The social responsibility of corporations has become a topical issue. This is particularly so in relation to the ways and means of achieving harmony and congruency with social expectations. With the growing importance that corporations now place on meeting contemporary demands for extra-commercial engagement placed on them by society, regulating corporate activity in this area has come under intense public and legal scrutiny. In what can be described as a departure from the norm, the use of legislation to mandate and govern corporate social responsibility (CSR) is becoming increasingly perceived as an effective regulatory method in emerging economies. India, Mauritius, Indonesia and the Philippines have adopted legislation with regard to CSR. In Nigeria, however, several attempts at legislating on CSR have failed. This study shows that a multiplicity of factors is responsible for this development. This thesis posits that while the adoption of international CSR standards is encouraged through various international activities, only an autochthonous approach which recognises the peculiarities of the Nigerian state can promote the desired legislative objective on mandating CSR. This study explores the prospects of mandating CSR by legislation in Nigeria and suggests reforms deemed necessary for achieving the objective of mandatory CSR.

Abstract This thesis analyses the stock market synchronicity of 34 emerging markets and compares the findings with seven developed markets. The study uses weekly stock return data and the final dataset includes approximately 20.8 million weekly observations for 40,014 firms across the world. Morck et al. (2000) are among the first to introduce the topic of stock market synchronisation and argue that stock markets in economies with high per capita GDP move in a relatively unsynchronised manner over time, in contrast to stock prices in low per capita GDP economies. They also suggest that stock synchronicity is associated with macroeconomic indicators including rule of law, inflation, corruption and geographical size. In addition, Skaife et al. (2006) propose a further measure of stock synchronicity based on the proportion of zero returns and argue that the zero-return measure is a superior measure of stock market co-movement. The study uses both measures proposed by Morck et al. (2000) and one measure proposed by Skaife et al. (2006) for synchronicity analysis and extends the analysis to cover a ten year period, a larger sample of shares and more recent measures of country specific characteristics. It is found that stock markets in emerging economies are more synchronous than in developed economies over the sample period using the classical measure. It is also found that over the 10-year study period the synchronicity measure is stationary. There is evidence of a statistically significant negative correlation between stock synchronicity and both government accountability and corruption for the emerging markets using the cross-sectional analysis. The R-square measure of stock synchronicity averages 0.091 for the emerging markets and 0.045 for the developed economies, suggesting that higher stock price co-movement is evident in emerging economies. Further, there is a statistically significant positive correlation between the R-square measure and both corruption and inflation. The study also uses the zero-return measure of stock synchronicity suggested by Skaife et al. (2006). It is found that the zero-return measure for emerging economies is higher than for developed economies. Surprisingly, China and the S&P 500 group of companies exhibit the lowest values for the zero-return measure during this period, which is inconsistent with the classical measure and the R-square measure. Further, panel data analysis shows that GDP per capita and trade openness have a strong effect on the zero-return measure. The Pearson correlation and Spearman rank correlation coefficient indicate that the classical measure and the R-square measure are positively correlated and appear to capture similar aspects of the markets in the study, which is also consistent with cross-sectional analysis results. In contrast, the zero-return measure shows either insignificant or negative correlation with the classical measure and the R-square measure for most sub-period and full period analysis. Finally, there is evidence that emerging stock markets are more synchronous over time than in developed financial markets. It is found that common-law country stock synchronicity is lower than in civil-law countries or post-communist countries using the classical measure and the R-square measure.

Over the last two decades, the Born Global phenomenon has grown into a fascinating field of internationalization studies. Several perspectives have been studied to enrich this rather new area of business research, however little has been studied in context of the types of economies from where these firms emerge. More especially, insufficient amounts of literature cover the Born Global phenomenon from the emerging market context.   Therefore, the purpose of this thesis is to gain a deeper understanding of this phenomenon from the emerging market context by investigating the factors that influence these born global firms to succeed in their international markets.   We conducted a case study of two companies one from Mexico and another from Ghana. We adopted a qualitative approach for the literature review, data collection and analysis during the course of the study. We also utilized theoretical concepts to build a conceptualized framework to guide our study. Both primary and secondary data sources were used in this research.   Our study revealed five main factors that influence born global firms from emerging economies to succeed in the international scene. These factors are both internal and external and are as follows; strategic management of the firm, networks, product differentiation, technology and markets. We found that the significance of each of the factors’ influence on the companies was specific to type of industry and product/service offering.

Para las organizaciones la innovación se ha posicionado como una estrategia movilizadora de valor y que permite generar competencias distintivas en sus actividades, diferentes perspectivas se han desarrollado en torno a su vinculación con el modelo de decisiones de la organización, por ello el propósito de este documento se orienta a establecer una reflexión de los referentes de modelos gerenciales y el papel de la innovación en estos, que permita la identificación de las bases de conocimiento para su aplicación e implementación en la administración de negocios, determinándose que la actividad innovadora vinculada a los modelos gerenciales, se contempla desde el recurso intelectual, con el fin de mejorar la forma por la cual se crean bienes y servicios, siendo la reflexión principal la relevancia que adquiere para los modelos modernos de gerencia de las organizaciones la mentalidad de cambio y la filosofía innovadora para la sostenibilidad en el tiempo. / Revisión por pares

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Family Matters – Essays of Families, Firms and Funding in the Philippines 1850–2014 is a study of family business groups in the Philippines. It consists of an introductory essay and four separate papers. The introductory essay frames the thesis in the vast literature on family firms and family business groups in emerging economies, discusses sources and methodology, and provides an overview of Philippine economic history to give the overarching economic context to the separate papers. The first paper deals with the role of institutions in understanding the dominance and prevalence of family business groups in the Philippines. The literature posits that weak institutions can help explain the predominance of family business groups in emerging economies. This paper takes a historical perspective to examine whether that explanation holds over time, examining the development of core property rights and core economic institutions over time and how family firms have responded. The second paper studies funding options in the late nineteenth and early twentieth centuries and whether the rapidly growing financial system was driven from above or below. The paper examines the impact it had on the explicit goal of stimulating investment and growth in the early twentieth century and what that meant for family firms. The third paper studies capital market developments since the Asian crisis and in particular the growth of the corporate bond market in the Philippines; how this development and how it affected family business groups. The fourth paper deals with governance and management capabilities and examines professionalization of family firms over time to seek to answer the question of longevity. Management literature provides studies and models for family firms but these are fairly recent whereas the family firms that have been in business for several generations have found ways to manage for the long term. The paper analyses what three select groups have done in terms of professionalization and management.

Central bank communication has become an important monetary policy tool. This is because it helps to improve the effectiveness of monetary policy by sharing information, which reduces uncertainty. Previous research on the topic has concentrated on central banks in developed economies, such as the Bank of England, the European Central Bank, and the Federal Reserve. This research contributes to the literature by providing insights from the perspective of emerging economies, where communications of Chinese and Indian central banks are examined. The first empirical chapter investigates the effectiveness of communication of People s Bank of China (PBOC) on Chinese financial markets: the interbank money market, the equity market, and foreign exchange markets, are analysed using time-series models. The main focus of the chapter includes an analysis of PBOC s credibility, construction of a new communication index on global economic outlook, more detailed communication indexes, and addressing how-to-communicate questions in the PBOC s communication strategies. The results indicate that the PBOC has credibility and its communication generally reduces volatility in these markets. The second empirical chapter looks at the role of the PBOC s communication in predicting policy rates, using an ordered probit model. The communication indexes constructed in the chapter cover both formal and informal communications of PBOC for 2009 to 2015 and a new communication index on money supply was also constructed. The main finding is that PBOC s communications (particularly on inflation) are useful for predicting PBOC s monetary policy stance. The money supply communication index has some, but not much predictability powers. Finally, the third empirical chapter compares central bank communications in China and India. The contribution of the chapter lies in the comparative analysis of two central banks communications of developing economies, which were overlooked in the extant literature. It shows that the communications on the countries monetary policy inclination have influence on macroeconomic variables of the countries, particularly, the short-term inflation expectations. The findings, therefore, suggest the effectiveness of communications as an unconventional monetary policy tool in emerging economies.

This thesis investigates the dialectical nature of Corporate Social Responsibility (CSR) phenomenon a common buzzword in today’s globalized economy. The emergence of CSR as a significant issue in recent years can be attributed to the expectation in developed countries for business to engage with society beyond their commercial interests. Business are now under sustained pressure to be held publicly accountable for their activities. The research shed light on two research gaps identified within business ethics- idea of business responsibility firstly in the context of the big economic players of tomorrow- emerging markets; and secondly in relation to small and medium enterprises. Adopting a phenomenological approach based on Critical Theory and Hermeneutics framework, the research attempted to uncover the link between business and ethics in relation to SMEs. This led to the construction of a theoretical model –A.R.T Model, aimed at enhancing understanding of how SMEs perceive and practice socially responsible behaviour. Contribution to knowledge was also made in applying Bourdieu’s Theory of Logic of Practice to explain actions of SME owner-managers; and carrying out a comparative analysis of Social Capital theory versus normative Stakeholder Theory to describe workings of SMEs towards their stakeholders. These contributions met the objectives of the study: creation of a ‘native’ model of social responsibility for SMEs in Pakistan (reflective of the local social reality) using a business ethics and cultural construction; and exploring the nature and evolution of CSR in emerging markets. The research also revealed that socially responsible practices by SMEs are inherently informal and voluntary in nature, driven more so by ethical than religious motivations. Furthermore, philosophical synergies were created between the A.R.T model and the normative construct consisting of Classical antiquities - Kant, Adam Smith and Machiavelli, which bridged the gap between theory and CSR driven practice.

As modificações geradas no âmbito das decisões de políticas econômicas nacionais das últimas décadas atentaram para o papel da estabilidade macroeconômica no desempenho das economias de mercado. O controle da inflação constitui-se no objetivo primordial das autoridades monetárias que, a partir dos anos 1990, encontraram na adoção de metas de inflação um modo mais eficiente para atingir a estabilidade de preços. Segundo a literatura convencional contemporânea, os resultados do regime de metas de inflação em economias avançadas e emergentes garantem, diretamente, uma redução dos níveis e da volatilidade das taxas de inflação, uma ancoragem das expectativas inflacionárias e menores custos da desinflação em termos do produto. Entretanto, acredita-se que a intensidade e os impactos desses efeitos podem ser diferenciados ou comprometidos quando aplicados à realidade dos países emergentes. Fundamentadas nas visões críticas das implicações do regime de metas de inflação à evolução das economias emergentes, as discussões teóricas visaram expor as definições gerais do regime de metas de inflação e as questões estruturais da dinâmica macroeconômica dos mercados emergentes. Constatou-se que a preponderância dos mecanismos de transmissão da taxa de câmbio sobre a inflação, os desequilíbrios ficais, financeiros e externos, e as características de vulnerabilidade e instabilidade macroeconômicas dos países emergentes podem dificultar o funcionamento do regime de metas de inflação. Essencialmente, a avaliação empírica dos efeitos de metas de inflação sobre o desempenho macroeconômico dos países emergentes evidenciou que, além deste regime não apresentar relevância estatística na explicação das taxas de inflação, de crescimento do produto e de juros, os movimentos da economia internacional parecem definir as condições de estabilidade macroeconômica nessas economias. Portanto, concluiu-se que a implementação de metas de inflação não melhorou nem piorou o desempenho macroeconômico dos países emergentes que adotaram este regime a partir dos anos 1990. Tal resultado contribui no debate atual sobre a dimensão das políticas de estabilidade de preços e, em especial, os efeitos de metas de inflação em economias emergentes. / The modifications generated in the scope of national economy policy decisions in the last decades had attempted for the role of macroeconomic stability in the performance of market economies. The control of inflation consisted in the monetary authorities’ primary objective that, from the 1990 years, had found in the adoption of inflation target a more efficient way to reach the price stability. According to conventional literature contemporary, the results of inflation targeting in the advanced and emerging economies guarantee directly a reduction of the level and the volatility in the inflation rates, an anchorage inflationary expectations and lesser costs of disinflation at the product. However, one gives credit that the intensity and the impacts of effects can be differentiated or biased when applied to reality of emerging countries. Based in the critical views of inflation target implications to emerging economies evolution, the theoretical quarrels had aimed at to display the inflation target general definitions and the structural matters of emerging market macroeconomic dynamic. One evidenced that the predominance of the exchange pass through inflation, the external, financial and fiscal disturbs, and the macroeconomic vulnerability and instability characteristics of emerging countries can difficult inflation target working. Essentially, the empirical evaluation of the inflation targeting effects on the macroeconomic performance of emerging countries demonstrated that, beyond this regime not to present statistics relevance in the inflation rates, growth product and interest rates explanation, the movements of the international economy seem to define the conditions of macroeconomic stability in these economies. Therefore, one concluded that the implementation of inflation target did not improve nor got worse the macroeconomic performance of the inflation targeting emergent countries from 1990s. Such result contributes in the current debate on the prices stability policies and, in special, the effect of inflation target in emergent economies.

This research aimed to explore the influence of the institutional context on the growth-potential of new businesses in South Africa. The purpose of this study is to highlight the major responsibility of bureaucracy to enable high-growth entrepreneurship in emerging economies by building a favourable economic, social and legal environment, known as the institutional context.An adapted research model was defined through an extensive literature review of prior studies in the fields of both institutional theory and entrepreneurship theory. An online survey was administered to many South African entrepreneurs via a number of databases across the country. The responses were then collected and analysed by means of a multiple regression analysis to test the six hypotheses of the research model.The results revealed that all the identified institutional factors were found to have significant influences on high-growth entrepreneurship in the intended directions, while access to technology was found to have the largest influence, and the regulatory framework also contributed substantially. This implies that the bureaucracy of the country has to consider all the identified factors when attempting to design a supportive institutional environment to stimulate high-growth entrepreneurship. However, the greatest results will be achieved by focusing specifically on the access to an extensive technological infrastructure and an effective regulatory framework. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted