This study investigates a valuation adjustment, known as the discount for lack of marketability (DLOM) for private firms. By matching private company transactions with publicly traded counterparts, ...we find discounts that average 65-70% and exceed 80% in some sectors of the economy. Our discounts are significantly larger than the DLOM findings estimated from restricted stock, IPO, and acquisition studies. Larger companies, those with positive net income, and firms with lower risk of financial distress exhibit lower DLOMs. Our findings put into question the sizes of discounts typically applied in valuation engagements for privately-held companies.
Designed as a real European company, with a minimum registered capital of EUR 1, largely accessible, easy to organize and cheap to run, the European private company is to represent a significant ...reform in the matte of company law in the European Union. Without doubt, the adequacy of the European private company statute to the legal traditions of all member states is an important factor of its use by the foreseen beneficiaries: small and medium enterprises. The advanced stage of the political procedures and negotiations related to the statute impose the analyzing of all the main features of the European Private Company, marked out in official documents and their comparison to those of the companies regulated in Romania and on other member states of the European Union, in order to determine the extent such new company shall represent or nor a new and effective instrument for doing business in the European Union.
본 연구는 통합된 공공기관과 민간기업을 대상으로 통합조직의 지각된 경쟁력에 영향을 미치는 선행요인을 조사하였다. 선행요인은 통합조직의 지각된 비전과 리더십, 인사, 문화, 구조적 관성, 그리고 소통 요인을 포함하였다. 16개의 통합 공공기관과 14개의 통합 민간 기업으로부터 각각 116명과 145명의 응답자를 추출하여 모바일 기반의 온라인 설문조사를 ...수행하였다. 변수에 대한 측정값의 내적 일관성 평가와 탐색적 요인분석을 실시하였고, 측정모형의 구성타당도를 평가하기 위하여 확인적 요인분석을 수행하였다. 설문조사 데이터에 대하여 구조모형분석을 수행한 결과, 통합조직 구성원이 지각한 비전과 구조적 관성, 소통은 통합조직의 지각된 경쟁력에 통계적으로 유의한 정(+)의 영향을 미친 것으로 조사되었으며, 그 중 소통요인의 영향력이 가장 큰 것으로 평가되었다. 통합조직의 지각된 경쟁력에 미치는 선행요인의 영향이 공공기관과 민간기업 간에 차이가 있는지를 조사하기 위하여 다중집단분석을 수행하였다. 그러나 공공기관과 민간기업의 측정 동일성은 통계적으로 유의한 것으로 나타났으며, 경쟁력에 대한 선행요인의 영향은 서로 다르지 않은 것으로 조사되었다.
The present study examined the antecedents affecting perceived competitiveness for integrated organizations including public institutions and private company. Six antecedents included perceived vision, leadership, personnel, culture, structural inertia and communication. A mobile-based online survey was conducted and data were collected from 116 and 145 respondents from 16 integrated public institutions and 14 private companies, respectively. A series of scale refinement process was performed to evaluate internal consistency and common method bias of the measures of variables. An exploratory factor analysis was conducted to identify latent variables from item measures. A confirmatory factor analysis was performed to evaluate construct validity including convergent validity and discriminant validity. The results from a structural equation model analysis indicated that, (1) perceived vision, structural inertia and communication were found to significantly impact perceived competitiveness for integrated organization and (2) the betta coefficient for communication was the greatest among three significant predictors of perceived competitiveness. In addition, multiple-group analysis was performed to examine whether the effects of six antecedents on perceived competitiveness differed between public institution and private company. The measurement uniformity of public institution and private company, however, was found to be statistically significant, and thus the effects of antecedents on competitiveness were not different from each other.
For several decades during its nearly 123-year history, the AICPA has worked to meet the changing needs of an increasingly global economy. Today, virtually all the issues at the top of our agenda ...have a significant international component. Many of them relate to how CPAs, companies and investors can productively navigate through international waters. As the world becomes flatter, international convergence in accounting and auditing standards and ethics codes, as well as the mobility of accountants into foreign lands, have increased in importance. At the same time, as the United States (along with the rest of the world) struggles to emerge from the worst recession in eight decades, the CPA profession is at the forefront of efforts to address problems in our financial system, and to contribute toward effective solutions.
The paper establishes if dividend policy is a trustworthy indicator for the investors to predict a company's future growth in value to maximize their returns on their portfolios. The analysis ...technique used is cross-sectional regression analysis since the research focuses on various companies with numerous variables under a period of ten years. The study was conducted several times, with all companies together. Private companies and then public companies, individually, to see if the dividend policy has the same impact on the stock prices for both types of corporations. The results show that although Dividend Pay-out Ratio itself doesn't have a relationship with the stock price, the Dividend Yield of the company has a significant relationship with Share Price. Mixed results have been witnessed in result of data analysis from control variables. Although Leverage showed a significant relationship with the dependent variable when all companies were assessed altogether, it did not show any significance individually when the connections were analysed separately within public and private companies. On the other hand, Growth did not establish a significant relationship with share price volatility in the complete result; it had a significant one in the private companies' works. The study supports the fact that dividend policy does not necessarily have significance in determining share price changes for a sample of firms listed on the Pakistan Stock Exchange.
Even though the GmbH is an established legal entity that has remained (largely) unchanged for over a century, recent abuses and the pressure of foreign competition has caused the German government to ...propose significant changes. While not opting for a fundamental and groundbreaking reform, it has put forward a number of smaller modifications that will change the face of the GmbH.
Many have studied the effects of different lifestyles on disease, mortality or risk factors for a disease, but little is known about how behaviour is changed in the population. We studied the need ...for counselling and its effect on willingness and ability to change lifestyle, and subsequent changes in CHD risk factors. All 152 male employees in a computer company, 25–45 years of age, were invited to participate. Subjects were randomized into an intervention group (I-group) and a control group. The I-group was divided into subgroups based on baseline behaviour and risk factor status. Changes were evaluated after 1 year. After an initial health examination, participants from the I-group were counselled at baseline and after 5 months. Eighty-five (56%) males participated. Twenty-nine were assigned to a control group and 56 to an intervention group (I-group) (dropout=8). An exercise group (E-group) was advised to exercise aerobically three times/week, a diet group to reduce the intake of saturated fat and increase fish products, and smokers to quit smoking. Forty subjects were recommended one or more behavioural changes and eight had no need. Thirty-four were willing to make behavioural changes. Compared to the control group, the fitness level increased (
P<0.01) and body weight decreased in the I-group (
P<0.05). It may be concluded that individual counselling promotes regular exercise with subsequent improvements in CHD risk factors. The diet- and smoking counselling models were less successful in terms of adherence.
The author highlights the pivotal role of justice in flexible and simple corporate law. He focuses on the significance of the notion of reasonableness and fairness in corporate law and on the way in ...which the fundamental rights embodied in the European Convention on Human Rights influence the relations between the shareholders within a company. He is of the opinion that reasonableness, fairness and fundamental rights will remain lasting elements of Dutch company law. A consequence of this trend is that courts will play a pivotal role in corporate law.
Provider: - Institution: CSC – Archivio Nazionale Cinema Impresa - Data provided by Europeana Collections- The film acknowledges the advancements in modern naval engineering and sailing by showing ...the manufacturing process of the boat engines from the Fiat industrial plants in Turin to the Taormina harbour in Sicily.- Attraverso le immagini d'epoca e quelle girate negli stabilimenti Grandi Motori Fiat, il film racconta un storia dei motori per la navigazione, dagli albori fino ai giorni nostri: con interessanti riferimenti al passato vengono descritti i vecchi sistemi di navigazione, le fasi della produzione con varie leghe metalliche per motori a turbine, vapore, diesel, dai piccoli scafi ai transatlantici.- All metadata published by Europeana are available free of restriction under the Creative Commons CC0 1.0 Universal Public Domain Dedication. However, Europeana requests that you actively acknowledge and give attribution to all metadata sources including Europeana
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