The dissertation aims at better understanding shareholder payout policies in the framework of the agency theory and to explain the choice of the payout tool: dividend or share repurchase.Taking into account the ownership structure of European firms, the classical conceptual framework was extended to a broader study of the influence of agency relationships between managers and shareholders, as well as between majority and minority shareholders. Such an analysis requires taking into account both factors influencing agency conflicts and the firm's governance system.An empirical study of French companies listed on the SBF250 allows to illustrate the relevance of the conceptual framework and to highlight the limits of payout policies to resolve agency conflicts in France. While payout is used to reduce Free Cash Flow risk, its use is limited in a conflict situation between majority and minority shareholders. Without any efficient alternative governance mechanisms, minority shareholders cannot urge insiders to pay out. Thus the majority shareholders are free to reduce payout and to draw private benefits.The thesis also looks into the choice of the payout tool. In accordance with the various hypotheses stemming from literature survey, a major finding is that share repurchase is preferred when managers have stock-options or when firms' earnings are temporary. Another key finding is that taxes do notinfluence in a significant way the choice of the payout tool. Eventually, it is stressed that share repurchase is not often used in France for payout, and that dividend remains the main tool. ; L'objectif de cette thèse est de mieux appréhender les décisions de distribution de liquidités aux actionnaires dans le cadre de la théorie de l'agence, ainsi que le choix de l'instrument de distribution : dividende ou rachat d'actions.La structure de l'actionnariat des entreprises européennes pousse à élargir le cadre classique et à étudier à la fois l'influence des conflits entre actionnaires et dirigeants, et ceux entre actionnaires ...
The dissertation aims at better understanding shareholder payout policies in the framework of the agency theory and to explain the choice of the payout tool: dividend or share repurchase.Taking into account the ownership structure of European firms, the classical conceptual framework was extended to a broader study of the influence of agency relationships between managers and shareholders, as well as between majority and minority shareholders. Such an analysis requires taking into account both factors influencing agency conflicts and the firm's governance system.An empirical study of French companies listed on the SBF250 allows to illustrate the relevance of the conceptual framework and to highlight the limits of payout policies to resolve agency conflicts in France. While payout is used to reduce Free Cash Flow risk, its use is limited in a conflict situation between majority and minority shareholders. Without any efficient alternative governance mechanisms, minority shareholders cannot urge insiders to pay out. Thus the majority shareholders are free to reduce payout and to draw private benefits.The thesis also looks into the choice of the payout tool. In accordance with the various hypotheses stemming from literature survey, a major finding is that share repurchase is preferred when managers have stock-options or when firms' earnings are temporary. Another key finding is that taxes do notinfluence in a significant way the choice of the payout tool. Eventually, it is stressed that share repurchase is not often used in France for payout, and that dividend remains the main tool. ; L'objectif de cette thèse est de mieux appréhender les décisions de distribution de liquidités aux actionnaires dans le cadre de la théorie de l'agence, ainsi que le choix de l'instrument de distribution : dividende ou rachat d'actions.La structure de l'actionnariat des entreprises européennes pousse à élargir le cadre classique et à étudier à la fois l'influence des conflits entre actionnaires et dirigeants, et ceux entre actionnaires ...
The rules governing the public procurement cycle grant wide discretion to contracting authorities to determine the award criteria, with price being the sole mandatory award criterion among others of optional character. The application of principles of good governance may contribute to steer the authorities´ discretion by applying instruments and methodologies, such as the so-called Total Cost of Ownership, which allow technically justify the selection of the award criteria with the aim to guarantee an adequate balance between quality and price. ; Las normas que regulan el ciclo de la contratación pública otorgan un amplio margen de discrecionalidad para determinar los factores de evaluación, siendo el precio el único obligatorio entre otros de carácter facultativo. La aplicación de principios de buen gobierno puede contribuir a un adecuado ejercicio de la discrecionalidad conferida aplicando instrumentos, tales como la metodología denominada Total Cost of Ownership, que permitan justificar técnicamente la elección de determinados factores de evaluación con la finalidad de garantizar una adecuada relación calidad-precio.
Disruptive technologies and the domination of digital platforms have challenged the global economy players twice — first, to get a hand on them, then to mitigate the possible risks. It is beyond doubt that reliable artificial intelligence (AI) can bring many benefits at the European level, such as better health care, safer and cleaner transport, more efficient manufacturing, and sustainable energy. But regulating the unknown requires considerable effort on how to attract investors using clear rules while keeping human control over the algorithms as a priority. In April 2021, the EU Commission published a holistic proposal to regulate the use of AI, which promises to put trust first and ensure that facial recognition and big data operators will never abuse fundamental human rights. Although the proposal is likely to be amended during EU-wide discussions, the new approach to AI will clearly give citizens the reassurance to adopt these technologies while encouraging companies to develop them. Hence, this article aims to map the core challenges for the EU policy on the use of AI, as well as the milestones of developing the holistic legislative proposal, and clarify if the afore-mentioned proposal indeed solves all the AI-related risks for future generations. ; Les tecnologies disruptives i el domini de les plataformes digitals han desafiat els actors de l'economia global dues vegades: primer, per donar-los un cop de mà i després per mitigar els possibles riscos. No hi ha dubte que la intel·ligència artificial (IA) fiable pot aportar molts beneficis en l'àmbit europeu, com ara una millor atenció sanitària, un transport més segur i net, una fabricació més eficient i una energia sostenible. Tanmateix, regular allò desconegut requereix esforços considerables sobre com atraure inversors amb normes clares i alhora mantenir el control humà com una prioritat sobre els algoritmes. L'abril de 2021, la Comissió de la Unió Europea va publicar una proposta holística per regular l'ús de la IA que promet posar la confiança en primer lloc i garantir que els operadors de reconeixement facial i de big data mai no incompleixin els drets humans fonamentals. Tot i que és probable que la proposta es modifiqui durant els debats a escala de la UE, el nou enfocament de la IA donarà clarament als ciutadans la confiança per adoptar aquestes tecnologies, al mateix temps que animarà les empreses a desenvolupar-les. Per tant, aquest article té com a objectiu traçar els principals desafiaments per a la política de la UE sobre l'ús de la IA, així com els objectius del desenvolupament de la proposta holística legislativa, i aclarir si aquesta proposta resol realment tots els riscos relacionats amb la IA per a les generacions futures. ; Las tecnologías disruptivas y el dominio de las plataformas digitales han desafiado a los actores de la economía global dos veces: primero, para echarles una mano, luego para mitigar los posibles riesgos. Está fuera de toda duda que la inteligencia artificial (IA) fiable puede aportar muchos beneficios a nivel europeo, como una mejor atención sanitaria, un transporte más seguro y limpio, una fabricación más eficiente y una energía sostenible. Pero regular lo desconocido requiere esfuerzos considerables sobre cómo atraer inversores con reglas claras y al mismo tiempo mantener el control humano como una prioridad sobre los algoritmos. En abril de 2021, la Comisión de la UE publicó una propuesta holística para regular el uso de la IA, que promete poner la confianza en primer lugar y garantizar que los operadores de reconocimiento facial y big data nunca incumplan los derechos humanos fundamentales. Aunque es probable que la propuesta se modifique durante los debates a escala de la UE, el nuevo enfoque de la IA dará claramente a los ciudadanos la confianza para adoptar estas tecnologías, al tiempo que animará a las empresas a desarrollarlas. Por lo tanto, este artículo tiene como objetivo trazar los principales desafíos para la política de la UE sobre el uso de la IA, así como los hitos del desarrollo de la propuesta holística legislativa, y aclarar si dicha propuesta resuelve realmente todos los riesgos relacionados con la IA para las generaciones futuras.
This paper examines global governance in the health sector, drawing on discussions of the context in which this term emerged along with other related denominations such as global health, global health governance (or global governance for health), and health diplomacy (or global health diplomacy). It is framed by policy analysis theory, on the assumption that both domestic policies —including foreign policy— and international policies are considered public policies, given that they interrelate different actors, ideas and preferences at the various different stages in the decision-making process: agenda-setting, policymaking, implementation and outcomes. The methodology is qualitative and applies the non-systematic literature review technique. The far-reaching changes in the world order that became evident in the post-Cold War period (the 1990s) are examined and serve as a reference for the theoretical and conceptual discussion of these terms' meanings in the new world dynamics in place since then. The study concludes that global governance in the health sector is part of a broader process comprising global governance and its specific variants in a world context of major political, institutional and ideological changes in which the neoliberal perspective is overwhelmingly predominant. As a result, the term global has itself acquired a particular meaning, embedded in the term global health, which has come to replace international health. The effects of this dynamics on the health sector are seen concretely in the entry of certain health problems as global onto foreign policy agendas and in their utilisation as instruments of geopolitics. Changes to WHO funding and the emergence of new institutional alignments have increased private sector participation in decision-making processes and in health sector regulation, expressed in the privatisation of service provision, cooperation and international aid in health to developing countries, as vertical programmes proliferate and national governments are bypassed to the detriment of public and universal health systems strengthening. ; El artículo se propone discutir la gobernanza global en el sector de la salud, a partir del análisis del contexto de su aparición, y otros términos relacionados: salud global, gobernanza de la salud global (o gobernanza global para la salud), diplomacia de la salud (o diplomacia de la salud global). El marco teórico utilizado es el análisis de las políticas públicas, bajo la premisa de que tanto las políticas nacionales, incluida la política exterior, como las políticas internacionales se consideran políticas públicas, ya que articulan diferentes actores, ideas y preferencias en el proceso de toma de decisiones, en sus diferentes etapas —formación de agenda, formulación de políticas, implementación y resultados. La metodología es cualitativa y utiliza la técnica de revisión no sistemática de la literatura. Los cambios profundos en el orden mundial, que son evidentes en el período posterior a la Guerra Fría (1990), son analizados ya que sirven como referencia para la discusión teórica y conceptual del significado de estos términos en la nueva dinámica mundial. Se concluye que la gobernanza global en el sector de la salud es el resultado de un proceso más amplio que incluye la gobernanza global y sus especificidades en un contexto mundial de grandes transformaciones políticas, institucionales e ideológicas, con un predominio abrumador de la perspectiva neoliberal. Como consecuencia, el término global adquiere un significado particular, incorporado en el término salud global, en lugar de la salud internacional. Los efectos sectoriales de esta dinámica se materializan en la entrada de ciertos problemas de salud considerados globales en las agendas de política exterior y su uso como instrumento geopolítico. Los cambios en la financiación de la Organización Mundial de la Salud (OMS) y la aparición de articulaciones institucionales aumentan la participación del sector privado en la toma de decisiones y en la regulación del sector, de lo que resulta la privatización de la provisión de servicios, de la cooperación internacional y de la ayuda a los países en desarrollo, la proliferación de programas verticales y el bypass de los gobiernos nacionales en detrimento del fortalecimiento de los sistemas públicos y universales de salud. ; Este artigo se propõe a discutir a governança global no setor saúde a partir da análise do contexto de emergência deste e de outros termos correlacionados —saúde global, governança da saúde global (ou governança global para a saúde), diplomacia em saúde ou diplomacia em saúde global. O referencial teórico utilizado é a análise de políticas públicas, a partir da premissa que tanto as políticas domésticas, incluída a política externa, quanto as políticas internacionais são consideradas políticas públicas, uma vez que articulam diferentes atores, ideias e preferencias no processo decisório, em suas distintas etapas —formação de agenda, formulação da política, implementação e resultados. A metodologia é qualitativa e emprega a técnica revisão bibliográfica não sistemática. As profundas mudanças na ordem mundial que se evidenciam no período pós-Guerra Fria (década de 1990) são analisadas e servem de referência para a discussão teórica e conceitual do significado desses termos na nova dinâmica mundial instaurada desde então. Conclui-se que a governança global no setor saúde é caudatária de um processo mais amplo, que incluí a governança global e suas especificidades em um contexto mundial de grandes transformações políticas, institucionais e ideológicas, com predomínio avassalador da perspectiva neoliberal. Como consequência o termo global adquire significado particular, incorporado no termo saúde global, em substituição ao saúde internacional. Os efeitos setoriais dessa dinâmica se materializam na entrada de determinados problemas de saúde considerados globais nas agendas de política externa e na sua utilização como instrumento geopolítico. Mudanças no financiamento da Organização Mundial da Saúde (OMS) e o surgimento de novas articulações institucionais aumentam a participação do setor privado no processo decisório e na regulação setorial, traduzida na privatização da provisão de serviços, da cooperação e ajuda internacional em saúde aos países em desenvolvimento, proliferando os programas verticais e o bypass dos governos nacionais, em detrimento do fortalecimento dos sistemas públicos e universais de saúde.
In proposed paper the modern state and main trends of public management and public servicemodernization in the USA in the context of the "E-Government" initiative by President G.W. Bushadministration have been described. The current legal and political sources dealing with variousaspects of "E-Government" implementation in the USA has been generalised. On the basis of thereceived results "E-Government" initiative has been interpreted as important stage of developmentof e-governance in the USA in the context of solving problem of fundamentally new model of statebuilding'screation. Specifics of "E-Government" implementation by complex architectonics of sourcesaccording to valid demands of information society have been traced.In particular, it's scientifically proven that in the USA the current trend to the convergence withcivil society as one of the main trends of the public management evolution against the background ofe-governance conception's implementation is likely to persist."E-government" as President G.W. Bush administration's initiative has been substantiated as systemof government information technologies used for data provision and e-services functionality support,which leads to improvement of government agencies effectiveness and carried out in the conditionsof transformation of forms and meanings of social interaction between citizen, business and publicadministration bodies. Context of this initiative implementation in the USA has been determined:information security (cyber-security), cybercrime and emerging challenges for systems protectingState information; important mission regarding privacy and confidential information protectionin post-industrial society. Process of accumulation and sophistication of architectonics of sources(doctrinal, legal, political etc) relating to "E-government" initiative in the USA corresponds withphases of conceptual emergence of e-governance model surrounding the core architectonic principle –principle of convergence between civil society, business and the State. ; В ...
Doutoramento em Estudos em Ensino Superior ; Esta dissertação compara as mudança governamentais e políticas nos sistemas de ensino superior (ES) português e finlandês, que emergem de pressões externas similares. Exemplos destas pressões externas são o processo de Bolonha e as manifestações legislativas mais recentes da Nova Gestão Pública (NGP), nomeadamente o novo regime jurídico das instituições de ensino superior (IES) portuguesas (RJIES) e finlandesas (Novo Acto Universitário), visando alterar não só as estruturas de governação institucional, como também as práticas de tomada de decisão. O estudo fornece uma descrição histórica e cultural abrangente dos sistemas de ES português e finlandês, a fim de dar a conhecer a forma como os governos destes países e as suas IES reagem a movimentos de mudança similares. Embora Portugal e Finlândia difiram significativamente em termos geográficos, históricos, culturais e económicos, ambos os países empreenderam recentemente reformas legislativas semelhantes nos seus sistemas de ES, tornando esta comparação relevante no âmbito das políticas de ES. Além disso, apesar de divergirem na sua natureza, carácter, objectivos e nível de aplicação, estas políticas foram implementadas simultaneamente, com o objectivo de melhorar a eficiência e qualidade do desempenho institucional, bem como a visibilidade e competição nacional. Argumenta-se que a crescente internacionalização do ES, a política de soft law da União Europeia (UE) bem como a ideologia managerialista – também disseminada por relatórios e discursos de organizações internacionais como a Organização para a Cooperação e Desenvolvimento Económico (OCDE) e a UE oferecem explicações para semelhanças em contextos nacionais. No entanto, as especificidades históricas e culturais, e as características estruturais destes sistemas político-administrativos explicam as diferenças nos processos de implementação de políticas e, consequentemente, nos resultados obtidos a nível nacional. Juntamente com uma vasta análise documental, o ...
A review essay covering books by: (1) Daniel W Drezner, The system worked: how the world stopped another Great Depression, (2014), (2) Eric Helleiner, The status quo crisis: global financial governance after the 2008 financial meltdown (2014).
The Spanish actors in Eighteenth Century discussed about two related questions. First, the extent to which there existed in Spain a specific knowledge, or even a specific science, of finance administration. Second, they asked whether this knowledge was a justification for exercising power over the administration of finance. The paper explores the polemics that these two questions raised, under the reigns of Philip V and Ferdinand VI. Our aim is to reconstruct and understand the conceptions of good financial administration according to its key actors. Our conclusions show that the political confrontations in this period should not be read as the result of a traditional conflict opposing Bourbon's reformism (supposedly homogeneous) and pro-Habsburg tradition. In fact, the construction of a new model of financial administration was a conflicting and far from straightforward issue. ; ¿Existe o no un saber específico en materia de Hacienda, e incluso una ciencia? ¿Este saber justifica el acceso al poder o el monopolio del poder en materia de Hacienda? El examen del debate que se da en España en torno a estas cuestiones durante los reinados de Felipe V y Fernando VI permite acercarse a las concepciones del buen gobierno de la Hacienda de los actores. Asimismo, da cuenta de la existencia de unos enfrentamientos políticos que no se pueden reducir a la oposición usual entre un reformismo borbónico, supuestamente homogéneo, y la tradición austracista. La construcción de un nuevo modelo de gobierno de la Hacienda fue conflictiva y sinuosa.The Spanish actors in Eighteenth Century discussed about two related questions. First, the extent to which there existed in Spain a specific knowledge, or even a specific science, of finance administration. Second, they asked whether this knowledge was a justification for exercising power over the administration of finance. The paper explores the polemics that these two questions raised, under the reigns of Philip V and Ferdinand VI. Our aim is to reconstruct and understand the conceptions of good financial administration according to its key actors. Our conclusions show that the political confrontations in this period should not be read as the result of a traditional conflict opposing Bourbon's reformism (supposedly homogeneous) and pro-Habsburg tradition. In fact, the construction of a new model of financial administration was a conflicting and far from straightforward issue.
