Esta dissertação estuda os mecanismos disponibilizados pelo artigo 264 da Lei das Sociedades Anônimas para proteção adicional dos interesses e dos direitos dos acionistas minoritários na incorporação de companhia controlada. Para tanto, são abordados os dispositivos legais, os posicionamentos doutrinários e as interpretações da jurisprudência administrativa e judicial sobre o assunto no Brasil. O primeiro capítulo do estudo analisa o conceito e a natureza jurídica da incorporação, a substituição de ações e de direitos dos acionistas na operação, o procedimento de incorporação, e a relação de controle existente entre as companhias incorporadora e incorporada. O segundo capítulo analisa a evolução histórica das disposições do artigo 264, partindo do Projeto de Lei que lhe deu origem até o texto do dispositivo atualmente vigente. O terceiro capítulo analisa a proteção adicional oferecida ao acionista minoritário pelo caput do artigo 264, atrelada à relação de substituição de ações adotada na operação. O quarto capítulo analisa a proteção adicional conferida ao acionista minoritário pelo §3º do artigo 264, vinculada ao direito de recesso na operação. Ao final, a conclusão arremata as principais discussões identificadas ao longo do estudo. / This thesis studies the mechanisms provided by Article 264 of the Brazilian Corporations Law for additional protection of the interests and rights of minority shareholders in the merger of a subsidiary corporation into its parent corporation. To this end, we discuss the legal provisions, the legal literature and the interpretations of administrative and judicial case law on the subject in Brazil. The first chapter of the study analyzes the concept and the legal nature of a merger, the substitution of shares and rights of the shareholders in the transaction, the merger procedure, and the control relationship that exists between the parent corporation and its subsidiary. The second chapter analyzes the historical development of the provisions of Article 264, from the bill from which it originated to the text of the provision currently in force. The third chapter analyzes the additional protection granted to minority shareholders by the chapeau of Article 264, regarding the share exchange ratio adopted in the transaction. The fourth chapter analyzes the additional protection afforded to minority shareholders by paragraph 3 of Article 264, relating to the right to withdraw from the transaction. Finally, the conclusion finalizes the main discussions identified throughout the study.

Made available in DSpace on 2016-03-15T19:26:09Z (GMT). No. of bitstreams: 1 Camila Moraes Russo.pdf: 1029391 bytes, checksum: bd7297ae73cb5ce31da7bd34b8d846c7 (MD5) Previous issue date: 2014-02-14 / The results produced by M&A transactions are object of recurrent study by the available literature on the subject since de seventies which points the mode of payment as playing an crucial role on value-creation, value-conservation or value-destruction in the perspective of the bidder s company shareholders at the post-announcement context. Specially concentrated in the U.S. market, empirical research hitherto produced generally concludes that stockfinanced transactions are potentially value-destructive or, at best, produce returns significantly close to zero while cash-financed transactions are, in general, value-creative. This study intents to analyze the topic of the mode of payment in M&A transactions and identify if stockfinanced takeovers can produce positive abnormal returns or at least not destroy value for the shareholders of the acquiring companies. Using a sample of 1604 M&A transactions performed in 40 target countries between 2000 and 2012, the present study confirms that takeovers paid in stocks of the bidder company are neutral (therefore don t destroy neither create value) on the case of been celebrated out of USA, UK and Canada those markets that emerged on the global M&A scenario since the end of the nineties. / Os resultados produzidos por transações de M&A são objeto de recorrente estudo na literatura produzida sobre o assunto desde a década de 1970 a qual aponta o meio de pagamento como exercendo um papel preponderante na geração, conservação ou destruição de valor para os acionistas das empresas adquirentes no contexto pós-anúncio da transação. Especialmente concentrada no mercado norte americano, a pesquisa empírica até aqui desenvolvida em geral conclui que as transações pagas em ações são potencialmente destruidoras de valor ou, quando muito, produzem retornos significativamente próximos de zero ao passo que transações pagas em dinheiro são, salvo exceções, geradoras de valor. O presente estudo propõe-se a analisar o tema do meio de pagamento em transações de M&A e identificar se transações pagas em ações podem produzir retornos anormais positivos ou ao menos não destruir valor para os acionistas das empresas adquirentes. Sob uma amostra de 1604 transações celebradas em 40 países alvo entre 2000 e 2012, o presente estudo confirma que transações pagas em ações são neutras (portanto não destroem nem geram valor) no caso de serem celebradas em países alvo fora do eixo Estados Unidos, Reino Unido e Canadá justamente aqueles mercados que emergiram no cenário mundial de M&A a partir do final da década de 1990.

Este estudo busca aprofundar a análise dos mecanismos de proteção disponíveis no direito pátrio para a proteção dos interesses de acionistas não controladores e credores, inclusive aqueles titulares de debêntures, bônus de subscrição e partes beneficiárias, das sociedades envolvidas em uma operação de incorporação. Para tanto, são abordados os dispositivos legais, as interpretações jurisprudenciais e as posições doutrinárias no direito pátrio e no direito comparado. A primeira parte do trabalho apresenta o instituto da incorporação envolvendo sociedades anônimas e a sua importância no contexto econômico brasileiro. A segunda parte do trabalho expõe um panorama sobre os mecanismos utilizados para a proteção dos interesses dos acionistas não controladores, com relação a eventuais abusos por parte da administração ou da acionista controladora, nas operações de incorporação envolvendo sociedades anônimas. A terceira parte do trabalho aborda os mecanismos utilizados para a tutela dos credores nas operações de incorporação de sociedades anônimas, com relação aos arbítrios da administração e dos acionistas da companhia. / This paper aims to deepen the analysis of the mechanisms provided by Brazilian Law to protect non-controlling shareholders and creditors, including those who are holders of bonds, warrants and share certificates, of companies involved in a merger transaction. For this purpose, this work examines the legal provisions, case law understandings and doctrinal positions in Brazilian Law and Comparative Law. The first part of this paper presents the merger institute involving corporations and its importance in the current Brazilian economy. The second part of this paper provides an overview of the mechanisms used to protect the interests of non-controlling shareholders, with respect to possible abuses by the management or the controlling shareholder in mergers. The third part of this paper deals with the mechanisms used to protect creditors in the mergers of corporations against the whims of the companys management and shareholders.

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

The theme of this diploma thesis is " Contracting autonomy in construction of types of shares and its limits". Its aim was to analyse the domestic legal regulation and to clarify the limits in the construction of types of shares. To achieve this aim, the author tried to interpret the limits of the key provisions of the Business Corporation Act with the support of professional literature and comparisons with foreign legal systems, especially with the United Kingdom. The aim of the thesis was fulfilled. The key provisions were analysed, and the limits were set. The author of the thesis concluded that the current legislation would merit an amendment to achieve legal certainty and to eliminate the non-compliance of the practical and theoretical level. At the time of elaboration of this work, it was submitted an amendment to the Chamber of Deputies of the Parliament of the Czech Republic as a Parliamentary Press No. 207, which should solve most of the problems. The first chapter deals with the concept and definition of the share, in particular as a part of the share capital, as a set of shareholder rights and obligations of the shareholder and as a security. The second chapter reflects the historical genesis of the kinds of shares in the Czech Republic and deals with the different types of shares in the...

The Sarbanes-Oxley Act mandates public companies to establish internal control systems and assess their effectiveness. Quarterly reports by all companies and annual reports by companies with less than $75 million public float (non-accelerated filers) do not require auditor’s attestation while annual reports by companies with $75 million or more public float (accelerated filers) do require such auditor attestations. Quarterly reports should provide early warning of any impending material weakness (MW) to be disclosed in subsequent annual filings. This dissertation explores three types of “surprise” MW disclosures—positive, negative and no surprise—and consequences of such surprise disclosures. In part one, I document the frequency of surprise MW disclosures and internal control factors that are associated with each surprise type by filer status. Results show that 78 (77) percent of accelerated (non-accelerated) MW disclosures are negative surprise MW disclosures during 2004-2016. Entity level MWs are more associated with no-surprise rather than negative or positive surprise MW disclosures. In part two, I examine some consequences of surprise MW disclosures. The results show that companies with MW disclosures are more likely to dismiss their auditors and CFOs, and experience more shareholder voting against auditor ratification, compared to companies that issue clean reports. Auditor dismissal and CFO turnover are equally likely at negative and no-surprise MW disclosure companies. However, negative surprise accelerated filer companies’ shareholders are more likely to vote against auditor ratification than no-surprise accelerated filer companies. The third essay investigates the association between MW disclosures and audit fees. The results indicate that there is a significant positive association between audit fees and MW disclosures. Further, the results show that audit fees are higher at no-surprise companies than at negative surprise companies. The fourth essay focuses on audit report lag. The results indicate that MWs are associated with increased audit report lags, for both accelerated and non-accelerated filers. Further, surprise MW firms are more likely to experience increased audit report lag than no-surprise MW firms. Overall the results suggest that adverse internal control reports have consequences, and that the consequences vary between surprise and no-surprise MW firms. The results provide relevant empirical evidence to the ongoing debate on the necessity and efficacy of SOX Section 404 requirements.

研究顯示，家族企業之數量與經濟影響力在全球企業環境中迅速成長並占有一席之地，成為具競爭力的存在，本研究以我國2001至2008年的上市（櫃）公司為樣本，探討財務分析師針對家族與非家族企業在預測行為上之差異，本研究之迴歸模型以分析師預測誤差、追蹤意願及預測離散程度三種特性分析財務分析師的預測行為，研究顯示相較於非家族企業，分析師對家族企業之預測意願較低，追蹤數量明顯較少，在預測結果上，家族企業會使分析師的預測產生較大的誤差，且各分析師間預測結果的差異程度也較大，本研究藉此結果推論家族企業中控制股東與其他股東代理問題的存在，及家族成員擔任管理者或董事等重要職位導致董事會喪失監督職能，在資訊揭露的數量與品質上表現較差。 / Prior research shows that family firms have grown rapidly and played an important role in the global corporate environment. This study examines the relation between family firms and financial analysts’ earnings forecast behaviors in Taiwan from year 2001 to 2008. I use several analysts forecast attributes: forecasts error, number of analysts following, and forecast dispersion. The results indicate that family firms generally have less analysts following, greater analysts’ forecast errors and greater forecast dispersion. These findings support the argument that the existence of conflict between majority and minority shareholders and that family members serving as managers or members of the board may weaken the disclosure of the quantity and quality of firm-specific information.

<p>Syfte: Avsikten med studien är att undersöka relationen mellan CSR och corporate governance, från teori och praktik.  </p><p> </p><p>Metod: Med bakgrund av forskningsfrågorna tillämpas den induktiva vägen eftersom vi ser på praktiken, men tolkar teorin utifrån den teorietiska referensramen tillsammans med empirisk data från två företag som undersökningsobjekt, vilket även leder till abduktion. En kvalitativ datainsamling bestående av främst sekundär-, men även primärdata har även genomförts.</p><p> </p><p>Teori: Utgångspunkten ligger i teorierna CSR och corporate governance. För att öka förståelsen för dessa begrepp har teoriavsnittet utökats med angränsande teorier, som till exempel intressentteorin, legitimitetsteorin och triple bottom line.</p><p> </p><p>Empiri: I empirin presenteras Swedbanks och Sveaskogs perspektiv och arbetssätt med CSR tillsammans med en djupintervju med en respondent från Sveaskog, vilket visar på ett välutvecklat engagemang med CSR där etik och miljö är framstående områden.   </p><p> </p><p>Slutsatser: Vår studie visar att det föreligger samband mellan CSR och corporate governance, vilket kan tolkas ur flera olika perspektiv. En av dessa kopplingar återfinns i de två fenomens etiska ansvarstagande, när det gäller integritet i affärer och styrelsers implementering av etiska standards. Sambandet mellan CSR och den svenska koden ligger inte i Kodens riktlinjer, utan i dess syfte och mål.  Andra relationer återfinns i förtroendet och det är inom de båda ägarstrukturerna viktigt att visa upp ett starkt CSR-engagemang, eftersom detta bidrar till att skapa en positiv bild av företaget, stärka varumärket samt ge företaget legitimitet inför sina intressenter. Ett vidare intressentperspektiv är tydligt i statligt ägda bolag på grund av statens ägarpolicy, där CSR är en central del för ett föredömligt agerande. När det gäller börsnoterade bolag kan CSR istället användas som ett medel för att övertyga samhället och kapitalmarknaden om det tagna ansvaret för ökad tilltro. </p><p> </p> / <p>Purpose: The thesis aspires to explore the relationship between CSR and corporate governance from a theoretical towards an experiential approach.</p><p> </p><p>Methodology: With background of the research questions we applied the inductive approach when it comes to the experiential approach, but since we interpreters the theory on the basis of the theoretical perspectives along with two companies, we also used abduction. We have implemented a qualitative survey which is based on both reports and an interview.</p><p> </p><p>Theoretical perspectives: The theoretical perspectives uses CSR and corporate governance as a starting point and is complemented with other related theories such as the stakeholder theory, the legitimacy theory and triple bottom line. </p><p> </p><p>Empirical foundation: Swedbanks and Sveaskogs perspectives and approaches on their CSR-implementation are presented in the empirical foundation along with an interview with one respondent from Sveaskog. </p><p> </p><p>Conclusions: Our study shows that it exist connections between CSR and corporate governance, which can be interpreted from several different perspectives and a number of conclusions can be made. One of these relationships is found in the ethical responsibility, when concerning the integrity in business and implementation of ethical standards. Other relationships are found in the issue of trust and it is, within both ownership structures, important to present an involvement in CSR. This is because it provides stakeholders with a positive image of the company and its trademark, which leads to legitimacy.  A wider stakeholder perspective is found in State owned companies because of the State's ownership policy where CSR is a central part. When it comes to the listed companies CSR can instead be used as a means in order to convince the society and the capital market about the taken responsibility for increased trust. A final conclusion is that the connection between CSR and the Swedish Code of Corporate Governance can not found within its regulations, but rather in its purpose and aspiration.</p>

Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics – including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher
at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations. / <p>Diss. Stockholm : Handelshögskolan, 2012</p>

La tesi affronta il tema del diritto di controllo del socio di s.r.l., sviluppando, nel primo capitolo, l'analisi dell'evoluzione storico-normativa del diritto di controllo individuale. Dopo aver esposto le elaborazioni dottrinali che hanno esaminato la diversa estensione quali-quantitativa del diritto in questione nelle sue diverse manifestazioni, dall'art. 2261 c.c. fino all'art. 2422 c.c., si rintraccia nella posizione del socio amministrato rispetto alla vocazione ad amministrare l'elemento capace di determinare la misura e il contenuto del controllo nei differenti tipi sociali. Il rapporto tra l'ampiezza del diritto di controllo e la qualità di socio amministrato nelle differenti tipologie societarie può essere letto in termini di proporzionalità diretta: il diritto di controllo, infatti, è tanto più ampio quanto maggiore è lo spazio riservato, seppur in potenza, al socio nel governo della società. L'estensione massima del diritto in esame, in attesa di una riforma della disciplina delle società di persone, è raggiunta nell'art. 2476, secondo comma, c.c. e la ratio di una tale ampiezza del diritto di controllo si rinviene nella volontà del legislatore di livellare la posizione del socio amministrato di s.r.l. su quella del socio amministratore, almeno sotto il profilo dell'accesso all'informazione. Oggetto del secondo capitolo è l'estensione contenutistica del controllo, l'indagine del rapporto tra controllo e informazione e l'analisi dell'attività di controllo in termini di processo che si articola in più fasi. Ciò chiarito si aprono una serie di problemi che riguardano principalmente quanta e quale informazione dare o permettere di acquisire ed entro quali limiti. A tal proposito l'analisi giunge alla conclusione secondo cui il diritto in questione non incontra nessun limite salvo quello, seppur non espresso, della buona fede. Nel terzo capitolo si leggono le riflessioni in merito ai soggetti coinvolti nello scambio informativo disciplinato dall'art. 2476, secondo comma, c.c. e i possibili risvolti patologici del rapporto tra il singolo socio non amministratore e gli amministratori, individuati nel loro insieme (salvo il caso di amministratore unico), in qualità di soggetti tenuti a fornire le informazioni richieste e a consentire la consultazione. L'analisi si conclude, nel quarto capitolo, con una serie di argomentazioni sul tema del rapporto tra l'autonomia statutaria e il diritto di controllo. L'inderogabilità del diritto in questione è affermata sulla base di argomentazioni tratte dall'intera disciplina della s.r.l., dal rinnovato ruolo che l'informazione assume nel tipo sociale in esame come valore fondante che contribuisce a delineare il nuovo ruolo del socio che non partecipa all'amministrazione, nonché dall'individuazione di alcune norme in cui l'informazione è sottintesa o espressamente richiesta. / The object of the study is the shareholder's right of control in the Italian limited liability company ( s.r.l. ). In the first chapter this right is analysed focusing on the historical development of relevant laws. The element capable of determining the extent and the content of the control in the different types of company has to be individuated in the position of the managed shareholder compared to the vocation to manage the company. The relationship between the extent of the right of control and the quality of managed shareholder in the different types of company can be read in term of direct proportionality: the right of control, in fact, is as wider as the space potentially reserved to the shareholder in the management of the company is greater. Maximum extent of the mentioned right, pending a reform of the partnerships, is reached in art. 2476, second subparagraph, Italian civil code ( c.c. ). The legislator would to level the position of the managed shareholder of s.r.l. to that one of the managing shareholder, at least regarding the right to access information. The second chapter deals with the extent of the content of control, the survey of the relationship between control and information and the analysis of control activity in term of process articulating in more stages. This clarification opens a series of issues which concern mainly how much and what information the directors must give or permit to acquire and within what limits. In this respect the analysis concludes that the right in object has not any limits except that one, although not expressed, of good faith. In third chapter we read the comments with regard to subjects involved in the exchange of information governed by art. 2476, second subparagraph, c.c., and the possible pathological aspects of the relationship between each non managing shareholder and directors, identified as a whole (except in the case of sole director), and in quality of persons liable to provide the information required and to allow consultations. The analysis concludes, in the last chapter, with a series of arguments about the relationship between the right granted to the shareholder in determining the Bylaw and the right of control. The unavoidability of the right in object is established on the basis of arguments drawn from the whole discipline of s.r.l., from the renewed role that the information takes within s.r.l. as founding value that contributes to outline the new role of the shareholder who is not director, as well as from identification of certain rules where information is implied or expressly requested.