Directors' remuneration has long attracted a great deal of attention from financial economists and academics due to its strategic role as a remedy to control agency problems. The key issue is the conflict between directors and shareholders on whether the remuneration is designed to maximise shareholders' value or to favour directors, who run the company on behalf of the investors. However, the conflict can never be detected when the disclosure of remuneration is not transparent. The study was conducted in Malaysia which provides a distinctive research setting different from other developing countries because Malaysia has a disclosure exercise that is still far below best practice as well as a unique Malaysian cultural and institutional environment. Thus, the unusual combination of politics (government) dominated by Malays and business dominated by the minority Chinese provides an interesting background to explore the determinants and consequences of directors' remuneration disclosure. This study's novelty stands on the exploration of ownership structure and board diversity in determining directors' remuneration disclosure, as well as the impact of disclosure towards firm value. The first chapter investigates the association between ownership structure and directors' remuneration disclosure. A significant and negative association is noted between family ownership and remuneration disclosure, suggesting that the traditional family control in Malaysia continue to be dominating outweighing the necessity of public disclosure. Moreover, this study encountered a non-linear relationship between government ownership and remuneration disclosure, indicating that the disclosure of directors' remuneration is positive up to a certain level of government ownership but reduces as government ownership increases. Evidently, directors in government-owned companies are being extra vigilant in disclosing their remuneration due to the political and personal security reasons, particularly post the 12th general election of Malaysia in 2008 that witnessed the government lose its two-thirds majority in parliament for the first time after 40 years. The second chapter examines how board diversity influences disclosure. The study found that only age diversity is significantly and negatively associated with directors' remuneration disclosure, supporting the age stereotype that characterised old directors who are wise and wisdom. Hence, the adverse disclosure behaviour can be explained by their ability to credibly withhold voluntary information and strategically disclose mandatory information on remuneration. Contrary to prior studies, this study found that ethnic diversity does not have a significant influence on directors' remuneration disclosure possibly due to the equal number of Malay and non-Malay directors on board throughout the period under review. Interestingly, cultural convergence is also known to be a contributing factor as both ethnics exercise their belief in determining the level of strategic remuneration disclosure. In line with upper echelon theory, the presence of female directors is found to be an insignificant determinant of remuneration disclosure possibly due to their risk-averse personality in the high-risk disclosure area. The third chapter aims to assess the extent to which directors' remuneration disclosure reflects information that is relevant to firm value. By using Tobin's Q, this chapter shows that directors' remuneration disclosure is value relevant in both financial and non-financial sectors among the FTSE30 companies. The finding implies that the market highly values directors' remuneration disclosure as it signals board transparency and provides a window to overall governance quality of an organisation. This chapter proposes that commitment to directors' remuneration disclosure has potential benefits that outweigh the risk of disclosing within the Malaysian context. Furthermore, this chapter explicitly addresses and justifies the potential endogeneity problem that has been ignored by typical accounting studies. Using the two-stage least squares (2SLS) technique to control for the endogeneity of voluntary remuneration disclosure in assessing its impact on firm value, findings from the robustness analysis carried out suggest that the empirical results reported are robust to potential endogeneity problems. Finally, this study provides two practical implications. First, it provides a disclosure incentive for directors to make better remuneration disclosure in the annual report. Despite that there is evidence of hesitancy to disclose due to the political volatility in Malaysia subsequent to the 12th general election in 2008, the market significantly values directors' remuneration disclosure as it signals good governance practice by the company as well as great reputation portrayed by the board members. More specifically, this study encourages disclosure on directors' remuneration as it positively affects firm value, in both financial and non-financial sectors. Secondly, this study offers essential guidelines for companies in determining the board composition. It suggests that a distinctive personality of each director can be a competitive advantage of a firm when it is properly transformed to make it congruent with the firm's objective, in achieving maximum efficiency of decision-making. While age diversity is found to be significantly associated with directors' remuneration disclosure, the remaining board diversity dimensions such as gender, and ethnicity are also significant in a condition when it is critically analysed using the upper echelon theory within the context of Malaysia. Overall, the study indicates the need to incorporate a diversified composition of the top decision-makers in deciding a strategic remuneration disclosure.

Zheng Ying. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 43-45). / Abstracts in English and Chinese. / Chapter CHAPTER 1 --- INTRODUCTION --- p.1 / Chapter CHAPTER 2 --- LITERATURE REVIEW --- p.6 / Chapter 2.1 --- Ownership structure in East Asia --- p.6 / Chapter 2.2 --- Price-leading-earnings effect --- p.9 / Chapter 2.3 --- Cross-sectional variation in price-leading-earnings effect --- p.12 / Chapter 2.4 --- informativeness of accounting earnings in east asia --- p.15 / Chapter 2.5 --- Corporate governance structure and informativeness of accounting earnings --- p.17 / Chapter CHAPTER 3 --- DEVELOPMENT OF HYPOTHESIS --- p.22 / Chapter CHAPTER 4 --- "SAMPLE, DATA, AND THE DEFINITIONS OF VARIABLES" --- p.25 / Chapter 4.1 --- Financial statement and stock price data --- p.25 / Chapter 4.2 --- Ownership structure data --- p.26 / Chapter 4.3 --- Descriptive statistics --- p.27 / Chapter CHAPTER 5 --- RESEARCH DESIGN --- p.30 / Chapter CHAPTER 6 --- EMPIRICAL RESULTS --- p.34 / Chapter 6.1 --- Main results --- p.34 / Chapter 6.2 --- Sensitivity Tests --- p.36 / Chapter 6.2.1 --- Controlling for firm-specific factors --- p.36 / Chapter 6.2.2 --- Year-by-year tests --- p.39 / Chapter 6.2.3 --- Exclusion of observations from Japan --- p.40 / Chapter CHAPTER 7 --- CONCLUSION --- p.41 / REFERENCES --- p.43 / TABLES --- p.46 / TABLE 1 Sample Selection --- p.46 / "TABLE 2 Descriptive Statistics (5,519 Observations for Nine East Asian economies)" --- p.47 / TABLE 3 Mean (Median) of the Variables by Economy --- p.48 / TABLE 4 Pearson Correlation (lower) and Spearman Correlation (upper) (p-value) --- p.50 / TABLE 5 Regression of Current Returns on Current Earnings and Interaction with Ownership Structure (5519 observations for Nine East Asian economies) --- p.52 / TABLE 6 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure (5519 observations for Nine East Asian economies) --- p.54 / TABLE 7 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure for the Determinants of Earnings Response Coefficients and the Sign of the Dependent Variable............. --- p.56 / TABLE 8 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure by year For Nine East Asian Economies --- p.59 / TABLE 9 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure (1787 observations for Eight Asian economies-exclude Japan) --- p.61

In the second part of the thesis, we investigate whether ownership structure has influence to long-term stock return. We use a risk adjustment method to make it possible to compare stock return in different terms, therefore, we can use GMM method to estimate the influence of ownership structure in a panel sample set. We find that, insider ownership and institutional ownership are all significantly favorable to long-term stock return. However, the quarterly insider ownership change and quarterly institutional ownership change do not show significant influence. We also use a Fama-MacBeth approach to compare the results from GMM estimation and we find that the results are similar. / This thesis consists of two related parts. In the first part, we develop a method to extract insider ownership information from insider transaction reporting files and by combining it with quarterly institutions holding report data, we obtain quarterly ownership structure for most common stocks listed in CRSP tape. We use ownership structure and quarterly ownership change to analyze how insiders, large institutions and individual investors differ from each other in their holding preference to stock characteristics and trading behavior. We find that, these three kinds of investors have significant difference in holding preference to size, price, monthly turnover, previous 12-months return. They also show significant difference in trading behaviors. Basically, institutions are momentum trader, and are interested in "growth" stocks. Insiders are anti-momentum trader, they sell more when past return is higher and they more focus on "value" stocks. / Zhu, Honghui. / "September 2002." / Source: Dissertation Abstracts International, Volume: 64-11, Section: A, page: 4150. / Supervisors: Jia He; Xiaoqiang Cai. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (p. 94-101). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1981. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography: leaves 371-382. / by Dowell Myers. / Ph.D.

In the northern parts of Sweden forestry and Sami reindeer herding are exercised on the same land and there is an ongoing land use dispute between the land users. Land ownership and reindeer herding rights, based on immemorial prescription and customary law, are parallel property rights to the same land. Studies have concluded that the legal framework does not sufficiently reflect the property rights perspective of the land use conflict. This study examines the legal framework that regulates the relationship between forestry and reindeer herding from a property rights perspective. Starting points of the study are basic aspects of property rights, such as the right to use, decide on and benefit economically from property and the legal protection required in relation to others. Comparisons are made with the legal frameworks that regulate other relationships within real estate law, including e.g. neighbors, easements, joint facilities and utility easement. The study concludes that the relationship between land ownership and reindeer herding rights can be understood only against the background of historical events such as colonization and demarcation. The rights are more independent of each other than other legal relations and can be compared to a double ownership. It is further concluded that the Forestry Act is based on the assumption that reindeer herding is primarily a public interest that needs protection. Land owners have a far-reaching right to use forests that causes damages to reindeer pasture lands that is not in accordance with the legal nature of the reindeer herding right. Further, central elements usually used to regulate property rights relations are missing, e.g. mutual consideration, damages and judicial review. The study also examines if the legal framework is in accordance with the constitutional protection of property in Chapter 2 Section 15 of the constitutional Instrument of Government and Article 1 of the First Protocol to the European Convention on Human Rights. It is concluded that the legal framework has several deficiencies in this respect. Elements are discussed that can be implemented in law to appropriately reflect the property rights studied. / Nuorta osiin Ruoŧas meahccedoallu ja sámi boazodoallu doaimmahuvvojit seamma eatnamiin ja leat eananriiddut eanangeavaheddjiid gaskkas. Eananoamasteapmi ja boazodoallorievttit, vuođđuduvvon dološ vieruiduvvon rievtti ja doloža rájes geavaheami vuođul, leaba bálddalaš opmodatrievttit seamma eatnamiidda. Guorahallamat leat čuoččuhan ahte juridihkalaš rámmahuksehus ii doarvái govvit opmodatrievtti geahčastaga eanangeavahanriiddus. Dát guorahallan iská juridihkalaš rámmahuksehusa mii mudde gaskavuođa meahccedoalu ja boazoealáhusa gaskkas opmodatriektelaš geahčastagas. Vuolggasadji guorahallamis lea vuđolaš aspeavttat opmodatrievttis, dego riekti geavahit, mearridit ja ávkkástallat ekonomalaččat opmodagas ja dat lágalaš suodji mii gáibiduvvon iežáid gaskavuođaide. Buohtastahttimat leat dahkkon juridihkalaš rámmahuksehusain mii mudde iežá gaskavuođaid opmodatlágas, ránnjá gullojit maid dása, servituhtat, ásahusat ja jođasriekti. Guorahallan gávnnaha ahte gaskavuohta eananopmodaga ja boazodoallorievtti gaskkal dušše sáhttá ipmirduvvot dan duogážiin historjjálaš dáhpáhusaiguin dego koloniseren ja ráddjen. Dát vuoigatvuođat leat eanet sorjavaččat guhte guoimmis go iežá juridihkalaš gaskavuođat ja sáhttá buohtastahttot guovtte gearddi oamastemiin. Leat vel lassin gávnnahuvvon ahte Meahccedikšoláhka lea vuođđuduvvon dáinna oainnuin ahte boazodoallu lea almmolaš beroštupmi ja dárbbaha suoji. Eananoamasteddjiin lea stuorra muddui riekti geavahit meahci nu ahte dagaha vahága boazodoalu guohtuneatnamiidda ja ii čuovu boazodoallorievtti lága vuoiŋŋa. Dasa lassin, váilot guovddáš oasit mat dábálaččat muddejit opmodatgaskavuođaid, omd. gáibádusat oktasaš vuhtii váldimis, billisteamit ja riektelaš geahččaleapmi. Guorahallan iská maid jus lágalaš rámma čuvvo dan konstitušuvnnalaš suoji opmodagas 2 kap 5 oassi ruoŧa vuođđolágas ja 1 artihkal vuosttaš beavdegirjjis Eurohpákonvenšuvnnas eamiálbmotrivttiide. Lea gávnnahuvvon ahte juridihkalaš rámmain leat máŋga váilevašvuođat dán eavttus ja oasit lágas mat sáhttet rievdaduvvot vai buoret govvidit ja suddjejit iskojuvvon opmodatrivttiid.

This thesis is aiming on the use of public transport in Europe. Objective of this work is by using correlation analysis determine whether the amount of subsidies to public transport and the ownership structure as the decisive criterion for the number of passengers, as an additional variable to assess the impact of fleet composition. Secondary data obtained from study of the University of Dublin has served to analyze. Calculation of the dependence didn't confirm or disclaim it. This gives space for further exploration. After analyzing the more comprehensive data set should be followed by analyzing the nature of subsidies, the choice of carriers, contractual conditions and other factors affecting the use of public transport.

Este estudo teve como objetivo obter evidências sobre a relação entre a política de dividendos adotada pelas empresas listadas na BM&FBOVESPA e as suas respectivas estruturas de propriedade e de controle. Adicionalmente, buscou-se identificar possíveis alterações ocorridas no tempo no que se refere às estruturas de propriedade e de controle e aos níveis de dividendos pagos pelas companhias. Para tanto, foram analisadas 297 companhias abertas no período de 2005 a 2012, cujos dados estavam disponíveis no banco de dados Economática, através da aplicação do modelo Tobit. Os resultados apontam que empresas com estruturas de controle e de propriedade concentradas tendem a distribuir menos dividendos. Também foi constatado que houve redução nos níveis de alavancagem de controle (diferença entre concentração de controle e de propriedade) nos últimos anos, mas isso não resultou em níveis mais altos de distribuição de dividendos. De modo geral, os resultados confirmam a existência de conflitos entre controladores e minoritários no Brasil. / This study aimed to obtain evidence on the relationship between the dividend policy adopted by companies listed on BM&FBOVESPA and their respective ownership and control. In addition, the study sought to identify possible changes in time with respect to the ownership and control and the levels of dividends paid by the companies. For this, 297 public companies were analyzed in the period from 2005 to 2012, using data available in Economática and applying the Tobit model. The findings point that firms with concentrated ownership and control tend to distribute less dividends. It was also found that there was a reduction in leverage levels of control (difference between concentration of ownership and control) in recent years, but this has not resulted in higher levels of dividend payments. Overall, the results confirm the existence of conflicts between controlling and minority shareholders in Brazil.

abstract: 航天产业属于技术密集型行业，现阶段中国航天的发展需要巨额资金和科研人力资本。传统航天企业内员工相较商业航天企业缺乏创新精神，“搭便车”现象严重，缺乏以创新为内在增长动力的传统航天产业，其发展持续性终究得不到满足。相比而言，国内外的商业航天企业却展现出较强的创新能力。遗憾的是，虽然航天产业的高科技属性决定了科研人员的关键角色，但目前的研究几乎没有系统地研究过不同的体制对航天产业创新的影响机制，而有限的研究也集中在讨论宏观环境对行业创新的影响。本研究将弥补这方面研究的不足，分析传统航天模式与新兴商业航天模式下科研人员创新力差别的内在动因，力求给传统航天产业的发展提供有实际意义的参考和建议。 作者自2008年加入传统航天院所从事科研工作，2014年创立中国第一家商业卫星公司，在实践中充分利用面试知识型员工的机会，并深入访谈了不同职级的科研人员，覆盖了30家商业航天公司（截至2016年上市公司54家），包括来自中国传统航天的科研院所、直属航天企业及新兴商业航天公司300余人。通过多次沟通、邮件往来等方式进一步调查研究，发现不同所有制公司的员工在组织认同度方面存在较为明显的差异。为了系统科学地理解组织认同度在航天行业内如何影响不同体制下的科研人员的创新，本研究采用问卷调查的形式收集了1200份问卷，研究在传统航天及商业航天这两种不同所有制的航天企业中，组织认同度与科研人员创新能力的关系。从实证结果来看，航天产业员工组织认同度会显著影响员工的创新绩效，组织认同度越高的员工其创新能力往往更强，员工创新绩效越高。与此同时，通过进一步研究分析发现，航天产业公司所有权属性的差异在组织认同影响员工创新能力的过程中起着调节作用。具体而言，传统航天企业中的员工，其组织认同度对其员工创新能力影响更小，商业航天公司员工创新能力受到其组织认同度的影响相对较大。 研究结果从某种程度上反映了航天领域不同所有权属性企业所具有的不同的组织文化、组织价值观与组织结构会导致其员工个体组织认同度对其创新行为的影响产生差异。从组织文化的角度出发，商业航天企业其组织文化相对于传统航天企业而言更加自由，对员工创意、创新行为限制更少，这种自由的文化刺激并提高了员工的组织认同度，使得个体创新行为的效果更加显著。另外，从组织价值观的角度而言，商业航天企业员工相对于传统航天企业员工来讲更加看重创新行为的意义，其对员工创新行为的重视使其员工组织认同度对员工取得创新绩效产生了催化作用。最后，从组织结构的角度来看，商业航天企业其管理层相对而言往往更愿意接受企业中员工的创意与创新行为，给员工留下了相当大的创新空间，这种灵活的管理方式从某种程度上也会促进组织认同度对员工创新行为产生影响。 / Dissertation/Thesis / Doctoral Dissertation Business Administration 2019

This study uses agency theory to test whether the demand for quality audits by listed Chinese companies is associated with changes in ownership structure, which is characterized by the dominance of the state, institutional and individual shareholders. The empirical test results obtained in a concentrated ownership setting are supportive of agency theory. Specifically, I find that the decrease of state shares and the corresponding increase of institutional shares result in a demand for higher-quality audits in China’s stock market. The results provide empirical support for the government’s recent initiative in reducing state ownership in listed companies to improve firm performance and the supply of quality accounting information through independent auditing.

Making good supply management decisions is essential to competing in the global market, as these decisions often account for more than 60% of the average company's total costs. The purpose for this single case study was to explore the strategy that a large manufacturing firm in northeast Ohio used to identify costs when making effective purchasing decisions. The total cost of ownership (TCO) theory was the conceptual framework for the study. The data collection included a semistructured interview with a senior level supply manager and a focus group consisting of mid-level supply managers. Member checking provided verification of the interpreted participants' responses. Methodological triangulation included 2 company documents pertinent to the supply management department that resulted in 4 emerging themes: identifying total costs, tools for implementing TCO, supplier rating and management, and detailed recordkeeping. The findings of this study revealed a simpler approach to capturing and organizing data than was acknowledged in the literature reviewed. The findings showed TCO supported purchasing decisions that often resulted in domestically or regionally purchased products rather than offshore buys. Therefore, reassessment of true total costs by senior manufacturing supply managers might impact social change as more procurement decisions forego sourcing offshore and bring manufacturing of products back to local communities.