvinnor i börsnoterade företags styrelser och om utdelningsnivån visar samband med andra faktorer däribland företagsspecifika- och styrelsespecifika variabler. Inom tidigare forskning är det flertalet företagsspecifika faktorer som visat sig ha ett samband med utdelningsnivån. Däremot finns det mindre forskning för styrelsespecifika faktorer varpå vår studies unika bidrag är att undersöka Sverige som är en av de länder med högst andel kvinnor i börsnoterade företags styrelser. Metod: Studien tillämpar kvantitativ metod med deduktiv ansats. Data från år 2014 samlas in i huvudsak via källorna Thomson Reuters Datastream/Eikon, Retriever databas och böckerna “Styrelser och revisorer, i Sveriges börsföretag”. Vid statistiska testerna och analysen delas datan upp. Dels utförs bivariat analys och regressionsanalys för samtliga företag och dels endast de företag som genomfört utdelning. Standard multipel regression tillämpas. Slutligen förkastar/bekräftar vi hypoteser utifrån de signifikanta resultat vi får. Resultat & slutsats: Studien visar ett positivt samband mellan lönsamhet och utdelningsnivå vid analys för samtliga företag. Detta resultat är väl i linje med tidigare forskning. Övriga variabler når inte signifikans vilket kan bero på populationens storlek och observationsperioden som denna studie behandlar. Inget samband kan bekräftas eller förkastas för andel kvinnor i styrelser och dess samband med utdelningsnivå, därmed kan inte syftet för studien besvaras.Förslag till fortsatt forskning: Studien leder till ökad nyfikenhet för fortsatt forskning på området och att då analysera fler variabler och i större skala. Exempelvis fler styrelsespecifika variabler kan undersökas såsom styrelsens storlek och kön på styrelseordförande för att se om ett samband existerar mellan dessa och utdelningsnivån. Intressant hade även varit att vidga studien till att undersöka samband som dessa faktorer har på utdelningspolicy och andra tänkbara aspekter.Uppsatsens Bidrag: Bidraget uppsatsen medför är främst ett bidrag till att framtida forskning bör vara av större skala då detta förhoppningsvis ger fler signifikanta resultat. Utöver detta bidrar studien med en förståelse för hur stor skillnad en förändring av lönsamheten gör på utdelningsnivån. Detta anser vi ger ökad förståelse för ämnet till framtida forskning men även för privata investerare och företag. Nyckelord: Utdelningsnivå, företag, andel kvinnor, styrelse, Sverige, börsnoterade företag, styrelsespecifika faktorer, företagsspecifika faktorer, styrelsens sammansättning. / Title: "Gender distribution in boards and it’s relation to dividend level in listed companies, A quantitative study conducted in Swedish publicly listed companies" Level: Final assignment for Bachelor Degree in Business Administration Authors: Mathias Ehrlin and Elvira Estmyr Supervisor: Peter Lindberg Date: 2017 - September Aim: The aim of this study is to investigate if there’s a relation between the level of dividends and the proportion of women in listed companies’ boards and if the level of dividends is related to other factors including firm specific- and board specific variables. In previous research, the majority of firm-specific factors have been found to be related to the dividend level. On the other hand, there is less research for board-specific factors, our unique contribution is to investigate Sweden, which is one of the countries with the highest level of gender distribution in the boards of listed companies. Method: The study applies quantitative method with deductive approach. Data from 2014 is collected mainly through the sources Thomson Reuters Datastream/Eikon, Retriever database and the books "“Styrelser och revisorer, i Sveriges börsföretag”". At the statistical tests and analysis, the data was split up. Bivariate analysis and regression analysis is carried out on all companies in our study and also these tests are executed on only those companies that have made a dividend payout for the period. Standard multiple regression is applied. Finally, we reject or confirm hypotheses based on the significant results we receive. Result & Conclusions: The study shows a positive correlation between profitability and dividend level when analyzing all companies in our study. This result is well in line with previous research. Other variables do not reach significance, which may depend on the size of the population and the observation period that this study takes into account. No relationship can be confirmed or rejected for the proportion of women in boards and the dividend level. The aim of this study is therefore left unanswered.Suggestions for future research: The study leads to increased curiosity for continued research in the field and to analyze more variables and on a larger scale. For example, more board-specific variables can be investigated such as the size and gender of the Board of Directors to see if there is a relationship between these and the dividend level. It would also be interesting to have broadened the study to investigate the impact these factors have on dividend policy and other possible aspects. Contribution of the thesis: The contribution the thesis entails primarily is that it provides more intel to the fact that future research should be of a larger scale, as this would then hopefully give more significant results. In addition, the study provides an understanding of how a change in profitability impacts the dividend level. In our opinion, we provide greater understanding of the subject for future research but also for private investors and companies. Keywords: Dividend, Dividend level, Company, Proportion of Women, Board, Board of directors, Sweden, Listed companies, Board-specific factors, Firm-specific factors, Board composition.

As time progresses and compensation increases for CEOs, the need for information will be required to debate whether it is rational for CEOs to receive more pay in various forms. According to agency theory, CEOs have an intrinsic need to act in their self-interests, while the shareholder requires value creation and implements various safeguards to ensure that the CEOs do what they are expected to do. Therefore, corporate governance, which is a part of corporations' mechanisms, could be an act to minimise agency costs while forming the CEOs' compensation and controlling the work with various measures. Financial performance methods themselves, such as comparing revenue between years to control CEOs' work, are indeed essential to see if these could influence the CEOs' agenda.  There have been previous studies regarding CEO compensation and company growth. However, there is a lack of research made in Sweden, especially for listed companies on OMX Stockholm. This research found a relationship between CEO compensation and firm growth. Nonetheless, previous research has shown contradicting results. This thesis performed a panel data regression that includes 354 unique firms that formed the OMX Stockholm PI, an index on Nasdaq. The firms have been observed for seven years, creating a data set with approximately 2,500 observations.

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 2024.

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.

Nos travaux, dans le prolongement de recherches envisageant l’harmonisation comptable internationale (IAS/IFRS) et la mise en place des indicateurs de Responsabilité Sociale de l’Entreprise (RSE) sous un angle processuel et « historico évolutif », tendent à s’en démarquer en recherchant les moyens d’analyser l’information issue du reporting financier (IAS/IFRS) et extra-financier (RSE) dispensée durant la période 2006-2010 par les sociétés cotées composant les indices boursiers français du CAC 40 et du SBF 120, d’une part, et allemands du DAX 30 et du DAX 100, d’autre part, et en substituant à une approche souvent inductive dans ce domaine une démarche hypothético-déductive. Ils mettent en regard, d’une part, les données recueillies et, d’autre part, les intérêts des actionnaires/investisseurs ainsi que de l’ensemble des parties prenantes de part et d’autre du Rhin, sur le fondement théorique de la théorie de l’agence et la théorie des parties prenantes. La méthode employée, à la fois quantitative et qualitative, vise d’abord à utiliser des outils de mesure se fondant sur des moyennes, médianes et analyses de régression combinant plusieurs variables exprimées pour l’essentiel sous la forme de ratios comptables et financiers (IAS/IFRS) ; cette mesure s’étend à un recensement de l’occurrence de mots dans les supports d’information extra-financière (rapports RSE et de développement durable). Puis à interroger les responsables administratifs et financiers en charge de l’application du référentiel IAS/IFRS ainsi que les responsables de la communication RSE et du développement durable des sociétés de notre panel, au moyen de questionnaires se fondant sur les outils de « logique floue ». Nous ne cherchons pas à mesurer l’incidence des normes IAS/IFRS et des indicateurs RSE ni sur la performance financière, ni en taux de retour sur la valeur boursière. Nous observons par nos résultats des nuances de perception des normes IAS/IFRS et des objectifs de RSE dans le reporting financier et extra-financier susceptibles d’être imputées à des facteurs socioculturels, et répondant à une gouvernance plus actionnariale en France qu’en Allemagne. / This study, in the extension of researches aimed at harmonising accounting internationally (IAS/IFRS) and implementing Corporate Social Responsibility (CSR) indicators from a processual and “historical evolutional” angle, tends to differ from them by focusing on the means to analyse the information issued from financial (IAS/IFRS) and extra-financial (CSR) reporting released during the 2006-2010 period by the listed companies which compose the French and German stock market indexes respectively CAC40/SBF120 and DAX30/DAX100, and replacing an oftentimes inductive approach in this field with a hypothetical and deductive process. It compares the collected data on the one hand, and the needs of shareholders/investors and third parties as a whole on the other hand, on either side of the Rhine, on the basis of the theoretical frame of the agency theory and the stakeholder theory.The method employed, which is both quantitative and qualitative, aims to do as follows. First use of tools for measuring based on averages, medians and regression studies combining many variables essentially expressed in the form of accounting and financial ratios (IAS/IFRS); this measure extends to the listing of words occurrence in the extra-financial information supports (CSR and sustainability reports). Then question the administrative and financial managers in charge of the application of the IAS/IFRS referential and the managers responsible for the CSR and sustainability communication within these companies we selected with reference to matrixes based on the “fuzzy logic” theory tools. We do not investigate the influence of IAS/IFRS standards/CSR indicators neither on financial performance nor in terms of expected return on the capital asset. We can observe that our results show nuances of perception of IAS/IFRS standards and CSR goals in the financial and extra-financial reporting that are likely to be attributed to socio-cultural factors, and reflecting a governance much more aimed at shareholders in France than in Germany.

Bakgrund och problem: Att vara ett börsnoterat bolag innebär en ökad kravbild samtidigt som företaget blir offentligt kan förväntningar från främst aktieägare förhöjas. Fokus mot främst aktieägarna kan i vissa fall leda till att bolaget utgår ifrån ett mer kortsiktigt förhållningssätt, i den mån att skapa värde för ägarna. För att då minimera riskerna att bli kortsiktig, blir vikten av styrning mot långsiktighet en viktig faktor. Det blir därav intressant att undersöka hur börsbolag via sin styrning beaktar distinktionen mellan aktieägarvärde och långsiktighet. Syfte: Studiens syfte är att ge en förklaring till hur styrningen påverkas av att verka i en noterad miljö och hur detta avspeglas i de olika bolagens sätt att styra verksamheten. Studien ämnar att öka kunskapen om hur synen på aktieägarvärde och långsiktighet ter sig och om möjlig hur de båda samordnas i bolagen.  Metod: Metoden som valts för studien var en kvalitativ intervjustudie som ansågs vara mest lämplig sett till frågeställningar samt studiens syfte. Den empiriska materialinsamlingen har huvudsakligen skett med hjälp av semistrukturerade intervjuer som har utförts med ledande personer i börsbolagen. Slutsats: Styrningen i börsbolag ändras inte i så stor utsträckning av att verka i en noterad miljö, men det finns tendenser att den blivit mer formaliserad gällande främst rapportering. Den strategiska och taktiska styrningen formas till viss del utifrån börsen formella krav men även till viss del av intressenters kravbild. Samordning mellan långsiktighet och skapande av aktieägarvärde blir viktig för att begränsa kortsiktiga förhållningssätt främst med hjälp av bolagens tydliga strategiska inriktning. Koordineringen sker genom börsbolagens förmåga att tillgodose både aktieägarnas krav och uppnå bolagens långsiktiga planer. / Background and research problem: To be a listed company, it implies an increase in demands and, simultaneously, the expectations from the shareholders can be enhanced. The focus towards the shareholders, could in some cases result in short-sightedness in the company to increase their value. To minimize the risks of short-sightedness, the importance of management control towards long-sightedness becomes a crucial factor. It is thereby interesting to investigate how listed companies, with their management control, considers the distinction between shareholder value and long-sightedness.  Purpose: The purpose of this study is to give an explanation of how the management control alters by acting in a listed environment, and how it reflects in the different companies´ ways to control the business. The study intends to increase the knowledge of the view of how shareholder value and long-sightedness appears and, if possible, how these coordinates in the companies.  Method: The method that was chosen for the study was a qualitative interview-study, which were considered the most appropriate method aligned to the research questions and the purpose of the study. The empirical material collection has occurred primarily with the aid of semi-structured interviews which have been conducted with senior executives in the listed companies.  Conclusion: The management control in listed companies do not change, to a large extent, although there are tendencies that it has become more formalized regarding the reporting. The strategic management and management control are formed, to a certain degree, by the stock exchange´s formal requirements but also, to some degree, the stakeholder’s demands. The coordination between long-sightedness and the creation of shareholder value becomes vital in order to constrain short-term approaches, with the aid of the companies´ clear strategic direction. The coordination occurs by the listed companies’ ability to satisfy both the shareholders demands and accomplish the companies´ long-term plans.

Opérations particulièrement complexes, les offres publiques d'acquisition ne cessent de faire parler d'elles, plus particulièrement lorsqu'elles présentent un caractère hostile pour la société visée. De nombreux efforts législatifs ont été mis en œuvre en vue d'encadrer les OPA et de lutter contre les prises de contrôle rampantes. L'analyse du droit positif permet de mettre en lumière ces différents efforts ainsi que leur mise en œuvre à travers diverses techniques par les sociétés visées. Ces dernières ont par ailleurs développé un certain nombre de mécanismes de défense anti-OPA particulièrement efficaces, mais se révélant le plus souvent insuffisants face à l'ingéniosité dont peut faire preuve l'initiateur. Le droit positif montre ainsi ses limites face à des pratiques qui ne cessent d'évoluer. L'analyse prospective du droit anti-OPA permet d'observer les nouvelles mutations que subit le droit positif au regard des nouveaux enjeux économiques. Elle permet également d'envisager de nouveaux modes d'appréhension des OPA hostiles. Il est ainsi possible d'observer que le gouvernement d'entreprise prend une place considérable dans la vie des sociétés cotées. De même, la montée en puissance de la régulation et l'interventionnisme de l’État sont de plus en plus marqués ; et les salariés s'impliquent de plus en plus dans la gestion de l'entreprise. L'ensemble de ces paramètres marquent un glissement progressif vers une réorganisation du mode de fonctionnement des sociétés, ce qui a amené au développement du soft law, un droit à la frontière du droit positif et des pratiques des sociétés. Le soft law constitue à ce titre une approche inédite des OPA hostiles, dont l'analyse permet de cerner les apports liés à la mutation du droit positif et d'envisager l'émergence de nouveaux moyens de défense. Celui-ci doit toutefois demeurer complémentaire au cadre législatif et réglementaire existant. / No abstract