Capital Companies Research Articles

The impact of innovation and differentiation strategy on financial performance with emphasis on the role of risk management and intellectual capital

Purpose The purpose of this study is to investigate the impact of innovation and differentiation strategy on financial performance with a focus on the role of risk management and intellectual capital of companies listed on the Tehran Stock Exchange. Design/methodology/approach In this research, differentiation and innovation strategy criteria are the independent variables, performance criteria are the dependent variables and risk management effectiveness and intellectual capital are the moderating variables. The statistical population of this research includes all the companies listed in the Tehran Stock Exchange during the 10-year period, and 127 companies were selected as a statistical sample using the systematic elimination method. The research model fitting and hypothesis testing were carried out using structural equation modeling and SPSS, Smart PLS software. Findings The results of the hypothesis testing showed a positive and significant relationship between the innovation and differentiation strategy and the firm performance. In addition, effective management of risk and intellectual capital also had a significant and positive impact on this relationship. Research limitations/implications Given that this research was conducted at the Tehran Stock Exchange, it was difficult for the researchers to collect data. Also, since the Tehran Stock Exchange is a new market, a lot of research needs to be done in different areas of this market to identify the existing problems and shortcomings and to provide reasons for its growth and development. Practical implications According to the results of the research on the impact of intellectual capital and risk management on corporate performance and the impact of strategy on this relationship, this paper can expect to see an improvement in corporate performance and an increase in shareholder wealth as a result of applying the results of this research. Social implications Considering that corporate strategy, intellectual capital criteria and risk management to increase the financial performance of companies have informational content; therefore, according to the results of this research, an increase in the performance of listed companies is expected, and naturally, this increase in performance will lead to the prosperity of the economic sector, increase in job creation and as a result, improve the quality of social life. Originality/value In the Tehran Stock Exchange, by properly evaluating the financial performance criteria of companies and identifying the factors that increase intellectual capital and risk management, they provide the means to improve knowledge in this area of research.

Decent Work as An Impact Factor on The Human Capital of Companies in Tulancingo, Hidalgo

Objective: This study analyzes the elements that influence decent work in companies in Tulancingo, Hidalgo. This is because currently the personnel working in organizations infer that they do not have a decent job, due to the fact that there is no pleasant work environment, communication is not usually adequate, in addition to the fact that they do not provide training to perform their functions, which impacts on not having economic and job stability. With the results of this research, we intend to identify and relate the factors that impact human capital when having a decent job. Theoretical Framework: The study analyses related aspects of decent work, human capital and decent work, as well as human capital and decent work, the impact of decent work on social economic development, challenges in the implementation of decent work, aspects such as employment, social protection and labour rights. Design/Methodology/Approach: The methodology used in this research was a quantitative approach, with a total of 383 people from companies in the Tulancingo region, Hidalgo, considering the different sectors, in such a way as to obtain information corresponding to the variables of: employment, social protection, labor rights and social dialogue; which allowed to identify the most relevant elements that impact decent work. Findings: A measurement instrument was used that includes three dimensions of decent work, with a sample of 383 people. Among the results obtained, 53% feel comfortable in their workplace; however, only 42% feel identified with the company. This is related to working conditions, since 33% of people do not have the materials and supplies that allow them to carry out their work effectively, in addition to the fact that the workload is extreme and tiring. Social Impact: The identification of factors that influence decent work will be very useful for companies in Tulancingo, Hidalgo, because strategies can be implemented to have a better work environment, in such a way that operational efficiency is achieved within the different companies, achieving the participation of the members that make it up and having better results by meeting organizational objectives. Originality/Value: This research paper shows how social protection, labor rights and social dialogue impact employability and decent work in companies in Tulancingo, Hidalgo. The identification of factors will be of great relevance not only for organizations, but also for the personnel who work in them and contribute to their performance.

ANALYSIS OF THE APPLICATION OF ISLAMIC BUSINESS ETHICS (CASE STUDY OF LOPO MANDHELING COFFEE PANYABUNGAN MANDAILING NATAL)

Purpose: This research aims to examine how the Islamic business ethics present at Lopo Mandheling Coffee align with Islamic business ethics, in which the author conducts a study titled “Analysis of the Implementation of Islamic Business Ethics at Lopo Mandheling Coffee Panyabungan Mandailing Natal.” Methodology: The method used is a qualitative approach. At Lopo Mandheling Coffee, good Islamic business ethics have been implemented in accordance with the principles of unity, balance, free will, and responsibility. Results: It can be concluded that Lopo Mandheling Coffee has implemented Islamic business ethics as a competitive advantage. It is as if we have implemented the obligation of performing the five daily prayers, providing assistance and support to orphans as a form of social and environmental concern, as well as responsibility. Limitations : The author's suggestion is that Lopo Mandheling Coffee Panyabungan is expected to remain steadfast in applying the principles of Islamic business ethics, improve the quantity and quality of Human Resource management, and enhance the company's capital by seeking investors. Contribution : Islamic-based business ethics must be applied in today's highly competitive business environment. Keywords: Islamic Business Ethics; Application; Lopo Mandheling Coffee Panyabungan.

Relationship between return on invested capital and market value of oil and gas companies

Subject. The article addresses approaches and methods to calculate the rate of return (profitability) on invested capital of oil and gas companies based on financial statements, taking into account the stock market conditions. Objectives. The study aims at reconciliation (elimination of gaps) of market value indicators and financial indicators of oil and gas companies, using the economic value added model. Methods. We apply methods of forecasting, financial and factor analysis, and statistical methods on the basis of financial statements figures of the studied companies. Results. We analyzed the dynamics of profitability indicators and cost of invested capital for oil and gas companies in comparison with their market capitalization for 2015–2022, identified key factors influencing changes in ROIC, offered an adjusted approach to calculating the indicator, including the initial cost of invested capital. We tested the methodology and provided explanation of its practical significance, using the case of historical financial data and market capitalization of ExxonMobil. Conclusions. The study enabled to confirm the hypothesis that it is necessary to calculate the cost of fixed assets by the amount of total actual investments, net of accumulated revaluations to calculate the return on invested capital. In the numerator of the formula for this indicator, it is advisable to use profit before interest expenses, depreciation, income tax, and exploration, less investments to maintain current assets, and in the denominator – invested capital net of cash, current and non-current non-debt liabilities.

Predicting Market Capitalization of Large Global Companies using Ordinary Least Square, Feedforward and Bayesian Neural Network Models

Predicting Market Capitalization of Large Global Companies using Ordinary Least Square, Feedforward and Bayesian Neural Network Models

Analysis of Motivation and Financial Effects of Stock Repurchase by Listed Companies Based on Tencent Holdings

With the gradual improvement of various systems in China's securities market, the advantages of stock buybacks have emerged, and the research object of this paper is the stock buyback event of Tencent Holdings in 2022. Through a comparative study of the financial data of Tencent Holdings, it is found that the motivation of Tencent Holdings' share repurchase includes (mainly potential motivation) the following, i.e., to improve the stock price, to improve the earnings per share, to optimize the capital structure of the enterprise, and to make full use of the cash flow. Tencent Holdings attempts to signal to investors that the company's share price is severely undervalued through share repurchases, attracting the attention of market investors, stabilizing and enhancing the share price, and increasing the overall market value of the enterprise. After analyzing the relevant financial indicators, this paper finds that share buybacks have no impact on Tencent Holdings' good solvency and profitability, which can enhance its operating capacity, and have not affected its shareholding structure. Against this background, this paper focuses on the motivation of Tencent Holdings' large-scale share buybacks on the Hong Kong Stock Exchange, as well as the chain reaction after the buybacks, and whether it can bring a positive financial effect to the enterprise is of significant significance to the maintenance of the listed company's market capitalization.

Identification of Criteria in the Integrated Reports of Brazilian Mixed Capital Companies: A Documentary Research for the Evaluation of Sustainable Performance

Objective: The objective of this study is to investigate and gather, through documentary research, the common criteria in the Integrated Reports of mixed capital companies, specifically financial institutions, for the period from 2020 to 2022. Theoretical Framework: This section presents the main concepts and theories that support the research, divided into: Accountability Unit, Mixed Capital Companies, and Integrated Reporting. These topics will serve as the foundation for understanding the research question and for supporting the study’s findings. Methodology: The methodology of this study involved a documentary research of the integrated reports published on the Federal Court of Accounts website and on the organizations' websites. First, the companies were selected, and then the integrated reports were gathered for analysis. Subsequently, the common criteria in the reports from 2020 to 2022 were identified. Analysis and Discussion of Results: The analysis of the Integrated Reports of Brazilian mixed capital companies, specifically financial institutions, for the years 2020 to 2022, revealed several common criteria used by these organizations in preparing their reports. As a result, the analysis showed that the most common criteria among mixed capital companies are related to General Contents, Economic Performance, Materials, Energy, Employment, Training and Education, and Diversity and Equal Opportunities. Research Implications: The implication of the research lies in the fact that the criteria identified through the analysis will serve as a foundation for other studies aimed at developing a multicriteria decision-making method, through group decision-making, capable of evaluating the sustainable performance of mixed capital companies. Originality/Value: The originality and value of this research lie in the identification of common criteria in the Integrated Reports of mixed capital companies, specifically financial institutions, between 2020 and 2022. This detailed analysis not only reveals significant patterns but also establishes a solid foundation for the development of multicriteria decision-making methods. This will facilitate the evaluation of the sustainable performance of these organizations, significantly contributing to the literature and providing new tools for researchers and professionals in the fields of sustainability and corporate transparency.

The Investment Evaluation Standards and Process of Venture Capital Industry in Taiwan: Taking T Venture Capital Company as an Example

Abstract The venture capital industry is characterized by high risk and high reward, demanding sharp market insight and strong assessment capabilities. This article examines the evaluation criteria used by T Venture Capital Company in selecting investment targets, offering a reference for the industry. The study utilizes a case study method, focusing on an experienced venture capital firm identified through the Taiwan Venture Capital Association's 2022 roster. Key findings from interviews and document analysis highlight five main criteria used by T Company: 1. Adjusting evaluation based on the investment stage and industry specifics. 2. Focusing on the entrepreneurial team’s background, skills, passion, and vision. 3. Prioritizing technological innovation and business model sustainability. 4. Ensuring a clear exit strategy with ongoing communication. 5. Conducting thorough due diligence for sound investment decisions. The study reveals that T Company relies on a mix of data, judgment, and flexibility in its decision-making process, adapting to each unique situation. Keywords: Venture Capital, Evaluation Criteria, Entrepreneurial Team, Technological Innovation, Due Diligence.

A Study of the Capital Structure Characteristics Across Diverse Industries

The matter of how a company's capital is structured is frequently discussed in literature related to this topic since 1950s. Nevertheless, theories on optimal capital structure are categorized into different approaches, with their features often controversial and conflicting. The aim of this article is to provide a comprehensive review of the characteristics as well as determinants of the capital structure in capital-intensive, labor-intensive, and tech & healthcare industries in different countries, based on two main theories in capital structure- pecking order theory and static trade-off theory. The paper also highlights the important relationship between financial leverage and the companys performance and therefore tries to find the optimal capital structure. The study is composed of two main sections. The first part is to organize the previous study and various definitions of capital structure and some relevant theories. The second part shows how features of the leverage ratio vary across industries and how companies create value out of it. This paper proposes, after examining previous literature, that the factors influencing the optimal capital structure vary among companies depending on their characteristics. Companies in various sectors have their preferences to make the most use of debt and equity. It is hard to generalize a specific optimal ratio that suits every corporation.

The Influence of the Composition of a Company's Capital on Financial Performance

In the aftermath of a pandemic, companies struggle with survival and expansion issues. Companies are increasingly paying attention to their capital structure, which is vital for competitiveness, profitability, and financial stability. This paper looks at how long-term debt ratio (LTDR) and short-term debt ratio (STDR) affect return on equity (ROE) and return on assets (ROA). This paper wants to untangle the complex interactions among the financial profiles of S&P 500 firms covering the years 2010 to 2023. The findings suggest that while STDR adversely influences both, OLS regression shows LTDR's favorable relationship to ROA and ROE. Including firm size and liquidity (LQDT) improves the model's explaining ability. In the post-crisis age, financial stability and performance improvement depend on strategic capital structure decisions. Considering all factors, this article contributes to the ongoing discussion by examining how enhancing capital structures can boost businesses' resilience and performance in the wake of global events.

MANAGEMENT OF EXCELLENCE IN A COOPERATIVE OF URBAN TRANSPORT OPERATORS

The urban mobility systems of municipalities are made up of various transport, passenger and freight services and subsystems. The mode of public passenger transport, the main one, in many cases, is operated by buses belonging to urban transport companies, and by the complementary service, operated by small vehicles. The great challenge of this format is to establish the corporate culture in the associations of operators of small vehicles, accustomed to an almost artisanal model, practically an extension of the informal or clandestine operation previously carried out. This challenge can be overcome through the actions of the Government, encouraging the formation of cooperatives, formed by these permittees. It must be considered that a cooperative has different specificities from a capital company. The management bodies of transport systems should encourage the assimilation of the management culture, more precisely the Management ® Excellence Model, which is desirable for cooperatives to have the necessary conditions to operate properly in transport systems. Hence, the general objective of this work is to provide the technical, economic, financial and structural conditions for cooperatives to have sustainability as an economic activity. The methodology used was based on an empirical, inductive and exploratory study, with the presentation of a strategic business management model. With this, it is intended to establish a management model to be followed by any entity that has delegation of operation by the Government, which, without a doubt, will constitute a great innovation in the institutional relationship with these individual operators

Shares owned by a limited liability company : grounds and consequences

The object of the study is the legal facts that lead to the emergence of rights to a share in the authorized capital of a limited liability company (hereinafter referred to as the company). The author examines the consequences of the appearance of a share owned by the company. The legislation provides for two types of shares in the authorized capital of the company, which can exist simultaneously. The first type arises as a result of payment by the participant of the authorized capital, which in return for the contributed property receives an indefinite right of participation. It is this right that is hidden behind the share owned by the participant. The second type has a derivative character and arises from the decisions of the supreme governing body or the behavior of the participant and belongs to the company throughout the year. The purpose of the work is to develop and construct new theoretical provisions on the grounds for the emergence and consequences of a share owned by the company. Research objectives: to determine the legal facts of the emergence of rights to a share in the authorized capital of the company, to systematize and classify the grounds for their occurrence and consequences. The following methods were used in conducting a study: permissive regulation, normativism, general contexts of a philosophical and legal nature and national law and order. The science of civil law is closely related to legal regulation, therefore, the doctrinal understanding of some constructions affects the consolidation of certain categories in the rule of law. This is exactly the category of the share owned by the company. It was found that the constructions associated with the transfer or acquisition by the company of rights to a share in its authorized capital are a legal fiction. The grounds for the emergence of a share owned by the company were classified, depending on the will of the latter: the first group consists of bilateral reimbursable transactions, and the second - two unilateral transactions. In both cases, the consequences are the same - the corporate legal relations arising from the right of participation and binding between the company and the participant are terminated. Three options for the sale of the share owned by the company were identified: the division of the former participant's right of participation among the remaining ones, sale to a predetermined buyer and repayment with a simultaneous decrease in the authorized capital and an increase in the size of the participants' shares while maintaining their nominal value.

Kajian Sosial Ekonomi Pelaku Usaha Pada Objek Wisata Bukit Kasih Kanonang Kabupaten Minahasa

The sub-focus of this research is on the conditions of visits to tourist sites, the socio-economic conditions of business actors, and the educational background of business actors. This research seeks to determine the socio-economic conditions of business actors in the Bukit Kasih area. Kanonang tourism is an object. This study uses a qualitative descriptive methodology with observation, interviews, and documentation as data collection tools. These findings show how labor affects the income of Bukit Kasih business actors, which fell during the COVID-19 pandemic. The size of the income earned by Bukit Kasih entrepreneurs is influenced by the company's capital. The income of Bukit Kasih business actors has dropped significantly since the outbreak of the pandemic in early 2019. Business actors generally lack business management skills.

Financial Performance and Shares of PT Bukit Uluwatu Villa TBK Before, During and After The Covid-19 Pancemic

Financial Performance of PT Bukit Uluwatu Villa Tbk was not healthy before the Covid-19 Pandemic, its performance got worse with the Covid-19 Pandemic and its performance only improved after new investors entered by putting in additional capital in the second year after the Covid-19 Pandemic ended. It is estimated that as tourism returns to normal, its financial performance will improve and its financial ratios will become healthier. Unhealthy financial performance results in a decline in the company's share price, and as a result the company's market capitalization value also declines. Improving financial performance by improving the capital structure and increasing sales as well as making efficiencies in the company's operational aspects. Improving financial performance will certainly boost the increase in share prices which have been slumping. Promotion/marketing strategies to increase sales should still pay attention to sustainability (sustainable green tourism marketing) in order to reduce (minimise) the negative effects of tourism on people's lives. Keywords: Covid-19 Pandemic, Tourism, Financial Performance, Share Performance, Financial Ratios

Determinants of stock return in 10 biggest market capitalization on the Indonesian stock exchange

Several research results on the capital market in Indonesia fall into the category of market efficiency in the weak form, so the results of previous research do not reflect the theory of capital market efficiency in the strong form. The purpose of this research is to analyze and answer the existence of inconsistencies in the results of previous research as well as the phenomenon of stock returns which are not as described in capital market theory in strong form. This is what prompted researchers to do it again using different time series and cross-sectional data. This type of research is quantitative descriptive with a panel data multiple regression analysis method using 10 sample companies that are members of 50 large capitalization companies for 7 years. This research formula is to maximize the Stock Return value through leverage as an intervening variable using research objects of companies on the Indonesia Stock Exchange. Two research models are integrated into one and each goes through a model selection test stage, namely the Chow Test, Hausman Test, and Lagrange Multiplier Test using the eviews12 application. The results of this research explain that increasing ROA can have an impact on reducing Leverage (DER) and through DER it can explain the impact on Stock Returns, but ROA cannot directly explain Stock Returns. It is hoped that these results can help as a guide for investors to get maximum Stock Returns.

Legal regime of a share in the charter capital of a limited liability company

Based on the analysis of Ukrainian legislation and legal doctrine, the article examines the legal regime of a share in the authorised capital of a limited liability company. The necessity of considering a share in the authorized capital in two senses is substantiated: economic and legal. According to the first meaning, such a share expresses a part of the value of the company’s property and gives a person the opportunity to dispose of the company's capital (assets). However, from a legal point of view, there is an insurmountable obstacle to this understanding – the status of a limited liability company as an independent participant in civil relations, which owns such property, and property separation is one of the features that characterises it. The opinion that a share in the authorised capital of a limited liability company does not coincide with the concepts of “corporate rights” or “property rights” is supported, it is an independent tradable object, but with a specific legal regime, in particular, it cannot be the object of other limited property rights, but it is such a share (and not corporate rights) that can be the object of property rights. It has been proved that: 1) the legal nature of a share should be characterised through the legal nature of the powers of a limited liability company participant; 2) such powers constitute a single and indivisible set of corporate rights which are recognised as a separate category of rights, along with obligatory and property rights; 3) the legal nature of corporate rights is of a comprehensive nature, which primarily consists of a combination of the principles of absoluteness and relativity; 4) the definition of a share only through the shareholder's rights is not justified, since the shareholder's rights are inextricably linked to his/her obligations; 5) a share as an object of civil rights is “other property”, not “property rights”.

Effect of Companies Senior Personnel Gender Differences on Company Capital Structure

Previous researches have analyzed the effect of gender diversity toward financial performance toward the companies. This article aims to analyze the effect of gender situation toward capital structure on the whole A shares companies. The data mainly contain gender ratio of senior executives, gender of board of directors, firm size, industries classification, number of people on board, and of total remuneration of the top three directors. The previous two variables are the core explaining variable. The period is from 2010 to 2019 and the frequency is yearly. The OLS pooled regression and fixed effect model are chosen to analyzed. The results are not totally consistent with previous research suggesting the increase of female on the board, that is, increase gender diversity would definitely improve capital structure. The female board of directors will indeed make less debt financing compared with male board of directors. However, the female ratio in the senior executives is usually positively related with the D/E ratio. The possible reason is the overall conservative attitude of female can help them avoid overconfidence bias when using debt financing, and thus loan less debt and make the D/E be lower. However, on the other hands, it also makes female be too afraid of the lack of cash flow and may make more loan. Other parts of the results focusing on the control variable are consistent with previous researches and can be explained by classical financial theory.

Liability of Former Members of the Management Board ofCapital Companies for Public Law Obligations

The article concerns the complex and multifaceted issue of financial liability of former members of the managementboards of capital companies for the company’s obligations, especially in the context of tax liabilities. Thereis a complexity resulting from intertwined legal regulations contained in the Commercial Companies Code andthe Tax Ordinance. Key issues discussed in the text include: the compensatory nature of liability, differencesbetween the treatment of civil and tax liabilities, and specific legal situations arising from both mistakes and intentionalactions of the management board in the context of obligations. Particular attention was paid to the judgmentof the Constitutional Tribunal, which considered the liability of a former board member and the possibilityof defending against creditors’ claims while simultaneously lacking access to documentation and legal tools afterleaving the position. The final question concerns the impact of this verdict on public law regulations and its applicationin the context of tax law.

DEVELOPING A BUSINESS ECOSYSTEM THROUGH DESIGN-THINKING STRATEGY

The paper examines the possibilities to apply design thinking to building an effective ecosystem model of business. We aim to consider three main areas of a company’s ecosystem business model: consumers, partners and products/services. We believe that prototyping of this business model should be carried out in these areas. We analyze the genesis of design thinking concept and consider the features of forming the ecosystem business model based on design thinking. We study the experience in forming foreign and Russian ecosystem business models, as well as the factors of its efficiency. The approaches used by the analyzed ecosystem companies is, in our opinion, a key factor of successful business in today’s conditions, characterized by increasing digitization and switching behavioral patterns of consumers from offline to online trading environment. This change in consumer behaviour has been observed for several years, but an accelerated the transition to online ecosystems has been particularly impressive during the COVID-19 pandemic and post-pandemic period. The authors argue that the use of design thinking, its methodological and instrumental approaches will allow to create integrated client-oriented proposals, as well as to form new consumer values, especially at early stages of developing ecosystem business models. The authors analyze the success in applying ecosystem business models with the help of the RUSECO index weighted by market capitalization of domestic corporations, which demonstrated stable upward dynamics up to 2022. The data provided by the authors on market capitalization of foreign ecosystem companies also support the assumption that such an approach to the creation of effective business models is advisable.

THE IMPACT OF THE MATRIMONIAL PROPERTY REGIME ON COMMERCIAL COMPANIES ACCORDING TO ALBANIAN LEGISLATION

Background: The purpose of this study is to examine the interaction between the legal discipline of matrimonial property regimes and the commercial activities of spouses that are established before or during marriage. It aims to investigate how the legal community impacts commercial companies, specifically in the hypothesis where the shareholder of the company is married. There is ongoing debate within legal circles about whether shares of a commercial company established by one spouse during marriage or acquired through a legal transaction are part of the legal community. Regarding this matter, several issues arise: whether the participation in the company's initial capital is governed by community administration rules, which is the legal nature of shares acquired by one spouse, and how the marital community regime interplays with commercial legislation. Another issue that has engaged legal doctrine is whether the spouse of a shareholder is recognised as a shareholder and can participate in the company administration. Albanian Family Code lacks specificity on shares, mainly addressing small family businesses. The study of the interaction of these two disciplines aims to assist jurisprudence because, despite some cases of the Supreme Court and the Constitutional Court in recent years, this is still a relatively new field for Albanian doctrine and jurisprudence. Methods: The research methodology adopted for this paper employs a multi-faceted approach, integrating desk research, legal analysis, case law review, and a comparative study. It encompasses an examination of relevant national legislation, as well as foreign legislation from civil law tradition countries such as France and Italy. Furthermore, European soft law, notably the principles of the European Commission of Family Law (CEFL) focusing on matrimonial property issues, has been reviewed. Our research methodology includes gathering and analysing existing studies and academic literature on matrimonial property regimes. To better understand the norms of the Family Code regarding matrimonial property regimes, we will analyse Italian and French doctrine and jurisprudence, as well as the legal systems based on which the Albanian Family Code has been drafted. It should be emphasised that while this paper’s primary aim is not solely comparative analysis, it strives to assist in better understanding and implementation of the legal community regime as the most used regime by spouses in practice. Also, a comprehensive comparative analysis has been conducted, comparing Albanian legislation and the CEFL Principles, to identify key similarities, differences, and potential areas for enhancement within legal frameworks. Moreover, the jurisprudence of both Albanian and foreign High courts has been extensively utilised to enrich the analysis and provide insights into practical applications of legal principles. Results and Conclusions: The solution to the abovementioned issues depends on the company’s legal structure and articles of participation rules and requires a combined interpretation of matrimonial property regimes and commercial law. In this combined interpretation of the rules, protecting the rights and interests of all involved subjects, the interests of the spouses and those of the commercial company as a legal entity is crucial.