Plansee becomes majority shareholder in Ceratizit

2021 ◽  
Vol 76 (3) ◽  
pp. 119
Keyword(s):  
Majority Shareholder

Reporting Significant Transactions with Affiliated Parties of Listed Companies on Stock Exchange

2021 ◽  
Vol 19 (162) ◽  
pp. 359-372
Author(s):  
Lioara-Veronica PASC ◽  
◽  
Camelia-Daniela HATEGAN ◽  
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Mandatory Reporting ◽  
Annual Reports ◽  
Legal Requirements ◽  
Corporate Transparency ◽  
Reporting Requirements ◽  
Energy Companies ◽  
Majority Shareholder ◽  
Over Time

The complexity of related party transactions may lead to subjective interpretations of their reporting requirements. The objective of the paper is to examine the nature of significant transactions with related parties, how they were reported in accordance with legal requirements, and how the reported issues are correlated with the information in the annual financial statements. The study includes a synthesis of the evolution of specific regulations in Romania, as well as a centralization of the information highlighted in current reports published by entities and annual reports for 2017-2019, in order to identify issues to consider in the process reporting and publishing, in the case of companies carrying out such transactions. The sample consists of energy companies listed on the Bucharest Stock Exchange, included in the BET index, in which the state is the majority shareholder. The results of the study showed that reporting requirements have changed over time, both in terms of defining transactions and mandatory reporting ceilings. The analysis found different interpretations of companies on reporting obligations which can lead to difficulties in correlating and comparing data in the context of corporate transparency. The conclusion is that additional factors arise when reporting these types of transactions, which must be taken into account so that there is no impact on their completeness and accuracy, without affecting the auditor's opinion.

scholarly journals Tunneling Atau Value Added Dalam Strategi Merger Dan Akuisisi Di Indonesia

2009 ◽  
Vol 2 (2) ◽  
Author(s):  
Mutamimah Mutamimah
Keyword(s):  
Ownership Structure ◽  
Capital Market ◽  
Sampling Method ◽  
Value Added ◽  
Merger And Acquisition ◽  
Minority Shareholders ◽  
Concentrated Ownership ◽  
Acquisition Strategy ◽  
Majority Shareholder ◽  
Market Indicator

The purpose of this research is to analyze the effect of merger and acquisition strategy for majority and minority shareholders at Indonesia capital market. This research is important since most of company ownership structure in Indonesia is categorized concentrated structure, where its create a conflict between majority and minority shareholders. The population of the research are companies that go public in the Indonesia capital market until the year of 2006. These samples of this research consists of 35 companies, divided two groups : high and low concentrated ownership structure, that are selected based on purposive sampling method. In processes testing the hypothesis, 2 indicators were used, i.e. market indicator and accounting indicator. Event study analysis was used for market indicator, whereas multiple regression analysis was used for accounting indicator. The results show a market reaction negative and statistically significant on merger and acquisition announcement. Effect of merger and acquisition strategy on performance is negative and statistically significant. This is indicated that tunneling by majority shareholder to minority shareholders through merger and acquisition strategy, and acquisition not value added for shareholder minority.

scholarly journals Kedudukan Hasil Audit Investigatif Pada Kekayaan Badan Usaha Milik Negara Persero Dalam Hukum Pembuktian Pidana di Indonesia

2018 ◽  
Vol 6 (1) ◽  
pp. 139-162
Author(s):  
Susanto Susanto
Keyword(s):  
Control Systems ◽  
Legal System ◽  
Expert Testimony ◽  
Market Competition ◽  
Management Control ◽  
Management Control Systems ◽  
Legal Process ◽  
Improvement Measures ◽  
Strategic Policies ◽  
Majority Shareholder

Abstract:Entering the era of globalization, several state-owned enterprises have improved management, particularly the efficiency of operations in order to be able to face market competition. The improvement measures taken include business restructuring, reduction in the number of employees, implementation of management control systems, and other strategic policies. State-owned enterprises that do not improve management will usually face various difficulties, especially in the financial sector. In the legal process of calculating state losses caused by mistakes of State-Owned Enterprises, an investigative audit is required, because investigative audits can be used to determine whether or not there is a Law Against Acts, mains read and abuse of authority that results in state losses as the majority shareholder in the Owned Enterprise Country. The position of the investigative audit results on State-Owned Enterprises in the Indonesian legal system of proof is; As a statement of the witness, as a proof of letter, as evidence of expert testimony, as evidence of guidance, as evidence of indicated / suspected evidence.Keywords: Investigative Audit, State-Owned Enterprise, Evidence Abstrak:Memasuki era globalisasi, beberapa BUMN telah melakukan perbaikan manajemen, khususnya efisiensi operasi agar mampu menghadapi persaingan pasar. Langkah perbaikan yang dilakukan meliputi restrukturisasi usaha, pengurangan jumlah karyawan, penerapan sistem pengendalian manajemen, dan kebijakan strategis lainnya. BUMN yang tidak melakukan perbaikan manajemen, biasanya akan menghadapi berbagai kesulitan, terutama di bidang finansial. Dalam proses hukum menghitung kerugian negara yang diakibatkan kesalahan Badan Usaha Milik Negara, diperlukan audit investigatif, karena audit investigatif bisa digunakan untuk mengetahui ada atau tidaknya Perbuatan Melawan Hukum, mains read dan penyalahgunaan wewenang yang mengakibatkan adanya kerugian negara selaku pemegang saham mayoritas pada Badan Usaha Milik Negara. Kedudukan hasil audit investigatif pada Badan Usaha Milik Negara dalam sistem hukum pembuktian Indonesia adalah; Sebagai Keterangan Saksi, Sebagai alat bukti surat, Sebagai alat bukti keterangan ahli, Sebagai bukti Petunjuk, Sebagai alat bukti keterangan Terindikasi/Terduga.Kata Kunci: Audit Investigatif, Badan Usaha Milik Negara, Pembuktian

scholarly journals Shareholders and Firm Value for Manufacturing Companies Listed in Indonesia Stock Exchange

2020 ◽  
Vol 23 (1) ◽  
Author(s):  
Muhammad Rifky Santoso ◽  
Iskandar Muda
Keyword(s):  
Regression Analysis ◽  
Panel Data ◽  
Firm Value ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Share Ownership ◽  
Manufacturing Company ◽  
Institutional Shareholders ◽  
Majority Shareholder

Domestic institutional shareholders and foreign shareholders differently influence firm value. Using panel data from the manufacturing company listed in the Indonesia Stock Exchange (IDX), from 2014 to 2017, and regression analysis, these types of shareholders have a positive and significant impact on the firm value with an inverted U-shaped. The influence of domestic institutional share-holders to the firm value is more significant than that of the foreign shareholder indicated by the coefficient value from the regression results. The best combination of shareholders to obtain the optimum firm value are the domestic institutional shareholder no more than 35.26 percent and the foreign shareholder no more than 47.61 percent. The greater share ownership will increase shareholder intervention and benefit the majority shareholder. Effective monitoring improvements are needed so that the majority of shareholder intervention can be reduced.

scholarly journals Ownership and control structure, corporate governance and income smoothing in Brazil

2011 ◽  
Vol 8 (4) ◽  
pp. 180-192
Author(s):  
Damiana Torres ◽  
Adriano Leal Bruni ◽  
Antonio Lopo Martinez ◽  
Miguel Angel Rivera-Castro
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Control Structure ◽  
Stock Exchange ◽  
Income Smoothing ◽  
General Category ◽  
Control Structures ◽  
And Control ◽  
Nonfinancial Firms ◽  
Majority Shareholder

Income smoothing is a longstanding practice under the more general category of earnings management. As the name suggests, it consists of smoothing out the fluctuations of the income series. This article examines the association between the ownership and control structure, level of corporate governance and origin of capital (foreign or domestic) of Brazilian companies on their propensity to smooth income. Using a sample of nonfinancial firms with shares traded on the São Paulo Stock Exchange (Bovespa) at the end of 2007, we performed covariance analysis based on data from the preceding ten years, where the dependent variable was the index proposed by Eckel, an empirical proxy for smoothing. The results indicate that the more concentrated the shareholding and control structures of Brazilian firms are, both according to overall capital and voting capital, the more intensely they tend to smooth earnings to favor the interests of the majority shareholder. The results also show that this effect is less pronounced for firms with enhanced corporate governance levels and those with foreign capital.

CASE NOTES

2003 ◽  
Vol 47 (1) ◽  
pp. 126-132
Author(s):  
Gina Bekker
Keyword(s):  
New York ◽  
Food Sources ◽  
Social Rights ◽  
Economic Rights ◽  
Oil Companies ◽  
The Social ◽  
Action Center ◽  
Oil Company ◽  
Majority Shareholder ◽  
African Commission

In 1996 a communication was brought to the African Commission on behalf of the Ogoni people, by the Social and Economic Rights Action Center (SERAC), a Nigerian–based NGO, and the Economic and Social Rights Action Center, a New York-based NGO. This communication averred the Nigerian government's involvement in the environmental degradation and resultant health problems amongst the Ogoni, as well as the destruction of their housing and food sources, through uncontrolled and irresponsible oil production by the State oil company (a majority shareholder in a consortium of oil companies), as well as the ruthless actions of the Nigerian military in support thereof.

Sub-Optimal Acquisition Decisions under a Majority Shareholder System

2004 ◽  
Vol 8 (4) ◽  
pp. 373-405 ◽  
Author(s):  
Marco Bigelli ◽  
Stefano Mengoli
Keyword(s):  
Majority Shareholder

Armenia's investment climate will remain harsh

2015 ◽  
Keyword(s):  
Virgin Islands ◽  
Parliamentary Election ◽  
Investment Climate ◽  
Barriers To Entry ◽  
Political Climate ◽  
Short Term ◽  
Content Type ◽  
Doing Business ◽  
Run Up ◽  
Majority Shareholder

Subject The difficulties of doing business in Armenia. Significance Covert ties to the elite, corruption and the presence of monopolies make the investment and operating climate relatively unappealing for foreign investors. British Virgin Islands-headquartered East Prospect Fund warned in mid-August that an assault on the majority shareholder of Air Armenia, Arsen Avetisyan, could jeopardise its investment. However, it later announced it would go ahead with investing 70 million dollars. The Prosecutor-General's Office says it is not instituting proceedings against the alleged attacker, businessman Ruben Hayrapetyan, who has close ties to President Serzh Sargsyan, as Avetisyan has withdrawn his complaint. Impacts In the short term, dram appreciation against the ruble will make it more expensive for Russian firms to invest in Armenia. Investors' concerns about the business and political climate may increase in the run-up to the May 2017 parliamentary election. Barriers to entry will remain high in sectors controlled by oligarchs.

scholarly journals Ownership structure and performance: Empirical evidence from Chilean firms

2006 ◽  
Vol 3 (4) ◽  
pp. 175-183 ◽  
Author(s):  
Francisca Silva ◽  
Nicolás Majluf ◽  
Ricardo D. Paredes
Keyword(s):  
Ownership Structure ◽  
Value Creation ◽  
Business Group ◽  
Publicly Traded ◽  
Economic Rights ◽  
Controlling Shareholder ◽  
Economic Forces ◽  
And Performance ◽  
Year 2000 ◽  
Majority Shareholder

This paper analyses the effect of ownership structure (represented by the concentration of the economic rights of the majority shareholder, and the affiliation to a business group) on performance. From a crosssection of publicly traded Chilean firms in the year 2000, we find evidence that the effects on performance depend on ownership concentration in a non-linear way, showing the changing balance of two opposing economic forces: value creation and value expropriation by the controlling shareholder. For the entire sample, the mere fact that a firm is owned by a business group does not affect performance

scholarly journals Pyramidal Ownership and Company Value: Evidence from Polish Listed Companies

2021 ◽  
Vol 15 (4) ◽  
pp. 479-498
Author(s):  
Maria Aluchna ◽  
Tomasz Kuszewski
Keyword(s):  
Firm Value ◽  
Stock Exchange ◽  
Listed Companies ◽  
Ownership Concentration ◽  
Company Value ◽  
Warsaw Stock Exchange ◽  
Pyramidal Ownership ◽  
Dual Class Shares ◽  
Dual Class ◽  
Majority Shareholder

This paper examines the effects of pyramidal ownership. Using the sample of 162 non-financial companies listed on the Warsaw Stock Exchange during the period 2010-2014, we verify the relation between the adoption of a pyramidal structure and company value. Specifically, we show that the link between pyramidal ownership and company value is more complex than previously thought addressing the aspect of ownership concentration and dual class shares. Our results indicate that the use of pyramids is associated with a higher value measured by Tobin’s Q, supporting the efficient monitoring hypothesis. Contrary to our expectations the combination of pyramidal ownership and dual class shares is correlated with lower Q. Finally, while the adoption of a pyramid by a majority shareholder does not impact firm value, the combination of a pyramid, ownership concentration and dual class shares is associated with higher Q. This finding suggests that the blockholder ownership outweighs the possible cost of excessive disproportionate ownership and that pyramids and dual class shares have different effects on company value.

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