Shareholder Registers provide vital information about ownership structures in corporations and are of interest for a diverse set of stakeholders such as the Swedish Companies Registration Office (and its international equivalences), stockholders, the SEC to name a few. Eventhough the information is public and the interest is high, transparency is limited. Blockchain technology offers a unique set of benefits that can help enhance transparency and security in shareholder registers. Therefore, this thesis aims to investigate how shareholder registers can benefit from blockchain technology by implementing a proof-of-concept and conducting a market analysis. The proof of concept consists of a small-scale implementation of a blockchain network with essential functionality meant to simulate a shareholder register. The market analysis was conducted through interviews with executives from several companies. There is good reason to believe blockchain technology has a future in shareholder registers. The decentralied nature of blockchain implies that it can be leveraged to provide security and transparency benefits that contemporary alternatives cannot. The Proof of concept proves that it can be done conceptually and the market analysis shows that there is demand for it that has not been filled by other alternatives. / Aktieböcker lagrar viktig information som berör aktiebolags ägarstrukturer och är av intresse för flertalet intressenter som Bolagsverket, aktieägare och Finansinspektionen för att nämna ett fåtal. Trots att aktieboken är en allmän handling och att intresset för den är så stort präglas aktieböcker av låg transparens. Blockkedjeteknik erbjuder en uppsättning unika egenskaper som kan bidra med ökad transparens och säkerhet för aktieägare. Detta kandidatarbete ämnar därför att undersöka hur blockkedjeteknik kan bidra till att göra aktieböcker bättre i detta avseende genom att genomföra ett koncepttest samt en marknadsanalys. Koncepttestet består av en småskalig implementation av ett blockkedjenätverk med grundläggande funktionalitet menat att simulera en aktiebok. Marknadsanalysen består av intervjuer genomförda med chefer från flera olika aktiebolag. Det finns goda skäl att tro på att blockkedjeteknik har en framtid inom aktieböcker. Blockkedjeteknikens decentraliserade natur medför möjligheter att förbättra säkerhet och transparens hos dagens aktieböcker. Arbetets koncepttest visar att det kan göras rent konceptuellt medan marknadsanalysen visar att det finns en efterfrågan som inte fyllts av andra alternativ.

Earnings management is widely implemented by managers, which may be the result of weak monitoring. This study is based on 140 companies to capture the effect of shareholder activism (proxied by shareholder proposals) on earnings management. This study adds to the literature by focusing on how the presence of foreign directors on the board moderates this relationship. This study investigatesthe influence of foreign directors by taking the proportion of foreign directors, as well as by measuring the regulation distance of their home countries to the U. S. The result from the empirical analyses implies that shareholder activism can lead to a lower level of earnings management due to improved monitoring. A higher proportion of foreign directors and a closer regulation distance of their home countries to the U. S do not help shareholder activists to reduce earnings management. Decreasing monitoring effectiveness leads to a higher level of earnings management.

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No description available.

The road to breakthrough innovation is complicated, lengthy, costly, and risky to shareholders. This research examines the literature for breakthrough innovation across several industries and disciplines to provide a holistic definition of breakthrough innovation for the biopharmaceutical industry in order to best explore the relationship between breakthrough innovation, knowledge sharing, strategic network alliances, and shareholder value. The study design uses multiple-case studies: a small pilot case study, a second in-depth case study, and a third case study that examines the challenges of breakthrough innovation from senior executives perceptive. Our findings provide three new insights of breakthrough innovation. First, we formulate a new model of breakthrough innovation utilizing strategic network alliances centered on small companies focused on the early phases of development, while larger firms leverage their global commercial infrastructures. Interwoven in the new strategic alliance network are venture capital firms, academia, and government. The second finding is that industry executives prefer the approach of knowledge sharing within a formal strategic network alliance due to the confidential framework of the relationship. The third finding is that incremental innovation is a necessary building block toward breakthrough innovation. The relationship of strategic network alliances and knowledge sharing to breakthrough innovation in the biopharmaceutical industry are critical. Finally, a review of breakthrough innovation factors having the most significant positive impact on maximizing shareholder value in the biopharmaceutical industry. / Business Administration/Strategic Management

No / This study contributes to the literature on shareholder value and financialization, which to date has produced few case studies at the individual firm level. We provide a grounded account of management control under financialization, focusing on the apparently dramatic turnaround in performance of one factory, located in the northeast of England (Midco). However, in contrast to some of the more prescriptive accounts of shareholder value implementation, we resist overly simplistic explanations that the turnaround was 'due to' EVA. Instead, we suggest that both the factory's prior experience of change, particularly TQM, plus the presence of economic insecurity facilitated the turnaround. We compare our findings with other relevant studies and suggest that EVA and financialized solutions do not constitute a panacea for struggling organizations. Specifically, a strategy prioritizing new product development may be incompatible with the type of practices introduced by Midco.

Background: Earnings management has been a popular topic of discussion for many decades, and researchers always look for underlying factors that can reduce the phenomenon. A common subject for this has been board independence, and the implications that independent directors have on earnings management. Additionally, researchers have argued that legal protection is a big part in how independent directors can exercise their monitoring, as well as the use of control-enhancing mechanisms (CEM). Purpose: To investigate the relationship between board independence and earnings management. This thesis will also examine if shareholder protection and CEMs respectively affect independent directors´ ability to reduce earnings management. Method: This thesis adopts a positivistic view with a deductive approach using a quantitative method where data was collected using databases, websites, and annual reports. Further, the data was analyzed using a Spearman correlation matrix and an OLS regression for each hypothesis. Findings: The findings show that there exists no relationship between board independence and earnings management. Furthermore, the thesis does not find support that shareholder protection has a moderating influence on the relationship, and thus has no effect on independent directors’ability to reduce earnings management. However, the thesis finds indications that firms who have the CEM of dual-class shares experience increase in earnings management as the share of independent directors increases.

摘要 一九九七年東亞金融風暴起因之一即為公司治理不佳，其影響所及至數年後仍餘波蕩漾，而根據2000年6月麥肯錫顧問公司所做的全球投資人意見調查發現，有高達80％的美國投資人願意多付18％的價格來買良好公司治理企業的股票；自2001年底以來，美國「恩隆」（Enron）與「世界通訊」（WorldCom）等弊案又陸續爆發，其中所暴露的公司治理問題，讓世人驚覺這已是全球企業刻不容緩的議題，並亟思未來如何防止類似事件之發生。 公司治理經緯萬端，但都與如何確保資金提供者的投資能夠獲得應有的報酬有關。據此，公司治理的重要議題之一即為如何使小股東的權益不受內部人（即大股東與管理者）的侵犯；尤其在當今大企業紛紛進行事業轉投資之際，大股東常身兼轉投資事業之經營者，如何確保外在投資人（小股東與債權人）應得的報酬，並兼顧其他利害關係人的利益，為公司治理中實際且有趣之課題。我國大股東往往基於營運效率、自身利益與控制權的考量，會做出許多便宜行事卻不利公司治理的行為，如轉投資事業與母公司之間的透明度不足、大股東交叉持股或持有間接股權、所有權與經營權不分、母公司與轉投資事業之間可能的利益衝突、乃至於大股東個人風格等，這些大股東在轉投資事業中的角色定位與公司治理間的相互關係是本論文論述之重點。同時，為了加強研究的深度與實證性，作者特別藉由個案公司的實際案例來驗證文獻上的觀點，結論所得與研究相符合，並更能增添對企業經營之變化多端與不易控制之親身體驗。 本文最後並討論世界銀行、OECD及我國所規範之公司治理架構，希望公司治理能實際有助於我國企業之轉投資行為。因為制度的設計與執行若能加強公司治理與監督管理者的行為，當能強化公司競爭力，此乃公司治理積極面的貢獻。 / Abstract One of the reasons for the East Asia 1997 financial crisis is because of the careless corporate governance. The impact of this financial crisis actually has had deep and board affection even afterward. According to one investigation by Mckinsey & Company in June 2000, there are about 80% of global investors who are willing to pay 18% extra money to buy those stocks belong to companies have better corporate governance. On the other hand, starting from the end of year 2001, the successive collapse of Enron, WorldCom, and other USA companies has exposed the serious and urgency about corporate governance. It makes people in worldwide enterprises realize how significant the corporate governance is and try to avoid similar events occurred. Although corporate governance has many aspects, it all related to how to secure the deserved return of the capital providers. Accordingly, one of the important topics of corporate governance is to protect the minority shareholder rights from being invaded by the insiders (controlling shareholders and top executives). This topic become even more important especially when controlling shareholders are also top executives of the equity-invested companies. Thus, how to secure the investors’ (minority shareholders and creditors) rights is an interesting and practical issue of corporate governance. Controlling shareholders in Taiwan are used to manage firms based on their own convenience such as the efficiency of operation, interest of themselves, and control rights, instead of considering corporate governance. This attitude, however, will easily result in some negative behaviors such as the lack of transparency between mother company and her equity investment, cross holding or private holding of controlling shareholders, indifferences between ownership and management, the potential interest impact between mother company and equity investment, and even the affection of firms’ performance by the characteristics of controlling shareholders. This thesis emphasize in the above correlation between corporate governance and equity investment. We also examine a real firm’s case to enhance its conviction. This thesis also discusses the corporate governance structure of World Bank, OECD, and Taiwan. It is the author’s hope that corporate governance can be practically useful for a firm’s performance as its aggressive contribution.

Zugl.: Münster (Westfalen), Universiẗat, Diss., 2009.

The new millennium is the time for entrepreneurship both nationally and internationally because the new millennium has many opportunities, afforded by technology and global communications, as it is filled with challenges and uncertainty. The South African government has identified the important role small- and medium-sized enterprises have to play in employment creation. The first step towards economic development is creating new businesses; the second step is ensuring sustainability through value creation. Value-based management can be defined as a management approach that maximises long-term shareholder value, which is incorporated in the business’ strategy and goals, through the identification and management of key value drivers, whereby all employees think and act like shareholders. To ensure value creation takes place, some form of control mechanism is required. Managerial decisions and actions to create shareholder value, therefore, are measured through a metric, and employee performance is linked to the value created. Value-based management is not a staff-driven exercise but focusses on better decision making at all levels. Value-based management metrics are based on the idea of comparing cash flows generated by a company against the cost of capital in generating these flows, and thereby measuring shareholder value. Understanding what drives value in a company is essential for creating shareholder value, as well as how these drivers affect one another. This will enable all stakeholders, from senior management right down to the shop floor, to make the right informed decision that will result in creating and increasing shareholder value. Entrepreneurship can be defined as a dynamic goal-oriented process whereby an individual combines creative thinking to identify marketplace needs and new opportunities with the ability to manage secure resources, and adapt to the environment to achieve desired results, while assuming some portion of risk for the venture. Entrepreneurship is about the exploitation of perceived opportunities by individuals, based solely on personal judgement and visions. These are either not seen by other individuals, or they are unable to bear the risks of acting upon them. Without effective and efficient management by objectives, and management of projects, a small business cannot function. The decision to invest in an entrepreneurial business can be viewed as a hard evidence-oriented, substance-based process and investors discount the figures in a business plan, as these figures are wildly optimistic as well as padded by entrepreneurs. A venture capitalist sometimes chooses to invest in a new venture, even if the discounted cash flow (DCF) analysis results shows that the net present value is a negative reason, being that the DCF approach does not take into account the flexibility obtained by active management. The environment faced by the venture-backed firm is highly uncertain, making overlooking this flexibility a particularly serious problem. Private equity is potentially one of the most expensive forms of capital financing. New and emerging firms are usually the issuers of private equity, as these firms cannot raise money in the public markets, or they are public firms going private that require massive amounts of private financing. Smaller unlisted companies regard the Johannesburg Securities Exchange’s Alternative Exchange (AltX) as a stepping-stone to bigger things, including graduating to the main bourse of the JSE. Capital structure is arguably at the core of modern corporate finance, and a simple capital structure as a form of competitive strategy, as fewer physical assets contribute to organisational flexibility, and as a result, small firm owners often weigh the benefits of expansion against the benefits of remaining small. Performance evaluation is an important tool in continuously improving performance in order to stay competitive. Performance evaluation and benchmarking positively forces any business to constantly improve and evolve. Benchmarking a firm’s financial results against its own peers or industry averages enables management to identify the relative strength and weaknesses of the firms and as a result, ensure better future planning. Data envelopment analysis (DEA) is a non-parametric linear programming technique that computes a comparative ratio of outputs or inputs for each unit, which is reported as the relative efficiency score. DEA assists in identifying areas in which a firm has strengths and weaknesses (relative to competition) and when improvements are needed (relative to peers). DEA can indicate the level of improvement required, and provides a consistent and reliable measure of managerial or operational efficiency. A two-stage DEA model was developed to benchmark performance in terms of value creation in the first stage, and in the second stage, share price performance. The study was designed to evaluate companies at operating level (day-to-day activity) as well as company level. In addition to the two-stage model, a single stage model was developed as a separate analysis in terms of output maximisation regarding share prices. As far as could be determined, it was the first time this type of research was done on South African companies listed on the AltX. Furthermore, the study is the first to apply a benchmarking technique to determine the relative efficiency of companies to convert resources into value-based performance measures and to convert the same measures into share-value. The majority of companies listed on the AltX are not efficient in reflecting company performance in share prices by means of value-based management principles. A very limited number of companies were able to be efficient simultaneously in creating value and reflecting the value created in the share price. Based on the efficiency frontier in terms of value creation, a very limited number of companies listed on the AltX are deemed efficient. The majority of the companies are not able to create value at the levels of the efficient companies. A small fraction of the companies listed on the AltX is deemed efficient based on the efficiency frontier for reflecting value creation in share prices. AltX companies’ share prices have the potential to increase significantly in value, if all companies were efficient in reflecting created value in share prices. Small and medium enterprises should give more attention to value-based management principles in the process to create shareholders’ wealth. In light of the evidence that the value creation process must start with educating the management of small and medium enterprises on the concepts and principles of value-based management, it would also be highly recommended that small and medium enterprises should make value-based management part of the business’ strategies and goals. Small and medium enterprises must identify and manage key value drivers. This process is not a generic process, as each business is unique in its own way. It is important for management to understand the key value drivers in order to get employees to understand them. The management of small and medium enterprises are warned against a short-term value maximisation focus at the expense of long-term shareholder value creation. Any reward and recognition system should not reward short-term benefits, but rather should focus on long-term, sustainable initiatives, that will create value in the long run to the benefit of all stakeholders involved. / PhD (Business Administration), North-West University, Potchefstroom Campus, 2015