While previous research has primarily focused on post-Merger & Acquisition (M&A) effects, influential factors, which trigger cross-border M&A transactions and whether the level of industry concentration play a key role in making the decision, have been largely neglected in research. This study aims to close this gap in research and investigates the influence of industry concentration on cross-border M&A decisions, including effects of profitability and corporate governance. The studied sample consists of 1105 companies across 48 countries, whereas 533 undertook cross-border M&A transactions across 40 countries. A logistic regression was used to predict the probability of cross-border M&A transactions. The study analyzed the effects on both the complete sample and on M&A companies only. The results indicate that large companies are more likely to undertake cross-border M&A with companies from a different industry in order to spread their level of risk. However, MNCs, which undertake transactions, are less likely to perform more transactions within one year. Over the time of observation the analysis revealed that market share did not change and thus, industries are not getting more concentrated in general, indicating that markets remain competitive. Multinational companies (MNCs), which have a higher market position and are more profitable, are less likely to undertake corporate restructuring, which was partially supported in this analysis. For both samples the findings do not support that the interaction between industry concentration and corporate governance have an influence on cross-border M&A. These findings increase the understanding of the role of industry concentration, profitability and corporate governance and that they do not play a crucial role in making cross-border M&A decisions.

Research report to the SBL, Unisa, Midrand. / The research project aimed to establish whether corporate governance is important to investors from a value perspective. The implications and recommendations for further research were provided.

In the recent years, there have been many reports on the prevalence of corruption in the Department of Justice and Constitutional Development. Corruption impacts negatively on the image of organisations since it erodes public trust and delegitimises such organisations. Therefore, good corporate governance practices should be adopted to prevent corruption. The purpose of this study was to analyse the governance system of the Department of Justice and Constitutional Development with the view to identifying shortcomings in the system.

The purpose of this study is to investigate the impact of financial management, governance and service delivery levels on the effectiveness of municipalities in KwaZulu-Natal (KZN) for the financial Year, July 2008 to June 2009. The study is descriptive in nature, using a quantitative technique of surveys via questionnaires to collect data from chief financial officers (CFOs) from low and medium capacity municipalities in KZN. Regarding the level of financial management, corporate governance and service delivery and the impact on effectiveness of municipalities, the results indicate there are areas of low and high levels of financial management, corporate governance and service delivery in the municipalities. There are some areas in which the municipalities are effective and other areas that need attention. This implies that there is not a 100% state of efficiency with respect to policies and procedures. The difficulty in carrying out research of this scope to investigate the impact of financial management, governance and service delivery levels on the effectiveness of municipalities is that it cannot be measured with absolute certainty. In addition, municipalities may be influenced by political powers and this is also difficult, perhaps impossible, to measure. The study is an important contribution to developing what should be done by municipalities in KZN to be effective i.e. in developing a framework for success in terms of financial management, governance and service delivery. / Graduate School of Business Leadership / (M.B.A.)

In the prospect of new public governance, defined as a process in which actors of all sectors work together on common issues, this thesis seeks to best understand the evolution and the operation of interorganizational concertation. This project has allowed the emergence of a model of interorganizational concertation in a municipal context, based on a processual and longitudinal study of the case Sherbrooke Ville en santé . Qualitative data have been preferred. The literature on interorganizational collaboration and the concept of the archetypes have provided the basis for the conceptual framework. This research has highlighted the dynamic nature of the interorganizational collaboration. The results led to establish the centrality of values and principles agreed to by the stakeholders of a concertation table, as well as the role played by leaders deemed credible, legitimate and notable. It is also in combining the ambiguity of the objectives and the flexibility of the settings that the support of members carrying multiple motivations seems facilitated. Around these core concepts, three phases are developing (design, organizational settings, balance and follow-ups) in constants interaction with each other, demonstrating the flexibility of the organization and its repeated adjustments, consistent with the principles that animate the collaboration. This adds a fourth phase, one of reflexivity, during which members learn from the ongoing experience of concertation itself. This project does not claim to set up a model that would be right for all concertation settings. However, through an in-depth case study, it opens the way to the comparison of these results to other experiences, growing the knowledge in the evolution and the dynamics of the interorganizational collaboration in a context of municipal governance.

The political and economic pressures for transformation in South Africa have been documented in an array of policies, pieces of legislation, regulatory and statutory frameworks, and also in governance codes for both public and private companies. Specifically for the mining industry, the Mining Charter comprises of transformation targets and measurement criteria that are presented in a scorecard to be achieved by the mining industry by 2014. Additionally, the King reports on governance have specific requirements that listed companies must meet in terms of employment equity and demographic representation to achieve board diversity and independent boards. The aim of this study was to report on the board transformation status in the mining industry, as well as the progress that has been made towards meeting transformation targets. The 2011 annual reports were used to capture profiles and composition of board of directors in Johannesburg Stock Exchange (JSE) listed mining companies. Interviews were used to gain insight on the transformation status, initiatives undertaken and challenges of transformation in the mining industry. The research findings from the analysis of board members demographic and career profiles shows that little has been achieved to ensure equal representation and diversity on the boards of directors. Further analysis of the status of transformation by JSE listed mining companies to realise transformation, shows that transformation in the mining industry is still a major challenge. Whilst some initiatives have been undertaken and some progress has been made, this study reveals that the barriers to transformation in the South African mining industry are racial issues and tensions based on colour, the lack of skills caused by the education system, a war for talent, a lack of mentorship and no stakeholder engagement between the mining industry and government / Business Management

Aboriginal Economic Development Corporations (AEDCs) have changed the approach to First Nations economic development. These agencies are set up and owned by Aboriginal governments to create economic opportunity for their communities. AEDCs enhance the economic and political capital in First Nation communities, acting as representatives for the people they serve, as Wilson and Alcantara (2012) have argued. The governance of these organizations has been a source for much debate with the Harvard Project on American Indian Economic Development calling for a separation of business and political institutions. This thesis will engage these ideas and explore the questions of how political and economic institutions interact in the context of First Nation economic development. Research for this thesis has demonstrated that Aboriginal economic development in Canada is an inherently political process that requires political and business leaders in AEDCs to ensure the interests of their communities are represented in the public and private sectors. This argument will be demonstrated in the context of three components of the thesis: an exploratory analysis of AEDCs, outlining their general governance structures, impact on local economies, and opportunities for public policy; discussion of the policy environment surrounding AEDCs; and discussion of the governance of AEDCs and other relevant themes in the Aboriginal economic development literature. The concluding recommendations in the final chapter of the thesis suggest that national and sub-national governments create a greater enabling atmosphere for AEDCs, local governments implement mechanisms that produce good decisions, and governments across Canada work together to create stronger relations and opportunities.

The Global Fund to Fight AIDS, Tuberculosis and Malaria was created as a new type of international organisation. Its founders uniquely enfranchised non-state actors on its Board, hoping that decision would attract new resources to combat these diseases. Funding decisions would be evidence-based rather than politically-driven. And, the institution would be deliberately ‘lean’ to promote ‘country-ownership’ of grant proposals and implementation. The Fund’s Board (‘principals’) made deliberate choices to constrain the autonomy of its Secretariat (‘agent’). Delegation was strictly limited. In theory, this was to ensure the Fund remained a catalyst for donor funding, evidence-based decision-making and country-ownership. However, the research adduced for this thesis suggests inadequate delegation opened opportunities for direct donor influence in recipient countries. This thesis assesses three specific dimensions of the Fund’s performance in its first decade. The first concerns whether the Fund successfully mobilised more resources, from more funders and did so more reliably. The second is whether the Fund made initial and continued funding decisions in an identifiable evidence-based way. The third centres on ‘country-ownership:’ whether recipient and donor countries on the Fund’s Board had equal influence and whether grant writing and oversight can be assessed as being recipient country ‘owned.’ Data is aggregated from several sources, including: the Fund’s grant portfolio, individual grant agreements and Board documentation; the U.S. PEPFAR programme; and, the Organisation for Economic Cooperation and Development. The research reveals the Fund likely gave a ‘kick-start’ to resources flowing to its diseases but PEPFAR’s arrival a year later contributed relatively more. Broad-based support did not emerge though the Fund proved relatively more successful in converting pledges to contributions. The Fund made evidence-based decisions for initial and continued funding, but the latter is a less robust conclusion given missing grant performance data. Equal donor and recipient Board representation was insufficient to ensure recipients had influence equal to donors. The Secretariat never developed an in-country presence but donors embedded themselves in-country, through grant oversight mechanisms and providing technical assistance to implementers. Principal-agent theory generally assumes agents have more information than principals, a key source of their authority. In the Fund, that asymmetry was in the principals’ favour. The scant delegation of authority to the Secretariat left donors in a position to exert control at all levels. The Fund was an experiment in global governance but has not yet proven to be a success in establishing a new model for cooperation.

Corporate governance has received increased attention from both regulators and researchers in recent years resulting in highlighting the significance of the internal audit function (IAF). Another transformative force on the IAF has been the dissemination of enterprise resource planning (ERP) systems which have an impact on the legitimacy of the IAF if it is not suitably adapted. However, there is insufficient knowledge about the adaptations of the IAF which are required if it is to maintain its essential role in governance. This thesis extends our knowledge by exploring and theorising the adaptation of the IAF after ERP introduction. This thesis uses institutional theory as a lens through which to investigate how the IAF responds to the external governance pressures and the internal pressures of the control logic following the introduction of an ERP system. Data were gathered from two listed companies in the food and beverage sector and two large banks operating in Egypt, where one of each pair is an international company and the other is a national company. Interviews and focus groups were conducted with all stakeholders in addition to careful analysis of a number of internal and external documents related to the ERP and the IAF. The study finds that governance pressures related to the IAF determine the legitimisation criteria for the IAF. There is little coercive governance pressure on the IAF in Egypt. However, international companies with operations in Egypt have introduced normative governance pressures as a result of their compliance with stock exchange rules in other jurisdictions. Therefore, mimetic behaviour has helped in transferring the IAF response to ERP implementation. ERP systems carry new control logics based on some interlinked assumptions, which have affected the IAF. The ERP system’s control logic is aligned with the corporate governance goals and objectives, but further alignment is needed to make the best use of the ERP system in enhancing internal control. The introduction of an ERP system produces uncertainty about the IAF’s activities, which motivates it to adapt by changing its practice and structure. The changes in the IAF are dependent on the strategic response adopted by the auditors, which range from acquiescence to defiance. These responses were found to change over time. The differences in responses result in different outcomes for the IAF adaptation. In the international companies the implementation of an ERP system motivates the IAF to be integrated and have a comprehensive scope, whereas in the national companies change was resisted and the role of the IAF was significantly diminished. The IAF’s legitimacy maintaining strategies depend on the coercive and normative governance pressures, which give directions about how to maintain legitimacy. This study offers an explanation of how information systems contribute to the IAF’s professional stability or change and of how macro-governance pressures can bind micro-IAF practice within organisations.

The GB electricity system is in a state of change, both physically and operationally. The future of the electricity system needs to be low carbon and secure. Current system structures revolve around large-scale centralised generation to deliver this security. This thesis argues that with a broad definition of energy security, which reflects the future needs of the electricity system, a decentralised approach would be more beneficial to deliver these needs. This thesis identifies the governance processes that make up current energy security and evaluates how these might change in a system of decentralised electricity. The research consists of 31 in-depth interviews with key stakeholders of the electricity system from the government, regulatory, market and civil society based actor groups. In addition to this, the research utilised a secondary analysis of consultation responses and Government publications. This thesis uses multi-layer perspective theory to interpret the transition from a centralised to decentralised electricity system. In addition to the multi-layer perspective, an advancement of the governance perspective was also required. This develops the understanding of the changes to the actor relationships rules and the incentives of a decentralised electricity system. This research developed for key findings. Firstly, a decentralised electricity future would introduce a larger number of small investors, who in a centralised system would not exist. The second key point is, the UK Government is responsible for security of supply and their actions are focused on centralised electricity technologies. The third point is that energy security (in its boarder definition) is the responsibility of a network of actors working together. The fourth point is that current energy security is incorrectly dominated by supply meeting demand. The outcome of the research is that a decentralised electricity system would be beneficial to the broader concept of energy security which is used in this thesis.