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Banks have a vital role in the society-wide green transition. However, the field of green finance is relatively unexplored in academia. Our study aims to extend the knowledge of green corporate loans by investigating what soft and hard information Swedish banks use to overcome the information asymmetry in the lending decision and what role the information plays. Based on fragmented literature, a tentative model is created, and used to form the study. The study adopts a qualitative research strategy and semi-structured interviews were held with respondents from the four largest banks in Sweden. Using the collected data, the tentative model was corroborated and adjusted, resulting in a finalised model. The study found that the following information components are used to evaluate green corporate loans: financial statements, collaterals, credit score, owners, character, micro and macro analysis, ESG approach and green criteria. Although most emphasis is put on hard information, soft information is also necessary for banks to make a lending decision. The study has multiple practical contributions relating to challenges posed by soft information, and the loan assessment. Theoretically, the study contributes with a baseline for future studies investigating the topic of green corporate loans.

L’étude des déterminants internes du risque de crédit des banques tunisiennes est l’objetprincipal de cette thèse. Il s’agit en particulier de la gouvernance bancaire et de la relationbancaire. À partir d’un échantillon de 10 banques tunisiennes cotées durant la période 1998-2009, nous essayons de détecter l’impact de la concentration de la propriété et descaractéristiques du conseil d’administration sur le risque de crédit. Nos résultats montrent queles mécanismes internes de gouvernance n’ont pas assuré jusqu’à présent leur rôle de contrôleet de garant de la bonne gestion des banques tunisiennes et qu’ils ont contribué à une gestionimprudente du risque de crédit. À partir de l’étude de dossiers de crédits accordés par unebanque tunisienne à une clientèle d’entreprises, nous essayons de détecter l’impact del’information hard et soft sur le risque de crédit. Nos résultats plaident en faveur del’hypothèse du laxisme des banques envers certains clients importants et surtout de longuedate. Ce laxisme pourrait être la cause d’une augmentation du risque de non remboursementdes crédits accordés en Tunisie. / This research aims to analyse the internal determinants of Tunisian bank risk. We particularlyfocus on the role of bank governance and relationship banking. Based on a sample of 10Tunisian listed banks during 1998-2009, we examine the impact of ownership concentrationand board characteristics on credit risk. Our results demonstrate that the importance ofTunisian banks’credit risk is rooted in bank governance deficiency. This latter wascontributed to implement a reckless credit policy. From the analysis of credit files granted bya Tunisian bank to corporate customers, we attempt to detect the impact of soft and hardinformation on credit risk. Our results suggest a lax attitude of the bank towards someimportant clients, particularly long-standing ones. This attitude may be the root of the creditrisk increase in Tunisia.

Strategiska beslut är viktiga för företag eftersom det handlar om att skapa framtida konkurrenskraft eller för att överleva på marknaden. Enligt tidigare studier finns det två olika beslutssituationer som företag kan stå inför vilka är offensiva beslut där det handlar om att öka företagets marknadsandelar och defensiva beslut som innebär att företaget skär ner på nuvarande kapacitet. I de tidigare studierna skriver forskarna att det finns hård (numerisk) och mjuk (åsikter, visioner, idéer och känslor) information som beslut kan grundas på. Syftet med denna studie är att skapa en förståelse för hur hård och mjuk information används vid strategiska beslut genom att identifiera offensiva och defensiva beslutssituationer. Vidare syftar studien till att analysera hur kunskaperna om medel och mål hos staben i ett privatägt företag inom vård- och omsorgsbranschen initierar användningen av hård och mjuk information vid olika faser i beslutsprocessen. Denna studie gjordes genom en fallstudie som bygger på semi-strukturerade intervjuer med kvalitativa inslag. Fallföretaget är verksamt inom vård och omsorgsbranschen och har en stab som består av fyra medlemmar vilka ansvarar för de strategiska besluten. Resultaten i denna studie visar att kunskaperna om medel och mål hos fallföretagets stab initierade användningen av mjuk information vid alla faser i beslutsprocessen i offensiva och defensiva beslutssituationer. Resultaten visar också att hård information användes i mittersta fasen i beslutsprocessen för att legitimera stabmedlemmarnas argument. / Strategic decisions are important for companies because it is about creating future competitiveness or for surviving in the market. According to previous studies, there are two different decision situations that companies can face which are offensive decisions that involve increasing the company's market shares and defensive decisions which implies that the company reduces their current capacity. In the previous studies, the researchers mention that there is hard (numerical) and soft (opinions, visions, ideas and emotions) information that decisions can be based on. The purpose of this study is to create an understanding of how hard and soft information is used in strategic decisions by identifying offensive and defensive decision situations. Furthermore, the study aims to analyze how the knowledge of means and goals of the staff in a privately-owned company in the health and care sector initiates the use of hard and soft information at different phases in the decision-making process. This study was done through a case study based on semi-structured interviews with qualitative elements. The case company operates in the healthcare industry and has a staff consisting of four members who are responsible for the strategic decisions. The results of this study show the knowledge of the means and goals of the case company staff initiated the use of soft information at all stages of the decision-making process in offensive and defensive decision situations. The results also show that hard information was used in the middle phase of the decision-making process to legitimize the staff members' arguments.

中小企業一直在臺灣的經濟發展上扮演著重要的角色，然而因為本身營運規模較小，多數無法承擔如同大型企業般的財務資訊揭露品質。銀行需透過財務報表以外的其他方式，來對中小企業信用狀況進行評估，「關係放款」便是其中一項。銀行可以藉由與中小企業長期的接觸，來瞭解中小企業的財務狀況。 但依據國外文獻顯示，銀行規模會對中小企業「關係放款」產生影響。銀行規模越大，因為資訊不對稱所產生的「代理問題」會越嚴重，將不利於中小企業關係放款的進行。面對近期的銀行合併風潮，遂有學者擔心中小企業融資會因此波銀行合併後，銀行規模變大，進而降低中小企業的放款。一國的金融環境，實會對其經濟發展產生深遠的影響，尤其是中小企業，受限於融資管道有限，對金融機構的依賴，相較於大型企業為深。本文透過對國外文獻回顧並比對國內目前狀況，並利用金融監督管理委員會銀行局「金融業務統計輯要」的各銀行中小企業放款資料，透過實證的方式， 發現銀行規模越大，的確會對中小企業融資產生負面的影響，但卻不能就此推論合併後銀行會降低中小企業的放款數量。蓋因銀行合併的影響有許多層面，規模擴大只是其中之一。合併之後會更容易形成寡佔的市場狀況，反而更有利於銀行進行關係放款。 然而由於本國銀行家數相對國外少了許多，各家銀行稍有差異，對實證結果影響頗大。尤其是傳統所謂的官股銀行與中小企業銀行，其帶有政策性色彩的放款方式與官股銀行的規模相對較大。在過去，在中小企業放款上佔有相當大的比重。將來官股銀行民營化與中小企業銀行改制為商業銀行的影響下，相較於銀行合併或許更需值得我們長期注意與觀察。

La présente thèse analyse l’incidence de la concurrence bancaire sur le coût et la qualité du crédit produit par les établissements de crédit. Plus précisément, les investigations empiriques menées dans le cadre de ce travail visent deux objectifs complémentaires. Tout d’abord, évaluer dans quelle mesure le degré de rivalité entre les banques influence la stratégie de tarification des banques et par conséquent le coût de financement des entreprises. Le second objectif de cette thèse consiste à étudier l’impact de la concurrence bancaire sur la manière dont les banques produisent de l’information privée sur leurs clients. Pour cela, nous procédons en deux étapes. En premier lieu, nous examinons l’influence du degré de rivalité entre les banques sur la nature des informations utilisées par les chargés d’affaires dans l’évaluation de la qualité des emprunteurs. En second lieu, nous vérifions l’implication de la concurrence bancaire dans la rupture des relations de long terme. Nous adoptons pour toutes les analyses conduites dans cette thèse une démarche permettant d’exploiter la complémentarité entre différents indicateurs de concurrence utilisés dans la littérature afin d’appréhender au mieux le niveau de rivalité entre les banques. Plusieurs résultats se dégagent des multiples analyses empiriques menées dans le cadre de ce travail. Premièrement, il ressort de nos investigations empiriques que le pouvoir de marché des institutions financières découle de deux sources distinctes: le poids de la banque dans la structure du marché local du crédit et le degré d’efficience de l’établissement de crédit. Par conséquent, l’incidence de la concurrence bancaire dépend de sa capacité à influencer la structure du marché local du crédit ou bien l’efficience des banques. De plus, nous montrons qu’au sein d’un marché bancaire concentré, l’existence de fortes rivalités entre les banques réduit le coût de financement des entreprises si ces dernières disposent d’une relation bancaire principale. Enfin, nous démontrons que la concurrence bancaire accroît la longévité des relations de clientèle et encourage les chargés d’affaires à produire plus d’informations privées sur les emprunteurs. Toutefois, il serait prudent au niveau des banques de suivre l’évolution des comportements des gestionnaires de relations bancaires en matière de production d’informations afin d’adapter les mesures incitatives à mettre en place pour garantir la pérennité de leurs comportements. / This thesis investigates the effect of banking competition on the cost and the quality of lending to firms by financial institutions. Specifically, the empirical analyzes conducted in this thesis aim to reach two complementary objectives. First, assessing the degree to which the rivalry between banks influences their pricing strategy and therefore the cost of corporate financing. The second objective of this thesis is to study the impacts of bank competition on the way banks generate private information about their customers. To this end we proceed in two steps. First, we investigate whether banking competition affects the type of information used by loan officers to assess borrower’s quality. Then, we check the involvement of bank competition in the termination of bank-firm relationships. We consider for all the analyzes conducted in this thesis an approach where the complementarity between different competition indicators used in the literature is exploited in order to better understand the level of rivalry among banks. Several results emerge from the multiple empirical analyzes conducted in this thesis. First, these show that the market power of financial institutions result from two separate sources: the weight of the bank in the local credit market structure, and the level of efficiency of the credit institution. Therefore, the impact of competition between banks depends on the ability of banking competition to influence the local market structure of credit or the efficiency of bank. Moreover, we show that within a concentrated banking market, the existence of strong rivalries between banks reduced the financing cost of firms that had a house bank. Finally, we demonstrate that banking competition increases the duration of bank-firm relationships and encourages loan officers to produce more private information about borrowers. However, it would be safe for banks to monitor the behavior of loan officers regarding their role on information production, in order to design incentives that ensure a sustained effort on their part.

La théorie bancaire récente a bien mis en évidence l'avantage comparatif des banques dans l'octroi du crédit aux petites et moyennes entreprises. La dépendance des PME vis-à-vis du financement bancaire est caractérisée par une asymétrie d'information due à l'opacité des firmes. Afin d'échapper à la surveillance de la banque prêteuse, les entreprises se dirigent vers une multibancarisation comme étant d'une part un contrat d'assurance implicite contre le risque de rationnement et d'une autre part une stratégie de diversification des sources de financement. Cette stratégie élimine également le risque de capturation (Hold-up problem) provenant de l'avantage informationnel détenu par la banque prêteuse et assure des conditions de crédits plus favorables. Ce travail de recherche teste et analyse les effets de la relation durable et de la multibancarisation sur les conditions de crédits. Après une présentation des fondements théoriques nous testons, sur un échantillon de 150 PME libanaises, l'effet du financement relationnel multibancaire respectivement sur le coût du crédit, le rationnement du crédit et les garanties demandées. Nous testons de même l’effet de la consolidation bancaire sur la propension des PME à diversifier leurs relations bancaires. / The recent banking theory highlights the comparative advantage of banks in financing SME (Small and Medium-Sized Enterprises. The dependence of the SME from the banking financing is mainly due to their information opacity. To escape the permanent control of the banks, companies go to a multi-banking relationship as an implicit insurance contract against the availability risk but also as an efficient way to diversify sources of funding. This strategy also eliminates the risk of capturation (Holdup Problem) resulting from the informative advantage detained by banks and insures more favorable credit terms. This research tests and analyzes the effects of the long-lasting relation and the multi-banking relationships on credit terms. After a detailed presentation of the literature review when we developed the main theoretical concepts we tested our hypothesis on a sample of 150 Lebanese SME firms. Our empirical works was focused on the effect of the multi-banking financing respectively on the credit cost, on credit availability and on collaterals. We also tested the effect of banking Mergers and acquisitions on SME’s intention to diversify their banking relations.

企業因為經濟自由化、貿易國際化潮流之影響，逐漸成為資本集中與技術密集之經營型態。為求擴充生產規模、增加產品種類、分散投資風險、拓展國際市場等目的，因而成立新公司或兼併其他公司，或購買其他公司之股份，或母公司與子公司交叉持股，而形成關係企業之組織型態，已成為普遍趨勢。職是，關係企業之經濟發展與經營模式，已然占有重要之地位。 關係企業具有特殊屬性，舉凡管理組織、生產規劃、人事制度、市場行銷、財務風險、獲利能力、公共事務與社會歸屬，均有相當程度之影響力。我國公司法對於關係企業專章之規範，仍有不足之處，導致受一九九八年亞洲金融風暴影響所及，爆發若干關係企業之經營弊端，其中以股票流通市場之證券交易違法行為，最為嚴重。綜觀其原因，除肇始於東南亞金融危機及國際不景氣環境外，亦顯示關係企業在股票市場存有許多問題，諸如負責人欠缺誠信、掏空公司資產，造成企業發生危機，發生多起上市或上櫃公司之經營弊端，嚴重損害公司、股東權益與債權人利益，並衝擊社會投資人與整體經濟，值得探討研究。 本論文研究方向，以法制理論、比較法學及實證案例為基礎，論述關係企業證券交易之違法行為，以股票流通市場為中心，並闡述近年來若干重要之關係企業案例，分析法院裁判之論處法律邏輯。包括關係企業之市場操縱行為（違約交割、沖洗買賣、相對委託、連續交易炒作行為）、關係企業「護盤」之違法性、關係企業之內線交易行為，等重要項目。亦討論關係企業藉由無形資產之高估或低估而買賣有價證券之非常規交易行為，兼述國際會計準則公報之規範，佐以實際案例研究。此外，亦闡論關係企業財務預測制度與證券交易違法行為之牽連、證券投資人之保護。 本論文內容之參考文獻資料，包括學位論文（例如前輩先進之博碩士論文）、教授學者之著作書籍、著名期刊與國內外網站資訊。所參考資料則以我國與美國法制文獻為主，至於其他國家之部分，則略以要旨參酌。最後，再針對作者執業律師參與關係企業案例之辯護瞭解，提出若干防弊機制之建議，俾供各界參考。 / UNLAWFUL ACTS BY AFFILIATED ENTERPRISES RESPECTING SECURITIES TRANSACTIONS WITH A FOCUS ON THE STOCK EXCHANGE MARKET Abstract Due to the impact of economic liberalization and trade internationalization, operations of enterprises have gradually become capital-intensive and technology-intensive. In order to increase production, expand product line, spread out investment risks, and develop international markets, enterprises have established new companies, merged with others, and purchased shares of other companies, or have engaged in cross-holding of shares between parent companies and subsidiaries. As a result, the formation of affiliated enterprises has become a popular trend. The economic development and business model of affiliated enterprises have likewise become important issues. Affiliated enterprises have their unique attributes; their management organization, production planning, personnel policy, marketing, financial risks, profitability, public affairs, and social affiliation have significant impact on enterprises. Due to inadequacies in the regulations on affiliated enterprises in Taiwan’s Company Law, several affiliated enterprises were exposed to have engaged in fraudulent business operations as a result of the 1998 Asian financial crisis. Among these, most serious were cases involving unlawful securities transactions in the stock market. An analysis of the factors leading to such anomaly shows that in addition to the Southeast Asian financial crisis and international economic slowdown, problems caused by of affiliated enterprises in the stock market, such as integrity and credibility issues on the part of the persons-in-charge and their swindling of company assets, resulted in corporate crises. Many incidents of business malpractices in public or OTC companies occurred, severely undermining the interests of companies, shareholders, and creditors, as well as those of the public investors and the overall economy. All these are worthy of further exploration and study. This paper uses legal theories, comparative jurisprudence, and empirical studies to discuss the unlawful activities in securities transactions by affiliated enterprises. This paper focuses on the stock market to explain the major cases involving affiliated enterprises in recent years and to analyze the legal grounds in the court’s decision on punishment. The cases covered include market manipulation by enterprises, default of securities delivery, wash sales, matched order, manipulation of series of transactions, the unlawfulness of stock market intervention by affiliated enterprises, and insider trading by affiliated enterprises. In addition, this paper discusses the transaction anomalies resulting from overvalue or undervalue of intangible assets by affiliated enterprises. Regulations on the International Accounting Standards gazette are explained and supplemented by actual case studies. In addition, this paper explores the inter-relation between financial forecast systems in affiliated enterprises, unlawful activities in securities transaction, and investor protection. Reference literature used in this paper includes academic dissertations, publications by professors and scholars, periodicals, and information from local and foreign Web sites. Reference materials are based primarily on literature on Taiwan and U.S. laws, supplemented by summary of information from other countries. Finally, recommendations of mechanisms to prevent malpractices are put forward, drawing on the author’s experience as defense lawyer for affiliated enterprises.