“Sustainable development cannot happen without innovation. The challenge before every organization is to develop innovation strategies that not only respond to changes in the environment and societal pressures but also consider the needs and expectations of various stakeholders. The increasing turbulence in the external business environment has focused attention on the resources and organizational capabilities as the principal source of competitive advantage,” (Dasgupta & Gupta 2009, p.204). The intention of this research project is to determine how a business unit of a subsidiary in the professional services industry in an emerging market economy changed strategy from being an implementer (Gupta&Govindarajan, 1991, p.774), of head office strategy to “developing innovation strategies” (Dasgupta&Gupta 2009, p.204); to adapt to a change in the external environment that was caused by a crisis in the global economy.This study will also investigate the impact of having to change strategy, on the capability and development of the business unit of the subsidiary.A project on holding company subsidiary relationships cannot be complete without investigating how a change in strategy of a business unit of the subsidiary affected the relationship between the holding company and the subsidiary.The study looks specifically at a period that was marked by economic turmoil that is the time of the global financial crisis during the years 2008, 2009 and the years after. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

This study focuses on what impact the Management Control System of Non-life Insurance Industry under Financial and Non-financial Holding Company has on a company¡¦s financial and business performance. (Management Control System, hereinafter referred to as MCS) . The scope of the MCS is not conclusive, it consists of management accounting and other control methods. This study adopts Simons¡¦s Diagnostic Control Systems and Interactive Control Systems as a yardstick, and the indicators of the financial and business performance are collected from Taiwan Insurance Institute. This study is based on the exploratory study --- in-depth interviews in case studies. In order to understand what types of the MCS a Non-life Insurance Industry company choices , and each respondent¡¦s feedback on the MCS , the study is followed by semi-structured interviews. By the comparison of multiple-case designs and a more in-depth discussion , this study has found that: (1) There is no special relationship of the MCS selection between Non-life Insurance Industry under Financial and Non-financial Holding Company . (2) Both Non-life Insurance Industry under Financial and Non-financial Holding Company have Strategic Alliances in marketing . (3) Only Non-life Insurance Industry under Financial Holding Company could take the advantage of the joint-marketing in the distribution channel of a bank. (4) Non-life Insurance Industry under Non-financial Holding Company tends to have better business performance when using Interactive Control Systems . Therefore, the study suggests that when Non-life Insurance Industry under Non-financial Holding Company tries to design the control system of an organization, it is better to use the Interactive Control System to help the performance of a company.

This study examines the trading activity of a large cross section of American bank holding companies upon various sub-events associated with the introduction of Basel III. An event study methodology was applied to various sub-composite portfolios, as determined by regulatory capitalization and leverage ratios. The results suggest that statically significant abnormal negative returns occurred on the announcement to negotiate due to heightened regulatory uncertainty, especially amongst the least capitalized and highest leveraged banks. However, this effect is complemented by statically significant positive returns upon the release of the initial guidelines. Reactions to subsequent events report to be less significant.

本研究因應政府頒布『金融控股公司法』，就資訊系統整合的角度出發，首先針對金融控股公司法與三大主要金融機構 ( 銀行、保險、證券) 的資訊系統應用作文獻探討，再針對企業導入 EAI 之關鍵成功因素作文獻探討，並探討金控公司之整合性金融商品，最後推導出一個整合性的資訊架構。 本研究最後推導出一個採用集中式資料交換系統( EAI Broker )的機制來中介金控公司期下子公司之間的業務應用，以協助金控可以因應市場及客戶群的改變而設計出符合需求的 IT 整合架構，並在資訊架構中設計出有別於單純銀行、保險、證券子公司的額外系統架構，分別是企業流程整合系統、專家系統、企業入口網站等，以期使金控公司得以在整合之後，透過此一資訊架構發揮其整合之综效。

金融控股公司為求合併能夠順利進行，於成立之初或納入其他子公司時，多會先購入部分子公司之股票，待合併完成，此購入之股票將成為金控公司之庫藏股。而由於特殊之產業性質，其庫藏股亦受金融控股公司法及其他法令釋函之限制，因此庫藏股對金融控股公司管理營運所造成影響，略有別於一般產業之公司。本文即擬針對金融控股公司其庫藏股持股與購入成本高低及嗣後處理與註銷持股可能產生的問題，對股東權益和盈餘分配能力之影響，以及公司管理上所需考慮之因素與可能面臨決策情形，試予探討，最後提出建議如下： 1、金控公司於合併過程中，有可能逾越證交法規定之限額。然在主管機關倡導鼓勵金控機構合併以壯大規模之政策下，此一現象已不重要。何況是否違反證交法似為灰色地帶。 2、庫藏股購入及持有之注意 （1）購入典型庫藏股宜量力而為，各項購入目的，於短時間內儘量予以完成，避免走入註銷持股之路。為維護公司信用所必要購入庫藏股宜少運用。 （2）注意購入庫藏股後，持有期間內保留盈餘及資本公積是否足夠彌補庫藏股出售或註銷之差損，並據以考量盈餘分配及資本公積轉增資配股之能力。 3、庫藏股之去化考驗 （1）以維護公司信用及股東權益為目的而買回之庫藏股，必須在買入後六個月內辦理註銷股份，而股價愈高之金控，愈易遭受鉅額之註銷虧損，則此類庫藏股之買入似當慎思。 （2）一般而言，買入庫藏股之每股成本均高於面額，故註銷之虧損應大於出售或轉讓予員工或轉換ECB等之虧損。因此，萬不得已，屆滿三年未有去路時，才予註銷股份。 （3）若以發行ECB或GDR來轉換數量龐大之庫藏股，是否有轉換損失當與其買入成本與股價息息相關。故以庫藏股作為ECB等轉換之用時，宜儘量完成轉換。 （4）子公司持有金融控股公司之股份價格適當時，宜於註銷期限前轉讓出去。而持股及金額大者，尤宜早日規劃其轉讓事宜。 關鍵字：金融控股公司、庫藏股

Holding company as matter of fact In the 19th century the concept of artificial legal persons as independent legal entities separate from their shareholders was created. The joining of companies into corporate groups is in contradiction with the abovementioned concept. Nevertheless, corporate groups are a reality and every legislator had to deal with this issue and create sufficient legislation, considering the protection of minority shareholders on the one hand and the possibilities of the evolution of corporate groups on the other hand. Current Czech legislation regarding corporate groups is more than 10 years old and yet there are still contradictions in the interpretation of the basic provisions of the law of corporate groups amongst experts. My thesis is divided into two parts: the first part consists of the interpretation of the basic provisions of the Commercial Code regarding corporate groups. I used all the basic methods of interpretation, especially the comparison of different expert opinions to provide complex and clear interpretation. The goal of the first part was to point out the abovementioned contradictions and offer my own point of view to readers. In the second part of the thesis, I focused on the option of the holding company to force the controlled company to enter into an...

Uppsatsens syfte är att mot bakgrund av införandet av 53 kap. IL och den s.k. X och Y- domen, analysera när ett lån från ett utländskt holdingbolag, kan omklassificeras till utdelning genom en tillämpning av principen om rättshandlingars verkliga innebörd. EU-domstolens dom i X och Y-målet föranledde att reglerna i 53 kap. IL ändrades och gjorde det möjligt för svenska privatpersoner att överlåta aktier till underpris till egna bolag i utlandet utan några omedelbara beskattningskonsekvenser. De nya reglerna öppnade upp för en omfattande skatteplanering genom upplägg med utländska holdingbolag. Genom att låna medel från ett holdingbolag som etablerats i utlandet, har svenska privatpersoner kunnat kringgå låneförbudsreglerna i ABL och därmed undvika beskattning. Under 2009 ändrades reglerna för beskattning av förbjudna lån. De nya reglerna tillämpades från den 13 februari 2009 och innebär att lån från utländska juridiska personer numera ska beskattas. Skatteverket har dock fortsatt att angripa lånetransaktioner som har företagits före denna tidpunkt och hävdat att lånen egentligen utgör skattepliktig utdelning. Principen om rättshandlingars verkliga innebörd innebär att domstolarna kan omklassificera en felaktigt betecknad rättshandling och låta den verkliga innebörden ligga till grund för beskattningen. En omklassificering kan endast göras om en rättshandlings beteckning inte stämmer överens med den verkliga innebörden. Ett lån från ett utländskt holdingbolag borde därför kunna omklassificeras till utdelning endast om lånet kan an-ses utgöra förtäckt utdelning enligt ABL. En samlad bedömning måste göras av samtli-ga omständigheter i det enskilda fallet. Frågan har dock inte prövats i högre instans och rättsläget är fortfarande oklart. / The purpose of this thesis is to analyse when, in the light of the X and Y case and chapter 53 IL, a loan from a holding company could be classified as a dividend by applying the principle of substance over form. The ruling of the Court of Justice in the X and Y-case, led to a change of the rules in chapter 53 IL. The new rules made it possible for natural persons to transfer shares in companies at undervalue to foreign legal persons owned by them, without immediate taxation. The new rules resulted in wide tax planning with foreign holding companies. By taking a loan from a holding company established abroad, natural persons could circumvent the ban on credit rules in ABL, and thereby avoid taxation. In 2009 the tax rules concerning forbidden loans where changed. The new rules were applicable from the 13th of February 2009 and imply that loans taken from foreign legal persons should be taxed. However, the tax authorities continue to inspect transactions carried out before this date, claiming that the loans constitute taxable dividends. According to the principle of substance over form, courts are free to reclassify a legal act that is not labeled correctly. Thus, a legal act should be taxed due to its actual substance independent of what form or label it has. A reclassification can only be made when the label of the legal act does not correspond with its real meaning. Hence, a loan from a holding company should only be reclassified to a dividend, if the loan is considered to constitute such disguised dividend according to ABL. All facts need to be considered in the evaluation. The particular question has not been tried by a higher court and therefore the legal position is still unclear.

The financial sector due to the particularity of the industry, the government set a lot of control provisions, therefore most of the earnings management research will set financial sector excluded. In fact, the financial sector, in order to comply with the legal provisions, which the motives of earnings management may be even higher than the average company. This study used The Modified Jones Model to calculate the proxy of discretionary accruals as an earnings management¡Ffinancial holding company engaged in the amount of the core subsidiary of the format category to measure the extent of its related diversification¡Fand the implementation of SFAS No. 34 divided into two study period, to explore the relationship between the relevant level of diversification and earnings management, earnings management and financial asset disposition gains and losses, earnings management and financial performance is different. Empirical results show that: (1)Before and after of SFAS No. 34 implementation , the higher the degree of diversification of financial holding company, the earning management were higher.(2) Before and after of SFAS No. 34 implementation, the financial holding company will make use of the disposal of financial assets in order to increase the gain on disposal for earnings management.(3) Before and after of SFAS No. 34 implementation, the financial holding company will engage in earnings management operations in order to enhance the company's financial performance.

Abstract Research on HRM of banking industry since the law of Financial Holding Company has been put into practice are few. The purpose of this study is to explore the correlation among Industrial Relations Climate, Job Satisfaction, Organizational Commitment and Turnover Intention in the banking industry. Based on 507 questionnaires from 51 bank branches in Taiwan, this study finds several important results. Findings¡G ¡]1¡^Positive relationships are found between Industrial Relations Climate and Job Satisfaction, Organizational Identification; and negative relationships are found between Industrial Relations Climate and Instrumental Commitment, Turnover Intention. ¡]2¡^Job Satisfaction is found positively related to Organizational Identification; and negative relationships are found between Job Satisfaction and Instrumental Commitment, Turnover Intention; but the result is only partial. ¡]3¡^Employees in Financial Holding Company are higher Industrial Relations Climate, Salary Satisfaction, Promotion Satisfaction, Organizational Identification and lower Turnover Intention than Employees not in Financial Holding Company. ¡]4¡^Employees in merging company are lowerer Industrial Relations Climate, Job Satisfaction, Organizational Identification and higher Turnover Intention than Employees in non-merger company. ¡]5¡^Employees in merged company are lower organizational identification and higher turnover intention than employees in non-merger company.

Abstract Globalization and joint of WTO have made Taiwan government to speed up the opening of banking services. The banks in Taiwan are forced to modify their business models in order to increase their competitiveness, especially after the Financial Holding Company Law announcing. All dimension business models for banking industry has handicap for the needs of specific field. Hence, banks have to focus more on the market position and segmentation. Targeting and development of the regional central branch system is an innovation of business model for integrating the current operating system of local branch and organization. The central branch system is able to gather up resources and produce the effect of specialization Many banks have put central branch system into practice and have received significant achievements, although some banks hang back. Therefore, our study tries to analyze the performance of the central branch system by the seven dimensions business model, and proposes the operating strategies. From the reviews of literature we build up the business model theory, which guide our interviews to the five selected banks. We reach the following conclusion. 1. Route types and backup system play the key roles for operation of the regional central branch system. 2. Operating process has the secondary importance in our seven dimensions business model. 3. Technical innovation, surprisingly, is not important. 4. The viewpoints of the seven dimensions business model for senior and middle managers are slightly different for any single interviewed banks. However, for the comparison of these five banks, the viewpoints for all these senior and middle managers are very consistent. 5. Banks under financial holding company or not do not have different viewpoint. However, banks under financial holding company emphasize more on standardized and profound overall services. Banks not under financial holding company pay more attention on the depth and extent of their products. Keywords: consumer banking, the regional center of consumer banking, financial holding company, business model, competitive strategy.