O presente trabalho tem por objetivo analisar a relação entre aspectos de governança corporativa e restrição financeira nas decisões de investimento de 500 firmas brasileiras de capital aberto no período de 1997 a 2007. Embora exista uma extensa literatura a respeito da decisão de investimento na presença da restrição financeira, estudos que relacionam este tema com aspectos de governança corporativa são ainda pouco explorados e inexistentes na literatura brasileira. Para examinar como os mecanismos de governança corporativa influenciam no grau de restrição financeira das firmas, utilizou-se do modelo probabilístico logit para dados em painel, estimado por efeito aleatório O relacionamento dos mecanismos de governança corporativa com a decisão de investimento das firmas na presença de restrição financeira foi analisado por meio de uma versão modificada do modelo acelerador do investimento, considerando três agrupamentos: índice KZ, tamanho das firmas e pagamento de dividendos. Na estimação, utilizou-se o método dos momentos generalizados (GMM) para considerar o aspecto dinâmico e corrigir o problema da endogeneidade do modelo. A análise da amostra indicou uma alta incidência da propriedade concentrada das firmas brasileiras, principalmente entre as firmas com natureza familiar. Os resultados mostraram que firmas com qualquer natureza de propriedade e controle elevam a sua probabilidade de restrição financeira quando o maior acionista último é o acionista controlador da firma, muito embora, a natureza do acionista controlador impacte a taxa de investimento das firmas de maneiras distintas. Firmas com estrutura de propriedade piramidal elevam sua probabilidade de restrição financeira. Este resultado combinado com a estimação do modelo de investimento evidencia que apenas pertencer a uma estrutura de propriedade piramidal não é suficiente para que haja transferência de recursos que aumentem os investimentos das firmas. O impacto da inserção da firma a um dos níveis diferenciados de governança corporativa da BM&FBOVESPA ou ao Novo Mercado sobre a taxa de investimento está relacionado com a situação financeira da firma. O aumento nos direitos de fluxo de caixa dos maiores acionistas últimos contribui para reduzir a sensibilidade do investimento ao fluxo de caixa, sendo que, o mesmo não foi observado para o aumento nos seus direitos de voto. / This study aims to investigate the relationship between aspects of corporate governance and financial constraints on investment decisions of 500 Brazilian public traded firms over the period of 1997-2007. Although studies of financial constraints and investment decisions are extensive in literature, its relationship with aspects of governance is little explored and inexistent for Brazilian economy. To examine how aspects of corporate governance influences the likelihood of firm\'s financial constraints, it was used the logit probabilistic model to panel data estimated by random effect. The relationship between corporate governance mechanisms and investment decisions on firm\'s financial constraints was analyzed by a modified version of accelerator investment model, considering three groups: KZ index, firm\'s size and dividends payout. In the estimation, it was used the generalized moments method (GMM) to consider the dynamic aspect and to correct the endogeneity problem in the model. The sample analysis indicated a high incidence of concentrated ownership among Brazilian firms, mainly in family firms. The results showed that firms with any type of ownership and control raises their likelihood of financial constraint when the largest ultimate shareholder is the controller of the firm, although the nature of the controlling shareholder impacts investment rate of firms in different ways. Pyramidal ownership firms also raise the likelihood of financial constraint. This result combined to results of investment model evidences that only belong to pyramidal ownership structure is not sufficient to have transfer of resources that raises the firm\'s investment rate. The impact of the association of firm\'s to BM&FBOVESPA differential levels of corporate governance or to Novo Mercado on investment rate is related to financial status of the firm. The increase in cash flow rights of the largest ultimate shareholder contributes to reduce investment-cash flow sensitivity, however, the same was not observed to the increase in voting rights.

Cette thèse constituée de trois essais s’intéresse aux déterminants de la maturité de la dette des sociétés. Le premier essai examine le lien entre la structure de l’actionnariat et la maturité de la dette à partir d’un échantillon de sociétés françaises. Nos résultats montrent que le contrôle par la dette à court terme peut, dans une certaine mesure, se substituer aux mécanismes traditionnels de gouvernance tels que la structure de l’actionnariat. Le second essai étudie la relation entre la qualité de l’information financière et la maturité de la dette à partir d’un échantillon de sociétés européennes. Nous étudions particulièrement l’effet de la gestion des résultats sur la maturité de la dette. Nous montrons alors que la gestion des résultats a un effet négatif sur la dette à long terme dans la structure de dette des firmes. En outre, nous observons que le lien négatif entre la gestion des résultats et la dette à long terme ne tient que dans les pays de droit civil. Enfin, le troisième essai analyse dans le contexte français du co-commissariat aux comptes, si la présence d’auditeurs réputés dans le collège de commissaires aux comptes est associée à la maturité de la dette. Il ressort de cette étude que la présence des auditeurs du Big 4 est associée positivement à la dette à long terme. / This thesis consists of three essays aims to examine the determinants of corporate debt maturity. The first essay examines the link between ownership structure and debt maturity using a sample of French companies. Our results show that the monitoring by short-term debt can, to a certain extent, to be a substitute for traditional governance mechanisms such as ownership structure. The second essay examines the relation between financial reporting quality and debt maturity using a sample of European companies. We study specifically the effect of earnings management on debt maturity. We find that firms with high earnings management activities are associated with less long-term debt. In additional analysis, we observe that the negative link between earnings management and long-term debt holds only in code law countries. Finally, the third essay analyzes in the French context of joint audit, whether the presence of reputable auditors is associated with debt maturity. The study shows that appointing Big 4 auditors is positively associated with long term debt.

This study investigates whether a relationship exists between fraudulent financial reporting and a variety of corporate governance attributes. Numerous high profile accounting scandals perpetuated over recent years have brought prominence to the corporate governance structure employed by US public companies. Many of these scandals involved manipulation of the financial reporting process by high level managers. It is therefore thought that a lack of effective oversight provided by the governing bodies engaged to monitor the actions of management may be at the heart of the problem. A review of prior research is used to identify the attributes of corporate governance relevant for inclusion in this study and to provide support for the posing of twenty directional hypotheses. The selected corporate governance attributes are classified into four broad categories depicting Audit Committee Functionality, Board of Director Composition, Ownership Structure, and External Auditor Factors. A matched pair research design is utilised to determine whether significant differences exist between the corporate governance attributes employed by fraud and non-fraud companies. A sample of 76 fraud companies, identified through an examination of Accounting and Auditing Enforcement Releases issued by the Securities Exchange Commission and drawn from a total of 223 companies examined, are tested along with an industry-size matched sample of non-fraud companies. The results of univariate paired t-tests and a conditional logistic regression equation find that statistically significant relationships do exist between a number of corporate governance attributes and fraudulent financial reporting. Specifically, the study finds that the percentage of independent directors on a company's board, the existence of a nominating committee, and the engaging of a Big6 auditor are negatively related to the incidence of fraud. Whereas, the average number of directorships held by audit committee members, the duality of the CEO and Chairman of the Board positions, and the percentage of company ownership held by outside blockholders are positively related to the incidence of fraudulent financial reporting.

XBRL是以延伸性標記語言（eXtensible Markup Language, XML）為基礎，針對商業報告所發展之新標記語言。XBRL主要應用於財務資訊、報表與資料分析等領域，促進企業財務報導在資訊傳遞和分析比較上的及時性與易取得性，以提升其資訊透明度，並減少企業之資訊提供成本，以及資訊需求者之使用成本，並藉由國際標準之訂定，建構全球企業資訊供應鏈。 本研究探討我國上市(櫃)公司提早採用XBRL格式申報財務報告之決策是否會受到股權結構與公司特性等因素所影響。實證分析結果顯示，就股權結構變數而言，機構投資人持股比率與提早採用XBRL格式間呈現顯著正相關，顯示機構投資人持股比率高，會提高企業提早採用XBRL格式申報財務報告之可能性；但股權分散度對於企業是否提早採用之決策並不存在關聯性。 就公司特性變數而言，公司規模、市場別及是否發生虧損與提早採用XBRL格式間皆呈現顯著負向關係，表示公司資產規模小、上櫃公司，以及未發生虧損的企業，較可能提早採用XBRL格式申報財務報告。換言之，資產規模大、上市公司或發生虧損之公司均不傾向於提早採用XBRL格式申報財務報告。至於是否屬於高代理成本公司及是否須編製合併報表則與提早採用XBRL格式申報財務報告之決策，無顯著影響。 / XBRL (eXtensible Business Reporting Language) is a business reporting language based on the eXtensible Markup Language. One of the key attributes of XBRL is an explicit semantic and machine-readable format for varieties of information found in business reporting in general and in financial statements in particular. It is suggested that the use of XBRL helps reduce the costs associated with obtaining and analyzing information from businesses by addressing and eliminating incompatible reporting formats. The benefits also include the enhancement of information transparency and a more effective and efficient information value chain. Using a sample of companies listed in Taiwan Securities Exchange (TWSE) and Gretai Securities Market (GSM), this study investigates the determinants of an early adoption of XBRL in filing annual financial reports from aspects of ownership structure and firm characteristics. With respect to the ownership structure variables, the empirical results show that the higher percentage of shareholding by the institutional investor, the greater the probability for firms to adopt XBRL earlier. However, the study cannot find the evidence that the degree of diversification of ownership is significantly related to the early adoption of XBRL in filing annual reports. With respect to variables of firm characteristics, the research findings indicate that small companies, companies listed in GSM, and profitable companies tend to adopt XBRL for financial reporting earlier. The study cannot find significant association between variables proxied for agency costs and firm complexity and the early adoption of XBRL.

<p>Syftet med denna studie är att jämföra hur förekomsten av resultatmanipulering ser ut i företag med olika ägarstrukturer noterade på de svenska börslistorna under åren 2005-2008. Vi har valt att definiera tre grupper av företag: familjeägda företag, företag ägda av investmentbolag och övriga företag. För att identifiera skillnader i resultatmanipulering väljer vi att jämföra medelvärden på godtyckliga periodiseringar hos de olika företagsgrupperna genom ett oberoende t-test, sedan utförs regressioner för att försöka förklara potentiella skillnader. Studiens resultat visar i likhet med tidigare forskning att förekomsten av resultatmanipulering är lägre i familjeföretag i jämförelse med övriga företag. Vårt resultat tyder även på att det inte existerar någon signifikant skillnad mellan företag ägda av investmentbolag och övriga företag vad gäller förekomsten av resultatmanipulering.</p>

Syftet med denna studie är att jämföra hur förekomsten av resultatmanipulering ser ut i företag med olika ägarstrukturer noterade på de svenska börslistorna under åren 2005-2008. Vi har valt att definiera tre grupper av företag: familjeägda företag, företag ägda av investmentbolag och övriga företag. För att identifiera skillnader i resultatmanipulering väljer vi att jämföra medelvärden på godtyckliga periodiseringar hos de olika företagsgrupperna genom ett oberoende t-test, sedan utförs regressioner för att försöka förklara potentiella skillnader. Studiens resultat visar i likhet med tidigare forskning att förekomsten av resultatmanipulering är lägre i familjeföretag i jämförelse med övriga företag. Vårt resultat tyder även på att det inte existerar någon signifikant skillnad mellan företag ägda av investmentbolag och övriga företag vad gäller förekomsten av resultatmanipulering.

Background: Theoretical, it’s been questioned why dividends exists in companies based upon the fact that there is a separation between ownership and control. According to the agency theoretical perception, dividends is used as a manner to unify the interest of this separation, which in turn lower the agency cost, and increase the efficiency of companies. Purpose: The aim of this master thesis is to scrutinize and analyse the association between Swedish firms’ owner structure and owner types and their inclination to dividend. Method: We attack the problem with a hypothetical-deductive research method by using the existence of a universal theory, the agency theory. From our theoretical framework we propose a set of hypotheses. Through these hypotheses we intend to empirical investigate the agency theoretical explanations regarding ownership and dividend policy in Swedish public firms. The empirical material has been gathered from annual reports, Börsguide and Ägarna och Makten. The data has then been statistical processed and analyzed which consecutively resulted in our conclusions. Conclusions: The findings from our study indicate that ownership affects companies dividend policy. The most striking findings in our study show that there is a significant positive relationship with owner concentration and dividends. Comparing to other studies in the field this is a rather controversy conclusion. According to Schooley and Barney (1994) and Farinha (2003) our results confirm the proposal that there is a U-shaped relationship between internal ownership and dividends. Suggestions for further research: Our suggestion for further research is to expand our study by investigate a time-serie of data and compare Swedish listed firms with firms in other European countries. Further suggestion is to proceed the identification of ownership as a mechanism for corporate governance. Based on the fact that the market context in Sweden has developed, it would be of great interest to investigate ownership affection on the procurement of raising capital. / Bakgrund: Det har länge förts en kraftfull debatt om ägarstrukturens påverkan på företag. Viss teori har ifrågasatt varför utdelningar överhuvudtaget förekommer i företag där kontrollen är skild från ägarna. Enligt det agentteoretiska perspektivet är utdelning en metod att föra samman företagsledningens och ägarnas intressen, vilket samtidigt ökar företagetseffektivitet. Syfte: Syftet med denna studie är att undersöka och analysera sambandet mellan svenska företags ägarstruktur samt ägartyper och företags utdelningsnivå. Vi vill således undersöka ägandets påverkan på företags utdelningsnivå. Metod: Vi använder oss av ett hypotetiskt-deduktivt angreppssätt genom att vi utgår ifrån befintlig universell teori i form av agentteori. Utifrån vår teoretiska referensram har vi utformat hypoteser för att på så sätt empiriskt undersöka de agentteoretiska förklaringarna angående ägande och utdelningspolicy i svenska företag. Det empiriska materialet har vi samlat in från årsredovisningar, Börsguide samt Ägarna och Makten. Informationen har sedan statistiskt bearbetats samt analyserats vilket har mynnat ut i våra slutsatser. Slutsatser: Den generella slutsats vi kan dra genom vår studie är att ägarstruktur och ägartyper har en viss inverkan på företags utdelningspolicy. De mest utmärkande slutsatserna vår studie har visat är för det första ett signifikant positivt samband mellan ägarkoncentration och utdelningar. Jämfört med andra studier på området är detta en motsägande slutsats. För det andra, i enlighet med Schooley och Barney (1994) och Farinha (2003) bekräftar våra resultat antagandet att det finns en U-formad relation mellan internt ägande och utdelningar. Förslag till fortsatt forskning: Vårt förslag till fortsatt forskning är att utöka denna studie genom att undersöka en längre tidsperiod samt att jämföra svenska företag med företag i andra europeiska länder. Ytterligare förslag till vidare forskning är att fortsätta identifiera ägandet som en mekanism för hur företag styrs. Då det har skett en utveckling i Sverige beträffande själva marknadskontexten så anser vi det vara av intresse att utreda hur kapitalanskaffningen går till i svenska börsbolag.

The purpose of the study is to analyze the problem of offer pricing and share issuing in the issuer with a dynamic model. The result shows: First, the correlation between discount and the prosperity of the market is not a linear function. Thus, ¡¥the IPO¡¦s timing¡¦ should be the key issue of issuing firm, which can reasonably explain the fluctuations in underpricing over time. Second, we also discover that the relationship between the ownership structure and the prosperity of the market is not a liner function as what Bolton and Thadden (1998) have claimed. Third, the firm with low quality prefers to release issuing shares in IPO when the market is booming. Fourth, the less the IPO discount in traditional industry, the more the share releasing. Finally, the more the phenomena of subscription, the more the investors subscribe blindly and generate an effect of the cascade. One of the contributions in this model comprises the views between the prosperity of the market and IPO discount in the literature to integrate a profound viewpoint by dividing the IPO discount into the offer pricing error and the market pricing error. Another finding is that the offer pricing error will decrease subject to the prosperity of the market. This is consistent with the viewpoint of Chemmanur (1993) that when the market is booming, the issuers can decrease the cost of adverse choice. As for the non-linear relation between the market pricing error and the prosperity of the market is coordinate with what Ma(1999) has claimed that IPO discount is influenced by the offer pricing and the market pricing. Besides, the non-linear relationship between ownership structure and the prosperity of market can reasonably account for the real situation. Besides, the benefit of controlling authority is better than the value of the cash flow of the released shares owing to the depression of the market, even the market is turning booming. Therefore, the issuers will minimize releasing share. However, the issuers will increasing released shares up to the market is keeping booming and the value of the cash flow of the released shares is better than the benefit of controlling authority. An auction model is established to analyze the choice of firms between fixed-price offerings and auctions. Chemmanur and Liu(2003) stated that obtaining the auction information is more advanced; however, the cost is high so that it can not catch enough investors to produce information which does not favor the discovery of the secondary market price. On the contrary, we proclaim that the information transmitting effect produced by auction will be helpful to the discovery of the secondary market price. Thus, a profitable company but suffers from high levels of information asymmetry prior to the IPO might expect the secondly market price to reflect its real value by auction. Moreover, the choice of underwriting mechanisms lies in the prosperity of the market, the reputation of the company and the degree of the releasing shares. The result of the empirical study is consistant with the expectation of our model.

<p>Background: Theoretical, it’s been questioned why dividends exists in companies based upon the fact that there is a separation between ownership and control. According to the agency theoretical perception, dividends is used as a manner to unify the interest of this separation, which in turn lower the agency cost, and increase the efficiency of companies.</p><p>Purpose: The aim of this master thesis is to scrutinize and analyse the association between Swedish firms’ owner structure and owner types and their inclination to dividend.</p><p>Method: We attack the problem with a hypothetical-deductive research method by using the existence of a universal theory, the agency theory. From our theoretical framework we propose a set of hypotheses. Through these hypotheses we intend to empirical investigate the agency theoretical explanations regarding ownership and dividend policy in Swedish public firms. The empirical material has been gathered from annual reports, Börsguide and Ägarna och Makten. The data has then been statistical processed and analyzed which consecutively resulted in our conclusions.</p><p>Conclusions: The findings from our study indicate that ownership affects companies dividend policy. The most striking findings in our study show that there is a significant positive relationship with owner concentration and dividends. Comparing to other studies in</p><p>the field this is a rather controversy conclusion. According to Schooley and Barney (1994) and Farinha (2003) our results confirm the proposal that there is a U-shaped relationship between internal ownership and dividends.</p><p>Suggestions for further research: Our suggestion for further research is to expand our study by investigate a time-serie of data and compare Swedish listed firms with firms in other European countries. Further suggestion is to proceed the identification of ownership as a</p><p>mechanism for corporate governance. Based on the fact that the market context in Sweden has developed, it would be of great interest to investigate ownership affection on the procurement of raising capital.</p> / <p>Bakgrund: Det har länge förts en kraftfull debatt om ägarstrukturens påverkan på företag. Viss teori har ifrågasatt varför utdelningar överhuvudtaget förekommer i företag där kontrollen är skild från ägarna. Enligt det agentteoretiska perspektivet är utdelning en metod</p><p>att föra samman företagsledningens och ägarnas intressen, vilket samtidigt ökar företagetseffektivitet.</p><p>Syfte: Syftet med denna studie är att undersöka och analysera sambandet mellan svenska företags ägarstruktur samt ägartyper och företags utdelningsnivå. Vi vill således undersöka ägandets påverkan på företags utdelningsnivå.</p><p>Metod: Vi använder oss av ett hypotetiskt-deduktivt angreppssätt genom att vi utgår ifrån befintlig universell teori i form av agentteori. Utifrån vår teoretiska referensram har vi utformat hypoteser för att på så sätt empiriskt undersöka de agentteoretiska förklaringarna angående ägande och utdelningspolicy i svenska företag. Det empiriska materialet har vi samlat in från årsredovisningar, Börsguide samt Ägarna och Makten. Informationen har</p><p>sedan statistiskt bearbetats samt analyserats vilket har mynnat ut i våra slutsatser.</p><p>Slutsatser: Den generella slutsats vi kan dra genom vår studie är att ägarstruktur och ägartyper har en viss inverkan på företags utdelningspolicy. De mest utmärkande slutsatserna vår studie har visat är för det första ett signifikant positivt samband mellan ägarkoncentration och utdelningar. Jämfört med andra studier på området är detta en motsägande slutsats. För det andra, i enlighet med Schooley och Barney (1994) och Farinha (2003) bekräftar våra</p><p>resultat antagandet att det finns en U-formad relation mellan internt ägande och utdelningar.</p><p>Förslag till fortsatt forskning: Vårt förslag till fortsatt forskning är att utöka denna studie genom att undersöka en längre tidsperiod samt att jämföra svenska företag med företag i andra europeiska länder. Ytterligare förslag till vidare forskning är att fortsätta identifiera ägandet som en mekanism för hur företag styrs. Då det har skett en utveckling i Sverige beträffande själva marknadskontexten så anser vi det vara av intresse att utreda hur kapitalanskaffningen går till i svenska börsbolag.</p>

本文研究的是公司的所有權結構對於合併關係的影響，衡量是否在雙方銀行持股結構差異較大時，雙方合併的綜效或風險會因此而增加。本研究的另一項重點，在於試圖對一些在股權結構上的傳統認知提出挑戰。我們往往認為政府持股比率越高時，企業整體的營運會趨於無效率化；而當法人或金融機構持股比率較高時，這些公司較能夠用公正的立場來監督董事會或是企業經營的成果；而家族持股比率部分，說法則正反不一。本部分研究與其他類似研究的最大不同點，是挑選了台灣近年蓬勃發展的銀行業，希望能在此高度受到管制的行業當中，找出證據證明或是反駁上述的刻板印象。 經過研究與分析之後我們發現，家族以及政府機關持股比率對銀行的發展存在不良影響，然而我們卻缺乏顯著證據證明金融機構持股比率將有利於銀行合併。最後，在本研究中代表部分文化差異的持股結構差異變數，對於銀行在合併前後的提列呆帳準備、稅前淨利以及營運成本有顯著的不良影響，符合本研究的基本假設。 / This paper is to examine the relationship between corporate ownership structure and mergers & acquisitions, and to comprehend whether the “Ownership Distance” will affect the synergy or the risk during corporate mergers & acquisitions. Moreover, we study the conventional wisdom of relationship between ownership structure and corporate governance. Traditionally, we are usually accepted the idea that government controlling companies will result in operating inefficiency, and institutional shareholders are more impartial auditors. First, our results in sample of Taiwan banking industry indicate that the family and government shareholders are harmful to corporate governance, and the result of financial institutional shareholders is uncertain. Second, we find evidence that the “Ownership Distance” which roughly describes culture distance between merger companies will have a negative impact on several income statement components such as “provisions”, “earning before tax”, and “overhead cost”. The result is cohered with our hypothesis.