Bakgrund och Problemdiskussion: En viss oklarhet cirkulerar bland forskare gällande om det är ökade risker som ligger bakom ett större fokus på Risk Management eller om det grundar sig i en ökad försiktighet. Vissa resonemang förs även kring om ambitionen med Risk Management är att uppnå intern förbättring eller om det handlar om att arbeta med det för att det utgör en trend bland företag. Samtidigt menar flertalet forskare att kunskap kring risker är av stor vikt för alla företag. Börsnoterade bolag kan tänkas uppleva ett större externt tryck än andra bolag eftersom de vanligtvis har ett större antal intressenter att ta hänsyn till. På så sätt kan de tänkas uppleva större krav på att hantera sina risker på ett visst sätt. Utifrån ovanstående resonemang kunde en otydlighet identifieras och därmed skapades ett ifrågasättande kring hur och varför börsnoterade bolag arbetar med Risk Management. Syfte: Syftet med denna studie är att bidra med en analys kring hur Risk Management- processen ser ut i svenska börsnoterade bolag, vilka drivkrafter som ligger bakom arbetet med Risk Management och på så sätt förklara varför arbetssättet ser ut på ett visst sätt. Ambitionen är vidare att uppnå förståelse kring om, och isåfall på vilket sätt, relationen mellan bolagen och dess intressenter påverkar arbetet med Risk Management. Intentionen är då att generera en ökad medvetenhet men även ett ifrågasättande kring Risk Management och dess tillämpning. Tillvägagångssätt: Studiens metod utgörs av en kvalitativ intervjustudie där den empiriska informationen samlats in med hjälp av semistrukturerade intervjuer. Slutsats: Ett mönster har identifierats i att hur Risk Management-processen ser ut i bolagen i viss mån beror på vad det är för typ av risk, var i bolaget den uppstår samt vems ansvar den faller under. Även riskens väsentlighet och finansiella påverkan avgör hur arbetsprocessen ser ut. De drivkrafter som kunnat urskiljas bakom arbetet med Risk Management är främst externa tryck från intressenter som måste uppnås för att bibehålla konkurrenskraft. Ägarna utgör en drivkraft till hur bolagen förhåller sig till risk genom att mer eller mindre direkt vara delaktiga i strategiska beslut. De intressenter som mer direkt påverkar hur Risk Management-processen ser ut är företagets kunder, främst gällande operativa risker. Resterande intressenter driver även bolagen i dess riskarbete men ställer främst krav på att risker ska hanteras men däremot inte lika specificerade krav på hur detta ska göras. / Background and Problem discussion: Some uncertainty circulates among researchers regarding if increased risks are the underlying cause for a greater focus on Risk Management or if it is based in an increasing caution among companies. There are also discussions about if the ambition with Risk Management is to achieve internal improvements or if it is about following a trend. Simultaneously some researchers mean that knowledge about risk is of great importance for all companies. Listed companies can experience a greater external pressure than other companies. This, because they in most cases need to take into account a larger number of stakeholders. Therefore, it can be assumed that they are exposed to greater requirements when it comes to their risk approach. Based on the reasoning above, an ambiguity and therefore a questioning regarding how and why listed companies work with Risk Management could be identified. Purpose: The purpose of this study is to contribute with an analysis regarding how the Risk Management process looks in swedish listed companies, driving forces behind the practice of Risk Management and in that way explain why their working methods are in a certain way. The ambition is further to reach an understanding regarding if, and if so in what way, the relationship between the companies and their stakeholders affect their Risk Management. The intention is then to generate an increased understanding but also a questioning regarding the practice of Risk Management. Research method: The research method consists of a qualitative interview study where the empirical data was collected using semi-structured interviews. Conclusion: A pattern has been identified regarding that the Risk Management-process is shaped in a certain way depending on what type of risk that is handled, where in the company it emerge and whose responsibility it is to handle the risk. Also the financial impact the risk has determine how the process looks. The distinguished driving forces behind how the Risk Management-process looks is mainly external pressure from stakeholders that has to be achieved for the company to stay competitive. The shareholders affect thecompanies’ approach to risk since they, direct or indirect, has a possibility to be involved in strategic decisions. The company’s customers are the shareholders that actually has adirect influence in how the Risk Management-process looks, especially regarding operational risks. The remaining stakeholders also drives the companies in their work with risk, although they mainly demands that the risks should be handled and has not equally specific demands for how it should be done, as the customers.

Cette thèse a pour objectif l’étude du management et de la performance de l’entreprise familiale par rapport à l’entreprise non-familiale en Chine continentale, en utilisant la littérature académique la plus récente et une investigation par approche quantitative. Sur la base de données collectées en 2007 et 2008 d’indicateurs financiers de plus que 1000 sociétés cotées à Shanghai et Shenzhen, cette thèse comparera les performances entre les entreprises familiales et non-familiales en Chine. / The academic research about family businesses has spread out for years, and lately in broader field and more in-depth discussion. In China, the research about family businesses is not only relied on anecdotal observation and theoretical explanation, but also more and more empirical investigation and rational choice models were utilized in recent years. This paper compares the performance of family businesses (FBs) with non-family businesses (NFBs) in China for listed companies in Shanghai and Shenzhen Stock Exchanges. In addition, the paper finds better performance of FBs compared to NFBS, and among the former better performance of strong-controlled FBs compared to weak-controlled FBs in China.

M.Com. (Financial Management) / In 1995, the South African government needed to address the widening poverty gap. The manner in which they would do so was through the process of financial market liberalisation of the JSE. The intention behind the process of financial liberalisation on the JSE was to increase the liquidity of the JSE. The significance of this study is that it would provide regulators of financial markets, policy makers and academics information on the effectiveness of the liberalisation of the JSE on dual listed companies’ ability to grow in a sustainable manner. Previous literature has found the risk sharing benefit associated with financial market liberalisation. With the increased number of participants in market would increase the chance of successful trades. Previous studies have found that there is a positive correlation with financial market liberalisation and market liquidity. Exchange controls have been put in place to prevent capital flight in sudden economic down turns. Certain studies have found that financial market liberalisation on has had minimal impact on the market capitalisation This study investigates the effects the financial liberalisation on the JSE had on dual listed companies’ sustainable growth rates. A purposive sampling technique was used in this study and a sample of 28 dual listed companies was selected. The approach to this study was an explanatory approach and the research paradigm was archival. The statistical tools which were utilised in the study were broken into two components, namely, the descriptive statistics and the inferential statistics. The data that were used in the study were secondary data collected from I-Net Bridge. The results of this study indicated that the financial liberalisation of the JSE did have an impact on the sustainable growth rates of dual listed companies on the JSE. Recommendations were made in this study for the dual listed companies to improve their net profit margins. The methods in which the dual listed companies are able to improve their net profit margins are by finding competitive sustainable advantages. It was further recommended that the Income Tax Act No. 58 of 1962 needs to be amended to create a conducive economic environment for the dual listed companies to grow sustainably. It was further recommended that the dual listed companies on the JSE invest in human capital in order to improve their sustainable growth rate.

Depuis les scandales financiers notamment d’Enron, Worldcom, Vivendi et Parmalat, la transparence est au cœur de tous les débats dès que la situation l'exige. Ainsi, tout le monde appelle à la transparence. Cette invocation est partagée par des politiciens, des avocats, des économistes, des financiers et l'opinion publique. Ainsi transparence souhaité par tous et qui correspond à la quantité d'informations diffusées par les entreprises, est devenu l'instrument privilégié de la régulation des marchés financiers. De nombreux pays occidentaux ont adopté des lois pour garantir la sécurité des marchés et des investisseurs. En France, il existe des lois comme la loi sur les Nouvelles Régulations Economiques (NRE) de 2001, la loi sur La Sécurité Financière (LSF) de 2003 et la loi Breton de 2005. Au niveau européen, il existe aussi des lois et les plus importantes sont la Directive Transparence de 2013, sur l'harmonisation des obligations de transparence concernant à l'information sur les émetteurs dont les valeurs mobilières sont admises à la négociation sur un marché réglementé, Directive concernant les Marchés d’Instruments Financiers (MiFID) 2014, la directive Abus de Marché (MAD) de 2014 et European Market Infrastructure Regulation (EMIR) de 2012. Cependant au sein des sociétés, on assiste à une instrumentalisation de l’information, orchestrant des « guerres » entre dirigeants et actionnaires. La transparence est ainsi détournée de son rôle premier pour satisfaire les intérêts égoïstes de ces personnes. Grâce à une manipulation de l’information dont il est dépositaire, le dirigeant peut mettre en place des stratégies dans le but de conserver son fauteuil. Les actionnaires dépositaires du contrôle de la société, peuvent opérer un contrôle purement économique, et n’agiront pas dans l’intérêt de la société mais dans leur intérêt patrimonial, en fonction d’une stratégie de création de valeur et d’investissement préalablement arrêtée. / Since financial scandals including Enron, Worldcom, Vivendi and Parmalat, transparency is at the heart of all discussions as soon as the situation requires. Thus, everyone calls for transparency. This invocation is shared by politicians, lawyers, economists, financiers and public opinion. Thus the transparency desired by all and which corresponds to the amount of information published by companies, became the privileged instrument of regulation of financial markets. Many Western countries have adopted laws to guarantee the safety of the markets and investors. In France, there are laws such as Act New Regulations Economic (NRE) of 2001, the Law on Security Finance (LSF) of 2003 and 2005 Breton law. A European level, there are also laws and the most important are the 2013 Transparency Directive, on harmonization of the transparency requirements for information about issuers whose securities are admitted to trading on a regulated market, Directive concerning the markets in Financial Instruments (MiFID) of 2014, Market Abuse Directive Abuse (MAD) of 2014 and 2012 European Market Infrastructure Regulation (EMIR). However within societies, there is a manipulation of information, orchestrating “wars” between officers and shareholders. Transparency is thus diverted from its role as first to satisfy the selfish interest of these persons. Through the manipulation of information which he is the depositary, the leader can implement policies ti keep his chair. The custodians of the control of the company shareholders, can operate a purely economic control, and will not act in the interest of society but in their heritage interest, based on a previously stopped creating value and investment strategy.

77 Abstract Obligatory representation of women on corporate boards The main topic of this master thesis deals with obligatory women representation on boards of stock listed companies from the theoretical point of view with focus on European and Czech legislation. Women are under-represented in this area for a long time, which not only violates the basic human rights principle regarding gender equality, but also does not use the available human resources and thus wastes talent. The second chapter first describes the development of EU law in relation to positive measures that can justify a higher participation of women in the bodies of business corporations in relation to the principle of non-discrimination, mentioning the most important case law of the ECJ. Than is also mentioned the possibility of positive measures in Czech legislation. The second chapter also mentions the economic aspects of women's representation on boards in the sense that the presence of women can influence the body and thus the whole corporation. The third chapter describes the means by which women's participation in corporate bodies can be increased, what goals can be achieved and what sanctions can be imposed in case of non-compliance with the set goals. The arguments for and against the introduction of legal quotas are also...

To supplement earnings reported under generally accepted accounting principles (GAAP), public companies often voluntarily report alternative measures of earnings called non-GAAP earnings (NGE). These companies assert that NGE exclude the effect of non-recurring transactions, thereby helping users of financial information to better assess the company's past performance and prospects. Because NGE measures are not well defined, managers can exploit the inherent discretion in calculating NGE to mislead users. Prior studies provide arguments and evidence on the informative as well as opportunistic use of NGE. However, the studies have examined the characteristics and informativeness of NGE with a focus on U.S. companies. The results of studies that consider the NGE disclosure by U.S. companies may not be generalizable to the cross-listed companies because foreign financial reporting standards are different from the U.S. GAAP. Further, prior studies report a difference in earnings quality of U.S. firms and cross-listed firms, which can also result in a difference in the informativeness of their NGE. To fill this gap in literature, I examine whether the informativeness of NGE of cross-listed companies is different from that of U.S. companies. This study contributes to the debate on the informativeness of NGE. It provides evidence that in general, NGE are equally informative for U.S. and foreign companies but foreign companies are more opportunistic in excluding recurring items from NGE. The results of this study are of potential interest to investors, regulators, and academics who are interested in and interact with cross-listed companies.

Purpose This paper analyses the use of marketing metrics and marketing information and metrics contained in 2006/7 annual reports of companies listed on the Johannesburg Stock Exchange. The assumption is that the annual reports are the vehicle whereby listed companies communicate to their shareholders and other stakeholder constituencies. Methodology The assessment criteria is based on Ambler’s (2003) suggested marketing metrics and qualitative data is based on a checklist compiled from various academic sources. The elements which are assessed pertain to brand equity, other customer metrics, segmentation, competition, innovation and environmental and strategic aspects. The information obtained is compared to information required by investors and rating is done based on a grand total maturity. Findings Research results indicate that the use of quantitative metrics and qualitative data is very limited. The majority of companies display a lack of information pertaining to marketing. The results reflect a bi-modal tendency. Half (53%) of the companies do not provide any or poor information on their brand whereas 26% of companies supplied good and excellent information. The grand total score indicates that nearly two thirds (60%) of companies obtain a score of less than 50%, providing insufficient information. On the other hand, 27% of companies provide good and excellent information. Segmentation metrics are generally not reflected in annual reports, neither are competitors. Innovation and environmental aspects influencing market trends are covered by two thirds, however a third provides insufficient information. Other findings include that no standard reporting format exists. Information pertaining to marketing is spread throughout the annual reports. None of the companies provide a glossary of marketing definition or brand terminology. Research implications More in-depth research needs to be conducted on various industry sectors and amongst investors as to their needs. Originality/ value The paper is of value to corporate executives, marketing and communication practitioners who seek to improve communication and to convey optimal information for the investment community. The aim is to stimulate executive management to revise their relationship towards customers, the brand, marketing strategy and investors. / Graduate School of Business Leadership / MBL

This thesis consists of three studies on corporate governance issues of Chinese listed companies. In the first study, I investigate the role of board secretaries in management earnings forecasts. Individuals in this senior executive position are responsible for coordinating information disclosure. I find that their legal and accounting expertise and foreign experience help improve management earnings forecast quality. The quality of forecasts, as indicated by forecast occurrence, frequency, precision and accuracy, is positively associated with board secretaries' duality role and equity holdings, whereas it is negatively associated with their political connections. The quality of forecasts is found to increase the compensation of board secretaries. Finally, I show that the equity holdings of board secretaries reduce litigation risks and increase corporate philanthropic giving. Based on the notion that women cooperate more with women than with men, my second study examines the gender interaction effect between female top managers and female board directors in Chinese firms. I show that this gender interaction is positively associated with the firm's accounting return but negatively associated with its stock price return. Earnings management, which can lead to overstated accounting numbers but unfavourable stock market reactions, partly explains the opposite results. Furthermore, I find that only the newly appointed female top managers engage in this earnings management. Overall, the findings suggest that the pressure on women to perform leads to 'women helping women', which is detrimental to shareholders' value. Women are underrepresented on corporate boards. By employing the large variation in socioeconomic development across provinces of China, the third study shows that the barriers to board gender diversity are deeply rooted in societal gender role attitudes. I find that corporate boards tend to be more gender diverse in a province where there is a smaller gender difference in educational achievement in STEM disciplines, where there is a stronger belief that women and men possess equal intrinsic abilities, or where female political leaders are present in the provincial government or communist party. However, I find little evidence that female labour force participation or childcare provision would affect board gender diversity. Collectively, the findings suggest that it is the gender equality attitudes rather than the supply of average female labour that contribute to gender-diverse corporate boards.

<p>The content of the audit report is often discussed. The aim of this paper is to explain the content in the audit reports and define similarities and differences among audit reports in Swedish listed companies. The analysis is based on data collected from 757 audit reports in Swedish listed companies between 2006 and 2008, it is 98.57 percent of the total population. </p><p>The study show that several reports deviate from the Swedish audit standards both in terms of form and content. Only a few reports contain extra information, not required by the Swedish Generally Accepted Audit Standards (GAAS). The audit report mainly deviate from the audit standard in terms length, audit firm used, audited company size and branch. We have found a number of variables that influence deviations from the audit standard; these are length of the report, extra information, language, presence of sub-headings, currency, audit firm, number of auditors, number of employees, net turnover, profit/loss, list on the Stockholm Stock Exchange and branch of the audited company.<strong> </strong></p><p>We believe deviations due to mistakes could easily be overcome by a greater awareness from the auditors’. In order to alert auditors about problematic parts the Swedish Institute of Authorized Public Accountants (FAR) need to pay more attention to the audit reports form and content issues.</p><p><strong>Key words: </strong>Audit report,<strong> </strong>Audit standard, Content of audit report, Form of audit report, Listed companies.</p> / <p>Revisionsberättelsens innehåll är omdiskuterat. Syftet med denna uppsats är att förklara innehållet i revisionsberättelser i Svenska börsnoterade bolag samt att definiera likheter och skillnader dem emellan. Analysen består av data insamlat från 757 revisionsberättelser i svenska börsnoterade bolag mellan 2006 och 2008, vilket motsvarar 98.57 procent av den totala populationen.</p><p>Studien visar att flera revisionsberättelser avviker från den Svenska revisionsstandarden (RS) både i förhållande till formalia och innehåll. Endast ett fåtal innehöll extra information som inte är obligatoriskt i förhållande till RS. Revisionsberättelserna skiljer sig främst åt i fråga om dokumentets längd, revisionsfirma, bolagsstorlek och bransch tillhörighet.    Vi har hittat flera variabler som påverkar avvikelser från RS, dessa är längd, förekomsten av extra information, språk, förekomst av underrubriker, valuta i årsredovisningen, revisionsfirma, antal revisorer, antal anställda, omsättning, vinst/förlust, lista på Stockholms börsen och bransch tillhörighet.</p><p>Vi tror att avvikelser beroende på misstag lätt kan korrigeras genom ökad medvetenhet av revisorerna. För att uppmärksamma revisorerna på problematiska delar borde bransch organisationen för revisorer (FAR) tydligare fokusera på revisionsberättelsens formalia och innehåll.</p><p><strong>Nyckelord:</strong> Revisionsberättelse, Revisionsberättelsens innehåll, Revisionsberättelsens formalia, Börsnoterade bolag.</p> / VG

The content of the audit report is often discussed. The aim of this paper is to explain the content in the audit reports and define similarities and differences among audit reports in Swedish listed companies. The analysis is based on data collected from 757 audit reports in Swedish listed companies between 2006 and 2008, it is 98.57 percent of the total population.  The study show that several reports deviate from the Swedish audit standards both in terms of form and content. Only a few reports contain extra information, not required by the Swedish Generally Accepted Audit Standards (GAAS). The audit report mainly deviate from the audit standard in terms length, audit firm used, audited company size and branch. We have found a number of variables that influence deviations from the audit standard; these are length of the report, extra information, language, presence of sub-headings, currency, audit firm, number of auditors, number of employees, net turnover, profit/loss, list on the Stockholm Stock Exchange and branch of the audited company. We believe deviations due to mistakes could easily be overcome by a greater awareness from the auditors’. In order to alert auditors about problematic parts the Swedish Institute of Authorized Public Accountants (FAR) need to pay more attention to the audit reports form and content issues. Key words: Audit report, Audit standard, Content of audit report, Form of audit report, Listed companies. / Revisionsberättelsens innehåll är omdiskuterat. Syftet med denna uppsats är att förklara innehållet i revisionsberättelser i Svenska börsnoterade bolag samt att definiera likheter och skillnader dem emellan. Analysen består av data insamlat från 757 revisionsberättelser i svenska börsnoterade bolag mellan 2006 och 2008, vilket motsvarar 98.57 procent av den totala populationen. Studien visar att flera revisionsberättelser avviker från den Svenska revisionsstandarden (RS) både i förhållande till formalia och innehåll. Endast ett fåtal innehöll extra information som inte är obligatoriskt i förhållande till RS. Revisionsberättelserna skiljer sig främst åt i fråga om dokumentets längd, revisionsfirma, bolagsstorlek och bransch tillhörighet.    Vi har hittat flera variabler som påverkar avvikelser från RS, dessa är längd, förekomsten av extra information, språk, förekomst av underrubriker, valuta i årsredovisningen, revisionsfirma, antal revisorer, antal anställda, omsättning, vinst/förlust, lista på Stockholms börsen och bransch tillhörighet. Vi tror att avvikelser beroende på misstag lätt kan korrigeras genom ökad medvetenhet av revisorerna. För att uppmärksamma revisorerna på problematiska delar borde bransch organisationen för revisorer (FAR) tydligare fokusera på revisionsberättelsens formalia och innehåll. Nyckelord: Revisionsberättelse, Revisionsberättelsens innehåll, Revisionsberättelsens formalia, Börsnoterade bolag. / VG