Shareholder Theory

Planejamento tributário, governança corporativa, risco de mercado. ABSTRACT Market risk is influenced by the efficiency’s level in corporate tax planning? This paper set out to answer this question research and came to corroborate the modern theory of corporate tax avoidance by identifying evidence that the tax efficiency of an organization, achieved by the successful exercise in tax planning activities, promotes a reduction in their risk, since in the presence of good…

The Stakeholder theory of the corporation: concepts, evidences, and implications. Academy of Management Review, v.20, n.1, p.65-91. 1995. EVANS, Nigel. Strategic management for travel and tourism. Butterworth-Heinemann, 2003. EVANS, W. M.; FREEMAN, R. Edward. A stakeholders theory of the modern corporation: kantian capitalism. In: BEAUCHAMP T. L.; BOWIE, N. E. (Org.). Ethical theory , and business. Englewood Cliffs, NJ: Prentice Hall, 1993. FREEMAN, R. Edward. A stakeholder theory of the…

deviations (prediction errors) from the market model, 4) deviations from the one factor Sharpe (1964)–Lintner (1965) Capital Asset Pricing Model (CAPM) or the Black (1972) CAPM or 5) deviations from a multifactor model, such as the Arbitrage Pricing Theory (APT) (see Ross (1976)). This section analyzes and appraises the various alternatives and compares them to the familiar market model prediction errors. 3.2. Analysis Mean-adjusted returns (see Brown and Warner (1980, p. 250)) are…

commitment to achieving those goals. But getting managers to buy into the scorecard is only a first step in linking individual actions to corporate goals. The balanced scorecard signals to everyone what the organization is trying to achieve for shareholders and customers alike. But to align employees’ individual performances with the overall strategy, scorecard users generally engage in three activities: communicat- ing and educating, setting goals, and linking rewards to…

Domingues e Jorge Candido de Almeida ABSTRACT In an environment of scarce funds, the Chief Finance Officers have to select the projects that will aggregate more value to the company, looking for an essencial goal: the maximization of the shareholders wealth. Many authors, mentioned in this paper, indicate the use of the marginal weighted cost of capital approach, which is based in the confrontation of the decreasing internal rates of return with the rising cost of capital of…

profissionais) nos conselhos. É importante ressaltar que, embora tenha tido um papel fundamental, o Calpers não mudou sozinho o panorama de governança corporativa nos EUA. Outras organizações, como o Council of Institutional Investors (CII), o Institutional Shareholder Services (ISS) e o Teachers' Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), maior fundo de pensão do mundo com US$ 260 bilhões sob gestão 4 , também desempenharam importante papel. Essas…

baseadas no mercado, implícita ou explicitamente. No primeiro grupo estão as técnicas de fluxo de caixa descontado, o q de T obin e o prêmio histórico pelo risco. O Capital Asset Pricing Model (CAPM) e a Arbitrage Pricing Theory (APT) são os modelos explícitos de cálculo do custo de capital próprio, pois são baseados em teorias de precificação de títulos no mercado de capitais. O modelo do fluxo de caixa descontado, ou modelo de Gordon,…

operations through projects ensuring the creation of high value added products; Expansão e diversificação das operações através de projectos assegurando a criação de alto valor acrescentado dos produtos; • meeting the interests of all OAO Gazprom shareholders; Encontro dos interesses de todos os accionistas OAO Gazprom; • improving corporate governance, enhancing financial and economic transparency; Reforçar a transparência financeira e económica; • promoting the leadership’s…

Academy of Management Journal, v. 39, n. 4, p. 779–801, 1996. BECKER, B. E.; HUSELID, M. A.; ULRICH, D. Making HR a strategic asset. Financial Times Journal. november, 2001. BECKER, B.; HUSELID, M.; PICKUS, P.; SPRATT, M. HR as a source of shareholder value: research and recommendations. Human Resource Management, v. 36, n. 1, p. 39–47, 1997. BEER, M.; SPECTOR, B.; LAWRENCE, P.; MILLS, D.; WALTON, R. Managing human assets. New York: Free Press, 1984. BLYTON, P.; TURNBULL, P.…

Each exploration offers a perspective that should help in further conceptualization of the discipline of relationship marketing. As Sheth (1996) observed that for a discipline to emerge, it is necessary to build conceptual foundations and develop theory that will provide purpose and 1 explanation for the phenomenon. This is how consumer behavior grew to become a discipline and now enjoys central position in marketing knowledge. We expect relationship marketing to undergo a similar…