As Métricas de Marketing, como o valor da marca, têm sido consideradas um tópico prioritário de pesquisa, em um contexto onde gestores e acadêmicos de marketing estão sobre crescente pressão para demonstrarem que os investimentos nesta área são capazes de adicionar valor aos acionistas. O presente estudo objetivou comparar o desempenho, no mercado acionário brasileiro, do portfólio de empresas com reconhecido valor da marca – apontada pelos rankings de marcas mais valiosas brasileiras publicadas pela Interbrand – com portfólios de empresas com ações listadas na Bolsa de Valores do Estado de São Paulo. A comparação do desempenho desses portfólios no mercado acionário brasileiro ocorreu em termos de seu risco e retorno, calculados pela aplicação do modelo de três fatores de Fama e French (1993), tomando como base o estudo realizado por Madden, Fehle e Fournier (2006) no contexto internacional. Os resultados deste estudo permitem concluir que o Portfólio de Marcas Valiosas apresenta um menor risco no mercado acionário brasileiro frente aos demais portfólios estudados. A simples comparação do somatório dos valores da variável relativa ao excesso de retorno da carteira remete diretamente a percepção de maior retorno para o Portfólio de Marcas Valiosas. A possível associação de uma carteira de empresas possuidoras de marcas valiosas com a obtenção de menores riscos e, ao mesmo tempo, maiores retornos aos acionistas, permite fomentar ações e pesquisas voltadas para a gestão e desenvolvimento de marcas, bem como a uma maior valorização da área de Marketing na esfera acadêmica e empresarial. Além disso, este estudo permitiu uma aproximação entre as áreas de Marketing e Finanças, potencializando uma relação entre seus campos teóricos e entre suas atividades nas empresas. / Marketing Metrics, as brand value, have been a research priority topic, in a context where, Marketing practitioners and scholars are under intense pressure to show how marketing expenditure adds to shareholder value. This study aimed to compare the performance, in Brazilian stock market, of the portfolio of companies with recognized brand value - indicated by the rankings of most Brazilian valuable brands published by Interbrand - with other portfolios of companies listed on the Stock Exchange of São Paulo State. The comparison of the performance of such portfolios in the Brazilian stock market was in terms of their risk and return, calculated by applying the three-factor model of Fama and French (1993), built upon the study by Madden, Fehler and Fournier (2006) in the international context. The results show that the Portfolio of Valuable Brands presents a lower risk in Brazilian stock market compared to the other portfolios studied. The simple comparison of the sum of the variable values on the excess return of the portfolio, refers directly to the perception of greater return for the Portfolio of Valuable Brands. Thus, the possible relationship of companies possessing a portfolio of valuable brands with the acquisition of lower risk and, in the same time, higher returns to shareholders allows enhancing actions and encourage research aimed at the management and development of brands, as well as a greater appreciation of the Marketing field in academic and business spheres. Furthermore, this study permitted a rapprochement between the fields of Marketing and Finance, powering a theoretical relationship between these fields and between these areas in the companies.

abstract: Shareholder Activism is a mechanism by which investors who hold a significant but non-majority percentage of a company’s stock, exercise their voting rights, participate in corporate governance and influence operational decisions of target companies. The purpose is improve corporate governance, increase firm performance and boost share -holders’ returns. Existing studies of shareholder activism, based largely in mature capital markets like the US, come to different conclusions regarding its impact on firm performance. In this paper, I collect data on shareholder activism events in the China A Share market between 2006 and 2016. The sample includes 60 companies targeted by 42 activist investors over this period. I find that institutional investors, typically industrial capital and private funds, playing an increasingly important role in corporate governance of Chinese listed companies through activism. The disclosure of the holdings of activists results in large gains in the target firm. I also find subsequent improvements in long -term operational performance of target firms. Activist investors in China focus on smaller targets and those characterized by higher agency costs and lower operating performance. Activists appear to be largely concerned with improvements in business strategy and M&A activity. Non-hostile behavior is more likely to be related to successful activism in China. In addition to statistical evidence, I present case studies of the “BaoWan dispute” and the activist investment of Butterfly Capital in two firms, “Guonong” and “Xiuqiang”. The case studies highlight the mechanism employed by these firms to influence performance. I conclude with policy recommendations and direction for further research. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2017

abstract: This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China’s Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of their revenues from a single industry. I first analyze the motives for firms listed in the GEM to engage in M&As and propose a set of factors that may influence their likelihood of M&A activities. Using data on 55 cross-industry M&As between January 1, 2012 and December 31, 2016, I find that investor generally responded positively in short-term, as indicated by the positive accumulated abonormal returns over the first five trading days following the announcements. Meanwhile, I found no evidence that investors benefited from cross-industry M&As in long-term over three years after the event. Further analysis suggests that the short-term effects of cross-industry M&As by GEM listed firms were influenced by the target firm’s market valuation, whether the M&A was paid by cash, the amount of the payment, and the degree of difference between the acquiring firm’s and the target firm’s industries. These findings have important implications for the investors and senior executives of firms listed in the GEM. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2018

Seguindo as linhas de pesquisa que visam relacionar o impacto do relacionamento com os clientes aos resultados financeiros da empresa, o presente estudo procura avaliar o impacto do word-of-mouth (WOM) negativo no retorno da ação da empresa. O comportamento de falar mal da empresa por parte dos consumidores insatisfeitos pode destruir o valor dos market-based assets (customer equity e brand equity), comprometendo o desempenho das ações da companhia. Considerando a literatura existente, esta pesquisa busca identificar o impacto do WOM negativo no desempenho das ações das empresas no curto e no longo prazo. O primeiro estudo replica o modelo de Luo (2007) para identificar o impacto do WOM negativo nos retornos de curto prazo da ação das empresas. O segundo estudo busca verificar o impacto de longo prazo a partir da comparação do desempenho de portfólios compostos por ações de empresas em relação ao seu nível de reclamações. Os resultados do primeiro estudo convergiram em certa medida com os resultados apresentados por Luo (2007) para o setor bancário, apontando para um impacto negativo das reclamações no retorno da ação, mas foram mistos quando as empresas foram avaliadas individualmente. O segundo estudo demonstrou que o portfólio composto por ações de empresas menos reclamadas teve um retorno acumulado superior ao portfólio composto pelas ações mais reclamadas, além de apresentar um risco inferior ao risco de mercado. As implicações e limitações do estudo são discutidas e são sugeridas pesquisas futuras a partir deste estudo. / Following previous research that seek to integrate customer relationship impact to firm value, the present study focus to assess the impact of negative word-of-mouth (WOM) on stock returns. Dissatisfied customers that spread negative WOM about the company can ruin market-based assets (customer equity and brand equity) and hurt its performance. Based on present literature, this research seeks to identify the impact of negative WOM on stocks’ short and long term performances. The first study replicates Luo’s (2007) model to identify the short term impact of negative WOM on stock performance. The second aims to identify the long term impact of negative WOM by comparing the performance of portfolios created based on companies level of complaints. The first study accomplished to partially replicate the results found by Luo (2007) for banking industry, finding a negative impact of negative WOM on firm stock returns, although it found mixed results when the impact was assessed for each company individually. The second study demonstrates that a portfolio with less complained companies has a superior performance over a portfolio with more complained companies, while presenting a risk below market’s level. The results implications and limitations are discussed and further studies suggestions are made.

Seguindo as linhas de pesquisa que visam relacionar o impacto do relacionamento com os clientes aos resultados financeiros da empresa, o presente estudo procura avaliar o impacto do word-of-mouth (WOM) negativo no retorno da ação da empresa. O comportamento de falar mal da empresa por parte dos consumidores insatisfeitos pode destruir o valor dos market-based assets (customer equity e brand equity), comprometendo o desempenho das ações da companhia. Considerando a literatura existente, esta pesquisa busca identificar o impacto do WOM negativo no desempenho das ações das empresas no curto e no longo prazo. O primeiro estudo replica o modelo de Luo (2007) para identificar o impacto do WOM negativo nos retornos de curto prazo da ação das empresas. O segundo estudo busca verificar o impacto de longo prazo a partir da comparação do desempenho de portfólios compostos por ações de empresas em relação ao seu nível de reclamações. Os resultados do primeiro estudo convergiram em certa medida com os resultados apresentados por Luo (2007) para o setor bancário, apontando para um impacto negativo das reclamações no retorno da ação, mas foram mistos quando as empresas foram avaliadas individualmente. O segundo estudo demonstrou que o portfólio composto por ações de empresas menos reclamadas teve um retorno acumulado superior ao portfólio composto pelas ações mais reclamadas, além de apresentar um risco inferior ao risco de mercado. As implicações e limitações do estudo são discutidas e são sugeridas pesquisas futuras a partir deste estudo. / Following previous research that seek to integrate customer relationship impact to firm value, the present study focus to assess the impact of negative word-of-mouth (WOM) on stock returns. Dissatisfied customers that spread negative WOM about the company can ruin market-based assets (customer equity and brand equity) and hurt its performance. Based on present literature, this research seeks to identify the impact of negative WOM on stocks’ short and long term performances. The first study replicates Luo’s (2007) model to identify the short term impact of negative WOM on stock performance. The second aims to identify the long term impact of negative WOM by comparing the performance of portfolios created based on companies level of complaints. The first study accomplished to partially replicate the results found by Luo (2007) for banking industry, finding a negative impact of negative WOM on firm stock returns, although it found mixed results when the impact was assessed for each company individually. The second study demonstrates that a portfolio with less complained companies has a superior performance over a portfolio with more complained companies, while presenting a risk below market’s level. The results implications and limitations are discussed and further studies suggestions are made.

As Métricas de Marketing, como o valor da marca, têm sido consideradas um tópico prioritário de pesquisa, em um contexto onde gestores e acadêmicos de marketing estão sobre crescente pressão para demonstrarem que os investimentos nesta área são capazes de adicionar valor aos acionistas. O presente estudo objetivou comparar o desempenho, no mercado acionário brasileiro, do portfólio de empresas com reconhecido valor da marca – apontada pelos rankings de marcas mais valiosas brasileiras publicadas pela Interbrand – com portfólios de empresas com ações listadas na Bolsa de Valores do Estado de São Paulo. A comparação do desempenho desses portfólios no mercado acionário brasileiro ocorreu em termos de seu risco e retorno, calculados pela aplicação do modelo de três fatores de Fama e French (1993), tomando como base o estudo realizado por Madden, Fehle e Fournier (2006) no contexto internacional. Os resultados deste estudo permitem concluir que o Portfólio de Marcas Valiosas apresenta um menor risco no mercado acionário brasileiro frente aos demais portfólios estudados. A simples comparação do somatório dos valores da variável relativa ao excesso de retorno da carteira remete diretamente a percepção de maior retorno para o Portfólio de Marcas Valiosas. A possível associação de uma carteira de empresas possuidoras de marcas valiosas com a obtenção de menores riscos e, ao mesmo tempo, maiores retornos aos acionistas, permite fomentar ações e pesquisas voltadas para a gestão e desenvolvimento de marcas, bem como a uma maior valorização da área de Marketing na esfera acadêmica e empresarial. Além disso, este estudo permitiu uma aproximação entre as áreas de Marketing e Finanças, potencializando uma relação entre seus campos teóricos e entre suas atividades nas empresas. / Marketing Metrics, as brand value, have been a research priority topic, in a context where, Marketing practitioners and scholars are under intense pressure to show how marketing expenditure adds to shareholder value. This study aimed to compare the performance, in Brazilian stock market, of the portfolio of companies with recognized brand value - indicated by the rankings of most Brazilian valuable brands published by Interbrand - with other portfolios of companies listed on the Stock Exchange of São Paulo State. The comparison of the performance of such portfolios in the Brazilian stock market was in terms of their risk and return, calculated by applying the three-factor model of Fama and French (1993), built upon the study by Madden, Fehler and Fournier (2006) in the international context. The results show that the Portfolio of Valuable Brands presents a lower risk in Brazilian stock market compared to the other portfolios studied. The simple comparison of the sum of the variable values on the excess return of the portfolio, refers directly to the perception of greater return for the Portfolio of Valuable Brands. Thus, the possible relationship of companies possessing a portfolio of valuable brands with the acquisition of lower risk and, in the same time, higher returns to shareholders allows enhancing actions and encourage research aimed at the management and development of brands, as well as a greater appreciation of the Marketing field in academic and business spheres. Furthermore, this study permitted a rapprochement between the fields of Marketing and Finance, powering a theoretical relationship between these fields and between these areas in the companies.

No description available.

This paper examines the moderating effect of national culture on the relationship betweenboard gender diversity and corporate financial performance. To test the hypotheses, FixedEffects regression is used in combination with a sample of 1,499 firms from 23 countries and7,125 firm-year observations over a time frame of seven years. This paper provides evidencefor a significant positive effect of board gender diversity on firm performance if there are atleast three females seated on the board. Furthermore, a significant moderating effect ofnational culture on the relationship between board gender diversity and firm performance hasbeen found.

This thesis investigates the short and long-term effects of pay dispersion on firm performance in publicly listed Swedish firms. Pay dispersion refers to the difference in compensation between or within organizational levels. There are two contradicting theoretical views of pay dispersions effect on firm performance. While tournament theory suggests that high pay dispersion increase employees’ incentives to exert higher effort, thus increasing firm performance, fairness approaches predicts that high pay dispersion creates feelings of unfairness, thus negatively affecting firm performance. Based on these theories and previous research, Hypothesis 1 predicts a positive short-term effect of pay dispersion on firm performance, and Hypothesis 2 predicts a negative long-term effect of pay dispersion on firm performance. Using a first differences fixed-effects regression including controls for firm characteristics and corporate governance indicators, three measures of pay dispersion are tested on two proxies for firm performance (price to book and return on assets). We conclude after extensive robustness tests that pay dispersion has no effect on firm performance, neither on short nor on long-term. Therefore, both hypotheses are rejected.

The purpose of this study is to test the relation, if any, between use of fair value measurement and reported performance ratios of the firms and finally its effect on CEO compensation in Sweden. This research aims to contribute knowledge of decision makers about the performance-pay link in Sweden by comparing the changes of CEO compensations across the years, before and after the use of fair value method. In this sense, firms divided in two models of ownership structure: firms with family concentration and firms with dispersed ownership structure. This paper intent to contribute the explanations of existing researches from the USA and China about exponential increase in CEO compensation after the use of fair value method, with the data of Swedish listed companies. The data set of this study was highly dependent of the accessibility of information. In this sense, this research can be contributed with different data set, with more detailed scrutinise of data and in a longer research period. / <p>Acknowledgements</p><p>Having completed this master thesis in Linnaeus University in 2017, I would like to thank several individuals. I would like to start by thanking Andreas Jansson, Associate Professor of Accounting and Logistics at Linnaeus University, who inspired me about the subject and my supervisor Fredrik Karlsson, Senior Lecturer of Accounting and Logistics at Linnaeus University, for his sincere assistance, guidance and immensely valuable criticisms.</p><p>I owe special thanks to Ozan Uyanık for proofreading my paper, for his never-ending support and his whole year patience and endurance at times of stress. Another special thanks to my friends Ayşegül Girgin Ring and Şeniz Yılmaz for their valuable advice in econometrics and statistics.</p>