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.

On Utility Maximization with Random Interval Payoffs

This article discusses the problem of utility maximization in a market with random-interval payoffs without short-selling prohibition. A novel expected utility model is given to measure an investor's subjective view toward random interval wealth. Some techniques are proposed to transfer a complex programming involving interval numbers into a simple non-linear programming. Under the existence of the optimal strategy, relations between the optimal strategy and assets' prices are discussed. Some properties of the maximal utility function with respect to the endowment are given.

Decision making with fuzzy probability assessments and fuzzy payoff

A novel method for decision making with fuzzy probability assessments and fuzzy payoff is presented. The consistency of the fuzzy probability assessment is considered. A fuzzy aggregate algorithm is used to indicate the fuzzy expected payoff of alternatives. The level sets of each fuzzy expected payoff are then obtained by solving linear programming models. Based on a defuzzification function associated with the level sets of fuzzy number and a numerical integration formula (Newton-Cotes formula), an effective approach to rank the fuzzy expected payoff of alternatives is also developed to determine the best alternative. Finally, a numerical example is provided to illustrate the proposed method.

一类决策模型的payoff-proof纳什均衡解

研究1种基于线性规划约束的多人决策模型。首先,运用线性规划和对偶理论给出了纳什均衡点存在的充分必要条件,进而证明了在这种模型下的纳什均衡点可以在多项式时间内求解。其次,在原有的纳什均衡定义的基础上,定义了1个强均衡的概念—payoff-proof纳什均衡,并对前述模型研究了payoff-proof纳什均衡的性质和存在性。

Payoff-based accumulative effect promotes cooperation in spatial prisoner’s dilemma

We study the effect of accumulative payoff on the evolution of cooperation in the evolutionary prisoner＇s dilemma on a square lattice. We introduce a decaying factor for the accumulative payoff, which characterizes the extent that the historical payoff is accumulated. It is shown that for fixed values of the temptation to defect, the density of cooperators increases with the value of the decaying factor. This indicates that the more the historical payoff is involved, the more favourable cooperators become. In the critical region where the cooperator density converges to zero, cooperators vanish according to a power-law-like behaviour. The associated exponents agree approximately with the two-dimensional directed percolation and depend weakly on the value of the decaying factor.

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.

Stability of Generalized Minimax Regret Equilibria with Scalar Set Payoff

In this paper, we first introduce the notion and model of generalized minimax regret equilibria with scalar set payoffs. After that, we study its general stability theorem under the conditions that the existence theorem of generalized minimax regret equilibrium point with scalar set payoffs holds. In other words, when the scalar set payoffs functions and feasible constraint mappings are slightly disturbed, by using Fort theorem and continuity results of set-valued mapping optimal value functions, we obtain a general stability theorem for generalized minimax regret equilibria with scalar set payoffs. At the same time, an example is given to illustrate our result.

Environment-Dependent Payoffs in Finite Populations

In finite population games with weak selection and large population size, when the payoff matrix is constant, the one-third law serves as the condition of a strategy to be advantageous. We generalize the result to the cases of environment-dependent payoff matrices which exhibit the feedback from the environment to the population. Finally, a more general law about cooperation-dominance is obtained.

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.

A New Tool to Build Shareholder Value—— BPM

Corporation reforming regards the building shareholder value as the first aim of financial management. As a new tool of strategy management, Business Performance Management （BPM） can rebuild shareholder value through greater transparency and enhanced compliance capabilities, and faster, more accurate reporting. The appliance of BPM in China must take more serious consideration.

Incentive and Entrenchment Effects of Large Shareholdings： Evidence from Chinese Public Corporation

This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.