validation of product features, market segmentation, price and demand, pre-sales and customer feedback as well as word-of-mouth marketing and a stable, committed shareholding structure.
Anything more is seen by many as an irresponsible use of shareholders'money. Governments for their part, have regulated often in a way that makes shared value more difficult to achieve.
Facing growing competition and shorter-term performance pressures from shareholders, managers resorted to waves of restructuring, personnel reductions,
Social enterprises are driven not solely by the need to maximise profit for shareholders and owners.
whose primary objective is to achieve social impact rather than generating profit for owners and shareholders;
Furthermore, since employees are long-term shareholders, broadening employee shareholding would also stabilise capital markets. ESO is of particular importance for SMES (financing and business succession.
Despite their positive effects, as acknowledged in numerous EU reports, opinions and recommendations, ESO schemes are used only extensively in a handful of Member States (such as the UK and France).
for example by creating different categories of shareholder; by giving particular groups voting rights; or golden shares.
These arrangements can be fixed through the constitution, a shareholders'agreement, or the terms of a limited partnership. 113) Limited liability Partnerships are a form of legal ownership that gives the benefits of limited liability,
with a further 95 supporters'trusts having shareholdings in their clubs. There has also been a growth of‘New Mutualism,
Most businesses see AGMS as an annoying necessity where small shareholders can vent their anger.
a shareholders'agreement, or the terms of a limited partnership. 123) Open guides. The social sector has started to develop more comprehensive guides to help ventures make decisions about governance models and organisational forms.
and engaging members and stakeholders. 124) Consumer shareholding can be used to involve consumers more directly in the work of a venture,
This was one of the main reasons Cafédirect opted to have a share issue geared to small shareholders as a means of raising finance. 125) Gold standards and Golden Shares.
400 shareholders. Image courtesy of Andrew Watson. 4 80 THE OPEN BOOK OF SOCIAL INNOVATION 150) Social Impact Bonds are a financial tool being developed in the UK to provide a new way to invest money
the active involvement of shareholders and savers in the company's decision making process must be encouraged;
and the scope of the indicator set has been expanded to include shareholders'rights in corporate governance beyond related-party transactions.
3 Singapore (9. 3)* Extent of shareholder governance index (0-10) 7. 5 7. 5 7. 8 6. 8 7
Resources are pooled as several shareholders join forces to start a company. Formally registered companies have access to services and institutions from courts to banks as well as to new markets.
require shareholder participation in major decisions of the company and set detailed standards of accountability for company insiders.
Doing Business measures the protection of minority investors from conflicts of interest through one set of indicators and shareholders'rights in corporate governance through another.
These scores are the simple average of the distance to frontier scores for the extent of conflict of interest regulation index and the extent of shareholder governance index.
is traded a publicly corporation listed on the economy's most important stock exchange (or at least a large private company with multiple shareholders.
Mr. James, a director and the majority shareholder of the company, proposes that the company purchase used trucks from another company he owns.
Shareholders sue the interested parties and the members of the board of directors. WHAT THE PROTECTING MINORITY INVESTORS INDICATORS MEASURE Extent of disclosure index (0 10) Review and approval requirements for related-party transactions;
Disclosure requirements for related-party transactions Extent of director liability index (0 10) Ability of minority shareholders to sue
Available legal remedies (damages, disgorgement of profits, fines, imprisonment, rescission of the transaction) Ease of shareholder suits index (0 10) Access to internal corporate documents;
Evidence obtainable during trial and allocation of legal expenses Extent of conflict of interest regulation index (0 10) Sum of the extent of disclosure, extent of director liability and ease of shareholder
indices, divided by 3 Extent of shareholder rights index (0-10.5) Shareholders'rights and role in major corporate decisions Strength of governance structure index (0-10.5) Governance safeguards protecting shareholders from undue board control
and entrenchment Extent of corporate transparency index (0-9) Corporate transparency on ownership stakes, compensation, audits and financial prospects Extent of shareholder governance index (0 10
) Sum of the extent of shareholders rights, strength of governance structure and extent of corporate transparency indices, divided by 3 Strength of investor protection index (0 10) Simple average of the extent of conflict of interest regulation
and extent of shareholder governance indices Doing Business 2015 Spain 50 PROTECTING MINORITY INVESTORS Where does the economy stand today?
How strong are minority investor protections against self-dealing in Spain? The economy has a score of 6. 4 on the strength of minority investor protection index,
Ease of shareholder suits index (0-10) Note: Higher scores indicate greater minority shareholder access to evidence before and during trial.
Source: Doing Business database. Doing Business 2015 Spain 53 PROTECTING MINORITY INVESTORS Figure 7. 5 How extensive are shareholder rights?
Extent of shareholder rights index (0-10.5) Note: The higher the score, the stronger the protections.
Source: Doing Business database. Figure 7. 6 How strong is the governance structure? Strength of governance structure index (0-10.5) Note:
scores are assigned to each based on a range of conditions relating to disclosure, director liability, shareholder suits, shareholder rights,
0-2) Disclosure on the transaction and on the conflict of interest 2 Is immediate disclosure of the transaction to the public and/or shareholders required?(
0-1) No 0 Extent of director liability index (0-10) 6. 0 Can shareholders sue directly
0-1) Yes 1 Can shareholders hold the interested director liable for the damage caused by the transaction to the company?(
0-2) Liable if negligent 1 Can shareholders hold members of the approving body liable for the damage cause by the transaction to the company?(
0-2) Liable if negligent 1 Must the interested director pay damages for the harm caused to the company upon a successful claim by a shareholder plaintiff?(
0-1) Yes 1 Must the interested director repay profits made from the transaction upon a successful claim by a shareholder plaintiff?(
0-1) Yes 1 Can a court void the transaction upon a successful claim by a shareholder plaintiff?(
0-2) Only in case of fraud or bad faith 0 Ease of shareholder suits index (0-10) 5. 0 Before filing suit,
can shareholders owning 10%of the company's share capital inspect the transaction documents?(0-1) No 0 Can the plaintiff obtain any documents from the defendant Any relevant document 3 Doing Business 2015 Spain 56
0-1) No 0 Can shareholder plaintiffs recover their legal expenses from the company?(0-2) Yes if successful 1 Strength of minority investor protection index (0-10) 6. 4 Extent of conflict of interest regulation index (0-10) 5
. 3 Extent of shareholder rights index (0-10.5) 10.5 Can shareholders amend company bylaws or statutes with a simple majority?
Yes 1. 5 Can shareholders owning 10%of the company's share capital call for an extraordinary meeting of shareholders?
Yes 1. 5 Can shareholders remove members of the board of directors before the end of their term.
Yes 1. 5 Must a company obtain its shareholders'approval every time it issues new shares?
Yes 1. 5 are granted shareholders automatically subscription rights on new shares? Yes 1. 5 Must shareholders approve the election and dismissal of the external auditor?
Yes 1. 5 Can shareholders freely trade shares prior to a major corporate action or meeting of shareholders?
Yes 1. 5 Strength of governance structure index (0-10.5) 5. 0 is barred the CEO from also serving as chair of the board of directors?
Yes 1. 5 Must a potential acquirer make a tender offer to all shareholders upon acquiring 50%of a company?
Yes for listed companies 1 Is cross-shareholding between 2 independent companies limited to 10%of outstanding shares?
Yes 1. 5 Extent of shareholder governance index (0-10) 7. 5 Source: Doing Business database.
while assuring adequate remuneration for their shareholders. Investment remuneration and stable regulatory frameworks will be necessary for a level playing field competition in a liberalised market.
The CEO-Collaborative Forum (CEO CF) is where CEOS from high-growth companies convene to explore practical solutions to critical problems about finance, raising capital, shareholder issues, their board growth strategies
pay dividends to their shareholders or expand its business. Otherwise, a negative FCF means that the company will sell part of its investment or increase its debt.
Regulative institutions (rules & regulations, policy, tax-incentives) Social institutions (norms, values, culture, social pressures) Institutions Competitive institutions (mimicking competitors, shareholder pressure
The majority of these central labs were dismantled especially during the 1990s as big companies were pressured by shareholders to focus on short-term profits.
In 2008 the ownership of Trafikanten was changed slightly as 6 new shareholders entered the company representing Norwegian PT operators, PT branch organisations and two airliners.
The original 3 shareholders still have the majority of shares. Trafikanten's main objective is to promote public transport
and the shareholders, including the county council and the different municipalities. IT solutions play an important role in supporting the company in achieving its objective of providing good transport services while keeping the costs at a low level
Although dividend imputation reduces the burden of company tax in Australia for domestic shareholders, at 30 per cent our company tax rate is high by international standards (Chart 10).
As a result, the company will have quadrupled its shareholder value in only five years. Example of characteristic 4:
In a comparative analysis, Hall and Oriani (2006) find high marginal stock market values for Italian R&d investment in large firms that do not have a majority shareholder
One issue that clearly shows the financial theory approach to studying firm performance is less than desirable is the fact that shareholders
Most financial theories hold that the objectives of the shareholders and the managers of firms are identical,
as shareholders and managers are identical economic agents (Crotty 1990). The assumption that managers and shareholders have identical objectives is certainly least true in the case of SMES.
There are four main differences between shareholder 24 and managerial objectives. Firstly, shareholders prefer a higher debt to equity ratio,
while managers try to reduce that ratio because higher debt decreases the worth of their financing portfolios.
Secondly, managers seek long term growth, manifested as an increase in firm size and higher capital-accumulations.
while shareholders advocate an avoidance of any risk. This is particularly problematic, because investments in innovation and new projects involve higher short term risks.
The shareholders tend to think mostly of selling the firm to get the best possible return on invested capital, especially upon the slightest indication of trouble.
shareholders tend to induce failure of the firm (Crotty 1990. All the above issues indicate that the financial theory approach is not the most accurate,
Shareholder options to motivate outstanding innovation performance Voucher scheme Support to ICT-based adaptive innovations 48 4 The main instruments of implementing the strategy 4. 5. Review
which the companies take account of the interests of society by having regard to effect of their activities on their business partners, suppliers, employees, shareholders and also the environment.
or from another shareholder (s). It includes refinancing of bank debt. Denominator: Gross domestic product as defined in the European System of Accounts (ESA 1995), in national currency and current prices.
This made Burda the largest shareholder in XING. The 1. 3 million shares were sold to Burda by Cinco Capital,
while the university remained as one of the company's largest shareholders. Other early investors included the rock group, Genesis;
In March 2001, a further $28m was raised from shareholders. These funds were raised partly to finance construction of a new $25m facility dedicated to developing commercial scale production techniques and know-how for LEP technology,
which remained the largest shareholder, with 52%and a handful of others. The financing from both was to be dedicated to building a new production facility,
in order to collect the information on the individual shareholders that have relevant participations in group headquarters.
which we have the R&d Scoreboard information together with information on up to a potential maximum of five shareholders, with their legal entity and details of the amount of shares.
of the general meeting of shareholders/sole shareholder decision) 3 . If applicable, obtaining a special power of attorney (authenticated)
or assignment of shares 4. 1 The resolution of the shareholders/partners/resolution of the sole shareholder to increase the share capital
which the resolution of the shareholders/partners/resolution of the sole shareholder and the updated Articles of Incorporation with all updates,
Cultural differences between academia and industry Parameter Academia Industry Responsibility Social responsibilities Shareholders responsibilities Research type Basic research Applied research Output New
The KIC's shareholders agreed on a business model that will hopefully lead it to financial sustainability.
they will not be able to deliver value for their shareholders and stakeholders. Some KIC partners express a real concern on how to define the business model of a KIC.
Although advances have been made in going beyond the one-dimensional view of shareholder value (profit) maximisation and seeing management as beholden to shareholders
also by public shareholders from Italy and France. In the 2010 Scoreboard it is registered as incorporated in Netherlands. 2. Citeseer was developed in 1997 at the NEC Research Institute, Princeton, NJ.
with an historic heavier weighting in ICT and Bio. 2. Linking government assistance (IRAP) with subsequent VC financing leads to less shareholder dilution
with an historic heavier weighting in ICT and Bio. 2. Linking government assistance (IRAP) with subsequent VC financing leads to less shareholder dilution
of which CDC is a founding shareholder. 25 2. 5) New places for new types of collaborations:
These incentives can take the form of shareholding, or the right to subsequently participate in the ownership and management of intellectual property.
It even allows the federal government to participate as a minority shareholder in innovative enterprises operating in highpriority sectors.
shareholder funds of about EUR 120 million (one of the largest capitalisations in its field;
as shareholders, in their governance system. Examples include The french SCIC société coopérative d'intérêt collectif
which stands in stark contrast to the notion of shareholder capitalism. Social enterprise Any private activity conducted in the public interest that is organised with an entrepreneurial strategy and
which firms create their profit margins and value for shareholders. Vocational education and Training (VET) Formal education and training programmes that have a task orientation rather than an academic nature
14353.2 SYNTHES INC. SHAREHOLDERS 14/06/2012 Acq. 100%GOOGLE 9758.0 MOTOROLA MOBILITY SHAREHOLDERS 22/05/2012 Acq. 100%NESTLÉ SA 9125.7
/2011 Acq. 100%BRISTOL-MYERS SQUIBB 5647.6 AMYLIN PHARMACEUTICALS INC. SHAREHOLDERS 08/08/2012 Acq. 100%VOLKSWAGEN 4490.0 PORSCHE AG PORSCHE AUTOMOBIL 01/08
Roche acquired full ownership of Genentech for $46. 8bn (it already had a majority shareholding).
Sanofi has a 16%shareholding in Regeneron and can increase this to 30%under their existing agreement.
Large shareholders and firm performance an empirical examination of founding-family ownership. Journal of Corporate Finance, 14,431 445.
They are driven not by the need to maximise profit for shareholders and owners. There is currently no universally accepted definition of social enterprise.
(which arguably has created more value for society than even the value that has accrued to shareholders and founders).
and‘its principles and independence are guaranteed through a special shareholding trust which protects the social and environmental aims of the bank'.
for example by creating different categories of shareholder; by giving particular groups voting rights; or golden shares.
These arrangements can be fixed through the constitution, a shareholders'agreement, or the terms of a limited partnership. 113) Limited liability Partnerships are a form of legal ownership that gives the benefits of limited liability,
with a further 95 supporters'trusts having shareholdings in their clubs. There has also been a growth of‘New Mutualism,
Most businesses see AGMS as an annoying necessity where small shareholders can vent their anger.
a shareholders'agreement, or the terms of a limited partnership. 123) Open guides. The social sector has started to develop more comprehensive guides to help ventures make decisions about governance models and organisational forms.
and engaging members and stakeholders. 124) Consumer shareholding can be used to involve consumers more directly in the work of a venture,
This was one of the main reasons Cafédirect opted to have a share issue geared to small shareholders as a means of raising finance. 125) Gold standards and Golden Shares.
400 shareholders. Image courtesy of Andrew Watson. 4 80 THE OPEN BOOK OF SOCIAL INNOVATION 150) Social Impact Bonds are a financial tool being developed in the UK to provide a new way to invest money
the active involvement of shareholders and savers in the company's decision making process must be encouraged;
The CEO-Collaborative Forum (CEO CF) is where CEOS from high-growth companies convene to explore practical solutions to critical problems about finance, raising capital, shareholder issues, their board growth strategies
the government is the leading shareholder but management is autonomous. While government provides the land for the MTR to develop subway stations and track,
and reporting standards 1. 19 Efficacy of corporate boards 1. 20 Protection of minority shareholders'interests 1. 21 Strength of investor protection*2014 World Economic
On average, 19 percent of the surveyed companies'equity is owned by foreigners (as either minority or majority shareholders.
4. 4...84 1. 20 Protection of minority shareholders'interests...3. 8...93 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...84 1. 20 Protection of minority shareholders'interests...3. 8...93 1. 21 Strength of investor protection, 0 10 (best*..
3. 5...137 1. 20 Protection of minority shareholders'interests...3. 5...113 1. 21 Strength of investor protection, 0 10 (best*..
2. 7...143 1. 20 Protection of minority shareholders'interests...2. 5...142 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...105 1. 20 Protection of minority shareholders'interests...3. 5...115 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...104 1. 20 Protection of minority shareholders'interests...3. 7...97 1. 21 Strength of investor protection, 0 10 (best*..
5. 7...8 1. 20 Protection of minority shareholders'interests...5. 0...21 1. 21 Strength of investor protection, 0 10 (best*..
5. 2...27 1. 20 Protection of minority shareholders'interests...4. 8...31 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...82 1. 20 Protection of minority shareholders'interests...3. 9...88 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...45 1. 20 Protection of minority shareholders'interests...5. 1...19 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...132 1. 20 Protection of minority shareholders'interests...3. 0...133 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...42 1. 20 Protection of minority shareholders'interests...4. 4...51 1. 21 Strength of investor protection, 0 10 (best*..
5. 5...13 1. 20 Protection of minority shareholders'interests...4. 9...24 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...51 1. 20 Protection of minority shareholders'interests...4. 2...66 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...113 1. 20 Protection of minority shareholders'interests...3. 7...96 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...57 1. 20 Protection of minority shareholders'interests...4. 6...43 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...56 1. 20 Protection of minority shareholders'interests...4. 7...35 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...106 1. 20 Protection of minority shareholders'interests...3. 9...83 1. 21 Strength of investor protection, 0 10 (best*..
4. 6...65 1. 20 Protection of minority shareholders'interests...3. 6...102 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...91 1. 20 Protection of minority shareholders'interests...3. 1...131 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...97 1. 20 Protection of minority shareholders'interests...3. 6...100 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...54 1. 20 Protection of minority shareholders'interests...3. 9...86 1. 21 Strength of investor protection, 0 10 (best*..
5. 6...9 1. 20 Protection of minority shareholders'interests...5. 4...11 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...107 1. 20 Protection of minority shareholders'interests...3. 7...98 1. 21 Strength of investor protection, 0 10 (best*..
3. 5...139 1. 20 Protection of minority shareholders'interests...2. 8...140 1. 21 Strength of investor protection, 0 10 (best*..
5. 2...28 1. 20 Protection of minority shareholders'interests...4. 6...42 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...78 1. 20 Protection of minority shareholders'interests...4. 1...67 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...40 1. 20 Protection of minority shareholders'interests...4. 1...68 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...41 1. 20 Protection of minority shareholders'interests...4. 7...33 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...72 1. 20 Protection of minority shareholders'interests...4. 3...65 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...96 1. 20 Protection of minority shareholders'interests...3. 6...105 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...90 1. 20 Protection of minority shareholders'interests...4. 3...61 1. 21 Strength of investor protection, 0 10 (best*..
4. 6...68 1. 20 Protection of minority shareholders'interests...4. 1...71 1. 21 Strength of investor protection, 0 10 (best*..
5. 2...24 1. 20 Protection of minority shareholders'interests...4. 8...26 1. 21 Strength of investor protection, 0 10 (best*..
4. 6...62 1. 20 Protection of minority shareholders'interests...4. 1...75 1. 21 Strength of investor protection, 0 10 (best*..
3. 6...136 1. 20 Protection of minority shareholders'interests...3. 5...109 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...73 1. 20 Protection of minority shareholders'interests...3. 3...125 1. 21 Strength of investor protection, 0 10 (best*..
5. 2...25 1. 20 Protection of minority shareholders'interests...4. 4...49 1. 21 Strength of investor protection, 0 10 (best*..
4. 0...117 1. 20 Protection of minority shareholders'interests...3. 9...85 1. 21 Strength of investor protection, 0 10 (best*..
6. 0...4 1. 20 Protection of minority shareholders'interests...6. 2...1 1. 21 Strength of investor protection, 0 10 (best*..
5. 2...22 1. 20 Protection of minority shareholders'interests...4. 4...55 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...44 1. 20 Protection of minority shareholders'interests...4. 1...70 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...46 1. 20 Protection of minority shareholders'interests...4. 4...48 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...101 1. 20 Protection of minority shareholders'interests...3. 5...110 1. 21 Strength of investor protection, 0 10 (best*..
5. 3...21 1. 20 Protection of minority shareholders'interests...4. 7...38 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...100 1. 20 Protection of minority shareholders'interests...4. 0...78 1. 21 Strength of investor protection, 0 10 (best*..
3. 9...124 1. 20 Protection of minority shareholders'interests...4. 3...63 1. 21 Strength of investor protection, 0 10 (best*..
5. 2...26 1. 20 Protection of minority shareholders'interests...4. 0...77 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...102 1. 20 Protection of minority shareholders'interests...3. 0...135 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...93 1. 20 Protection of minority shareholders'interests...3. 8...92 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...131 1. 20 Protection of minority shareholders'interests...2. 9...136 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...43 1. 20 Protection of minority shareholders'interests...4. 0...80 1. 21 Strength of investor protection, 0 10 (best*..
5. 4...20 1. 20 Protection of minority shareholders'interests...5. 5...8 1. 21 Strength of investor protection, 0 10 (best*..
3. 9...120 1. 20 Protection of minority shareholders'interests...4. 1...72 1. 21 Strength of investor protection, 0 10 (best*..
5. 1...32 1. 20 Protection of minority shareholders'interests...4. 4...46 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...94 1. 20 Protection of minority shareholders'interests...4. 1...76 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...53 1. 20 Protection of minority shareholders'interests...4. 6...40 1. 21 Strength of investor protection, 0 10 (best*..
3. 9...122 1. 20 Protection of minority shareholders'interests...3. 2...128 1. 21 Strength of investor protection, 0 10 (best*..
5. 2...23 1. 20 Protection of minority shareholders'interests...4. 8...27 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...89 1. 20 Protection of minority shareholders'interests...4. 5...44 1. 21 Strength of investor protection, 0 10 (best*..
3. 9...121 1. 20 Protection of minority shareholders'interests...3. 3...127 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...50 1. 20 Protection of minority shareholders'interests...4. 6...41 1. 21 Strength of investor protection, 0 10 (best*..
5. 4...18 1. 20 Protection of minority shareholders'interests...5. 3...14 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...92 1. 20 Protection of minority shareholders'interests...4. 7...39 1. 21 Strength of investor protection, 0 10 (best*..
4. 7...61 1. 20 Protection of minority shareholders'interests...4. 1...69 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...55 1. 20 Protection of minority shareholders'interests...4. 3...60 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...126 1. 20 Protection of minority shareholders'interests...3. 4...119 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...127 1. 20 Protection of minority shareholders'interests...4. 1...73 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...103 1. 20 Protection of minority shareholders'interests...3. 6...101 1. 21 Strength of investor protection, 0 10 (best*..
5. 1...30 1. 20 Protection of minority shareholders'interests...4. 3...58 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...38 1. 20 Protection of minority shareholders'interests...3. 9...87 1. 21 Strength of investor protection, 0 10 (best*..
3. 7...133 1. 20 Protection of minority shareholders'interests...3. 4...121 1. 21 Strength of investor protection, 0 10 (best*..
3. 6...135 1. 20 Protection of minority shareholders'interests...3. 1...130 1. 21 Strength of investor protection, 0 10 (best*..
2. 4...144 1. 20 Protection of minority shareholders'interests...2. 4...144 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...34 1. 20 Protection of minority shareholders'interests...3. 9...89 1. 21 Strength of investor protection, 0 10 (best*..
5. 8...6 1. 20 Protection of minority shareholders'interests...5. 5...7 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...77 1. 20 Protection of minority shareholders'interests...4. 4...53 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...85 1. 20 Protection of minority shareholders'interests...3. 4...120 1. 21 Strength of investor protection, 0 10 (best*..
4. 7...58 1. 20 Protection of minority shareholders'interests...4. 4...50 1. 21 Strength of investor protection, 0 10 (best*..
5. 6...10 1. 20 Protection of minority shareholders'interests...5. 3...13 1. 21 Strength of investor protection, 0 10 (best*..
3. 5...138 1. 20 Protection of minority shareholders'interests...3. 6...104 1. 21 Strength of investor protection, 0 10 (best*..
4. 6...66 1. 20 Protection of minority shareholders'interests...4. 8...29 1. 21 Strength of investor protection, 0 10 (best*..
2. 8...142 1. 20 Protection of minority shareholders'interests...2. 4...143 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...39 1. 20 Protection of minority shareholders'interests...5. 2...18 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...81 1. 20 Protection of minority shareholders'interests...4. 3...62 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...95 1. 20 Protection of minority shareholders'interests...3. 5...117 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...129 1. 20 Protection of minority shareholders'interests...3. 5...111 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...109 1. 20 Protection of minority shareholders'interests...3. 9...84 1. 21 Strength of investor protection, 0 10 (best*..
4. 8...52 1. 20 Protection of minority shareholders'interests...4. 3...59 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...99 1. 20 Protection of minority shareholders'interests...3. 5...114 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...114 1. 20 Protection of minority shareholders'interests...2. 8...137 1. 21 Strength of investor protection, 0 10 (best*..
4. 6...67 1. 20 Protection of minority shareholders'interests...4. 8...30 1. 21 Strength of investor protection, 0 10 (best*..
4. 0...115 1. 20 Protection of minority shareholders'interests...3. 3...126 1. 21 Strength of investor protection, 0 10 (best*..
5. 7...7 1. 20 Protection of minority shareholders'interests...5. 4...12 1. 21 Strength of investor protection, 0 10 (best*..
6. 1...1 1. 20 Protection of minority shareholders'interests...6. 1...4 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...111 1. 20 Protection of minority shareholders'interests...3. 5...108 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...80 1. 20 Protection of minority shareholders'interests...3. 8...90 1. 21 Strength of investor protection, 0 10 (best*..
6. 0...2 1. 20 Protection of minority shareholders'interests...5. 9...6 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...37 1. 20 Protection of minority shareholders'interests...5. 2...17 1. 21 Strength of investor protection, 0 10 (best*..
4. 0...119 1. 20 Protection of minority shareholders'interests...4. 0...79 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...71 1. 20 Protection of minority shareholders'interests...4. 4...54 1. 21 Strength of investor protection, 0 10 (best*..
4. 0...118 1. 20 Protection of minority shareholders'interests...3. 5...107 1. 21 Strength of investor protection, 0 10 (best*..
5. 1...31 1. 20 Protection of minority shareholders'interests...4. 3...64 1. 21 Strength of investor protection, 0 10 (best*..
5. 1...29 1. 20 Protection of minority shareholders'interests...4. 5...45 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...87 1. 20 Protection of minority shareholders'interests...4. 0...81 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...76 1. 20 Protection of minority shareholders'interests...4. 4...47 1. 21 Strength of investor protection, 0 10 (best*..
5. 5...14 1. 20 Protection of minority shareholders'interests...6. 1...3 1. 21 Strength of investor protection, 0 10 (best*..
5. 5...12 1. 20 Protection of minority shareholders'interests...6. 0...5 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...112 1. 20 Protection of minority shareholders'interests...3. 6...99 1. 21 Strength of investor protection, 0 10 (best*..
4. 6...64 1. 20 Protection of minority shareholders'interests...3. 5...118 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...35 1. 20 Protection of minority shareholders'interests...4. 7...34 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...49 1. 20 Protection of minority shareholders'interests...5. 0...22 1. 21 Strength of investor protection, 0 10 (best*..
4. 7...59 1. 20 Protection of minority shareholders'interests...3. 7...95 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...125 1. 20 Protection of minority shareholders'interests...2. 8...138 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...48 1. 20 Protection of minority shareholders'interests...4. 4...52 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...69 1. 20 Protection of minority shareholders'interests...3. 6...103 1. 21 Strength of investor protection, 0 10 (best*..
5. 9...5 1. 20 Protection of minority shareholders'interests...5. 5...10 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...83 1. 20 Protection of minority shareholders'interests...3. 8...91 1. 21 Strength of investor protection, 0 10 (best*..
3. 7...134 1. 20 Protection of minority shareholders'interests...3. 4...124 1. 21 Strength of investor protection, 0 10 (best*..
6. 0...3 1. 20 Protection of minority shareholders'interests...6. 1...2 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...74 1. 20 Protection of minority shareholders'interests...3. 7...94 1. 21 Strength of investor protection, 0 10 (best*..
5. 1...33 1. 20 Protection of minority shareholders'interests...4. 8...28 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...130 1. 20 Protection of minority shareholders'interests...3. 2...129 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...75 1. 20 Protection of minority shareholders'interests...4. 3...56 1. 21 Strength of investor protection, 0 10 (best*..
5. 6...11 1. 20 Protection of minority shareholders'interests...5. 5...9 1. 21 Strength of investor protection, 0 10 (best*..
5. 4...19 1. 20 Protection of minority shareholders'interests...4. 7...32 1. 21 Strength of investor protection, 0 10 (best*..
5. 0...36 1. 20 Protection of minority shareholders'interests...5. 1...20 1. 21 Strength of investor protection, 0 10 (best*..
3. 9...123 1. 20 Protection of minority shareholders'interests...3. 5...112 1. 21 Strength of investor protection, 0 10 (best*..
4. 0...116 1. 20 Protection of minority shareholders'interests...3. 6...106 1. 21 Strength of investor protection, 0 10 (best*..
4. 7...60 1. 20 Protection of minority shareholders'interests...4. 9...25 1. 21 Strength of investor protection, 0 10 (best*..
3. 3...141 1. 20 Protection of minority shareholders'interests...2. 8...141 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...110 1. 20 Protection of minority shareholders'interests...3. 5...116 1. 21 Strength of investor protection, 0 10 (best*..
4. 1...108 1. 20 Protection of minority shareholders'interests...4. 0...82 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...79 1. 20 Protection of minority shareholders'interests...4. 3...57 1. 21 Strength of investor protection, 0 10 (best*..
4. 6...63 1. 20 Protection of minority shareholders'interests...3. 4...123 1. 21 Strength of investor protection, 0 10 (best*..
4. 4...86 1. 20 Protection of minority shareholders'interests...2. 8...139 1. 21 Strength of investor protection, 0 10 (best*..
5. 5...15 1. 20 Protection of minority shareholders'interests...5. 3...16 1. 21 Strength of investor protection, 0 10 (best*..
5. 4...17 1. 20 Protection of minority shareholders'interests...5. 3...15 1. 21 Strength of investor protection, 0 10 (best*..
5. 4...16 1. 20 Protection of minority shareholders'interests...5. 0...23 1. 21 Strength of investor protection, 0 10 (best*..
4. 5...70 1. 20 Protection of minority shareholders'interests...4. 7...37 1. 21 Strength of investor protection, 0 10 (best*..
4. 2...98 1. 20 Protection of minority shareholders'interests...3. 0...132 1. 21 Strength of investor protection, 0 10 (best*..
3. 8...128 1. 20 Protection of minority shareholders'interests...3. 4...122 1. 21 Strength of investor protection, 0 10 (best*..
3. 4...140 1. 20 Protection of minority shareholders'interests...3. 0...134 1. 21 Strength of investor protection, 0 10 (best*..
4. 9...47 1. 20 Protection of minority shareholders'interests...4. 7...36 1. 21 Strength of investor protection, 0 10 (best*..
4. 3...88 1. 20 Protection of minority shareholders'interests...4. 1...74 1. 21 Strength of investor protection, 0 10 (best*..
424 1. 20 Protection of minority shareholders'interests...425 1. 21 Strength of investor protection...
2. 4 1. 20 Protection of minority shareholders'interests In your country, to what extent are the interests of minority shareholders protected by the legal system?
World Economic Forum, Executive Opinion Survey 1. 20 Protection of minority shareholders'interests In your country, to what extent are the interests of minority shareholders protected by the legal system?
and the Ease of shareholder suit index (shareholders'ability to sue officers and directors for misconduct).
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