Minority Protection in Proceedings for the Settlement of Disputes Between Shareholders

“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.

The Shareholders' Responsibility for Contribution of Balance of the Equity Assignee

2005年修订的《公司法》第31条规定:"有限责任公司成立后,作为发现设立公司出资的非货币财产的实际价额显著低于公司章程所定价额的应当由交付该出资的股东补足其差额;公司设立时的其他股东承担连带责任。"从该条规定可知,差额补缴责任的主体为公司成立后发现的特定的瑕疵出资人。

A Research on the Relationship of Charismatic Leadership Behaviors of Agricultural Cooperative Managers With Cooperative Shareholders＇ Performance and Satisfaction

In this study, the cooperative shareholders＇ performance and satisfaction were investigated as antecedent. Charismatic leadership of cooperative managers has been identified as antecedent. In addition, shareholders＇ age, education, land size, and duration of membership in the cooperative were investigated to have effect on the shareholder＇s performance and satisfaction. Charismatic leadership of cooperative managers is the subject of research on the effects of performance and satisfaction of the cooperative shareholders. A field survey was conducted. This study has been applied to Cukobirlik, an agricultural sale cooperative in East Mediterranean of Turkey. The researchers collected data by random questionnaire method. The research data were collected from 155 cooperative shareholders. For the data, exploratory factor, correlation, and regression were analyzed. The results of this analysis show that there is a meaningful relationship between charismatic leaders and the performance and satisfaction of shareholders for these cooperatives. Another result, there is significant relation between land size of cooperative shareholders and the performance and satisfaction of cooperative shareholders.

The Role of Financial Performance as a Moderator on the Relationship Between Financial Leverage and Shareholders Return

The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.

Tracing Ultimate Shareholders＇ Double Control Chain in Listed Companies- Using the Theory of Organizational Routine Evolution

Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders＇ double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders ＇degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders＇ creation of double control chain.

Analysis of the Relationship between Ultimate Controlling Shareholders and Private Enterprises＇ Business Performance

In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.

Expropriation of Big Shareholders——Research Review on the Domestic Literature

It is tangible that big shareholders infringe the interests of small and medium shareholders in China's listed companies,and such behaviors of big shareholders influence not only the normal production and business operation of companies but also the sound development of the capital market. At the same time,the economic order of society is also disturbed. Therefore,expropriation of big shareholders shall be governed effectively in time. This paper tries to analyze related research findings on expropriation and make conclusion from three aspects—the ways of expropriation,economic consequences of expropriation and the management effects of expropriation,pointing out the limitation of present research and the direction for the future.

A wealth distribution model with a non-Maxwellian collision kernel

A non-Maxwellian collision kernel is employed to study the evolution of wealth distribution in a multi-agent society.The collision kernel divides agents into two different groups under certain conditions. Applying the kinetic theory of rarefied gases, we construct a two-group kinetic model for the evolution of wealth distribution. Under the continuous trading limit, the Fokker–Planck equation is derived and its steady-state solution is obtained. For the non-Maxwellian collision kernel, we find a suitable redistribution operator to match the taxation. Our results illustrate that taxation and redistribution have the property to change the Pareto index.

马克思的“机器体系”:基于资本逻辑的技术批判路径

马克思在《资本论》及其手稿的准备阶段以劳动为诠释资本逻辑的核心要素,提出“机器体系”的概念,作为资本生产三要素之一的劳动工具。该概念彰显出被资本主义生产关系所左右的机器,在其自动化的迭代中转变为可以左右人的活劳动形式的“体系”。劳动者,一方面沦为站在机器体系旁边的智能器官,另一方面却也作为推进资本增殖的酵母而左右着机器体系可能迭代的速度与方向,机器体系本质上仍然是人的产物。由此决定了机器体系的诞生固然依赖于资本主义生产方式,但却因作为人的产物,具有了逃离资本的可能性方式。马克思在《1857—1858年经济手稿》中,借助于机器体系的生产对人类社会财富之本质规定的变革,提出机器体系为人的解放所提供的自由时间的增加,以及对劳动价值论的瓦解,从而瓦解资本逻辑的全部可能性,为今天处于激进迭代的技术批判提供了一种基于资本逻辑所特有的批判视角。

OPTIMAL PORTFOLIO ON TRACKING THE EXPECTED WEALTH PROCESS WITH LIQUIDITY CONSTRAINTS

In this article, the authors consider the optimal portfolio on tracking the expected wealth process with liquidity constraints. The constrained optimal portfolio is first formulated as minimizing the cumulate variance between the wealth process and the expected wealth process. Then, the dynamic programming methodology is applied to reduce the whole problem to solving the Hamilton-Jacobi--Bellman equation coupled with the liquidity constraint, and the method of Lagrange multiplier is applied to handle the constraint. Finally, a numerical method is proposed to solve the constrained HJB equation and the constrained optimal strategy. Especially, the explicit solution to this optimal problem is derived when there is no liquidity constraint.

Optimal Portfolio Rules with Habit Formation and Preference for Wealth

This paper describes a model in which a representative investor's preference depends on both the consumption history consumption and his wealth. Thus, the investor accumulates wealth not only for the sake of consumption history but also for wealth. We examine the implication for consumption, portfolio choice. We solve the consumption portfolio choice problem and provide the optimal policy. The optimal solution to the problem shows that the preference for wealth and consumption formation will affect the investor's optimal portfolio policy. For the purpose of further research, we also calculate the steady-state distribution of habit-consumption ratio.

An Application of Heterogeneous Bayesian Regression Models with Time Varying Coefficients to Explore the Relationship between Customer Satisfaction and Shareholder Value

The authors propose new Bayesian models to obtain individual-level and time-varying regression coefficients in longitudinal data involving a single observation per response unit at each time period. An application to explore the association between customer satisfaction and shareholder value is included in the paper. The Bayesian models allow the flexibility of incorporating industry and firm factors in the context of the application to help explain variations of the regression coefficients. Results from the analysis indicate that the effect of customer satisfaction on shareholder value is not homogeneous over time. The proposed methodology provides a powerful tool to explore the relationship between two important business concepts.

Discussion about Shareholding Cooperative Development Road for Agricultural Cooperatives in China

Using modern economic theories,this paper analyzed drawbacks of Shareholding cooperative development of agricultural cooperatives in institutional design and expounded inevitable difficulties of development of agricultural cooperatives. Shareholding cooperative development provides a pass for many social forces entering and controlling agricultural cooperatives and making numerous non-agricultural cooperative organizations become formal cooperatives. Deep cause for Shareholding cooperative development of agricultural cooperatives involves how to recognize status and function of family producers of agricultural products in the drive of agricultural modernization and the problem of state policies choosing family producers of agricultural products or other participants in the agricultural industry chain. Shareholding cooperative development is only an expedient measure in certain period,and it should not change development laws of things and essential feature of agricultural cooperatives because of stressing national conditions.

Protection of Collective Rights of Rural Members in the Process of Land Transfer under Shareholding Cooperative Systems

According to the legal definitions of land transfer under shareholding cooperative systems,rural groups,collective rights of members,and this paper discloses the necessity of protecting the collective rights of members.In terms of qualification definition of members,rights of fetus,married daughters and sons in law cannot be guaranteed.In terms of rights protection,partial rights cannot be assured,power of personal stake inthe collective members is imperfect which results in inadequate,unbalanced,shaky and unpunctuated benefits.Based on objective and subjectivecauses,the democratic management rights of members in land transfer process have been weakened or even deprived,the protection of the basiclife is hard to realize.The paper proposes that it is necessary to build the social protection mechanisms of rural land shareholding cooperative sys-tems.The first is to treat those members that own land,attending the shareholding cooperation but having not taken part in the land transfer proces-sion as the protection objects.The second is in the procession of land transfer,making it clear the compensation standards of land transfer,estab-lishing the intermediate agencies of land transfer and performing the collective economic organizing functions.The third is that the account capital ofsocial protection is contributed together by personal member,the land users(shareholding cooperative companies) and government.The fourth isto pay more attention to the added value and safety management of capital operation.

Older People’s Lived Experiences with Participation in Shareholding Networks for the Care of Older People in Rural Areas of Thailand: A Phenomenological Hermeneutic Study

Background: Older people participating in shareholding networks are exposed to diverse situations, which may be associated with dignity. Aims: This study aimed to illuminate the meaning of lived experiences when participating in shareholding networks for the care of older people in rural areas. Methods: This qualitative study is based on individual interviews. Ten older Thai persons with at least 12 months of lived experiences participating in shareholding networks for older people in rural areas were interviewed. A phenomenological-hermeneutic approach, inspired by Ricoeur, was used to understand the meaning of the narrated text. Findings: The structural analysis resulted in four themes: 1) being satisfied with activities, 2) being valued as important, 3) being frustrated and feeling sad, and 4) being bored and feeling disinterest. The meaning of participation in a shareholding network for the elderly can be understood as a pathway to feelings of confidence and presence of others. Confidence and allowing the presence of others mean facing humanity and sensing vulnerability, because in a trusting relationship the person who gives confidence is susceptible to the other’s betrayal. Conclusion: An individual’s dignity should be a high priority in health and social care strategies. Therefore, it is important for healthcare professionals to initiate a dialogue with the shareholding participants for support and information. The narrations in this study can be used as a basis for developing cooperating care with older people in shareholding network focusing on their needs and dignity.

At the Origin of the Art of Money-Making （Conversation With Aristotle About Wealth and the Good Life）

This paper aims, first of all, to examine the two fundamental treatments of the complex and very broad notion of chrematistikd （money-making） and its links with the notion of oikonomia （economics）, outlining a fundamental division between natural and unnatural art of money-making. The two different arts of money-making are based on two very different psychological attitudes： in the first case, desire is channeled, managed, and organized by practical wisdom with a view to a further end; in the second case, desire is an end unto itself, insatiable, boundless and contrary to the commands of practical wisdom. Only in the first case there is a ＂true wealth＂, that is a wealth oriented toward a good life that constitutes the end （telos） and the limit （peras） of the wealth itself. The conclusion is that, for the Stagirite, wealth is not an evil, nor, in itself, is the pursuit of wealth, that is, the art of money-making, because if it is rightly organized and oriented in function of the end, it constitutes the conditio sine qua non of a life that is good, ordered and happy for the individual and for the city

Wealth of Nations and Intellectual Capitals:Adam Smith Approach

Adam Smith has two principles: laissez faire and absolute advantage theory. This study has 3rd dimension forwealth of nations. It is intellectual capital. Because intellectual capitals increase GDP of nations, and create wealthfor nations. ICs have accumulated knowledge, and ICs make innovations for company via this knowledge. Forexample, American economy has full of ICs, corporate CEOs. CEOs make country rich. CEOs are intellectualcapital. For example, Steve Jobs created smart phone, and Apple becomes no.1 in markets. Therefore, ICs(corporate CEOs) make a country richer. Intellectual capital is related with human resource management. Therefore,a country make investment to human resource management to create wealth of nations and intellectual capitals.

Wealth Expectations Among Lebanese Youth： The Case for Lebanese Higher Education Students

This research provides a survey of literature that contextualizes the research＇s aim of examining factors impacting students＇ aspirations and wealth expectations in Lebanon. To highlight Lebanese higher education students＇ youth＇s expectations of their future wealth, one should understand the four main factors that affect youth＇s hopes and aspirations： social, financial, cultural, and educational. Questionnaires are used to identify and assess how young individuals perceive their future wealth expectations. The developed surveys provide useful and reliable data to analyze the effects of many factors on wealth expectations and outcomes for youth. The collected information is of particular importance for identifying and assessing how factors shape wealth expectations and outcomes for youth. The samples used in this research analysis are restricted to college students only. The research findings shed light on the most crucial variables/factors that should be studied and analyzed. Once these factors are pinpointed and explained, a clear idea about higher education students＇ wealth expectations is formed. Short- and long-term expectations are taken into consideration and evaluated to formulate a basic idea about Lebanese youth.

Shareholder Structure and Discretionary Regulation of Accounting Results in Enterprises: The Case of Cameroon

Debates on shareholder structure and discretionary management of accounting results have carried forward controversial results. This study is intended to analyze within the Cameroonian context the impact of shareholder structure on the management of accounting results in enterprises. More specifically, its objective is to analyze the impact of shareholder structure on the adjustment of regulating discretionary accounting variables. A panel of enterprises is constituted over the periods 2013, 2014, and 2015 in Cameroon. The modeling of regulating discretionary accounting variables has been carried out according to the model of Jones (1991). The different results obtained show that the degree of concentration of the capital seems not to dissuade the management of result per long-term positions. Foreign ownership and state property stimulate management by regulating discretionary accounting variables.

Hyper-Sullenness： The Public Mood, Wealth Defense, and Political Science as Kitsch

We find ourselves at the end of a national election season, one cycling through a particularly depressed economic situation, but Americans, a generally hopeful, forward looking lot have become accustomed to growing incivility and resentment in their politics. This resentment stems from what Albert Borgmann defines as the character of our late modern age--we are both sullen and hyper in our daily lives. This situation comes at the intersection of long developing modern elements stemming from the control of nature via a universal scientific method at the behest of our own aggressive pursuit of individuality. The nature of our lives are in turn reinforced and reproduced by our frenetic militarized mobilization to recapture political and economic leadership at an international level. This goal, spurred on by an elite oligarchical vanguard, is reinforced by a ＂wealth defense industry,＂ developed in the late 20th century, designed to protect the wealth of our own elite class. This industry has stripped traditional cultural and academic sites of their ability or interest in interrogating the present status quo, and has rendered them fiat, uninspiring, and indolent in the face of growing income inequities and injustice. American political science has essentially become, in the vein of Marita Sturken＇s work, kitschified--facile, glib, and easily reproduced so as to act as a balm to our bruised, sullen egos, longing for an age of innocence-a smooth and glassy yet opaque history that eases our consciences and forgives the growing antidemocratic practices of our civil oligarchy.