A admissibilidade e a conveniência da exclusão do controlador em S.A.

O estudo refere-se à verificação da admissibilidade e da conveniência da exclusão facultativa de acionista controlador em sociedade anônima. O tema não é propriamente novo no Brasil. Intenciona-se, no entanto, construir a hipótese a partir de fundamento legal diferente. A Lei 6.404/76 (LSA) apenas destina a exclusão para casos de acionista remisso (artigo 107, II), permanecendo silente com relação ao inadimplemento de deveres de colaboração e lealdade (em conjunto, deveres de cooperação). Nesse contexto, a doutrina e a jurisprudência brasileiras tendem a admitir a hipótese de exclusão em tais casos por aplicação do artigo 1.030 do Código Civil, destinado a regular a matéria no âmbito das sociedades simples. Para tanto, aproximam a companhia fechada das sociedades de pessoas a fim de justificar, dada a alegada omissão da lei especial a esse respeito, o tratamento por analogia. A partir do estudo sistemático da LSA, que compreende, entre outros, o entendimento do princípio da circulação de ações e da extensão dos deveres de boa-fé entre os sócios, pretende-se admitir a hipótese com base na própria lógica acionária, em razão da eventual relevância do relacionamento societário para a consecução do fim social. Em tais companhias, o adimplemento dos deveres de cooperação torna-se tão imprescindível quanto o adimplemento do dever de conferimento para o alcance do escopo comum. Em decorrência desse raciocínio, a exclusão torna-se admissível na ocorrência de inadimplemento de qualquer dever social que inviabilize, real ou potencialmente, o preenchimento do fim social. A identificação de eventual affectio societatis entre os acionistas, portanto, passa a ser irrelevante. Admitir a hipótese no que se refere a acionista controlador se revela ainda importante instrumento de limitação do exercício ilegítimo do poder de controle e não se confunde com a sanção de perdas e danos prevista na LSA por abuso de poder de controle. Por fim, será analisada a conveniência da exclusão do controlador, em razão de sua relevância pessoal para a consecução da atividade, a participação societária por ele detida e da possibilidade de dissolver-se parcialmente a sociedade, com a saída do acionista minoritário descontente.

Análisis situacional de la política pública departamental de juventud de Antioquia “PEDJ 2006-2015” en desarrollo de la “línea de acción 5 vinculación de los jóvenes al mundo laboral” en la ciudad de Medellín para el período 2006-2014

El presente trabajo representa un análisis situacional a la política pública departamental de juventud de Antioquia “PEDJ 2006-2015” en desarrollo de la “línea de acción 5. vinculación de los jóvenes al mundo laboral” en la ciudad de Medellín para el período 2006-2014. Como seguimiento a una estrategia que propicia una adecuada inserción de los jóvenes en el ámbito socioeconómico. Esta población presenta restricciones para completar un óptimo proceso de acumulación de capital humano y social que le permita insertarse en el mercado laboral en condiciones favorables. El objetivo principal consiste en analizar la inclusión de los Jóvenes al mundo laboral y otros actores sociales vinculados a la implementación y ejecución de la Política pública de juventud de Antioquia, como estrategia que garantice el tránsito de los jóvenes al mundo laboral y productivo en condiciones de calidad, estabilidad, y protección especial en los aspectos que se requieran. Las líneas de acción se enmarcan en las dimensiones de capital social, educación y mercado laboral e inserción productiva.

La participación en las comunidades rurales: abriendo espacios para la participación desde la escuela

The article id based on the participation in the country school, It goes over the national and international legislation, is important to stand out the fact that this article establish questions that the personal teaching will affront if he wants to open a space to participate in country school. Besides it includes and develops the share capital concept and relate it whit the educational theme.

Certificate for One Share of Capital Stock in Nicola Valley Coal and Coke Company

Certificate for 1 share of capital stock in Nicola Valley Coal and Coke Company to Welland D. Woodruff, May 13, 1905.

Certificate for One Share of Capital Stock in St. Catharines Golf Club Ltd.

Certificate for 1 share of capital stock in St. Catharines Golf Club Ltd. to Dr. Thos. Woodruff, April 15, 1911.

Certificate for One Share of Capital Stock in the Lincoln County Greater Production Company

Certificate for 1 share of capital stock in the Lincoln County Greater Production Company to Hamilton K. Woodruff, Jan. 20, 1919.

Certificate for One Share of Capital Stock in St. Catharines Lawn Bowling Club

Certificate for 1 share of capital stock in St. Catharines Lawn Bowling Club to executors of the estate of Hamilton K. Woodruff, Dec. 23, 1933.

The paradox of transparency : short-termism and the institutionalisation of Australian capital markets

As the ultimate corporate decision-makers, directors have an impact on the investment time horizons of the corporations they govern. How they make investment decisions has been profoundly influenced by the expansion of the investment chain and the increasing concentration of share ownership in institutional hands. By examining agency in light of legal theory, we highlight that the board is in fact sui generis and not an agent of shareholders. Consequently, transparency can lead to directors being 'captured' by institutional investor objectives and timeframes, potentially to the detriment of the corporation as a whole. The counter-intuitive conclusion is that transparency may, under certain conditions, undermine good corporate governance and lead to excessive short-termism.

The analysis of social capital in online social communities

Social networks have proven to be an attractive avenue of investigation for researchers since humans are social creatures. Numerous literature have explored the term “social networks” from different perspectives and in diverse research fields. With the popularity of the Internet, social networking has taken on a new dimension. Online social communities therefore have become an emerging social avenue for people to communicate in today’s information age. People use online social communities to share their interests, maintain friendships, and extend their so-called circle of “friends”. Likewise, social capital, also known as human capital, is an important theory in sociology. Researchers usually utilise social capital theory when they investigate the topic relating to social networks. However, there is little literature that can provide an explicit and strong assertion in that research area due to the complexity of social capital. This thesis therefore focuses on the issue related to providing a better understanding about the relationship between social capital and online social communities. To enhance the value within the scope of this analysis, an online survey was conducted to examine the effects of the dimensions of social capital: relational capital, structural capital, and cognitive capital, determining the intensity of using online social communities. The data were derived from a total of 350 self-selected respondents completing an online survey during the research period. The main results indicate that social capital exists in online social communities under normal circumstances. Finally, this thesis also presents three contributions for both theory and practice in Chapter 5. The main results contribute to the understanding of connectivity in the interrelationships between individual social capital exchange within online social networks. Secondly, social trust was found to have a weak effect in influencing the intensity of individuals using online social communities. Third, the perpetual role of information sharing has an indirect influence on individual users participating in online social communities. This study also benefits online marketing consultants as marketers can not only gain consumer information easier from online social communities but also this understanding assists in designing effective communication within online social communities. The cross-sectional study, the reliability of Internet survey data, and sampling issues are the major three limitations in this research. The thesis provides a new research model and recommends that the mediating effects, privacy paradox, and social trust on online social communities should be further explored in future research.

A human capital framework : designed for convergence

The 21" century business environment is dominated by unprecedented change across a broad spectrum of social, economic, technological and cultural factors (Nowotny, Scott & Gibbons 2001). Among these, two broad trends -economic globalisation and rising knowledge intensity (Hart 2006)have come to distinguish organisational life. Under the weight of these transformational influences, the developed world, it seems, has arrived at a transformational moment. The far-reaching effects of the global financial crisis and its shadowy twin: the threat of a double dip recession, continue to exert an unsteadying influence on global and corporate finances. Growth in developed economies has slumped, share prices have declined, the market value of corporations has slipped and unemployment rates, in the vast majority of developed economies, have risen. Gross domestic product (GDP) growth has retreated from the strong growth experienced in the late 1990s to negative growth in 2009 and a sluggish and unsteady recovery in 2010. In response, the reach of Government in terms of its participation in markets has been extended, bringing with it the need to transition to new governance and regulatory arrangements. Ongoing concerns regarding the pace and sustainability of the recovery remains a front-of-mind concern with bailouts, buybacks, borrowings and BP dominating news services: 'We are witnessing the reweaving of the social, political and economic fabric that binds our planet, with long-term consequences that are as or more profound than those of the industrial era' (Tapscott & Williams 2006, p. 59).

When sharing becomes a liability: An intellectual capital approach to describing the dichotomy of knowledge protection versus sharing in intra- and interorganizational relationships

The tension created when companies are collaborating with competitors – sometimes termed co-opetition - has been subject of research within the network approach. As companies are collaborating with competitors, they need to simultaneously share and protect knowledge. The opportunistic behavior and learning intent of the partner may be underestimated, and collaboration may involve significant risks of loss of competitive edge. Contrastingly, the central tenet within the Intellectual Capital approach is that knowledge grows as it flows. The person sharing does not lose the knowledge and therefore knowledge has doubled from a company’s point of view. Value is created through the interplay of knowledge flows between and within three forms of intellectual capital: human, structural and relational capital. These are the points of departure for the research conducted in this thesis. The thesis investigates the tension between collaboration and competition through an Intellectual Capital lens, by identifying the actions taken to share and protect knowledge in interorganizational collaborative relationships. More specifically, it explores the tension in knowledge flows aimed at protecting and sharing knowledge, and their effect on the value creation of a company. It is assumed, that as two companies work closely together, the collaborative relationship becomes intertwined between the two partners and the intellectual capital flows of both companies are affected. The research finds that companies commonly protect knowledge also in close and long-term collaborative relationships. The knowledge flows identified are both collaborative and protective, with the result that they sometimes are counteracting and neutralize each other. The thesis contributes to the intellectual capital approach by expanding the understanding of knowledge protection in interorganizational relationships in three ways. First, departing from the research on co-opetition it shifts the focus from the internal view of the company as a repository of intellectual capital onto the collaborative relationships between competing companies. Second, instead of the traditional collaborative and sharing point of departure, it takes a competitive and protective perspective. Third, it identifies the intellectual capital flows as assets or liabilities depending on their effect on the value creation of the company. The actions taken to protect knowledge in an interorganizational relationship may decrease the value created in the company, which would make them liabilities.

Life Expectancy, Human Capital, Social Security and Growth

Revised: 2006-11.-- Published as an article in: Journal of Public Economics 90(12), December, 2006, pp. 2323-2349.

Um estudo sobre a relação entre ações preferenciais e valor de mercado das empresas brasileiras de capital aberto

O mercado de capitais brasileiro se caracteriza pela alta concentração de poder nas mãos de poucos acionistas controladores. No Brasil, a existência de ações preferenciais sem direito a voto enseja o surgimento de conflito de agência entre acionistas controladores e acionistas minoritários, agravado pelo fato de que o controle pode ser exercido com uma participação relativamente pequena sobre o total de ações emitidas pelas companhias. A concentração de propriedade permitiria a possibilidade de expropriação dos direitos dos minoritários. Diversos estudos empíricos vêm sendo realizados ao longo dos últimos anos com o objetivo de avaliar a influência da estrutura de propriedade das ações sobre o valor de mercado das companhias. Nesse contexto, o presente trabalho pretende trazer novas contribuições, com ênfase na participação de ações preferenciais na estrutura de propriedade. Neste trabalho, usando uma amostra de empresas de capital aberto negociadas na BM&FBOVESPA, a partir de teste de diferença de médias, rejeita-se a hipótese de igualdade de valor entre empresas que só possuem ações ON em sua estrutura de propriedade, em relação às que possuem ambos os tipos, ON e PN. Em continuidade, usando modelos de regressão linear, encontra-se relação negativa estatisticamente significativa entre valor de mercado das empresas e variável utilizada para caracterizar a estrutura de propriedade, especificamente, a diferença entre o percentual de participação dos acionistas não controladores no total de ações PN e o percentual de participação dos acionistas controladores no total de ações PN.

Adoção do valor justo: um estudo sobre a relevância do valor justo dos ativos biológicos e propriedades para investimento nas empresas não financeiras de capital aberto no Brasil nos anos de 2010 e 2011

O presente estudo analisou a relevância (value relevance) do valor justo dos ativos biológicos, propriedades para investimento e instrumento financeiros apurado pelas empresas brasileiras não financeiras de capital aberto nos anos de 2010 e 2011 (após implementação das normas internacionais de contabilidade) na formação do preço de suas ações. Foram selecionadas para o estudo empresas não financeiras de capital aberto que foram impactadas pelo CPC 28 Propriedades para Investimento e pelo CPC 29 Ativos Biológicos, sendo identificadas 70 empresas no ano de 2010 e 76 no ano de 2011. Foi utilizada como procedimento metodológico análise quantitativa, realizada através de estatística univariada (teste de diferença de média) e estatística multivariada (utilizando-se o modelo de Ohlson (1995)). O estudo constatou que: (a) 8% das empresas brasileiras não financeiras de capital aberto foram impactadas pelo CPC 29, enquanto que 16% foram impactadas pelo CPC 28; (b) na média, o efeito do valor justo dos ativos biológicos e propriedades para investimento reconhecido no resultado contribuiu para o aumento dessa variável contábil das empresas analisadas, enquanto que o efeito do valor justo proveniente dos instrumentos financeiros contribuiu, na média, para diminuir o resultado das empresas analisadas; (c) o teste de diferença de média (Wilcoxon) apontou que as alterações do valor justo foram responsáveis por diferenças estatisticamente significativas entre as variáveis contábeis (patrimônio líquido e resultado) com o efeito do valor justo e sem o efeito do valor justo em todos os anos e casos analisados; e (d) os resultados do modelo de Ohlson indicam que efeito do total do valor justo reconhecido no resultado foi detectado como relevante em 2010, assim como o valor justo das propriedades para investimento, e instrumentos financeiros. No pooled, foram encontradas evidências da relevância do efeito do valor justo provenientes do CPC 28, CPC 29 e CPC38. Não foram encontradas evidências da relevância do valor justo no ano de 2011.

Why Do Firms Pay Dividends?: Evidence from an Early and Unregulated Capital Market

Why do firms pay dividends? To answer this question, we use a hand-collected data set of companies traded on the London stock market between 1825 and 1870. As tax rates were effectively zero, the capital market was unregulated, and there were no institutional stockholders, we can rule out these potential determinants ex ante. We find that, even though they were legal, share repurchases were not used by firms to return cash to shareholders. Instead, our evidence provides support for the information–communication explanation for dividends, while providing little support for agency, illiquidity, catering, or behavioral explanations. © The Authors 2013. Published by Oxford University Press [on behalf of the European Finance Association]. All rights reserved.