Executive pay research has traditionally focused on salary, severance payments and longterm incentives. A systematic rigorous empirical examination of short-term annual bonuses is lacking. To address this omission, this research empirically examines the relationship between short-term bonuses and firm performance (TSR and EPS), in the UK. It also considers the association between form of bonus payment (i.e. cash/shares), and type of performance target (i.e. hard/soft and simple/complex) with bonus and performance. Furthermore, firm size and particular corporate governance factors are included (i.e. NED ratio on remuneration committee, CEO presence on nominations committee, CEO/Chair duality, tenure, and power) to examine their relationship with bonus value. From a sample of 299 firms listed in the FTSE-350 (1,542 executives including 300 CEOs), this study uses two competing theories (i.e. agency and power theory) to provide a fuller explanation of the subtleties of the pay-performance relation. The main findings support the agency view, since bonus is positively and significantly associated with financial performance. As with previous studies on executive bonus pay this association remains weak. By implication, power theory is not supported. However, other findings indicate: (1) although firm size may change, the proportion of bonus pay relative to salary does not vary. This suggests that large and small firms pay out proportionally similar bonuses; (2) cash bonuses are not positively related with the total value of bonus pay, suggesting that they are not any more open to abuse than other methods of compensation, as agency theory would predict; (3) cash bonuses encourage short-term achievement, as predicted by power theory; (4) consistent with agency theory, share-based bonuses are positively related to bonus pay and performance (weak association), suggesting that share-based bonuses (rather than cash bonuses) may be more effective at aligning pay with performance; (5) in line with agency theory, transparency (i.e. hard (external/published) and simple bonus conditions) is positively associated with performance, providing support for the alignment between principals' and agents' interests; (6) detailed bonus scheme characteristics are generally insensitive to performance and are becoming increasingly softer (i.e. more internal/unspecified targets) and complex (i.e. multiple targets). On the power view, these may create opportunities for executives to mask weak performance and extract greater rents; (7) governance factors are insignificant, suggesting that efforts to improve this area may be wasted, since they mainly leave pay-performance sensitivities unaffected. However, based on power theory, weak governance may foster the rise of powerful executives and widen the pay-performance gap. Therefore, it is suggested that close monitoring of executive pay must continue and shareholders should remain vigilant.

De ökade utmaningarna världen står inför och det växande intresset för hållbara investeringar gör att företagens sociala ansvar blir en allt viktigare fråga. Forskare menar att detta sociala ansvar som förväntas från intressenterna har blivit ett problem för företagen, och som följd av detta har rapportering av sådan verksamhet blivit vanligare. Då det inte finns någon klarhet i definitionen för vad CSR innebär så är det upp till företagen själva att tolka uttrycket vilket kan leda till stora skillnader i vad de väljer att prioritera i linje med deras moraliska kriterier och värderingar. Vissa företag har en tendens att anpassa CSR-arbetet för att skapa uppmärksamhet efter de fördelar som finns, andra som ett sätt att tillfredsställa sina intressenter. Detta kritiseras för att ske istället för att genuint arbeta med socialt ansvarsfulla handlingar och implementera dessa i organisationen. Syftet med denna studie var att studera det existerade sambandet mellan CSR-arbete och lönsamhet, med fokus på europeiska företag. Vidare har studien inriktat sig på att studera detta samband tillsammans med tre kontrollvariabler, storlek, sett till antal anställda, sektor och geografisk position.Urvalet i studien bestod av 352 europeiska företag fördelade inom 11 sektorer som är kategoriserade efter Global Industry Classification Standard (GICS). Dessa har testats genom en stiganalys som är en sammansättning av bivariata- och multivariata regressionsanalyser, där även samtliga variabler inkluderades. Resultatet i studien indikerar bland annat att större företag arbetar mer med CSR men att det nödvändigtvis inte leder till högre lönsamhet. Vidare visar resultatet att sektor inte har någon betydelse för varken mängden CSR-arbete eller lönsamheten, resultatet visar snarare att sektor har en negativ effekt på lönsamheten. Slutligen visade studiens resultat att europeiska företags geografiska position inte innebär en större mängd CSR-arbete. Detta visar att oberoende av det land företaget är beläget i så innebär det nödvändigtvis inte mer CSR-arbete, samtidigt som resultatet visade att geografisk position kan ha en positiv inverkan på lönsamheten. / The increased challenge the world is facing and the growing interest and demands in sustainable investment make corporate social responsibility an increasingly and important questions for companies. Researchers even argue that this social responsibility that is expected from different stakeholders has become an issue for the companies, and as a result, reporting of such activities has become more common. Since there is no clear definition for what CSR means, it is up to the companies themselves to interpret the expression, which can lead to large differences in what they prioritize and work with. Some companies tend to adapt CSR in a way to draw attention to the benefits that exist, others as a way to satisfy their stakeholders. This is criticized for happening instead of genuinely working with socially responsible actions and implementing them in the organization. The purpose of this study was to examine the existing relationship between the CSR and profitability, focusing on European companies. Furthermore, the study has focused on examine this connection together with three control variables, firm size, in terms of number of employees, sector and geographical position.The selection in the study consisted of 352 European companies distributed in 11 sectors categorized according to the Global Industry Classification Standard (GICS) which has been tested in a path analysis which is a composition of bivariate and multivariate regression analysis, including all the variables. The results of the study indicate that larger companies work more with CSR in their organization, but it does not necessarily lead to a higher profitability. Furthermore, the result show that the sector has no significance meaning for the amount of CSR work or profitability, the result rather shows that the sector has a negative effect on profitability. Finally, the result showed that the geographical position of the European companies does not involve a greater amount of CSR work. This shows that, irrespective of the country in which the company is located, it does not necessarily mean more work with CSR, while the result showed that geographical position can have a positive effect on the profitability.

This research attempts to test the performance of the Fama-French three-factor model (1993) in explaining the stock portfolio returns on the China A-share Stock Market from 1996 to 2005. We will follows Drew, Naughton and Veeraraghavan (2003) method, who adopted the Fama and French's (1993) method to test small sample stock markets. We find the positive relation between book-to-market ratio and stock excess returns, and the negative relationship between size and stock excess returns. And our result demonstrated that the three-factor model is more accurate in predicting stock excess returns than the CAPM, since the adjusted R² value increased and the intercept are not significantly different from zero. The size effect is stronger than the BTM ratio effect. Moreover, our results present that stock profitability is related to size and BTM ratio in China stock market. However, the relationship between stock profitability and size and BTM ratio are unconditional.

Revisorns oberoende är en komplex fråga. Där problematiken är att revisorn själv ska bedöma huruvida denne riskerar sitt oberoende eller inte. Då det inte finns något hjälpmedel som täcker alla möjliga jävshot mot oberoendet får revisorn i många fall själv göra denna komplexa bedömning när det kommer till situationer som inte finns tydligt angivna i analysmodellen eller lagen (1999:1079). ”Gråzoner” har vi valt att kalla dessa otydliga situationer. Syftet med studien är att utifrån revisorns perspektiv, förklara gränsen för oberoende. För att undersöka gränsen för revisorns oberoende har studien använt sig utav en kvantitativ forskningsstrategi med en deduktiv ansats där tidigare forskning och teorier lagt grunden för studiens hypoteser. För att testa hypoteserna empiriskt har det gjorts en surveyundersökning i form utav en webbenkät som skickades ut till alla registrerade revisorer på FAR:s hemsida vilket resulterade i 196 svar. På den insamlade empirin gjordes en faktoranalys där revisorns oberoende delades in i 4 komponenter: Ytlig social interaktion, klientbekostad händelse, små gåvor och föreningstillhörighet. För att undersöka sambanden mellan komponenterna och de variabler hypoteserna bygger på (kön, erfarenhet, byråstorlek och geografi) gjordes en regressionsanalys och en hypotesprövning. Där hypotesprövningen visar att gränsen för oberoendet varierar för våra test variabler beroende på vilken typ av situation det handlar om. Resultatet visar att gränsen för oberoendet möjligtvis kan dras någonstans mellan att få en händelse bekostad av sin klient och att delta i ytliga sociala interaktioner eller att få små gåvor skänkta av sin klient. / The auditor independence is a complex matter. The problem is that the auditor should assess whether he or she risks their independence. There is no possibility to cover all threats to independence. The auditor may in many cases make this complex assessment in situations that are not clearly stated in the model of analysis or the law (1999: 1079). We have chosen to call these unclear situations “grey zones”. The purpose of the study is to explain the limit of independence from the auditor's perspective. In order to examine the limit of the independence of the auditor, the study has used a quantitative research strategy with a deductive approach in which previous research and theories laid the foundation for the hypotheses. To test the hypotheses empirically, a survey has been conducted in the form of a web poll that was sent to all registered auditors on FAR's website, resulting in 196 responses. A factor analysis was made where the auditor's independence was divided into 4 components: Strong social interaction, client-driven event, small gifts and association. To investigate the relationships between components and variables, that the hypotheses are based on (gender, experience, agency size and geography), a regression analysis and a test of hypotheses were made. The test of hypotheses shows that the limit of independence variates depending on the situation. Results show that the limit of independence possibly could be drawn between getting a paid experience from a client and the participation in strong social interaction or receiving small gifts from a client.

Throughout history stock splits have only been seen as a cosmetic change on how a firm express its market value of equity. This study investigates if abnormal return occurs in connection with stock split announcements on Nasdaq Stockholm and how the variations may be explained by selected factors. An event study is performed on 83 stock splits during the time period 2010-2020 to establish if abnormal return is present. With a multivariate linear regression, split quota, firm size and trading volume are the selected factors which may explain the variations in abnormal return. The results from the event study establish abnormal return one day prior to the announcement and the event day itself. Further, the regression confirms at a statistically significant level the negative relationship between firm size and abnormal return. For trading volume, the regression finds no statistically significant result and thereby it does not explain the variations in abnormal return. As for split quota, no conclusion can be drawn whether it affects abnormal return or not. The study concludes the occurrence of abnormal return in connection with stock split announcements on Nasdaq Stockholm and firm size as one of the factors explaining the variations.

大約自1980年代初期開始，效率市場理論漸漸受到許多經由實證發現的市場異象(Anomalies)之挑戰，其中最具代表性的就是規模效應與價值效應(淨值市價比現象)。受到這些實證發現的啟示，如何針對股票市場中不同區隔的股票進行風格投資(Style Investing)早已經成為資產管理中的核心議題。學術界與實務界並開始逐漸針對多重風格(Multi-Style)投資組合進行研究，期望能發掘更多投資機會與策略意涵。 本研究採用1993年10月至2002年間台灣證券交易所非金融類上市普通股為研究對象，參考Ahmed、Lockwood and Nanda(2002)的分類與模擬方式，探討根據規模與價值雙重分類所形成的各種單一風格投資組合與多重風格投資組合之報酬率差異情形，並進行各風格投資組合之投資終值模擬。為了驗證輪動策略的價值，本研究更進一步以不同風格投資組合配對進行完美預見(Perfect Forecasting)輪動模擬。 根據實證結果顯示，台灣股市中價值類投資組合(價值股、大型價值股、小型價值股)報酬率顯著高於成長類投資組合(成長股、大型成長股、小型成長股)，而大型類投資組合與小型類投資組合間沒有產生顯著的報酬差異，但大型類與小型類間的報酬差變動有助於提升輪動策略的績效。 經由不同風格投資組合配對之完美預見(Perfect Forecasting)輪動模擬，顯示出輪動策略確實具有相當的潛在投資價值，且以多重風格投資組合進行輪動策略可以獲得更佳的模擬結果。

This dissertation investigates the process of economic growth with heterogeneous agents from a multi-level perspective. Building upon Kaldorian and Evolutionary principles, growth is defined as a path-dependent and complex phenomenon, which requires structural variation and the interplay between demand and supply at distinct analytical levels. Two concomitant and dependent 'layers' of this process are emphasised: the supply-led 'intra-sectoral development trajectory' and the demand-led 'inter-sectoral development trajectory'. The key element in the first is the firm size, which is shown to have a non-linear influence on the process of technological change. The second layer is shown to depend on the growth of income and patterns of production and consumption reflected on the inter-sectoral composition and level of 'sophistication' of the productive structure. The key to understand divergent growth trajectories lies in the interaction between these layers and the contradictory effects imposed at each analytical level both by demand (top-down) and supply (bottom-up). The approach is both theoretical and empirical and the analysis reveals important stylised facts of growth at the firm, sector and country levels. The text is structured in four sections comprising 9 chapters. Section I introduces the theoretical foundations of the work and the limitations of Evolutionary and Kaldorian schools to explain the multi-level 'allocation problem'. Section II presents the databases and empirically assesses the influence of the (re)allocation of labour on growth at each analytical level. Section III investigates the foundations of the process of micro-meso and macro process of development. The final section proposes a unified theoretical framework to connect the multi-level evidence. The analysis reinforces the interplay between demand and supply in growth trajectories, prompting a number of original policy implications.

Denna studie fokuserar på företagsstorleks inverkan på sambandet mellan Corporate Social Responsibility (CSR) och Corporate Financial Performance (CFP). Huvudsyftet är att mäta om effekten av CSR på CFP skiljer sig mellan små och stora företag noterade på Nasdaq OMX Nordic Stockholm. Perioden som studeras är åren 2006-2009 samt år 2011. För att utröna om företagsstorlek har inverkan på sambandet tillämpas modererande regressionsanalys som går ut på att fastställa huruvida någon interaktionseffekt förekommer eller ej. Vi kontrollerar även för variablerna bransch och tid. Efter exkluderingar och bortfall består urvalet av 286 företag listade på Small-Cap, Mid-Cap och Large-Cap under den studerade tidsperioden. Resultaten visar att företagsstorlek påverkar sambandet mellan CSR och CFP, även om det är oklart på vilket sätt. Olika mått på CFP påvisar skilda riktningar av interaktionseffekten. / This study focuses on the interaction effect of firm-size on the relationship between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP). The main purpose is to determine if the effect of CSR on CFP differ between small and large firms listed on Nasdaq OMX Nordic Stockholm. The studied period is the years between 2006 and 2009 plus 2011. In order to investigate if firm-size moderates the relationship between CSR and CFP, we apply moderated regression analysis which is used to determine whether or not an interaction effect is present. We also control for other variables such as industry and time. We consider a final sample of 286 firms listed on Small-Cap, Mid-Cap and Large-Cap during the observed time period. The results show that firm-size does have an interaction effect on the relationship between CSR and CFP, even though it is not clear in which way. Diverse measurements of CFP yield different direction of the interaction effect.

La concentració de propietat accionarial influeix en la mesura en què les relacions entre els accionistes majoritaris, els accionistes minoritaris i d'altres grups d'interès afecten en els esdeveniments de l'empresa, raó per la qual resulta especialment rellevant en els estudis econòmics, administratius, financers i organitzacionals recents.Aquest estudi analitza la relació que hi ha entre la concentració de la propietat esmentada ut supra, el risc (tant el propi de l'empresa com el del mercat) i l'acompliment de les empreses al Perú, i pren com a mostra les empreses que s'enumeren a la llista de la Borsa de Valors de Lima durant el període 1995-2004.En conjunt, l'estudi revela cinc fets de transcendència: primer, la relació negativa entre la percepció del risc polític, social i econòmic per part d'un accionista controlador i la concentració d'aquest; segon, la relació negativa entre la percepció de risc de l'empresa i la concentració de propietat d'aquesta, endarrerint un període; tercer, d'acord amb les posicions de Jensen i Meckling (1976), l'existència d'una relació positiva entre aquesta concentració i l'acompliment de l'empresa; quart, que el sentit d'aquesta causalitat va de l'estructura de propietat a l'acompliment de l'empresa, i no en sentit contrari, i, finalment, que la dimensió d'una empresa està associada positivament a la dispersió de la propietat d'aquesta, com Demsetz i Lehn (1985) plantegen. / La concentración de propiedad accionarial, influye sobre la medida en la que las relaciones entre los accionistas mayoritarios, los accionistas minoritarios y otros grupos de interés afectan los acontecimientos de la empresa, por lo que es de especial relevancia en los estudios económicos, administrativos, financieros y organizacionales recientes.El presente estudio analiza la relación existente entre la concentración de propiedad mencionada ut supra, el riesgo (diferenciando entre aquel propio de la empresa y el del mercado) y el desempeño de las empresas en el Perú, tomando como muestra las empresas listadas en la Bolsa de Valores de Lima durante el periodo 1995-2004.Tomado en conjunto, el estudio revela cinco hechos de trascendencia: el primero, que existe una relación negativa entre la percepción del riesgo político, social y económico por parte de un accionista controlador y la concentración del mismo; en segundo lugar, la relación negativa entre la percepción de riesgo de la firma y la concentración de propiedad de la misma, rezagando un periodo; en tercer lugar, soporta las posiciones de Jensen y Meckling (1976) encontrando una relación positiva entre dicha concentración y el desempeño de la firma; en cuarto lugar, que el sentido de dicha causalidad corre de la estructura de propiedad al desempeño de la firma y no en sentido contrario; y, finalmente, que el tamaño de una firma está positivamente asociado a la dispersión de la propiedad de la misma, tal como plantean Demsetz y Lehn (1985). / Ownership Concentration, the fraction of the shares owned by the biggest shareholder, is one of the determinants of how the relationship between majority and minority shareholders and other stakeholders affect firm behavior. It is of special relevance for economic, managerial, financial and organizational research.This thesis analyzes the relationship between ownership concentration, risk (differentiating firm from market risk) and firm performance, taking as sample those firms listed in the Lima Stock Exchange from 1995 to 2004.Overall, the study shows: first, a negative relationship between the political, social, and economic risk perceived by the controlling shareholder and his level of concentration; second, the negative relationship between the firm's risk perception (lagged one period) and its level of concentration; third, it supports Jensen and Meckling (1976), finding a positive relationship between firm's concentration and performance; fourth, that the causality of this relationship runs from ownership structure to performance; finally, the firm's size has a positive relation with ownership concentration, in accordance with Demsetz y Lehn (1985).

財務預測相較於歷史性財務報表而言，其決策之攸關性較大。我國自民國80年5月起開始實施強制性財務報表迄今，已成為資本市場中相當重要的訊息，惟隨著我國證券市場規模逐步擴大，公司面臨之經濟環境日趨複雜，為符合國際作法及實務需要，故行政院金融監督管理委員會證券期貨局於93年12月9日依據證券交易法第三十六條之一，發布金管證六字第930005938號函，修正財務預測制度改採自願公開方式（並得以簡式或完整式方法擇一為之），並參考國外有關預測性資訊公開之相關規定及實務運作方式，配合相關配套措施，以增進資本市場效率及決策品質。 　　宣告取消財務預測強制公開揭露制度後，實證結果顯示：(1)對股價會產生一負向的效果，有顯著的負向異常報酬產生，且消息提前反應於市場上；在交易量方面，有顯著異常增加的情形發生。(2)對資訊特性不同分組採單變量分析，結果顯示公司規模及分析師人數可解釋宣告效果大小，兩組之間均達顯著水準。(3)公司規模越大時，股價反應越小，顯示公司規模與宣告異常報酬率間呈負向關係，亦即規模效果存在；但交易量反應越大。(4)分析師人數越多時，股價反應越小；但交易量反應越大，且較少分析師人數公司來得顯著。 / Financial forcast is more relevant than historical financial statements. Our country began to implement the mandatory financial forcast since May, 1991, has already become a very important information in the capital market. While the economic environment becoming complicated, in order to meet international practices, so on December 9, 1993, change the firm can dicide disclosure their financial forcast by themselves, in order to promote the efficiency of capital market and decision quality. The empirical results show that：(1) For stock price, it will produce negative effect; on the other hand, trading volume is significant increaseing. (2) For groups with different level of information characteristics, the results show that firm size and the number of ananlysts can explain that declaring effect. (3) When the size of firm is larger, the stock price is smaller; but the trading volume is larger. (4) The number of analysts is larger, the response of stock price is smaller; but the trading volume is larger in response.