Listed Companies

Disclosure is a crucial aspect of the corporate landscape and has been the subject of in-depth scholarly discussion in recent years.

This Article aims to advance this lively debate by carefully analyzing the argument that the beneficial ownership reporting requirements adopted under Section 13(d) of the Securities Exchange Act of 1934 — requiring “a purchaser that beneficially owns 5 percent or more of a class of a Public Target Company’s equity securities . . . to promptly disclose its ‘plans or proposals’ to acquire additional securities of the Public Target Company or merge with the Public Target Company” no later than 10 days following such 5 percent acquisition — should be amended.

The financial performance of the textile industry in Tamil Nadu had been analyzed with the help of the financial ratios. The financial structure of a company can show its capacity to generate the funds needed to undertake the desired expansion. The financial performance assessment together with other efficiency criteria, will give an idea of the total efficiency and industry performance. The success of the company ultimately depends upon its future growth and development. The company " s future can never be predicted with accuracy without having precise information related to its present financial position and its past earnings. In addition, the present study analyzed the impact of the performance of liquidity, solvency and efficiency on the profitability of the textile industry using CMIE data. The study found the impact of financial ratios, such as return on capital employed and net profit ratio, on the profitability of textile industry in Tamil Nadu, was meticulously studied. From the Generalized Least Square method it was found that absolute liquidity ratio had the highest impact among the financial ratios on the return on net profit ratio as well as creditors " turnover ratio is highest impact on return on capital employed during the study period with statistical significance.It presents a detailed analysis of the determinants of financial performance of textile industry in Tamil Nadu using financial ratios. The financial structure of a company can show its capacity to generate the funds needed to undertake the desired expansion. The financial performance assessment together with other efficiency criteria, will give an idea of the total efficiency and industry performance. The success of the company ultimately depends upon its future growth and development. The company " s future can never be predicted with accuracy without having precise information related to its present financial position and its past earnings. Ratio Analysis is an age-old technique of financial analysis. The financial position of the textile industry in Tamil Nadu is analyzed with the help of the financial facts and ratios such as: liquidity, solvency, efficiency and profitability. In addition, the present study analyzed the impact of the performance of liquidity, solvency and efficiency on the profitability of the textile industry. Liquidity and profitability are the two desired goals of financial management and they are directly affected by the working capital management. With increase in working capital size beyond the adequacy level, liquidity improves and profitability declines, and vice versa. Ratio Analysis: This is an age-old technique of financial analysis. It provides the financial statements in an absolute, historical and static form. It is also designed to show

تعد البورصة من أهم الآليات التي تساعد الدول على جذب الاستثمار إليها من جهة وتمويل الاستثمارات المتواجدة بها من جهة أخرى، وهو ما دفع إلى تحليل دور بورصة الجزائر في هذا المجال. وقد هدفت الدراسة إلى التعرف على مدى التأثير التي تفرضه بورصة الجزائر في استقطاب الاستثمارات، وللوصول إلى ذلك تم الاعتماد على المنهجين الوصفي والتحليلي. وقد توصلت الدراسة إلى أن بورصة الجزائر، وبالرغم من قدم تاريخ إنشائها، إلا أنها لا تزال ترتب ضمن أضعف البورصات العالمية والعربية حيث أن حجم التداول بها لا يزال ضعيفا مقارنة بالمعدلات العالمية، كما أنها لا تستقطب إلا خمس مؤسسات جزائرية دون تسجيل مؤسسات أجنبية، ولا حتى حركة نشطة فعلية من قبل مؤسسات جزائرية أخرى.  The stock market is one of the most important mechanisms that help countries to attract investment on the one hand, and financing of existing investments on the other hand, which prompted to examine the role of Algeria stock exchange in this area. The study aimed to identify the extent of the impact imposed by the Algeria stock exchange in attracting investments. To reach this aim, the study relied on the descriptive and analytical approaches, and it has concluded that the Algeria Stock Exchange still arranged within the weaker global and Arab stock exchanges where the volume of trading is still weak compared with international rates. It also do not attract only five Algerian companies without foreign companies registered, not even a real active movement by other Algerian companies.

Despite the acknowledgement and evidence from extant studies that working capital management has influence on firm value there is argument that this relationship is subject to the external environment, internal resources and management decisions of the firm as anticipated by contingency theory. As such, this study aim to examine whether the relationship between working capital management and firm value is moderated by the contingency factors as proxied by competitive intensity, R&D investments, and independent non-executive directors. The sample of 299 non-financial firms listed on the main market of Bursa Malaysia for the period 2006-2015 were applied. By applying Pearson's correlation and panel data approach through fixed effects regression estimation, the main findings showed that the influence of working capital management on firm is significantly moderated by the interaction of firms' contingency variables. This study suggests that aligning working capital management policies toward the environment, internal resources and management decisions can minimize the costs and maximize the advantages of working capital investment because any misalignment might affect the firm value significantly.

This research paper investigates the utilization of the corporate website for communicating corporate environmental information by the listed companies of Bangladesh. The sample for the study consists of 40 companies listed in the Dhaka Stock Exchange (DSE). For the purpose of data collection, corporate websites of 40 companies for the period of three months (April 20, 2017 to July 20, 2017) were analyzed. Corporate websites of the sample companies were browsed by using a standard web browser for collecting data relating to corporate environmental reporting on the Internet. A scoring scheme has been developed to measure the level of web-based corporate environmental reporting. The study shows that web-based corporate environmental reporting in Bangladesh is still very low as the level of environmental disclosures on corporate websites. The highest ranking sector was the Banking sector. This paper adds to the existing body of literature on web-based corporate environmental reporting studies by exploring web-based corporate environmental reporting practices of Bangladesh.

This paper is a comment on resolution no. 17731 of April 5, 2011 issued by the Italian National Commission for Listed Companies and the Stock Exchange (CONSOB), which amended the Stock Exchange Regulations for Listed Companies (Resolution no. 11971 of May 14, 1999, “Rego-lamento Emittenti”) by providing for new remedies for the pressure to tender.
This phenomenon takes place in tender offers, where the decisions of the offerees are not based on their own opinion on the offered acquisition price but on their fear that, shouldn’t they tender, the bidder might still gain control and their minority shares could be consequently depreciated.
The coordination problem of marginal investors  in coercive tender offers has been long inves-tigated in the United States, where Courts have identified many different remedies aimed at assur-ing an “undistorted choice”: in this case, the bid succeeds only if the offered price is higher than the “independent target’s value”.
The paper analyses art. 39-bis and art. 40-bis of the Regolamento Emittenti. In the first part, the author criticizes the application of the regulations only to tender offers cast by majority sharehold-ers, given that this choice could lead to regulatory arbitrages with the rules on related party trans-actions (CONSOB Regulation no. 17221/10). In the second part, the paper focuses on the three different remedies to the pressure to tender provided for by art. 39-bis and 40-bis: a) an advisory opinion by the target company’s independent directors on the fairness of the bid, required by art. 39-bis; b) a second opportunity to tender ensured to the offerees by art. 40-bis (i.e. “second-round requirement”); c) an exemption from the second-round requirement granted to the bidders who subordinate the validity of the bid to a majority of the minority vote (i.e. “voting requirement”).
The final part of the article compares second-round requirement and voting requirement, taking account of the contiguous provisions about sell-out and preventive partial takeover bids pursuant to articles 107 and108 of the Italian Consolidated Law on Finance (T.U.F., D. Lgs. 24 febbraio 1998, n. 58) and on short-form mergers pursuant to art. 2505-bis of the Italian Civil Code, and it concludes by setting forth some arguments in favour of the voting requirement.

In this paper, we study crony capitalism through the lens of Moroccan listed companies and the role of the financial sector. We first highlight the role of banks in the history of Moroccan capitalism from the setting up of French protectorate over Morocco to the dominance of some major family groups. We then describe the concentration and the high profitability of the banking sector among listed companies. Using a network analysis of board members of the Moroccan listed companies we confirm the centrality of Finance compared to other sectors. We also measure the relational proximity to demonstrate that each cluster of the four main holding families has at least one financial company. Finally, we argue that crony interlockers, who are members of royal foundations and represent an institutional investor or a holding family that owns a bank and/or an insurance company, are the most central actors in the network of listed companies. Our contribution to crony capitalism in MENA countries analyses the politics of finance in a neoliberal and peripheral country such as Morocco. Boone and Henry (2004) had described the banking sector in Morocco as a private oligopoly. Here we evidence that the monarchy and its entourage are capturing corporate governance instruments such as board membership to control economic activities.

Tüzel kişi olarak ticaret şirketlerinin hukuka uyma yükümlülükleri bulunmaktadır. Doktrinde hukuka uyan şirketlerin bulunmadığı, onun yerine hukuka farklı derecelerde uymayan şirketlerin var olduğu belirtilmektedir. Uyum (Compliance) şirketin, organlarının ve şirket çalışanlarının hukuk kurallarına uygun hareket etmesinin sağlanması için alınması gereken tüm önlemleri ifade etmektedir. Uyum (Compliance) ile şirketlerin hukuka aykırı faaliyet göstermelerinin önlenmesi, hukuka aykırılıkların ortaya çıkarılması ve ortadan kaldırılması ile hukuka uygunluğun şirket düzeyinde güvence altına alınması amaçlanmaktadır. 6102 sayılı Türk Ticaret Kanunu'nda Uyum (Compliance) açıkça düzenlenmemiştir. Bu nedenle Kanun'un amacından hareketle, yorum yoluyla anonim şirketlerde bu yönde bir yükümlülüğün olup olmadığını incelemekteyiz. Çalışmamızda sırasıyla "Uyum (Compliance) nedir?", "Anonim şirketlerde Uyum (Compliance) yükümlülüğü var mıdır?", "Borsa şirketlerinde Uyum (Compliance) uygulaması nasıldır ve nasıl olmalıdır?" ve "Yönetim kurulunun Uyum (Compliance) nedeniyle sorumluluğu var mıdır?" soruları yanıtlanmaktadır.

This study examined the influence of competitive intelligence on the relationship between strategic intent and performance of companies listed on Nairobi Securities Exchange in Kenya. A total of 65 listed companies were surveyed for this study. 47 questionnaires were returned but only 43 were suitable for analysis. Regression analysis was used in determining nature and direction of the relationships of the variables and hypothesis testing.  Cronbach’s alpha tested validity and reliability of the questionnaires. Porters forces model of Competitive Advantage was reviewed which provides a foundation of strategic intent of any organisation. Descriptive and inferential statistics method was used to analyze data. The findings show that competitive intelligence has little or no influence on strategic intent and firm performance. It is recommended that managers who formulate strategic policies reflect on the strategic direction of the organisation in a turbulent business environment. Further studies should focus on other intervening variables such size, board of directors and organisational structure and firm performance.

The use of accounting conservatism in financial reporting could protect the company from potential risks and the occurrence of adverse events, requiring a pessimistic view of financial position and performance. For listed companies, adverse events can be signaled through reductions of the stock prices and negative returns and have a direct impact on the value of items from financial statements. The purpose of this study is to assess the use of accounting conservatism in financial reporting by Romanian listed companies, by activity fields. The study was conducted on a sample of 63 Romanian companies listed BSE in 2012. In order to obtain the research results, advanced statistical methods are used, with SPSS 20.0.

The Corporate governance practices are important components in the management and control of an organization affairs. It is concerned with the rules and procedures for making decisions on corporate affairs and provides the structure through which the company objectives are set as well as the means of attaining and monitoring the performance of those objectives. The literature on corporate governance has stirred a lot of debate and led to the large body of theoretical and empirical research. The study examined the effect of corporate governance on the financial performance of SACCO's in Kiambu County. The outcomes from this study indicate that board's compensation will positively contribute to farm's performance. The study thus concludes that compensation of the board positively influence the financial performance of deposit taking Sacco's. The study also found out that structure influences the financial performance of deposit taking Sacco's. It was established th...

Corporate dividend payout policy is among the most contested topics in corporate finance. The question of why firms make decisions to pay or not to pay dividends remains an open topic. The reason of this study was to examine the factors influencing dividend payout decision of financial and non-financial companies listed on Nairobi Securities Exchange. The study conducted a census on 9 financial and 24 non-financial firms listed on the NSE consistently since 2003 to 2012.Panel data was analyzed using Tobit random effects model. The findings indicated that four variables; EPS and profitability plays a key role in positively determining the amount of dividend to pay while financial leverage and business risk play a key role in negatively determining the amount to pay. Based on the findings, the study concluded that EPS, financial leverage, and business risk play a key role in making the decision to pay or not to pay dividends. Earnings per share influence the decision to pay positively while both financial leverage and business risk influences the decision to pay dividends negatively. The findings also indicated that business growth rate, the moderating effect of size and financial sector have an insignificant relationship with the amount of dividend paid. The study recommended that both current and potential investors who are predicting future dividends to be paid should take note of the firm " s financial leverage, business risk, profitability and EPS. They should expect a decision of not being paid dividends when the firm " s have high business risk and financial leverage and expect a decision of being paid dividends when the firm " s have high EPS.Investors should not rely on profitability when predicitng the decision to pay dividends. Another recommendation made by the study is that managers should incorporate policies to pay low amounts of dividends when their firms have high leverage and business risk and pay more dividends when profitability and EPS are high. However, they should not necessarily consider business growth rate in paying dividends.

This paper aims to explore the relationship between corporate governance rules and application of CSR practices into operations of the top 30 companies listed on the Warsaw Stock Exchange. Since in Poland, so far, there is no obligation to follow any specific CSR standards or to make disclosures of non-financial, social and environmental information, this is still a fully voluntary approach. At the moment, only some of companies listed on the WSE are regularly applying and reporting on CSR practices. The limited attention paid to CSR norms as well as CSR reporting under Polish law mean also that foreign companies seeking access to Polish capital market generally will not face serious constraints in terms of regulations regarding CSR. Moreover, the situation in Europe is very diverse. Although European companies have no general legal obligation under EU law to adopt CSR policies or to report on them, the 2003 Accounts Modernization Directive deals with a range of issues on corporate accounting and reporting, and it has been at origin of more detailed legislation interventions at the national level. Countries such as Sweden, Denmark, France, the Netherlands, and the UK have mandated the disclosure of corporate social responsibility data. While in adopting and implementing corporate governance rules for the listed companies Poland has been not too distant from the other European countries, it appears only on the verge of a decision on the mandatory application of the CSR policy. Also the evidence on this topic from Polish listed companies is still quite poor in Poland. This paper would be an attempt to give a first conclusion from the preliminary research and will give a basis for the further deeper analysis.

Il 9 luglio 2015 si è riunito, presso Borsa Italiana, il Comitato per la Corporate Governance. Il Comitato ha discusso l’evoluzione dell’attività di monitoraggio sull’applicazione del Codice di Autodisciplina per le società quotate nonché l’evoluzione normativa e delle best practice internazionali.
Il Comitato ha approvato alcune modifiche di dettaglio del Codice di Autodisciplina volte a recepire alcuni principi in materia di corporate social responsibility, rafforzare i presidi aziendali di legalità e trasparenza e confermare alcune raccomandazioni formulate dal Comitato nella sua Relazione annuale pubblicata l’11 dicembre 2014.
Inoltre, è stato precisato che, in futuro, il Comitato prenderà in considerazione ulteriori revisioni del Codice con cadenza, di norma, biennale.

Pledgingsharesascollateralforborrowingiscommonforcorporateentities.Till-datesubstantialacademicresearchhas been conducted on the various aspects of corporate borrowing. Several research studies in accounting andfinance domain have been conducted on multiple issues relating to corporate borrowings. In disparity, minimalresearchhasbeendoneonthevariousdimensionsofpromoters/insider-ownersborrowingusingthefirm'ssharesascollaterals (Asija, Marisetty, & Rangan). If the pledging of promoters shares is for short-term working capitalrequirement,itcouldnotbeconsideredasrisk(Kumar,2015).Ontheotherhandifthecorporatesurvivesforlongerduration on the funds raised through pledging of shares than it may be concern for market regulators. The presentshares pledged by promotes of Indian companies is raising alarm among stakeholders. The promoters of Indianlisted companies pledged more than INR 1.2 trillion worth of shares in FY 2018 – 19, 60 percent higher than FY2017 – 18. The upper-level pledging of shares by promoters has put both borrowers and lenders at risk (Xavier,2019).Theeverincreasingpercentageofpromotersharesbeinggivenascollateralhashighlightedtheriskinvolved.Pledging of firm's shares by promoters is one of the issues that is ever debated in the context of corporategovernance.Insiders' share pledgingforbankloansisalong-standingcorporategovernanceissue(Wang&Chou,2016).Inthisbackdrop,thepresentpaperprovidesanoverviewofpromotersharepledginginIndiancapitalmarketsandtheperceivedimplicationsofthesepledgeddeals

In this globalized economy, where businesses have become an international strategic game, multinational
companies have taken advantage of eliminating trade barriers and opened branches all over the world. Many of
them, usually registered in tax havens, do not carry any economic activity, being used only in complex tax
optimization schemes. The issue of money transferred from Romania through offshore is on the agenda of many
papers, but an analysis at micro level on this matter has not being performed. The purpose of this paper is to
identify which is the level of transactions concluded by the companies listed on Bucharest Stock Exchange with
their affiliates in tax havens. The target population that we intend to analyse is composed by companies listed
on the BSE, without the financial institutions because they have a different financial reporting basis. Variables
proposed to analyse are: acquisitions and sales, loans, interests, receivables, payables, insurance. In the paper
we aim to conduct an objective analysis of transactions, detaching us from interpreting i n a positive or negative
way their legality. The conclusions emphasize that the level of transfer pricing identified for the analysed
companies can be considered relatively reduced compared with the situation in other countries.
Keywords: transfer pricing, tax havens, tax planning

Identyfikacja i analiza sieci przedsiębiorstw stają się niezbędne nie tylko dla odkrycia samego zjawiska sieciowości, ale także dla formułowania strategii na różnych poziomach zarządzania. W artykule zaproponowano strukturalny aspekt badania sieci przedsiębiorstw, który może mieć w przyszłości duże znaczenie jako podstawa diagnozowania pozycji strategicznej przedsiębiorstwa i formułowania jego strategii. Podejście to jest zgodne z ujęciem strukturalnym kapitału społecznego, koncentrującym się na strukturze sieci i powiązaniach między jednostkami, oraz z nurtem teorii sieci społecznych. W artykule wskazano znaczenie struktury sieci z perspektywy kształtowania kapitału społecznego, znaczenie pozycji danej spółki w sieci w kontekście zarządzania strategicznego oraz sposób pomiaru i analizy powiązań sieciowych przy zastosowaniu narzędzi analizy sieci społecznych (SNA).

The civil aviation, is an industry evolving at exponential speed despite the significant problems that faces in the last decade (increase of oil price, terrorist attacks etc.) An important feature of aviation firms and generally all companies, is that their size reflects their efficiency and in general their economic growth. In this era of financial crisis, liquidity is a significant factor for the stabilization and growth of economic organizations. Therefore, the examination of cash flows as indicator of liquidity limitations is necessary for the measurement of firms’ profitability . In this study, we tried to see whether the efficiency of size of European and American airlines listed firms, depends on their growth and cash flows from investment activity

Ocasiões nas quais será preciso realocar ativos, passivos, tecnologias e investimentos serão relativamente frequentes ao longo da vida das sociedades. Não raro, porém, tais eventos serão marcantes e, algumas vezes, até dolorosos, para principais pessoas relacionadas às atividades da companhia, como empregados, fornecedores, clientes, administradores, acionistas e credores. Operações desse tipo costumam estar associadas a sensíveis mudanças organizacionais, a começar pela alteração da estratégia empresarial, passando pela expansão de recursos aplicados em certas áreas, compra de novos negócios, fechamento de plantas, venda de divisões e redimensionamento das posições-chave de executivos, até culminar numa significativa mudança da estrutura da companhia. Evidências empíricas sugerem que companhias em posição compradora apresentam desempenho excepcionalmente bom em anos anteriores, resultando em elevado fluxo de caixa livre utilizado em programas de compra de ativos e de sociedades. Essas mesmas evidências também indicam que sociedades cujo controle é adquirido costumam ser de dois tipos: ou sociedades com desempenho aquém do esperado, com baixo ou nenhum fluxo de caixa livre, ou sociedades com elevada geração de caixa, mas que não distribuem os recursos aos acionistas. Há muito discute-se acerca dos conflitos de interesses e riscos de extração de benefícios privados pelos controladores e administradores das sociedades adquiridas. Alguns ganhos decorrentes da operação não são compartilhados com os demais sócios e investidores da sociedade adquirida, acendendo o sinal de alerta sobre potencial dano ou tratamento não equitativo dos vários interessados na operação. Não se pode esquecer, também, do potencial lesivo que uma operação desse tipo pode ter na companhia adquirente e em seus acionistas, que podem acabar vendo o expresso fluxo de caixa da sociedade ser utilizado em uma aquisição que não lhe tragam efetivos ganhos ou benefícios. Com efeito, a legislação brasileira não fechou os olhos a esse risco.