This research primarily examines the trends of changing characteristics of corporate boards within New Zealand listed firms. Expressing in a quantitative framework, this research provides an insight of how board compositions have changed over the past decade, within which two major corporate governance legislative reforms have occurred. These two reforms are known as the Companies Act in 1993 and the New Zealand Corporate Governance Best Practice Code in 2003. This study aims to cover a full range of board characteristics mentioned in previous related literatures in order to give a more complete view. Sixteen variables are selected and examined: board size, board independence, multiple directorships, CEO compensation, chair and director fees, CEO duality, gender diversity, staggered board, directors' ownership, director tenure, directors' experience, committee existence, committee independence, CEO involvement on board committees, board and committee Meetings, directors' educational and industrial background. Within the above variables, board size, board independence and CEO duality receives the most attention from New Zealand investors and regulators. Tendencies of movements regarding these characteristics appear to collaborate with public expectations. Board size has decreased while independence has increased throughout the periods examined. CEO duality phenomenon sharply reduced during the periods after 2003 legislative reform. Committee independence has also grown according to the public recognition, especially for audit committees. CEO involvements on board committees are less than before. Boards within New Zealand listed firms desire more diversification of both gender and backgrounds of directors. These findings fill the gap of the evolution of corporate boards’ characteristics of New Zealand listed firms over the past decade.

The first essay examines the impact of investor protection, market monitoring, and liquidity on the firm-level and country-level earnings management using a sample of 432 firms from 34 countries cross-listed in the U.S. The major findings are as follows: First, cross-listed firms from countries with strong legal system, strong outside investor rights, more institutional investors, and higher financial transparency are less likely to engage in earnings management. In addition, in countries with strong investor protection or market monitoring, the level of earnings management is more pronounced for illiquid firms as compared to liquid firms. Second, cross-listed firms following IFRS have lower propensity in earnings management than those following the U.S. GAAP. Third, the degree of earnings management for cross-listed firms is greater in the home country than in the U.S. market. Fourth, cross-listed firms have higher earnings management in the pre-listing period than in the post-listing period. Fifth, foreign firms listed in U.S. major markets have lower propensity to engage in earnings management than those listed in the OTC market. The findings remain robust with the inclusion of industry fixed effects and GMM estimation. All findings are largely consistent with my hypotheses that better investor protection, greater market monitoring, and higher liquidity reduce the extent of earnings management. The second essay examines the relative contribution to price discovery process of EURO/USD currency futures traded on two major exchanges: Chicago Mercantile Exchange (CME) and Intercontinental Exchange (ICE), using the intraday data in 2010. The relative contribution to price discovery is estimated using the information share approach of Hasbrouck (1995). Empirical findings indicate that CME accounts for approximately 87% of price discovery in the EURO/USD market and its contribution is substantially larger in the morning than that in the afternoon. This study also examines the effect of trading characteristics, including volume, quoted bid-ask spread, and price volatility, on information share. CME’s price discovery leadership is attributed to its high trading activity, low transaction costs, and lower volatility. The results support the liquidity hypothesis that a market with greater liquidity contributes more to price discovery.

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The main aim of this research is to investigate if large multinational firms publicly listed in the European Union avoid more taxation than less international firms. Furthermore, the composition of the board of directors in terms of independence is considered as a potential moderating influence. I perform Pooled OLS regressions on a 2008-2016 sample of 5,118 firm-year observations, incorporating 669 firms from 21 countries. The results show a negative influence of the level of internationalization on tax avoidance, and this relation is found to be weakened by board independence.

In the finance literature determinants of Capital structure have been widely debated. Previous studies have mainly focused on microeconomic determinants in countries outside Sweden and research on the Swedish market has been sparse. This study aims to analyze how microeconomic determinants such as profitability, firm size and tangible assets affect the capital structure and further how the determinants from the Swedish macroenvironment like inflation, tax rate and interest rate affect capital structure. The study considers previous theories on capital structures relevance and evaluates the Swedish firms support for the Irrelevance Theory, Pecking order and the Trade-off theory. In other words, by evaluating how the determinants affect the capital structure we were able to see connections between theory and how Swedish firms determine their financing decision.  Based on a review of the literature and theories, the determinants, the quantitative approach,  and collection method was decided. The data was collected over a 10-year period between  2010 - 2019 and amounted to 1116 firms and 44 632 observations. A multiple regression  method was performed where the dependent variable the debt ratio was split into short-term,  long-term, and total debt to get a better understanding of the results.  Analysis of the results demonstrated that Swedish firms' total debt ratio had a significant negative relation towards profitability. This indicates that Swedish firms choose to finance their operation with internal funds rather than with debt which supports the Pecking order Theory. However, the determinant growth show significant negative relationship to the  debt ratio which is in support for the Trade-off theory. The results imply Swedish firms conflicting support for theories on capital structure. Our results from a change in the  Swedish macroenvironment show that inflation causes firms long-term debt ratio to  decrease, which potentially demonstrates the fear of higher interest rates as inflation hits  and an unwillingness to finance with debt when the cost of financial distress increases.   Considering previous studies has shown contrasting results on the determinants effect on capital structure. We consider our findings to be in line with overall expectations and believe we add further knowledge which can be applied to the Swedish business environment.

Introduction - Sustainability reporting is becoming more and more important for businesses all around the world. Extant empirical literature investigating the relationship between family status and sustainability reporting provides inconclusive results. No previous studies investigated this association in the Swedish setting. Purpose - The purpose of this study is to investigate how family control and influence affects sustainability reporting behavior of Swedish listed firms. Theoretical framework – Sustainability disclosures are considered as effective means for companies to communicate with their stakeholders. Family firms are more concerned about their internal and external stakeholders in order to protect family’s socioemotional endowments. Methodology design – We use panel data on Swedish listed firms over the period of 2008-2015. We analyze data with random-effects ordered probit regression for panel data. Empirical findings - When we treat all family firms as homogenous, there are no statistically significant differences in the levels of reports of family and non-family firms. However, when we take into account internal contexts of family firms, we find that a family member(s) in top management or a family CEO make family firms more transparent about their sustainability performance. Conclusion – We document that presence of a family top manager(s) or of a family CEO is associated with higher level of details of sustainability reports. Family top managers are more likely to be concerned about internal and external stakeholders to preserve the family’s SEW.

A dupla listagem é uma estratégia que supostamente pode minimizar os efeitos de uma crise financeira internacional sobre as empresas. Este estudo buscou analisar se esta suposição é válida para companhias brasileiras, no contexto da crise de 2008. O problema de pesquisa que direcionou este estudo foi: A dupla listagem internacional fez com que os impactos da crise financeira de 2008 sobre determinados indicadores das empresas fossem compatíveis com os previstos na literatura e fossem diferentes daqueles sofridos pelas empresas domésticas? O objetivo foi analisar se a dupla listagem pode minimizar os efeitos gerados pela crise financeira de 2008 sobre determinados indicadores associados às empresas listadas. Os efeitos da crise de 2008 foram também comparados com os sofridos pelos papéis de empresas domésticas, sem dupla listagem. Os indicadores analisados foram: liquidez, volume, risco, retorno, custo de capital, alavancagem financeira, valor da empresa e concorrência. O teste de hipóteses foi utilizado para verificar se houve impacto significativo nas variáveis das empresas antes e após a crise financeira. Foram utilizadas para a amostra 37 empresas duplamente listadas (EDL) e 37 empresas domésticas (ED). Os resultados obtidos com o estudo sugerem que, durante uma crise financeira internacional, a maioria dos indicadores das EDL apresenta diferença significativa quando comparados os períodos pré e pós-crise. Os resultados das empresas domésticas foram semelhantes. Estes resultados estão em consonância com os apresentados nos estudos de Bailey, Chan e Chung (2000), Huang e Stoll (2001), Bin, Blenman e Chen (2004), mas contradizem os resultados de Huang e Stoll (2001). Em relação às diferenças entre os dois grupos de empresas Chandar, Patro e Yezegel (2009) afirmam que empresas com dupla listagem ficaram mais protegidas no período da crise; porém, Chira e Marciniak (2014) comprovaram que por serem duplamente listadas as empresas ficaram mais expostas durante as crises financeiras. As duas conclusões principais do estudo são que a crise afetou de forma semelhante os dois grupos de empresas e que, portanto, a dupla listagem não minimizou seus efeitos / The cross-listing is a strategy that supposedly can minimize the effects of an international financial crisis on businesses. This study sought to analyze if this supposition is valid for Brazilian companies, in the context of the crisis of 2008. The research problem that directed this study was: The international cross-listing has meant that the impact of the financial crisis of 2008 on certain indicators of the companies were compatible with the expected in the literature and were different from those experienced by domestic firms? The objective was to analyze if the cross-listing can minimize the effects generated by the 2008 financial crisis on certain indicators associated with listed companies. The effects of the 2008 crisis were also compared with those suffered by the papers of domestic companies, without cross-listing. The indicators analyzed were: liquidity, scale, risk and return, cost of capital, financial leverage, firm\'s value and competitors. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. They were used for the sample 37 cross-listed firms (CLF) and 37 domestic firms (DF). The results of the study suggest that, during an international financial crisis, most of the indicators of the CLF presents significant difference when compared to the periods before and after the crisis. The results of domestic companies were similar. These results are consistent with those presented in studies by Bailey, Chan and Chung (2000), Huang and Stoll (2001), Bin, Blenman and Chen (2004), but contradict the results by Huang and Stoll (2001). Regarding the differences between the two groups of companies Chandar, Patro and Yezegel (2009) state that companies with cross-listing were more protected in times of crisis; however, Chira and Marciniak (2014) confirmed that cross-listed companies were more exposed during the financial crisis. The two principal conclusions of the study are that the crisis affected in a similar manner both groups of companies and, therefore, the cross-listing did not minimize their effects

A dupla listagem é uma estratégia que supostamente pode minimizar os efeitos de uma crise financeira internacional sobre as empresas. Este estudo buscou analisar se esta suposição é válida para companhias brasileiras, no contexto da crise de 2008. O problema de pesquisa que direcionou este estudo foi: A dupla listagem internacional fez com que os impactos da crise financeira de 2008 sobre determinados indicadores das empresas fossem compatíveis com os previstos na literatura e fossem diferentes daqueles sofridos pelas empresas domésticas? O objetivo foi analisar se a dupla listagem pode minimizar os efeitos gerados pela crise financeira de 2008 sobre determinados indicadores associados às empresas listadas. Os efeitos da crise de 2008 foram também comparados com os sofridos pelos papéis de empresas domésticas, sem dupla listagem. Os indicadores analisados foram: liquidez, volume, risco, retorno, custo de capital, alavancagem financeira, valor da empresa e concorrência. O teste de hipóteses foi utilizado para verificar se houve impacto significativo nas variáveis das empresas antes e após a crise financeira. Foram utilizadas para a amostra 37 empresas duplamente listadas (EDL) e 37 empresas domésticas (ED). Os resultados obtidos com o estudo sugerem que, durante uma crise financeira internacional, a maioria dos indicadores das EDL apresenta diferença significativa quando comparados os períodos pré e pós-crise. Os resultados das empresas domésticas foram semelhantes. Estes resultados estão em consonância com os apresentados nos estudos de Bailey, Chan e Chung (2000), Huang e Stoll (2001), Bin, Blenman e Chen (2004), mas contradizem os resultados de Huang e Stoll (2001). Em relação às diferenças entre os dois grupos de empresas Chandar, Patro e Yezegel (2009) afirmam que empresas com dupla listagem ficaram mais protegidas no período da crise; porém, Chira e Marciniak (2014) comprovaram que por serem duplamente listadas as empresas ficaram mais expostas durante as crises financeiras. As duas conclusões principais do estudo são que a crise afetou de forma semelhante os dois grupos de empresas e que, portanto, a dupla listagem não minimizou seus efeitos / The cross-listing is a strategy that supposedly can minimize the effects of an international financial crisis on businesses. This study sought to analyze if this supposition is valid for Brazilian companies, in the context of the crisis of 2008. The research problem that directed this study was: The international cross-listing has meant that the impact of the financial crisis of 2008 on certain indicators of the companies were compatible with the expected in the literature and were different from those experienced by domestic firms? The objective was to analyze if the cross-listing can minimize the effects generated by the 2008 financial crisis on certain indicators associated with listed companies. The effects of the 2008 crisis were also compared with those suffered by the papers of domestic companies, without cross-listing. The indicators analyzed were: liquidity, scale, risk and return, cost of capital, financial leverage, firm\'s value and competitors. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. They were used for the sample 37 cross-listed firms (CLF) and 37 domestic firms (DF). The results of the study suggest that, during an international financial crisis, most of the indicators of the CLF presents significant difference when compared to the periods before and after the crisis. The results of domestic companies were similar. These results are consistent with those presented in studies by Bailey, Chan and Chung (2000), Huang and Stoll (2001), Bin, Blenman and Chen (2004), but contradict the results by Huang and Stoll (2001). Regarding the differences between the two groups of companies Chandar, Patro and Yezegel (2009) state that companies with cross-listing were more protected in times of crisis; however, Chira and Marciniak (2014) confirmed that cross-listed companies were more exposed during the financial crisis. The two principal conclusions of the study are that the crisis affected in a similar manner both groups of companies and, therefore, the cross-listing did not minimize their effects

本論文主要目地是在研究財務比率對上市公司發生下市事件之預測。我們運用歷史事件研究法和Cox迴歸模型去研究上市公司發生下市事件之原因。同時，我們也針對Cox迴歸模型和Logit模型在發現對下市事件有顯著影響的財務比率作比較。 / This study applies the event history analysis and the Cox regression model to examine the causes of firm delisting, and also compares the performance of the Cox regression model with that of the logit model in detecting factors that have a statistically significant impact on the delisting event. The empirical results show that the hazard rate of firm delisting increases with the ratio of current liabilities to current assets, a binary variable indicating if the total liabilities of a firm is greater than its total assets, and a binary variable indicating if the net income of a firm was negative for the last two quarters, while the hazard rate of firm delisting decreases with increases in the firm size and the ratio of funds provided by operations to total liabilities.

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.