Xem 1-9 trên 9 kết quả Minority shareholder
  • The subject of safeguarding the rights of minority shareholders has not received much attention until now. After experiencing more and more cases of wrongdoing throughout my business career, I have decided to explore thoroughly the subject and devote several years to study the matter in a theoretical and empirical research.

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  • The philosopher Schopenhauer believed in the eventual triumph of truth, despite the disappointments engendered by his indifferent contemporaries. Two centuries later, we live in a time of accelerated changes, and we do not have the long life to wait for the truth. Activist business ethics, business ethics with a more activist militant approach, is needed in order to remedy the wrongdoing committed to the stakeholders and minority shareholders.

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  • Brazil’s equity market has grown rapidly in terms of both market capitalization and transaction volumes. Total equity market capitalization was about 55 percent of GDP in 2011 with a diversified investor base including individuals, institutional investors, financial institutions, and foreign investors. This growth has been fueled by a combination of strong market performance and a steady increase in the total quantity of shares.

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  • Moreover, due to the complicated pyramidal and cross-holding ownership structures typical in East Asian companies, a significant number of controlling owners in the region actually possess more control than their equity ownership indicates, which further exacerbates the entrenchment effect.2 The entrenchment effect of the ownership structure potentially affects firms’ financial reporting.

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  • The high ownership concentration can also serve as a credible commitment that the controlling owner is willing to build a reputation for not expropriating minority shareholders (Gomes, 2000). The commitment is credible because minority shareholders know that if the controlling owner unexpectedly extracts high levels of private benefits when he/she still holds a substantial amount of shares, they will discount the stock price accordingly, and the majority owner’s share value will be reduced.

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  • While it is not the primary objective of this article to discuss differences between national codes, a number of distinguishing characteristics nevertheless bear mentioning. A first important variable is the scope of corporate governance codes or recommendations. Naturally, most codes examined for this article (and in most other member countries) address issues such as the equitable treatment of shareholders, operation and accountability of boards and management, transparency and disclosure, as well as minority shareholder protection.

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  • When an investor controls an investee, consolidation is required. The parent investor must prepare consolidated statements, to enable investors (and others) to see the assets, liabili- ties, revenues, and expenses of the entire economic entity, consisting of the parent and all of its subsidiaries. When consolidated statements are prepared, the investment account relating to a con- trolled subsidiary disappears entirely from the balance sheet. Instead, the subsidiary’s assets and liabilities are added to those of the parent and reported together as a single economic entity.

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  • This paper focuses on the relations between corporate ownership structure and the quality of accounting information in seven East Asian economies excluding Japan. More specifically, we use the informativeness of accounting earnings to investors as a measure of the quality of accounting information. We develop two complementary arguments pertaining to the relations between ownership structure and earnings informativeness. The first argument is related to the entrenchment effect of ownership concentration (Morck, Shleifer, and Vishny, 1988).

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  • Gaining effective control of a corporation enables the controlling owner to determine how profits are shared among shareholders. Although the minority shareholders are entitled to the cash flow rights corresponding to their share investments, they face the uncertainty that the entrenched controlling owner may opportunistically deprive them of their rights. The effects of entrenchment by the controlling shareholder include outright expropriation, i.e., the controlling shareholder benefits from self-dealing transactions in which profits are transferred to other companies he/she controls.

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