Post-crisis market realities in Greece are expected to lead to increased M&A activity in the coming years, little evidence is provided in the academic literature on Greek M&A post-acquisition performance and its driving factors. The overall aim of this thesis is to complement and enhance the existing M&A literature by examining the impact of two post-acquisition actions, of asset divestiture and resource redeployment on the long-term performance of Greek M&A deals over the period 2005-2009. The conceptual framework of this thesis draws on the strategic management perspective. Using the cost efficiencies argument, the thesis examines how cost savings, due to asset divestiture affect the post-acquisition performance of both the target and the acquiring firm. In addition, by drawing on the resource-based view of the firm and the dynamic capabilities perspective, the thesis explores the effects of post-acquisition resource redeployment from acquirers to targets and vice versa, on revenue-enhancing capabilities. The findings revealed that the divestiture of the acquirers’ assets does not reduce costs. In addition, the importance of revenue-based synergies was shown, through the mediating variables of market coverage and innovation capabilities. Finally, acquirer’s resource redeployment has a positive and significant effect on cost savings and the same holds true for the resource redeployment to the target. These results indicate that resource redeployment contributes in achieving higher cost efficiency. The originality of this study is that it tries to obtain new insights on the subject of the post-acquisition performance using arguments from the cost-based and resourcebased synergies, the resource-based view (RBV) of the firm and the dynamic capabilities perspective. In addition, this is a large-scale empirical study conducted in Greece drawing on detailed primary data on a high range of post-acquisition actions followed by the managers of the acquiring companies rather than secondary data.

This study is an independent and critical assessment of the Business Link Start-up Service (BLSS) in the creation of new ventures in the East Midlands. The BLSS was part of the region’s £70m annual investment in business support (2007-10). THE BLSS was delivered in the five counties of the East Midlands region and included the four Business Link Contractors (BLCs). The study uses a sequential mixed method approach to data collection and analysis. The data collection was multi-level and captures experiences, views and expectations at regional policy and funding level (East Midlands Development Agency), contract management level (East Midlands Business), contractor level (Nottingham Business Ventures, Northampton Business School, Skills for Enterprise, and Derbyshire Enterprise Agency), and nascent entrepreneur level. Semi-structured interviews were used to understand the context and experiences in the provision of the BLSS. The qualitative data illuminates shared experiences in the context of entrepreneurship support provision. The quantitative study (a survey of 105 participants), is an analysis of the nascent entrepreneurs’ profiles who were at different stages of new venture creation, their access of the BLSS (training, business advice, and information) and progress to new venture creation (NVC). The BLSS product was well designed to provide a balance of flexibility and structure in meeting nascent entrepreneur needs. However, BLSS contract and output targets (measures) distorted the delivery process. The delivering of BLSS by contractors was adapted to ‘deliver’ the required outputs. The focus on ‘hitting targets’ is a threading theme in the discussion. The behaviour of the contractors limited the capacity of the BLSS to ensure the progress of individuals from one stage to another when they are counted as an output. This evaluation of business support led to the development of a ‘new’ nascent entrepreneur support model which is expected to help in redefining of the objectives and measures for start-up support programmes. The ‘new’ model fully recognises the need to progressively develop individuals through to start-up without ignoring the complexity of creating a new business and the need for evolving support throughout the start-up process

This thesis is aimed to empirically investigate the performance impact of frequent acquisitions as an aggressive merger and acquisition (M&A) strategy for an acquiring firm. In literature related to the study of M&A, a common question is whether acquisitions improve the performance of acquirers. Neither theoretical nor empirical studies have a clear view on the performance effect of M&A. Some argue positively and some are opposite. Although existing research are mixed for their arguments, a takeover is commonly perceived as a shock to the firm with a constant effect on changing business performance. This static perception of M&A creates a difficulty in explaining why firms acquire others when the performance effect is negative. To address the issue, this thesis examines the M&A effect dynamically with taking into account the role of merger frequency in affecting performance. On the basis of a large sample that consists of about 14,000 acquisitions from more than 100 countries over last 12 years, the thesis finds that the investors perceive a lower value if the acquiring firm is involved in frequent mergers. This is because more mergers are expected to attract considerable amount of management attention away from profitable activities in order to digest the challenges of new business integration at least in the short run. This “digesting constraint” argument is evident by our estimations. Firm becomes less profitable in the short run after a merger shock, and this adverse effect can be more severe if the firm is involved in more frequent mergers. Evidence of the thesis further show that, the effect of merger shocks is not static and persistent, and it changes with time. The shock affects adversely profitability in the short run, usually lasting a couple of years, and then the negative effect on performance could be turned either oppositely if the firm digests the shock successfully, or otherwise, continuously but diminishing over time if the digestion takes longer such as for frequent acquisition. This finding implies that the pace of firm resilience to a merger shock can be affected by its merger strategies. The pace can be slow if the firm pursues frequent mergers aggressively. The performance effect of a merger shock is dynamic and changes with time. The dynamic view for merger shocks from this study opens a new vision for literature in merger studies. Overall the market expectation to a merger effect on changing firm performance is quite consistently related to what has actually happened to the firm after the merger shock.

Les transactions entre parties liées sont apparues sur le devant de la scène à la suite des nombreux scandales comptables : Enron, Adelphia et Tyco aux États-Unis, Parmalat en Italie, HIH en Australie. En Asie, il y a eu de nombreux exemples de pillage d'entreprises par les dirigeants ou les actionnaires à travers l'utilisation des transactions entre parties liées pendant la crise des marchés de 1997-1998. Dans les marchés émergents et développés, les transactions entre parties liées sont utilisées comme un outil de transfert des actifs et des résultats des entreprises au bénéfice de ceux qui les contrôlent.Le Congrès américain dans la Loi Sarbanes-Oxley de 2002 a cherché à contrôler ces transactions entre parties liées. Mais, dans de nombreux pays, les transactions entre parties liées sont une pratique courante permettant des transferts de résultats et d'actifs entre entreprises. La théorie de l'agence considère généralement que les transactions entre parties liées sont faites au détriment des actionnaires. La littérature académique a tenté de mesurer l'expropriation indirecte liée aux transactions entre parties liées (voir par exemple, Bertrand, Metha, & Mullainathan, 2002; La Porta et al, 2000a, 2002; Faccio, Lang, & Young, 2001).La réglementation thaïlandaise impose, depuis la crise financière asiatique de 1997, des exigences de publication sur le montant et la nature des transactions entre parties liées. Cette thèse aborde les questions du lien entre les mécanismes de gouvernance et le recours aux transactions entre parties liées.Les résultats économétriques indiquent que : la détention de capital par les dirigeants ou par les administrateurs et la renommée du cabinet d'audit ont un impact négatif sur le volume des transactions entre parties liées. Par ailleurs, la séparation des fonctions de direction et de présidence du conseil d'administration a un impact positif sur le volume des transactions entre parties liées. De même, le pourcentage d'administrateurs indépendants et le recours à l'endettement financier ont un impact positif sur le volume des transactions entre parties liées.La thèse explore également la relation entre la performance financière et le recours aux transactions entre parties liées. Nos résultats montrent que la performance financière est indépendante du recours aux transactions entre parties liées. Ces résultats montrent que, du strict point de vue des actionnaires, le recours aux transactions entre parties liées n'est ni favorable ni défavorable. Par conséquent, l'intérêt des transactions entre parties liées ne peut pas s'apprécier dans une optique uniquement actionnariale. C'est pourquoi nous proposons de recourir au cadre théorique des parties prenantes pour pouvoir appréhender l'intérêt des transactions entre parties liées. Ce sera l'objet des travaux postérieurs à la thèse.Notre thèse permet de mieux comprendre la façon dont les transactions entre parties liées sont affectées par les mécanismes de gouvernance d'entreprise dans les sociétés cotées de Thaïlande. Nous contribuons à la littérature académique existante et tentons de démontrer en quoi les caractéristiques, les structures et la qualité des mécanismes de gouvernance d'entreprise sont importantes. / Related party transactions have recently become many accounting scandals worldwide, from Enron, Adelphia, and Tyco in U.S., Parmalat in Italy, HIH in Australia. In Asia, there have been many examples of looting of firms by managers or controlling shareholders using related party transactions during markets crisis of 1997-1998. In both emerging and developed markets, related party transactions are used as a tool to transfer assets and profits out of the firms for the benefit of those who control them.The U.S. Congress in the Sarbanes-Oxley Act of 2002 attempted to control these related party transactions. But in many countries, transactions between related parties are a common practice to transfer benefits and assets between companies. The agency theory generally considers that related party transactions are detrimental to the interests of shareholders. The academic literature has attempted to measure expropriation using indirect proxies for the propensity of firms to expropriate (see for example, Bertrand, Metha, & Mullainathan, 2002; La Porta et al., 2000a, 2002; Faccio, Lang, & Young, 2001).Thailand requires, since the Asian financial crisis of 1997, the publication on the amount and nature of related party transactions. This study addresses the question of the relationship between governance mechanisms and the applying of related party transactions.The econometric results indicate that the managerial ownership and the audit company have a negative impact on the amount of related party transactions. Moreover, the CEO duality has a positive impact on the amount of related party transactions. Similarly, the independent board and the leverage ratio have a positive impact on the amount of related party transactions.This study also explores the relationship between financial performance and the applying of related party transactions. Our results show that financial performance is independent of the applying of related party transactions. These results show that, as the shareholder approach, the applying of related party transactions is neither favorable nor unfavorable. Therefore, the benefits of related party transactions cannot be appreciated with a view only shareholder. We, therefore, propose to use the theoretical framework of stakeholders in order to capture the benefits of related party transactions. This will be the objective of future research.Our theory provides a better understanding of how related party transactions are affected by the mechanisms of corporate governance in Thai listed companies. We contribute to the existing academic literature and attempt to demonstrate how the characteristics, structure and quality of corporate governance mechanisms are essential.

L’objet de ce travail de recherche est de contribuer à l’étude du concept de Performance Sociétale de l’Entreprise (PSE), dont les problématisations jusqu’à présent fournies demeurent largement controversées. En effet, l’examen du corpus de connaissances révèle l’existence d’anomalies de nature théorique, conceptuelle et empirique. Ces insuffisances renvoient aux modes d’opérationnalisation de la PSE, à la manière dont le concept a été relié à la notion de performance, ainsi qu’à l’absence de contextualisation de la PSE en rapport avec son environnement institutionnel. Il importe donc de réorganiser le concept au sein d’un cadre d’analyse consensuel qui reconnaît le caractère dynamique et contingent de la démarche sociétale de l’entreprise. Ainsi, ce travail se propose d’explorer le concept de PSE et d’analyser ses antécédents institutionnels et ses effets sur le niveau de performance organisationnelle.Sur le plan théorique, l’architecture globale de la thèse obéit à un raisonnement à triple phase : déconstruction/reconstruction/validation. La phase de déconstruction (première partie) se traduit par une mise en perspective critique (théorique, conceptuelle et empirique) de la PSE. La phase de reconstruction (deuxième partie) consiste en le développement d’un cadre d’analyse systémique qui se veut être fédérateur et englobant des différentes orientations théoriques. Et enfin, la phase de validation (troisième partie) est destinée à statuer sur les dépendances étudiées et la recevabilité des hypothèses, de manière à tirer un certain nombre de conclusions et d’enseignements.Sur le plan conceptuel, notre cadre d’analyse mobilise l’approche systémique pour décliner les différents niveaux d’analyse, à savoir, les pressions institutionnelles en tant qu’entrée du système, la PSE en tant que processus, et la performance organisationnelle en tant que résultat du système. Le modèle de recherche est articulé par un corps d’hypothèses multi-niveaux (hypothèse générale, hypothèses partielles, hypothèses adjacentes, hypothèses de modération).Sur le plan méthodologique, notre démarche se décline en deux phases qui reprennent les moments forts de notre travail de recherche. Une première phase exploratoire visant à explorer la PSE, à adapter et à reconfigurer notre modèle de recherche. Une deuxième phase déductive qui cherche à tester les hypothèses de la recherche et à établir les apports en termes de connaissances. L’investigation empirique conduite sur 132 entreprises tunisiennes issues de différents secteurs d’activité a permis d’entériner la systématicité de la PSE. En effet, la démarche sociétale de l’entreprise s’apparente à un processus contingent (fortement conditionné par les pressions institutionnelles), finalisé (produit des résultats en termes de performance), piloté (guidé par des principes et des convictions managériales), et soutenu (appuyé par des instruments et des mesures sociétaux). L’originalité de ce travail se justifie essentiellement par une logique multi-nivaux du modèle de recherche ainsi que par une démarche méthodologique adaptée à la complexité de l’objet de la recherche. De surcroît, cette problématique a été largement discutée dans le contexte occidental et essentiellement américain, elle reste encore peu explorée dans le monde Arabe et en particulier le Maghreb / The purpose of this research is to contribute to the study of Corporate Social Performance (CSP) concept, which provided theorizations remain highly controversial. Indeed, examination of the body of knowledge reveals theoretical, conceptual and empirical anomalies. These shortcomings relate on the operationalization of the CSP, the manner in which the concept has been linked to the notion of performance, and the lack of contextualization of PSE in relation to its institutional environment. It is therefore important to reorganize the concept within a framework that recognizes the dynamic and contingent character of CSP. Thus, this research aims to explore the concept of CSP and analyze its institutional dimension and its effects on organizational performance.On a theoretical level, the overall architecture of the thesis follows triple phase reasoning: deconstruction / reconstruction / validation. Deconstruction phase (first part) consists in highlighting theoretical, conceptual and empirical perspectives of the CSP. The reconstruction phase (second part) consists on developing a framework with systemic approach, which aims to unify different theoretical orientations. And finally, the validation phase (third party) consists on testing our conceptual framework. On the conceptual level, our framework mobilizes systemic approach. It declines institutional pressures as input to the system, PSE as a process, and organizational performance as a result of the system. The research model is articulated by multi-level hypotheses (general hypothesis, partial hypothesis, adjacent hypothesis and moderation hypothesis).On the methodological level, our approach is divided in two phases. An exploratory phase that aims to explore CSP, to adapt and to reconfigure our research model. A second phase seeks to test the research hypotheses and establish contributions in terms of knowledge.The empirical investigation conducted on 132 Tunisian companies endorses the systematicity of the CSP. In fact, the process of CSP is influenced by institutional pressures, piloted by the principles and managerial beliefs. Therefore, this process produces results in terms of performance, and it is supported by societal tools and measures.The originality of this work is essentially justified by multi-level research model as well as a methodological approach which is adapted to the complexity of the research object. In addition, this issue has been widely discussed in the American and European context, but it remains unexplored in the Arab world, particularly in the Maghreb

In the last decade, the number of mergers and acquisitions (M&A) activities by emerging market firms has rapidly increased to exploit growing markets at home and abroad. In order to be successful in their M&A goals, these firms need to develop a specific M&A capability and manage post-M&A processes effectively. Drawing on the dynamic capabilities view, I develop a theoretical framework for emerging market acquirers that outlines the development of the acquisition capability mechanisms. I first examine the influence of prior acquisition experience on acquisition performance. I then go on to study the integration capability of emerging market firms and examine the effect of post-M&A integration strategies on the performance of acquisitions by emerging market firms. The overall results indicate that a firm‘s focal acquisition performance positively relates to prior acquisition experience that is similar to the focal acquisition. Moreover, post-M&A integration strategies vary depending on the geographical similarity of the focal acquisition. Replacing the target‘s top manager is a particularly important determinant of acquisition performance in domestic M&A. Finally, in this research, I also extend the organisational learning view and develop a multi-level analysis that examines the role of business groups alongside firm-level learning from acquisitions. The usual focus in emerging market studies is on the big emerging economies of Brazil, Russia, India and China (BRIC). I focus instead on the country case of Turkey, one of the second tier of ―biggish‖ growing economies of ―MIST‖ (Mexico, Indonesia, South Korea and Turkey). The empirical results are based on a unique hand-collected dataset of acquisitions in Turkey culled from publicly available data. The final dataset consists of 279 acquisitions between 1998 and 2011.

This thesis examines the patterns and determinants of corporate financial policy (capital structure and dividend policy) in Zimbabwe. In particular it investigates various aspects of corporate financial behaviour in an emerging market; the evolution of corporate financial structure and dividend payout ratio over the past 25 years (1975-1999), the impact of the reform programme (introduced in 1992) on firm characteristics, the corporate financing patterns during the period 1990-1999, the determinants of corporate capital structures and dividend policy and the interaction between corporate financing and dividend policy decisions. The main results that emerge from the analysis suggest that (i) the debt ratio for the Zimbabwean corporate sector significantly increased after the reform (ii) the Zimbabwean corporate sector mainly depends on external finance (75 % of total financing) especially short-term finance, which contributes 52 % of total financing. Furthermore, the results support the following hypotheses (i) the pecking order hypothesis that firms prefer internal financing to external financing, (ii) the trade-off hypothesis that non-debt tax shields reduce the expected gains from leverage, (iii) firms use liquid assets to finance investments, (iv) the agency cost hypothesis that increasing managerial ownership helps to align the interests of managers and shareholders and therefore reduces the role of debt as an agency-conflict mitigating factor, (v) large firms have lower bankruptcy costs and therefore can support more debt than smaller firms, (vi) debt service limits the amount of cash paid out as dividends, and (vii) high growth firms rely on external finance more than low growth firms (viii) high growth and firms have low payout ratios (iv) Cash flows and institutional investors increase the likelihood that firms will pay dividends (v) capital structure and dividend policy decisions are interdependent and highly leveraged firms have low payout ratios.

- / -

La hausse des prix des matières premières observée pendant les années 2000 étant concomitante avec une présence plus accrue des agents financiers sur ces marchés a suscité entre l'intérêt des chercheurs. Cette hausse des prix a eu lieu avec une transformation des marchés de matières premières que cela soit dû à la présence de nouveaux instruments financiers ou à des investissements plus importants dans ces marchés. Les deux premiers chapitres de cette thèse étudient l'impact sur les matières premières de la présence d'Exchange-Traded Products dont le but est d'offrir aux investisseurs financiers une exposition passive aux matières premières. Au cours de ces études, il est démontré que le mécanisme (dit de création/rédemption) utilisé pour délivrer la performance de la matière première sous-jacente aux investisseurs a un impact sur le prix du sous-jacent, sur sa volatilité et sa corrélation au marché des actions. Enfin, ces mêmes instruments sont devenus les principaux contributeurs à la fonction de découverte des prix alors que traditionnellement cette fonction était assurée par les marchés à terme. Le dernier chapitre de ce manuscrit de thèse étudie la saisonnalité à la fois des prix et des positions des différents types d'agents présents sur le marché à terme des matières premières agricoles. Les résultats montrent que la saisonnalité des positions sur le marché à terme a été modifiée par la présence accrue des agents financiers. Cette thèse quantifie et démontre que les nouveaux supports d'investissement et les positions plus nombreuses de ces mêmes investisseurs sur le marché à terme ont modifié les caractéristiques financières et fondamentales des matières premières. / Commodity prices rise observed during the 2000s being concomitant with the increasing presence of financial agents has sparked the researchers’ interest. This price increase occurred while commodity markets have been transformed by new financial instruments or larger investments in these markets. The first chapter of this thesis are studying the impact on commodities of Exchange-Traded Products (ETPs) whose purpose is to provide investors a passive exposure to commodities. During this study, it is shown that the mechanism (called creation / redemption) used to deliver the performance of the underlying commodity to the investors has an impact on the price of the underlying asset, its volatility and its correlation with the stock market. The second chapter demonstrates that ETPs have become major contributors to the price discovery process whereas traditionally this function was performed by the futures market. The final chapter of this PhD thesis is studying seasonality in both the prices and positions of different types of agents on the futures market for agricultural commodities. The results show that seasonal positions in the futures market have been changed by the increased presence of financial agents. This thesis quantifies and demonstrates that new investment vehicles and an increasing number of positions of financial investors in the futures market have changed the financial and fundamental characteristics of commodity markets.

Comment expliquer les variations du niveau de don dans des pays comparables ? Dans tous les pays industrialisés, la crise économique des années 1980 a favorisé la recherche d'alternatives à l'État providence en incitant les organismes du Tiers secteur à jouer un rôle accru dans un partenariat pour la définition et la mise en œuvre des politiques publiques. Parmi les organisations du Tiers secteur, les fondations philanthropiques offrent un cadre juridique qui permet aux personnes qui le souhaitent de réaliser des actes de générosité en affectant une partie de leur fortune personnelle, sous forme de don, à des fins d'intérêt général. Le don peut être ainsi considéré comme une expression concrète de la coopération entre les citoyens en vue du bien commun. Tous les pays démocratiques essaient d’en favoriser le développement. Les explications classiques de la variation de niveau du don entre pays développés ne prennent pas en considération le don comme un fait social. Nous soutenons que le niveau du don dans une société ne peut être expliqué par la somme des dons individuels qui répondent chacun à des motivations personnelles mais bien par ce qui constitue son substrat social : l’état de la société dont la cohésion est déterminée à la fois par la présence de capital social et la représentation des identités. A la différence du capital humain qui regroupe les compétences, les qualifications et les connaissances des individus, le capital social peut être compris comme « l’ensemble des relations, des réseaux et des normes qui facilitent l’action collective ». Le capital social fait ainsi référence aux relations que les individus établissent entre eux au sein des réseaux sociaux ainsi qu'aux normes de réciprocité qui naissent de ces relations. L’hypothèse du don comme variable dépendante de l’état de cohésion sociale ouvre la voie à cette recherche doctorale axée d’une part sur le niveau de capital social dans les pays économiquement développés et d’autre part, sur la signification du don comme mode de représentation de l’identité. Elle contribue à définir les contours théoriques du capital social en mettant en évidence les liens étroits qui unit ce concept au don et par là, à la construction des identités. Cette analyse de la relation entre don, capital social et identité a des implications directes pour la recherche dans le champ de la société civile. La société civile est présentée sous deux perspectives différentes. La première, de tradition nord-américaine, associe le Tiers secteur à la condition exclusive du « non profit». La seconde perspective, de tradition européenne, retient l’idée d’une économie sociale hybride composée d’entreprises et organisations qui relèvent à la fois des secteurs marchand et non marchand. Ces entreprises et organisations de l’économie sociale sont des structures entremêlant dans leurs actions une pluralité de logiques économiques. En se fondant sur l’analyse de Polanyi sur l’encastrement de l’économie et ses différentes formes d’intégration, associée à la logique maussienne du don, nous tentons d’éclairer la dimension socioéconomique, voire politique des initiatives de l’économie sociale. L’économie sociale peut ainsi être appréhendée comme une « économie du don », comprise comme économie plurielle. Par ailleurs, la Nouvelle sociologie économique propose à la fois une analyse réticulaire de l’économie qui se fonde entre autre sur la présence et la densité des liens interpersonnels et une analyse culturelle de l’économie qui relie les marchés aux valeurs. A partir de là, il devient possible d’appréhender l’économie sociale comme une « économie du capital social », entendu comme facteur organisationnel et générateur de sens. / How to explain variations in the level of donation in comparable countries? In all industrialized countries, the economic crisis of the 1980s encouraged the search for alternatives to the welfare state by encouraging third sector organizations to play a greater role in a partnership for the definition and implementation of public policies.Among Third sector organizations, philanthropic foundations provide a legal framework that allows people who wish to carry out acts of generosity by allocating a part of their personal wealth in the form of gift, for the purpose of general interest. Giving can be considered as a concrete expression of the cooperation between citizens for the common good.All democratic countries try to promote giving. The conventional explanations of the variation in level of gift among developed countries do not consider the gift as a social fact. We argue that the level of giving can't be explained by the sum of individual gifts that each respond to personal motives but by the state of the society whose cohesion is determined to both by the presence of social capital and the representation of identities.Social capital can be understood as " relationships, networks and norms that facilitate collective action." Social capital refers to relations that individuals establish them in social networks and the norms of reciprocity that arise from these relationships.This thesis is focused, first, on the level of social capital in economically developed countries and secondly on the meaning of the gift as a mode of representation of identity. It helps define social capital theory by highlighting the close relationship that unites the concept of the gift and hence the construction of identities.This analysis of the relationship between gift, identity ans social capital has direct implications for research in the field of civil society. Civil society is presented from two different perspectives. The first perspective, in a North American tradition, determines the Third sector to the sole condition of "non profit" sector. The second perspective, in an European tradition, consider social economy with organizations or enterprises within both profit and non-profit sector. These organizations and entreprises mix in their actions a plurality of economic logics.Based on the analysis of Polanyi on the embedding of the economy and its various forms of integration, associated with the Maussian logic of the gift, we try to shed light on the socio-economic dimension, or political dimension, of social economy. Social economy can be seen as a "gift economy", understood as a plural economy.Finally, the New Economic Sociology offers both an analysis of the reticular economy based on the presence and density of interpersonal ties and a cultural analysis of the economy that connects markets to values. It is possible to understand the social economy as a “social capital economy". Social capital is understood as an organizational factor and a meaning.