Extant literature has struggled to identify definitive purpose for shareholder proposals, finding them to depend on their context. Progressively, climate change has gathered interest at annual meetings where shareholders present proposals related to the subject. The literature builds expectations for the role of obsolescence, regulation and other forms of activism to motivate innovation with respect to these proposals. The literature also establishes how diversification can serve as a defense. I test the impact that shareholder proposals have on the information environment and on the corporate behaviors of innovation and diversification. I find that capital markets are responsive to proposal pressures and that there are improvements in the information environment. I find that firms in receipt of shareholder proposals related to climate change innovate and diversify more. I find wealth enhancements for these corporate behaviors spurred by climate-related proposals. While definitive statements on causality may elude, my results suggest that shareholder proposals have real effects. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2020. / FAU Electronic Theses and Dissertations Collection

Thesis (M.Com. (Accounting))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2012. / The recent spate of strikes in the mining sector in South Africa has created a perceived nervousness amongst shareholders. Within the mining sector in South Africa, gold mining is of significance historically and economically. This study aims to assess the impact of strikes on shareholder value in the gold mining industry during the period beginning January 2007 and December 2012, and uses the popular event study methodology developed by Ball and Brown (1968). The effect of the announcement and duration of the strike on the share price was tested. Significant negative cumulative abnormal returns were observed during the announcement of the strike. The impact of the announcement of protected strikes compared to unprotected strikes on the share price was compared. Although both types of strikes had a negative impact on shareholder value, an unprotected strike had less of an impact on shareholder value compared to a protected strike. This observation is of particular significance given the recent increase in unprotected strikes. Strikes with a duration of 15 days or longer resulted in smaller negative cumulative abnormal returns as opposed to strikes which lasted for less than 15 days.

The dissertation analyzes three issues related to corporate environmental performance. In the first essay, I analyze the stock price reactions of the defendant firms and their peer firms to environmental lawsuits. Empirical evidence finds that the defendant and their peer firms experience negative and significant cumulative abnormal returns to the announcement of environmental lawsuits. Additionally, cross-sectional analyses find certain firm characteristics, such as profitability, growth opportunities and leverage can influence the market reaction. Furthermore, if the plaintiffs are government agencies or corporations instead of individual citizens, the defendant and peer firms experience higher negative market reactions. The second essay examines if a firm's environmental, social, and governance (ESG) performance can moderate the negative market response to environmental lawsuits. The results are mixed. The overall sample of the defendant and their peer firms show that ESG performance is not a significant factor in mitigating the negative market response. However, an interesting finding shows, for defendant and peer firms in the environmentally sensitive industries, better ESG ratings help reduce the adverse market reactions. The final essay investigates whether the defendant and peer firms improve their ESG performance in the next two years following the lawsuits. The results indicates that firms generally experience a drop in their ESG ratings in the year the lawsuits are filed. However, post-lawsuit filing years, there is a general trend for the defendant and peer firms in the environmentally sensitive industries to improve their environmental performance.

Companies have been known to reduce their costs by reducing their spending on employee benefits, but in the last decade there has been an increasing interest on how these decisions affect not just employee productivity and turnover, but also overall shareholder wealth and company profitability. This thesis seeks to answer whether companies that have a greater focus on their employee welfare and satisfaction are more financially stable and profitable than their competitors. The research and analysis consists of 40 companies, 20 highly rated by their employees paired with 20 of the worst companies according to employee opinion and benefits. Each pair must consist of comparable companies based on their industry and size. All companies are also part of Fortune 1000 and must be publicly traded. After conducting multiple tests on the data collected for each company and industry, the results support the hypothesis of a positive correlation between employee spending and shareholder wealth.

Protection of minority shareholders after recodification of Czech private law The purpose of this thesis is to concentrate upon chosen areas of protection of minority shareholders, analyse them and review the advantages and disadvantages of the recodification of Czech private law in these areas. Simultaneously the thesis evaluates the usability of the existing judicial decisions and outlines possible development of the legislation. In the parts of the thesis where the author believes it is useful, the thesis compares these areas with foreign legislation and doctrine. The thesis is systematically composed of 4 chapters. The introductory part of the thesis consists of two separate chapters that describe the notions of minority and qualified shareholder and explain the reasons of their protection. After the definition of areas of protection of minority shareholders, chapter three concentrates on the areas of the protection that the author considers significant in terms of position of the minority shareholder in the company after the recodification. At first the thesis focuses on the participation of the shareholders in the corporate governance, specifically on the rights of qualified shareholders. The next part of the thesis highlights the new legal institute incorporated in the Czech legal order...

The protection of minority members in limited liability companies after recodification of private law ABSTRACT The purpose of this thesis is to give an enumeration of protective instruments available to a minority shareholder in a limited liability company after the recodification of Czech private law and to engage in further analysis of these instruments. The thesis is divided into an introduction, four chapters and a conclusion. The first chapter defines basic terminology used in the thesis, such as 'minority shareholder' and 'qualified shareholder'. The second chapter focuses on the position of a minority shareholder in a limited liability company and introduces the reasons to protect such a minority shareholder and the risks connected with an excessive protection of minority shareholders. Chapters 3 and 4 form the hearth of this thesis. The third chapter offers a detailed analysis of instruments available to every shareholder in a limited liability company, including a minority shareholder. These instruments include separate voting, motion to declare member's vote or general meeting's voting null and void, cumulative voting, right to information, derivative action, claim for reflective loss, claim for compensation for damage from influential person, right to suggest an appoitment of an expert to...

Esse trabalho se propôs a conhecer as justificativas para utilização da integração vertical no setor agroindustrial diante da presença de movimentos recentes e contrários de desverticalização a essa estratégia. A principal motivação do estudo partiu da busca pela compreensão da relação entre a estratégia de integração vertical e o fenômeno denominado financeirização que tem exercido, entre outros fatores, influência em decisões relacionadas à imobilização de capital. O método selecionado para o trabalho foi o estudo de casos múltiplos, sendo que devido às dificuldades de acesso às empresas selecionadas optou-se por desenvolver apenas dois casos, mas que representam as maiores agroindústrias instaladas no Brasil. Os principais resultados foram agrupados em cinco partes: relacionados à discussão teórica, destacando-se a percepção de influência da financeirização em ambas as estratégias (integração vertical e desverticalização) existindo alguma incidência maior do fenômeno em mercados que se comportam de forma desverticalizada; relativos ao comportamento setorial, no qual foram constatados argumentos históricos e características específicas do setor agroindustrial que justificam a manutenção de negócios no segmento de fertilizantes como forma de otimizar as operações no segmento de grãos; descrição das razões para a estratégia segundo a perspectiva do ambiente de operações; justificativas para a verticalização segundo a perspectiva do ambiente de negócios; e uma síntese conclusiva. Percebeu-se no estudo, entre outras conclusões, que a estratégia, caso não esteja sujeita ao fenômeno da financeirização, pelo menos atende aos seus requisitos, sendo que a forma como ela ocorre e os resultados (financeiros e operacionais) decorrentes garantem os aspectos demandados pelo movimento Shareholder Value. Enfim, ao final do estudo são relatadas as principais limitações do trabalho, assim como algumas propostas de continuação do mesmo. / This work searched to know the justifications for use of the vertical integration in the agro-industrial sector in presence of recent and contrary movements of deverticalisation about this strategy. The main motivation of the study was the search for the understanding of the relationship between the vertical integration strategy and the called phenomenon financialization that has exerted, among others factors, influence in decisions related to the capital immobilization. The method selected for the work was the study of multiple cases and because great difficulty to access the selected companies it was opted to developing only two cases, but that they represent the greaters agro-industries installed in Brazil. The main results had been grouped in five parts: related to the theoretical quarrel, being distinguished it perception of influence of the financialization in both the strategies (vertical integration and de-verticalisation) existing some bigger incidence of the phenomenon in markets with de-verticalisation form; relative to the sectorial behavior, which historical arguments and of business-oriented the agro-industrial sector had been evidenced specific characteristic that justify the maintenance in the fertilizer segment as form to optimize the operations in the segment of grains; description of the reasons for the according to perspective from strategy in the operations environment; justifications for the according to perspective from verticalisation in the business-oriented environment; and a conclusive synthesis. One perceived in the study, among others conclusions, is that the strategy, in case that it is not subjects to the phenomenon of the financialization, at least takes care of to its requirements, being that the form as it occurs and the results (financial and operational) decurrent guarantee the aspects demanded for the Shareholder Value movement. At last, to the end of the study the main limitations of the work are told, as well as some proposals of its continuation.

<p>I en allt mer globaliserad värld ökar betydelsen för ett lands ekonomi att stora konkurrenskraftiga bolag växer fram. First North är en handelplats som erbjuder små och medelstora företag en möjlighet att tillgå externa investerares kapital, vilket kan möjliggöra en omfattande expansion som annars ej hade varit genomförbar. För bolag listade på en handelsplats, är investerares förtroende något avgörande för att kunna växa. Något som dock skett under de senaste åren, är att ett starkt misstroende riktats mot handelsplatsen First North från affärsmedia och investerare. Kritikerna menar att bolagen på First North handlar girigt, och den svaga reglering som omfattar bolagen, inte garanterar en trovärdig förvaltning. Detta har lett till att börsvärdena för bolagen på First North har rasat, vilket försvårat möjligheterna för företagen att växa, samt att det hindrar nya bolag från att etablera sig på listan. Mot bakgrund av detta, har studiens syfte skapats, ”Genom empiriska studier öka förståelsen för oberoende analytikers åsikter till bolag listade på First North. Med denna information ska vi visa på vilka ageranden bolagen på First North kan göra för att stärka sitt förtroende gentemot investerare.” Undersökningen har genomförts via telefonintervjuer med fem stycken oberoende analytiker som följer bolag på First North. Oberoende analytiker har valts, då dessa inte sitter på dubbla stolar, och samtidigt hjälper företagen listade på First North med rådgivning. Orsaken till att valet föll på analytiker, är att dessa publicerar material som investerare läser, och därför har de en stor påverkan på vilken syn investerare har till bolagen på First North. Vi har använt oss av teorier gällande övergripande bolagsstyrning. Detta för att uppsatsen ska beröra samtliga bolag på First North. Teorierna har behandlat hur företagen ska agera gentemot olika intressenter, samt hur styrelsen föredras att se ut. Det vår forskning har kommit fram till, är att oberoende analytiker önskar se att företag listade på First North ska utöva affärsverksamhet utifrån ett brett förhållningssätt. Där flertalet intressenter tas i beaktande när beslut fattas. Flera målsättningar sågs inte som något motsättande, utan istället som något kompelementärt. Dock så framkom det att detta inte var motiverat med att företagen har något ansvar gentemot dessa, utan att företagets primära mål enligt analytikerna, är att uppnå uthållig tillväxt, vilket är bäst sammankoppalt med detta förhållningssätt. Gällande hur styrelsen ska se ut, ansåg analytikerna att det viktigaste var att minst en person gjort resan från litet till stort bolag tidigare, men också att styrelsens kompetenser ska vara diversifierade. Då företagen behöver hantera flertalet områden, är det nödvändigt att styrelsemedlemmarna besitter olika kunskaper. Med en mix av olika kunskaper, menar analytikerna att ett större förtroende finns, och att en bättre möjlighet finns för att skapa tillväxt än om en mer homogen styrelse existerar.</p>

I en allt mer globaliserad värld ökar betydelsen för ett lands ekonomi att stora konkurrenskraftiga bolag växer fram. First North är en handelplats som erbjuder små och medelstora företag en möjlighet att tillgå externa investerares kapital, vilket kan möjliggöra en omfattande expansion som annars ej hade varit genomförbar. För bolag listade på en handelsplats, är investerares förtroende något avgörande för att kunna växa. Något som dock skett under de senaste åren, är att ett starkt misstroende riktats mot handelsplatsen First North från affärsmedia och investerare. Kritikerna menar att bolagen på First North handlar girigt, och den svaga reglering som omfattar bolagen, inte garanterar en trovärdig förvaltning. Detta har lett till att börsvärdena för bolagen på First North har rasat, vilket försvårat möjligheterna för företagen att växa, samt att det hindrar nya bolag från att etablera sig på listan. Mot bakgrund av detta, har studiens syfte skapats, ”Genom empiriska studier öka förståelsen för oberoende analytikers åsikter till bolag listade på First North. Med denna information ska vi visa på vilka ageranden bolagen på First North kan göra för att stärka sitt förtroende gentemot investerare.” Undersökningen har genomförts via telefonintervjuer med fem stycken oberoende analytiker som följer bolag på First North. Oberoende analytiker har valts, då dessa inte sitter på dubbla stolar, och samtidigt hjälper företagen listade på First North med rådgivning. Orsaken till att valet föll på analytiker, är att dessa publicerar material som investerare läser, och därför har de en stor påverkan på vilken syn investerare har till bolagen på First North. Vi har använt oss av teorier gällande övergripande bolagsstyrning. Detta för att uppsatsen ska beröra samtliga bolag på First North. Teorierna har behandlat hur företagen ska agera gentemot olika intressenter, samt hur styrelsen föredras att se ut. Det vår forskning har kommit fram till, är att oberoende analytiker önskar se att företag listade på First North ska utöva affärsverksamhet utifrån ett brett förhållningssätt. Där flertalet intressenter tas i beaktande när beslut fattas. Flera målsättningar sågs inte som något motsättande, utan istället som något kompelementärt. Dock så framkom det att detta inte var motiverat med att företagen har något ansvar gentemot dessa, utan att företagets primära mål enligt analytikerna, är att uppnå uthållig tillväxt, vilket är bäst sammankoppalt med detta förhållningssätt. Gällande hur styrelsen ska se ut, ansåg analytikerna att det viktigaste var att minst en person gjort resan från litet till stort bolag tidigare, men också att styrelsens kompetenser ska vara diversifierade. Då företagen behöver hantera flertalet områden, är det nödvändigt att styrelsemedlemmarna besitter olika kunskaper. Med en mix av olika kunskaper, menar analytikerna att ett större förtroende finns, och att en bättre möjlighet finns för att skapa tillväxt än om en mer homogen styrelse existerar.

How can you use your money to make the world a better place? This research explores how institutional shareholders can use their position of ownership to influence corporations with regards to issues such as human rights, labour conditions, and the environment (otherwise known as CSR). This work, comprised of six separate studies, shows that translation processes, which can bridge the disparate institutional logics of the corporate sector with the logics of the environmental protection and social justice sectors, enables shareholders influence on CSR. This research also introduces the notion that shareholders can act in a capacity of norm entrepreneur and norm promoter, suggesting that shareholders can influence corporations in more far-reaching ways than changing single instances of behaviour. / <p>Diss. Stockholm : Handelshögskolan, 2009 Sammanfattning jämte 6 uppsatser</p>