Asset securitization is one of the most important financial innovations recently. With an impressive growth in terms of volume of issuance, from almost zero to five trillion USD, in a period of 15-20 years, it is one of the most rapidly growing markets in the financial world. Yet, little is known about this, literally invisible market. Companies engage in asset securitization for a variety of reasons and numerous advantages and disadvantages of asset securitization can be found throughout the literature. Asset securitization has an impact on a number of stakeholder groups: shareholders, managers, employees, investors, the financial markets and ultimately the overall economy and society. Asset securitization is one of the reasons for the financial crisis that started in mid 2007. Since the recent financial turmoil, it became clear the asset securitization was the primary funding source for companies in the financial industry and it was the primary supplier of credit in developed economies. Because of its importance and impact, it is very important that we study the reasons, the motivations, the consequences and the effects from this so powerful financial innovation. And it is important to study it from as many different aspects as possible. Many questions surrounding asset securitization are unanswered and it is important to answer them sooner. This study investigates the wealth effects from asset securitization on the shareholders of the securitizing companies. We study whether the announcement about a pending securitization transaction has any impact on the stock price of the securitizing company. That way we can discover whether asset securitization creates wealth, destroys wealth or has no impact on wealth at all. Not many studies have been done on this topic so far. The existing seven studies are focused mainly on the US and the EU market and report contradicting results. In this study, for the first time, data from Australia is being used. The Australian securitization market is the second, single most active securitization market in the world, after the US market. We conduct quantitative analysis on a sample of 98 securitization transactions during the period 2000-2006. With this sample, we cover almost 29% of the number of securitization transactions during that period and almost 39% in terms of volume of issuance. To analyze the data we use standard event study methodology, common for this type of studies.    Our analysis reveals that investors in Australia do not perceive asset securitization favorably. Securitizing companies’ stock price decreases in the 10 days around the securitization announcement day, resulting in statistically significant wealth losses for the originating companies’ shareholders. Furthermore, the wealth losses are significant for less frequent securitizers, for securitizers that engage in small volume securitization transactions and for securitizing companies with low asset quality.    With this study we make theoretical and practical contribution. We lend empirical support to the previous theories and we help managers, shareholders and investors shape their forecasts.

The recent financial crisis has raised serious questions about the effectiveness of corporate governance (CG) in monitoring management and protecting investors’ interests. There is concern that ‘poor’ CG was, to a certain extent, a major cause of the current financial crisis. This thesis, therefore, investigates the crucial policy question of whether the quality of CG has any effect on financial performance, information asymmetry and on block shareholders’ investment decisions. This is achieved and presented in the form of three essays on CG practices in UK with a particular focus on the periods before and during the 2007/2008 financial crisis. The first essay aims to investigate the impact of firm-level CG on block shareholders’ investment decisions for a large sample of UK non-financial firms over the period 2005 to 2009. Using a panel data analysis, the results revealed the importance of CG for block shareholders’ investment decisions. Furthermore, the study results indicated that only institutional block shareholders consider CG to be important criteria for their investment decisions. Moreover, when the effect of CG on block shareholdings in both periods before and during crisis was examined, a significant difference in results appeared: an insignificant positive relationship in the pre-crisis period turned out to be significant during crisis. The result thus indicates that block shareholders viewed CG as particularly important during the crisis period. The second essay aims to examine the effect of CG on firm performance before and during the financial crisis. It also investigates the mediating effect of agency costs on the association between CG and firm performance. The results revealed that CG affects firm performance only in the period before the crisis, but no significant effect was found during the crisis period. Moreover, agency cost was proved to fully mediate the relationship between CG and performance in the pre-crisis period. The results point to an important issue, which is the need to re-evaluate CG not only in stable periods but also during turbulent times, and to evaluate its ability to perform effectively in such different conditions. The third essay investigates the effect of both CG and block ownership on information asymmetry. Further, the effects of CG in lessening the positive association between block ownership and information asymmetry is considered. The results revealed that CG affects information asymmetry only in the pre-crisis. In addition, block ownership was shown to have a significant and positive effect on information asymmetry during crisis periods suggesting that block shareholders benefit from their information advantage during crisis period which in turn worsens the information asymmetry problem. This suggests that block shareholders engage more in their private benefits rather than in efficient monitoring. The results also proved that CG is insignificant during turbulent period in lessening the negative effect of block ownership.

本研究主要探討的是三大法人是否對公司能夠發揮監督的效果，並加入股東會的因子觀察三大法人是否為了在股東會行使表決權、發揮監督公司效果以達到改善其經營績效的目的而增加其持股比率。研究樣本來自2006年到2014年所有上市上櫃(但不含F股)公司的市場資料及財務資料，並使用普通最小平方法則和固定效果模型對三大法人持股的影響進行分析。 實證結果顯示，三大法人持股比率越高的公司確實會有較好的經營績效，與許多國內外認為機構投資人可以有效監督公司營運的研究結果符合，但在加入股東會因素後，本研究發現只有外資可能藉由其持股在股東會時發揮影響力，以達監督公司之目的；為了更進一步檢驗外資是否真能藉由股東會加強標的公司之公司治理，本研究使用資訊透明度及財報重編次數作為代理變數，模型結果也顯示外資在股東會最後過戶日前有增加持股的公司會有較好的公司治理表現，因此認為外資可能透過股東會以發揮其影響力，但投信及自營商則沒有此行為。

Corporate governance practice has recently become an important topic around the world and specifically within the emerging stock markets in order to avoid expropriation by corporate management at the expense of minority shareholders. Although corporate governance is considered to be tremendously important in many countries, whether developed or developing, corporate governance does not exist in Kuwait as a mean of shareholder protection. This thesis intends to provide a regulatory analysis to laws and regulations that should be implemented to regulate corporate governance practice in Kuwait in private companies and in the State-Owned Enterprises. The second chapter draws a theoretical framework of corporate governance. These theories must be discussed, because this thesis is the first to address corporate governance from a legal perspective and will help Kuwaiti practitioners and those involved in corporate governance practice to gain a better and more comprehensive understanding of and appreciation for effective corporate governance. The third chapter provides an overview of the corporate governance practice in the emerging markets. The fourth chapter presents the characteristics of a corporate culture to lay the groundwork for adopting corporate governance that will fit within the Kuwaiti culture. The fifth chapter offers an assessment of the institutional settings necessary to establish a sound corporate governance system in Kuwait, including legal and political institutions. The sixth chapter will examine corporate governance practice in the State-Owned Enterprises in Kuwait. The seventh chapter focuses on the best practices of corporate governance and the protection of shareholders in companies listed in the Kuwait Stock Exchange (KSE) by analysing the regulations and laws that apply to the KSE and that should relate to corporate governance. Chapter eight offers recommendations for corporate governance reform that derive from the assessment made in this thesis in both public and private sectors in Kuwait. Finally, chapter nine provides the general conclusion of the thesis and the contribution of this study.

The diploma thesis is focused on the duty of loyalty of shareholders (members). Although some legal experts consider this duty as a basis of any private law relations, duty of loyalty remains mainly overlooked in the business law area. Firstly, the diploma thesis explores the duty in broader view and describes its functioning in other countries, where duty of loyalty is traditionally respected: United States of America and Germany. The thesis continues to the development of the duty of loyalty in Czech Republic. Before 2014, this duty was not explicitly included in Czech law or no wide consensus about the legal source of this duty. The loyalty principle has begun to be recognized in 2006, when legal experts started to work with this term and set theoretical basis for this duty. Even if there was no consensus about the scope and range of the duty of loyalty and the existence of this duty itself, the duty of loyalty has been established in the judicature of Czech courts. Even Supreme and Constitutional Courts accepted this duty in its decisions. The role of Judicature for the duty of loyalty and its contend is significant. The change of Czech private law has brought substantial changes of this duty. From the 1st January 2014, the duty of loyalty is explicitly part of the Czech law and may be found in...

Cette recherche doctorale se focalise sur les informations environnementales publiées volontairement par les entreprises françaises dans leurs rapports annuels ou dans leurs rapports de développement durable au travers de cinq articles. L’objectif de cette thèse est de mieux comprendre les bénéfices que les firmes peuvent tirer de communiquer leur engagement environnemental auprès de leurs parties prenantes. En se basant sur un échantillon de grandes entreprises françaises du SBF 120 sur la période 2001-2011, notre recherche examine les leviers par lesquels la divulgation d’informations environnementales peut impacter la performance financière des entreprises. Dans un premier temps, elle analyse les avantages potentiels pour les entreprises qui communiquent sur leur engagement environnemental, concernant deux catégories importantes de parties prenantes : les actionnaires et les clients. Puis, elle analyse les circonstances dans lesquelles les entreprises opérant dans des secteurs polluants peuvent obtenir des bénéfices de leur divulgation environnementale. Nos résultats empiriques démontrent que les entreprises trouvent un intérêt économique à rendre compte à leurs actionnaires et clients leur engagement environnemental. / This doctoral research focus on the voluntary environmental information released by French firms in their annual reports and sustainability reports through five articles. The aim of this thesis is to provide better understanding of the potential benefits achieved by firms through communicated their environmental engagement to their external stakeholders. Using a sample of French listed firms belonging to the SBF 120 stock index over an eleven-year period (2001-2011), this research examines the mechanisms by which environmental reporting can influence firms’ financial performance. First, it illustrates the potential benefits for firms that report more on environmental initiatives, with regard to two important categories of stakeholders: shareholders and customers. Second, it investigates circumstances under which firms operating in environmentally sensitive industries can obtain financial benefits from the disclosure of their environmental initiatives. Our findings show that firms can reap economic benefits arising from environmental information disclosed to shareholders and customers.

The aim of the Thesis is to examine the level of keeping of Corporate Governance in the Czech Republic after 1990. Theoretic part of the Thesis examines the Theory of the Firm and Theory of Corporate Governance as a result from the Theory of the Firm. Analytic part of the Thesis analyses creation of Corporate Governance in the process of Privatization during transformation of Economy in the Czech Republic with current reflection of document Principles of Corporate Governance OECD. Analysis of level of using and keeping of Corporate Governance is made on example of company SAZKA, a.s. The Discussion and the End of the Thesis describe realized facts, serious failures of top management and also representatives of Shareholders during Corporate Governance of SAZKA, a.s., failure of Codex Principles of Corporate governance and impact to the economy of the company and its fall into the insolvency.

This bachelor thesis in business economics raises the topic about Corporate Responsibility (CR), this topic is currently being discussed in a variety of channels and today an increasing number of companies are involved in corporate responsibility. How do Skanska work with sustainability and why are they doing this? It is also important to see the results of the work with sustainability will lead to. We will go into more depth in one of Skanska's projects, project M25, to investigate the CR strategies they use and see how they actually work with sustainability. The purpose of this paper is to describe and analyze how and why Skanska is working to implement CR policies in their operations and more specifically from the M25 project in order to achieve sustainable business development. Our main questions is; how and why does Skanska implement sustainability in their business and in the project M25 and what can the outcome of this sustainability lead to? The study is based on a qualitative method, we performed both an unstructured personal interview and a semi-structured interview. This is to get a deeper understanding of how and why the company Skanska is working on sustainability. We have done a literature study and we selected different theories and also used various documents from Skanska. Our conclusion is that Skanska uses several different strategies to achieve sustainable business development, for example, they have developed their own voluntary rules, follow different directives and standards and they have developed various techniques and tools. The conclusions we have drawn is that Skanska is working actively to identify its stakeholders and also takes account of stakeholders who do not have a direct link to the business. They work in a proactive manner through education, investigation and monitoring to achieve a sustainable business. Skanska has agreed that they are part of a larger context in which they affect individuals and agents. Skanska and the society will receive various benefits depending on which CR strategies Skanska uses.

Background: Since the late 1990s the economy has become an important part of the football club activities. With increased revenues, a financial framework was needed and in 2002 the "Elitlicens" introduced for this purpose. Elitlicensen is divided into different criteria, the study dealt only with the economic criteria, the requirement that clubs in Allsvenskan should maintain a positive shareholders' equity. Aim: The study aims to study items and key figures in the annual financial reports of the clubs that participated in Allsvenskan every year during the period 2010-2014 to examine whether and how the clubs reached Elitlicensens criterion for positive shareholders´ equity. Furthermore, the aim is to explain the club's actions based on Elitlicensens criterion of positive shareholders´ equity. Method: A case study of the AIK, BK Häcken, Djurgårdens IF's, Helsingborgs IF's, IF Elfsborg, IFK Gothenburg, Kalmar FF and Malmö FF's annual financial reports during the period 2010-2014 where selected items and key figures audited. Through the theoretical framework with Soft budget constraint and the Fund theory the clubs actions tries to explain. Result: All clubs have reported positive shareholders´ equity 2010-2014. This has been maintained through player sales, money from the UEFA Europa Cups and capital contributions from stakeholders. There have been clear hints of soft budget constraint through both soft credit and soft subsidy AIK, Djurgårdens IF, Helsingborgs IF and IFK Gothenburg. A tendency to use of the Fund theory could be seen some years in BK Hacken, IF Elfsborg, IFK Gothenburg and Kalmar FF. Conclusion: The study shows that all audited clubs reached Elitlicensens requirements in positive shareholders´ equity 2010-2014. Selected theories provide no coherent picture of the clubs' actions regarding shareholders´ equity. Further research is needed in this area, which also take into sporting success and club financial strategies.

Denna studie bidrar till området behavioral finance och ger en ökad förståelse om hur kvinnliga aktieägare påverkas av stereotyper och igenkänning. Diskussionen kring att en könsdiversifierad styrelse och företagsledning kan bidra till en stabilare och ökad tillväxt uppmärksammas i allt fler länder, däribland Sverige vars jämställhet mellan kvinnor och män är hög. På dagens marknad är kvinnor underrepresenterade på högre företagsposter, vilket även gäller kvinnliga aktieägare jämfört med manliga. Detta beror på att män tenderar att ha en överdriven tilltro till sina egna uppfattningar och värderingar samt är mer riskbenägna och optimistiska än kvinnor. Beteendet hos aktieägarna påverkas av de stereotyper som förkommer. I jämförelse med andra är den demografiska egenskapen kön en central del i beslutsprocessen. Med utgångspunkt i teorier som prospektteorin, signalteorin och agentteorin kan kvinnliga aktieägares påverkan av stereotyper förklaras. Två fundamentala faktorer i studien är representativitet och konservatism eftersom människor har en tendens att kategorisera och hålla fast vid tidigare uppfattningar och stereotyper om andra individer och grupper. I enlighet med signalteorin bidrar kvinnor till minskad informationsasymmetri, på grund av ökade kommunikativa förmågor, vilket bidrar till stabilitet i företaget och intresserar enligt resultatet de kvinnliga aktieägarna. Ökad kommunikation till aktieägare minskar risken för att intressekonflikter uppstår mellan aktieägare och företagsledning. Teorierna hjälper till att undersöka det resultat som framställts av de analysmetoder som använts för att pröva hur aktieägare påverkas av en ökad könsdiversifiering. För att undersöka om en kvinnlig verkställande direktör påverkar kvinnliga aktieägare har en eventstudie genomförts. Vidare har en multivariat regressionsanalys gjorts för att kunna ta hänsyn till fler variablers påverkan, exempelvis könsdiversifiering i styrelse och ledning, samt företagsstorlek. Studiens resultat visar att en ökad könsdiversifiering intresserar kvinnliga aktieägare. Detta beror på att kvinnor är mindre riskbenägna än män och att igenkänning till individer med liknande demografiska egenskaper skapar en trygghetskänsla. Företag med en kvinnlig verkställande direktör har inte direkt påverkan på de kvinnliga aktieägarna, något som beror på den långsamma förmågan att ändra på tidigare övertygelser och stereotyper om kvinnors ledarskapsförmåga. Däremot sker en indirekt påverkan eftersom ledningen, vilken den kvinnliga verkställande direktören ingår i, har en påverkan på andelen kvinnligt ägda aktier. / The purpose of the study is to provide an increased understanding of how female shareholders are affected by stereotypes and comparison with other women. The discussion of gender-diversified boards and management is highlighted in several countries, including Sweden. Women are underrepresented as CEOs, board members and management. Likewise, women are underrepresented in the stock market, this because men tend to have excessive confidence in their own perceptions and values and are more risk taking and optimistic than women. Shareholders are affected by the stereotypes that occur. In comparison with others, the demographic characteristics are a key part of the decision-making process. The result of the study shows that increased gender diversification is interesting for female shareholders. This is because women are less risk-intensive than men and that recognition to individuals with similar demographic characteristics creates a sense of security. Female shareholders find similar characteristics in female board-members and management, this does not match comparison with female CEOs, due to the slow ability to change the perception of female leadership.