The system of financing sports clubs in the Republic of Croatia is the closest to a mixed model in which the main sources of financing are: budget funds and the economy. It is an indisputable fact ...that professional sports clubs in the Republic of Croatia from the beginning of the 1990s until today have actually relied mainly on city administrations and majority state-owned companies in terms of funding. In the total revenue structure of all major sports clubs in Croatia, all other revenues including the private sector, TV rights, ticket revenues, revenues from own marketing, were extremely small and in fact such an inadequate revenue structure of almost all clubs created “dependent clubs” that have become existentially addicted to public money in the case of non-commercial sports, or in the case of football addicted to UEFA revenues or player transfers which in turn have great variability. The paper examines and proves that the greatest impact on reducing financial risk in business have their own revenues generated by sports teams in Croatia. All the funds they receive from the budget or from sponsors from the economy are not enough to reduce the risk and the club to operate without difficulty.
Türkiye adopted a new regime on bearer share certificates to comply with the Recommendations of the Financial Action Task Force on money laundering by promulgating the Law on Preventing Financing of ...Proliferation of Mass Destruction Weapons on 31 December 2020. This new law does not prohibit the issuance of bearer share certificates but ends the anonymity of the holders. According to the new law, the holders of bearer share certificates shall be registered in a centralized registry. In case of transfer of the certificates, the new holder must also be registered in the registry. In this paper, I will first give brief information on shares in Turkish law. Subsequently, I will explain the new system prescribed by the Law on Preventing Financing of Proliferation of Mass Destruction Weapons.
The realization of fundamental human rights and freedoms guaranteed by the Constitution of the Republic of Croatia and international treaties is inconceivable without the establishment, organization ...and performance of activities or services which are considered to be of general social interest. Such activities may or may not be market-oriented. Market-oriented activities are those whose performance is aimed at making a profit or economically assessable benefits, while if this is not the case, the activity is considered non-market-oriented. Market-oriented activities of general social interest are most often performed by institutions and capital companies. The paper discusses the internal and external relations of these legal entities, in particular their structure, management, management supervision, assets, liability for obligations, and representation. Joint stock companies and limited liability companies are considered in contrast with “ordinary” and public institutions. After comparing these types of legal entities, an attempt is made at answering the fundamental question: which legal form is more appropriate for performing market-oriented activities of general social interest?
Osmanlı Devleti’nin son döneminde faaliyet gösteren anonim şirketlerden biri 1912 yılında İstanbul’da kurulan “Dersaadet Birinci Osmanlı Numune-i Terakki-i Ziraat Anonim Şirketi”dir. Şirketin temel ...amacı dönemin fenni usullerini kullanarak ziraat ve hayvancılık sektörlerinde çalışmalar yapmak, bu sektörlere dair pratik eğitim vermek, yurtiçi ve yurt dışı gelişmeleri aktararak yayılmasını sağlamak, yerlileşme konusunda toplumsal bilinci güçlendirmek ve ülkenin ekonomisine ve terakkisine katkıda bulunmaktı. Şirket, projelerini hayata geçirmek için numune bir çiftlik kurmayı düşünmüş, bunun için ideal mekân olarak Yalova’da bulunan Baltacı Çiftliği’ni seçmiştir. Maliye Nezareti’yle yapılan anlaşmaya göre çiftlik, şirket tarafından yedi yıllığına kiralanmakla birlikte hükümet bu sürenin elli yıla çıkarılabileceğini bildirmiştir. Fakat çiftlik civarında iskân edilmiş olan ve bu toprakların bir kısmında tarım yapan Dağıstan muhacirleriyle ve çevre köylerde yaşayan ahaliyle bazı anlaşmazlıklar vuku bulmuştur. Bu konuda hassas davranan hükümet, ahali ve muhacirlerin mağduriyete uğramaması için anlaşmaya bazı maddeler ilave etmiştir. Çalışma, günümüz literatüründe hakkında fazla bilgi bulunmayan Dersaadet Birinci Osmanlı Numune-i Terakki-i Ziraat Anonim Şirketi’nin kuruluş amacını ve hedeflerini, şirketin Baltacı Çiftliği’ni kiralama ve işletme safhalarını Osmanlı arşiv belgelerinden faydalanarak ele almaktadır. Her ne kadar şirketin planladığı faaliyetler uygulanamamış olsa da 20. yüzyılın başlarında ziraat ve hayvancılık konusunda teşebbüste bulunan yerli bir ziraat şirketinin amacı, hedefleri ve iktisadi faaliyetlere yaklaşımının ortaya koyulması kanaatimizce tarih yazımı için değerli bilgiler sunmaktadır. Çalışma, böylece Osmanlı Devleti’nin son dönemindeki şirketleşme çabalarının anlaşılmasına katkı sunmayı hedeflemektedir.
Purpose> The purpose of this study primarily is to investigate the heterogeneous effect of leverage on performance of the listed nonfinancial joint stock companies in Bangladesh. ...Design/methodology/approach> A large panel sample of 165 listed nonfinancial firms under different industries of Bangladesh studied for the period 2007–2016 employing the dynamic panel approaches, namely, differenced generalized method of moments (GMM) and system GMM. The asymmetric relationship between leverage and performance is also examined by quantile regression approach. Findings> GMM showed that the leverage indicators have the negative impact on the performance of the firms in terms of return on equity and return on asset while the quantile regressions revealed the heterogeneous relationship between leverage and profitability. It showed that greater negative impact of leverage on performance in high-profitable firms than low-profitable firms. Research limitations/implications> The study is confined to only the listed nonfinancial joint-stock companies of Bangladesh. Practical implications> The asymmetric relationship between leverage and financial performance identified in this study would be the helpful tool for financial managers for optimal capital structure decisions. Originality/value> This is one of the first in-depth attempts to find the nonlinear heterogeneous effect of leverage on firms' performance.
Specific issues of the correlation of mandatory nature and discretionary nature of shareholders legal relations’ regulation have been researched. Based on the analysis of the legislation of Ukraine ...and other countries, the author has paid attention to the fact that priority should be given to their imperative provision in the framework of shareholders legal relations.
The conclusion of a shareholders’ agreement is an example of applying the principle of discretionary nature, when the shareholders of one company independently choose the particular model of behavior for the implementation of their corporate rights. Such rights, in their opinion, are the most effective for corporate interests’ settlement. However, while implementing this principle, it is necessary to observe the limits set by mandatory corporate norms.
Shareholders’ agreement under national law is secondary in regard to the charter of a joint-stock company within the limits of mandatory-discretionary regulation of shareholders relations. Such an agreement as a form of manifestation of the discretionary regulation of shareholders relations cannot regulate those social relations that are mandatory regulated by the current legislation. It must comply with the requirements of the legislation, as well as with the by-laws adopted for their itemization.
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