Intresset för företags ekonomiska prestationer har sedan länge varit stort. På senare år har även intresset för företagens sociala och miljömässiga prestationer ökat. För att möta detta ökade intresse publicerar ett stort antal av världens företag hållbarhetsrapporter där det rapporteras om detta. Ett flertal organisationer har skapat riktlinjer för att standardisera dessa rapporter för att underlätta jämförelser mellan företag. Riktlinjerna upprättade av Global Reporting Initiative (GRI) är de mest frekvent använda. Det ökade intresset för sociala och miljömässiga prestationer har även fått EU att upprätta ett direktiv som kräver att alla större företag ska upprätta hållbarhetsrapporter i enlighet med GRI:s riktlinjer.På grund av den stora produktionen av hållbarhetsrapporter som även kan tänkas öka i och med EU:s direktiv är det av intresse att veta vilken nytta intressenter har av dessa rapporter. En av dessa intressenter är aktieägare. Tidigare studier har visat att information som är användbar för aktieägarnas investeringsbeslut kommer att påverka aktiekursen. Denna studie undersökte vilken nytta aktieägare har av hållbarhetsrapporter upprättade i enlighet medGRI:s riktlinjer. För att undersöka detta studerades sambandet mellan företagens hållbarhetsrapportering och aktiekursen genom regressionsanalyser och t-test.Resultatet av studien visar att de företag som upprättat hållbarhetsrapporter har en högre aktiekurs än de som inte upprättat hållbarhetsrapporter. Detta tyder alltså på att aktieägare använder hållbarhetsrapporter vid sina investeringsbeslut och att dessa rapporter därmed är av nytta för denna typ av intressenter. Omfattningen av hållbarhetsrapporten tycks däremot intepåverka aktiekursen positivt medan kvaliteten på hållbarhetsrapporten tycks ha en positiv påverkan på aktiekursen. / The economic performance of businesses has for a long time been of great interest. Lately the interest of businesses’ social and environmental performance have increased. To meet this increased interest a large amount of the world’s businesses publishes sustainability reports in which social and environmental performance is presented. Several organizations have createdguidelines to standardize these reports in order to make it easier to compare different business performance. The guidelines established by Global reporting initiative (GRI) is the most commonly used. The increased interest in the social and environmental performance has also led EU to draw up a directive that requires all of the large companies to create sustainability reports in accordance with GRI’s guidelines. This great production of sustainability reports raises the question of the usefulness of these reports. One of the stakeholders that uses business information is the shareholders. Several studies have shown that information that the shareholders finds useful will affect the share price. This study has examined shareholders’ usefulness of sustainability reports prepared in accordance with GRI’s guidelines. To examine this the relationship between the share price and the business sustainability reports has been investigated trough regression analysis and t-test.The results of the studies were that businesses which have published sustainability reports prepared in accordance with GRI’s guidelines in general have a higher share price than businesses that do not have published this reports. These results indicate that shareholders value the sustainability reports when investments are made. Therefore the sustainabilityreports seems to be useful to shareholders. The study also indicates that the shareholders do not value the quantity of the report but the quality.

Main goal of this dissertation is to analyze and evaluate current situation and the level of management and control of ČSAD JIHOTRANS company and to valorize the mutual relationship between administrative authority and executive management in this company. Dissertation is divided into two parts, first is theoretical part, in which will be explained issue of administration and management of company, with the help of literature and relevant legislations and practical part, where outcomes will be applied to selected company. To fulfill the goal of this dissertation was primarily used analysis of economic indicators of the company and interviews with chairman of the company board. In the end theoretical outcomes will be compared with real state, in which the company is and there will be given a solution of potential problems.

La présentation des exigences de profitabilité, de responsabilité sociale et de leur articulation dans les discours des dirigeants : le cas Carrefour. Notre recherche a pour objet d'analyser comment les dirigeants –au nom de leur entreprise- présentent et articulent, dans leurs discours, les deux exigences majeures du capitalisme d'aujourd'hui : celle de maximisation de la valeur pour l'actionnaire et celle de Responsabilité Sociale des Entreprises (RSE). La première, portée par les investisseurs institutionnels dans le cadre d'un « capitalisme financier », s'est constituée à l'adresse des entreprises cotées et de leurs dirigeants, et semble s'imposer au modèle français de gouvernement d'entreprise. La seconde, l'exigence de RSE -portée par les acteurs de la société civile- pousse les entreprises et leurs dirigeants à se préoccuper des dimensions sociales et environnementales de leur activité. Dans cette perspective, une étude empirique longitudinale a été menée sur les messages des Rapports Annuels et des Rapports de Développement Durable du Groupe Carrefour sur la période 1993-2007. Elle a permis d'observer une domination de plus en plus totale des critères du capitalisme financier sur les discours des dirigeants et de renforcer les thèses de la concomitance de l'émergence du discours de la maximisation de la valeur pour l'actionnaire et de la RSE et de la faible articulation des deux discours. / The presentation of requirements of profitability, social responsibility and their articulation in the CEO letters: Carrefour group case. Our research aims to analyze how leaders -in the name of their company- present and articulate, in their speeches, the two major requirements of today's capitalism: On the one hand, the requirement of maximizing shareholder value -driven by institutional investors through a "financial capitalism"- to public companies and their leaders seem to win the French model of corporate governance. On the other hand, the requirement for Corporate Social Responsibility (CSR) -originated by the actors of civil society- is forcing companies and their leaders to be concerned about social and environmental dimensions. In this perspective, an empirical study was conducted on the messages of the Annual and Sustainability Reports of Carrefour Group over the period 1993-2007. It was possible to observe a progressive domination of the criteria of financial capitalism in the speeches of CEOs and strengthen the arguments of the concomitance of the emergence of the discourse of maximizing shareholder value and CSR and the poor articulation of two discourses

Magister Legum - LLM / Directors of companies are the forerunners in overseeing and strategically managing a company.1 The Companies Act 71 of 2008 (the Companies Act) gives the board of directors the legislative obligation for a company to be managed by or under the direction of the board of directors.2 The board of directors have a central role in the decision making and operation of a company; this position also applies to the board of directors of State owned Companies (SOC). This dissertation explores methods to hold directors of SOCs personally liable for irregular, wasteful and fruitless expenditure Irregular expenditure is defined as expenditure that does not comply with the provisions of the Public Finance Management Act 1 of 1999 (PFMA), the State Tender Board Act 86 of 1968 or any legislation that provides for provincial government procedure.3 Fruitless and wasteful expenditure is defined as ‘expenditure which was made in vain and would have been avoided had reasonable care has been exercised’.This research aims to analyse legislative mechanisms put in place that hold directors of SOCs personally liable for irregular, reckless, wasteful and fruitless expenditure. Section 77(2)(b) and 218(2) of the Companies Act contains the legislative basis for the personal liability of directors of SOCs for irregular, wasteful and fruitless expenditure.

The theme of this diploma thesis is "Contracting autonomy in construction of types of shares and its limits". It aimed to analyse the domestic legal regulation. Its effort was to set limits in the construction of types of shares. This was achieved especially through grammatical, logical, systematical and teleological interpretation of legal regulation, with help of law doctrine, and on the smaller scale by comparisons with foreign legal systems. It succeeded in analysing key provisions and setting limits that cannot be crossed when constructing types of shares. The aim of the diploma thesis was therefore fulfilled. It is stated that certain disputes arising from different interpretations of the same provision will be eliminated by amendment of legal regulation of business corporations which will in consequence strengthen legal certainty of participants of these legal relationships. The first chapter deals with concept and definition of share, as a part of registered capital of corporation, as a set of shareholder rights and obligations, and as a security. The second chapter handles the historical genesis of kinds of shares that could be constructed under the old legislation. Subsequently, it describes types of shares that are explicitly regulated by current legal regulation, namely ordinary shares,...

Cette thèse porte sur le périmètre de l’intervention publique dans l’économie en droit français et en droit tunisien. L’intervention de l’État dans l’économie vise à améliorer les conditions du développement des activités économiques sur un territoire donné. Saisir les mutations juridiques de l’action économique des personnes publiques requiert d’abord la description des moyens de l’intervention étatique tels qu’ils furent utilisés en période d’économie dirigée. Discrétionnaires, ils s’appuyaient sur la nationalisation, la planification, le contrôle des entreprises et la réglementation étatique des prix. Ensuite, il est montré comment la crise économique des années soixante-dix, l’union européenne, les institutions financières internationales, le poids croissant des collectivités locales ont détruit la légitimité du monopole d’action de l’État. Ce sont globalement les facteurs qui expliquent le déclin des prétentions de l’État à diriger l’économie et agir globalement sur le territoire national pour favoriser ledéveloppement économique. La nouvelle action économique participe plus largement à un nouveau type de régulation publique de l’économie.L’intervention de l’État dans l’économie questionne aussi sur la façon dont l'État peut ou doitil intervenir par le biais de sa Constitution, vis à vis des acteurs économiques, vis à vis du marché, vis à vis de l'État. Il s'agit de savoir en quoi ce principe a-t-il ou non un rôle un jouer dans l'économie de marché et dans l'interventionnisme étatique.À travers notre analyse, nous pouvons conclure que l'efficacité de l'État dans le développement économique résulte de son intervention pour améliorer l'efficacité organisationnelle du marché. C'est ainsi que l'économie française a réussi à minimiser la possibilité de l'aléa moral et desactivités de « rent-seeking » en orientant les ressources vers les secteurs plus productifs. EnTunisie, l'intervention de l'État qui ne se conformait pas aux règles de la mondialisation a été une cause importante de la révolution de 2011 par son action négative sur l'efficacité organisationnelle du marché. Il est impératif aujourd’hui d’introduire des réformes fondamentales au niveau de l’État et ses organisations, encourager l’initiative privée, assurer une restriction des anciennes institutions et de promouvoir la participation de tous citoyens à l’édification de la nouvelle Tunisie sans exclusive ni marginalisation. / This thesis focuses on the scope of public intervention in the economy under French law and Tunisian law. State intervention in the economy aims to improve the conditions for the development of economic activities in a given territory. To grasp the legal changes in the economic action of public persons first of all requires the description of the means of state intervention as they were used in a controlled economy. Discretionary, they relied on nationalization, planning, corporate control and state regulation of prices. Then, it is shown how the economic crisis of the seventies, the European Union, the international financial institutions,the increasing weight of the local authorities destroyed the legitimacy of the monopoly of action of the State. These are the factors that explain the decline of the state's claims to lead the economy and act globally on the national territory to promote economic development. The new economic action participates more widely in a new type of public regulation of the economy.State intervention in the economy also questions how the State can or should it intervene through its Constitution, vis-à-vis the economic actors, vis-à-vis the market, vis-à-vis the state. It is a matter of knowing in what way this principle does or does not have a role to play in the market economy and in state interventionism.Through our analysis, we can conclude that the effectiveness of the state in economic development results from its intervention to improve the organizational efficiency of the market. Thus, the French economy has managed to minimize the possibility of moral hazard and rent-seeking activities by channeling resources towards the more productive sectors. In Tunisia, state intervention that did not conform to the rules of globalization was an important cause of the 2011 revolution because of its negative effect on the organizational efficiency of the market. It is imperative today to introduce fundamental reforms at the level of the state and its organizations, to encourage private initiative, to ensure a restriction of the old institutions and to promote the participation of all citizens in the construction of the new Tunisia. Without exclusiveness or marginalization.

LLM / Department of Mercantile Law / For a considerable period of time the primary goal of corporations was seen as being to increase the wealth of the investors (shareholders). Priority was given to shareholders’ profit maximisation at the very expense of stakeholders` interests in corporate governance. Stakeholders` interests were seen to be falling outside the range of the needs and objectives of the corporate world. However, in contemporary times, schools of thought have emerged which proposed that the corporations should not solely focus on maximising profit for the benefit of shareholders but should consider the interests of stakeholders in the management of their affairs. This issue has attracted enormous debate and arguments have been brought forward to support the view that those in management positions should consider stakeholders` interests in the corporate governance. However, there is no unanimity among scholars on what should be the right approach. It is against this backdrop that the study therefore assesses how companies are practically run in order to determine whether the interests of stakeholders are considered in corporate governance as much as they should. This dissertation explores, through doctrinal and empirical methods, the conflicting theories and existing debates on corporate governance and to show that it is for the good of the company as an entity that there be equal recognition and treatment of the two groups of the competing interests in corporate operations. The research employed the doctrinal research approach in order to evaluate the positions advocated by the different schools of thought as well as to give a comparative analysis of the position of the law in cognate jurisdictions on this matter. The empirical research approach, through questionnaires, was used to collect qualitative data from different stakeholders of different categories of chosen companies in order to ascertain from the perspective and actual experiences of stakeholders the extent to which companies consider the interests of stakeholders. The research established that, in the main, companies do not consider the interests of stakeholders and in cases where they do, the interests of shareholders are still dominant to those of stakeholders. Recommendations are made from inferences drawn from the study on how to guarantee an enhanced protection of the stakeholders’ interests in the corporate scheme. / NRF

Die Standortnotwendigkeit ist Problem und Chance für Unternehmen (Standortsuche) und Standorte (Standortmarketing) gleichermaßen. Unternehmen sind dabei dem Einfluss durch die Gewichtung von Shareholder- und/oder Stakeholderinteressen unterworfen und der Wirkung harter wie weicher Standortfaktoren ausgesetzt. Die klassische Standortlehre allein stellt dabei nur einen unzureichenden Handlungsablauf dar. Ihr gegenüber ist die Annahme eines Standortfaktorenmix mit objektiven wie subjektiven Kriterien sinnvoller. Die Standortanalyse klassischer Ansätze kann durch verhaltens- und strukturorientierte Vorgehensweisen sinnvoll erweitert werden, um dem Situationsgemenge aus ökonomischem Ziel, unternehmerischer Situation und subjetiver Standortentscheidung besser gerecht zu werden. Die Annahme vollständiger Produktionsverlagerung weicht der Verlagerung einzelner Wertschöpfungsstufen innerhalb einer Wertschöpfungskette. Ein vernünftiger Analyse- und Entscheidungprozess muss daher ganzheitlicher erfolgen und führt dann zu besser abgesicherten Antworten auf die Fragen nach dem "was" wird "weshalb" notwendigerweise "wohin" verlagert.:Einleitung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Das Unternehmen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1.1 Beziehungen zur Umwelt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1.2 Einflussfaktoren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.3 Shareholder oder der eigentu¨merbezogene Standpunkt. . . . . . . . . . . . . . . . . . 6 1.4 Stakeholder oder der gesellschaftspolitische Standpunkt . . . . . . . . . . . . . . . . . 7 1.5 Unternehmerische Verantwortung und Standortwahl. . . . . . . . . . . . . . . . . . . . 7 1.6 Standortstrategien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 2 Der Standort. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 2.1 Standortlehre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 2.1.1 Klassischen Ansatze . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 2.1.2 Neue Konzepte . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 2.2 Standortfaktoren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 2.2.1 Begriff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 2.2.2 Harte Standortfaktoren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 2.2.3 Weiche Standortfaktoren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 2.2.4 Bedeutung der Standortfaktoren fu¨r die Standortwahl . . . . . . . . . . . . . . . . 15 2.3 Standortwettbewerb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 2.3.1 Drei Ebenen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 2.3.2 Kanale des Standortwettbewerbes . . . . . . . . . . . . . . . . . . . . . . . . . . 19 2.4 Standortmarketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 2.4.1 Bedeutung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 2.4.2 Standortmarketing am Beispiel des Regionalen Wachstumskerns Spremberg . . . 23 3 Das Problem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 3.1 Bedeutung der Standortwahl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 3.2 Standortanalyse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 3.2.1 Klassische, normative Ansatze. . . . . . . . . . . . . . . . . . . . . . . . . . 28 3.2.2 Behavioristischer Ansatz bzw. Modell von Pred . . . . . . . . . . . . . . . . . . . . 33 3.2.3 Struktureller Ansatz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 3.3 Standortentscheidung und Verlagerung . . . . . . . . . . . . . . . . . . . . . . . . . . 37 3.3.1 Prozess der Standortentscheidung . . . . . . . . . . . . . . . . . . . . . . . . . . 37 3.3.2 Prozess der Verlagerung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 4 Zusammenfassung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Literaturverzeichnis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Multi-club ownership [MCO] is a concept within the football industry which entails that an owner holds significant stakes in multiple teams. This ownership strategy is not new, however, what are the driving forces of this type of ownership structure and what are the outcomes? The purpose of this study was to explore potential drivers of MCO, to irradiate the concept and determine whether traditional business administration theories can be applied to explain its existence. The main theoretical framework is based upon the shareholder theory and resource-based view of the firm with supplementary reasoning collected from other relevant theories. The study encompasses five seasons and consisted of the teams competing in the top two divisions in the English Football League system. The quantitative study covered six hypotheses and deployed both Two sample t-tests and regression models which sought to measure international player trading activity, sporting performance and financial performance. The results of the study show that multi-club portfolio members [MCPMs] tend to trade a larger share of players internationally compared to Non-MCPMs. However, the other models yielded no significant results in regard to MCPMs, although, value creation through the strategy cannot be disregarded as it may be present through other channels. The wider footballing industry has been studied extensively in previous literature. However, this study is focused on MCO, a topic that lacks a previous body of research. By filling this research gap the authors hope to illuminate the concept and increase transparency for both decision makers (owners of clubs) and supporters of clubs. In addition, a survey which is not empirically tested was conducted in order to help guide the proceedings of the research.

Hållbarhetsarbete har erhållit ett ökat intresse de senaste åren och har blivit en allt mer viktig del i företagens arbete. För att mäta hur väl ett företag arbetar hållbart så har ESG-betyget utvecklats vilket konkretiserar och kvantifierar företagens hållbarhetsarbete utifrån tre faktorer, miljömässig hållbarhet, socialt ansvarstagande och bolagsstyrning. Genom den ökade exponeringen av hållbarhet har även investerare börjat ta ställning till hållbarhetsfrågor i sina investeringsbeslut. Denna studentuppsats ämnar undersöka sambandet mellan svenska företags ESG-betyg och dess marknadsvärdering för att kartlägga om investerare anser hållbarhetsarbete som något värdeskapande eller värdesänkande. Sekundärt kommer de tre delarna av ESG-betyget, nämligen miljö, socialt ansvarstagande och bolagsstyrning, att individuellt studeras för att finna ut om någon del av betyget har ett starkare samband med marknadsvärdering än de andra. Företagen som undersöks i studien  är svenska börsnoterade aktiebolag som kvalificerat sig in på Large Cap-listan på Nasdaq Stockholm. Vidare behöver bolagen även ha betygsatts genom ESG-betyg från Thomson Reuters Eikon. Tidsperioden som studeras är 2016-2020. För att studera det eventuella sambandet mellan företagens marknadsvärdering och dess ESG-betyg tar studien avstamp i tidigare studier inom området. Baserat på dessa formuleras en första regressionsmodell och statistiska hypoteser som kommer testas genom regressionsanalys. Resultatet som erhålls genom den slutgiltiga regressionsanalysen är att ESG-betyg och marknadsvärdering har ett svagt positivt samband samt att bolagsstyrning har ett starkt positivt samband med värderingen. Gällande betyg för miljö och socialt ansvarstagande kunde inte något signifikant samband till marknadsvärderingen påvisas. De redovisade resultaten kommer slutligen att diskuteras utifrån ett teoretiskt perspektiv där kopplingar görs till tidigare forskning inom ämnet. Vidare kommer aktieägarteorin, intressentmodellen och effektiva marknadshypotesen ligga till grund för analys av studiens resultat, såväl som diskussionen. För att kunna använda resultatet bortom teorin kommer även praktiska implikationer av uppsatsen att diskuteras.