The Corporate Law and the Optimization of Shareholders’ Incomes with Investments into Production Reforming

  • Lyudmila RODIONOVA Ufa State Aviation Technical University
  • Olga KANTOR Institute of Social and Economic Research, Ufa Scientific Centre of Russian Academy of Sciences
  • Natalia RUKHLYADA St.-Petersburg State Polytechnic University Peter the Great
  • Svetlana KARPOVSKAYA JSC Gazprom Neft

Abstract

In recent years a company’s goal is not profit making but capitalization.  Companies having the capital value larger than their competitors win in the market. This determines the trends in the capital market, namely merger and acquisition, which have been very popular recently in the international market. This paper considers economic statement, formalization and fulfillment of a problem of optimization of management decisions during formation of funds for company development.

References

[1] Bredley, R.A., and Myers, S.C. 1997. Principles of Corporate Finance: ZAO ‘Olymp-Business’, 1120.
[2] Brigham, Yu., and Gapenski, L. 2001. Financial Management: A Complete Course. VV Kovalev (Ed.). The school of Economics, 669.
[3] Cheng, F. L., and Finnerty, J. E. 2000. Finance Corporation: Theory, Methods and Practice. INFRA-M, 436.
[4] Easterbrook, F. 2010. The limits of antitrust enforcement. Economic policy, 5—6. http://polit.ru/article/2010/10/21/easterbrook/
[5] Easterbrook, F.H. 1984. The Limits of Antitrust. Texas Law Review, 63: 1—41.
[6] Grullon, G., Michaely, R., and Swaminathan, B. 2002. Are Dividend Changes a Sign of Firm Maturity? The Journal of Business, 75: 3. Available at: http://ssrn.com/abstract=313843
[7] Guliamov, S.S. 2006. Legal problems of the distribution of profits in subsidiaries of the company. Legislation, 2: 50-56.
[8] Handjinicolaou, G., and Kalay A. 1984. Wealth Redistributions or Changes in Firm Value: An Analysis of Return to Bondholders and the Stockholders around Dividend Announcements. Journal of Financial Economics, 13(1): 35–63.
[9] Ivanov, A.N. 1996. Capital management and dividend policy. Infra-M, 139.
[10] Kantor, O.G. 2009. Metric Analysis to assess the development of the territories. Economic Development of Regions: Proceedings. Part 6. LN Rodionova and ST Pashin (Ed.). Ufa: Publishing House ‘Dialogue’, 44-54.
[11] Kobets, E.A. 2006. Planning for the Enterprise. Tutorial. Taganrog: Izd.TRTU, 130.
[12] Gitman, L. J. 2009. Principles of managerial finance. 12th ed - Prentice Hall, 848.
[13] Lintner, J. 1964. Optimal Dividends and Corporate Growth under Uncertainty. The Quarterly Journal of Economics, 49-95.
[14] Litzenberger, R.H., and Ramaswamy, K. 1979. The Effect of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence. Journal of Financial Economics, 163–195.
[15] Miller, M., and Modigliani, F. 1961. Divident Policy, Growth, and the Valuation of Shares. Journal of Business, 34(4): 411-433.
[16] Modigliani, F., and Miller, M. 1958. The Cost of Capital, Corporation Finance and the Theory of Investment, American Economic Review, 48: 261-297.
[17] Oberbrinkmann, F. 2003. Current understanding of the balance sheet. Finance and Statistics, 416.
[18] Podinovskiy, V.V., and Gavrilov, V.M. 1975. Optimization for consistently applied criteria. Soviet radio, 192.
[19] Rishar, J. 2000. Accounting: Theory and Practice. Sokolova Y.V. (Ed). Finance and Statistics, 160.
[20] Rodionova, L.N., and Kantor, O.G. 2014. Balance indicators in assessing the competitiveness of products. The region's economy, 3: 257-265.
[21] Shulga, А. 2008. How to manage finances in a crisis. General manager. Personal manager magazine, 12: 14-22. http://www.gd.ru/magazine /article/813.html
[22] Sosnauskene, O.E. 2006. Profit optimization. Exam, 495.
[23] Stern, J. 1974. Earnings per Share Don't Count, Financial Analysts Journal, 39-43.
Published
2016-10-08
How to Cite
RODIONOVA, Lyudmila et al. The Corporate Law and the Optimization of Shareholders’ Incomes with Investments into Production Reforming. Journal of Advanced Research in Law and Economics, [S.l.], v. 7, n. 4, p. 910-919, oct. 2016. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/166>. Date accessed: 14 apr. 2024.