The dissertation analyses legal aspects of shareholders’ agreements concluded in listed companies using theoretical model provided by agency theory. The author provides qualitative research which identifies the nature, qualifying characteristics of the shareholders’ agreement, as well as different aims of contracting shareholders. Voting agreements and transfer of voting right agreements constitute part of the academic analysis provided in the dissertation. Lithuanian regulation of shareholders’ agreements is compared with Belgian and the UK legal systems. An extensive empirical research is carried out regarding the shareholders’ agreements concluded in companies listed on stock exchanges of the selected jurisdictions. The author concludes that extensive and detailed statutory regulation of shareholders’ agreements is unnecessary. In order for shareholders’ agreements to be a feasible solution for dealing with agency problems, statutory acts have to provide that shareholders’ agreement is a valid contract which can be enforced by courts. Restrictions on the subject matter of the agreement are necessary only to limit possible abusive behaviour of contracting shareholders and expropriation of other corporate constituents. Empirical research has revealed that shareholders in jurisdictions with concentrated ownership structure, compared with jurisdictions where dispersed ownership structure prevails, conclude more shareholders’ agreements. Shareholders’ agreements are mainly used... [to full text] / Disertacijoje, remiantis ekonomikos mokslininkų suformuluota atstovavimo teorija, nagrinėjami akcininkų sutarčių, sudaromų biržinėse bendrovėse, teisiniai aspektai. Autorius pasitelkdamas kokybinio tyrimo metodus analizuoja akcininkų sutarties prigimtį, jos pagrindinius kvalifikuojančius bruožus, vertina pagrindinius susitariančių akcininkų tikslus. Disertacijoje taip pat pateikiamas balsavimo sutarties ir balsavimo teisės perleidimo sutarties mokslinis tyrimas. Lietuvos Respublikoje įtvirtintas teisinis akcininkų sutarčių reguliavimas yra lyginamas su Belgijos ir Jungtinės Karalystės teisinėmis sistemomis. Moksliniame darbe atliekamas išsamus akcininkų sutarčių, sudaromų pasirinktų jurisdikcijų vertybinių popierių biržose, empirinis tyrimas. Autorius daro išvadą, kad išsamus ir detalus akcininkų sutarties instituto reglamentavimas teisės aktuose nėra reikalingas. Tačiau siekiant, kad akcininkų sutartis taptų veiksmingu teisiniu instrumentu, įstatymų leidėjas turėtų pripažinti ją kaip teisėtą ir priverstinai vykdytiną teisinį sandorį. Akcininkų sutarties turinio ribojimai yra reikalingi tik tam, kad būtų išvengta akivaizdžių piktnaudžiavimo atvejų. Empiriniai tyrimai atskleidė, kad jurisdikcijose, kuriose vyrauja koncentruota nuosavybės struktūra, palyginti su jurisdikcijomis, kuriose bendrovių nuosavybės struktūra yra išskaidyta, akcininkų sutarčių skaičius yra ženkliai didesnis. Akcininkų sutartys daugiausia yra naudojamos kaip teisinė priemonė vidutinio dydžio akcininkams... [toliau žr. visą tekstą]

The dissertation analyses legal aspects of shareholders’ agreements concluded in listed companies using theoretical model provided by agency theory. The author provides qualitative research which identifies the nature, qualifying characteristics of the shareholders’ agreement, as well as different aims of contracting shareholders. Voting agreements and transfer of voting right agreements constitute part of the academic analysis provided in the dissertation. Lithuanian regulation of shareholders’ agreements is compared with Belgian and the UK legal systems. An extensive empirical research is carried out regarding the shareholders’ agreements concluded in companies listed on stock exchanges of the selected jurisdictions. The author concludes that extensive and detailed statutory regulation of shareholders’ agreements is unnecessary. In order for shareholders’ agreements to be a feasible solution for dealing with agency problems, statutory acts have to provide that shareholders’ agreement is a valid contract which can be enforced by courts. Restrictions on the subject matter of the agreement are necessary only to limit possible abusive behaviour of contracting shareholders and expropriation of other corporate constituents. Empirical research has revealed that shareholders in jurisdictions with concentrated ownership structure, compared with jurisdictions where dispersed ownership structure prevails, conclude more shareholders’ agreements. Shareholders’ agreements are mainly used... [to full text] / Disertacijoje, remiantis ekonomikos mokslininkų suformuluota atstovavimo teorija, nagrinėjami akcininkų sutarčių, sudaromų biržinėse bendrovėse, teisiniai aspektai. Autorius pasitelkdamas kokybinio tyrimo metodus analizuoja akcininkų sutarties prigimtį, jos pagrindinius kvalifikuojančius bruožus, vertina pagrindinius susitariančių akcininkų tikslus. Disertacijoje taip pat pateikiamas balsavimo sutarties ir balsavimo teisės perleidimo sutarties mokslinis tyrimas. Lietuvos Respublikoje įtvirtintas teisinis akcininkų sutarčių reguliavimas yra lyginamas su Belgijos ir Jungtinės Karalystės teisinėmis sistemomis. Moksliniame darbe atliekamas išsamus akcininkų sutarčių, sudaromų pasirinktų jurisdikcijų vertybinių popierių biržose, empirinis tyrimas. Autorius daro išvadą, kad išsamus ir detalus akcininkų sutarties instituto reglamentavimas teisės aktuose nėra reikalingas. Tačiau siekiant, kad akcininkų sutartis taptų veiksmingu teisiniu instrumentu, įstatymų leidėjas turėtų pripažinti ją kaip teisėtą ir priverstinai vykdytiną teisinį sandorį. Akcininkų sutarties turinio ribojimai yra reikalingi tik tam, kad būtų išvengta akivaizdžių piktnaudžiavimo atvejų. Empiriniai tyrimai atskleidė, kad jurisdikcijose, kuriose vyrauja koncentruota nuosavybės struktūra, palyginti su jurisdikcijomis, kuriose bendrovių nuosavybės struktūra yra išskaidyta, akcininkų sutarčių skaičius yra ženkliai didesnis. Akcininkų sutartys daugiausia yra naudojamos kaip teisinė priemonė vidutinio dydžio akcininkams... [toliau žr. visą tekstą]

This study begins with the question: "Is there a place for a Christian ethical code of conduct in the diverse and complex business world of today?" In chapter 2 I explain the context wherein one should understand this question. If you look at the history of South Africa you will see that there was discrimination that took place over a long period of time on the basis of race, religion and gender and that makes this issue a very sensitive one. The reason why it is so sensitive is if there were to be a Christian ethical code of conduct in the workplace could it lead to discrimination again? That is not allowed to happen under the current Constitution of South Africa. But the other side is also true, if you don?t have a Christian ethical code won?t you loose the beautiful things Scripture gives us on how to treat all people equally and fairly within the workplace? This study will show that according to the Constitution of South Africa it is possible to have a Christian ethical code of conduct as long it does not exclude any employee. In chapter 3 we have a look at Scripture that gives us guidelines on how to treat all people and also people in the workplace. Here are some examples: * the way employees should be handled; * the number of working hours the employees should be working; * the remuneration of the employees – is it fair; * how the Shareholders? / Stakeholders? interests are looked after; * the manner in which the business is being managed; * the Constitutional business environment; * the international law that transcends borders where macrobusinesses do business. In chapter 4 we look at the Christian ethical perspective in the business. We look at the role of the economy and the core values to manage a business. In chapter 5 we end with an example of a workable Christian ethical code of conduct and we compare two large business codes of conduct. / Thesis (Th.M. (Ethics))--North-West University, Potchefstroom Campus, 2011.

This study begins with the question: "Is there a place for a Christian ethical code of conduct in the diverse and complex business world of today?" In chapter 2 I explain the context wherein one should understand this question. If you look at the history of South Africa you will see that there was discrimination that took place over a long period of time on the basis of race, religion and gender and that makes this issue a very sensitive one. The reason why it is so sensitive is if there were to be a Christian ethical code of conduct in the workplace could it lead to discrimination again? That is not allowed to happen under the current Constitution of South Africa. But the other side is also true, if you don?t have a Christian ethical code won?t you loose the beautiful things Scripture gives us on how to treat all people equally and fairly within the workplace? This study will show that according to the Constitution of South Africa it is possible to have a Christian ethical code of conduct as long it does not exclude any employee. In chapter 3 we have a look at Scripture that gives us guidelines on how to treat all people and also people in the workplace. Here are some examples: * the way employees should be handled; * the number of working hours the employees should be working; * the remuneration of the employees – is it fair; * how the Shareholders? / Stakeholders? interests are looked after; * the manner in which the business is being managed; * the Constitutional business environment; * the international law that transcends borders where macrobusinesses do business. In chapter 4 we look at the Christian ethical perspective in the business. We look at the role of the economy and the core values to manage a business. In chapter 5 we end with an example of a workable Christian ethical code of conduct and we compare two large business codes of conduct. / Thesis (Th.M. (Ethics))--North-West University, Potchefstroom Campus, 2011.

L’objectif de ce travail de recherche consiste à déterminer l’impact du comité d’audit sur la performance financière des PME libanaises. Ceci dit que l’objectif consiste aussi à étudier l’influence du système de gouvernance sur l’indépendance du comité d’audit. Les variables mobilisées sont relatives aux caractéristiques du conseil d’administration et du comité d’audit. A cela s’ajoute, trois déterminants qui sont relatifs à l’indépendance du comité d’audit, la structure du conseil d’administration et l’impact du système dual. A titre indicatif la rentabilité des PME est relatée notamment à partir des rapports annuels. L’échantillon comprend 58 PME libanaises et l’étude s’étale sur une période de 4 ans, à savoir entre 2011 et 2014. Les résultats font apparaître que le comité d’audit peine à avoir une indépendance totale. Cela peut être expliqué par l’apposement d’un système dual et aussi par le nombre limité au sein du comité. Dans ce sens, le comité d’audit dans les PME libanaises est réprimé notamment à travers le déploiement de ses responsabilités et de sa contribution au niveau de la revue des états financiers. Ce qui s’avère préjudiciable à une meilleure croissance de la performance financière pour les PME / The aim of this research study is to determine the impact of the audit committee on the financial performance of Lebanese SMEs. This research focuses also on the influence of the governance system on the independence of the audit committee. The variables used are related to the characteristics of the board and of the audit committee. Moreover, three other determinants are referred as the independence of the audit committee, the structure of the board and the impact of the dual system in order to bring some elements of answers to our main interrogation. As an indication, SMEs profitability is reported especially from annual reports. The sample includes 58 Lebanese SMEs and the study covers a period of 4 years, from 2011 till 2014. The results show that the audit committee hardly has a total independence. This can be explained by the appeasement of a dual system and also by the presence of a limited number within the committee. In this sense, the audit committee in Lebanese SMEs is repressed and cannot be clearly active through the deployment of its responsibilities and its contribution in reviewing the financial statements. This appears as detrimental to a better growth for the SMEs sector financial performance

Corporate bodies are essential for the development of companies activities, and their minutes provide a means of evidence and proof of the deliberations and resolutions adopted therein. In certain conlict situations, the presence of a notary public is required in the meetings in order to verify the legality and validity of the resolutions adopted. This is why the General Corporations Law provides for the possibility that the notary public witnesses the general shareholders meeting, but omits it in the case of the board of directors. In this context, the amendment of article 170 of the General Corporations Law expressly incorporates the possibility of counting with the presence of a notary public in the board of directors in order to certify the authenticity of the resolutions and implement immediately the decisions adopted by both corporate bodies. / Los órganos sociales son esenciales para el desarrollo de las actividades de las sociedades y sus actas constituyen un medio de constancia y prueba de las deliberaciones y acuerdos adoptados en ellos. En ciertas situaciones confictivas, se amerita la presencia de un notario en las reuniones para dejar constancia la legalidad y validez de los  acuerdos adoptados. Por ello, la Ley General de Sociedades preveía la posibilidad de que el notario presencie las juntas generales de accionistas, pero lo omitía en el caso del directorio. En este contexto, la modiicación del artículo 170 de la Ley General de Sociedades incorpora de manera expresa la posibilidad de contar con la presencia de un notario en el directorio para certiicar la autenticidad de los acuerdos y poder ejecutar de inmediato las decisiones de ambos órganos sociales.

The authors discussed on the alleged utility as well as the drawbacks of the mandatory determination of corporate purpose. They analyze and criticize the required characteristics of the corporate purpose by the Peruvian corporate regulation as well as the alleged benefits of making mandatory its determination. The authors propose the elimination of the obligation to determine the corporate purpose in order to give corporations freedom to configure their economic activity without being limited by an outdated rule. / En el presente artículo, los autores discuten la presunta utilidad como inconvenientes de la obligación de determinar el objeto social. En ese sentido, se analiza las características exigidas al objeto social, como los supuestos beneficios que traería su regulación. Los autores proponen la eliminación de la obligación de determinar el objeto social a fin de permitir a las sociedades configurar libremente su actividad, sin verse limitadas por una norma rígida.

Durant la décennie écoulée, une série de scandales financiers impliquant des firmes d’envergure internationale (Enron, Tyco, Parmalat, etc.) a secoué les places boursières en déclenchant une crise de la confiance chez les investisseurs. L’analyse des cas précités a révélé un recours massif à la fraude et aux manipulations comptables ce qui a relancé le débat autour de la question de la Qualité du Reporting Financier et de l’efficience des mécanismes de gouvernance.En effet, de récents constats révèlent que des problèmes d’agence générés par une structure de propriété complexe caractérisée par la concentration de la propriété familiale et le recours accru aux mécanismes de renforcement du contrôle vont favoriser l’extraction des bénéfices privés par les actionnaires de contrôle au détriment des minoritaires et par conséquent accroître leur l’incitation à la manipulation de l’information comptable et financière offerte et ce pour dissimuler leurs agissements opportunistes.Dans ce cadre, la présente thèse se propose d’étudier dans quelle mesure la structure de propriété complexe peut entrainer des conflits d’agence aggravant les problèmes d’incitation chez l’actionnaire contrôlant en favorisant l’extraction des bénéfices privés via les transactions avec les parties liées et d’analyser l’effet de cette expropriation sur la Qualité du Reporting Financier de l’entreprise.Nous poursuivons trois principaux objectifs. Le premier est de savoir comment les attributs de la structure de propriété complexe vont impacter la consommation des bénéfices privés faite via les transactions avec les parties liées. Le second est d’analyser comment la dissimulation de la consommation des bénéfices privés va impacter la qualité du reporting financier mesurée par la gestion des résultats comptable et réelle et le conservatisme conditionnel et inconditionnel tout en prenant en considération l’interaction entre la gestion des résultats et le conservatisme. Le troisième objectif est de tester, dans le cadre du conflit principal-principal, l’efficience du rôle du conseil d’administration dans la discipline des actionnaires contrôlants à travers la réduction des bénéfices privés ainsi que dans la garantie d’un reporting financier de qualité en s’opposant à la manipulation de l’information.C’est ainsi que sur un échantillon d’entreprises françaises cotées sur l’indice SBF 250 observées sur la période 2001 à 2009 notre étude a révélé que l’excès du contrôle de l’actionnaire ultime est associée à une plus grande consommation des bénéfices privés. Nous relevons également une relation en U inversé entre la concentration de la propriété de l’actionnaire ultime et les bénéfices privés. La présence de plusieurs détenteurs de blocs de contrôle entrainant une contestabilité du contrôle s’oppose à la consommation des bénéfices privés. Nous avons pu valider l’hypothèse de la dissimulation en confirmant l’effet médiateur des bénéfices privés du contrôle dans la relation entre la concentration de la propriété de l’actionnaire ultime et la concentration de la propriété institutionnelle d’une part et la gestion réelle des résultats de l’autre. Nos résultats empiriques confirment l’efficience de l’indépendance du conseil d’administration dans la réduction des bénéfices privés et la gestion des résultats.Mots clé : Bénéfices privés du contrôle, transactions avec les parties liées, structure de propriété complexe, conseil d’administration, gestion des résultats et conservatisme. / During the past decade, a series of financial scandals involving firms of international scope (Enron, Tyco, Parmalat, etc.) has shaken the stock exchanges in triggering a crisis of confidence among investors. The analysis of the aforementioned cases revealed a massive use of fraud and accounting manipulations which has relaunched the debate on the financial reporting quality and the efficiency of corporate governance mechanisms.Recent findings reveal that of agency problems generated by a structure of complex ownership structure characterized by the concentration of the family ownership and the increased use of control-enhancing mechanisms will promote the extraction of private profits by the controlling shareholders to the detriment of the minority and therefore increase their incentives to the manipulation of earnings in order to conceal their opportunistic behavior.In this framework, this thesis proposes to study to what extent the structure of complex ownership may cause conflicts of agency aggravating the problems of incitement in the controlling shareholder in favoring the extraction of private profits via the conclusion of related party transactions and to analyze the effect of this expropriation on the financial reporting quality of the firm.We are pursuing three main objectives. The first is to understand how the attributes of the complex ownership structure can affect the private benefits consumption via the conclusion of related party transactions. The second objective is to analyze how the concealment of the consumption of private benefits will impact the financial reporting quality as proxied by the accounting and real earnings management and the conditional and unconditional conservatism. while taking into account the interaction between earnings management and the conservatism. The third objective is to test, in the context of the principal-principal agency conflict, the efficiency of the role of the board of directors in the discipline of the controlling shareholders through the reduction of private profit as well as in the guarantee of the financial reporting of quality.Our study focuses on a sample of 81 French companies listed on the SBF 250 index observed on the period 2001 to 2009. Our results reveal that the excess of the control of the ultimate shareholder is associated with greater private benefits consumption. We also note an inverted U-shaped relationship between the ultimate ownership concentration and private benefits. The presence of multiple large shareholders causing a contestability of control reduces the private benefits extraction. We validate the private benefits dissimulation hypothesis by confirming the mediating effect of the private benefits of control in the relationship between the ultimate shareholder ownership and the institutional ownership the real earnings management. Our empirical results confirm the efficiency of the independence of the board of directors in the reduction of private benefits and the earnings management. Against all expectation, we note a week effect of the Audit Committee on of financial reporting qualityKey words: Private benefits of control, related party transactions, ownership structure, board of directors, earnings management, conservatism.

Notre thèse s'intéresse aux conflits d'agence entre les actionnaires de contrôle et les actionnaires minoritaires pouvant surgir suite à une décision de fusion ou d'acquisition. Plus précisément, nous tentons, à travers trois essais, d'identifier les cas où, les actionnaires de contrôle utilisent des opérations de fusions-acquisitions comme un outil de transfert de richesses des actionnaires minoritaires vers leurs propres comptes. Dans le premier essai, nous présentons une analyse théorique de ce comportement opportuniste avec deux cas portant sur des faits réels. En utilisant la méthodologie des études d'événement, nous montrons dans le deuxième essai que ce comportement peut se révéler important dans des cas spécifiques liés au degré de l'enracinement de l'actionnaire de contrôle. Dans le troisième essai, nous montrons que la prime d'acquisition peut refléter ce comportement dans les cas de fusions-acquisitions à caractère public / Our dissertation focuses on agency conflicts between controlling shareholders and minority shareholders that may arise following a merger-acquisition decision. Through three essays, we aim to identify cases in which the controlling shareholders use mergers and acquisitions as a tool to transfer wealth from minority shareholders to their own accounts. The first essay provides a theoretical analysis of this opportunistic behavior and examines two real cases. Using event study methodology, the second essay shows that the opportunistic behavior may be important in specific cases linked to the level of shareholder's entrenchment. Finally, the third essay shows that the acquisition premium may reflect this behavior even in cases of public transactions

O presente estudo versa sobre a conduta de administradores e controladores em contexto oferta hostil, tendo como principal objetivo a análise desta à luz do interesse social e dos deveres fiduciários, buscando, ao fim, comprovar que o Brasil possui um arcabouço legislativo apto a regular tais situações, bem como que a experiência norteamericana pode servir como fator de auxílio na investigação do papel desses sujeitos no referido contexto. / This paper deals with the behavior of managers and controlling shareholders in hostile tender offer context, with the main goal of analyse it in the light of the “proper role of the companies” and the fiduciary duties, aiming, finally, to prove that Brazilian law is able to rule those situations, as well that American experience could serve as a helpful instrument in the search for directors and officers “proper role” in the related situations.