This study aims to investigate to what extent the views of the managers of the enterprises to be privatized are a barrier to smooth implementation of privatization as opposed to other problems. Accordingly, the research tackles two main issues: Identification and analysis of the major problems encountered in the implementation of the Egyptian privatization programme and at which level these problems exist while proposing different approaches to tackle them; and views of public sector top and middle-level managers regarding the main issues of privatization. The study relies upon a literature survey, interviews with stakeholders, a survey of managers' attitudes and several illustrative case studies. A model of "good practice" for the smooth and effective implementation of privatization has been designed. Practice in Egypt has then been studied and compared with the "good practice" model. Lack of strictness and firmness in implementing the announced privatization programme has been found to be a characteristic of Egyptian practice. This is partly attributable to the inadequacy of the programme and partly to the different obstacles to implementation. The main obstacles are doubtful desirability of privatization on the part of the managers at different implementation levels, resistance of stakeholders, in adequately of the legal framework governing privatization, redundant labour, lack of an efficient monitoring system allowing for accountability, inefficient marketing of privatization, ineffective communication, insufficient information at different levels and problems related to valuation and selling procedures. A large part of the thesis is concerned with SOE (State Owned Enterprise) managers' attitudes on and understanding of the privatization (appraised through surveys). Although most managers have stated their acceptance of privatization, many of their responses show that they do not accept selling SOEs. They understand privatization to include enterprise reform and restructuring, changing procedures and giving more authority to company executives, but not necessarily as selling SOEs. The majority of managers still see many issues that have to be addressed for smooth implementation of privatization e.g. insufficiency of information, incompleteness of legal framework, restructuring and labour problems. The main contribution to knowledge of this thesis is the study of problems of implementing privatization in developing countries especially managers' resistance to privatization as a major change, partly because of the threat it poses and partly because of the lack of understanding of privatization and implications of operating private businesses. A programme of persuading managers and offsetting the unfavourable effects is recommended as an outcome of the study. Five different phrases and words for the national Index to theses are: Egypt, privatization, implementation of privatization, problems of implementing privatization and managers' attitudes towards privatization.

The themes of this thesis are that international trade and foreign direct investment (FDI) are closely related and that they have varying impacts on economic growth in countries at different stages of development. The thesis consists of three empirical studies. The first one examines the causal relationship between FDI and trade in China. The empirical study is based on a panel of bilateral data for China and 19 home countries/regions over the period 1984-98. The specific feature of the study is that econometric techniques designed specially for panel data are applied to test for unit roots and causality. The results indicate a virtuous procedure of development for China. The growth of China’s imports causes growth in inward FDI from a home country/region, which in turn causes the growth of exports from China to the home country/region. The growth of exports causes the growth of imports. This virtuous procedure is the result of China’s policy of opening to the outside world. China has been encouraging export-oriented FDI and reducing trade barriers. Such policy instruments should be further encouraged in order to enhance economic growth. In the second study, an extended gravity model is constructed to identify the main causes of recent trade growth in OECD countries. The specific features include (a) the explicit introduction of R&D and FDI as two important explanatory variables into an augmented gravity equation; (b) the adoption of a panel data approach, and (c) the careful treatment of endogeneity. The main findings are that the levels and similarities of market size, domestic R&D stock and inward FDI stock are positively related to the volume of bilateral trade, while the geographical distance, exchange rate and relative factor endowments, has a negative impact. These findings lend support to new trade, FDI and economic growth theories. The third study evaluates the impact of openness on growth in different country groups.

Drawing upon data collected as part of the development of a Regional Innovation Strategy (RIS) for the West Midlands region of England, the current study presents an attempt to better understand the factors which may hinder or facilitate product innovation within small manufacturing firms. The focus is upon traditional and/or mature sectors rather than the high-technology small firms (HTSFs), or new technology-based firms (NTBFs), which feature disproportionately in academic and policy discussions. The study adopts a model of firm-level innovation which views innovation outputs as a function of, internal and external, resource inputs and enabling activities set within an institutional framework (broadly defined to encompass instituted behaviours). To this end, the study is influenced by Systems of Innovation (SI) approaches and is, in part, a critique of such approaches. More specifically, employing a sample of 228 small manufacturing firms (i.e. less than 250 full-time-equivalent employees), the thesis considers the relationship between 'innovativeness' and: firm strategy and structure; skills; finance; external linkages; and, performance. Empirical observations are set within a broader conceptual framework of learning, discovery and interaction. Moreover, given the context in which the data was collected, policy considerations loom large. In particular, the thesis considers the extent to which 'spatial' systems of innovation represent appropriate models for economic development, generally, and for the revitalisation of areas characterised by industrial decline and restructuring specifically.

This thesis examines the reintegration of localities in Poland through foreign investment in general and transnational corporations, in particular. The focus of the research is on the relationships and interplay between incoming foreign firms, the corporate strategy of individual companies and the role of institutions and local actors. The region which is the focus of the empirical work is Wroclaw, which is located in the South West of Poland, and regarded as a relatively successful example of transformation. The analytical framework is radical institutionalist in emphasising the socially and politically embedded nature of economic behaviour and the existence of differentiated interests and power. Four dimension of embeddedness, structural, cultural, cognitive and institutional are used to examine how far and in what ways recent changes in the corporate strategy of firms have influenced the nature of firms' quantitative and qualitative linkages in the locality. The main conclusions are that although the multiplier effects through supplier linkages were modest, a process of cumulative causation was evident through the demonstration effect of incoming firms and the stimulation of a range of business services. Ambiguous and embryonic structures of local governance Wroclaw meant that foreign investors were significant contributors to the building of formal institutions. The research findings emphasise the use of enabling myths by foreign investors in attempting to instill a set of values, beliefs and expectations viewed to be congruent with a market economy, in both the locality and the workplace, while displacing or circumventing what were regarded as the inappropriate institutional legacies of the previous regime. The overall conclusion is that there needs to be a radical break with the free market status quo and that change can only come from below in the workplaces and local communities through participatory systems of local governance.

No description available.

Garden visiting has become a popular leisure pursuit in recent years. Within a tourism and recreation context, scant research exists on the subject of gardens as recreational resources and the manner in which they are presented to and consumed by the public. This thesis explores the scope and nature of gardens as tourism and recreation resources in the UK. The thesis examines the conceptual foundations of the garden, in order to establish what reasons explain predisposition towards garden visiting, and why gardens provide a desirable environment in which people want to spend leisure time. The activity of garden visiting is analysed using a two-dimensional approach, which takes into account the supply of gardens open to the public and the demand for garden visits. In this respect, the supply-side relates to the perceptions of garden owners/mangers, while the demand aspect is linked with the outlook of garden visitors. Uniting these two perspectives yields an intriguing area of research, that of the visitor experience, how that experience is perceived and managed, and which elements are crucial in its formation. Understanding the visitor experience is a critical for operators of garden attractions, in line with all attractions. This thesis presents the results of two surveys, one of garden owners/managers (n=546) and one of garden visitors (n=593). Data analysis provides a source of information on the range and characteristics of gardens open to the public, approaches to managing the visitor experience and issues for owners/managers in relation to operating a garden visitor attraction as well as visitors characteristics, motivations, behaviour and perceptions of the garden experience. The data generated allows the identification of a range of themes and implications for the operators of garden attractions, in particular those issues that will influence future development.

El trabajo analiza los determinantes de la estructura de vencimiento de la deuda empresarial de las pymes españolas. Aplicando la metodología propia de los datos de panel, se contrastan las predicciones que se desprenden de los principales modelos teóricos sobre una muestra de 14,748 pymes, cuyos datos han sido extraídos de la base de datos SABI (Sistema de Análisis de Balances Ibéricos) para el periodo 1997-2004. La variable dependiente ha sido definida como el cociente entre la deuda a largo plazo y la deuda total. Los resultados indican que las empresas sometidas a altos niveles de información asimétrica cuentan con plazos de endeudamiento menores. Además, se confirma la relación no monótona que postula Diamond (1991a) entre el riesgo de insolvencia y el plazo de la deuda. Adicionalmente, de acuerdo con las hipótesis formuladas, obtenemos una relación positiva entre la proporción de deuda a largo plazo y (i) el plazo de permanencia de los activos, (ii) el tamaño de la empresa y (iii) su nivel de endeudamiento. Asimismo, se obtiene una relación negativa entre la proporción de deuda a largo plazo y la volatilidad del valor de la empresa. Sin embargo, en contra de nuestras expectativas, el free cash flow se relaciona negativamente con el plazo de la deuda. Por otro lado, las empresas de calidad acortan el plazo de vencimiento de sus deudas en línea con el modelo de Flannery (1986). La relación negativa esperada entre la existencia de oportunidades de crecimiento y el plazo de vencimiento de la deuda que se desprende de Myers (1977) sólo se observa en las empresas más endeudadas de la muestra. También, se obtiene evidencia a favor de las hipótesis de Brick y Ravid (1985, 1991) relativas a la relación positiva esperada entre la estructura temporal de los tipos de interés y la volatilidad de los tipos de interés a corto plazo con el plazo de vencimiento de la deuda, en aquellos ejercicios del periodo muestral en los que estas variables toman valores significativamente elevados. La tasa impositiva efectiva no influye, aparentemente, en el plazo de vencimiento de la deuda. / This study provides empirical evidence on the determinants of Spanish SME debt maturity structure. Using a sample from the data base SABI (Sistema de Análisis de Balances Ibéricos) comprising 14,748 firms which spans over the period 1997-2004 and applying data panel methodology, the main hypotheses derived from different theoretical models have been tested. The dependent variable is defined as the quotient between long term debt and total debt. Our results show that enterprises with a large amount of asymmetric information have short debt maturity. Furthermore, Diamond´s (1991) hypothesis of a non-monotonic relationship between default risk and debt maturity is also confirmed. We have also confirmed a positive relationship between long term debt and (i) asset maturity, (ii) size and (iii) level of debt. Furthermore, a negative relationship between long term debt and firm volatility has also been obtained. However, contrary to what was expected, free cash flow is negatively related to debt maturity. Additionally, our results show that high quality enterprises reduce debt maturity according to Flannery's (1986) model. Myers's (1977) expected negative relationship between growth opportunities and debt maturity is only observed in the most indebted enterprises. Finally, according to Brick and Ravid's (1985, 1991) hypotheses our results show a positive relationship between (i) the term structure of interest rates and debt maturity and (ii) the volatility of short term interest rates and debt maturity, but only in those years when the mentioned variables (term structure of interest rates and volatility of short term interest rates) take relevant values. The effective tax rate does not apparently influence maturity debt.

Su estudian los conceptos de macromarketing y marketing de orientación social y su aplicación en una estrategia de diferenciación por producción local, por contribuir al bienestar social. Se revisa la literatura relacionada con el etnocentrismo y el efecto país de origen, las preferencias de producto doméstico vs foráneo, el concepto de etnocentricidad del consumidor (creencias sobre lo adecuado de comprar productos importados) y su red de relaciones e influencias, y la influencia de la publicidad en la actitud hacia los productos domésticos/foráneos. Los resultados de la investigación empírica y la contrastación de hipótesis permiten extraer las siguientes conclusiones:A.- La etnocentricidad del consumidor influye directa e indirectamente, afectando negativamente su actitud hacia la importación de los productos, en su actitud negativa hacia la compra y utilización de productos importados, y en su intención de compra de producto doméstico vs foráneo. Está relacionada positivamente con el colectivismo, el género femenino y la edad, y negativamente con la apertura cultural, los niveles educativos y los de ingresos familiares.B.- Existe un segmento etnocentrista, más predispuesto a preferir los productos locales, que incluye a más de la tercera parte de los individuos. Se puede discriminar fácilmente a los consumidores de este segmento y los que no lo son, sobre la base de sus puntuaciones en la escala de medida de la etnocentricidad del consumidor (CETSCALE) y de su edad.C.- La etnocentricidad del consumidor y la necesidad de los productos explican su actitud hacia la importación de los mismos, tanto en general, como de cada producto específico. Las amenazas económicas que plantea la importación de los productos al consumidor y a su país, moderan el efecto de la necesidad. / The study sets out to investigate the concepts of macromarketing and societal marketing and their application in a differentiation strategy by local production. We have carried research into these concepts as we have considered considerable their contribution to a social welfare state. We have looked into literature related to ethnocentrism and country of origin effect, domestic vs foreign product references, consumer ethnocentricity concept (beliefs held by consumers about the appropriateness of the purchase of foreign-made products) and its net or relations and influences and the influence of advertising in attitudes toward domestic and foreign products. The results of the empirical investigation and the hypotheses tested have allowed us to come to the following conclusions:A.- The consumer's ethnocentricity influences directly and indirectly, being negatively affected his attitude toward the import of products, his attitude towards the purchase and use of foreign-made products and his domestic vs foreign purchase intents. It is positively related to collectivism, female gender and age, and negatively to cultural openness, education and family income.B.- There is a consumer ethnocentric segment, more than a third of the individuals, with a greater tendency to prefer local products. Consumers and non-consumers of this segment can be discriminated against easily by their scores in the consumer ethnocentricity measurement scale (CETSCALE)) and their age. C.- The consumer's ethnocentricity and the need for the product are the reason for his attitude towards the import of this very product in general as well as more specifically. The economic threats that foreign products pose to consumers and the country moderate the impact of the necessity.

Todos los países están mostrando una preocupación creciente por la salud financiera de sus sistemas de pensiones, lo cual se ha traducido en una serie de reformas. Sin embargo, uno de los elementos a los que se le ha prestado menos atención ha sido la deuda implícita de la Seguridad Social; es decir, la cuantía de las obligaciones contraídas por el sistema de Seguridad Social con los trabajadores en activo y con los ya jubilados.Por ello, en primer lugar se va a definir la deuda implícita, para, posteriormente, obtener un modelo teórico que permita determinar, de una manera sencilla (en cuanto a que no hay que hacer demasiadas hipótesis futuras), la deuda implícita por dos métodos diferentes ("Método Retrospectivo" y "Método Prospectivo") de un sistema de pensiones en general.A continuación se pretende aplicar el modelo anterior a la cuantificación de la deuda implícita del sistema contributivo de pensiones de la Seguridad Social española, determinando la deuda para cada régimen de la Seguridad Social (Régimen General, Autónomos, Agrario, Empleados de Hogar, Trabajadores del Mar, Minería del Carbón, y Funcionarios del Estado), así como para las contingencias más importantes: jubilación, incapacidad permanente, viudedad y orfandad y favor familiar.Seguidamente, a partir de la obtención de la deuda implícita por los dos métodos enumerados, se define una "nueva" medida del equilibrio o desequilibrio del sistema, desde una perspectiva financiero-actuarial y se cuantifica para el sistema contributivo de pensiones de la Seguridad Social en España, detallando los resultados por regímenes y por contingencias.Con los resultados anteriores y con el modelo desarrollado, se puede determinar cuáles son las medidas de política más efectivas que se podrían aplicar con el objetivo de reducir el desequilibrio del sistema, bien en su conjunto, bien para cada contingencia en particular o, incluso, para cada régimen en concreto. Para ello se utilizan las técnicas de optimización más adecuadas. / The purpose of this thesis is to define and measure the actuarial deficit of a pension system. To accomplish this aim, first, a theoretical model is developed to estimate the Implicit Debt through two different methods ("Retrospective Method" and "Prospective Method"). Secondly, a new measure of the imbalance of the Social Security system is defined from a strict actuarial viewpoint. Thirdly, the model developed is adjusted to the available aggregate data in most countries in order to calculate the amount of the Implicit Social Security Debt through the two different methods. Fourthly, this model is applied to all the pension system of Spanish Social Security to measure the actuarial imbalance of the system for three consecutive years 2002, 2003 and 2004. Lastly, different alternatives are presented to restore the system.

Las empresas de base tecnológica constituyen una pequeña porción de las pequeñas y medianas empresas, con potencial para contribuir en el desarrollo económico de un país, por su capacidad para crear, usar y adaptar conocimiento científico y tecnológico en la producción de bienes y servicios, con un alto valor añadido. Estas empresas de base tecnológica presentan características que las diferencian de las Pymes en general y son considerados como importantes agentes innovadores. En las ultimas cuatro décadas se han generado estudios en torno a los determinantes del crecimiento de estos pequeños y medianos negocios innovadores, relativos al proceso de fundación, el perfil emprendedor, la estrategia, los vínculos colaborativos y la internacionalización. Sin embargo, estos trabajos se han producido en mayor cuantía en empresas de base tecnológica que operan en economías desarrolladas, siendo escasos los estudios de este tipo de empresas localizadas en países en desarrollo o de desarrollo tardío. Por lo anterior, esta investigación se propone como objetivo determinar el grado de asociación de un conjunto de variables con el crecimiento de empresas de base tecnológica en el contexto de dos grandes áreas metropolitanas con desarrollo dispar. Las variables a estudiar, que afectan el proceso de fundación y el crecimiento, han sido identificadas a través de una amplia revisión de literatura. El alcance de esta investigación es exploratorio y descriptivo, tomando para el análisis un número de 36 casos de empresas de base tecnológica, 12 de ellas localizadas en el gran área metropolitana de un país con desarrollo tardío (Costa Rica) y 34 localizadas en el área metropolitana de la Comunidad de Valencia en España, un país que si bien es cierto estuvo caracterizado por un desarrollo tardío, desde su incorporación al colectivo economías desarrolladas de la Unión Europea ha contado con una condición de país desarrollado. Se contrastaron un total de nueve proposiciones relativas al proceso de fundación, el perfil emprendedor, la estrategia, los vínculos colaborativos y la internacionalización. Los principales resultados del estudio de estos casos destacan que las EBTs del grupo de mayor crecimiento, tanto en el área metropolitana de Costa Rica como de la Comunidad de Valencia, mostraron una mayor experiencia previa en management de los equipos fundacionales, un proceso acelerado de internacionalización desde su proceso de creación, un mayor grado de internacionalización y una mayor valoración del aprendizaje interorganizacional con partners claves para aquellas EBTs con mayor grado de internacionalización. Las diferencias más notorias entre EBTs del área metropolitana de mayor desarrollo se presentan en el proceso mucho más acelerado de internacionalización que las EBTs del área metropolitana de menor desarrollo, lo mismo que en estrategias más estables y orientadas hacia la innovación. / New Technology-Based Firms (NTBFs) represent a small portion of Small and Medium Size Entrepresis (SMEs) specially focused on innovation in line with their capacity to create, use and adapt scientific and technological knowledge in the production of high value added goods and services. In the last two decades, studies have addressed the process of foundation and the key determinants of the NTBFs growth associated to entrepreneur profile, strategy, collaborative links and internationalization, among others. Nevertheless, these studies have taken place mostly development countries, being very scarce the studies dealing with NTBFs located in developing countries. All in all, the main goal of this research is to determine the degree of association between a set of variables and the growth of NTBFs located in two unlike development metropolitan areas. The scope of this research is exploratory and descriptive, based on a qualitative method. The database contains 36 cases of NTBFs, 12 of them located in Costa Rica, a developing country, and 24 located in the metropolitan area of Valencia in Spain, a country considered a developed one. Nine propositions were analyzed related to the process of foundation, the enterprising profile, the strategy, the collaborative links and the internationalization. Main findings reveal that growing in NTBFs, in both metropolitan areas, showed a broader previous experience in management of entrepreneurs team, a more accelerated process of internationalization from their foundation, a higher level of internationalization and a broader presence of interorganizational learning with key partners. A profile o fthe NTBFs in both the Costa Rica and the Valencia areas is built, as the main contribute of new studies.