Abstract Background & Problem: During recent years there have been disclosed instances of labor union representatives wrongfully using the members’ funds. Considering the nature of the labor unions this kind of behavior is surprising, and therefore there is an interest in what motivates these representatives in their actions. Agency theory and Stewardship theory suggests two opposing views of corporate governance and motivation. The authors of this study attempt to contribute to this discussion by exploring the environment within labor unions.  Purpose: The purpose of this study is to explore whether the management representatives within labor unions are acting as agents or stewards as well as whether they are perceived as such in the eyes of the members. Method: This study is based on a deductive research approach using a qualitative research strategy. The primary data was collected through semi-structured interviews from representatives of the unions as well as members of the unions. This was complemented with information from the websites and documents from the labor unions. A thematic analysis approach was used to analyze the findings. Conclusion: This study concluded that the representatives of the different labor unions are leaning more towards acting as stewards rather than agents and that they are perceived as such by the members.  The authors found that there was a lot of focus on member recruitment and the importance of recognizing what type of relationship that exists.

traders are perceived to extract monopoly rents from farmers by offering very low prices. However, little attempt has been made to understand the behaviour of private traders and the factors that influence their behaviour. This study, therefore, examines the behaviour of private traders and determines the factors influencing their behaviour by means of the Chi-squared test. It further identifies the characteristics of smallholder farmers and private traders transacting with each other and examines the pricing, grading and weighting systems used by private traders, as well as the relationship that exists between farmers and private traders. Understanding private trader behaviour, factors influencing this behaviour, and the relationship between farmers and these private traders are important questions and have great implications for policy. Primary data was used in this study which involved interviews and direct observations with both private traders and smallholder farmers. The sample sizes for private traders and smallholder farmers were 50 and 200, respectively. The data was collected in the Kalomo District of Zambia between June and August, 2015. Only those farmers that transact with private traders or use assembly traders as the marketing channel were included in this study. The data collected was analysed using gross marketing margin, the Chi-squared test and descriptive statistics. The measure of the extent of opportunistic behaviour was also used to achieve the study objectives. The findings show that the mean price paid by private traders was ZMW 0.989 (USD 0.13) per kg and private traders were the ones who determine the prices and grades of maize. The private traders also weigh the maize and the smallholder farmers have little control on the final weight of the maize, as they do not participate in the weighing. This indicates that the private traders have power in the determination of the weight of maize. The majority of the private traders were found to behave opportunistically, accounting for 58 % of the surveyed traders. Experience and education level of the private traders were found to influence their behaviour. Given the importance of the above factors in influencing private trader behaviour, particularly experience and education, the results suggest that monitoring of the maize trading could potentially significantly reduce opportunistic behaviour among these less-experienced and less-educated traders. Lastly, the study reveals that 68.5 % of the smallholder farmers did not trust the private traders, whereas 46 % of the private traders did trust the farmers. The findings of this study indicate great potential for public sector investments in organisations that ensure standard weights (such as the Zambia Weights and Measures Agency 'ZWMA') and grades for maize. The ZWMA is the Zambian organisation responsible for enforcing weight institutions. An agency enforcing grading institutions for the smallholder maize farmers, however, does not exist in Zambia. Investment in such organisations would increase the levels of trust between farmers and traders, as neither would be suspicious of the weight or grade obtained, and possible opportunistic behaviour would be reduced. The suggestions and recommendations given by this study should help reduce the possibilities for opportunistic behaviour and exploitation of smallholder farmers. Because this study is in line with Zambia's poverty reduction plan to reduce poverty levels through increased agricultural production and improved maize trading among smallholder farmers, the recommendations given will help improve maize trading and the livelihoods of smallholder farmers. This is because they will be able to sell their maize at higher prices owing to reduced opportunistic behaviour of private traders, thus realising profits. The development of a grading system will lead to a better trading environment for both smallholder farmers and private traders, as both parties will be certain of the maize quality. In conclusion, a trading environment where organisations and institutions are in place, monitored and enforced to ensure reliable grading and weighing systems will help improve maize trading by smallholder farmers and private traders in Zambia. The improved maize trading will be the result of reduced opportunistic behaviour. This will ultimately increase the welfare of smallholder farmers and improve their livelihoods, which will contribute towards the reduction of the poverty levels in Zambia. / Dissertation (MSc (Agric))--University of Pretoria, 2016. / Agricultural Economics, Extension and Rural Development / MSc (Agric) / Unrestricted

This study examined the effect of foreign ownership on the financial and market performance of firms in the South African economy. To review this relationship 18 foreign owned firms listed on the Johannesburg Stock Exchange All Share Index in 2010 were identified and paired with a locally owned firm of a similar size, in the same economic sector and with the same ownership model. The analysis was done in two phases. Phase One reviewed the financial and market indicators; Phase Two reviewed the investor return. The analysis in Phase One showed that foreign ownership did not result in any financial benefits for the firm, if Return on Assets and Return on Equity were used as proxies for financial performance. There was some evidence that foreign corporate firms create more value, as indicated by the percentage of EVA increase of 4.6% for the corporate ownership model. Differences in the Weighted Average Cost of Capital (WACC) between the local and foreign corporate ownership models could indicate that this increase is an accounting anomaly rather than an absolute benefit. Market growth data showed the opposite that locally owned institutional firms performed significantly better than foreign-owned institutional firms. In Phase Two, it was shown that although there was a material difference between the different portfolio returns, with the local portfolios performing better, the difference was not statistically significant. Overall, it can be concluded that there is very limited proof that foreign ownership has any secondary beneficial effect on the financial performance of South African firms. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Ownership structure is referenced as one of the key determinants of policy decisions and corporate governance of companies however suggested implications of different structures part in previous research. This study investigates the relationship between different ownership structures and dividend policy decisions taken by a firm and sets out to identify how family ownership in specific differs from other ownership structures. The study follows a framework based on a number of postulated hypothesis based on previous findings of similar investigations and applies it to a Swedish setting. A model is constructed consisting of variables describing ownership, financial and market conditions in Swedish firms from the period 2010-2019. Some, yet sparse, evidence is found indicating differences in dividend policy can be derived from differences in ownership, yet results clarify dividend policy decisions are based on a complex set of conditions not easily captured in a single model.

It is claimed that Swedish firms are at the forefront of integrating sustainability into their businesses. This study assesses whether a relationship between Corporate social responsibility (CSR) activities and managerial agency problems exists in Swedish listed firms. The rationale of the study lies on whose preferences are fulfilled and if these activities are caused by incentives to maximize shareholders’ value or by incentives to extract managers’ personal benefits. An ordinary least squares (OLS) fixed-effects panel regression is conducted to investigate this relationship where the results show an insignificant and mostly positive relationship between CSR activities and the managerial agency problems as measured by the Environmental, social and governance (ESG) score. Therefore, we are not able to reject nor confirm that CSR activities are driven by managerial agency problems. However, our findings are surprisingly also presenting a significant and negative estimate for Tobin’s Q and ROA. This implies that CSR activities are not caused by value-creating incentives for the shareholder. However, if CSR activities are caused by managerial agency problems or other reasons remains unconfirmed.

Purpose: The aim of this thesis is to examine the link between CSR and EM in the EU manufacturing sector. The former is measured by ESG scores whereas the latter is approximated by discretionary accruals. Moreover, the corporate governance theories of stakeholder and agency are used as starting points. Method: Accruals are calculated using the so-called Modified Jones model. A linear regression equation with five variables is used to calculate the effect of CSR scores on the levels EM. In order to capture the difference, if any, regarding the link between CSR and EM between companies with high CSR scores and those with lower scores, three models are developed – the top 30 percent (model 1), the bottom 70 percent (model 2) and all companies (model 3). Findings: The results indicate CSR scores negatively affect the levels of EM. The causation is statistically significant. Implication: The findings of this study imply CSR practices are not used to hide weaker earnings in the manufacturing sector of the EU. Value: The study contributes to the literature on the link between CSR and EM by focusing on a specific sector that is often scrutinized for its negative environmental footprint. The choice of using three models is also seen to be of additional value.

Sustainable urban development is emerging out as tool to tackle climate change with a big difference mark. With cities acting as emitters of huge chunks of GHG gases, voices from all corners are intensifying pressure to mend the current urban development model and help find a solution. Several UN conferences fuelled the debate to include local people living in cities and held them accountable for their living behaviour towards the natural environment, and help change the existing unsustainable living patterns or practices which already exist in society. Since, it is the humans for whom these technological solutions have been provided, therefore, it becomes important how the humans themselves thinks while adapting or rejecting any sustainable solutions in their daily lives. The role of spatial planning becomes important here, because it involves all round planning which influences their daily living behaviour, considering individual as the ‘bearer’ of its ‘final outcome’. This thesis will help explore human dimensions in the sustainability debate, thoroughly arguing the factors humans consider in their daily lives, while making a new choice between sustainable and unsustainable practices which is introduced by the spatial planning around them. The study also helps to understand that regardless of individual negotiations, how residents motivated to adapt sustainable measures in their lives. This is being done by undertaking two theoretical viewpoints, the social-practice theory and the structure-agency theory.  Social-practice theory helped understand how daily living practices of the residents in Hammarby Sjöstad are related with spatial planning. This relationship between practices and spatial planning involves several rounds of negotiations between individuals and their existing daily routines, before a final choice is made. This second concept is understood through structure-agency theory. The case under study for this thesis is Hammarby Sjöstad, a district located in the south of Stockholm city in Sweden, which is being projected as a model for sustainable urban development. The data for the study was collected through qualitative research method, conducting interviews of the residents in Hammarby Sjöstad. The interviews conducted for the study found out that public transport, waste recycling and open spaces emerged as one of the most effective and efficient spatial planning in Hammarby Sjöstad, according to the respondents. The study also highlights individual cases where respondents have given specific reasons for making particular decisions, highlighting the individual negotiations.

Credit derivative has become an important financial instrument in global financial market, it plays significant role in transferring credit risk. During the latest financial crisis, collapse of credit derivative market was a main reason led to this worldwide turmoil. In this thesis, I try to investigate this adverse performance through a case study of Goldman Sach's ABACUS 2007-AC1. I conclude three major findings. First, severe interest conflicts and asymmetric information existed between counterparties in credit derivative market in U.S.. Second, the securities‘ credit ratings provided a downward-biased view of their actual default risks, the yields failed to account for the extreme exposure of structured products to declines in aggregate economic conditions. Third, credit derivatives do not eliminate systematic risk, they just shift the risk, CDOs exchanged diversifiable risk for systematic risk during the structuring process, which was difficult to understand for most of investors, we see risk accumulation rather than spreading risk,

Background: CEO compensation as a phenomenon is a well explored topic in both forprofit and non-profit organisations but limited research is made on sports organisations. Due to the important social role that sports organisations entails, one can argue for the need to investigate the purpose of CEO compensation in these organisations as well. Purpose: The main purpose of this study is to explore the purpose of CEO compensation in sports organisations. The purpose of executive compensation will further be studied from both a CEO perspective as well as from the board perspective. Method: This thesis has an abductive research approach and proceeds from previous theories within corporate governance to investigate the purpose of CEO compensation in sports organisations. The empirical part consists of a qualitative interview study to investigate if previous theories are applicable to explain the purpose of CEO compensation in these organisations or if there exists other, unexplored purposes. ii Findings: The findings of the study suggests that the view on the purpose of CEO compensation in sports organisations is different from the board perspective and the CEO perspective. From the board perspective, the purpose appears to be to control the behaviour of the CEO, to gain organisational legitimacy, to make the organisation more business-oriented and to attract individuals with shared interests. On the other hand, from the CEO perspective, the purposes appear to be to increase the motivation and to attain individual legitimacy.

In this thesis the relationship between company performance and top management stock ownership in the Swedish market was examined. As well as conducting research on the influence real earnings management has on company performance, and how real earnings management relates to the top management stock ownership. The study was based on a quantitative approach with secondary data that was retrieved from Eikon Refinitiv database, where the data stretched back from 2018-2020. This research found no clear relationship between the main concepts under investigation, that is stock ownership of top management and stock returns. The authors explain this by the sampling method in this research only include companies with share holdings. Furthermore, compared to other studies looking this research considers multiple market capitalizations who may operate differently. Finally, there is a suspicion in the field of research that the relationship between the two is not of a linear nature as such a linear methodology will not find any clear results. In conclusion, this research could be added to the list that does not find a relationship between the above stated variables to the literature which could further be applied to the Swedish market. In terms of real earnings management, a strong negative influence was found on share returns. The authors suggest that this finding can be used as a basis to form investment strategies through monitoring the occurrence of REM to predict when insiders are going to buy and sell. Through pursuing this strategy, it may be possible to create superior return as this study found support for the semi-strong form of market efficiency. Unfortunately, this study found no clear guidance of resolving agency issues. Rather it was concluded that shareholdings in the top management does not resolve agency problems given the occurrence of REM. The management most likely benefit from this through trading the company stock. However, further investigation on the topic should be conducted as it seems that alignment using holdings become more or less effective at certain levels of management share ownership. Furthermore, the notion that American ways of agency alignment may not be appropriate in the Swedish market was considered but no clear conclusion could be made in this research.