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O presente trabalho acadêmico procura construir um referencial teórico baseado no ordenamento jurídico brasileiro para definir o papel da empresa estatal no mundo contemporâneo. Trata-se do ponto de partida para compreender a atuação do Estado como acionista controlador e as regras de convivência com acionistas privados em posição minoritária e com outros grupos de interesse afetados pela atividade empresarial. A abordagem do tema apóia-se na idéia central de que toda empresa estatal está investida de uma missão pública, explícita ou implicitamente incorporada no objeto social, que varia conforme a natureza da atividade exercida e está sujeita a adaptações ao longo do tempo. A missão pública coexiste com a finalidade lucrativa inerente ao modelo de companhia e serve para condicionar a ação do Estado enquanto acionista controlador e dos administradores, dando conteúdo a seus deveres fiduciários. / This dissertation aims at establishing a theoretical framework according to Brazilian law to identify the role of state-owned enterprise in contemporary world. This is the first step to understand what the governments behavior should be as a controlling shareholder and the legal rules applied to its relationship with equity investors and others stakeholders. The approach is based on the assumption that every state-owned enterprise has a public mission implicitly or explicitly included in its bylaws objectives. The public mission varies according to the nature of the business and should be redefined from time to time to keep adherence to the external environment. The public mission coexists with the companys profit scope and guides the States actions, as well as those of directors and officers. For that reason the public mission is embedded in their fiduciary duties.

Titel: “Könsfördelningen i styrelser och dess samband med utdelningsnivån i börsnoterade företag, En kvantitativ studie utförd på svenska börsnoterade företag” Nivå: C-uppsats i företagsekonomi Författare: Mathias Ehrlin och Elvira Estmyr Handledare: Peter Lindberg Datum: 2017 - September Syfte: Syftet med denna studie är att undersöka om utdelningsnivån har något samband med andelen kvinnor i börsnoterade företags styrelser och om utdelningsnivån visar samband med andra faktorer däribland företagsspecifika- och styrelsespecifika variabler. Inom tidigare forskning är det flertalet företagsspecifika faktorer som visat sig ha ett samband med utdelningsnivån. Däremot finns det mindre forskning för styrelsespecifika faktorer varpå vår studies unika bidrag är att undersöka Sverige som är en av de länder med högst andel kvinnor i börsnoterade företags styrelser. Metod: Studien tillämpar kvantitativ metod med deduktiv ansats. Data från år 2014 samlas in i huvudsak via källorna Thomson Reuters Datastream/Eikon, Retriever databas och böckerna “Styrelser och revisorer, i Sveriges börsföretag”. Vid statistiska testerna och analysen delas datan upp. Dels utförs bivariat analys och regressionsanalys för samtliga företag och dels endast de företag som genomfört utdelning. Standard multipel regression tillämpas. Slutligen förkastar/bekräftar vi hypoteser utifrån de signifikanta resultat vi får. Resultat & slutsats: Studien visar ett positivt samband mellan lönsamhet och utdelningsnivå vid analys för samtliga företag. Detta resultat är väl i linje med tidigare forskning. Övriga variabler når inte signifikans vilket kan bero på populationens storlek och observationsperioden som denna studie behandlar. Inget samband kan bekräftas eller förkastas för andel kvinnor i styrelser och dess samband med utdelningsnivå, därmed kan inte syftet för studien besvaras.Förslag till fortsatt forskning: Studien leder till ökad nyfikenhet för fortsatt forskning på området och att då analysera fler variabler och i större skala. Exempelvis fler styrelsespecifika variabler kan undersökas såsom styrelsens storlek och kön på styrelseordförande för att se om ett samband existerar mellan dessa och utdelningsnivån. Intressant hade även varit att vidga studien till att undersöka samband som dessa faktorer har på utdelningspolicy och andra tänkbara aspekter.Uppsatsens Bidrag: Bidraget uppsatsen medför är främst ett bidrag till att framtida forskning bör vara av större skala då detta förhoppningsvis ger fler signifikanta resultat. Utöver detta bidrar studien med en förståelse för hur stor skillnad en förändring av lönsamheten gör på utdelningsnivån. Detta anser vi ger ökad förståelse för ämnet till framtida forskning men även för privata investerare och företag. Nyckelord: Utdelningsnivå, företag, andel kvinnor, styrelse, Sverige, börsnoterade företag, styrelsespecifika faktorer, företagsspecifika faktorer, styrelsens sammansättning. / Title: "Gender distribution in boards and it’s relation to dividend level in listed companies, A quantitative study conducted in Swedish publicly listed companies" Level: Final assignment for Bachelor Degree in Business Administration Authors: Mathias Ehrlin and Elvira Estmyr Supervisor: Peter Lindberg Date: 2017 - September Aim: The aim of this study is to investigate if there’s a relation between the level of dividends and the proportion of women in listed companies’ boards and if the level of dividends is related to other factors including firm specific- and board specific variables. In previous research, the majority of firm-specific factors have been found to be related to the dividend level. On the other hand, there is less research for board-specific factors, our unique contribution is to investigate Sweden, which is one of the countries with the highest level of gender distribution in the boards of listed companies. Method: The study applies quantitative method with deductive approach. Data from 2014 is collected mainly through the sources Thomson Reuters Datastream/Eikon, Retriever database and the books "“Styrelser och revisorer, i Sveriges börsföretag”". At the statistical tests and analysis, the data was split up. Bivariate analysis and regression analysis is carried out on all companies in our study and also these tests are executed on only those companies that have made a dividend payout for the period. Standard multiple regression is applied. Finally, we reject or confirm hypotheses based on the significant results we receive. Result & Conclusions: The study shows a positive correlation between profitability and dividend level when analyzing all companies in our study. This result is well in line with previous research. Other variables do not reach significance, which may depend on the size of the population and the observation period that this study takes into account. No relationship can be confirmed or rejected for the proportion of women in boards and the dividend level. The aim of this study is therefore left unanswered.Suggestions for future research: The study leads to increased curiosity for continued research in the field and to analyze more variables and on a larger scale. For example, more board-specific variables can be investigated such as the size and gender of the Board of Directors to see if there is a relationship between these and the dividend level. It would also be interesting to have broadened the study to investigate the impact these factors have on dividend policy and other possible aspects. Contribution of the thesis: The contribution the thesis entails primarily is that it provides more intel to the fact that future research should be of a larger scale, as this would then hopefully give more significant results. In addition, the study provides an understanding of how a change in profitability impacts the dividend level. In our opinion, we provide greater understanding of the subject for future research but also for private investors and companies. Keywords: Dividend, Dividend level, Company, Proportion of Women, Board, Board of directors, Sweden, Listed companies, Board-specific factors, Firm-specific factors, Board composition.

Monistic organisational structure of a Czech joint-stock company after recodification of private law. This thesis deals with the monistic organisational structure in Czech legal system. The possibility of choosing the one-tier system was given to the Czech joint-stock companies thanks to recodification of private law, under which, effective as at 1. 1. 2014, was adopted The Business Corporation Act. However, implementation of this obligatory option was not without difficulties. The legislator had chosen inconvenient solution when, unlike in the foreign jurisdiction, there are obligatory constituted two organs. Such a conception, based on links on the dualistic system, creates many interpretation difficulties. In the beginning of this thesis, I introduce internal organisational structures in the view of broader framework of corporate governance. Further, I characterize various organisational structures, classify them and point out their differences. The main focus is on the third chapter. First, I describe the development of the Czech legislation until present state. Flowingly, I characterize the Czech one-tier system, and then I analyse the organs that are in monistic organisational structure constituted. Special attention was requested by the board of directors and statutory directors. The largest...

The diploma thesis deals with a one-tier (monistic) board structure of a European company (Societas Europaea) which has its registered seat in the Czech Republic. The governance of a European company is largely dependent on the national legislation, which has been in the Czech Republic significantly amended by a substantial recodification of private law. The thesis focuses on some of the interpretative difficulties that the new legislation has brought to the regulation of the monistic European Company, and presents some possible solutions thereto. In addition the statistical overview over the current state of European companies within Europe is included and commented upon. Powered by TCPDF (www.tcpdf.org)

Monistic organizational structure of a Czech join-stock company after recodification of private law Traditionally, the only board structure available for national joint-stock companies under the laws of the Czech Republic was two-tier model based on strict division of corporate governance functions between two separate boards. With the effect as of January 1st 2014, new Business Corporations Act no. 90/2012 Coll. ("Act") has introduced alternative statutory framework for one-tier board structure for join-stock companies which have its seat in the Czech Republic and thus are governed by the Czech laws. The Act made it possible for shareholders to choose between both models of board structures as what they deemed would fit best the purpose of their business. In this narrow sense the addition may have been looked at as praiseworthy. However the imperfect implementation of one-tier model of corporate governance into Czech law has raised serious interpretational issues which may effectively render this model unacceptable for adoption because the division of powers between the board of directors and general manager remains unclear. The main purpose of my thesis is to address this issue by clarifying the scope of powers which are vested by the law in the board of directors and general manager of the...

Studiens syfte är att beskriva och statistiskt analysera relationen mellan styrelsens diversitet och hållbarhetsredovisningen med innovativa företag som medierande variabel. Då en hållbarhetsredovisning utgörs av flera kategorier fokuserar studien på de sociala aspekterna: produktansvar, arbetsförhållanden och arbetsvillkor, organisationens roll i samhället och mänskliga rättigheter. För att uppnå studiens syfte har en kvantitativ studie med deduktiv ansats utförts. Data har samlats in från GRIs (Global reporting initiative) databas där totalt202 multinationella företag som redovisat enligt GRIs senaste rekommendationer har hämtats och utgjort studiens urval. Data har analyserats med hjälp av en strukturell ekvationsmodell och en stiganalys. Resultatet indikerar att det finns positiva samband mellan diversitet i styrelsen, vad gäller utbildning och kön, och innovativa företag. Vidare pekar studien på samband mellan innovativa företag och redovisning av samtliga sociala aspekter utom produktansvar. De starkaste sambanden finns mellan redovisning av de olika sociala aspekterna i hållbarhetsredovisningen. Den medierande effekten av innovativa företag är lägre i studien än förväntat. / The purpose of this study is to describe and statistically analyse the relationship between the board diversity and CSD (corporate social disclosure) with innovative firms as mediating variable. As a CSD contains several categories this study focuses on the social aspects: product responsibility, labour practices and decent work, society and human rights. In order to achieve the study's purpose, a quantitative study with deductive approach has been carried out. Data have been collected from the GRI (Global reporting initiative) database in which atotal of 202 multinational firms, which have outlined their CSD according to the most recent recommendations made by GRI, have been derived and thereby formed the study's sample. Data have been analysed by means of a structural equation model and a path analysis. The result indicates that there is a positive relation between board diversity, in terms of education and gender, and innovative firms. Furthermore, the study indicates a relation between innovative firms and CSD regarding all social aspects except product responsibility. Thestrongest relation exists between the various social aspects in the CSD. The mediating effect of innovative firms is lower than expected in the study.

Main goal of this dissertation is to analyze and evaluate corporate governance of DEK Company. Dissertation is composed of two parts -- theoretical part and practical part. The theoretical part will summarize the issue of corporate governance, which will result primarily from literature and relevant legislations. The practical part is the theoretical part applied to the selected company. To meet the targets will be used primarily analysis of ratios and cooperation with the member of the Board. At the conclusion will be compared to theoretical solutions with real results and propose recommendations for the company.

Skandaler orsakade av bristande bolagsstyrning har kontinuerligt uppmärksammats i flera svenska börsnoterade bolag. Bolagsstyrning syftar till att skydda ägarnas intresse och kapital från verkställande direktörens (VD) opportunism. Ägarnas osäkerhet har bidragit till en ökad efterfrågan på information om hur bolag styrs och verkar. Ett sätt för ägarna att hantera osäkerheten är att använda sig av olika kontrollmekanismer för att få ökad information om bolaget. Kontrollmekanismen Svensk kod för bolagsstyrning (Koden) har använts för att bedöma informationsasymmetrin mellan ägare, styrelse och VD i svenska börsnoterade bolag. Samtliga 317 svenska börsnoterade bolag studerades för att sedan urskilja 122 bolag som hade avvikelser från Koden år 2018, vilka utgjorde studiens urval. Informationsinnehållet i förklaringarna till avvikelserna från Koden har tolkats utifrån agentteorin. En metodtriangulering i form av både en kvantitativ samt en kvalitativ metod har genomförts för att uppfylla studiens syfte. En kvantitativ metod har använts för att samla in data om bolagen och dess förklaringar. Den kvalitativa metoden har medfört att informationsinnehållet i de insamlade förklaringarna till avvikelserna kunde tolkas. Studiens resultat visar att 78% av förklaringarna till avvikelser från Koden år 2018 inte har ett godtagbart informationsinnehåll. Sju förklaringar till det låga informationsinnehållet i förklaringarna har identifierats:  <ul type="disc">Antalet avvikelser Alternativa kontrollmekanismer Okunskap Ägarstruktur VD:n sitter i styrelsen Undanhålla information VD:ns opportunism Studien visar att det finns informationsasymmetri mellan ägare, styrelse och VD och att det fortfarande finns brister i bolagsstyrningen i Sverige. Det går att ifrågasätta Koden som kontrollmekanism för att hantera informationsasymmetri. / Scandals caused by insufficient corporate governance have been continuously noticed in several Swedish publicly listed companies. Corporate governance aims to protect the interests and capital of the owners from the opportunism of the chief executive officer (CEO). The insecurity of the owners has contributed an increased demand for information regarding how the companies are managed and operated. A way for the owners to handle the insecurity is to use mechanisms of control to increase the flow of information from the companies. The control mechanism Swedish code of corporate governance (The Code) has been used to assess the information asymmetry between owners, board of directors and the CEO in Swedish listed companies. All 317 Swedish listed companies were studied to distinguish a sample of 122 companies that had deviations from The Code in 2018, which constituted the study’s selection. The information content of the explanations for the deviations from The Code has been interpreted based on the agency theory.  A triangulation of methods of both a quantitative and a qualitative method has been used to fulfil the purpose of the study. A quantitative method has been used to collect data about the companies and their explanations. The qualitative method has been used to interpret the information content of the collected explanations for the deviations. The result of the study shows that 78% of the explanations for deviations from The Code in 2018 does not have sufficient information content. Seven explanations for the low information content of the explanations has been identified: <ul type="disc">Number of deviations Alternative mechanisms of control  Ignorance Ownership characteristics The CEO being a part of the board of directors  Withhold information The opportunism of the CEO The study indicates that there’s information asymmetry between owners, board of directors and management. In conclusion there are still shortcomings in corporate governance in Sweden and it is questionable if The Code is a well-functioned control mechanism to handle information asymmetry.

In den letzten Jahren häuften sich spektakuläre Bilanzskandale, was zu einer „Krise der Überwachungssysteme“ geführt hat. Vor diesem Hintergrund beschäftigt sich die Studie mit der Untersuchung und der Würdigung des Managerverhaltens im Prüfungsverhältnis aus Interner Revision, Aufsichts- bzw. Verwaltungsrat und Abschlussprüfer im Vergleich deutscher und kamerunsicher Aktiengesellschaften. In der Studie sollen die wesentlichen Elemente ans Licht gebracht werden, welche die Interaktionsmuster und die unterschiedlichen Verhaltensstrategien charakterisieren, die von den Akteuren mittels der sich ihnen bietenden Freiräume genutzt werden können. Mit Hilfe der für jedes Land spezifischen rechtlichen Rahmenbedingungen werden die Interaktionen zwischen diesen Akteuren anhand eines Prüfungsdreiecks dargestellt bzw. aufgezeigt. Die Analyse des Zusammenspiels der Akteure bietet auch die Möglichkeit, die formelle und die informelle Macht der Akteure des Prüfungsprozesses Anhang ausgewählter Corporate-Governance-Theorien zu extrahieren. Auf diesen Charakteristika aufbauend wurde eine den einzelnen Aktiengesellschaft entsprechende Management-Typologie erstellt. Anschließendes Ziel der Studie ist die Entwicklung eines einheitlichen Corporate Governance Modells sowie die Formulierung von Empfehlungen zur Verbesserung der Überwachungsstruktur der Aktiengesellschaft.:Erster Teil: Gegenstand und theoretischer Rahmen der Untersuchung 1. Einleitung 2. Theoretischer Rahmen und Grundsätze der Corporate Governance Zweiter Teil: Rechtliche Grundlage der Corporate Governance deutscher und kamerunischer Aktiengesellschaften 3. Einblick in die Corporate-Governance-Systeme und die Organisationsstruktur der deutschen und kamerunischen AG 4. Überblick der Interaktionen zwischen den Überwachungsorganen und der Geschäftsleitung der deutschen und kamerunischen Aktiengesellschaften: die Entstehung eines Prüfungsdreiecks Dritter Teil: Auf der Suche nach einem geeigneten Governance-Modell der deutschen und kamerunischen Aktiengesellschaften 5. Charakteristiken des Managementmodells der SA/AG: Gemeinsamkeiten und Unterschiede der beiden Corporate-Governance-Systeme 6. Für die Verbesserung der Governance der AG/“SA“: Auf der Suche nach einer rationalen Organisation der Macht in der Aktiengesellschaft 7. Zusammenfassung / From the perspective of the spectacular accounting scandals that have led to a 'crisis of the monitoring systems', the study deals with the investigation and assessment of managerial behavior towards the internal audit, the supervisory board or the board of directors and the external auditor in German and Cameroonian public companies. The study thus aims to bring to light the essential elements that characterize the nature of the interactions and the different behavioral strategies that the actors can use through the freedom afforded to them. With the help of the legal frameworks specific to each country, the interactions between these actors are presented through an examination triangle. Based on the exchanges, it is also possible to extract the formal and informal power of the actors in the audit process Appendix of selected corporate governance theories. Based on these characteristics, we introduce a management typology corresponding to the individual public limited companies. Instead, the aim is to develop a unified corporate governance model and recommendations for improving the supervisory structure of the public limited company.:Erster Teil: Gegenstand und theoretischer Rahmen der Untersuchung 1. Einleitung 2. Theoretischer Rahmen und Grundsätze der Corporate Governance Zweiter Teil: Rechtliche Grundlage der Corporate Governance deutscher und kamerunischer Aktiengesellschaften 3. Einblick in die Corporate-Governance-Systeme und die Organisationsstruktur der deutschen und kamerunischen AG 4. Überblick der Interaktionen zwischen den Überwachungsorganen und der Geschäftsleitung der deutschen und kamerunischen Aktiengesellschaften: die Entstehung eines Prüfungsdreiecks Dritter Teil: Auf der Suche nach einem geeigneten Governance-Modell der deutschen und kamerunischen Aktiengesellschaften 5. Charakteristiken des Managementmodells der SA/AG: Gemeinsamkeiten und Unterschiede der beiden Corporate-Governance-Systeme 6. Für die Verbesserung der Governance der AG/“SA“: Auf der Suche nach einer rationalen Organisation der Macht in der Aktiengesellschaft 7. Zusammenfassung