Corporate Division Research Articles

On Comprehensive Succession Requirement in Qualified Corporate Division

On Comprehensive Succession Requirement in Qualified Corporate Division

Organizational complexity and innovation portfolio decisions: Evidence from a quasi-natural experiment

We examine how a firm's organizational complexity affects innovation portfolio decisions in response to a shock to innovation incentives. Using the 2013 medical device sales tax as a quasi-natural experiment, we find that firms with a complex organization structure, as proxied by organization size and multi-division structure, generate fewer radical innovations (introduction of new products) but more incremental innovations (improvements on existing products) after the tax. Multidivision firms also shift capital investment to their corporate divisions that are not affected by the tax, thereby decreasing their innovation output. Collectively, these responses cause a significant decline in the radical innovation output of the industry in aggregate. We contribute to the literature by advancing the understanding of how organization structure influences managers' innovation portfolio decisions in response to economic shocks.

The Multiplicity of Performance Management Systems: Heterogeneity in Multinational Corporations and Management Sense‐Making

ABSTRACTThis field study examines the workings of multiple performance measurement systems (PMSs) used within and between a division and Headquarters (HQ) of a large European corporation. We explore how multiple PMSs arose within the multinational corporation. We first provide a first‐order analysis which explains how managers make sense of the multiplicity and show how an organization's PMSs may be subject to competing processes for control that result in varied systems, all seemingly functioning, but with different rationales and effects. We then provide a second‐order analysis based on a sense‐making perspective that highlights the importance of retrospective understandings of the organization's history and the importance of various legitimacy expectations to different parts of the multinational. Finally, we emphasize the role of social skill in sense‐making that enables the persistence of multiple systems and the absence of overt tensions and conflict within organizations.

Corporations as an Object of Research in Geography of Industry

Today, corporations play an important role in the global, national and local economy. Regardless of the business profile, degree of internationalisation or size, they participate in numerous economic processes, which is why they are the subject of research in geography of industry, especially in geography of enterprises. The main goal of the article is to review research related to corporations in Polish literature on the subject in the field of geography of industry. The author also aims at organising the concept of corporations, presenting closer their classifications, as well as indicating the place of research on corporations in geography. The preparation of the article began with a literature query, as well as an analysis of the existing data (desk research). As a result, the analysis of the concept of a corporation, various types of classifications and divisions of corporations, as well as a literature review of the subject in terms of the corporation’s research issues were made. As the research carried out indicates, in Polish literature on the issues of geography of industry, the researchers who concentrate on corporations look at the concentration of their head offices, theory and location factors, shaping processes and location of production, service and various branches, network connections, strategies implemented by corporations and their organisational forms, processes of corporation influence on international conditions for the development of domestic and regional systems and industrial enterprises, stimulation of inflow of foreign direct investment, the influence of corporations on the shaping of various industrial sectors, export relations, the role of cities in globalisation processes and the location of the corporation and their effects, as well as on corporate CSR activities.

Legal Conditions for Qualified Physical Corporate Division — Analysis of Korean Supreme Court Decision No. 2016du40986 Rendered on June 28, 2018 —

Legal Conditions for Qualified Physical Corporate Division — Analysis of Korean Supreme Court Decision No. 2016du40986 Rendered on June 28, 2018 —

Requirement of succession of employers in qualified merger & corporate division – Focusing on comparison with corporate restructuring tax regime in Japan –

Requirement of succession of employers in qualified merger & corporate division – Focusing on comparison with corporate restructuring tax regime in Japan –

ANALISIS INTERNAL CONTROL PENJUALAN PROPERTI PADA PT. CIPUTRA INTERNASIONAL

Sales is one of the important aspects for the continuity of the company, because of the company's sales earn profit, so the system and control is very important to control the sales activity. The purpose of this research is to analyze the internal control at PT. Ciputra International. Writing method in this research use Descriptive research with data collection method that is interview and observation directly. The results of this study are expected to assist and evaluate the company in the application of sales control procedures. Based on the results of research that the application of control at PT. Ciputra International has complied with generally accepted standards where authorization systems in the sales process become the main guidelines involving marketing, financial, legal, and corporate divisions that are closely interconnected so that the system will react dynamically if there is a change in the sales process. In such cases, the control of the sales process can be controlled effectively and efficiently in accordance with the provisions that become the company's procedure.Keywords: Internal Control and Sales.

The Multiplicity of Performance Management Systems: Heterogeneity in Multinational Corporations and Management Sense-Making

This field study examines the workings of multiple performance measurement systems (PMSs) used within and between a division and Headquarters (HQ) of a large European Corporation. We explore how multiple PMSs arose within the multinational corporation. We first provide a first order analysis which explains how managers make sense of the multiplicity and show how an organization’s PMSs may be subject to competing processes for control that result in varied systems, all seemingly functioning, but with different rationales and effects. We then provide a second order analysis based on a sense-making perspective that highlights the importance of retrospective understandings of the organization’s history and the importance of various legitimacy expectations to different parts of the multinational. Finally, we emphasize the role of social skill in sense-making that enables the persistence of multiple systems and the absence of overt tensions and conflict within organizations.

Um curioso às voltas com uma curiosidade historiográfica

Este artigo versa sobre um turvo episódio da história da tradução do Brasil, referente às vicissitudes de Crime e Castigo, de Dostoiévski, na primeira metade do século XX, até o lançamento da tradução de Rosário Fusco em 1949. Seu método expositivo em tom informal, discorrendo sobre dúvidas, hipóteses, raciocínios e procedimentos do personagem pesquisador até chegar a suas conclusões, pretende mostrar didaticamente algumas facetas internas e processos mentais que acompanham o trabalho de elaboração historiográfica.

Business and Translation as Power Games: the automotive industry in Brazil

A tradução realizada pelas empresas representa um paradoxo para os Estudos da Tradução. Embora a institucionalização acadêmica da disciplina e a origem de muitos centros de treinamento de tradutores estejam claramente relacionados ao movimento de globalização, a pesquisa fundamental sobre a comunicação na área econômica continua pouco desenvolvida. As múltiplas consequências (em termos econômicos, de mão de obra e de prestígio) das operações internacionais, amplamente dependentes do multilinguismo e da tradução, constituem excelentes motivos para estudar o comportamento das empresas multinacionais, principalmente quando questões de língua e de poder se encontram. Assim, esse artigo retrata a atividade da PSA Peugeot Citroën no mercado brasileiro, procurando verificar como sua estrutura de poder transparece na sua comunicação externa. Por meio de métodos descritivos, analisamos os comunicados de imprensa publicados no site corporativo brasileiro em 2013, comparando-os com aqueles publicados nos sites argentino e internacional, no intuito de verificar em que medida questões de poder podem explicar modificações textuais. A análise demonstra a autonomia da filial brasileira e as relações que constrói com outros setores da empresa. Esse estudo de caso pode ser considerado uma ilustração da maneira como a tradução nas empresas leva rapidamente a temáticas essenciais para os Estudos da Tradução.

ABOUT SEVERAL ISSUES OF PRODUCTION EVOLUTION (PRODUCTIVE PRACTICAL KNOWLEDGE) IN TERMS OF MODERN SOCIOGENETICS

Annotation:- 
 Subject. Commonly the economy determine how the science that studies socio - economic relations arising in the sphere of production. However, these relationships are formed and developed in the process of joint practical knowledge underlying the production carried out by actors who, in turn, belong to a particular socio – economic genotype, formed and functioning in the framework of the given public organization and to meet specific needs. 
 Goals. These circumstances require the need to clarify the key factor: the new productive practical cognition, the free exchange and social-economic selection in the production evolution. This work is devoted to it. Searching for this justification, we make the following conclusions: in the process of our daily economic behavior, the process of “productive” cognition and social economic variability is developing in the same manner as in the specialized corporate divisions carrying out R&D and engineering development at the professional level. From year to year, social agents form and test all the “new” “productive” cognitions (social-economic genovariations), or “unequivocal” in contrast to the previous ones (in terms of the traditionally implemented production method), or absolutely “new” which are always “absorbed” by the current production process being visually unchanged. This “heterogeneity” of the cognition process “penetrates into” the whole production in all directions and forms of their existence, combining and distributing itself according to the randomness laws and transforms the whole social-economic genotypic environment of their functioning. Localization (segregation) together with the continuous social-economic genotypic variability is the key factor of intraspecies (and interspecies) differentiation of the production and cognition. Usually, such localization takes place in space, but sometimes it occurs in time and, probably, in the existence conditions as such (social localization). 
 Methodology:
 The main methods used in the study are of analytical methods and comparative analysis of the studied naturally and social processes. 
 Results:
 The obtained results can serve as a basis of are formed the effective social organization. 
 Conclutions. The bases and developed of production - the result of the action of the laws inherent in the cognition process.

A Study on Corporate Division Disclosure Effect and Information Asymmetry

본 연구는 기업분할의 공시효과를 이사회결의일 전후 시점의 초과수익률을 이용하여 분할예정기업의 공시효과를 살펴보고, 기업분할에 따른 초과수익률의 발생과 정보유출 가능성을 기관과 개인 및 외국인투자자로 투자자유형을 구분하여 정보비대칭성에 따른 비정상초과수익률에 영향을 미치는 요인을 분석하는데 있다. 기존연구가 기업분할 공시효과에 의해 발생하는 초과수익률 발생 및 주가과잉반응 현상을 분할기업의 재무특성 변수를 이용하여 측정한 것과는 달리 본 연구는 투자주체별 거래행태를 비교분석함으로서 투자주체간 정보비대칭 또한 고려된다는 점에서 중요한 의미를 갖는다.BR 분석결과는 다음과 같이 요약된다. 첫째, 이사회결의일 이전 분할예정기업의 [-10,-1]기간과 [-5,-1]기간별 누적초과수익률은 각각 통계적으로 유의한 1.23%와 1.10% 수준이었으며, 이사회결의일 당일[t=0] 초과수익률 및 누적초과수익률이 각각 0.96%와 2.18%의 유의한 수준을 보임에 따라 기업분할이 기업구조조정수단으로서 기업가치에 긍정적인 영향을 미치고 있음을 알 수 있었다.BR 둘째, 이사회결의일 사건 일에 근접 할수록 분할예정기업의 사전정보 유출은 53.4%수준으로 기업분할정보가 주가에 선 반영되고 있었고 특히, 소속된 시장에서는 유가증권시장과 코스닥시장 각각 51.3%와 65.5%의 정보유출수준을 보여 줌으로서 해외선행연구의 정보유출 수준보다 높은 수준의 결과를 나타내주었다.BR 셋째, 이사회결의일 이전 기관은 지속적인 순매수 행태를 보이는 반면, 개인은 순매도로 인해 상대적으로 불리한 투자결과를 보여주었고, 이사회 결의일 이후 기관 및 외국인 투자자는 순매도를, 개인투자자는 지속적인 순매수 행태를 보임에 따라 기업분할정보 또한, 투자주체간 정보효과가 차이가 있는 것으로 나타났다.BR 넷째, 이사회결의일 이전 기간 동안의 거래와 사전 주가반응 간에는 투자자유형 중 기관투자자의 경우 유의한 양(+)의 값을 나타내며, 이사회결의일 전후 기간 동안의 거래와 사건일 주변 누적초과수익률간의 회귀분석결과 또한, 유의한 양(+)의 값이 확인됨에 따라 기관투자자가 기업분할정보에 대한 정보우위를 바탕으로 이사회결의일 주변 초과수익을 실현하는 것으로 나타내주었다.BR 결론적으로 이사회결의일 이전 투자자유형 중 기관투자자의 사전거래행태가 이사회결의일 사건일 주변 분할예정기업의 단기성과 및 주가과잉반응 현상에 영향을 미친다는 점과 이에 따라 실질적으로 이사회결의일 이후 분할방법에 따라 존속법인의 분할 변경등기 및 신설 법인의 설립등기 등 기업분할 절차에 소요되는 기간을 감안한다면 정보열위에 있는 개인투자자들은 투자성과 측면에서 투자 의사결정에 이러한 점을 인지할 필요가 있다.

Sub-optimal judicial guidance and conflicting regulatory objectives

What matters most is not the law on corporate division, but the fashion in which court and the regulatory agencies implement law, in association with other set of rules which may have nothing to do with corporate division. Protection of creditors and minority shareholders is rather standard. What’s peculiar in China in this field is the strong contrast between the two types of corporations: close corporations and public corporations with their shares listed and traded in the domestic A-share market in China. In terms of the volume of transaction of corporate division as well as the volume of litigations, it is extremely high for the former and close to zero for the latter. For close corporations, judicial practice matters enormously. A hotly debated legal issue is relating to an assets-specific joint and several liability created by court with respect to certain restructuring transactions, which is based upon an analogy drawn by the court with the joint and several liability in the case of corporate division. The error rate and administrative costs of such a new form of liability are both too high, resulting in costly litigations, failing the intention of the court to protect creditors’ interests. For public corporations, the apparent absence of corporate division in the market is inevitable due to sub-optimal regulation of the stock market as well as state-owned enterprises (SOEs), which are the majority of firms in this market. To permit more corporate division of public corporations would necessarily interfere with the current regimes of initial public offerings (IPOs), subject to discretely approvals by the China Securities Regulatory Commission (CSRC). Meanwhile, the pricing for asset transfer in corporate division of a public corporation is likely to be pushed towards opposite directions by each of the two regulators: CSRC and the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). Unless the IPO in the A-share market evolves to a more predictable and less costly exercise and the floor-price for asset transfer policed by SASSAC is modernized, corporate division would remain exceptionally rare in China’s domestic stock market.

Rules and Practice of Corporate Divisions in China: Sub-Optimal Judicial Practice and Conflicting Regulatory Objectives

For China, in the field of corporate divisions, what matters most is not the rules, but the fashion in which courts and regulatory agencies implement those rules, in association with other set of rules which have little to do with corporate law. In terms of the volume of transactions of corporate division and the volume of creditor’s litigation, there is a strong contrast between close corporations and listed corporations in China, extremely high for the former and close to zero for the latter. In this paper, it is argued that such too high a rate of litigation for close corporations and too low a number of transactions for public corporations are the results of sub-optimal judicial practice and sub-optimal regulations. For close corporations, judicial practice matters enormously. A hotly debated legal issue is relating to what I called an “assets-specific joint and several liability rule” created by court with respect to certain restructuring transactions. The error rates and administrative costs of such a new form of liability are likely to be very high, which led to too many costly litigation and won’t help court achieve the goal of protecting creditors’ interests. For public corporations, there’s close to zero corporate division transaction in China. In this paper, I offer a novel explanation: the co-existence of sub-optimal regulation of the stock market by CSRC and the regulation of state-owned enterprises (SOEs) by SASAC. Given the long line of issuers waiting to receive approval of IPOs by CSRC, any corporate division transaction that is to result in a new IPO is likely to suffer a long waiting time for the approval by CSRC. Furthermore, the two regulators are likely to push for the price of the corporate division transaction in exactly the opposite directions due to their distinctive regulatory objectives: CSRC is to protect the interests of shareholders of public companies as a whole and the SASAC to maximize the price that SOEs can get in selling interests to non-state-affiliated entities. To illustrate the above point, this paper provided a close review of two cases: (1) the first and only one corporate division transaction that has ever been successful completed, and the (2) a failed attempt of corporate division by a listed company that seems the only other attempt of corporate division ever reported to the public, both in China’s domestic stock market. Unless both regulatory regimes are substantially reformed, corporate division would remain exceptionally rare in China’s domestic stock market, continuing to depress efficient transactions and to reduce social welfare.

2015년 개정상법의 회사분할 관련 규정의 주요 논점 - 교부금 분할, 삼각분할합병의 모회사 주식의 취득·처분, 연대책임 배제를 중심으로 -

2015년 개정상법의 회사분할 관련 규정의 주요 논점 - 교부금 분할, 삼각분할합병의 모회사 주식의 취득·처분, 연대책임 배제를 중심으로 -

Credit Risk Management of Jamuna Bank Limited

Banks are exposed to five core risks through their operation, which are – credit risk, asset/liability risk, foreign exchange risk, internal control & compliance risk, and money laundering risk. Among these risks management of credit risk gets most attention. Credit risk arises due to the possibility that the borrower may fail to repay the loan. Following the recent global financial crisis, which originated from poor management of credit risk, credit risk is the most discussed topic in banking industry. All commercial banks operating in Bangladesh are strictly regulated by Bangladesh Bank. Bangladesh Bank has provided a guideline for credit risk management. All banks try to comply with that guideline. Jamuna bank is no exception of this practice. JBL has segregated the credit related activities. Marketing, preparation of credit proposal, other documentation, credit disbursement, credit monitoring etc are done at branch level. Credit administration and credit risk management related works are done at head office. At branch level, branch managers act as Relationship Manager (RM) to explore/find new business opportunities. If a new business is located he informs Head of Corporate Division using a call report. Corporate Division shall examine the call reports and communicate their initial views to the Branch about the proposed business. If the views are positive, HO will direct the concerned RM to send a complete business proposal to Corporate Division. Then the Branch submits complete proposal to H.O. CRM examines the proposal from different angles of risk and compliance and communicate their views. Then the proposal is sent to credit review committee by corporate division. CRM simply presents their observations. Credit Review Committee provides their views about the proposal which has to be approved by the M.D. corporate division may amend/change their proposal according to the recommendation of credit review committee. The Managing Director shall approve the facility if it is within power. If Board/EC approval is required, the Memo is to be signed by the Managing Director. After approval the CRM shall issue sanction advice enclosing documentation check list with a copy to credit Administration Division. When a party approaches JBL for a loan, a loan proposal is prepared at branch level, which includes credit risk assessment report, credit risk grading report besides recommended amount of loan that can be disbursed. This proposal is sent to the Head Office for approval. If Credit Administration Department of Head Office sanctions the proposal then the amount is disbursed to that party. Monitoring the loan after disbursement is the branch’s responsibility. All loan applicants are required to submit financial statements of past three years. Relevant financial performance indicators are put into a spreadsheet to assess the credit risk. JBL has a credit policy guideline which is in line with the guideline provided by Bangladesh Bank. Different weights are given to different factors like industry profitability, company size, debt burden ratio, previous loan performance etc.

Credit Risk Management of Jamuna Bank Limited

Banks are exposed to five core risks through their operation, which are – credit risk, asset/liability risk, foreign exchange risk, internal control & compliance risk, and money laundering risk. Among these risks management of credit risk gets most attention. Credit risk arises due to the possibility that the borrower may fail to repay the loan. Following the recent global financial crisis, which originated from poor management of credit risk, credit risk is the most discussed topic in banking industry. All commercial banks operating in Bangladesh are strictly regulated by Bangladesh Bank. Bangladesh Bank has provided a guideline for credit risk management. All banks try to comply with that guideline. Jamuna bank is no exception of this practice. JBL has segregated the credit related activities. Marketing, preparation of credit proposal, other documentation, credit disbursement, credit monitoring etc are done at branch level. Credit administration and credit risk management related works are done at head office. At branch level, branch managers act as Relationship Manager (RM) to explore/find new business opportunities. If a new business is located he informs Head of Corporate Division using a call report. Corporate Division shall examine the call reports and communicate their initial views to the Branch about the proposed business. If the views are positive, HO will direct the concerned RM to send a complete business proposal to Corporate Division. Then the Branch submits complete proposal to H.O. CRM examines the proposal from different angles of risk and compliance and communicate their views. Then the proposal is sent to credit review committee by corporate division. CRM simply presents their observations. Credit Review Committee provides their views about the proposal which has to be approved by the M.D. corporate division may amend/change their proposal according to the recommendation of credit review committee. The Managing Director shall approve the facility if it is within power. If Board/EC approval is required, the Memo is to be signed by the Managing Director. After approval the CRM shall issue sanction advice enclosing documentation check list with a copy to credit Administration Division. When a party approaches JBL for a loan, a loan proposal is prepared at branch level, which includes credit risk assessment report, credit risk grading report besides recommended amount of loan that can be disbursed. This proposal is sent to the Head Office for approval. If Credit Administration Department of Head Office sanctions the proposal then the amount is disbursed to that party. Monitoring the loan after disbursement is the branch’s responsibility. All loan applicants are required to submit financial statements of past three years. Relevant financial performance indicators are put into a spreadsheet to assess the credit risk. JBL has a credit policy guideline which is in line with the guideline provided by Bangladesh Bank. Different weights are given to different factors like industry profitability, company size, debt burden ratio, previous loan performance etc.

„W naszym timie…” – kilka uwag o socjolekcie korporacyjnym

„W naszym timie…” – several remarks on the corporate jargon
 The goal of the paper is to present the various distinguishing features of corporate jargon, together with their probable causes. The sources of the material are internet websites devoted to the informal variety of language adopted by Polish divisions of international corporations. It has been established that the most distinct features of the analysed sociolect are overuse of borrowings from English and of Polish-English hybrids, and playful Polonisation of foreign expressions.

The Private Autonomy in the Corporate Division andits Limits

The Private Autonomy in the Corporate Division andits Limits

“The English Nation at Bantam”: Corporate Process in the East India Company's First Factory

Focusing on the London East India Company's (EIC) first trading center abroad, the factory in Bantam on Java, this essay explores corporate traumas and divisions of interest in this protoglobal organization that illuminate ongoing volatilities in global capitalism. The factory papers, which include the neglected “Journal of John Saris on the Clove,” reward attention today for the light they shed on fundamental challenges of transnational trafficking. The essay calls for a return to the manuscripts of the EIC archive, whose printed materials were edited, in the main, by proto- and late-imperial scholars. A catastrophe-tolerant joint-stock body that was granted legal personhood by royal charter in 1600, the EIC tested a defining predicament of incorporation: that the corporate body outlives its personnel. Bantam's lethality to company employees disclosed the parasitic tendencies of this process. Mariners and factors on fixed salaries risked and were far likelier to lose their lives than shareholders their high-yielding speculations. The loss during the first voyage of Jacobean England's greatest merchant ship and crew in Bantam shocked England's maritime and mercantile communities and ignited rancorous debate over the human, material, and environmental costs of the East Indian trade. Without superfluxes of maritime and mercantile labor and vigorous management of public relations in England, the cash-poor EIC probably would not have survived its first generation.