SYSTEM OF INFRASTRUCTURE ENSURE OF MATERIAL RIGHTS OF SHAREHOLDERS
Journal Title: Вісник Одеського національного університету. Економіка. - Year 2018, Vol 23, Issue 1
Abstract
The article investigates the mechanism of ensuring the shareholders' material rights. There are two rights, namely: the right to receive income in the form of dividends and the right to receive part of the property of a joint-stock company in the event of its liquidation. It was investigated that there is a failure to comply with the first law by reinvesting profits in the company, which, discourages small shareholders to additional investments in current joint-stock company. Taking into account the realization of the goals and objectives which set by the management of Ukrainian joint-stock companies in the area of payment of dividends, it can be noted that there is an increase the share of net profit of JSC for dividend payments (by 27–24% over the last three years). However, over the past 6 years there has been a trend towards a reduction in the share of JSC that make any dividend payments. The dividend policy of JSC, depending on the method of payment of dividends (or use of all methods), provides the following infrastructure support: Settlement Center for servicing contracts in financial markets with the Central Securities Depository; depository institutions and correspondent depositaries; banking institutions; accounting of a joint-stock company. The second material right of shareholders is provided through the freewill or forced liquidation of JSC. The process of reorganization or bankruptcy of an enterprise is carried out by the arbitration manager. The article describes the requirements for the arbitration manager and his rights and responsibilities as one of the main components of the infrastructure provision. Regarding the debtor, the following bankruptcy proceedings apply: disposition of the debtor’s property; the settlement agreement; sanation (restoration of solvency) of the debtor; liquidation of the bankrupt. The statistical data on the number of bankruptcy and liquidation procedures of enterprises of Ukraine is confirmed by the fact that there is a dynamics of growth in the number of companies that are recognized bankrupt. During the 1990s, enterprises were liquidated for various reasons, in particular due to the unfavorable economic situation, ignorance of market laws. Instead, in recent years there has been a tendency for them to be integrated with or absorbed by other companies. This contributes to the enlargement and corresponding increase in the share of large business in the Ukrainian market.
Authors and Affiliations
O. V. Vasilyev, A. I. Nimkovich
Keywords
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