Academic literature on the topic 'Private quoted companies'

PurposeThe Companies Act became law in November 2006. Government spokesmen have claimed that it will simplify the running of the private companies that constitute the majority of registered companies and that it will enhance shareholder engagement in large quoted companies. Aims to question whether this is really the case.Design/methodology/approachThe article is a critical commentary.FindingsThere are some good things in the Act but it can be argued that these hardly add up to a revolution, and the new Act remains full of regulatory requirements for all companies, something that will be compounded when the mass of necessary secondary legislation is introduced.Originality/valueShows that evolution rather than revolution would seem a more apt description of this legislation.

Abstract Private equity and venture capital (PE/VC) funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a continuation of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries.

This article focuses on the lack of capital available to small, private, family-owned businesses or businesses in which the manager and his or her family hold more than 51% of the total number of shares. It claims that being listed might be the best way to overcome this lack of capital. The article starts from the established view that access to financial resources is not easy for small family-owned businesses (Coleman & Carsky, 1999; De Visscher, Aronoff, & Ward 1995; Harvey & Evans 1995). In questioning the generally admitted frontier between investment and financing policies (Modigliani & Miller, 1958, 1963), this empirical work is on the fringe of standard financial theory. The study is carried out on two samples of small French family firms. The first is composed of 46 private companies, the second of 49 listed companies. All companies are SMEs (small and medium-size enterprises) and are nearly the same size. Empirical results are based on two cross-sectional analyses (1992, 1993). Linear regressions between investment and financial constraints are presented for the two samples separately. Results are very different, depending on whether the firm is listed. The description of private firms' investment is consistent with the pecking order theory (Myers & Majluf, 1984) and financial constraints clearly appear. The description of listed family firms is more classical: investment and financing policies seem to be independent. Finally, quoted family-owned businesses do not seem to suffer from lack of capital.

In Britain around 1900, established financial institutions for long-term savings such as life assurers, and pension funds which were just in their formative phase, did not make material allocations to publicly quoted equity markets or ordinary shares; long-established life assurers, for example, had less than 3 per cent allocated to the asset class (Baker and Collins 2003). Over the following 100 years, this picture radically changed, with equities emerging as the central asset class for many institutional investors and the term ‘the cult of (the) equity’ was coined (Scott 2002; Avrahampour 2015). As the century progressed, institutional investors superseded private individuals and became the dominant holders of British publicly quoted companies (Cheffins 2010). Despite the attractions of the asset class and their generally high returns, within a relatively short period by the end of the century, institutional equity exposure had peaked and was in decline both at life assurers and within pension funds. Here we highlight, and link together, the key actuarial (Turnbull 2017) and investing (Morecroft 2017) ideas that were influential in these developments. We also identify the main individuals who were instrumental in the application of equity investing to institutional portfolios. The article has an emphasis towards years from 1920 to 1960 when most of the changes to investment practice and actuarial theory occurred.

Some companies realized that they can develop their business successfully when the resources are applied to solve chronic questions of social aspects, which takes us to the Corporate Social Innovation concept. Considering the definition of CSR as a voluntary integration of business operations with social and environmental concerns in a unilateral way (since initiatives are made when and how the firm establishes clear definition about it) CSI goes further, developing initiatives to minimize social or environmental issues with the participation of the involved public, in a bilateral way. Analyzing the most quoted articles about CSR and CSI studies, it has become possible to consider that CSI is an evolution of CSR, since both search to bring up some social benefits; however, CSI offers more sustainable and long-term results. CSI is a new, unexplored field, which brings effective results for private organizations, as well as for society and the environment.

Recently the global corporate financial reporting scene has experienced a tremendous transformation with an unprecedented number of countries and enterprises around the world adopting IFRS as a basis in preparing financial statements. In Nigeria, the journey towards adoption of IFRS started in December 2010 and thus an implementation roadmap was designed which was broken down into three phases. Based on the above affirmation, the study assesses the achievements recorded so far, challenges being encountered, and measure taken in order to ensure a smooth and successful implementation of the three phases. Hence, the study is predominantly based on review of various journals, research papers, newspaper articles, periodicals and other documentary materials of professional accounting bodies as well as conferences, seminars and workshop papers. Consequently, the study found that most publicly quoted companies listed on the Nigerian stock exchange (NSE) were still far behind in their implementation process. Thus, the reason for the delay is attributed to several factors which ranges from challenge with amendment of the existing tax laws, the level of awareness among various stakeholders, weak compliance and enforcement mechanisms, the education level and experience, insufficient technical capacity, inadequate planning on the part of companies’ management as well as inadequate private sector participation. Accordingly, suggestions were made on how to forestall these challenges and ensure a smooth and successful implementation of the next phases.

An oft-quoted statement by the Indonesian nationalist leader Haji Agus Salim runs as follows: The economic side of the Indonesian Revolution has yet to begin. (Higgins, 1957: 102, cited in Lindblad, 2008: 2). The statement was made shortly before or shortly after the transition of sovereignty from Dutch colonial rule on 27 December 1949. At long last, the Netherlands had acknowledged that Indonesia was independent, which brought the Indonesian Revolution to its logical conclusion. But, by the conditions laid down at the Round Table Conference in The Hague in late 1949, the interests of Dutch private capital were still omnipresent in the Indonesian economy. In addition, the Indonesian government was obliged to consult the Netherlands government in matters affecting the economy until the debt of the former colony to the metropolitan mother country had been repaid in full. As Haji Agus Salim rightly stressed, economic and political decolonisation did not coincide but followed different historical trajectories.This contribution offers an abridged account of the process of economic decolonisation as it unfolded between 1945 and 1959, from the proclamation of independence until the nationalisation of the vast majority of Dutch-owned companies that had retained operations in Indonesia after independence.1 Four themes serve as devices tofurther our understanding of the process of economic decolonisation. These four themes, in order of appearance, are below: the new spirit in Indonesian economic life following the transfer of sovereignty; the changing climate of economic policy-making during the 1950s; the response and accommodation by remaining Dutch companies; and, finally, the concluding phase of expropriation and nationalisation.A couple of points of departure need to be spelled out. The ideological basis of the thrust towards economic decolonisation in Indonesia was provided by a small booklet, Ekonomi Indonesia, which made a very timely appearance in 1949. Its subtitle, Dari ekonomi kolonial ke ekonomi nasional, carried an immediate appeal to contemporary public discourse, offering the briefest possible summary of what economic decolonisation in Indonesia was all about. For the remainder, the book offered very little concrete guidance (Hadinoto, 1949). A second point of departure may be traced in the international historiography on Indonesian decolonisation, notably John Sutters voluminous PhD dissertation on domestic developments up to the general election in 1955 (Sutter, 1959). Although providing a wealth of information from government sources and press material, Sutters survey offers little on the fate of private business enterprises; in addition, he did not consult Dutch-language sources. Yet another point of departure in our quest to better understand economic decolonisation in Indonesia is, of course, the wider international context of the Cold War. Decolonisation in Indonesia, whether political or economic, did not take place in a vacuum but was intrinsically linked to Indonesias efforts to position itself in the tension between the Western powers and the Soviet bloc. Just as Sukarnos young republic secured American support against the returning Dutch by heavy-handedly crushing the Communist uprising in Madiun in 1948; did increasing flirtation with the Soviet bloc during the Guided Democracy period alienate Indonesia from the internationalcommunity and bring flows of incoming foreign investment to a virtual standstill?

This paper studies the impact of gender quotas for corporate board seats on corporate decisions. We examine the introduction of Norway's 2006 quota, comparing affected firms to other Nordic companies, public and private, that are unaffected by the rule. We find that affected firms undertake fewer workforce reductions than comparison firms, increasing relative labor costs and employment levels and reducing short-term profits. The effects are strongest among firms without female board members beforehand and are present even for boards with older and more experienced members afterward. The boards appear to be affecting corporate strategy in part by selecting like-minded executives. (JEL G34, J16, J78, M12, M51)

abstract: 当前，上市公司的盈余管理问题已是我国资本市场中普遍存在的突出问题。一般来说，一些企业为了满足资本市场对于上市、增发等条件的要求,以及为有效推动企业的并购、重组等行为的顺利实现,甚至为了谋求公司管理层的个别利益,往往运用盈余管理等举措实施公司财报及关键指标的粉饰修正，让不知情的股民蒙受一定的损失。普遍分析显示，我国股市中民营企业比其他企业遭遇的问题和压力更多、更大、更突出,因此民营企业从客观上来说拥有更强的盈余管理动机。而从当前我国资本市场的实际情况来看，我国相关专家学者对盈余管理的系统性深入研究，一般都瞄准了上市企业群体或持续亏损企业，对盈余管理的研究不系统、不全面、不深入，这将对我国进一步提升盈余管理监管水平构成一定不利影响。当前，由于我国民企在自身管理及发展动力方面的特殊性,我国民企的管理、盈余管理特点和国外上市公司还存在着很大的不同,进一步深入研究我国民企上市公司自身管理方面的突出特点，以及其对企业盈余管理等方面的深层次影响,有助于监管层对症下药，更有针对性地研究出台全新的监管措施,进一步提升管理水平。这还可以为公司发展的决策层及相关会计信息使用人员提供一定的决策参考, 因此其拥有十分重要的意义。 本文首先认真总结分析了有关上市企业治理结构和盈余管理等方面的历史文献资料，依托当前资本市场上普遍运用的委托代理、内部人控制和契约等理论，系统研究了我国民企上市公司在自身治理结构方面的突出特征以及其对盈余管理方面所构成影响的深层次原理。在此基础上，本文通过2015-2017年我国上市企业数据，基于截面Jones模型对民营企业和非民营企业盈余管理程度进行测算和比较分析，发现民营企业盈余管理程度更高；从四个层面系统研究民企公司自身的治理结构突出特点,设立回归模型论证了民营企业独特的公司治理结构特征对盈余管理程度确实会产生影响；最后,本文进一步利用修正的费尔萨姆一奥尔森估价模型对民营上市公司盈余管理有公司价值的关系进行了验证，发现两者具有显著相关性。
Dissertation/Thesis
Doctoral Dissertation Business Administration 2019

Apesar de à primeira vista podermos pensar que são as grandes sociedades que assumem um papel preponderante nas trocas mercantis, por serem as que maior publicidade têm e, de certo modo, as que têm um nome mais sonante na economia, facto é que as pequenas empresas fazem parte do tecido societário económico e são elas que nele têm maior expressão, tanto no caso português como mundialmente, assumindo, desta forma, um papel importante. Estudar as sociedades por quotas familiares parece-nos urgente, não apenas porque se trata do tipo societário com mais expressão em Portugal, mas também porque no seio familiar surgem muitas vezes conflitos que acabam por se refletir no negócio da família, pondo-o em causa. Além disso, e não obstante ser do conhecimento geral este tipo de conflitos, em Portugal ainda não se criou legislação específica nem se individualizou este género de problemas. O presente estudo enumera algumas das questões que possam surgir nas sociedades por quotas familiares e tentar arranjar-lhes solução.
Despite at first glance we may get the feeling that the big companies are the ones ruling trade commerce, since they have bigger advertisement and, in a way, stronger economy name, fact is that smaller companies are part of the market and are the ones with the biggest leverage, not only in Portugal but in the world as well, having an important part. Studying Family Private Limited Companies seems pressing, not only because it is the most represented company type in Portugal, but also because conflicts emerging inside families that run these companies end up affecting the family business, putting it at risk. Despite being common knowledge, these type of conflicts have no specific regulation in Portugal, nor any of these issues have been spotlighted. This essay lists some matters that may come up in family private limited companies and search for possible solutions.

O legislador forneceu aos sócios um amplo espaço para autorregulação no regime das Sociedades por Quotas. A exigência de consentimento da sociedade para a cessão, vista como uma forma de controlo do substrato pessoal da sociedade, tem feito surgir alguns problemas quanto à possibilidade de o sócio cedente exercer o seu direito ao voto na deliberação relativa a esse consentimento. O sócio tem, praticamente, como único meio de saída voluntária da sociedade a cessão de quotas, o que não implica, necessariamente, que ele utilize a cessão para tal. Caso o sócio abandone a sociedade através da cessão, a discussão tem lugar num contexto de compreensão da axiologia do direito de voto e da ratio das restrições à cedibilidade das participações sociais. Caso o sócio permaneça na sociedade apesar da cessão, estamos perante uma questão de conflito de interesses.
The legislator provided the shareholders with ample room for self-regulation in the Private Limited Companies regime. The requirement of consent of the company for the transfer of shares, seen has a way of controlling the human composition of the company, has raised some problems regarding the possibility of the transferor shareholder exercising his right to vote in the deliberation of consent. The shareholder’s only mean of exiting the company is through the transfer of quota, but this doesn’t necessarily imply that he uses the transfer for such. If the shareholder exits the company through the transfer, the discussion takes place in a context of understanding the voting rights’ axiology and the ratio of the restrictions to the shares transferability. If the shareholder remains in the company, the problem is a matter of conflict of interests.

Superficially Japan looks in good shape, but underneath it has important vulnerabilities. These have entered a gently but remorselessly vicious cycle: while the ageing and shrinking of its population is becoming more entrenched thanks to low marriage and fertility rates, the country’s use of its basic resource, the human capital embodied by a well-educated population, looks stuck in a trap of surprisingly low wages, insecure work and low productivity, which in turn depresses domestic spending and tax revenues while also suppressing marriage and fertility. Gender inequality lies at the heart of all these economic and social trends. The trumpeted reforms of ‘Abenomics’, implemented since Abe Shinzo’s return to the prime ministership in December 2012, have provided monetary and fiscal fuel so as to keep the economic engines running but have so far failed to find transformative solutions for low wages, job insecurity, and low productivity, or for declining marriage rates and low fertility. Solutions are available, if governments and corporations alike can show stronger will and an unambiguous commitment. A twelve-point agenda is proposed, including public policy reforms for the national minimum wage, marriage tax, immigration rules for domestic staff, labour contract law, quotas for political representatives, childcare spending, and university admissions tests; and private actions, for companies and other organizations in the way they manage human-resources policies, paternity leave, early-career experience for female staff, and the future of women-only universities.

“Energy cost increases are expected to continue.... The impact of these energy cost increases on attractiveness of energy recovery could be significant.” “A number of new technological developments have been underway over the past few years that are now becoming available as full-scale systems and that are greatly expanding the opportunities for energy recovery from mixed municipal waste.” These sound like statements from today’s headlines or the latest marketing brochures reflecting the promise of emerging waste management technologies. The reality is that these statements were made over thirty years ago. Communities planning on implementing any new technology as part of their solid waste management program should proceed with caution. After all, the second quote above was followed by the following statement. “These systems have generally been developed by firms in private industry as new business ventures. Monsanto, Union Carbide, Devco, Garrett Research and Development (a division of Occidental Petroleum), Hercules, Black-Clawson, Horner-Schiffrin and Combustion Equipment Associates have been some of the most active firms.” Although many communities relied upon performance and financial guarantees offered by these companies, none of projects developed by them were successful. Similarly, there was a wave of optimism and projects that were implemented in the 1990’s involving numerous mixed municipal waste biological (i.e., composting) projects that also failed for economic or technical reasons. From these prior experiences, lessons can be drawn to assist communities evaluate the risks and rewards in procuring and contracting for today’s emerging technologies. The waste being delivered to these failed projects, unlike some of the salespersons, did not go away. These failed projects had to be redeveloped and replacement projects implemented to deal with the daily tide at the curb. A number of consultants, including the authors, started in the solid waste business redeveloping some of these failed initial efforts. From these prior experiences, lessons can be drawn to assist communities evaluate the risks and rewards in procuring today’s emerging technologies. New thermal conversion, pyrolysis, gasification, and bioconversion technologies are being proposed for projects throughout the U.S. based on experience in North America, Europe, the Middle East and Asia. Many communities have issued RFP’s to include emerging technologies in their integrated solid waste management systems. To successfully procure and finance a project involving one of these emerging technologies, the project sponsor or developer will need to: • Locate a politically suitable site for the project; • Acquire waste supply commitments; • Develop energy and material sales approaches and agreements; • Arrange for residue disposal; • Obtain permits to operate; and • Arrange for the financing. In addition to the above components, the efficacy of the technology and the financial backing provided by the technology supplier are critical to a successful project. Not unlike the early 1970’s and 1990’s companies are promoting the advantages and successful applications of new approaches to solid waste management. In doing so, some companies are asking communities to provide a suitable site (usually adjacent to or near an exiting permitted landfill or other solid waste management facility), supply waste, dispose of any residue, and assist in the permitting of a new project. The company may take the responsibility to arrange for energy and material markets, obtain the permits, and finance the project. The company’s objective is to develop a demonstration of their technology using mixed municipal solid waste, or a portion of the waste stream, in a U.S. community from which it can build its business. Before entering into long term obligations associated with such arrangements, it is important that a community consider the following: • How much will it cost to deliver waste to the new facility? • What impact will it have on the balance of the solid waste management system? • If the new system does not work, is there an alternative location, both in the short- and long-run to process/dispose of the waste? • If there are odor or other environmental problems that cannot be mitigated, is there a way to terminate the operation of the facility? • If the project does not succeed, will the company be responsible for razing the facility and returning a clean site? What other obligations will the company have? • What are the obligations of the community if the project does succeed? • What is the definition of success? • How long must the project be successfully demonstrated before it is converted into a fully commercial operation? • If this involves an expansion of the project, is the community obligated to proceed? This presentation compares and contrasts the experiences of the past with the current approaches being taken by firms promoting these technologies and communities implementing them in the hope of learning from our past.. Case studies will be discussed to support the conclusions and recommendations presented.