scholarly journals Novi regulatorni okvir za transakcije s povezanim osobama

2020 ◽  
Vol 41 (1) ◽  
pp. 219-242
Author(s):  
Antonija Zubović
Keyword(s):  
German Law ◽  
Regulatory Framework ◽  
Minority Shareholders ◽  
Related Party Transactions ◽  
Prior Approval ◽  
Open Issues

In the article author analyses the new regulatory framework for related party transactions adopted in the revised Shareholders' Rights Directive (SRD II), which was transposed into Croatian law by the amendment of the Companies Act 2019. The protection of the company and minority shareholders is prescribed by the provisions of prior approval of related party transactions and increasing the transparency requirements of related party transactions. The paper analyses the adopted provisions and open issues in their implementation and compares them with the solutions adopted in German law and the proposed amendment to the Slovenian Companies Act.

scholarly journals The Effect of Related Party Transactions on the Performance of Indonesian Listed Companies

2021 ◽  
Vol 20 (1) ◽  
pp. 21-39
Author(s):  
Brigitta Angelica ◽  
◽  
Desya Gunawan ◽  
Jessy Christella ◽  
Yane Chandera ◽  
...  
Keyword(s):  
Firm Performance ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Negative Relationship ◽  
Company Performance ◽  
Minority Shareholders ◽  
Related Party Transactions ◽  
Direct Light ◽  
Panel Data Regression ◽  
The Impact

Abstract. The purpose of this paper is to analyze the impact of related party transactions (RPTs) on company performance using a panel data regression on 388 non-financial companies listed in Indonesia Stock Exchange during the 2015-2018 period. RPT variables used in this study are divided into several categories, namely transactions with related parties in the operational field (operational RPTs), financial field (financial RPTs), other fields (other RPTs), and total RPTs (sum of the three previous types). The study finds a significant negative relationship between financial RPTs and other RPTs on company performance. This finding is consistent with the precedent research that non-operational RPTs (i.e., financial RPTs and other RPTs) are commonly used by controlling shareholders as tunneling channels to expropriate minority shareholders. The results suggest policymakers to monitor more closely RPTs, particularly financial and other RPTs, that are more likely to be used as tunneling activities that are detrimental to firm performance. The results of this study are robust to various proxies of firm performance, providing additional empirical studies on RPTs in emerging countries with concentrated ownership structure, and shedding direct light on which type of RPTs that is mainly used as tunneling channel. Keywords: Efficient transaction hypothesis, firm performance, Indonesia, related party transactions, type II agency problem

scholarly journals Konsentrasi Kepemilikan, Transaksi Pihak Berelasi, dan Kinerja Perusahaan

2019 ◽  
Vol 29 (2) ◽  
pp. 592
Author(s):  
Nitami Galih Pangesti ◽  
Widi Hidayat
Keyword(s):  
Firm Performance ◽  
Stock Exchange ◽  
Ownership Concentration ◽  
Manufacturing Companies ◽  
Minority Shareholders ◽  
Governance System ◽  
Related Party Transactions ◽  
Analysis Technique ◽  
Quantitative Descriptive ◽  
Positive Effect

Agency theory describe that ownership concentration is a good corporate governance system that helps to reduce agency problems arising from the divergence of interest between shareholders and managers. But, when ownership concentration becomes high, lead to another agency problem that is conflict between controlling shareholders and minority shareholders. This study purposed to examine the relation of ownership concentration and related party transactions on firm performance. This research uses quantitative descriptive method with associative approach. Sample used in this study was 474 manufacturing companies listed on the Indonesia Stock Exchange in 2014-2018. We used multiple linear regression as analysis technique. Results showed that ownership concentration had a positive effect on firm performance and related party transactions had a positive effect on firm performance. Keywords : Ownership Concentration; Related Party Transactions; Firm Performance.

scholarly journals Pravno uređenje kupnje dionica ciljnog društva zaduživanjem (LBO transakcije)

2018 ◽  
Vol 39 (1) ◽  
pp. 301-331
Author(s):  
Saša Prelič ◽  
Antonija Zubović
Keyword(s):  
Mergers And Acquisitions ◽  
Business Practice ◽  
Regulatory Framework ◽  
Company Law ◽  
Leveraged Buyout ◽  
Italian Law ◽  
European Regulatory ◽  
Second Company Law Directive ◽  
Open Issues

<span>The article analyzes leveraged buyout transactions, pointing out to the open issues in their application. Authors highlight the application of provisions concerning group of companies as well as mergers and acquisitions in LBO transactions. Furthermore, since business practice has shown that LBOs are often used in takeovers, authors analyze the application of LBOs in takeover procedures. In addition, the article analyzes the European regulatory framework for the regulation of LBOs and compares the adopted solutions in Croatian, Slovenian and Italian law. Comparing the solutions of these three legislations, authors conclude that there are significant differences between them. While Croatia and Italy adopted the provisions of Second Company Law Directive, Slovenian legislator significantly tightened the conditions for using LBOs and de facto precluded their application. In conclusion, authors evaluate the consequences of the adopted provisions and looks for appropriate solutions de lege ferenda.</span>

scholarly journals New Hope for Corporate Governance in China?

2007 ◽  
Vol 191 ◽  
pp. 590-612 ◽  
Author(s):  
James V. Feinerman
Keyword(s):  
Corporate Governance ◽  
Financial Markets ◽  
Capital Markets ◽  
Regulatory Framework ◽  
Company Law ◽  
Financial Disclosure ◽  
Independent Directors ◽  
Minority Shareholders ◽  
Securities Law ◽  
Chinese Law

AbstractChina's recent revisions to its Company Law and Securities Law have brought new attention to issues of corporate governance in Chinese companies and financial markets. Among the chief criticisms of the earlier laws – in both their provisions and application – were the lack of protection for minority shareholders, the paucity of independent directors, the absence of transparency and inadequate financial disclosure. The acknowledged need for greater congruence between Chinese law and practice and that of countries with more developed capital markets led to the proposal of amendments to China's legislation during the first half of this decade. This article highlights several improvements resulting from the revisions as well as remaining weaknesses in the regulatory framework for corporate enterprises in China.

Related Party Transactions mit kontrollierenden Aktionären

2021 ◽  
Author(s):  
Andreas Roth
Keyword(s):  
German Law ◽  
Shareholder Rights ◽  
Legal Analysis ◽  
Related Party Transactions ◽  
National Implementation

With the adoption of the new Shareholder Rights Directive, the European legislator has, after an intensive debate, enacted harmonized rules for the regulation of Related Party Transactions, which have been incorporated into German law with the implementation of the ARUG II. This thesis takes a critical look at the new regulatory concept by first elaborating the over-positive aspects of the regulation of Related Party Transactions and then evaluating the European rules and their national implementation against the background of a comparative legal analysis of previous institutions under German and British law.

scholarly journals Maintenance in aeronautics in an Industry 4.0 context: The role of Augmented Reality and Additive Manufacturing

2019 ◽  
Vol 6 (4) ◽  
pp. 516-526 ◽  
Author(s):  
Alessandro Ceruti ◽  
Pier Marzocca ◽  
Alfredo Liverani ◽  
Cees Bil
Keyword(s):  
Additive Manufacturing ◽  
Augmented Reality ◽  
Case Studies ◽  
Industry 4.0 ◽  
Spare Parts ◽  
Regulatory Framework ◽  
Aviation Maintenance ◽  
Systems Maintenance ◽  
Manufacturing Technologies ◽  
Open Issues

Abstract The paper broadly addresses how Industry 4.0 program drivers will impact maintenance in aviation. Specifically, Industry 4.0 practices most suitable to aeronautical maintenance are selected, and a detailed exposure is provided. Advantages and open issues are widely discussed and case studies dealing with realistic scenarios are illustrated to support what has been proposed by authors. The attention has been oriented towards Augmented Reality and Additive Manufacturing technologies, which can support maintenance tasks and spare parts production, respectively. The intention is to demonstrate that Augmented Reality and Additive Manufacturing are viable tools in aviation maintenance, and while a strong effort is necessary to develop an appropriate regulatory framework, mandatory before the wide-spread introduction of these technologies in the aerospace systems maintenance process, there has been a great interest and pull from the industry sector. Highlights Industry 4.0 practices most suitable to aeronautical maintenance are selected. Advantages and open issues are widely discussed and case studies are illustrated. Augmented Reality can support maintenance tasks. Additive Manufacturing can be useful to produce spare parts. A strong effort is necessary to develop an appropriate aeronautical regulatory framework.

scholarly journals Regulating Related Party Transactions During the COVID-19 Crisis

2021 ◽  
Vol 10 (1) ◽  
pp. 1-31
Author(s):  
Anna Toniolo
Keyword(s):  
Economic Environment ◽  
Economic Recovery ◽  
Minority Shareholders ◽  
Trade Off ◽  
Economic Changes ◽  
Related Party Transactions ◽  
Optimal Balance ◽  
A Company

Related party transactions ("RPTs") are frequently used as a tool for siphoning off value from a company, but they can also be an efficient instrument for assisting firms. The trade-off between stopping value-decreasing RPTs and promoting value-increasing RPTs requires lawmakers to seek an optimal balance, relying on several contingent factors. This paper highlights the strong interdependency between RPTs regulation and economic changes. After the 2008 crisis, policymakers have enhanced minority shareholders' control over RPTs, considering their involvement as the most effective safeguard against tunnelling. During the COVID-19 crisis, governments have introduced exemptions to the rules on RPTs, even if they might weaken minority shareholders' protection. The reason is that firms face dramatic liquidity shortfalls due to the pandemic, and RPTs can be a vehicle for providing finance to distressed companies, avoiding a wave of bankruptcies that would be dangerous for the economy. Thus, RPTs regulation has been tweaked for adapting to the new economic environment, and these legal changes, in turn, could affect the economic recovery.

Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India

2019 ◽  
Vol 8 (3) ◽  
pp. 205-217 ◽  
Author(s):  
Abdul Rasheed P C ◽  
T. Mallikarjunappa ◽  
K.T. Thomachan
Keyword(s):  
Firm Performance ◽  
Transaction Cost ◽  
Conflict Of Interest ◽  
Interaction Effects ◽  
Total Revenue ◽  
Minority Shareholders ◽  
Related Party Transactions ◽  
Goods And Services ◽  
Opportunistic Behaviour

Related party transactions (RPTs) either bring efficiency in transaction or result in conflict of interest between majority and minority shareholders. RPTs realize efficiency in transactions by reducing the transaction cost and facilitating smooth transfer of goods and services between parties. Conflict of interest may arise if the majority shareholders use RPTs as a tool for expropriating the wealth of minority shareholders. When RPTs are in line with efficiency enhancing theory, they help to improve firm performance; and when they are the results of opportunistic behaviour of the majority shareholders, they negatively affect the performance of firm. Since most companies in India engage in various kinds of business dealings with their related parties, it is relevant to analyse RPTs in India. The study based on 2002 firms listed in BSE for the period of 2011–2017 shows that RPTs positively affect firm performance. Considering various types of RPTs, total revenue income from related parties and revenue expenses by them positively affect firm performance. Also, the results underline that promoters’ holding does not have any interaction effects on the association between RPTs and firm performance.

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