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The study investigates the relation between capital structure and firm theory. It examines empirical evidence from moroccan listed firms

Capital Structure, Performance, Agency theory, Pecking Order --- Sciences économiques & de gestion > Finance

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This thesis explores the intricate relationship between corporate governance structures, particularly the composition of the board of directors, and external audit function. The primary focus is on how board size and independence influence non-audit fees within Belgian private firms. Through a rigorous analysis, this study aims to contribute to the understanding of how internal governance mechanisms interact with external audit practices, particularly in the context of stringent European Union regulations. Indeed, the recent Belgian adaptations of EU NAS restrictions extend the regulatory oversight beyond Public-Interest Entities to private firms. This broader applicability ensures that a higher portion of the audit market complies with strict independence safeguards.
The study draws on agency theory to examine governance mechanisms mitigating conflicts between shareholders and managers. A comprehensive review of the board of directors as internal corporate governance mechanism highlights its role in monitoring management and ensuring the integrity of financial reporting. The external audit function is emphasized as a critical external mechanism for reducing information asymmetry and maintaining trust in financial statements. The thesis identifies the potential threats to audit quality, including conflicts of interest arising from NAS provision.
The study’s key findings indicate that independent boards are associated with lower likelihoods and smaller amounts of NAS purchases, demonstrating that governance practices aimed at maintaining auditor independence are effective. This supports regulatory efforts to limit conflicts of interest, particularly for firms with higher board independence, and indicates that independent boards, with their advisory role, may be better equipped to guide firms toward alternative solutions for NAS needs, thereby reducing dependence on auditors for such services.
In contrast, the relationship between board size and non-audit fees was found to be non-significant. This indicates that board size does not substantially influence the demand for non-audit services within the sampled firms.
Furthermore, this study reveals that firm size, complexity, and industry-specific factors play a significant role in shaping non-audit service (NAS) spending patterns. Larger firms and those with complex structures, including both subsidiaries and establishment units, demonstrate higher NAS engagement, driven by their need for a broader range of advisory services. Similarly, firms audited by Big 4 auditors allocate a higher proportion of their fees to NAS, likely due to the comprehensive service offerings and perceived expertise in non-audit work. Sectoral variations also emerge, which suggests that certain industries may be subject to stronger regulatory controls or lower demand for advisory services showing reduced NAS spending, while others with fewer restrictions or more intricate operations may exhibit a greater reliance on NAS.
In conclusion, this study underscores the pivotal role of board independence, firm complexity, and industry dynamics in shaping NAS spending patterns. It highlights the need for tailored governance and regulatory strategies to address these factors effectively, ensuring that both corporate governance and external audit practices support financial integrity and independence within the Belgian market.

Non-audit services --- Corporate governance --- Board of directors --- Board independence --- Agency theory --- External audit function --- Sciences économiques & de gestion > Comptabilité & audit

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Tämän vertailevan tutkimuksen tavoitteena on luoda syvempää ymmärrystä kollektivismista, ammattiyhdistystoiminnasta ja kyvystä luoda kollektiivista toimintaa käyttäen Suomea ja Kambodzhaa esimerkkeinä individualistisesta ja kollektivistisesta yhteiskunnasta. Tutkimuksella on kaksi tavoitetta: 1) Tuottaa uutta tietoa ammattiyhdistysten, kollektiivisen toiminnan ja kollektivismin eri muotojen välisistä suhteista Kambodzhassa ja Suomessa. 2) Selittää, millä tavoin kollektivismin taso vaikuttaa ihmisten väliseen yhteistyöhön. Teoksessa tarkastellaan muun muassa poliittista osallistumista, perhearvoja, luottamusta yhteiskunnassa ja koettua kollektiivista tehokkuutta. Tutkimus perustuu Kambodzhasta ja Suomesta kerättyihin laajoihin kyselyaineistoihin.Tutkimuksen teoreettinen viitekehys on sosiologinen. Keskeinen analyysin väline on kulttuurinen toimijateoria (Cultural Agency Theory, CAT), joka mallintaa kollektiivisuuden tasoja ja kollektiivisia toimintoja. Sitä voidaan hyödyntää esimerkiksi ammattiyhdistysten tutkimuksessa.Tutkimuksen tulosten perusteella Kambodzhassa on paljon vaikeampaa luoda kollektiivista toimintaa perheyhteisön ulkopuolella kuin individualistisena pidetyssä Suomessa. Sekä poliittinen aktiivisuus että kollektiivinen toiminta on Suomessa aktiivisempaa kuin Kambodzhassa. Teos osoittaa, että kysymykset individualismista ja kollektiivisuudesta ovat paljon monimutkaisempia kuin yleisesti oletetaan. This comparative study aims to develop a deeper understanding of collectivism, trade unionism, and the capacity to create collective action using Finland and Cambodia as examples of individualistic and collectivistic societies, respectively.The study has two goals: 1) To explore the relationship between collective action, and the level and forms of collectivism in Cambodia and in Finland. 2) To explain if and how the level of collectivism affects the degree of cooperation inside the living system. Phenomena such as political participation, family values, levels of trust within the society, and perceived collective efficacy are examined. The study is based on extensive survey data collected in Cambodia and Finland.The theoretical framework is sociological, involving the study of social systems within which observed regularities emerge and evolve through collaborative and collective behaviour. This approach also entails the personality systems of individual actors and the cultural system built into their actions. The main analytical tool used in the study is the Cultural Agency Theory (CAT).Significant differences were found in how individuals behave at the societal level. Collective action and political participation occur at a higher level in Finland compared to Cambodia. The results also show that the question of individualism versus collectivism is more complex than is generally believed.

Sociology & anthropology --- collective action, trade unionism, trust, individualism, collectivism, human agency, Cultural Agency Theory, Cambodia, Finland --- Collectivism. --- Individualism. --- Political participation. --- ammattiyhdistystoiminta. --- kansainvälinen vertailu. --- kollektiivinen toiminta. --- individualismi. --- kollektivismi. --- ammattiyhdistykset. --- yhteistyö. --- poliittinen osallistuminen. --- luottamus. --- toimijuus. --- sosiologia. --- fackföreningsverksamhet. --- internationell jämförelse. --- kollektiv verksamhet. --- individualism. --- kollektivism. --- fackföreningar. --- samarbete. --- politisk aktivitet. --- förtroende. --- agentskap. --- sociologi. --- Cambodia. --- Finland. --- Kambodža. --- Suomi. --- Kambodja. --- politiskt deltagande.

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This book comprises six papers published in the Special Issue “Environmental and Economic Evaluations of Building Energy Retrofits”. The six papers each adopt different perspectives in investigating building energy retrofit practices in Hong Kong, Poland, the Netherlands, Finland, and Italy. The target of the studies includes campus buildings, renovation options for modernist housing estates, green building certification schemes, practitioners’ views and practices, and energy system performance.

building energy performance --- building energy retrofits --- green building certification --- transaction costs --- agency theory --- incentives --- facility management --- KPI --- refurbishment --- renovation --- retrofit --- survey --- building energy system optimization --- renewable energy retrofit --- life cycle emission --- building energy retrofitting --- building information modelling (BIM) --- energy performance evaluation --- BREEAM-NL --- energy transition --- RACI matrix --- LCOH --- life-cycle cost --- heating --- cooling --- heat pump --- fossil fuel --- biomass --- greenhouse gas --- architecture --- “Renovation Wave” --- energy-efficiency --- CO2 emissions --- well-being

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Microeconomics --- Social ethics --- Agency (Law) --- Bedrijfsethiek --- Business ethics --- Contrats par représentation --- Corporate culture --- Culture [Corporate ] --- Culture d'entreprise --- Culture d'organisation --- Culture de l'organisation --- Culture organisationnelle --- Entreprise [Culture d' ] --- Institutional culture --- Morale des affaires --- Mémoire d'entreprise --- Mémoire de l'organisation --- Mémoire organisationnelle --- Ondernemingsethiek --- Organisatiecultuur --- Organizational culture --- Représentation (Droit) --- Représentation conventionnelle --- Représentation en justice --- Représentation judiciaire --- Représentation juridique --- Représentation légale --- Vertegenwoordiging (Recht) --- Wettelijke vertegenwoordiger --- Executives --- Chinese language --- Mandat --- Professional ethics --- Dialects --- Mandarin --- 174.5 --- -Business executives --- Company officers --- Corporate officers --- Corporation executives --- Managers --- Management --- Culture, Corporate --- Corporations --- Organizational behavior --- Business anthropology --- Business --- Businesspeople --- Commercial ethics --- Corporate ethics --- Corporation ethics --- Wealth --- Attorneys --- Principal and agent --- Commercial law --- Contracts --- Partnership --- Commercial agents --- Mandate (Contract) --- Economische ethiek. Speculatie --- Sociological aspects --- Moral and ethical aspects --- -Economische ethiek. Speculatie --- 174.5 Economische ethiek. Speculatie --- -Culture, Corporate --- Business executives --- Business ethics. --- Executives - Professional ethics. --- Corporate culture. --- Agency theory --- Business and ethics