FIN903S Corporate Governance

Obchodně podnikatelská fakulta v Karviné
zima 2008
Rozsah
1/2/0. 5 kr. Ukončení: z.
Garance
Ing. Michaela Roubíčková, Ph.D.
Katedra financí a účetnictví – Obchodně podnikatelská fakulta v Karviné
Omezení zápisu do předmětu
Předmět je otevřen studentům libovolného oboru.
Cíle předmětu
The goal of the course is to explain basic features of corporate governance. It covers topics as a conception of corporate governance, models of corporate governance (system functioning in USA, Great Britain, Germany and Japan), dividend policy and capital structure.
Osnova
  • 1. Definition of the corporation.
    Conception and definition of the organization forms of the firm, the factors of the corporation creation, advantages and disadvantages of corporation, definition of the public and closed corporation, legal regulations of the corporations in selected countries (especially in EU), concern and holding.

    2. Microeconomics excursion, differences in approach of neoclassical theory of the firm and institutional economics.
    The view of traditional neoclassical theory of the firm and neoinstitutional economics, agency conflict and agency costs.

    3. Conception of corporate governance, its signification, determination of financial systems and differences in contractual relations.
    Control oriented finance, arm's-lenght finance, contract incompleteness.

    4. Models of corporate governance.
    Outsider system, insider system, advantages and disadvantages, stockholder value theory, shareholder value theory, control and regulation mechanisms in corporate governance models (corporate law, antitrust law, law for regulation of acquisitions an mergers, etc.). System functioning in USA, Great Britain, Germany and Japan.

    5. The role of the capital markets in corporate governance.
    Definition of takeover, acquisition and merger, ways of the hostile takeover and defense against takeover, advantages and disadvantages of takeover.

    6. The role of the banks in corporate governance.
    Legal restriction of investments in chosen countries, roles of banks in corporate governance, pro-and-con of banks acting like active investors, other types of institutional investors and their impact on corporate governance.

    7. The theory of the capital structure and determination of the optimal capital structure.
    The most important theoretical views on capital structure. Definition of optimal capital structure in different types of corporations, models of corporate financing in chosen countries.
    8. Dividend policy and its signification.
    Dividend policy as a compromise between retained earnings and cash pay-out. Theory of dividend policy, its genesis. Dividend irrelevance and relevance school.
    9. Dividend policy in practice.
    Types of dividend policy. Dividends and their classification. Dividend pay-out procedures: examples in USA, Germany and Czech Rep. Re-purchasing of shares as an alternative to dividend policy. Types of re-purchasing of shares. Effect of re-purchasing of shares. Dividend re-investment plan.
    10. Specificity of corporate governance in the Czech Republic
    Analysis of financing and corporate governance of joint-stock companies in the Czech Rep. Factors influencing capital structure and dividend policy of joint-stock companies. Problems by exercising of ownership rights, voucher privatization and its impact on ownership structure, opinions of economic theory and practice on current entrepreneur environment and improvement suggestions

Literatura
    povinná literatura
  • Časopisecké články z The Economis. info
  • BREALEY, RA., MYERS, SL. Teorie a praxe firemních financí. Praha: Victoria Publishing, 1992. info
Informace učitele
2 classworks, coursework, test
Další komentáře
Předmět je dovoleno ukončit i mimo zkouškové období.
Předmět je zařazen také v obdobích zima 1990, léto 1991, zima 1991, léto 1992, zima 1992, léto 1993, zima 1993, léto 1994, zima 1994, léto 1995, zima 1995, léto 1996, zima 1996, léto 1997, zima 1997, léto 1998, zima 1998, léto 1999, zima 1999, léto 2000, zima 2000, léto 2001, zima 2001, léto 2002, zima 2002, léto 2003, zima 2003, léto 2004, zima 2004, léto 2005, zima 2005, léto 2006, zima 2006, léto 2007, zima 2007, léto 2008, zima 2009.