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.

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。

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.

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.

CES HELD 2001 Shareholder Meeting

On 28 June 2001, CES held 2001 Shareholder Meeting ceremoniously at Qing Song Cheng Hotel.After hearing Board Secretary Luo Zhuping’s accounts on attendance number and shareholding issues, Ye Yigan, President of Eastern Air

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.

Corporate Governance Intelligence： Minority Shareholder＇s Aspects （Evidence From Ukraine）

The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder＇s rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies＇ security principles is substantiated.

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.

The Impact of Shareholder Activism on Corporate Performance——Evidence from China

The separation of ownership and management of companies results in agency problems between shareholders and management to some extent.In Western countries,shareholders usually actively participate in the company’s management and monitor management issues in order to enhance the company’s performance.At present,China’s securities market,as well as institutional investors are undergoing a rapid development,while problems of governance among listed companies in China have been negatively affecting the development of capital markets.Institutional investors have developed to form a certain scale.Moreover,national policies,as well as the split-share structure reform,further encourage the growth of institutional investors,and their active participation in corporate governance in order to better promote the development of capital markets.A great deal of research pertains to the effects of shareholder activism on corporate performance in Western countries.However,research on shareholder activism in China is scanty.Furthermore,chances are that in some specific Chinese regions and industries circumstances are unique,in which the well-established theories cannot be effectively applied.Therefore,this paper empirically analyzes the correlation between shareholder activism and corporate performance so as to examine how effective China’s institutional investors participate in the governance of listed companies.This paper empirically tests the impact of shareholder activism on corporate performance.In this paper,an unbalanced panel data set consisting of observation is constructed.Then,in order to insure validity of results,a series of preliminary tests are conducted.Furthermore,Panel data method and robustness check are performed for empirical analysis.Finally,the result of the empirical tests shows that there is a positive correlation between Chinese institutional shareholding ratio and corporate performance of listed companies.This indicates that shareholder activism can definitely promote the corporate governance and corporate performance in China.

To Be a Fiera Milano Shareholder

When interviewed, Mr. Michele Perini, President of Fiera Milano SPA reveals that they will recommend Italian enterprises to attend Furniture World & Woodworking Machinery China, besides, as he regards, there should be some legal protection on intellectual property right for exhibition organizers.

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.

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.

Practices of Shareholding System in Jiangsu Foreign Trade Enterprises

With the ever-deepening process of China’s reform of its economic and foreign trade system, local foreign trade enterprises are all developing according to the needs of the socialist market economy, as and to normal international practices, as management and operation require. In recent years, the reform of foreign trade enterprises has undergone three stages: the stage of contracted management, the stage of the contractor being responsible for profits and losses and the stage of changing the managemental system. The enterprises, which formerly only carried out

新《公司法》若干重要问题解读(笔谈)

新《公司法》修订所涉及的内容非常丰富,修订内容包括公司登记制度、股东出资责任、公司治理制度、公司资本制度、控股股东义务、董监高信义义务等方面。赵旭东教授指出,本次《公司法》修订在公司登记与信息公示制度、股东出资责任和法律后果、公司资本制度、公司治理制度、股东权益保护和控股股东义务这五个关键领域实现了重大突破和创新。周林彬教授集中解析了“国家出资公司组织机构的特别规定”一章,认为新《公司法》的亮点之一是通过新设这一章积极回应了我国国有企业治理的“本土实践”与“中国问题”,给出新时期国有企业治理的“中国方案”,推进了中国特色的国有企业治理制度的设计,重塑了国有企业的规范体系。刘凯湘教授对本次《公司法》修订中与公司资本制度相关的若干条文展开解析,包括限期认缴制、新增有限公司股东出资义务加速到期制度、股东违反出资义务的责任承担规则、董事会的催缴出资义务、股东失权制度、董监高对股东抽逃出资的连带责任、类别股的规定、授权资本制等。赵万一教授深入探讨了这次《公司法》修改的主要特点,认为新《公司法》既坚持了其商法属性,同时又充分考虑了《民法典》的既有制度内容,适当兼顾了与《民法典》之间的制度衔接关系,从而既为科学解决民法与商法的关系提供了理念和制度支持,也为中国式法律制度体系的创建提供了完美的立法实践样本。周友苏教授深入解析了新《公司法》在完善股东出资制度方面增加的股东出资缴纳、股东出资“加速到期”、股东失权、股东出资责任这四条新规定,认为新《公司法》在完善股东出资制度方面增加的这些新规定,积极回应了我国自2013年以来公司数量大幅增长所带来的股东盲目认缴、天价认缴、期限过长的现象突出,损害债权人利益的纠纷案件呈明显上升态势等问题,极大地强化了保护债权人的力度。李建伟教授深入解析了《公司法》修订中与法定代表人制度相关的若干条文,认为新《公司法》关于法定代表人的规定较之以往更加体系化,并有望基本解决困扰公司实践许多年的诸多难题,但其中亦存在不完全规范的问题。