published_or_final_version / Housing Management / Master / Master of Housing Management

This study is motivated by one of the most prevalent properties of modern corporations: separation of ownership and control. Ownership concentration has been one of the corporate governance mechanisms to solve the agency problem between shareholders and management. Existing literature is mainly concerned with the impact of managerial ownership on firm performance. Little evidence is provided on the impact of general ownership concentration, including multiple large shareholders, on firm performance. This study aims to examine the efficiency of ownership concentration as a corporate governance mechanism, and to explore relevant policy implications to improve firm performance. Based on the company ownership data across a sample of 1291 European companies in the year of 2004, this study shows that European companies' ownership are highly concentrated with the largest three shareholders own more than 60% ownership of company. Industrial companies hold direct controls of European non-subsidiary companies, while private shareholders turn out to be the ultimate owners. On average, there is more than one large shareholder who owns more than 10% of the shares in a European company. A further sample of 655 European companies is used to investigate the relationship between ownership, control and firm performance. A significant non-linear impact of ownership concentration on firm performance with multiple turning points is confirmed. Specifically, Tobin's Q is highest when the Herfindahl index, which incorporates the degree of dispersion of shareholdings other than the largest one, reaches a value of 0.08. The largest shareholding of 10% might also be able to deliver relatively strong performance. Restructuring owner identities could be another efficient governance approach. Direct control from founder owners, ultimate control from insurance companies, and management ownership are beneficial for firm performance, while government, financial institutions except insurance companies and ultimate control of non-financial corporate owners are found to be detrimental for firm performance. Firm performance can also be improved by strengthening the contestability of the controlling coalition's power. The impacts of ownership and control on firm performance are found conditioned by country and industry. Therefore policies should be adjusted according to the companies' institutional environments. Although the endogeneity of ownership concentration and current firm performance is rejected in this study, past firm performance seems to affect current ownership concentration level. Higher accounting rates of return four years ago could result in lower current ownership concentration, while higher last year's Tobin's Q could result in higher current ownership concentration. Capital structure is found to be a significant substitute mechanism for ownership. These elements should be taken into account when the ownership governance mechanism is implemented.

This diploma thesis deals with ownership rights to land. Due to change in legislation caused by Act No. 89/2012 Sb., Civil Code, there were many substantial changes in the area of land ownership, which have extensive impact on some of the institutes of this ownership. This thesis deals exactly with these changes and with newly or more precisely repeatedly implemented institutes of land ownership. Whole thesis aims to give some analysis of this institute with main focus on its specifics and differences. This object is fulfilled by general interpretation, which deals with characteristics of land ownership and its specifics and then it analyses some particular institutes of land ownership mainly those which were considerably changed or newly established by the ratification of the present Civil Code. Next to comparison of present and previous Czech legislation the last chapter of this thesis is devoted to comparison of Czech and German legislation.

The thesis deals with the protection of land ownership rights against unlawful interference. The aim of the thesis is to present and analyze interference with land ownership and outline means of protection against unlawful interference. This thesis pays attention to new Civil Code and comparison with current regulation. Thesis also includes relevant decisions issued by the Supreme Court, the Supreme Administrative Court and the Constitutional Court of the Czech Republic with regard to protection of land ownership. The thesis is composed of three main parts. The first part is introductory and defines basic terminology used in the thesis. This part describes land ownership and its specific features. The following part describes and anylyzes what is meant by interference with land ownership. This part ilustrates interference allowed or recognized by law and unlawful interference. The interference with land ownership can be caused by public authority or by other people. This part also explores interference with land ownership within neighbour relations. Special attention is given to interference with ownership regarding entry to land, on the basis of selected legal regulations that are related to land ownership and environmental law. The third part is subdivided into two subparts and provides overview...

Thesis (M.Com. (Accounting))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2017 / Research into corporate governance has shown that there are a number of factors that influence company performance, one of them being ownership structure. The objective of this study is to determine how ownership structure affects the performance of companies listed on the Johannesburg Stock Exchange (JSE). Five categories of shareholders were identified namely, managerial shareholders, institutional investors, family shareholders, government shareholders and foreign shareholders. Some shareholders of a company may be entirely passive whereas others may play a more active role in the company or perform an important monitoring service. The various motivations and abilities of the different types of shareholders may directly impact their ability to influence the major corporate decisions of the company that will ultimately impact the performance of the company. Using return on assets (ROA) and return on equity (ROE) as performance measures this study investigates the effect of ownership structure on the performance of 143 companies from the year 2004 to 2014. The results of the study reveal that of the five different categories of shareholders identified it was only managerial shareholders and institutional shareholders that had a significant impact on a company’s performance / GR2018

彭慶東. / "2002年8月21日" / 論文 (哲學碩士)--香港中文大學, 2002. / 參考文獻 (leaves 90-95) / 附中英文摘要. / "2002 nian 8 yue 21 ri" / Peng Qingdong. / Lun wen (zhe xue shuo shi)--Xianggang Zhong wen da xue, 2002. / Can kao wen xian (leaves 90-95) / Fu Zhong Ying wen zhai yao. / Abstract --- p.i / 論文摘要 --- p.ii / Chapter 第一章 --- 論文簡介 --- p.1 / Chapter 第二章 --- 毛澤東時期的左傾思想 --- p.19 / Chapter 第三章 --- 生產力理論 --- p.29 / Chapter 第四章 --- 社會主義市場經濟理論 --- p.43 / Chapter 第五章 --- 初級階段論 --- p.50 / Chapter 第六章 --- 所有制 --- p.58 / Chapter 第七章 --- 國有企業改革 --- p.72 / Chapter 第八章 --- 總結 --- p.79 / 參考書目 --- p.90

Chung Chi-man. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 91-94). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgement --- p.iv / Table of Contents --- p.v / Chapter Chapter 1 --- Introduction / Chapter 1.1 --- Agency Theory --- p.1 / Chapter 1.2 --- Separation of Large and Small Shareholders --- p.2 / Chapter 1.3 --- The Role of Auditing in Corporate Governance --- p.5 / Chapter Chapter 2 --- The Framework of Corporate Governance and External Auditing in Hong Kong / Chapter 2.1 --- Corporate Governance in Hong Kong --- p.9 / Chapter 2.2 --- External Auditing in Hong Kong --- p.12 / Chapter Chapter 3 --- Construction of the Data / Chapter 3.1 --- Assembly of the Primary Data --- p.14 / Chapter 3.2 --- Traces of the Identities of the Ultimate Owners --- p.17 / Chapter 3.3 --- Construction of the Industry-Adjusted Audit Rate Data and Some Descriptive Statistics --- p.19 / Chapter Chapter 4 --- Ownership and Control Patterns / Chapter 4.1 --- An Improved Research Methodology --- p.24 / Chapter 4.2 --- Discussions of Ownership and Control Patterns --- p.26 / Chapter 4.3 --- Ownership and Control by Owner Types --- p.30 / Chapter Chapter 5 --- Examples of Typical Ownership Patterns / Chapter 5.1 --- The Li Ka-Shing Business Group --- p.35 / Chapter 5.2 --- The Swire Group --- p.40 / Chapter 5.3 --- The Kuok Khoon-Ean Business Group --- p.41 / Chapter Chapter 6 --- Regression Analyses / Chapter 6.1 --- The Variables --- p.43 / Chapter 6.2 --- Regression Results and Discussions --- p.46 / Chapter 6.3 --- A Restricted Model --- p.52 / Chapter Chapter 7 --- Some Concluding Remarks --- p.55 / Tables / Table 1 Description Statistics of the Unadjusted Auditing Rate Data --- p.57 / Table 2 Separation of Ownership and Control Rights --- p.58 / "Table 3 Control of Publicly Traded Companies, by Owner Types" --- p.59 / Table 4 Description of Regression Variables --- p.60 / Table 5 Regression Results on the Relationship between Industry- Adjusted Auditing Rates and the Largest Shareholders' Ownership and Control (Full Sample) --- p.63 / Table 6 Regression Results on the Relationship between Industry- Adjusted Auditing fee and the Largest Shareholders' Ownership and Control (Family-controlled or Corporate-Entity-controlled Firms Only) --- p.66 / Figures / Figure 1 The Structure of Hang Seng Composite Index --- p.68 / Figure 2 The Relationship between Different Types of Large Shareholders --- p.69 / "Figure 3a The Li, Ka-Shing Group" --- p.70 / Figure 3b Details of the Calculations of the Concentrated Ownership and Control Stakes --- p.71 / Figure 4 The Connections of the Chinese Government and a Diverse Corporation (Swire Group) --- p.72 / "Figure 5 The Kuok, Khoon-Ean Group (An Example of Flat Structure)" --- p.73 / Appendices / Figure A1 HSBC Holdings PLC --- p.74 / Figure A2 The Bank of East Asia --- p.75 / Figure A3 JCG Holdings Limited --- p.76 / Figure A4 Moulin International Holdings limited --- p.77 / Figure A5 Yue Yuen Industrial (Holdings) Limited --- p.78 / Figure A6 Orient Overseas (International) Limited --- p.79 / Figure A7 Sun Man Tai Holdings Company Limited --- p.80 / "Figure A8 The Lee, Shan-Kee Group" --- p.81 / Figure A9 China National Aviation Company Limited --- p.82 / Figure A10 ICBC (Asia) Limited --- p.83 / Figure A11 MTR Corporation --- p.84 / "Figure A12 The Liu, Lit-Man Group" --- p.85 / Table A1 Summary Description of the Data --- p.86 / Bibliography --- p.91

Hu Bingbing. / "July 2004." / Thesis (Ph.D.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (p. 69-73). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Mode of access: World Wide Web. / Abstracts in English and Chinese.

My diploma thesis deals with the issue of owner occupied housing in the Czech Republic. Attention is paid to the general importance of the provision of housing with emphasis on the social, economic and especially the legal aspects with respect to the rights that are granted by the Constitution and the Bill of Rights. It describes in brief the development of flat ownership since the 60's and the role of the state in the housing policy, particularly with the aim to bring attention to the existing legal regulation of this area -- the Flat Ownership Act. The main part of the thesis focuses on the legal regulation of flat ownership which draws on the dualistic concept of house co-ownership and the related ownership of a housing unit (apartment or non-residential area). Emphasis is put on the legal status of flat owners, the summary of rights and obligations that arise from ownership of a flat as a specific subject of property ownership. The ways in which flat ownership rights are formed are presented with regard to the consequences of the ownership rights being entered in the Land Registry. The creation, operation and the position of a Home Owners Association, a body corporate, which is established by law to manage dwelling houses, is presented particularly in relation to a specific flat owner. In this respect, as well as in other sections, the thesis follows the practice of the Constitutional Court and the Supreme Court that has considerable effect on the interpretation of law and the protection of rights and obligations pertaining to particular owners in exercising their property rights.

Syfte: CSR är idag ett väl använt och diskuterat begrepp. Även företagsskatt är ett omdiskuterat ämne där många av de metoder som företag använder sig av för att kraftigt minska skatten kan ifrågasättas. Då skatt kan ses som ett sätt att bidra till samhället i stort har studier av CSR, som är ett socialt ansvarstagande, blivit intressant att studera i förhållande till skatt. Motstridiga studier leder dock till att ett behov finns att undersöka faktorer som kan påverka förhållandet. Ägarstruktur kan ha en påverkan på hur arbetet med företags sociala ansvarstagande ser ut samt hur skatteaggressivt det är. Den föreliggande studien undersöker därför om insiderägande är en faktor som har en modererande effekt på förhållandet mellan CSR och skatteaggressivitet. Metod: Studien utgår från en positivistisk forskningsfilosofi med en hypotetisk-deduktiv ansats. Studien har en kvantitativ strategi och en longitudinell design som genomförts med data över tio år från 273 publika europeiska företag, för åren 2008–2017. I studien har sekundärdata använts inhämtad från databasen Thomson Reuters Eikon. Insamlat datamaterial har analyserats i statistikprogrammet SPSS. Resultat & slutsats: Resultaten visar att insiderägande har en modererande effekt på sambandet mellan CSR och skatt. Genom undersökningen framkommer det att det är nivån av insiderägande som bestämmer riktningen på förhållandet mellan CSR och skatteaggressivitet. Slutsatsen som kan nås är att ägarstruktur är en faktor som bör tas i beaktning vid studier av sambandet mellan skatt och CSR. Examensarbetets bidrag: Undersökningen lämnar ett unikt bidrag till redovisningsforskningen då den är den enda att studera ägarstrukturens påverkan på CSR och skatteaggressivitet genom att titta på insiderägande. Studien lämnar också ett praktiskt bidrag till myndigheter och organisationer om de ägarstrukturer som kan påverka företags inställning till hållbarhetsredovisning och skattebeteende. Utöver detta breddas den empiriska forskningen på europeiska bolag och sambandet mellan CSR och skatt. Förslag till fortsatt forskning: Förslag till vidare forskning ges i form av studier på vilken typ av aktier som innehas av insiders, det vill säga om innehavet innebär röststarka aktier eller inte. Förslag ges också till att studera olika grupper av insiders då det kan finnas skillnader inom en bred definition av insiders i huruvida personen i stor utsträckning associeras med företaget. Det ges även förslag på att inte mäta CSR som ett samlat begrepp utan istället studera dimensionerna som separata beroende variabler då det kan finnas skillnader som inte upptäcks då begreppet mäts som en helhet. / Aim: CSR is an often-used term and a well-discussed topic. Corporate tax is also an often debated subject where many of the methods used by companies to greatly reduce tax can be questioned. Since tax can be seen as a way to contribute to society at large, studies of CSR, which is a way for companies to take social responsibility, have become interesting to study in relation to tax. Contradicting studies, however, lead to the need to investigate factors that may affect the relationship. Ownership structure can have an impact on corporate social responsibility and how tax-aggressive a company is. This study therefore investigates whether insider ownership is a factor that has a moderating effect on the relationship between CSR and tax aggressiveness. Method: The study is based on a positivistic research philosophy with a hypothetical-deductive approach. The study has a quantitative strategy and a longitudinal design using ten-year data of 273 public European companies, for the years 2008-2017. In the study, secondary data has been used retrieved from the Thomson Reuters Eikon database. Collected data has been analyzed in the statistical program SPSS. Result & Conclusions: The results show that insider ownership has a moderating effect on the relationship between CSR and tax. This study shows that it is the level of insider ownership that determines the direction of the relationship between CSR and tax aggressiveness. The conclusion that can be reached is that ownership structure is a factor that should be taken into account in studies examining the relationship between tax and CSR. Contribution of the thesis: This study provides a unique contribution to the field of accounting research as it is the only one to study the impact of ownership structure on CSR and tax aggressiveness by examining insider ownership. The study also provides a practical contribution to government institutions and organizations about the ownership structures that can affect companies’ attitude towards sustainability reporting and tax behavior. In addition to this, empirical research on European companies and the relationship between CSR and tax are broadened. Suggestions for future research: Further research is needed in the form of studies on the type of shares held by insiders, i.e. if the holding contains voting shares or not. Further research is also needed to study different groups of insiders as there may be differences within a broad definition of insiders as to whether the person is largely associated with the company or not. In addition, there are also suggestions for more research that does not measure CSR as one variable. By studying the dimensions that make up CSR as separate variables there may be differences that are not detected when it is measured as one variable.