O acordo de acionistas é instrumento que serve à adequação da disciplina societária aos interesses pessoais e patrimoniais dos acionistas. Tais acordos têm natureza jurídica contratual e parassocial, em razão de estarem intrinsecamente ligados aos pactos sociais. Em razão de serem contratos e, portanto, estarem submetidos à teoria geral dos contratos, e, ao mesmo tempo, estarem tão fortemente coligados à seara social, surgem dificuldades na resolução de questões limítrofes entre o direito civil e o direito societário. Esses problemas aparecem especialmente quando se trata da extinção por causa superveniente do acordo, existindo dúvidas na doutrina e na jurisprudência quanto à possibilidade de aplicação aos pactos parassociais das hipóteses de extinção aplicáveis aos contratos em geral. Com o objetivo de auxiliar na solução dessa questão, no presente estudo, são examinadas as causas supervenientes de extinção dos contratos, mais especificamente, as hipóteses de expiração de termo ou de implemento de condição resolutiva, de resilição, de resolução, por inadimplemento ou por onerosidade excessiva, de impossibilidade superveniente inimputável, de morte das partes, e, ainda, os cenários em que existe insolvência ou dissolução das partes ou da própria sociedade, os quais têm, após um exame genérico quanto a seus aspectos conceituais, verificada a sua aplicabilidade ao acordo de acionistas e os efeitos que produzem em sua esfera. São respeitados, contudo, os temperamentos necessários em decorrência de sua natureza parassocietária. / The shareholders’ agreement is an instrument that serves the adequacy of the corporate discipline to the shareholders’ personal and equity interests. Such agreements have the legal nature of contracts that are inserted in the companies’ corporate structure, being intrinsically connected to the bylaws and to the companies’ articles of associations. Because they are contracts, and therefore are subject to the general theory of contracts, and at the same time are so strongly linked to the corporate sphere, difficulties arise in solving border issues between Civil Law and Corporate Law. These problems appear especially when it comes to the termination of the agreements because of supervening causes, leaving scholars and courts in doubt as to the possibility of applying to the shareholders’ agreements the extinction hypotheses applicable to contracts in general. With the aim of assisting in the solution of this issue, the present study examines the supervening causes of termination of shareholders’ agreements, more specifically, the hypothesis of expiration of the term or implementation of a condition, terminations with and without cause, unenforceable supervening impossibility, death of the parties, and also the scenarios in which there is insolvency or dissolution of the parties in the agreement or of the company itself, which, after a general examination of their conceptual aspects, were submitted to a verification concerning their applicability to the shareholders' agreement and concerning the effects to be produced on such agreements, respecting, however, their nature as contracts inserted in the corporate structure.

The Football industry has turned into a financial war and the purchasing power among the clubs is getting more and more important. The fact is that some of the largest clubs in Europe actually have a negative net income in the last years. The importance of find- ing investors that are willing to invest in the club to achieve good financial ratios are getting more and more important. To find these investors a club must show good finan- cial results that will get the investors interested. In this thesis a valuation has been made of the two Nordic firms; AIK Solna and Parken Sport & Entertainment. With the use of valuation theory and profitability ratios; this thesis will value the organizations entirely as two firms. This will lead to the most accu- rate comparison because the firms are built up in different ways and this thesis will draw a conclusion about the effects of the whole firm value not just single parts of the firm. In this valuation calculations of different valuation ratios such as Free Cash Flow to Eq- uity and Free Cash Flow to Firm have been used. This thesis will also show calculations of profitability ratios such as ROE, ROA, ROC, P/E ratio and Interest Coverage ratio. When calculating the value of the firms the Modigliani and Miller firm valuation formu- la was used. The results of this thesis show that Parken Sport & Entertainment was nei- ther under or overvalued. The stock value of Parken Sport & Entertainment that was calculated was almost the same as its set value on the stock market today. AIK Solna on the other hand has big financial problems and their stock value was actually valued to a negative result. This is not a good result when they want to get new investors to the firm.

O acordo de acionistas é instrumento que serve à adequação da disciplina societária aos interesses pessoais e patrimoniais dos acionistas. Tais acordos têm natureza jurídica contratual e parassocial, em razão de estarem intrinsecamente ligados aos pactos sociais. Em razão de serem contratos e, portanto, estarem submetidos à teoria geral dos contratos, e, ao mesmo tempo, estarem tão fortemente coligados à seara social, surgem dificuldades na resolução de questões limítrofes entre o direito civil e o direito societário. Esses problemas aparecem especialmente quando se trata da extinção por causa superveniente do acordo, existindo dúvidas na doutrina e na jurisprudência quanto à possibilidade de aplicação aos pactos parassociais das hipóteses de extinção aplicáveis aos contratos em geral. Com o objetivo de auxiliar na solução dessa questão, no presente estudo, são examinadas as causas supervenientes de extinção dos contratos, mais especificamente, as hipóteses de expiração de termo ou de implemento de condição resolutiva, de resilição, de resolução, por inadimplemento ou por onerosidade excessiva, de impossibilidade superveniente inimputável, de morte das partes, e, ainda, os cenários em que existe insolvência ou dissolução das partes ou da própria sociedade, os quais têm, após um exame genérico quanto a seus aspectos conceituais, verificada a sua aplicabilidade ao acordo de acionistas e os efeitos que produzem em sua esfera. São respeitados, contudo, os temperamentos necessários em decorrência de sua natureza parassocietária. / The shareholders’ agreement is an instrument that serves the adequacy of the corporate discipline to the shareholders’ personal and equity interests. Such agreements have the legal nature of contracts that are inserted in the companies’ corporate structure, being intrinsically connected to the bylaws and to the companies’ articles of associations. Because they are contracts, and therefore are subject to the general theory of contracts, and at the same time are so strongly linked to the corporate sphere, difficulties arise in solving border issues between Civil Law and Corporate Law. These problems appear especially when it comes to the termination of the agreements because of supervening causes, leaving scholars and courts in doubt as to the possibility of applying to the shareholders’ agreements the extinction hypotheses applicable to contracts in general. With the aim of assisting in the solution of this issue, the present study examines the supervening causes of termination of shareholders’ agreements, more specifically, the hypothesis of expiration of the term or implementation of a condition, terminations with and without cause, unenforceable supervening impossibility, death of the parties, and also the scenarios in which there is insolvency or dissolution of the parties in the agreement or of the company itself, which, after a general examination of their conceptual aspects, were submitted to a verification concerning their applicability to the shareholders' agreement and concerning the effects to be produced on such agreements, respecting, however, their nature as contracts inserted in the corporate structure.

O acordo de acionistas é instrumento que serve à adequação da disciplina societária aos interesses pessoais e patrimoniais dos acionistas. Tais acordos têm natureza jurídica contratual e parassocial, em razão de estarem intrinsecamente ligados aos pactos sociais. Em razão de serem contratos e, portanto, estarem submetidos à teoria geral dos contratos, e, ao mesmo tempo, estarem tão fortemente coligados à seara social, surgem dificuldades na resolução de questões limítrofes entre o direito civil e o direito societário. Esses problemas aparecem especialmente quando se trata da extinção por causa superveniente do acordo, existindo dúvidas na doutrina e na jurisprudência quanto à possibilidade de aplicação aos pactos parassociais das hipóteses de extinção aplicáveis aos contratos em geral. Com o objetivo de auxiliar na solução dessa questão, no presente estudo, são examinadas as causas supervenientes de extinção dos contratos, mais especificamente, as hipóteses de expiração de termo ou de implemento de condição resolutiva, de resilição, de resolução, por inadimplemento ou por onerosidade excessiva, de impossibilidade superveniente inimputável, de morte das partes, e, ainda, os cenários em que existe insolvência ou dissolução das partes ou da própria sociedade, os quais têm, após um exame genérico quanto a seus aspectos conceituais, verificada a sua aplicabilidade ao acordo de acionistas e os efeitos que produzem em sua esfera. São respeitados, contudo, os temperamentos necessários em decorrência de sua natureza parassocietária. / The shareholders’ agreement is an instrument that serves the adequacy of the corporate discipline to the shareholders’ personal and equity interests. Such agreements have the legal nature of contracts that are inserted in the companies’ corporate structure, being intrinsically connected to the bylaws and to the companies’ articles of associations. Because they are contracts, and therefore are subject to the general theory of contracts, and at the same time are so strongly linked to the corporate sphere, difficulties arise in solving border issues between Civil Law and Corporate Law. These problems appear especially when it comes to the termination of the agreements because of supervening causes, leaving scholars and courts in doubt as to the possibility of applying to the shareholders’ agreements the extinction hypotheses applicable to contracts in general. With the aim of assisting in the solution of this issue, the present study examines the supervening causes of termination of shareholders’ agreements, more specifically, the hypothesis of expiration of the term or implementation of a condition, terminations with and without cause, unenforceable supervening impossibility, death of the parties, and also the scenarios in which there is insolvency or dissolution of the parties in the agreement or of the company itself, which, after a general examination of their conceptual aspects, were submitted to a verification concerning their applicability to the shareholders' agreement and concerning the effects to be produced on such agreements, respecting, however, their nature as contracts inserted in the corporate structure.

Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.

Sedan lagändringen år 2010, gällande avskaffandet av revisionsplikten för små aktiebolag, ställs numera företag inför ett val. Likt samtliga företag så krävs ett ställningstagande om vilken revisionsbyrå som väljs att anlitas. Ett litet aktiebolag antas, på grund av mindre resurser, behöva överlägga för- och nackdelar i högre grad än större företag. Vilket leder till studiens syfte som är att ta reda på vilka faktorer som påverkar små aktiebolags val av revisionsbyrå. Tidigare forskning och redovisningsteorier tyder på att det inte bara är små aktiebolags värderingar som leder till vilken revisionsbyrå som väljs, utan också företagets struktur påverkar valet. Därför är studiens avsikt att både analysera revisionsbyråers skiljande faktorer samt företagsstrukturen hos små aktiebolag. Detta görs med hjälp av en enkätundersökning som skickas ut till slumpmässigt valda företag i Sverige. Studiens resultat bekräftar en del av tidigare forskning. Det påvisas att sannolikheten att ett litet aktiebolag väljer en revisionsbyrå inom Big 4 ökar med företagets storlek samt företagets skuldsättningsgrad. Vidare tyder resultatet på att desto mindre priskänsligt företaget är och desto mer de värdesätter kvalité, personlig relation och varumärke, ju troligare är det att Big 4 väljs. Studien ämnar att ge en bättre förståelse kring revisionsvalet samtidigt som både små aktiebolag och revisionsbyråer kan fokusera på de faktorer som inverkar valet. Som framtida forskning anses revisorn som oberoende vara ett intresseväckande område att fördjupa sig mer i. / Since 2010 when the accounting laws in Sweden cha four nged, small businesses are now facing a choice whether to be audited or not. Like all businesses, this includes a choice regarding what auditing firm to hire. Small businesses must consider the pros and cons in greater extent than bigger businesses because of their overall lower resources. This leads to the purpose of the study which is to find out what factors affect the choice of selecting an auditing firm. Previous research and accounting theories suggest that, in addition to the factors of the auditing firm, the business’ corporate structure can affect their choice. Therefore, the study is aiming to analyze both the auditing firms various characteristics and the corporate structure of the business. This is performed by sending out a survey to randomly selected small businesses in Sweden and analyzing the data once received. The result of the study partly confirms the previous studies conducted in the same field. It indicates that the probability for a small business to choose an auditing firm within Big four increases with the business size and the gearing ratio. Further, the result indicates that the less price sensitive a business is. So, the higher they value auditing quality, personal relationship and that the auditing firm is well-known, the higher is the probability that they will decide to hire an auditing firm within Big firms. The research is aiming to increase the understanding regarding auditing choice and help both the auditing firms and the companies to understand what factors can affect the choice. As a topic for future research, we find that the auditors’ independence would be interesting, since this research indicates the relevance of it.

Les investissements étrangers directs (IED), définis comme étant un transfert de capital durable d'un pays source à une entreprise formée ou exploitée sur le territoire du pays hôte, sont importants pour le développement économique international. Vu l'importance de ce phénomène, la Chine a placé les IED au premier plan de sa politique d'ouverture et les organisations internationales telles que l'Organisation mondiale du commerce tentent de mettre en place un cadre pour régir les IED. Les positions de négociations sont toutefois très difficiles à concilier et la Chine occupe depuis son accession en 2001 un rôle d'intermédiaire entre les positions des pays industrialisés et des pays en développement. Le droit international a par ailleurs un impact sur le droit interne d'un pays comme la Chine, tout comme son bagage idéologique et culturel. L'analyse du droit interne chinois nous permet d'évaluer la protection qui est accordée aux IED et au marché chinois, ce dernier ayant pour effet de traiter de manière discriminatoire les IED. Les règles restreignant les secteurs d'activités dans lesquels des projets d'IED sont autorisés, tout autant que celles établissant les structures corporatives pouvant être utilisées ou celles régissant les contrats nécessaires aux opérations de l'entreprise à investissement étranger ont essentiellement pour but de protéger le marché chinois et créent donc de la discrimination à l'égard des IED. Les règles prévoyant des incitatifs fiscaux pour les entreprises à investissement étranger ont à l'inverse pour effet d'accorder un traitement privilégié aux projets d'IED en fonction de zones géographiques et de secteurs d'activités dans le cadre de la politique de développement économique de la Chine. Ce droit interne doit toutefois être correctement appliqué pour avoir les effets escomptés sur le traitement des IED. En Chine, on ne peut pas conclure que l'état de droit soit en place, les relations interpersonnelles jouant encore un rôle capital. De ce fait, les nombreuses lois, en apparence complètes, qui continuent d'avoir comme principal objectif de protéger le marché chinois, n'accordent pas la sécurité juridique à laquelle pourrait s'attendre un investisseur occidental. Le constat: la protection accordée aux IED est insuffisante en Chine bien qu'elle s'améliore rapidement et un traitement souvent discriminatoire des IED subsiste dans le but de protéger le marché. Il nous apparaît donc qu'il n'y a pas encore d'équilibre entre la protection des investisseurs et la protection du marché chinois. / Foreign direct investments (FDI), a sustainable transfer of capital from one country to an enterprise formed or operated by the foreign investor on the territory of the host country are very important for the economic development at an international level. China has made FDI a top priority for its open door policy. Given the importance of FDI, international organisations such as the World trade organization are attempting to put in place a convention to deal with FDI. The negotiating positions are hard to reconcile but China has adopted, since its accession to the WTO in 2001, the role of the intermediary between the developed and the developing worlds. International law as weil as the political and cultural backgrounds of China, have an important impact on intemallaws regarding FDI. By analyzing Chinese laws on FDI it is possible to determine the level of protection granted to FDI and to the Chinese market, this second element having a direct impact on a discriminatory treatment of foreign investors in China. Rules regarding the sectors of activities, the corporate structures available to FDI and the laws regarding contracts necessary for the business operations essentially have for objective the protection of the Chinese market and consèquently, have for effect to discriminate FDI. In contrast, tax legislation applicable to FDI has a positive impact granting them preferential treatments in conjunction with geographic zones or sectors of activities and thus also has the effect of responding to China's commercial and development imperatives. Although legislation pertaining to FDI in China may appear complete, laws must be applied properly in order to have their expected effects on the treatment of FDI. Because of many factors such as the cultural background of China, there is no rule of law in China; relationships are still very important and laws come second. Consequently, the laws and regulations, even if many of them have the objective of protecting the market, fail to protect the FDI properly on the Chinese territory. Our conclusion is that protection granted to FDI is insufficient although it is improving rapidly and the treatment of FDI is in many cases still discriminatory in order to protect the Chinese market. It seems that the protection of the investors and the protection of the Chinese market have yet to reach a balance. / "Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit, option droit commercial". Ce mémoire a été accepté à l'unanimité et classé parmi les 10% des mémoires de la discipline.

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit, option droit commercial". Ce mémoire a été accepté à l'unanimité et classé parmi les 10% des mémoires de la discipline. / Les investissements étrangers directs (IED), définis comme étant un transfert de capital durable d'un pays source à une entreprise formée ou exploitée sur le territoire du pays hôte, sont importants pour le développement économique international. Vu l'importance de ce phénomène, la Chine a placé les IED au premier plan de sa politique d'ouverture et les organisations internationales telles que l'Organisation mondiale du commerce tentent de mettre en place un cadre pour régir les IED. Les positions de négociations sont toutefois très difficiles à concilier et la Chine occupe depuis son accession en 2001 un rôle d'intermédiaire entre les positions des pays industrialisés et des pays en développement. Le droit international a par ailleurs un impact sur le droit interne d'un pays comme la Chine, tout comme son bagage idéologique et culturel. L'analyse du droit interne chinois nous permet d'évaluer la protection qui est accordée aux IED et au marché chinois, ce dernier ayant pour effet de traiter de manière discriminatoire les IED. Les règles restreignant les secteurs d'activités dans lesquels des projets d'IED sont autorisés, tout autant que celles établissant les structures corporatives pouvant être utilisées ou celles régissant les contrats nécessaires aux opérations de l'entreprise à investissement étranger ont essentiellement pour but de protéger le marché chinois et créent donc de la discrimination à l'égard des IED. Les règles prévoyant des incitatifs fiscaux pour les entreprises à investissement étranger ont à l'inverse pour effet d'accorder un traitement privilégié aux projets d'IED en fonction de zones géographiques et de secteurs d'activités dans le cadre de la politique de développement économique de la Chine. Ce droit interne doit toutefois être correctement appliqué pour avoir les effets escomptés sur le traitement des IED. En Chine, on ne peut pas conclure que l'état de droit soit en place, les relations interpersonnelles jouant encore un rôle capital. De ce fait, les nombreuses lois, en apparence complètes, qui continuent d'avoir comme principal objectif de protéger le marché chinois, n'accordent pas la sécurité juridique à laquelle pourrait s'attendre un investisseur occidental. Le constat: la protection accordée aux IED est insuffisante en Chine bien qu'elle s'améliore rapidement et un traitement souvent discriminatoire des IED subsiste dans le but de protéger le marché. Il nous apparaît donc qu'il n'y a pas encore d'équilibre entre la protection des investisseurs et la protection du marché chinois. / Foreign direct investments (FDI), a sustainable transfer of capital from one country to an enterprise formed or operated by the foreign investor on the territory of the host country are very important for the economic development at an international level. China has made FDI a top priority for its open door policy. Given the importance of FDI, international organisations such as the World trade organization are attempting to put in place a convention to deal with FDI. The negotiating positions are hard to reconcile but China has adopted, since its accession to the WTO in 2001, the role of the intermediary between the developed and the developing worlds. International law as weil as the political and cultural backgrounds of China, have an important impact on intemallaws regarding FDI. By analyzing Chinese laws on FDI it is possible to determine the level of protection granted to FDI and to the Chinese market, this second element having a direct impact on a discriminatory treatment of foreign investors in China. Rules regarding the sectors of activities, the corporate structures available to FDI and the laws regarding contracts necessary for the business operations essentially have for objective the protection of the Chinese market and consèquently, have for effect to discriminate FDI. In contrast, tax legislation applicable to FDI has a positive impact granting them preferential treatments in conjunction with geographic zones or sectors of activities and thus also has the effect of responding to China's commercial and development imperatives. Although legislation pertaining to FDI in China may appear complete, laws must be applied properly in order to have their expected effects on the treatment of FDI. Because of many factors such as the cultural background of China, there is no rule of law in China; relationships are still very important and laws come second. Consequently, the laws and regulations, even if many of them have the objective of protecting the market, fail to protect the FDI properly on the Chinese territory. Our conclusion is that protection granted to FDI is insufficient although it is improving rapidly and the treatment of FDI is in many cases still discriminatory in order to protect the Chinese market. It seems that the protection of the investors and the protection of the Chinese market have yet to reach a balance.

Visualization of complex data is a challenging topic. Data are often stored in spreadsheets making it difficult to get an overview of otherwise inaccessible information. Visualization of data is necessary for getting an understanding of complex structures. Organizations, among them financial institutions, nowadays consist of large owner structures and legal structures. Visualization of these structures is a challenging task due to the many levels of complexity within these structures.This report presents a visualization prototype of the legal business structures of financial institutions. The primary function of this prototype is to facilitate the understanding of complex legal business structures that would be hard to comprehend only from spreadsheets. The development of the prototype was performed using Python and NetworkX and the visualization was constructed as a graph representation. The evaluation of the prototype was conduced with semi-structured interviews together with a demonstration. The evaluation indicated that the utility of the visualization prototype concept can be further improved. The results suggests that a prototype is vital and is of good use for facilitating understanding of data. / Visualisering av data är ett svårt problem. Diverse data lagras ofta i textform vilket bidrar till en sämre översikt av datan. Med hjälp av visualisering kan man få en bättre förståelse för komplexa strukturer i datan. Organisationer så som finansinstitut involverar ofta stora ägarstrukturer och legala strukturer. Att kunna visualisera dessa strukturer blir då ett problem på grund av deras komplexitet.I denna rapport presenteras en visualiseringsprototyp av legala affärsstrukturer hos finansinstitut. Huvudsyftet med denna prototyp är att få en bättre förståelse av strukturer som annars är svåra att analysera utifrån enbart kalkylblad. Prototypen implementerades med hjälp av Python och NetworkX och visades visuellt som en graf representation. Evalueringen utfördes med hjälp av intervjuer samt en demonstration av prototypen. Evalueringen visar på att användarna ser en nytta med prototypen vilket tyder på att det finns utrymme för att vidare utveckla konceptet. Resultatet antyder att en visualisering är väsentlig när det kommer till att underlätta analys av data.

There exist major disparities in issues concerning health, education, the environment, and other problems that affect overall well-being. Currently, government and nonprofit institutions do not sufficiently mitigate these problems. This thesis examines traditional corporate structures that uphold the profit-maximization dilemma and analyzes emerging corporate structures that encourage greater social enterprise. The alternative corporate structures provide greater flexibility for mission-driven companies. Such structures encourage─and legally require─increased awareness and investment in social and environmental enterprise. Executives must decide, to what extent, they will utilize the power and influence of business to do good works.