Submitted by Rafael Dallacqua (dallacquas@hotmail.com) on 2016-12-26T11:16:55Z No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-12-27T14:05:24Z (GMT) No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) / Made available in DSpace on 2016-12-28T11:01:19Z (GMT). No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) Previous issue date: 2016-12-14 / The Brazilian corporate governance model is characterized by a high concentration of ownership structure and control in the majority of the publicly traded companies, which makes the conflict between minorities and controlling shareholders the main agency problem in Brazilian companies. Several national and international papers have studied the theme and the impact of concentration of ownership on financial performance, market value and risk of the companies, using different econometric approaches having reached divergent results, despite the lack of consensus regarding the influence of concentration of ownership on the value and performance of companies. This paper aims to analyze the relation between concentration of ownership and financial performance and the market value of Brazilian companies, using a sample with balanced panel data composed by 83 non-financial publicly traded Brazilian companies in the period from 2009 to 2014. The results show that there is a statistically significant relationship between concentration of ownership and the market value of firms, given by Tobin's q and the firm value of the company. However, no statistically significant relationship was found between concentration of ownership and financial performance. / O modelo de governança corporativa brasileiro é caracterizado por uma elevada concentração de propriedade e controle na maioria das empresas de capital aberto, o que torna o conflito entre acionistas minoritários e controladores o principal problema de agência nas empresas brasileiras. Diversos trabalhos nacionais e internacionais estudaram o tema e o impacto que a concentração de propriedade tem sobre o desempenho financeiro, valor de mercado e risco das empresas, com diferentes abordagens econométricas e chegaram a resultados divergentes, de forma que não há ainda um consenso sobre a influência da concentração de propriedade sobre o valor e desempenho das empresas. O objetivo deste trabalho é analisar a relação entre concentração de propriedade e o desempenho financeiro e valor de mercado das empresas brasileiras, utilizando uma amostra com dados em painel balanceado composta por 83 empresas brasileiras não financeiras de capital aberto no período de 2009 a 2014. Os resultados mostram que existe uma relação estatisticamente significante entre concentração de propriedade e o valor de mercado das empresas, dado pelo q de Tobin e o valor da empresa. Porém, não foi encontrada relação estatisticamente significante entre concentração de propriedade e desempenho financeiro.

Para melhor compreender a estrutura de governança corporativa das instituições financeiras brasileiras, a relação entre dois mecanismos de controle corporativo interno foram estudados: a estrutura de propriedade e o conselho de administração. A utilização destes mecanismos tem como objetivo harmonizar os interesses das partes envolvidas. Dado este objetivo comum, a relação de causalidade estabelecida na eleição dos conselheiros pela assembleia de acionistas origina o interesse em testar se o conselho de administração é uma função da estrutura de pro-priedade. Com este intuito, foram investigadas a concentração de propriedade, a concentração do capital votante, a presença de insider ownership, o tamanho do conselho de administração, o percentual de conselheiros independentes e a dualidade de presidência em 88 instituições financeiras brasileiras, entre 2001 e 2011. Os dados foram analisados com metodologia de dados em painel com efeitos fixos. Os resultados indicaram que algumas características da constituição do conselho de administração são função da estrutura de propriedade. Tanto para o tamanho do conselho de administração, quanto para a independência do conselho de admi-nistração as hipóteses nulas, de que as variáveis insider ownership, concentração de proprie-dade e concentração de capital votante não possuem poder explicativo sobre as variáveis de-pendentes puderam ser rejeitadas Contudo, a relação de causalidade testada não indica neces-sariamente uma relação de equilíbrio para boas práticas de governança corporativa. A escolha arbitrária do conselho de administração pelos acionistas/proprietários pode levar às constituições de conselhos que tragam às instituições financeiras uma imagem de boa governança, cercadas de interesses e delimitadas pelas regras dos órgãos reguladores. / To better understand the corporate governance structure of Brazilian financial institutions, the relationship between two internal corporate control mechanisms were studied: the owner-ship structure and the board. The use of these mechanisms aims to harmonize the interests of the parties involved. Given this common goal, the causal link established in the election of directors by the shareholders' meeting originates interest in testing whether the board is a function of the structure of ownership. To this end, we investigated the concentration of own-ership, the concentration of the voting capital, the presence of insider ownership, the size of the board, the percentage of independent directors and dual presidency in 88 Brazilian finan-cial institutions between 2001 and 2011. Data were analyzed using the methodology of panel data fixed effects. The results indicated that some features of the constitution of the board are a function of ownership structure. So much for the size of the board, and for the independence of the board of administration the null hypothesis, that the insider ownership variables, con-centration of ownership and voting concentration have no explanatory power variables-pending could be rejected, however, the causal tested does not indicate necessarily a bal-anced relation to good corporate governance practices. The arbitrary choice of the board of directors by the shareholders / owners can take to the constitutions of advice to financial in-stitutions to bring an image of good governance, surrounded interests and bounded by the rules of the regulatory bodies.

Para melhor compreender a estrutura de governança corporativa das instituições financeiras brasileiras, a relação entre dois mecanismos de controle corporativo interno foram estudados: a estrutura de propriedade e o conselho de administração. A utilização destes mecanismos tem como objetivo harmonizar os interesses das partes envolvidas. Dado este objetivo comum, a relação de causalidade estabelecida na eleição dos conselheiros pela assembleia de acionistas origina o interesse em testar se o conselho de administração é uma função da estrutura de pro-priedade. Com este intuito, foram investigadas a concentração de propriedade, a concentração do capital votante, a presença de insider ownership, o tamanho do conselho de administração, o percentual de conselheiros independentes e a dualidade de presidência em 88 instituições financeiras brasileiras, entre 2001 e 2011. Os dados foram analisados com metodologia de dados em painel com efeitos fixos. Os resultados indicaram que algumas características da constituição do conselho de administração são função da estrutura de propriedade. Tanto para o tamanho do conselho de administração, quanto para a independência do conselho de admi-nistração as hipóteses nulas, de que as variáveis insider ownership, concentração de proprie-dade e concentração de capital votante não possuem poder explicativo sobre as variáveis de-pendentes puderam ser rejeitadas Contudo, a relação de causalidade testada não indica neces-sariamente uma relação de equilíbrio para boas práticas de governança corporativa. A escolha arbitrária do conselho de administração pelos acionistas/proprietários pode levar às constituições de conselhos que tragam às instituições financeiras uma imagem de boa governança, cercadas de interesses e delimitadas pelas regras dos órgãos reguladores. / To better understand the corporate governance structure of Brazilian financial institutions, the relationship between two internal corporate control mechanisms were studied: the owner-ship structure and the board. The use of these mechanisms aims to harmonize the interests of the parties involved. Given this common goal, the causal link established in the election of directors by the shareholders' meeting originates interest in testing whether the board is a function of the structure of ownership. To this end, we investigated the concentration of own-ership, the concentration of the voting capital, the presence of insider ownership, the size of the board, the percentage of independent directors and dual presidency in 88 Brazilian finan-cial institutions between 2001 and 2011. Data were analyzed using the methodology of panel data fixed effects. The results indicated that some features of the constitution of the board are a function of ownership structure. So much for the size of the board, and for the independence of the board of administration the null hypothesis, that the insider ownership variables, con-centration of ownership and voting concentration have no explanatory power variables-pending could be rejected, however, the causal tested does not indicate necessarily a bal-anced relation to good corporate governance practices. The arbitrary choice of the board of directors by the shareholders / owners can take to the constitutions of advice to financial in-stitutions to bring an image of good governance, surrounded interests and bounded by the rules of the regulatory bodies.

Corporate social responsibility (CSR) is widely discussed in the business community in terms of its effectiveness. However, studies of factors that can affect CSR are not so many. The purpose of this study is to evaluate of the impact of ownership structure on Environmental and Social performance. This study was conducted on the example of 174 cases among Swedish companies, listed on the Stockholm Stock Exchange, Environmental and Social performance, which was represented by the largest information provider Thomson Reuters. Using the experience of previous studies, a model of relationship between ownership structure and Environmental and Social performance was founded and a multiple regression analysis was performed. The most significant result of the study, confirmed by previous empirical studies and theoretical literature, is the existence of a relationship between capital structure and CSR performance. Foreign investors, who came to the Swedish market, have a stable positive connection with performance. This form of ownership, like majority control, did not find sufficient evidence to the impact on Environmental and Social performance in this study. The Minority control and Joint Minority and Management control showed no influence on performance in Swedish companies.

Para melhor compreender a estrutura de governança corporativa das instituições financeiras brasileiras, a relação entre dois mecanismos de controle corporativo interno foram estudados: a estrutura de propriedade e o conselho de administração. A utilização destes mecanismos tem como objetivo harmonizar os interesses das partes envolvidas. Dado este objetivo comum, a relação de causalidade estabelecida na eleição dos conselheiros pela assembleia de acionistas origina o interesse em testar se o conselho de administração é uma função da estrutura de pro-priedade. Com este intuito, foram investigadas a concentração de propriedade, a concentração do capital votante, a presença de insider ownership, o tamanho do conselho de administração, o percentual de conselheiros independentes e a dualidade de presidência em 88 instituições financeiras brasileiras, entre 2001 e 2011. Os dados foram analisados com metodologia de dados em painel com efeitos fixos. Os resultados indicaram que algumas características da constituição do conselho de administração são função da estrutura de propriedade. Tanto para o tamanho do conselho de administração, quanto para a independência do conselho de admi-nistração as hipóteses nulas, de que as variáveis insider ownership, concentração de proprie-dade e concentração de capital votante não possuem poder explicativo sobre as variáveis de-pendentes puderam ser rejeitadas Contudo, a relação de causalidade testada não indica neces-sariamente uma relação de equilíbrio para boas práticas de governança corporativa. A escolha arbitrária do conselho de administração pelos acionistas/proprietários pode levar às constituições de conselhos que tragam às instituições financeiras uma imagem de boa governança, cercadas de interesses e delimitadas pelas regras dos órgãos reguladores. / To better understand the corporate governance structure of Brazilian financial institutions, the relationship between two internal corporate control mechanisms were studied: the owner-ship structure and the board. The use of these mechanisms aims to harmonize the interests of the parties involved. Given this common goal, the causal link established in the election of directors by the shareholders' meeting originates interest in testing whether the board is a function of the structure of ownership. To this end, we investigated the concentration of own-ership, the concentration of the voting capital, the presence of insider ownership, the size of the board, the percentage of independent directors and dual presidency in 88 Brazilian finan-cial institutions between 2001 and 2011. Data were analyzed using the methodology of panel data fixed effects. The results indicated that some features of the constitution of the board are a function of ownership structure. So much for the size of the board, and for the independence of the board of administration the null hypothesis, that the insider ownership variables, con-centration of ownership and voting concentration have no explanatory power variables-pending could be rejected, however, the causal tested does not indicate necessarily a bal-anced relation to good corporate governance practices. The arbitrary choice of the board of directors by the shareholders / owners can take to the constitutions of advice to financial in-stitutions to bring an image of good governance, surrounded interests and bounded by the rules of the regulatory bodies.

Our bodies are arguably one of the most intimate things we will ever know. But the comfort of our own physical boundaries can be altered in various ways. In this analysis, we will look at how vision contributes to the sense of owning a body by analysing six abnormal conditions: the rubber hand illusion, phantom limbs, somatoparaphrenia, the body-swap illusion, out-of-body experiences, and heautoscopy. Examinations of these experimental or pathological conditions has granted a greater understanding of body-ownership. It was discovered that vision plays different modulatory roles, being more intricately involved in full-body ownership than in part-body ownership. Vision appears to be highly connected to self-location and first-person perspective, which both are contributing factors in projecting the sense of ownership to an external location. In part-body ownership, however, vision can be overruled by other senses, such as proprioception. Though it is still able to contribute to the illusion of projecting ownership and proprioceptive displacement to a rubber hand.

Problemställning: Det finns i dagens lagstiftning inget uttalat stöd för att använda ”upplösande av samägande” som skäl för beslut i klyvningsförrättningar. Användning med avgörande verkan har inte styrkts genom rättspraxis. Ändock används detta skäl av lantmätare. Hur yttrar sig denna osäkerhet kring dess användning i förrättningar?  Syfte: Arbetet syftar till att visa på vilket sätt och i hur stor utsträckning som upplösande av samägande används av lantmätare i klyvningsförrättningar vid prövningen av villkoren för fastighetsbildning i fastighetsbildningslagens 3:e kapitel.   Metod: Studien initierades av att en för oss okänd företeelse upptäcktes inom domänen fastighetsrättslig lagstiftning. Det ledde till att vi ställde upp en modell som förenklat beskriver företeelsen och med vilka samband den existerar inom domänen. Modellen säger att upplösning av samägande används som skäl för beslut vid klyvningsförrättningar. Därefter gjordes en grundlig rättsdogmatisk undersökning som gav modellen en detaljerad teoretisk grund. Det resulterade i fyra distinkta typfall för användningen. Sedan undersöktes rättspraxis och slutligen genomfördes en induktiv undersökning av förrättningsakter. Nedan följer en beskrivning av hur studien genomfördes.   Inledningsvis gjordes en litteraturstudie. Denna litteraturstudie hade till syfte att ge en grundläggande förståelse om dels klyvningen som fastighetsbildningsverktyg men även uppkomsten och intentionerna med den. Litteraturen som användes var Statens Offentliga Utredning (Förarbete SOU 1963:68) som låg till grund för fastighetsbildningslagen samt propositioner till den och dess förändringar. I samband med detta gjordes även en genomgång av utlåtanden till propositioner och kommentarer till den befintliga lagtexten. Övrig litteratur som berör fastighetsbildning användes även i viss mån för att komplettera förståelsen för dagens användning av klyvning. Eftersom denna litteratur är av oerhört stor volym krävdes stor tidsåtgång till att genomföra detta litteraturstadie samt reflektera kring olikheter som kan ses mellan förarbeten och dagens användning. Sista delen av litteraturstudien omfattades av en genomgång av tredje kapitlet i FBL samt lagkommentarer till detta.  Nästa steg i processen var att genomföra en rättsdogmatisk studie av lagstiftning samt tillämplig rättspraxis. Detta innebar att det normativa systemet inledningsvis utgjordes av alla domar som berört klyvning. Angreppsvinkeln vi intog här var i första hand för att dels inte förbise någon typ av information och gallra materialet för hårt för tidigt och även för att lättare kunna avgöra vad som är tillräckligt med information att ha till hands. Under detta stadie gjordes en genomgång av de domar som dels beskrev hur klyvning generellt skall tolkas enligt praxis, samt de som berör sambandet mellan klyvning och lämplighetsprövningen. Här var utgångspunkten att skapa ett så bra urval som möjligt för studien. Tolkning av juridik är på många sätt speciell då den inte är helt fri, vilket innebär att tolkningsfriheten är begränsad av vissa ramar. Tolkningen är även alltid präglad av subjektiva intryck och tankar, vilket i viss mån är oundvikligt. Med hänsyn till detta har ändå en rimlig standard av rationell tolkningsmetod försökt att uppnås.   Tredje steget var att samla information om hur det vi undersökt i litteratur används i praktiken. Detta innebar att vi sökte förrättningsakter som berör klyvning och där uttalad koppling till lämplighet görs. Processen utgjordes av att vi använde oss av Lantmäterimyndigheternas arkiv via sökfunktion Arkivsök. Sökningen genomfördes inom fem olika län - med stor spridning - och filtrerades med kriteriet “åtgärd: klyvning” samt inom en femårsperiod, 2012-2017. Detta gav oss alla förrättningsakter inom det bestämda tidsintervallet som berörde klyvning, även om det skedde fristående eller i samband med andra fastighetsbildningsåtgärder. Eftersom akters längd och detaljmängd beror helt på det unika fallet och förrättningslantmätaren i fråga, har akterna skiljt sig markant från varandra. Detta medförde att mycket tid har gått åt till genomgången av dem, då det finns en stor risk att annars förbise viktig information. Storleken på akterna varierar även från tiotals till hundratals sidor. Det som söktes i akter var de fall där upplösande av samägandeförhållanden nämndes som skäl av förrattningslantmätaren. Detta urval av akter kategoriserades därefter under två användningsområden. Ett där avsteg från lämplighetskraven i FBL 3 kap gjordes med upplösande av samägande som skäl eller att upplösningen användes som skäl vid lämplighetsprövning. Det andra var de fall då upplösande av samägande nämndes som en fördel men inte användes som avgörande skäl i samband med lämplighetsprövning. / Real estate is a form of property that can be owned individually or by several partowners. Partitioning real estate is the most prominent way of dividing the latter type of ownership. What this entails is a fragmentation of ownership which in Sweden has come to be seen as positive for the formation of real estate as a whole.  Even though the concept of fragmentation of ownership is recognized as desirable, it is not clear how and to which degree it can be used as a motive to make up for lacking adequacy in real estate formation. The purpose of this report is therefore to study how and to which degree this motive has been used by the land surveying authorities.  Our foundation for the report is based on a study of literature related to partition and sections of the law handling partitioning as well as real estate suitability.  Within this study a total amount of 573 partitions has been reviewed whereas 23 of them use the cited motive in different manners. The findings of this report show that the authorities have been using the motive in a way that is within the leeway of the currently permitted usage, with a few exceptions.

The primary goal of this master thesis was to analyze the development of ownership of daily newspapers in the Czech Republic in the period 2008 - 2016. The development of media ownership in the monitored period was analyzed in the context of the long term structural problems of media sector, which were intensified by the economic crisis beginning in 2008. In addition to the economic context, the thesis also deals with the historical context, specifically the changes of the Czech daily newspapers market after 1989. In connection with the transfer of ownership of the Czech publishing houses to the hands of domestic businessmen, often with direct links to politics, thesis also deals with the issue of ownership concentration and the relations between media and politics. I also mention the phenomenon of emerging new, alternative media projects by the journalists in reaction to ownership changes threatening pluralism and freedom of speech. In the end, I also compare the development of ownership of the daily newspapers in the Czech Republic with the development of ownership in other countries of the CEE region, such as Slovakia, Poland, Hungary or the Baltic States.

Vi undersöker i denna uppsats om det finns “alphabetic bias” på Stockholmsbörsen. Praxis inom finans är att aktielistor visas i alfabetisk ordning. Studien undersöker om det finns något samband mellan Tobins Q och företagsnamnets placering i den alfabetiska ordningen. Vi undersöker också om det finns något samband mellan marknadsvärde och företagsnamnets placering i den alfabetiska ordningen. Kapaciteten för att inta information kan variera mellan åldersgrupper, därför undersöker även studien om det finns något samband mellan Tobins Q och åldersgrupper. Om det finns ett samband kan det visa att aktielistornas struktur skapar irrationalitet och ineffektiva placeringar. På den amerikanska aktie- och fondmarknaden har det visats att aktielistornas struktur skapar “alphabetic bias”. Efter att investeringssparkonto introducerades som sparform antar vi att nya individer kommer inträda på marknaden med minskad kunskap inom aktiehandel. Därför undersöker studien även en tvåårsperiod före samt efter investeringssparkonto introducering och jämför skillnader i resultatet. Studiens urval består av 249 företag noterade på Nasdaq OMX Stockholm för tidsperioden 2010-2013 och samtliga Svenska aktieägare över 18 år. Vår studie visar att det finns ett negativt samband mellan Tobins Q och företagsnamnets placering i den alfabetiska listan. Studien visar även att det inte finns något samband mellan marknadsvärde och företagsnamnets placering i alfabetet. Vidare visar vår studie att det finns ett negativt samband mellan Tobins Q och investerare i ålder 65+. Studiens resultat indikerar även ett positivt samband mellan Tobins Q och “breadth of ownership” efter att investeringssparkonto introducerades som sparform. Det vill säga att vi finner belägg för att praxis med alfabetisk ordning bidrar till irrationalitet och ineffektiva placeringar på Stockholmsbörsen. / In this report we investigate ”alphabetic bias” on the Stockholm Stock Exchange. The report investigates whether there is any correlation between Tobin Q and the company name´s placing in the alphabetical order. We also investigate whether there is any correlation between market capitalization and the company name placing in the alphabetical order.  The report also investigates whether there are any correlations between Tobin's Q and age-groups. The study’s selection includes 249 companies listed on Nasdaq OMX Stockholm during the period 2010-2013 and all Swedish shareholders over 18 years old.   Our report shows that there is a negative correlation between Tobin Q and the company name in the alphabetical list. The study also shows that there is none correlation between the market capitalization and the company names placing in the alphabet. Furthermore, our study shows that there is a negative relationship between Tobin Q and investors 65+. The study’s result indicates a positive relationship between Tobin Q and breadth of ownership after the investment saving account was introduced.

Le Capital-Investissement et plus particulièrement les opérations de LBO, occupent une place importante dans l'économie mondiale et française. Ce travail de recherche a pour objet l'analyse de l'impact des leviers organisationnels et de gouvernance sur la performance opérationnelle et la rentabilité des entreprises françaises sous LBO. Nous présentons ainsi, en premier lieu, dans les deux premiers chapitres de cette thèse, une revue complète de la littérature, ainsi que le modèle théorique de l'impact des leviers organisationnels et de gouvernance sur la performance opérationnelle et la rentabilité des entreprises sous LBO en privilégiant une approche actionnariale de la gouvernance.Ensuite, dans le cadre des troisième et quatrième chapitres de cette thèse, nous examinons de façon empirique, d'une part, l'impact de la mise en place des opérations de LBO sur la performance opérationnelle des entreprises françaises, et, d'autre part, les effets des leviers organisationnels et de gouvernance sur la rentabilité des entreprises françaises sous LBO.Nos résultats confirment en partie les résultats anglo-saxons concernant l'impact positif des opérations de LBO sur la performance de la société cible, ils sont obtenus en effectuant une double analyse comparative : la première en comparant l'évolution de la performance avant et après la mise en place du LBO, et la deuxième en effectuant une comparaison par rapport à un groupe de contrôle composé d'entreprises aux caractéristiques comparables mais qui n'ont pas fait l'objet d'un LBO.Enfin, nous proposons un modèle explicatif des effets des leviers organisationnels et de gouvernance sur la rentabilité des entreprises sous LBO. / Private Equity, especially Leverage Buyout activity (LBO), is now an important concern in the world economy and also in France. This kind of investment is an important alternative to capital market.The main purpose of this thesis is to examine the effects of corporate governance and organizational mechanisms on the performance of French firms leveraged buyout.We presented in the first part of this thesis, the first and second chapter of it, the history of the emergence of these investments in the world and especially in France, and an overview of the literature on private equity and leveraged buyouts, focusing on our theoretical framework which is based on corporate governance theories, especially on agency theory and financial performance.Moreover, we discussed the literature about the relation between operating performance, corporate governance and Leverage Buyout. As part of this thesis and in the third and fourth chapters, we proposed an empirical study of the impact of LBO on operating performance.This research also proposes a new approach to the relationship governance-performance by a financial modelling of the relation between corporate governance and performance in the case of leveraged buyout firms in France.This thesis is a contribution to the Leverage Buyout and Private Equity literature from a theoretical and empirical point of view. It also has implications for the managers of private firms.