This study examined the business results of companies that won the Malcolm Baldrige National Quality Award (NQA). It used performance data before and after the award to determine if there were significant differences in three key performance indices after adoption of those business techniques that enabled these companies to win their NQA. The three key indicators were return on assets (ROA), earnings per share (EPS) and the current ratio. The study examined the data in two ways; first tests were made by comparing company performance before and after winning an NQA. The second way of testing was by comparing the NQA-winning company's performance with its key competitors within their market segment. Using both parametric and nonparametric hypothesis testing techniques, the preponderance of evidence suggests there was no significant difference in performance after winning the NQA than before, using the three performance indicators used in this study. Likewise, there was no evidence to suggest that the NQA-winning firms outperformed their key competitors within their market segment, for the three performance indicators used.

It is widely accepted that the primary objective or goal of a firm is to maximise the value of its shareholders' equity. An increase in wealth increases the satisfaction of any financial market participant, or in this case, of any shareholder. In management's attempts and decision-making to increase shareholder value, they continuously influence, directly or indirectly, those variables that affect shareholder wealth. In order to increase shareholder wealth in the most efficient way, it becomes necessary to quantify the effect that each of these relevant variables has on shareholder wealth. If the value created from the assets under the control of management is to be improved, the answer lies partly in determining the real drivers of value and focusing management attention on these. The objective and value of this study lies in the fact that a meaningful mathematical relationship between these variables and shareholder value is developed. In the literature part of this study, the main emphasis fell on drawing a distinction between the accounting-based and the economic-based models of determining shareholder value. It has been demonstrated that the economic-based models, and Economic value added (EVA) in particular, have distinct advantages in determining value created (or destroyed) by the management of a company. Whilst EVA is the best internal measure of shareholder value creation. Market value added (MVA) is the external method of determining shareholder's wealth. After the variables that can determine shareholder value as represented by the EVA of a company had been identified, the research methodology, including the statistical techniques as well as the boundaries of the sample used, were set out. The results of the empirical analyses were reported and compared with the theoretical principles. The correlation between MVA and (discounted) EVA was the highest of all the variables and was at its most positive when inflation adjustments to the data had been made. Slightly lower positive correlations were also obtained from more traditional measures such as return on assets (ROA), return on equity (ROE), earnings per share (EPS) and dividends per share (DPS). Once it has been determined that EVA is arguably the best indicator of value that has been created or destroyed by management, it is necessary to analyze EVA in terms of its variables or components. If one turns to the stepwise regression analyses done with EVA as dependent variable with a number of independent variables, various income statement ratios provided the best explanation (as represented by r2 ). No meaningful results were obtained from a number of balance sheet ratios. Using these results as a basis, recommendations to management on managing and creating shareholder wealth in the most efficient way is made. Practising valuemaximization is not easy, but EVA and its variables can be the answer. AFRIKAANS : Dit is 'n algemeen aanvaarde beginsel dat die primere doelwit van 'n onderneming die maksimering van aandeelhouers welvaart is. 'n Verhoging in welvaart lei tot verhoogde nutsbevrediging van enige deelnemer in finansiele markte, in die geval die aandeelhouers van 'n onderneming. In bestuur se pogings en besluitnemingsaksies om aandeelhouers welvaart te verhoog, word die veranderlikes wat aandeelhouers welvaart bepaal, voortdurend beïnvloed. Om aandeelhouers welvaart op die mees doelmatige wyse te verhoog, is dit nodig om te kwantifiseer welke effek elkeen van hierdie veranderlikes op aandeelhouers welvaart uitoefen. lndien die waardetoevoeging van die kapitaal onder beheer van bestuur verbeter moet word, le deel van die oplossing in die bepaling van daardie veranderlikes wat aandeelhouers welvaart bepaal, en om gevolglik bestuur se fokus op daardie veranderlikes te vestig. Die doelwit van hierdie studie is dus om 'n kwantifiseerbare verwantskap tussen hierdie veranderlikes en aandeelhouers welvaart te ontwikkel. In die literatuur gedeelte van hierdie studie val die klem op die onderskeid wat getref word tussen die rekeningkundige metodes om aandeelhouers welvaart te bepaal, in teenstelling met die sogenaamde ekonomiese gebaseerde metodes. Daar word getoon dat die ekonomiese gebaseerde metodes, en in die besonder ekonomiese waarde toevoeging (in Engels, "Economic value added" , of "EVA"), besondere voordele het bo enige ander metode om die waarde wat bestuur toegevoeg (of vernietig) het, te bepaal. Terwyl EVA as interne maatstaf van aandeelhouers welvaart dien, is markwaarde toevoeging (in Engels "Market value added" of "MVA") die eksterne of markgedrewe metode om waarde te bepaal. Nadat die veranderlikes wat aandeelhouers welvaart soos verteenwoordig deur EVA bepaal is, is die navorsings metodologie, insluitend die statistiese tegnieke wat gebruik is sowel as die bepaling van die steekproef, behandel. Die resultate van die empiriese analise is bespreek en vergelyk met die teoretiese beginsels. Die korrelasie tussen MVA en (verdiskonteerde) EVA was die hoogste en was selfs grater wanneer inflasie aanpassings aan die data gemaak was. Laer positiewe korrelasies is gevind tussen MVA en die meer tradisionele maatstawwe ter bepaling van aandeelhouers welvaart soos opbrengs op totale bates, opbrengs op aandeelhouers fondse, verdienste per aandeel en dividend per aandeel. Nadat daar bewys is dat EVA die beste aanwyser is van waarde wat deur bestuur geskep of vernietig is, is dit nodig om EVA te analiseer in terme van sy veranderlikes of komponente. lndien EVA as afhanklike veranderlike en 'n aantal onafhanklike veranderlikes by wyse van 'n stapsgewyse regressie analise ontleed word, is dit verskeie inkomste staat verhoudingsgetalle wat die beste verduideliking (soos verteenwoordig deur r2) van aandeelhouerswelvaart gee. Geen betekenisvolle resultate kon van verskeie balansstaat verhoudingsgetalle verkry word nie. Met hierdie resultate as basis word verskeie aanbevelings aan bestuur gemaak oor die bestuur en toevoeging van waarde vir aandeelhouers op die mees doelmatige wyse. Die beoefening van waardemaksimering is nie maklik nie, maar EVA en sy veranderlikes kan die taak vergemaklik. Copyright / Thesis (DBA)--University of Pretoria, 2012. / Business Management / unrestricted

This thesis will try to combine shareholder ownership of a company with the notion of viewing thecompany as a social contract.Even if viewing the company as a social contract is usually considered to be part of the stakeholdertheory this view is not incompatible with the shareholder centred approaches.Through motivating the social contract view of businesses and discussion the advantages ofadopting a shareholder centred approach to company ownership this thesis will form the basis of asocial contract that would be agreed by the shareholders of the company. A part of this paper will also be dedicated to discussing how the shareholders could change the current companies to reflectmore closely on the contract they would initially have agreed on.

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Expulsion of Shareholder and Termination of his Participation in Limited Liability Company Summary The goal of my thesis is to analyse the legal regulation regarding expulsion of shareholder and termination of his participation in limited liability company in the Czech Republic and to attempt to address some of its problems and by so doing contribute my part to the general discussion of this topic. I have chosen this subject because I consider it interesting and because it is not given enough attention by legal professionals. The paper analyzes relevant case law, books and articles and makes recommendations for changes of legal regulation and of the approach of courts. The thesis is composed of five numerated chapters, each of them dealing with one of the methods of cessation of participation, plus Introductory and Closing Chapter. The Introductory Chapter describes the main purposes of the thesis. Chapter One is concerned with the introduction to the principles of company law that are important for the ideas of the thesis. Terms "limited liability company", "articles of association", "participation in the company" and "creation and cessation of participation" are covered in respective parts of the chapter. Chapter Two is rather short and deals with the termination of participation of shareholder by...

86 Abstract Statutory liability of members and other persons for debts of business corporations (including supranational corporations) The thesis aims to introduce the economic rationale behind the legal concept of limited liability, including the risks for creditors attached thereto, and to analyse the legal instruments designed to remedy the impacts of its misuse or abuse. Accordingly, this thesis attempts to point to the shortcomings of the current legal framework and to offer a solution thereto. For this purpose the author uses the traditional methods of legal interpretation and draws upon the laws of the United Kingdom, which inspired the authors of the Czech Corporations Act 2012 in many respects. After the opening chapter, which introduces the current legal framework for limited liability of shareholders and defines legal relations of company's agents towards third persons, the historic development of limited liability in the United Kingdom will be outlined in the second chapter. The introduction of limited liability in 19th Century was accompanied by intense society-wide debate, the findings of which will help to understand the limited liability in its wider context and will form the ground for the following assessment of its benefits and risks for creditors of limited liability companies. Third...

EXPULSION OF SHAREHOLDER AND TERMINATION OF HIS PARTICIPATION IN THE LIMITED LIABILITY COMPANY ABSTRACT The purpose of my thesis is to analyze the legal regulation regarding exclusion of a shareholder and termination of his participation in a limited liability company in the Czech Republic. I have chosen this topic because of a lack of scholarly interest in this particular question of corporate law, even though it is a highly practical matter. The study analyzes law, commentaries, books, articles and relevant case law and compares the current legal regulation with the new legal regulation represented by the new Civil Code and the Act on Commercial Corporations. The main contribution of this paper is in a providing a critical perspective on this new legal regulation and in identification of future eventual interpretative problems. The thesis is composed of four chapters, each of which deals with different aspects of a view on problems of unilateral termination of a participation of shareholder in the limited liability company. Chapter One is introductory and explains the provisions of legal regulation of unilateral termination of participation of shareholder. Chapter Two is subdivided into three main parts. Part One focuses on expulsion of shareholder by the general meeting of the company. Part Two is...

At the crossroads of insolvency and securities law lies the question as to whether defrauded shareholders should rank equally with unsecured creditors in cases involving fraudulent or misleading behaviour. Important questions arise at this juncture concerning the efficiency, certainty, transparency and fairness of the treatment of such claims in insolvency situations. In Sons of Gwalia Ltd (admin apptd) v Margaretic [2007] HCA 1, the High Court chose not to apply a rule said to be germane to insolvency cases involving fraudulent or misleading conduct inducing share purchase known as the rule in Houldsworth??s Case. The ??rule?? said to have been developed in Houldsworth v City of Glasgow Bank (1880) 5 App Cas 317 had up until the High Court??s decision been used to interpret legislative provisions concerning shareholder claims, resulting in problematic determinations in the context of modern developed markets. While it is submitted the High Court was justified in choosing not to apply the rule in Houldsworth??s Case and thus allowing shareholders to claim as unsecured creditors, the rule may still prove good law in certain cases. Indeed, the referral of the High Court??s decision to the Corporations and Markets Advisory Committee for review may result in legislative change which reverts to the traditional treatment of shareholders in such circumstances. Accordingly this dissertation engages in a doctrinal analysis of historical precedent on defrauded shareholder claims in the UK and Australia to demonstrate that the decision in Houldsworth and subsequent interpretation and application of the ??rule?? therein suffer from deep flaws, and have been productive of relative injustice. It is argued that it is necessary to put the current uncertainty surrounding the applicability of Houldsworth in Australia beyond doubt through legislative abrogation of the rule in Houldsworth??s Case. As the result of such abrogation would represent a significant policy shift in Australian corporate law, the merits and difficulties of the resulting position will be addressed by this dissertation. It will be argued that a policy of shareholder parity with unsecured creditors best meets the goals of insolvency and securities law regimes while contributing to the sustainability of a fair and efficient market, and investor participation in it.

A takeover announcement does not necessarily mean good news for stockholders of the acquiring firm. In fact, for a majority of takeovers it means losses in share prices. Motives that can explain this trend are agency and hubris. This thesis is an event study of 28 acquir-ing firms in Sweden between the years 1997-2005, and the purpose is set to see whether stock prices are affected or not. This has been done by the help of the market model. The empirical results show that the takeovers are on average value decreasing operations which indicate that agency and hubris are the primary motives even though one can not for cer-tain exclude synergy.

A growing number of private limited companies are formed today. The distribution of shares in a corporation can be done in different ways. The most common one is that the most suitable shareholders, for the future development of the company, have a majority in the company in order to govern and control the company and its affairs. In a company with a solid majority decisions are fairly easy to make and there are seldom disputes, in terms of such decision-making.   But in today's legal arena companies are formed where shares are divided evenly between the partners. This is done to spread the control of the company between several shareholders. But what happens when a company of two people, or groups of equally strong shareholders, can not agree within the general meeting for a decision on who will be appointed as the Chairman, or in the case of important issues concerning the company's affairs.   One such company whose shares are scattered among the shareholders is generally called a 50/50 company. The company is not regulated in the Swedish Companies Act which makes it difficult to determine how certain decisions will be resolved when there are disagreements. What is regulated in the legislation for limited companies is very generally applied, which is why agreements and contracts are often used as a complement and an instrument to combat locked situations in smaller companies, especially in the 50/50 company. Contracts are made to complement the law and statutes. There are many types of contracts which can be conducted between the shareholders however; this essay will deal only with the shareholders and consortium agreements/contracts.   When a small company, such as the 50/50 company, with few shareholders does not sign agreements or contracts between them in order to fully regulate the situations and problems that may arise, the results can be devastating. When shareholders can not agree on decisions in the general meeting it may pertain to two specific decisions. One is the decision which must be taken when appointing the Board to prevent that there is a draw of lots, which is certainly not the optimal way of decision-making for a company. The second decision is the one pertaining to other important issues which must be decided  in the general meeting, and where the Chairman’s casting vote will decide the outcome if the shareholders can not agree. It is there important to examine which possibilities exist for 50/50 companies to remedy a locked situation and maintain an optimal decision-making process.