This study clarifies how family firms use the vesting provision of incentive grants and calibrate the interests of non-family executives so that they merge better with the firms’ interests. Given the risks that family firms confront when they are considering strategic decisions, this study finds that family-owned firms provide more risk-based incentives to their non-family executives, primarily when the firms are performing below their aspirational level. Moreover, these firms rely more often on relative performance measures to assess the efficacy of their non-family executives as their performance deteriorates. These findings stand in stark contrast with the literature on this topic, which suggests that firms always use risk-based incentives and absolute performance measures to reward their executives regardless of the firms’ performance.

Optionsprogram har sedan 1990-talet blivit en allt mer tillämpad form av ekonomisk kompensation i företag. Orsaken till varför denna kompensationsform blivit allt mer populär är för att undvika intressekonflikter som kan uppstå mellan aktieägarna och VD eller övriga anställda.Informationsassymmetri är grundproblemet i denna intressekonflikt, som uppstår i situationer då VD eller andra anställda innehar information om företaget som aktieägarna inte har tillgång till. För att undvika intressekonflikter och för att skapa en intressesammanslagning används optionsprogram för att säkerställa att VD eller anställda arbetar i enlighet med aktieägarnas vilja. Inom vetenskaplig forskning har detta område studerats flitigt och där bland annat nyttan av optionsprogram har ifrågasatts. Forskning på området har också visat att marknaden reagerar positivt när ett optionsprogram introduceras.I denna studie har därför utgångspunkten varit att undersöka vilket utfall optionsprogram har haft och vilka skillnader som går att finna beroende på till vilka optionsprogrammen riktat sig till. I uppsatsens syfte ingår explicit att hitta brister i optionsprogrammen som kan leda till förbättringar. För att göra undersökningen hanterbar har en avgränsning gjorts till företagen på Stockholmsbörsens Small-Cap lista. Därefter har information om optionsprogrammen inhämtats tillsammans med aktiekursdata med hjälp av Aktiespararnas analysprogram.Resultatet av undersökningen visar att de implementerade optionsprogrammen haft ett negativt utfall överlag. Detta innebär att det går att ifrågasätta om intressesammanslagning verkligen sker och om marknadens positiva reaktion är försvarbar i denna kontext. I utfallet för de olika målgrupperna framkom att optionsprogram riktade till flera personer presterar bättre än optionsprogram riktade till ett fåtal personer. I forskningsfrågan gällande programutformning framkom att den traditionella varianten utan prestationskrav var den vanligast förekommande och som också medför svagheter jämfört med nyare varianter.Ett förslag på forskning som i framtiden kan vara av intresse att göra inom ämnesområdet är en undersökning av utfallet efter att nya programutformningar implementerats och vilka svagheter eller styrkor som är inneboende hos dessa.

A presente dissertação se propõe a discutir as transformações das relações societárias e empregatícia em razão das startups, empresas embrionárias com modelo de negócios inovador: escalável, repetível, rentável e de extrema incerteza. Para tanto, em um primeiro momento, serão analisados os conceitos clásicos de relação societária e empregatícia assim como as startups. Em um segundo momento, serão estudadas algumas das alterações trazidas pelas startups, por meio de cláusulas de vesting, ambiente de trabalho virtual e contrato de participação realizado pelo investidor-anjo. Buscar-se-á, por fim, repensar os modelos clássicos, com base em novas figuras jurídicas: intra-empreendedorismo, colaboração, quaseempregados, cogestão empresarial e cláusulas compromissórias, adaptando o Direito às novas exigências sociais, diante da tecnologia e do empreendedorismo. / The present dissertation proposes to discuss the transformations of the corporate and employment relationships due to the startups, embryonic companies with innovative business model: scalable, repeatable, profitable and of extreme uncertainty. To do so, in a first moment, we will analyze the classic concepts of corporate and employment relationshi as well as the startups. In a second moment, some of the changes brought by startups will be studied, through vesting clauses, virtual work environment and participation agreement made by the angel investor. Finally, we will try to rethink the classical models, based on new legal figures: intraentrepreneurship, collaboration, almost employees, corporate co-management and compromise clauses, trying to adapt the Law to new social demands, in the face of technology and entrepreneurship.

Denna studie har gjorts i syfte att utreda vilka effekter som kommun, byggherre och bank upplever då en exploateringsfastighet överlåts till en byggherre först efter att byggnationer påbörjats inom ramen för en kommunal markanvisning. Studien har gjorts på förslag av Gävle kommun som sökt svar på om en överlåtelsetidpunkt efter byggstart kan vara ett instrument att uppnå rätt resultat då exploatering görs på kommunalt ägd mark.   För att belysa effekterna har studien gjorts genom jämförelse av hur aktörer upplever förfarandet som tillämpas av Örebro kommun med hur aktörer upplever förfarandet som tillämpas av Gävle kommun. I Örebro kommun genomförs marköverlåtelsen till byggherren först efter att byggnationer påbörjats på fastigheten. I Gävle kommun sker normalt överlåtelsen innan byggstart även om svävarvillkor ibland förekommer vilket fördröjer byggherrens möjlighet att erhålla lagfart.   För att förstå hur aktörerna kommun, byggherre och bank upplever effekterna har (1) semi-strukturerade, kvalitativa telefonintervjuer gjorts med aktörer på respektive orter. (2) Avtal om markanvisning har granskats för att förstå hur kommunerna reglerar sina respektive överlåtelsetidpunkter.   Resultatet visar att tidpunkten för exploateringsfastighetens överlåtelse kan användas som instrument att förhindra spekulation med kommunalt ägd mark. Resultatet visar också att mindre byggherrar behöver mer egna medel för att klara ökade kostnader i exploateringsprocessens tidiga skeden som följd av att byggnationer behöver påbörjas innan finansiering genom byggnadskreditiv finns på plats. Av de svar som erhållits från banker indikeras att tidpunkten som sådan inte har någon betydelse för bankens möjlighet att ställa ut ett byggnadskreditiv, så länge banken kan erbjudas tillräcklig säkerhet. Utöver panträtt i fast egendom kan vissa banker godta en moderbolagsborgen som säkerhet.   Som medel att förhindra markspekulation kan också köpets bestånd göras beroende av att byggnationer påbörjas på exploateringsfastigheten. I det fallet påbörjas överlåtelseprocessen innan byggstart med ett giltigt köpekontrakt och panträtt kan upplåtas i fastigheten med den lagfarna ägarens medgivande. Det kommunala målet att säkerställa rätt resultat förefaller snarare vara beroende av kommunala förvaltningars samordning och hur exploateringsprocessen bedrivs i sin helhet. / This study has been conducted to investigate how municipalities, developers and banks perceive the effects of having to commence construction as a prerequisite for vesting of the real estate to be developed, within the scope of municipal land allocations. The municipality of Gävle suggested the study as they sought to establish if the time of vestment, as an activity in the land developing process, could be used as an instrument to ensure the correct results of such a process.   The study was conducted as a comparison between the municipalities of Gävle and Örebro and how stakeholders in the respective areas perceive the effects. In the municipality of Örebro real estate is vested to the developer once construction work on the property has commenced. In the municipality of Gävle the real estate is normally vested prior to commencement of construction work. In some cases, however, full ownership rights are delayed by means of contractual conditions requiring the developer to commence construction work for the contract to become fully valid, and thus allowing the developer to receive the title deed.   To understand how the stakeholders municipality, developers and banks perceive the effects, (1) semi-structured qualitative telephone interviews have been conducted across the mentioned stakeholder groups in both locations. (2) Contracts of land allocation have been studied to understand how the time of vesting is regulated by both municipalities.   The results show that the time of vesting of the real estate to be developed can be used as an instrument to prevent speculation with publicly owned property. The results also show that small scale land developers require more funds to cope with increased costs that result from the inability to receive building loans using the real estate as security for such funding. Interview answers from banks imply that the time of vesting the real estate to be developed is of no importance to them as long as sufficient security can be offered towards building loan funding. Apart from liens in real estate, parent company guarantees were mentioned as a possible alternative.   As a means to prevent land speculation, contract clauses delaying the title deed to be transferred until commencement of construction, may be used. In this case the vesting process is initiated prior to commencement of construction using a valid contract, and a lien in the real estate to be developed can be offered to the bank with the permission of the municipality as the title deed holder. The aim of the municipality to ensure the correct results of the development process appears to be more dependent on how the council boards interact and how the land development process is carried out in its entirety.

A presente dissertação se propõe a discutir as transformações das relações societárias e empregatícia em razão das startups, empresas embrionárias com modelo de negócios inovador: escalável, repetível, rentável e de extrema incerteza. Para tanto, em um primeiro momento, serão analisados os conceitos clásicos de relação societária e empregatícia assim como as startups. Em um segundo momento, serão estudadas algumas das alterações trazidas pelas startups, por meio de cláusulas de vesting, ambiente de trabalho virtual e contrato de participação realizado pelo investidor-anjo. Buscar-se-á, por fim, repensar os modelos clássicos, com base em novas figuras jurídicas: intra-empreendedorismo, colaboração, quaseempregados, cogestão empresarial e cláusulas compromissórias, adaptando o Direito às novas exigências sociais, diante da tecnologia e do empreendedorismo. / The present dissertation proposes to discuss the transformations of the corporate and employment relationships due to the startups, embryonic companies with innovative business model: scalable, repeatable, profitable and of extreme uncertainty. To do so, in a first moment, we will analyze the classic concepts of corporate and employment relationshi as well as the startups. In a second moment, some of the changes brought by startups will be studied, through vesting clauses, virtual work environment and participation agreement made by the angel investor. Finally, we will try to rethink the classical models, based on new legal figures: intraentrepreneurship, collaboration, almost employees, corporate co-management and compromise clauses, trying to adapt the Law to new social demands, in the face of technology and entrepreneurship.

A presente dissertação se propõe a discutir as transformações das relações societárias e empregatícia em razão das startups, empresas embrionárias com modelo de negócios inovador: escalável, repetível, rentável e de extrema incerteza. Para tanto, em um primeiro momento, serão analisados os conceitos clásicos de relação societária e empregatícia assim como as startups. Em um segundo momento, serão estudadas algumas das alterações trazidas pelas startups, por meio de cláusulas de vesting, ambiente de trabalho virtual e contrato de participação realizado pelo investidor-anjo. Buscar-se-á, por fim, repensar os modelos clássicos, com base em novas figuras jurídicas: intra-empreendedorismo, colaboração, quaseempregados, cogestão empresarial e cláusulas compromissórias, adaptando o Direito às novas exigências sociais, diante da tecnologia e do empreendedorismo. / The present dissertation proposes to discuss the transformations of the corporate and employment relationships due to the startups, embryonic companies with innovative business model: scalable, repeatable, profitable and of extreme uncertainty. To do so, in a first moment, we will analyze the classic concepts of corporate and employment relationshi as well as the startups. In a second moment, some of the changes brought by startups will be studied, through vesting clauses, virtual work environment and participation agreement made by the angel investor. Finally, we will try to rethink the classical models, based on new legal figures: intraentrepreneurship, collaboration, almost employees, corporate co-management and compromise clauses, trying to adapt the Law to new social demands, in the face of technology and entrepreneurship.

The main goal of this dissertation was to obtain an understanding as to the true economic nature of employee share options and the problems surrounding the accounting thereof. The main conclusion of this study is that employee share options should be expensed in the income statement as and when the employee's services are performed. The reason is that employee share options are valuable financial instruments which the employer has used to compensate the employee for his services. It was also concluded that exercise date accounting and classification of outstanding employee share options as liabilities on the balance sheet is the most appropriate accounting treatment. Such accounting treatment trues up the accounting of employee share options with that of cash-settled share appreciation rights, which are economically equivalent transactions. The measurement of employee share options should be based on their fair value using an option-pricing model adapted for the specific features of employee share options. / Accounting / Thesis (M. Com. (Accounting Science))

The main goal of this dissertation was to obtain an understanding as to the true economic nature of employee share options and the problems surrounding the accounting thereof. The main conclusion of this study is that employee share options should be expensed in the income statement as and when the employee's services are performed. The reason is that employee share options are valuable financial instruments which the employer has used to compensate the employee for his services. It was also concluded that exercise date accounting and classification of outstanding employee share options as liabilities on the balance sheet is the most appropriate accounting treatment. Such accounting treatment trues up the accounting of employee share options with that of cash-settled share appreciation rights, which are economically equivalent transactions. The measurement of employee share options should be based on their fair value using an option-pricing model adapted for the specific features of employee share options. / Accounting / Thesis (M. Com. (Accounting Science))

老年所得保障的問題，是所有工業化國家所共有的社會問題。臺灣、德國與美國為了解決這個問題，基本上都是採用所謂的「三層保障的模式」。第一層保障為國家所建立的強制性社會保險制度，第二層保障為企業或雇主所設立的企業退休給付制度，第三層為個人的自我預護（包括儲蓄、保險、置產等）。本文主要是探討第二層的「企業退休給付制度」之法律問題。臺灣的「企業退休給付制度」（也稱之為「企業退休金制度」），是採強制性為主，自願性為輔的雙軌制度，自願性制度所佔比例無足輕重。在強制性制度中的實施型態是採「單數型態」，而且由「單一組織」承擔實施。美國的「企業退休給付制度」稱為「年金（退休金）計劃(pension plan)」，德國的「企業退休給付(betriebliche Altersversorgung)制度」也稱為「企業年金(Betriebsrenten)制度」。這兩個國家向來都是採用自願性制度，「實施型態」與「實施機構」也都是採「複數型態」。 關於企業退休給付的法律保障，臺灣於1984年在勞動基準法中納入「退休規定」，對勞工退休金制度的設立、實施型態、實施機構、財務準備與給付內容皆制定最低的法律標準，然而對於勞工的退休金期待利益如何保障與雇主陷於支付不能時退休金請求權如何保障等重要問題，皆欠缺規定。德國於1974年制定「改善企業退休給付法」，採有限度的立法，對已設立的企業退休給付制度制定最低法定基準，特別注重「退休給付期待利益之保障」與「退休給付支付不能時之保障」；同一年美國也制定「勞工退休所得保障法」，採取全面性的立法，不僅注重「勞工退休給付權利之保障（包括對退休給付期待利益之保障）」，也同樣針對「退休計劃之終止與支付不能的情形」設有特別的保障。 本文主要是以臺灣的「勞基法退休規定」，德國的「改善企業退休給付法」與美國的「勞工退休所得保障法」等法律規定為基礎。針對同一問題，分別探討臺灣、德國與美國的法律制度。第一節首先探討企業退休給付制度之歷史發展，企業退休給付制度究竟如何形成？如何逐步擴展？法律如何回應？在立法之後又面臨何種問題？第二節首先討論退休給付制度的核心法律概念，以及其如何與雇主的其他給付相區別。接著進一步探究勞工請求雇主給付退休金之法律基礎為何？然後再探討企業退休給付之法律性質。第三節分析企業退休給付制度，以何種型態實施，如何運作，在組織上產生何種法律關係。第四節探討企業退休給付的財務準備。第五節以給付為中心，探討企業退休給付的一般法律保障，包括：請求退休金的法律要件為何？請求範圍如何決定？如何與社會保險給付整合？如何支付？在面對通貨膨脹壓力時又如何因應？第六節探討企業退休給付期待利益如何保障之問題，詳細探討德國與美國為何要保障退休給付期待利益？在何種情形下，退休給付期待利益不可喪失？勞工退休時，退休給付期待利益如何實現為退休給付，如何計算其數額？勞工離職時，可否一次結清將來的退休給付權利？勞工轉換工作時，退休金債權是否可隨同移轉？最後一節探討退休給付發生支付不能之情形時，有何解決辦法？第五章比較三國退休給付法律制度有何異同？有何優缺點？並檢討行政院勞工委員會所提的「勞工老年附加年金保險險制度」草案，與「勞工退休金條例草案」之優缺點，並探討我國勞工退休金制度法律改革是否存在其他不同的途徑。？最後一章總結前面各章之研究所得作成結論。 / Old-age income security is a sharing social problem of all industrialized countries. 「Three tiers (pillars) of economic security」 has been used for solving this problem in Taiwan, Germany and U.S.A. The first tier is obligatory social insurance system established by the countries; the second tier is the composition of　“supplementary pension plans” created by companies or employers; the third tier is personal advance arrangements (include saving, purchase of insurance, investment, etc.). This dissertation concentrates on the legal protection of supplementary pension plans.　The supplementary pension plans in Taiwan is a double-track institution. While the voluntary part of it is rather insignificant, this institution is mainly in obligatory part. This obligatory supplementary pension plans is designed to be only one type － defined benefit plans, and there is only one designated funding agency － the Central Trust of China. In U.S.A. the supplementary pension plans used to be called “private pension plans”; in Germany the supplementary pension plans used to be called “company pensions (Betriebsrenten)”.　These two countries adopt voluntary institutions. The types and funding agencies of their supplementary pension plans are plural. In order to protect the rights of pension, the relevant laws were enacted in Taiwan, Germany， and U.S.A. Regulations about employee retirement benefits were included in the “Labor Standards Law” enacted in 1984 in Taiwan.　These regulations created minimum standards for the establishment, requirement of benefit, funding and funding agency, benefit formulas of retirement plans.　However these regulations　lacked protection of pension expectations and rights to pension against insolvency or bankruptcy of supporting employers.　In Germany the relevant regulations about supplementary pension plans are to be found in the “Act on Company Pensions” in force since December 1974.　This Act regulated very limitedly. It established minimum standards for company pensions, especially relating to protection of pension expectations, and pension benefit rights against insolvency of supporting employers. In the same year the “Employee Retirement Income Security Act” of 1974 (ERISA) was enacted in U.S.A..　This comprehensive employee benefit law not only stressed on protection of employee benefit rights (including protecting vesting right), but also created insurance for pension plan terminations. This dissertation mainly compares the legal institutions relating to　supplementary pension　plans in Taiwan, Germany and U.S.A. on the basis of the above statute laws relating to the supplementary pension plans of these three countries. Chapter 1 is the introduction of this research.　Chapter 2、3 and 4 discuss the legal institutions relating to supplementary pension　plans of these three countries. In each section of each chapter the same problems are discussed. Section 1 provides an overview of the historic background of supplementary pension plans and development of relevant laws, including how the supplementary pension plans have formed and expanded, how the law regulated, and problems that have been caused after enactment of the law relating to supplementary pension plans. Section 2 firstly discusses the core legal concept of supplementary pension in each country, and how it differentiates from other benefits of employers. Then this section probes into the legal bases of supplementary pension claims and the characteristics of supplementary pension.　Section 3 analyzes different types of supplementary pension plans, how they operate, and legal relations that have been produced. Section 4 explores pension funding.　Section 5 discusses the general legal protection of pension benefits, including participation, requirement of benefit, payment of benefit. The question of how supplementary pension integrates with social security benefit and counteracts the effect of inflation is also discussed.　Section 6 discusses how the relating laws of supplementary pension plans protect pension expectations, why the laws of Germany and U.S.A. protect pension expectations, when the pension benefit rights are nonforfeitable, how the nonforfeitable benefit is accrued, under which condition a nonforfeitable benefit can cash out, and whether the nonforfeitable benefit is portable when the employee changes the job?　The last section discusses the legal protection against insolvency of employers or termination of pension plans. After comparing the supplementary pension plans and its legal protections of Taiwan, Germany, and U.S.A.，chapter 5 examines advantages and disadvantages of the two recent drafts of supplementary pension plans reforms proposed by CLA (Council of Labor Affairs)in Taiwan. One is “Draft of the Old-age Supplementary Insurance of Employees” , and the other is “Draft of Employee Pension Act “ . The possibilities of having other ways for reforming supplementary pension plans institution of this country is also discussed in this chapter.　The last chapter puts research results of the preceding chapters into a conclusion.