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Notre thèse s'intéresse aux conséquences de la sympathie du conseil d'administration (CA) vis-à-vis du dirigeant en termes de politique financière et de performance de la firme. La gouvernance d'entreprise est généralement étudiée à l'aide de la théorie de l'agence. Elle conçoit le CA comme un dispositif de surveillance disciplinaire du dirigeant protégeant les droits des financeurs. Il s'assure que les décisions prises par le dirigeant sont conformes aux intérêts des financeurs. Cette vision de la gouvernance s'oppose à celle défendue par la théorie de la dépendance aux ressources. Selon cette dernière, le CA a avant tout un rôle d'accompagnement stratégique du dirigeant. Il exerce un rôle d'interface entre la firme et son environnement, ce qui permet au dirigeant de prendre des décisions créatrices de valeur. La surveillance disciplinaire et l'accompagnement stratégique sont peu compatibles. La composition du CA détermine quel rôle est renforcé au détriment de l'autre. Ainsi, les administrateurs en relation avec le dirigeant accroissent les compétences d'accompagnement stratégique du CA tandis que sa capacité à restreindre la marge de manœuvre du dirigeant diminue. Nous nous sommes focalisés sur 78 grandes entreprises françaises cotées. Nous avons convenu qu'un administrateur peut être en relation avec le dirigeant s'ils appartiennent aux mêmes réseaux d'anciens étudiants d'une institution universitaire donnée. Les données de gouvernance utilisées ont été collectées manuellement dans les rapports annuels émis par les firmes entre 2007 et 2011. Les informations concernant les dirigeants et les administrateurs sont issues dictionnaire biographique Who's Who in France 2013 ou dans les notices biographiques des rapports annuels. Nous avons tout d'abord pu constater que la présence d'administrateurs en relation avec le dirigeant conduit à une diminution du niveau de dividendes. En même temps, le dirigeant favorise un financement par des dettes au détriment des capitaux propres. Nous avons également montré que cette relation dépend de la structure de propriété de la firme. Ainsi, le constat précédent demeure pour les firmes au capital fortement concentré, ce qui est conforme à la théorie de la dépendance aux ressources. En revanche, le dirigeant préfère financer la firme par capitaux propres mais le niveau de dividendes reste inchangé dans le cas des firmes au capital dilué. Ceci est conforme à la théorie de l'agence. Ainsi, la capacité du dirigeant à décider d'une politique financière servant ses intérêts à l'aide de ses relations sociales dépend de la structure de propriété de la firme. Lorsque le capital est concentré, l'actionnaire majoritaire préfère financer la firme par de la dette obtenue à moindre coût grâce au dirigeant et ses relations sociales. Cela empêche l'entrée d'autres actionnaires au capital. Le fait de ne pas verser de dividendes permet de renforcer les capacités financières de la firme. Lorsque le capital est dilué, le dirigeant peut éviter la pression disciplinaire de l'endettement. Suite à cela nous avons montré, conformément à cette même théorie, que le coût du capital croît lorsque des administrateurs connaissent le dirigeant. La relation est plus forte pour les firmes peu connues des marchés. Enfin, la performance croît en fonction de la sympathie du CA. Cela est conforme à la théorie de la dépendance aux ressources. Nous nous sommes également aperçus que l'effet bénéfique des relations du dirigeant se retrouve uniquement pour les firmes en phase de croissance. Ainsi, même si elle est source de coûts d'agence, la sympathie du conseil d'administration à l'égard du dirigeant est bénéfique pour les firmes ayant besoin d'accompagnement stratégique tandis qu'elle est davantage néfaste aux firmes parvenues à maturité. / This dissertation deals with the consequences of board friendliness on the financial policy and the performance of the firm. It revolves around four empirical studies. Until now, the study of corporate governance was based on Agency Theory. It conceives the board of directors as aimed at monitoring the Chief Executive Officer (CEO) in order to protect claimholders' interests. However, Resource Dependence Theory states that the board of directors is aimed at bringing information and resources to the CEO. These two roles are opposing, and board composition determines its dominant role toward the other one. Thus, CEO social ties enhance the advising role of the board and impede its monitoring role. Our dissertation is based on these two theories. Our studies are based on 78 French firms. We decided that a director was a social tie of the CEO when they were graduated from the same university or grande ecole (Polytechnique, Ecole Nationale d'Administration, HEC ...). Corporate governance data are manually collected in the annual reports launched by the firm between 2007 and 2011. Data concerning CEO and directors vita are extracted from the biographical dictionary Who's Who in France 2013 or the annual reports. We first find that friendly boards lead to fewer dividends and higher leverage. We decided to refine our results and analyze the effect of ownership concentration on these two relationships. We found that these relationships remained in a context of high ownership concentration, but the relation between board friendliness and leverage turned negative. The relation between board friendliness and dividends remained negative in a context of high ownership concentration but disapeared in a context of low ownership concentration. Consequently, the possibility for the CEO to use his social ties in order to set up a financial policy to entrench depends on ownership concentration. The higher ownership concentration, the harder it is for the CEO to entrench. In the third empirical study, we found that CEO social ties lead to a higher implied cost of capital. This relationship is stronger for the most risky and opaque firms. Finally, we find that friendly boards increase the performance of the firm. More precisely, this positive effect of board friendliness is concentrated on opaque firms with a lot of growth opportunities. Consequently, even if friendly boards generate agency costs, shareholders accept them when the firm has a lot of growth opportunities because the CEO needs advice to exploit investments properly. When the CEO does not have advisory needs, CEO social ties prevent the financing of the firm at an optimal cost of capital insofar as the CEO is only entrenched.

Conselho Nacional de Desenvolvimento Científico e Tecnológico / Introdução: A teologia da libertação assinalou o comprometimento teórico com a prática comunitária da desprivatização da fé cristã na América Latina, subsidiando a ideia de libertação e suas implicações holísticas. Em consequência, a noção de libertação correspondeu ao equivalente oposto de dependência dentro do quadro metodológico de abordagem bíblico-teológica. Dessa forma, consiste em apresentar, a pesquisa agora submetida à avaliação, a relação conceitual existente entre a teologia latino-americana e a crítica à estrutura teórica do subdesenvolvimento, qual seja, a teoria da dependência. Objetivo: Compreender o significado da correlação oposta da libertação à dependência desde suas especificidades de acordo com a visão dos intelectuais da libertação, e identificar a forma pela qual a dependência foi apropriada para responder ao quadro teórico responsivo socioanalítico destes intelectuais, bem como perceber até que ponto representou essa maneira de labor teológico um tipo epifenomênico identitário. Métodos: Pesquisa históricosistemática, de caráter exploratório, com orientação analítico-descritiva, organizada a partir de esquemas classificatórios cuja disposição busca indicar a evolução no nível de interação social dos intelectuais latino-americanos de disputa pelos bens simbólicos dentro do campo religioso, a bem dizer, a interpretação teológica. A interpretação dos textos reunidos seguiu um esquema hermenêutico compreensivo pressuposto no pensamento fraco e na antilogia teológica latino-americana. Resultados: É partindo da constatação da refração teórica da dependência pela libertação que se poderá ver claramente tanto a concepção epifenomênica de uma intelligentsia teológica latinoamericana, quanto à recepção da crítica ao subdesenvolvimento, à da dependência enquanto unidade hermenêutica correlativa ao labor teológico sobre a libertação, que deve ser aprendida por um critério dialético-conflitivo. O conceito de libertação aparece assim como a interpretação teológica de todo um campo teórico tomado indistintamente, a saber, a teoria da dependência. Conclusão: Nada mais errôneo, então, do que tomar a correlação oposta entre dependência e libertação como constatação de semelhança entre o real teorizado (dependência) e a conceitualização hipotética de máximas de ação (libertação), uma vez que a opção pela tese de uma teoria geral (a do antiimperialismo) foi recebida dentro do fazer teológico em nome da interdisciplinaridade. O resultado implícito foi prescindir da empiria interpretada de forma autônoma em favor do móvel moral humano sob a recuperação da tradição profética. / Introduction: Liberation theology signaled a theoretical commitment to the community practice of de-privatizing the Christian faith in Latin America, supported by the Idea of liberation and its holistic implications. Consequently, the notion of liberation corresponded to the opposite equivalent of dependence within the methodological framework of the Biblical-theological approach. Thus we present in the research now submitted to evaluation, the conceptual relation that exists between Latin American theology and the criticism of the theoretical structure of underdevelopment, that is, the theory of dependence. Goal: To comprehend the meaning of the opposite correlation of liberation with regard to dependence from its specificities according to the perspective of the liberation intellectuals, and identify the way in which dependence was appropriated to respond to the socio-analytical responsive theoretical framework of these intellectuals, as well as perceive up to what point this manner of theological labor represented an epiphenomenal identity type. Methods: Historicalsystematic research of an exploratory type with a descriptive-analytical orientation, organized on classificatory patterns the layout of which seeks to indicate the evolution within the level of social interaction of the Latin American intellectuals who are disputing for the symbolic goods within the religious field, which is to say, the theological interpretation. The interpretation of the texts gathered here followed a comprehensive hermeneutical pattern presupposed within the weak thought and in the Latin American theological antilogy. Results: Stemming from the observation of the theoretical refraction of dependence toward liberation one can clearly see the epiphenomenological. concept of a Latin American theological intelligentsia as well the reception of the criticism of underdevelopment, of dependence as a hermeneutical unit correlating with the theological work on liberation, which should be learned through a dialecticalconflictual criterion. The concept of liberation thus appears as the theological interpretation of a whole theoretical field assumed indistinctly, that is, the theory of dependence. Conclusion: There is nothing more wrong, therefore, than to assume the opposite correlation between dependence and liberation as an affirmation of similarity between the theorized real (dependence) and the hypothetical conceptualization of the action maxims (liberation) since the option for a general theory (that of anti-imperialism) was received within the theological work in the name of interdisciplinarity. The implicit result was to dispense with the interpreted empiricism in an autonomous way in favor of the mobile human moral in order to recover the prophetic tradition.

This diploma thesis is dealing with the topic of civil society organization dependency on its environment (on resources taken from the outside). The paper is focusing three areas - understanding and manifestation of this dependency on the resources of the civic society organization, on so called border situation which occurs during the meantime between projects and last but not least on the strategies which the organization proceeds, either willfully or not, on the reaction to its dependency on the resources and to its border situation. This paper is grounded in the resource dependence theory, developed by Jeffrey Pfefffer and Gerald Salancik, and in already executed researches from abroad. The research design used in this work is a single case case study. Data were acquired by the methods of semi-structured interviews and by the analysis of the documents.

Genom historien har den svenska idrottsrörelsen kännetecknats som en folkrörelse. På senare tid har fotbollsföreningar i Sverige övergått från att vara en del av den organiserade demokratiska folkrörelsen vars främsta syfte är att främja folkhälsan till att idag bedrivas som företag med syftet att tjäna pengar. För att kunna bedriva elitidrottsverksamhet har organisationerna blivit allt mer professionella och kommersiella i sättet att införskaffa och säkerställa ekonomiska resurser. Den här studien ämnar undersöka om organisationsformen hos svenska fotbollsklubbar ger upphov till olika resursberoenden och hur de säkerställer resurser. Den teoretiska referensramen utgörs av resursberoendeteorin för att bland annat fältidentifiera värdefulla resurser och institutionell teori för att skapa en bredare bild för hur det svenska fotbollsfältet utvecklats. Studien är en kvalitativ fallstudie genomförd med hjälp av semistrukturerade intervjuer. Resultatet visar att organisationerna liknar varandra både vad gäller resursberoende men även i säkerställande av resurser där legitimitet var av stor betydelse. Studiens slutsats konstaterar att organisationsformerna inte har någon påverkan på vare sig resursberoende eller säkerställande av resurser. Resultatet pekar istället på att det är fältet som påverkar organisationerna. / Throughout history, the Swedish sports movement has been characterized as a popular movement. Recently, Swedish football organizations have transitioned from being part of the organized democratic popular movement whose main purpose is to promote public health to today being run as a company with the aim of making money. In order to operate an elite sport organization, organizations have become increasingly professional and commercial in the way of acquiring and securing financial resources. The theoretical framework for this study consists of Resource Dependence Theory to identify, among other things, valuable resources and Institutional Theory to create a broader picture of how the Swedish football field has developed. The study is a qualitative case study conducted with the help of semi-structured interviews. The result shows that the organizations are similar to each other in terms of resource dependency as well in securing resources where legitimacy was of great importance. The study's conclusion states that the organizational forms have no effect on either resource dependency or the securing of resources. The result, instead, indicates that it is the field that affects the organizations.

The growing commercialism within Division I big-time athletics has raised the financial stakes for universities, as successful athletic programs benefit from increased opportunities for financial gain. This has contributed to a pervasive "win culture" that drives institutions to seek competitive advantages, and as a side effect, NCAA rule violations have become incentivized. Programs whose infractions go unnoticed may benefit from the competitive advantage gained, but for programs investigated by the NCAA, the financial penalties incurred may far outweigh the potential revenues from undetected violations. The purpose of this study was to address institutional self-sanctions as an organizational behavior in response to NCAA major infractions and the impact of self-sanctioning on alumni charitable giving. Through the use of neo-institutional and resource dependence theories, this study aimed to further examine the role of institutional self-sanctions as a crisis management strategy in containing financial fallout of athletic scandal. While researchers have addressed scandal and alumni charitable giving in relation to athletics and institutional self-sanctions, respectively, no research exists linking the two bodies of literature. This study employed a two-way fixed effects analysis of 10 years of panel data to address the effect of key variables on alumni charitable giving. Analysis results indicated no significant relationship between institutional self-sanctions and alumni charitable giving. However, alumni charitable giving was mitigated by institutional endowment per FTE, suggesting that larger scale financial structures of an institution serve as the best predictor for alumni charitable giving during athletic scandal.

Cardiovascular (CV) patients receive one-third of the care and account for $444 billion of the health care costs in the United States. The cardiovascular service line (CVSL) in hospitals contributes to the profitability influenced by elements of resource dependence theory (RDT). The purpose of this study was to understand whether the regression model of hospital characteristics and outcomes would predict profitability in a CVSL through the cost-to-charge ratio (CCR). The use of a general linear model and multiple regression analysis to examine the 2012 National Inpatient Sample from the Healthcare Cost and Utilization Project allowed estimates from a weighted sample of discharges from all hospitals in participating states. Transformation to dichotomous, independent variables preceded analysis of CV-conditions by discharges. An analysis of variance included in the validated model of grouped strata predicted a level of profitability through the CCR, (4, 509) = 129.83, p < .001, R2 = .505. Mortality was not a significant predictor in the regression model. The 3 characteristic variables with an inverse relationship to the CCR, which resulted in favorable profitability for CVSL, included large, academic, and private for-profit institutions. Prior research aligns well to the study, which emphasized the importance of RDT. Leaders in health care organizations may choose to employ decision making that is dependent upon big data and reference to internal resources to achieve reform expectations. Predictive modeling may aid in the strategic direction of health care organizations. Social implications of this study include hospitals striving to enhance the value proposition by centering care activities around the person over rationing finite resources by condition.

Church financial leaders were affected by the economic crisis after the 2008 recession. In a 2009 group study conducted nationwide with church financial leaders, 57% stated that the economy had a negative effect on their church budgets. The purpose of this qualitative multiple case study was to explore successful strategies that some church financial leaders used to ensure financial sustainability during economic crises. Resource dependence theory was the conceptual framework. Data were collected from 6 church financial leaders at 4 churches in the northeastern region in the United States; church financial leaders were selected through purposeful sampling to participate in semistructured interviews. Data were also collected from church documents, such as financial records and budget statements. These data were analyzed to identify emerging themes using Yin's 5-phase process: compiling, disassembling, reassembling (and arraying), interpreting, and concluding. The 3 themes that emerged from the data analysis were (a) provide strategies to acquire external resources, (b) specify plans to establish internal strategic factors, and (c) provide strategies to improve financial and strategic management. Findings and recommendations of the study could contribute to positive social change by providing church financial leaders with successful strategies to ensure financial sustainability during economic crises and by increasing church revenue and improving social programs, which help improve the needs of staff, members, and people in the community.

More companies have responded to the call for action, increasing their attention to the 17 Sustainable Development Goals. Corporate governance structures have proven to have an effect on how well companies are able to facilitate a sustainable trajectory, all influenced by values and norms. Sweden is part of what many views as the ‘next supermodel’ regarding social welfare and sustainability awareness based on a collectivist mindset. In contrast, the US fundamentally believes in the American dream of free enterprise, which has resulted in a more shareholder oriented view.   This study aims to research whether board composition mechanisms such as board gender diversity, board independence, inclusion and CEO duality impact the CSR initiatives, measured through ESG score, of Swedish and US Large Cap companies listed on OMXS and S&amp;P 100. Moreover, it strives to investigate plausible reasons for differences between Sweden with the Nordic corporate governance model and the tier-1 model corporate governance model the US have. Even if ESG is a well-studied area, previous research does not find any consensus since earlier studies find negative, positive and non-significant results. Furthermore, many studies tend not to go beyond firm-level factors and overlook country-level factors such as national culture.   The study consists of 165 Large Cap companies, where 83 are Swedish and 82 are from the US. The chosen research method is quantitative, based on unbalanced panel data from 2020-2022. ESG score is used as the dependent variable, and the independent variables are the proportion of women board of directors, the critical mass of women directors, the proportion of independent directors, inclusion and CEO duality. The control variables consist of board size, asset size, return on assets, leverage, board-specific skills, and the number of employees. To control for country-level factors, GDP is applied. The regression also applies fixed effects for year and sector.   The data analyses are done with two robust and one standard GLS model with random effects, where the regression analyses are divided into two parts. Part I combines Swedish and US Large Cap companies, and Part II separates the two countries. The results for Part I show no significant relationship between ESG score and either board gender diversity, the critical mass, inclusion or CEO duality. The degree of board independence shows a significant positive effect on ESG scores. Part II conveys that there are fundamental differences between Sweden and the US. For example, while board independence shows a significant positive relationship in Sweden, it presents a non-significant negative relationship in the US. In addition, GDP shows significance in both models indicating that country-level factors matter, and it is evident that the explanatory power of the regressions differ. Thus, it is evermore likely that other factors, such as national culture, potentially impact companies’ corporate social responsibility.

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