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Portugal Telecom: a new door open for holding companies to deduct input VAT

Aguiar, Nina
Fonte: Hart Publishers Publicador: Hart Publishers
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
46.25%
The concept of ‘involvement in the management’ of subsidiaries has for the past 20 years allowed holding companies to deduct total input VAT. When changes were imminent, under pressure from the tax authorities, Portugal Telecom opened a door to overcoming the apportionment issue and the direct link request at the same time

Vantagens e desvantagens da estrutura de holding na administração pública: um estudo de caso do Ministério da Defesa

Azeredo, Priscilla Guerreiro de
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
PT_BR
Relevância na Pesquisa
46.39%
Esse estudo buscou identificar vantagens e desvantagens da estrutura de holding na Administração Pública a partir da análise da constituição e organização do Ministério da Defesa. Realizamos um estudo de caso e, para a preparação do mesmo, partimos de referenciais teóricos que nos permitissem entender a estrutura de holding e controladas, a administração privada, a pública e a diferença entre elas. Foram realizadas doze entrevistas em duas etapas. A primeira abrangeu consultas a especialistas sobre holdings, e a segunda, pessoas com conhecimento sobre o Ministério da Defesa e Forças Armadas. As respostas das entrevistas foram analisadas tomando como base o que foi apresentado no Referencial Teórico. De forma geral, os entrevistados apresentaram como vantagens de uma holding na administração pública: facilitar maior integração e diálogo entre as partes; centralizar o poder norteando o rumo da organização; facilitar o desempenho estratégico e a visão; fomentar a governança; intensificar o diálogo, pensamento conjunto e atuação sistêmica; identificar maior poder de barganha e representatividade política; gerar maior eficácia por conta do entendimento entre as partes e melhor aproveitamento dos recursos; permitir a tradução de objetivos em diretrizes; aumentar a possibilidade de reduzir as desigualdades quando não pensa só no lucro; e buscar o benefício público. Como desvantagens foram citados o aumento de problemas no compartilhamento entre as controladas; a intensificação da possibilidade de choques de culturas diferentes; a possibilidade de cada gestor se voltar mais para sua organização quando os recursos são limitados; o maior esvaziamento da discussão de assuntos importantes na controlada; brecha para a ocorrência de retrabalho; possibilidade de atrasos na entrega das compras...

Relação empresa acionista-subsidiária: análise sobre as práticas de governança na visão das subsidiárias

Pedro, Raquel de Almeida
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
PT_BR
Relevância na Pesquisa
46.35%
O objetivo desta dissertação é analisar modelos de governança de subsidiárias que atuam no Brasil, buscando identificar os mecanismos mais adotados, bem como levantar os problemas de agência em relação às empresas controladoras, que podem ocorrer ou se intensificar em função de possíveis desvios nesses modelos, impactando as decisões empresariais. Tendo como referência a governança corporativa e os pressupostos e propostas da teoria da agência, o estudo constrói uma revisão da relação empresa acionista-subsidiárias em diferentes pesquisas.; The purpose of this paper is to analyze the subsidiaries governance models within Brazil, aiming to identify the most adopted mechanisms, and also recognize the agency problems related to the holdings that can happen or be intensified due to some deviations in these models, affecting the business decisions. Based on corporative governance and on the assumptions and proposals of the agency theory, the paper reviews the relationship between holding companies and their subsidiaries in different studies.

Características e tributação das sociedades " holding" no Brasil

Otranto, Raquel Maria Sarno
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
Relevância na Pesquisa
46.19%
A presente monografia tem por objetivo servir de introdução ao estudo sistemático de um tipo de sociedade cada vez mais difundida nacional e internacionalmente: a "holding". Assim, ao invés de optarmos por um estudo teórico mais profundo dos aspectos jurídicos do instituto, preferimos uma aproximação mais prática, que permitisse a aplicação dos conceitos expostos na área da administração de empresas. Esta diretriz decorreu naturalmente da área de concentração a que se vincula a monografia, qual seja, Direito Aplicado à Administração

11.437 Financing Economic Development, Fall 2003; Financing Economic Development

Seidman, Karl F.
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
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EN-US
Relevância na Pesquisa
46.25%
Focuses on financing tools and program models to support local economic development. Includes an overview of private capital markets and financing sources to understand capital market imperfections that constrain economic development; business accounting; financial statement analysis; federal economic development programs; and public finance tools. Program models covered include revolving loan funds, guarantee programs, venture capital funds, bank holding companies, community development loan funds and credit unions, micro enterprise funds, and the use of the Community Reinvestment Act to leverage bank financing.

Necesidades en materia de supervisión de conglomerados financieros en Colombia

Leyva Name, Carlos Alberto; Gantivar Alfaro, Juan Esteban
Fonte: Pontifícia Universidade Javeriana Publicador: Pontifícia Universidade Javeriana
Tipo: bachelorThesis; Trabajo de Grado Pregrado Formato: Pdf
Relevância na Pesquisa
46.49%
En el caso colombiano, la problemática de la dicotomía en la supervisión se ve reflejada en los conglomerados financieros, ya que en la mayoría de casos se vislumbra que las sociedades Holding de las entidades financieras no son entidades sujetas a inspección y vigilancia por parte de la Superintendencia Financiera de Colombia (SFC), sin perjuicio del control que ésta ejerce sobre sociedades emisoras de valores; In Colombia, the problem of dichotomy in supervision is evident in financial holding companies, since in most cases it is perceived that these companies are not entities attached to inspection and surveillance by the Superintendencia Financiera de Colombia (SFC), regardless the control applied to corporate issuers of securities.

Corporate Governance Country Assessment : Republic of Korea

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.56%
Since 1998, Korea has taken important steps to address the weaknesses that contributed to the economic crisis of 1997. The corporate governance framework has been strengthened significantly. The reform agenda, however, remains unfinished and the equity markets relative to other OECD countries remain underdeveloped. There has been good progress in upgrading accounting and auditing standards and practices, as well as strengthening underlying institutions responsible for setting standards and ensuring compliance. The Financial Supervisory Commission/Financial Supervisory Services have been established, and the role of the Korean Institute of Certified Public Accountants has been strengthened. Efforts should continue to further improve accounting standards and improve accounting and auditing practices, and include measures to clarify and strengthen the role and function of audit committees consistent with international best practices; replace statutory auditors with audit committees for smaller companies over time; and upgrade the skills and knowledge of audit committee members. While holding companies are allowed...

Corporate Governance Country Assessment : Slovenia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.53%
This report provides an assessment of the corporate governance policy framework, and enforcement and compliance practices in Slovenia. The country has already upgraded its legislation to meet European Union (EU) Directives, and, its legal and regulatory framework dealing with corporate governance issues is now comparable to that of many EU member states. Strengths and weaknesses are highlighted, and policy recommendations are made where appropriate. The major issues are driven by the continuing transformation of Slovenian companies. Ownership of smaller companies and some blue chips will likely continue to consolidate, as strategic investors, and holding companies acquire control and 100 percent ownership; investor protection in these companies will require the diligent enforcement of takeover rules. For the remaining listed companies and others that will continue to have relatively dispersed ownership, related party transaction protection, and improved periodic disclosure are important. The report recommends that policymakers: 1) require a formal approval and disclosure process for related party transactions; 2) consider methods to increase minority representation on boards; 3) require the disclosure of shareholder agreements; 4) require that the SMA review the content of public company disclosure; 5) require an audit committee of the supervisory board for listed companies; and...

Financial Sector Assessment Program : Nigeria - Basel Core Principles for Effective Banking Supervision

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.69%
The assessment of the current state of the implementation of the Basel Core Principles (BCP) for effective banking supervision in Nigeria, against the BCP methodology issued by the Basel Committee on Banking Supervision (BCBS) in October 2006, was completed between August 27 and September 19, 2012, as part of a Financial Sector Assessment Program (FSAP) update, undertaken jointly by the Fund (IMF) and the World Bank, and reflects the regulatory and supervisory framework in place as of the date of the completion of the assessment. An assessment of the effectiveness of banking supervision requires a review of the legal framework, both generally and as specifically related to the financial sector, and a detailed examination of the policies and practices of the institutions responsible for banking supervision. Banking systems differ from one country to another, as do their domestic circumstances. The BCPs are capable of application to a wide range of jurisdictions whose banking sectors will inevitably include a broad spectrum of banks. The co-ordination of the activities of the Nigerian banking sector supervisory authorities is conducted under the aegis of the Central Bank of Nigeria (CBN)/Nigeria Deposit Insurance Corporation (NDIC) executive committee on supervision which should ensure that operations of the two supervisory authorities are coordinated to remove overlaps...

Do financial reforms improve the performance of financial holding companies?: the case of Taiwan

Kao, M.C.; Lin, C.T.; Xu, L.
Fonte: Wiley-Blackwell Publicador: Wiley-Blackwell
Tipo: Artigo de Revista Científica
Publicado em //2012 EN
Relevância na Pesquisa
46.25%
We examine the performance of financial holding companies (FHCs) in Taiwan after the financial reform that removes the separation of banking, securities, insurance, and other financial services. Using data envelopment analysis, we find that FHCs fail to improve technical efficiencies in the post-reform era. They also do not outperform independent commercial banks after the financial reform. Lower technical efficiency caused by excess operating expenses appears to be the primary source of inefficiency. While scale efficiency may improve as FHCs grow larger, the benefits are marginal and insufficient to offset the potential costs of organizational diseconomies. Our findings suggest that increasing the size and scope of financial activities alone do not necessarily improve the performance of financial firms.; Meng-Ghun Kao, Chien-Ting Lin and Lei Xu

Mutual Holding Companies: Evidence of Conflicts of Interest through Disparate Dividends

Kenneth, Carow A.; Cox, Steven R.; Roden, Dianne M.
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
46.19%
The mutual holding company (MHC) structure establishes a dual-class stock that creates a unique opportunity to transfer wealth from thrift depositor-owners to new minority shareholders through the disparate payment of dividends. We show that MHCs are priced higher than comparable non-MHCs and dividend policy is a significant component of this valuation. We also show that MHC thrifts pay significantly higher dividends than non-MHC thrifts and that an Office of Thrift Supervision (OTS) ruling reducing the potential for disparate dividends between the two classes of shareholders resulted in lower dividends. These results have policy implications of special significance given that the OTS reversed its position in 2000 and because of the current controversy over the use of the MHC structure in the financial service industry.

Corporate Governance Country Assessment : Ukraine

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Accounting and Auditing Assessment (ROSC); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.46%
This report assesses Ukraine's corporate governance policy framework and enforcement and compliance practices. It highlights recent improvements in corporate governance regulations, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Ukraine. Several developments have worked to improve the corporate governance environment in recent years, including high levels of economic growth and a growing demand for capital growth in Ukrainian industry. The equity market has boomed, and over 45 companies have issued depository receipts abroad. A corporate governance code was issued in 2003, and a number of private-sector and donor initiatives have continued to work to promulgate the code and introduce good practice at the company level. Several reforms have been carried out, including the passage of a new securities law. The report recommends: (i) a variety of legal reforms, including a revised company law that would be enacted by the Parliament, (ii) institutional strengthening, including focusing the enforcement activities of the Securities and Stock Market State Commission (SSMSC) on large and traded companies, and (iii) enhanced listing requirements for the top tier of the Persha Fondova Totgovelna System (PFTS)...

Do State Holding Companies Facilitate Private Participation in the Water Sector? Evidence from Cote d'Ivoire, the Gambia, Guinea, and Senegal

Kerf, Michel
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.67%
When the Gambia, Guinea, and Senegal decided to involve the private sector in the provision of water services, they also established state holding companies - state-owned entities with exclusive or partial responsibilities for: a) owning infrastructure assets; b) planning and financing investments (replacing assets and expanding networks); c) regulating the activities of the private sector; and d) promoting public acceptance of private participation in the sector. In Cote d'Ivoire, by contrast, when private participation was introduced (in 1960), no state holding company was established. To determine whether state holding companies help private participation in the water sector succeed, the author reviews the four functions these entities are expected to perform in the Gambia, Guinea, and Senegal. In light of experience in all four countries, he examines whether, and under what circumstances, state holding companies might be the entities best suited for carrying out such functions. He concludes that creating a state holding company is often not the best solution. A state holding company might be better suited than other entities for planning and financing investments when (and only when): a) investment responsibilities cannot be transferred to the private operator; b) tariffs are insufficient...

The Russia Corporate Governance Manual : Part III. Disclosure and Transparency

International Finance Corporation; U.S. Department of Commerce
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.48%
The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable...

The Russia Corporate Governance Manual : Part IV. Information Disclosure and Transparency

International Finance Corporation; U.S. Department of Commerce
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.54%
The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable...

The Russia Corporate Governance Manual : Part V. Special Focus Section

International Finance Corporation; U.S. Department of Commerce
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.65%
The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable...

The Russia Corporate Governance Manual : Part VI. Annexes, Model Corporate Governance Documents

International Finance Corporation; U.S. Department of Commerce
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.54%
The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable...

Republic of Poland : Insurance Core Principles, Detailed Assessment of Observance

International Monetary Fund; World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.56%
This assessment is focused on the Komisja Nadzoru Finansowego (KNF, the financial supervisory commission), specifically on its supervision of the insurance sector. KNF has responsibility for licensing and supervising all players in the insurance market that is insurance companies, insurance brokers, agents, loss adjusters, reinsurance companies, and reinsurance brokers. The assessment was performed using the 2007 version of the insurance core principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) and the methodology described by the IAIS. Each ICP is rated in terms of the level of observance as follows: observed - whenever all the standards are considered to be observed or when all the standards are observed except for a number that are considered not applicable; not applicable - when the standards are considered to be not applicable; largely observed - where only minor shortcomings exist, which do not raise any concerns about the authorities' ability to achieve full observance; partly observed - where...

Corporate Governance Country Assessment : Russian Federation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work; Economic & Sector Work :: Corporate Governance Assessment (ROSC)
ENGLISH; EN_US
Relevância na Pesquisa
36.57%
This report assesses Russia's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Russia. Corporate governance has been a major policy issue in Russia since the beginning of its transition to a market economy. The privatization process of the early 1990s was put in place before most elements of the corporate governance and investor protection framework, and there were many widely publicized abuses, leading to very low asset prices. Most observers agree that the corporate governance environment has improved in recent years as the government has enhanced the legal and policy framework, and key institutions have grown in sophistication and maturity. Many major Russian companies have also voluntarily improved their financial and ownership transparency. A number of reform initiatives are currently underway. The report (and this summary) is organized into four sections: i) the commitment of the public and private sectors to reform; ii) shareholder rights; iii) disclosure and transparency; and iv) Boards of Directors. Policy recommendations are developed in detail at the end of each section. The report also includes a special annex that details the reform agenda focusing on related party transaction approval and disclosure...

Determinants of loan and lease losses experienced by north american bank holding companies in 2008

França, Carlos Manuel Franco
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /04/2010 ENG
Relevância na Pesquisa
66.81%
Mestrado em Finanças; This study analyzes the determinants of loan and lease losses experienced by North American Bank Holding Companies in 2008, as a result of the credit crisis initially triggered by residential lending to high-risk borrowers. The performed analysis is based on financial information on Bank Holding Companies obtained from the Federal Reserve System and on macroeconomic data for the United States of America at national, regional and state levels. For both larger and smaller Bank Holding Companies, higher credit losses were associated with higher loan portfolio average spreads and higher shares of construction and land-related loans. The fact that the Bank Holding Company was audited by one of the "Big Four" auditing firms also proved to be relevant. Larger Bank Holding Companies' credit losses were also found to be influenced by lower gross domestic product growth rates, higher proportions of restructured loans and higher shares of foreign loans. Larger housing price declines, lower shares of foreign loans and lower provisioning ratios of delinquent loans also resulted in higher credit losses for smaller Bank Holding Companies. This study also demonstrates that larger and listed Bank Holding Companies incurred in higher credit losses comparatively to smaller and unlisted Bank Holding Companies...