About 70% of mergers and acquisitions (M&As) involving small and medium-sized enterprises (SMEs) in emerging economies fail because the strategies employed do not integrate all the critical success elements, leaving SMEs without the needed capital to take advantage of strategic and market opportunities. The purpose of this multiple case study was to explore the M&A strategies SME owners in Ghana employed to raise capital. Seth's value creation theory was the conceptual framework adopted for this study. The population consisted of 5 SME owners in Ghana who had successfully raised financial resources through inbound M&As within the past 10 years. Data were collected through semistructured interviews and review of corporate annual reports and M&A documents. The data were organized and analyzed using Yin's 5-step data analysis and cross-case synthesis techniques to identify patterns and emergent themes. The 6 themes that emerged from the analysis were value creation, control and autonomy, entrepreneurial quality, leadership, trustworthiness, and effective negotiation. SME owners can integrate entrepreneurial quality and effective negotiations to achieve successful closure of M&A deals. The findings of this study might facilitate SME access to capital for expansion and growth that will contribute to positive social change through job creation and increased youth employment in emerging economies.

This study aims to explore the future of sustainability reporting in emerging economies. The purpose is to better understand factors influencing sustainability reporting and its practice. Stakeholders' interest in sustainability has seen a rise in recent years. The study employed a qualitative research design, where sustainability reports and disclosures and semi-structured interviews were used to gather data for the thematic analysis. The study's finding reveals a variation in approach to the sustainability reporting practice in the Bangladeshi clothing industry, especially in how they are disclosed, where most sustainability reports produced are limited to financially involved stakeholders. NGOs like the BGMEA play an influential role in how sustainability reporting is practiced in the Bangladeshi clothing industry. Challenges that were revealed from this study were the profit-driven focus of the sustainability reporting practice, resource constraints within the companies, and lack of guidelines and expertise. The findings contribute to understanding sustainability reporting in the clothing industry in Bangladesh and suggest avenues for further research and development opportunities in reporting practices.

Yes

Yes / This study empirically investigates the impact of energy related public environmental concerns on the pay gap within polluting companies. It uses the extreme environmental event of the PM2.5 surge at the end of 2011, which led to an upsurge in energy related public environmental concerns in China, as a quasi-natural experiment. According to our findings, energy related public environmental concerns lead to a significant increase in the executive–employee pay gap of polluting companies compared to that of non-polluting companies, owing to a significant increase in executive compensation and no significant change in employee income. The effect of energy related public environmental concerns on increasing the pay gap within polluting companies is more significant in samples with high agency costs, poor information transparency, less analyst follow-up, and fewer institutional investors' shareholding. Furthermore, as energy related public environmental concerns exacerbate the polluting firms' internal pay gap, their total factor productivity and investment efficiency fall significantly. In summary, energy related public environmental concerns not only widen the wage gap within polluting enterprises but also worsen their operational and investment efficiency, which has important policy implications for emerging market economies seeking to balance environmental protection and economic development. / The authors wew funded by NSFC number (71903199), Fujian Pro vincial Federation of Social Sciences (FJ2023BF045), Guangdong Phi losophy and Social Sciences Project (GD23XYJ08), the Innovation and Talent Base for Digital Technology and Finance (B21038), and "the Fundamental Research Funds for the Central Universities", Zhongnan Univeristy of Economics and Law (2722023EJ002).

Thesis (PhD (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: This dissertation is made up of stand-alone essays on the determinants of the investment climate in emerging market economies. Chapter One presents the purpose of this study, the significance of the research to policy makers, researchers and investors and the limitations of the research. Chapter Two investigates empirically whether business regulations, as measured by the „Doing Business‟ indicators, have an impact on investment in 29 emerging market economies in Africa, Asia, Latin America and emerging Europe. The results show that secure property rights and the level of business entry regulation influence the investment climate in these economies. In addition, efficiency of the judicial system, investor protection and the flexibility of employment regulation were found to be insignificant determinants of investment. Chapter Three explores the effect of business regulation on stock market liquidity, using data from a selection of 15 stock markets in Africa. The results from the panel data analysis show that the degree of business regulation does not influence stock liquidity. However, the results confirm that greater protection of minority share-holders' rights, as well as lender and better collateral and bankruptcy laws enhance stock market liquidity. There was anecdotal evidence to suggest that improved judicial efficiency enhances stock market liquidity. The legal origin was found to be significant in explaining the differences in the legal systems of these countries. Countries that have adopted French legal traditions were found to have less active stock markets and less investor and property rights protection compared to countries that have adopted English legal traditions. Chapter Four investigates the effect of the level of business regulation, infrastructure and political environment on investment in 29 African countries. The results provide evidence to show that lower levels of business regulation, less corruption and a stable political environment are important in enhancing investment. The final essay examines the effect of business regulation and geography on investment in a sample of 37 countries in Africa. The results show that more secure property rights and fewer import and export regulations have a significantly positive effect on private investment. In addition, being landlocked and distant from the sea has a negative effect on investment. Furthermore, the findings revealed that property rights protection in landlocked economies is not significantly different from that in coastal economies. In all the studies, the legal origin was found to be significant in explaining cross-country differences in the legal systems of the selected countries. These findings have important implications for policy makers, multi-lateral organisations and investors. / AFRIKAANSE OPSOMMING: Hierdie proefskrif bestaan uit alleenstaande studies oor die beslissende faktore van die beleggingsklimaat in opkomende markekonomieë. In hoofstuk een word die doel van die studie; die belang van die navorsing vir beleidmakers, navorsers en beleggers; en die beperkings van die navorsing aangebied. Hoofstuk twee bevat ‟n empiriese ondersoek om te bepaal of sakeregulasies, soos deur die “Doing Business”-aanwysers gemeet, ‟n uitwerking op belegging in 29 ontluikende markekonomieë in Afrika, Asië, Latyns-Amerika en ontluikende Europa het. Die resultate toon dat veilige eiendomsregte en die vlak van regulasie vir toetrede tot besigheid die beleggingsklimaat in hierdie ekonomieë beïnvloed. Hierbenewens is die doeltreffendheid van die regstelsel, die beskerming van beleggers en die buigsaamheid van indiensnemingsregulasies gevind onbelangrike beslissende faktore vir belegging te wees. In hoofstuk drie word verslag gelewer oor die uitwerking van sakeregulasies op die likiditeit van effektemarkte op grond van data van ‟n keur van 15 effektemarkte in Afrika. Die resultate van die paneeldata-analise toon dat die graad van sakeregulasie nie die likiditeit van effekte beïnvloed nie. Die resultate het egter bevestig dat meer beskerming van die regte van minderheidsaandeelhouers asook verbeterde wetgewing ten opsigte van kredietverskaffing, aanvullende sekuriteit en insolvensie die likiditeit van effektemarkte verhoog. Anekdotiese bewyse is gevind wat aan die hand doen dat verbeterde regsdoeltreffendheid ook die likiditeit van effektemarkte verhoog. Die regsoorsprong is as beduidend gevind ter verklaring van die verskille in die regstelsels van hierdie lande. Lande wat Franse regstradisies aanvaar het, is gevind minder aktiewe effektemarkte en minder beskerming van beleggers en eiendomsregte te hê, vergeleke met lande wat Engelse regstradisies aanvaar het. In hoofstuk vier word die uitwerking van die vlak van sakeregulasie, infrastruktuur en die politieke omgewing op belegging in 29 Afrika-lande bespreek. Die resultate toon bewyse dat laer vlakke van sakeregulasie, minder korrupsie en ‟n stabiele politieke omgewing belangrike faktore is om belegging te bevorder. Die laaste studie ondersoek die uitwerking van sakeregulasies en geografie op belegging in ‟n monster van 37 Afrika-lande. Die resultate toon dat veiliger eiendomsregte en minder invoer- en uitvoerregulasies ‟n beduidende positiewe uitwerking op privaat belegging het. Hierbenewens is daar ‟n negatiewe uitwerking op belegging in lande wat deur land omring is en ver van die see af is. Die bevindings het ook aan die lig gebring dat die beskerming van eiendomsregte in ekonomieë wat deur land omring is, nie aanmerklik verskil van dié in kusekonomieë nie. In al die studies is regsoorsprong as beduidend gevind in die verklaring van verskille in die regstelsels van die gekose lande. Hierdie bevindings het belangrike implikasies vir beleidmakers, multilaterale organisasies en beleggers.

This study investigated factors affecting housing finance supply in Nigeria. Housing finance is a major factor determining the quality and tenure of housing consumption, the overall financial portfolio of the public and the stability and effectiveness of the financial system. In both developed and emerging economies, sovereign governments have intervened in the markets by setting up institutions characterised by a significant degree of regulation and segmentation from the rest of the financial markets and very often with governments providing subsidised housing finance. Attempts were made to develop an empirical model to reveal the underlying factors affecting housing finance in Nigeria. Time series data from sampled Universal Money Deposit Banks (UMDBs) balance sheets between 2003 and 2007 were used to assess the ability of the financial institutions to engage in long-term lending. Additional instruments in form of questionnaire, for the sectoral allocation of loans and advances by these financial institutions were employed to gather information from Corporate Banking / Loans and Advances Managers coupled with unstructured interviews. Supplementary questionnaires were directed to the users of housing finance at the household level as control for validity to the research findings. Applying a multiple regression approach, the model identified that housing finance supply in Nigeria is significantly driven by clusters of factors related to share capital and the reserves of the financial institutions. It is closely observed that housing finance models in the developed economies, which are largely financed by deposit liabilities, cannot be wholly adopted in the emerging economies. The implication for practice therefore is that financial institutions in the emerging economies must adequately increase their capital base for effective housing finance supply and introduce mortgage products with long-term tenure to actively mobilise resources for mortgage lending.

For several years, the literature has discussed whether a country’s particular economic circumstances should be taken into account in competition law and policy design. This thesis discusses whether economic growth should be considered as the guiding principle for Latin American Emerging Economies’ competition law and policy design. It specifically explains why having economic growth as competition policy’s guiding principle makes a difference in choosing superior rules and standards, among the large range of efficient rules. In order to explain how economic growth as a guiding principle has an impact on competition policy design, this thesis studies whether the analysis and application of the prohibitions and standards of abuse of dominance in emerging Latin American economies are appropriate, and why, having regard to economic growth, a different approach might be justified. To engage in the study of such questions this thesis centres on the regulation of dominance and the law governing abuse of dominance, in particular on predatory pricing and excessive pricing. After a careful analysis of such institutions, an optimal rule for the regulation of pricing abuses in these emerging economies is proposed. Similarly, having regard to economic growth as the policy’s guiding principle, the mainstream standards on excessive pricing and price predation are evaluated and a different approach is found to be justified. It is concluded that economic growth should be the principle guiding Latin American emerging economies’ competition law and policy design and it is demonstrated that this will grant these economies policy soundness and identity.

Regenerative medicine (RM) has the potential to develop new treatments for chronic disease and injury that are desperately needed in developing countries. Several emerging economies are actively participating in RM, producing new knowledge and initiating clinical trials. This thesis presents case studies of RM in China and Brazil and a comparative analysis of RM across Brazil, China and India. I aim to better understand the state of RM, how it has developed and what is needed for RM innovation to succeed within these countries. Case studies were conducted using face-to-face in-depth semi-structured interviews with RM experts from different areas including research institutes, hospitals, firms, educational institutes, government, policy agencies, and bioethics groups. Interviews were analysed using thematic analysis and triangulated with the analysis of research articles, government reports, laws and other primary and grey literature. China is now the 5th most prolific publisher on stem cells in the world. Chinese RM benefits from permissive regulations and the expertise of Chinese returnees that have trained abroad, but the field’s reputation is challenged by a weak regulatory system and the clinical availability of untested stem cell therapies. Brazil has created a small but strong RM program, but needs to address challenges to the field including inconsistent funding, slow importation of materials, and weak linkages between stake-holders. Comparative analysis of the three countries identifies several common elements that support RM, including linkages between stake-holders, government support, infrastructure, human resources, and good governance. RM capacity is clustered in large urban centres, which could exacerbate socio-economic and health disparities unless measures are taken to ensure equitable distribution of benefits. RM does not adhere to classical views of southern innovation, suggesting that new models are needed to describe innovation in emerging technologies, where countries are keeping up instead of catching up.

Regenerative medicine (RM) has the potential to develop new treatments for chronic disease and injury that are desperately needed in developing countries. Several emerging economies are actively participating in RM, producing new knowledge and initiating clinical trials. This thesis presents case studies of RM in China and Brazil and a comparative analysis of RM across Brazil, China and India. I aim to better understand the state of RM, how it has developed and what is needed for RM innovation to succeed within these countries. Case studies were conducted using face-to-face in-depth semi-structured interviews with RM experts from different areas including research institutes, hospitals, firms, educational institutes, government, policy agencies, and bioethics groups. Interviews were analysed using thematic analysis and triangulated with the analysis of research articles, government reports, laws and other primary and grey literature. China is now the 5th most prolific publisher on stem cells in the world. Chinese RM benefits from permissive regulations and the expertise of Chinese returnees that have trained abroad, but the field’s reputation is challenged by a weak regulatory system and the clinical availability of untested stem cell therapies. Brazil has created a small but strong RM program, but needs to address challenges to the field including inconsistent funding, slow importation of materials, and weak linkages between stake-holders. Comparative analysis of the three countries identifies several common elements that support RM, including linkages between stake-holders, government support, infrastructure, human resources, and good governance. RM capacity is clustered in large urban centres, which could exacerbate socio-economic and health disparities unless measures are taken to ensure equitable distribution of benefits. RM does not adhere to classical views of southern innovation, suggesting that new models are needed to describe innovation in emerging technologies, where countries are keeping up instead of catching up.

O objetivo central da tese é analisar se e como as economias emergentes ganharam poder no cenário político internacional, através do aumento de seus recursos de poder econômico. Como o foco do trabalho foi direcionado para a evolução do poder econômico das economias emergentes e suas implicações para o sistema de nações, a atenção maior foi dada às movimentações da economia política internacional, que não estão restritas aos organismos financeiros internacionais. Buscou-se mostrar que o jogo de poder se dá, preponderantemente, entre os Estados-nacionais. Neste trabalho foi analisado o funcionamento do sistema internacional contemporâneo, abordando-o através das principais correntes teóricas das relações internacionais. O tema em foco foi a distribuição de poder econômico no cenário político internacional. A hipótese considerada foi que alguns países emergentes têm aumentado seu poder global e desta forma impactado a organização do sistema e as relações econômicas internacionais. No capítulo 2 defende-se que o poder econômico, atualmente, pode ser considerado a principal fonte de poder tendo em vista os temas da agenda das relações internacionais. Defende-se que mesmo os EUA não sendo mais a nação hegemônica que garante a estabilidade do sistema, este ainda é o sistema criado pelos americanos e não há evidência de que haja alguma nação capaz de assumir a liderança e implantar outro sistema. Por último defendo que vivemos em um sistema internacional híbrido, que ora é anárquico, ora é cooperativo ou coordenado, dependendo da agenda internacional. O capítulo 3 trata das instituições de Bretton Woods e analisa sua evolução e o papel da moeda padrão. Reforça a análise do capítulo anterior quanto à inexistência de um movimento de ruptura ou mesmo de substituição da moeda americana como referência das transações internacionais inclusive na hipótese da adoção de uma unidade de conta baseada numa cesta de moedas. O atual sistema monetário internacional, no qual países exportadores de petróleo e a China sustentam o dólar americano como moeda de referência e o nível de consumo dos americanos, é a prova das dificuldades de institucionalização de uma nova ordem. No capítulo 4 distinguem-se os conceitos econômicos para estipular a melhora do bem-estar da população e como as mesmas estatísticas são utilizadas para medir o poder nas relações econômicas internacionais. Baseado no exposto considera-se que as economias emergentes estão aumentando sua fonte de poder econômico e começa a influir nas decisões que durante décadas foram limitadas ao G-7 e as evidências disso são a constituição do G-20, a participação no Grupo de Estabilidade Financeira do BIS e o aumento do peso nos votos do FMI. / The main objective of this thesis is to examine whether and how emerging economies have gained power in the international political scene, by increasing their economic power resources. As the focus of the study was directed towards the development of the economic power of emerging economies and its implications for the system of nations, greater attention was given to the movements of international political economy, which are not restricted to international financial organizations. We tried to show that the power game occurs, mainly, among National States. This work analyzed the functioning of the contemporary international system by addressing it through the principal theories of international relations. The theme in focus was the distribution of economic power in the international political scenario. The assumption made was that some emerging countries are increasing their global power and thus impacted the organization of the system and international economic relations. Chapter 2 argues that the economic power may currently be considered the main source of power in view of the topics on international relations agenda. It is argued that the U.S. is not even the most homogenous nation which ensures the stability of the system, this is still the system created by the Americans and there is no evidence that there is any nation able to take the leadership and implement a different system. Finally It’s argued that we live in an international hybrid system, which is sometimes anarchic, sometimes it is cooperative or coordinated depending on the international agenda. Chapter 3 deals with the Bretton Woods institutions and examines their evolution and role of the currency standard. Reinforces the analysis of the previous chapter as to the absence of a movement to break or even replacement of the U.S. currency as a benchmark for international transactions including the assumption of adopting a unit of account based on a basket of currencies. The current international monetary system in which oil exporters and China support the U.S. dollar as reference currency and the level of consumption of Americans is proof of the difficulties of institutionalizing a new order. Chapter 4 distinguished economic concepts to provide the improvement well-being of the population and how those statistics are used to measure power in international economic relations. Based on the foregoing it is considered that emerging economies are increasing their sources of economic power and begin to influence decisions which for decades limited to the G-7 and the evidence for this is the formation of G-20, participation in the Group Stability Financial BIS and increasing their weight in votes in the IMF.