La thèse cherche à comprendre comment la perception de la stratégie sociale des entreprises impacte l’attitude des actionnaires individuels à venir et donc leur intention d’achat d’actions d’entreprises socialement responsables.Notre étude nous a permis de soutenir l’idée selon laquelle l’attitude de l’actionnaire individuel à l’égard des entreprises ne dépend pas uniquement des variables économiques et financières. La stratégie sociale de l’entreprise contribue aussi à la formation de l’attitude des actionnaires individuels à venir à l’égard des entreprises.Nos résultats confirment l’influence des perceptions de responsabilité sociale sur l’intention d’achat d’actions des actionnaires individuels à venir. Nous avons pu constater aussi que l’attitude est la principale variable latente explicative de la formation de l’intention. Les autres variables latentes jouent soit d’une façon moindre soit de façon indirecte à travers l’attitude.Notre démarche, inspirée du paradigme de Churchill, nous a permis de revoir les liens de causalité mis en avant dans le modèle du comportement planifié de Ajzen, notre modèle de référence. L’originalité de notre démarche réside aussi dans le maillage entre les analyses factorielles et les équations structurelles dans la phase exploratoire et les méthodes de régressions PLS dans la phase confirmatoire.Notre étude présente un double intérêt qui se décline d’une part sur le plan théorique à travers l’enrichissement du modèle de comportement planifié et d’autre part sur le plan pratique par un éclairage des entreprises en ce qui concerne la mise en place de leur stratégie sociale et son impact auprès de leurs actionnaires potentiels.Mots clés : Responsabilité sociale des entreprises, Méthodes PLS, analyses factorielles exploratoires, équations structurelles, actionnaire individuel à venir, attitude, variables latentes. / The thesis tries to understand how the perception of companies social strategy impacts on the attitude of the individual future shareholders and thus their intention of purchasing shares from socially responsible companies. Our study allowed us to support the idea according to which the attitude of the individual shareholder towards companies does not depend only on economic and financial variables. The company social strategy also contributes to the training of attitude of future individual shareholders towards companies. Our results confirm the influence of perceptions of social responsibility on the intention of purchase of shares of future individual shareholders. Moreover, we noticed that the attitude is the main explanatory latent variable of the emergence of the intention. Other latent variables play or in a lesser way or in a indirect way through the attitude. Our approach, inspired by the paradigm of Churchill, allowed us to see again the causal relations highlighted in the model of Ajzen strategic behavior, our benchmark model. The originality of our approach also lies in the meshing between the factorial analyses and the structural equations in the exploratory phase and the PLS regressions methods in the confirmation step.Our study presents a double interest: from a theoretical point of view, there is the of planned behavior model and from a practical point of view, there is business lighting regarding the establishment of social policy and its impact to their potential shareholders.Keywords: Corporate Social Responsibility, PLS methods, exploratory factor analysis, structural equations, Future Individual Shareholder, Attitude.

O acordo de acionistas é instrumento que serve à adequação da disciplina societária aos interesses pessoais e patrimoniais dos acionistas. Tais acordos têm natureza jurídica contratual e parassocial, em razão de estarem intrinsecamente ligados aos pactos sociais. Em razão de serem contratos e, portanto, estarem submetidos à teoria geral dos contratos, e, ao mesmo tempo, estarem tão fortemente coligados à seara social, surgem dificuldades na resolução de questões limítrofes entre o direito civil e o direito societário. Esses problemas aparecem especialmente quando se trata da extinção por causa superveniente do acordo, existindo dúvidas na doutrina e na jurisprudência quanto à possibilidade de aplicação aos pactos parassociais das hipóteses de extinção aplicáveis aos contratos em geral. Com o objetivo de auxiliar na solução dessa questão, no presente estudo, são examinadas as causas supervenientes de extinção dos contratos, mais especificamente, as hipóteses de expiração de termo ou de implemento de condição resolutiva, de resilição, de resolução, por inadimplemento ou por onerosidade excessiva, de impossibilidade superveniente inimputável, de morte das partes, e, ainda, os cenários em que existe insolvência ou dissolução das partes ou da própria sociedade, os quais têm, após um exame genérico quanto a seus aspectos conceituais, verificada a sua aplicabilidade ao acordo de acionistas e os efeitos que produzem em sua esfera. São respeitados, contudo, os temperamentos necessários em decorrência de sua natureza parassocietária. / The shareholders’ agreement is an instrument that serves the adequacy of the corporate discipline to the shareholders’ personal and equity interests. Such agreements have the legal nature of contracts that are inserted in the companies’ corporate structure, being intrinsically connected to the bylaws and to the companies’ articles of associations. Because they are contracts, and therefore are subject to the general theory of contracts, and at the same time are so strongly linked to the corporate sphere, difficulties arise in solving border issues between Civil Law and Corporate Law. These problems appear especially when it comes to the termination of the agreements because of supervening causes, leaving scholars and courts in doubt as to the possibility of applying to the shareholders’ agreements the extinction hypotheses applicable to contracts in general. With the aim of assisting in the solution of this issue, the present study examines the supervening causes of termination of shareholders’ agreements, more specifically, the hypothesis of expiration of the term or implementation of a condition, terminations with and without cause, unenforceable supervening impossibility, death of the parties, and also the scenarios in which there is insolvency or dissolution of the parties in the agreement or of the company itself, which, after a general examination of their conceptual aspects, were submitted to a verification concerning their applicability to the shareholders' agreement and concerning the effects to be produced on such agreements, respecting, however, their nature as contracts inserted in the corporate structure.

O acordo de acionistas é instrumento que serve à adequação da disciplina societária aos interesses pessoais e patrimoniais dos acionistas. Tais acordos têm natureza jurídica contratual e parassocial, em razão de estarem intrinsecamente ligados aos pactos sociais. Em razão de serem contratos e, portanto, estarem submetidos à teoria geral dos contratos, e, ao mesmo tempo, estarem tão fortemente coligados à seara social, surgem dificuldades na resolução de questões limítrofes entre o direito civil e o direito societário. Esses problemas aparecem especialmente quando se trata da extinção por causa superveniente do acordo, existindo dúvidas na doutrina e na jurisprudência quanto à possibilidade de aplicação aos pactos parassociais das hipóteses de extinção aplicáveis aos contratos em geral. Com o objetivo de auxiliar na solução dessa questão, no presente estudo, são examinadas as causas supervenientes de extinção dos contratos, mais especificamente, as hipóteses de expiração de termo ou de implemento de condição resolutiva, de resilição, de resolução, por inadimplemento ou por onerosidade excessiva, de impossibilidade superveniente inimputável, de morte das partes, e, ainda, os cenários em que existe insolvência ou dissolução das partes ou da própria sociedade, os quais têm, após um exame genérico quanto a seus aspectos conceituais, verificada a sua aplicabilidade ao acordo de acionistas e os efeitos que produzem em sua esfera. São respeitados, contudo, os temperamentos necessários em decorrência de sua natureza parassocietária. / The shareholders’ agreement is an instrument that serves the adequacy of the corporate discipline to the shareholders’ personal and equity interests. Such agreements have the legal nature of contracts that are inserted in the companies’ corporate structure, being intrinsically connected to the bylaws and to the companies’ articles of associations. Because they are contracts, and therefore are subject to the general theory of contracts, and at the same time are so strongly linked to the corporate sphere, difficulties arise in solving border issues between Civil Law and Corporate Law. These problems appear especially when it comes to the termination of the agreements because of supervening causes, leaving scholars and courts in doubt as to the possibility of applying to the shareholders’ agreements the extinction hypotheses applicable to contracts in general. With the aim of assisting in the solution of this issue, the present study examines the supervening causes of termination of shareholders’ agreements, more specifically, the hypothesis of expiration of the term or implementation of a condition, terminations with and without cause, unenforceable supervening impossibility, death of the parties, and also the scenarios in which there is insolvency or dissolution of the parties in the agreement or of the company itself, which, after a general examination of their conceptual aspects, were submitted to a verification concerning their applicability to the shareholders' agreement and concerning the effects to be produced on such agreements, respecting, however, their nature as contracts inserted in the corporate structure.

Este trabalho apresenta uma investigação sobre o alcance da aplicação da teoria da onerosidade excessiva, prevista nos artigos 478 a 480 do Novo Código Civil, aos acordos de acionistas, tipo contratual cada vez mais presente na realidade empresarial brasileira. Especial atenção é dada ao fato de que o acordo de acionistas está inserido em um contexto marcado não só por um ambiente negocial e mercadológico sujeito a acontecimentos imprevisíveis que podem desequilibrar as prestações de forma excessivamente onerosa para uma das partes, mas também marcado por um equilíbrio na composição do conteúdo contratual e na alocação de riscos correspondente combinados pelas partes. Para isso, serão analisadas as questões relativas ao alcance da aplicação do mecanismo de reequilíbrio contratual mencionado em acordo de acionistas, à identificação do objeto do conteúdo contratual que contém o programa de alocação de risco e ao elemento-guia utilizado pela jurisprudência nesse sentido, uma vez que foi o uso desenfreado do reequilíbrio contratual que fez com que este fosse quase expulso da sistemática contratual durante o período clássico. A pesquisa apontou como elemento-guia autorizador da aplicação da onerosidade excessiva pelos órgãos judiciais estudados a conjunção da identificação dos critérios legais com a identificação do fato de a onerosidade excessiva estar além daquele risco implícito e da álea normal da natureza do negócio jurídico celebrado. Tais resultados apontam para uma criteriosa possibilidade de correção de desequilíbrio contratual compatível com a dinâmica e o ambiente dos acordos de acionistas / This work presents an investigation concerning the scope of application of the excessive onerous theory, provided in articles 478 to 480 of the Brazilian Civil Code, in the sharesholders agreement matter, a contractual type increasingly present in the Brazilian business reality. Special attention is given to the fact the sharesholders agreement is inserted in a context characterized not only by the negotial and market environment subject to unpredictable events that may disrupt the provision in an excessive onerous way to a relevant party, but also characterized by a balance in the composition of the content and of the contractual allocation of risks combined by the relevant parties. For this, we analyze the issues related to the scope of application of the mentioned contractual rebalancing mechanism in the shareholders agreement matter, to the identification of the contractual content object that contains the risk allocation program and to the guide-element used in the jurisprudence in this sense, since it was the umlimited use of contractual rebalancing that caused this was almost kicked out of the contractual systematically during the classical period. The survey pointed out as guide-element to the application of excessive onerous by the legal courts studied the association of the legal criteria identification with the identication of the fact that the excessive onerous being beyond that inherent and normal risk concluded of the nature of the legal business. These results point to the possibility of a careful correction of contractual imbalance compatible with the shareholders agreements dynamic and environment.

The thesis analyses shareholders' agreements in limited liability and joint stock companies. In a broader sense, both the agreements concluded by shareholders outside the articles of association or bylaws and the provisions of the constitutional documents which are not attached to shares but only bind the individual shareholders can be classified as shareholders' agreements. The thesis consists of a general and a special part. The objective of the general part is to describe the legal nature, effects, usual content and practical use of shareholders' agreements. Particularly, I intend to detail the main legal issues surrounding shareholders' agreements included in the constitutional documents and to suggest the methods of coping with these problems in the legal practice. Further, I will describe the corporate advantages of the shareholders' agreements as separate legal documents as well as their limits. The objective of the specific part of this thesis is to characterize the selected types of shareholders' agreements in terms of their practical use and legal regulation. I put special emphasis on different kinds of shareholders' voting agreements.

The protection of minority shareholders is one of the important topics in company law. The two major oppression of minority shareholders are from the management and the majority shareholders. In this thesis, I seek to study the two oppression and the minority protection under the company law in Hong Kong and China. This thesis discusses: (i) Whether the Hong Kong common law system provides better protection to minority shareholders than is found in the Chinese civil law system? (ii) Whether the high degree of concentrated corporate ownership leads to the poor protection of minority shareholders in Hong Kong and China? (iii) What are the transplantation effects of foreign company laws on the protection of minority shareholders in Hong Kong and China? (iv) Whether the existing legal remedies to minority shareholders in Hong Kong and China are adequate? and (v) What are the problems of minority shareholders protection in Hong Kong and China? A comparative study of corporate governance and the protection of minority shareholders in Hong Kong and China is to identify the similarities and differences in the two systems for the purposes of legal reform. This thesis argues that mere adoption of Hong Kong common law system according to the legal origin theory could not improve corporate governance and minority shareholders protection in China; Chinese corporate governance and minority shareholders protection reform must include both legislative and structural aspects and these aspects are shaped by the initial paths according to the path dependence theory. This thesis argues that the high concentration of corporate ownership does not necessarily lead to poor legal protection of shareholders in Hong Kong, and the weak protection of minority shareholders in China is not due to its civil law origin but its structures relating to the rule of law principle. This thesis examines the theoretical debates between the legal origin theory and the path dependence theory and applies them to Hong Kong and China. This thesis contends that the basic company law has already achieved a high degree of uniformity in Hong Kong and China and the base of divergence between Hong Kong and China is in the structural and institutional differences. This thesis argues that the success of legal transplantation and minority protection in Hong Kong is dependent upon its initial structures which have been locked-in to the current structures. This thesis concludes that the issues of minority shareholders protection in China are in its socialist market economy, state intervening policy, public ownership, relation-based tradition, rule by law culture, corruption practices, dominant role of the CCP and non-independent judiciary; and the Chinese minority protection reform, in a broader sense, involves not only the legislative issue but also the structural issues which relate to the rule of law principle. This thesis proposes that the transplantation of foreign company law will not necessarily improve the protection of minority shareholders and hence the corporate governance in China. This thesis also confirms that direct transplantation of foreign law is not always suitable for countries with less developed structures. These findings are also relevant to other emerging economies and developing countries in understanding the limitations on the use of foreign law to improve corporate governance and the protection of minority shareholders.

Magister Philosophiae - MPhil

Magister Legum - LLM

Orientador: Fernando Sarti / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-26T23:44:15Z (GMT). No. of bitstreams: 1 JesusJunior_LeonardoBispo_D.pdf: 2689214 bytes, checksum: 8ff2e015c730c9cb454ff4a9b768ecd9 (MD5) Previous issue date: 2015 / Resumo: A Petrobras é, indiscutivelmente, o grupo empresarial de maior relevância no Brasil em termos de investimentos diretos e indiretos. Porém, nos últimos anos, a delicada situação econômico-financeira da companhia, evidenciada na forte perda de valor no mercado acionário e na reduzida lucratividade, vem se acentuando e determinando o rebaixamento e a previsão de deterioração de suas métricas de crédito pelas agências de rating. Estas agências têm apontado como fatores determinantes para a referida situação o agressivo programa de investimentos da empresa e sua exposição à interferência política local, evidenciada no represamento dos preços dos produtos refinados e na exigência de cumprimento de metas de conteúdo local. As metas de conteúdo local nos critérios para seleção dos leilões de áreas de exploração e produção de petróleo e gás natural foram incorporadas devido à preocupação da ANP com o destino da indústria e dos fornecedores locais, após o fim do monopólio da Petrobras. Esses critérios se fizeram presentes desde o processo de licitação dos primeiros blocos exploratórios, na Rodada 1, em 1999, porém, é apenas na Rodada 4, em 2003, que a ANP fixa um nível mínimo de conteúdo local a ser observado pelo concessionário, na Fase de Exploração e na Etapa de Desenvolvimento. Considerando esse pano de fundo, o objetivo geral da tese é analisar por que a intervenção governamental, especificamente a política de conteúdo local implementada para o desenvolvimento da Indústria Para-Petrolífera brasileira, está na contramão da perspectiva de maximização de valor para os acionistas da Petrobras, mas não do escopo de atuação de uma empresa com a sua natureza jurídica. A principal conclusão é que a ineficiência gerada pelo direcionamento das aquisições da Petrobras, com a política de conteúdo local, é inconsistente com a dinâmica de acumulação das grandes corporações, num contexto de forte globalização financeira e produtiva em que impera a lógica curto prazista da maximização do valor para o acionista. Mas, não é inconsistente com o escopo de atuação de uma empresa com a natureza jurídica da Petrobras, cuja criação se justifica, apenas, pela necessidade de atender aos imperativos de segurança nacional ou a relevante interesse coletivo / Abstract: Petrobras is arguably the most relevant business group in Brazil in terms of direct and indirect investments. However, in recent years, the delicate financial position of the company, evidenced in the strong loss of value in the stock market and reduced profitability has been increasing and determining relegation and the prediction of deterioration of credit metrics for the rating agencies. These agencies have identified as crucial to the situation the aggressive investment program of the company and its exposure to local political interference, evidenced in damming the price of refined products and the requirement of targeted local content. The goals of local content on the criteria for selection of auctions areas of exploration and production of oil and gas is incorporated due to concern of the ANP about the fate of industry and local suppliers, with the end of Petrobras' monopoly. These criteria were present from the bidding process of the first exploratory blocks in Round 1, 1999, however, is only in Round 4, in 2003, the ANP sets a minimum level of local content to be noticed by the dealer in Exploration Phase and Development Phase. Considering this background, the overall aim of the thesis is to analyze why the government intervention, specifically the local content policy implemented for the development of national suppliers of goods and services to the oil and gas industry, is counter to the perspective of maximization shareholder value Petrobras, but not of the scope of operations of a company with its legal nature. The main conclusion is that the inefficiency generated by directing of the acquisitions of Petrobras, with local content policy is inconsistent with the dynamics of accumulation of large corporations in a context of strong productive and financial globalization, in which prevailing the short-term logic of maximization of shareholder value. But, is not inconsistent with the scope of activity of a company with the legal nature of Petrobras, whose creation is only justified by the need to meet the imperatives of national security or the relevant collective interest / Doutorado / Teoria Economica / Doutor em Ciências Econômicas

Considering the recent corporate scandals over the past couple years – VBS Mutual Bank, McKinsey & Trillian, Steinhoff, EOH and possibly Tongaat Hulett to name but a few – many shareholders may seek to hold the directors and management of such entities personally liable for their involvement or negligence. Especially where their actions were tantamount to fraud, they benefited in some way and or as a result the company, and possibly the shareholders, suffered damages. This is especially true when a company as consequence is liquidated and cannot institute action on its behalf. It is submitted that directors are rarely held personally liable for failing to fulfill their duties, let alone liable to the shareholders. The risk of failing to monitor internal controls or business risks, and to hold those acting on behalf of the company responsible and accountable for their actions, is dangerous due to the significant effect that such failure could have on the economy, for example the economic collapse with respect to the recent Steinhoff debacle. Whereas the earlier Companies Act 61 of 1973 did not necessarily ‘spell out’ directors’ duties in detail, the Companies 71 of 2008 comprehensibly records their statutory and common law duties. To this extent the board is held accountable and can ensure proper governance in the company’s internal affairs. Shareholders expect management to maximise the value of a company for the benefit of the shareholders and to act in their best interest. In achieving this, directors are required to act in the best interests of the company. However, directors may use their elevated position for their own personal gain and self-interests. Thus, in which circumstances will courts pierce the corporate veil, stepping aside from a company’s unique legal personality, to impute liability to the wrongdoers lurking behind? The relationship between directors, a company and its shareholders is a fiduciary one which imposes certain duties upon directors. However, it is well established in law that directors’ duties are owed to the company itself. Thus, considering common and statutory law, on what legal basis would shareholders be able to bring a claim against directors for the loss or damage they suffered due to an act of the directors? Considering the above, this paper seeks to explore directors’ liability to shareholders within South Africa’s common and statutory law, bearing in mind entrenched legal principles, such as the argument that fiduciary duties are duties owed to the company and not to individual shareholders; and that as a result only the company can impose liability on its directors. / Mini Dissertation (LLM (Corporate Law))--University of Pretoria, 2019. / Mercantile Law / LLM (Corporate Law) / Unrestricted