|
|
Say on pay in foreign legal regulation and in Czech Capital Market Undertakings Act
Krejčiřík, Tomáš ; Hurychová, Klára (advisor) ; Flídr, Jan (referee)
1 Say on pay in foreign legal regulation and in Czech Capital Market Undertakings Act Abstract Say on pay is a legal instrument for shareholders to influence and control executive remuneration in companies. This is done primarily through voting at general meetings, where companies seek shareholder approval when establishing remuneration. The Say on pay system, which is based on aligning the interests of the company, the shareholders and the directors, thus provides a formal mechanism for shareholders to express their views and preferences on executive remuneration. This thesis provides a comprehensive view of the EU Say on pay regulation for listed companies and begins with a historical overview of its development in Europe. It thoroughly describes the legal requirements imposed by the EU Directive and maps out in detail the obligations regarding transparency and shareholder engagement in executive remuneration matters. It then examines the process of implementing the EU Directive into national legal systems, focusing on the approaches of the Czech Republic and France. It examines in detail the legal frameworks of both countries and highlights the differences in their implementation of Say on pay regulation. For a comprehensive overview of the regulation, it is necessary to explain the legal requirements...
|
|
|
Financial Crime and Punishment: A Meta-Analysis
de Batz, L. ; Kočenda, Evžen
We examine how the publication of intentional financial crimes committed by listed firms is interpreted by financial markets, using a systematic and quantitative review of existing empirical studies. Specifically, we conduct a meta-regression analysis and investigate the extent and nature of the impact that the publication of financial misconducts exerts on stock returns. We survey 111 studies, published between 1978 and 2020, with a total of 439 estimates from event studies. Our key finding is that the average abnormal returns calculated from this empirical literature are affected by a negative publication selection bias. Still, after controlling for this bias, our meta-analysis indicates that publications of financial crimes are followed by statistically significant negative abnormal returns, which suggests the existence of an informational effect. Finally, the MRA results demonstrate that crimes committed in common law countries, alleged crimes, and accounting crimes carry particularly weighty information for market participants. The results call for more transparency on side of enforcers along enforcement procedures, to foster timely and proportionate market reactions and support efficient markets.
|
|
|
Final Accounts in concrete corporation according to Czech accounting law and IAS/IFRS
HANZLOVSKÝ, Ctibor
In the recent decades was the main priority in accounting area convergence between Czech and EU accounting legislative. This process proceeds later on. There is broad agreement among professional accountants on the need to improve the comparability of financial statement on the basis of IAS/IFRS. Nowadays there is accounting process which includes a series of activities that begins with a transaction and ends with the closing of the books and making out financial statements, and this is nowadays already very similar in both type of accounting systems because of basis on similar generally accepted accounting principles. Recently member states of EU try also introduce national legislation to require IAS to be applied to unlisted companies and individual company financial statements. In spite of the recent harmonizing of accounting it still maintain the differences. The aim of this bachelors essay is to find out some differences that still exist. In Czech Republic there are not still enough benefits for companies to move towards IAS. There are high costs of capital and high costs of implementation IAS. International Accounting Standards Board published in 2007 the exposure draft of the proposed International Financial Reporting Standard for Small and Medium {--} sized Entities. This document prepare proposals of the standards for private entities, the entities that are small and medium sized and that are not listed companies. This is the road map that pointed to the right direction and will be useful for unification and harmonization of accounting rules.
|
guest ::
