This thesis evaluates the risk-return characteristics and diversification benefits of fine wine investment. It compares the historical performance of wine to that of equity, fixed income, real estate, and commodities. I calculate the correlation, volatility, and expected returns of these assets to examine whether adding wine to a portfolio increases its risk-adjusted return. I do this through the Markowitz portfolio optimization technique. The findings suggest that wine has a low correlation with traditional assets, providing diversification benefits. My results also show that adding wine to a portfolio increases its risk-adjusted return only when there is an allocation constraint of 0 to 25% per asset. This does not hold, however, when there are no asset allocation constraints.

ABSTRACT Leadership consultants bring specialized knowledge into their clients' organizations. Advisor leadership consultants (ALC) trained as psychotherapists apply concepts from human behavior theories as advisors to business leaders. They also bring service-oriented professional norms and values of objectivity, neutrality, and lack of self-interest. Their business clients in the market sector operate according to norms and values of pragmatism, financial self-interest, and advocacy. In order to establish credibility in the organizational field of business clients, leadership consultants must negotiate between these different value systems. This study is a grounded theory inquiry using narrative analysis tools to study how ALCs navigate across the boundaries of psychotherapy practice and consultation in the corporate setting. How do they describe their practice choices as well as the principles and theoretical framework underlying those choices? In-depth interviews were conducted with a convenience sample of 10 leadership consultants credentialed and experienced as psychotherapists. A snowball method of participant recruitment from my social and professional network yielded a group of 10 ALCs aged 50 to 86. Each of these ALCs entered their careers with a predisposition for business from their families. They each experienced significant loss in early life and followed divergent educational and career pathways. They have built their leadership consulting practices accepting business practices to gain access to clients while incorporating important relationship principles. As institutional entrepreneurs, they managed conflict with values in both the service and the marketplace sectors through innovative therapy, consulting and business practices.

The field of entrepreneurship is rapidly advancing and matures as a discipline that receives substantial amount of attention. One popular area of research in the discipline of entrepreneurship is to investigate one’s intent to start a business, which is entrepreneurial intention. This is an important construct that warrants ongoing research because entrepreneurial intention is not only a great predictor of entrepreneurial behavior but also an important step in the process of becoming an entrepreneur. The present study, based on a sample of 321 subjects along with 264 observers, makes five contributions to the entrepreneurship literature. First, I examined the psychometric property of entrepreneurial take-over intention and found that it is a construct different from entrepreneurial start-up intention. Second, the results demonstrated that risk propensity and proactive personality are positive predictors of entrepreneurial start-up and take-over intentions, whereas cognitive ability is a negative predictor of entrepreneurial start-up and take-over intentions. Rebelliousness is a positive predictor of entrepreneurial take-over intention and also has an inverted U-shaped relationship with entrepreneurial take-over intention. Third, entrepreneurial self-efficacy mediates the relationship between three individual traits (i.e., emotional intelligence, risk propensity, and proactive personality) and entrepreneurial start-up and take-over intentions. Need for cognition mediates the relationship between two individual traits (i.e., cognitive ability and proactive personality) and entrepreneurial start-up intention. Fourth, 2D:4D ratio (a proxy measure for prenatal testosterone exposure level) negatively predicts risk propensity. There also exist two two-step mediations from 2D:4D ratio to both entrepreneurial start-up and take-over intentions through risk propensity and entrepreneurial self-efficacy. Fifth, the results suggest that observer ratings of individual traits only contribute modest incremental validity above and beyond self-reported ratings of them in predicting entrepreneurial start-up and take-over intentions. I discuss implications, limitations, and future directions informed by the present study.

A dependência tecnológica da sociedade atual e a flexibilidade necessária para constantes mudanças exigem produtos de software corretos e disponíveis para uso. Os testes são atividades intrínsecas à produção de software e ultimamente vêm ganhando importância como um negócio empresarial próprio, independente do desenvolvimento e com perspectivas de crescimento. Essa atividade é substancialmente prestação de serviço, uma vez que entrega qualidade a respeito de um produto de software e cuja avaliação só pode ser feita de acordo com parâmetros de julgamento do cliente, além de considerar a presença e ingerência do cliente em boa parte do processo de teste. O Brasil é reconhecidamente um dos mais importantes centros de excelência em testes de software e tem se distinguido também na execução de forma independente, o que tem provocado rearranjo de papéis, responsabilidades e forças na atuação da cadeia de valor do software. Este trabalho procura responder como se organizam as operações das empresas de testes independentes de software (ETIS) de forma a torná-las singulares e específicas. Grande parte das pesquisas nesse tema têm se concentrado em questões técnicas de como modelar bons testes de software, registrando-se pouca reflexão sobre temas organizacionais nessa área. Para tanto, foi elaborado um modelo conceitual de organização das operações, capaz de revelar a singularidade da atividade empresarial. O modelo foi submetido a avaliação por meio de um estudo de casos múltiplos, envolvendo seis ETIS e também organizações brasileiras clientes e desenvolvedoras de software. A pesquisa revelou importantes práticas empresariais das ETIS. Destacam-se os seguintes pontos: perfil empresarial empreendedor e inovador, preocupação na entrega de serviço contendo o maior quantidade possível de não-conformidades, constituição de um portfólio diversificado e substantivo de projetos de teste, integração de sistemas produtivos tipo fábrica e personalizado e uso cada vez maior de automação nos processos. A experiência daqueles que vêm utilizando os serviços das ETIS tem comprovado um aumento efetivo no nível de qualidade do software e o mercado, por sua vez, tem refinado os critérios de seleção das ETIS, exigindo-lhes alta maturidade. / Technology dependence of modern society and the flexibility to accommodate constant changes require correct and ready software products. Testing activities are intrinsic to the software production, which lately have been gaining importance as an independent business and broad prospects for growth. This activity is substantially service because it deliveries software product quality which evaluation can only be made according to client\'s trial parameters, besides considering their presence and interference in much of the testing process. Brazil is recognized as an excellence center leading in software testing issues and has also distinguished itself in independent performance, which has caused rearrangement of roles, responsibilities, actions and powers in the software value chain relationships. This paper attempts to answer how to organize the independent software testing enterprises (ETIS) business operations, in order to make this business model unique and specific. Software testing research has focused more on technical issues, especially about how to model and specify good software testing and less about organizational issues. This research aims a conceptual model of organizational operations, able to reveal the uniqueness of business activity. The proposal was subjected to evaluation using a multiple case study involving six ETIS and also other Brazilian organizations as customers and software developers. The research revealed important business practices of ETIS, which have ensured the success of the enterprise and business profitability. It was highlight the following points: entrepreneurial and innovative business profile, high concern in service delivery as software product quality, establishment of a portfolio of diverse and substantive testing projects, factory and custom productive systems integration and increasing use of automation in testing processes. The experience of those who have used ETIS services has proven an effective increase in the level of software quality and software value chain has refined the ETIS selection criteria, requiring them high level of maturity.

Small auto repair business owners need strong operational skills; however, some lack expertise in managerial strategy. The purpose of this multiple case study was to identify managerial strategies small auto repair business owners use to sustain businesses in Columbus, Ohio with respect to strategy, time management, and alteration of value chain services. Based on the Vroom expectancy theory of motivation, small auto repair business owners may use effectiveness and efficiency of business performance with particular emphasis on managerial strategic development and execution to enhance financial results and rewards. Data collection involved face-to-face, semistructured interviews with 5 small auto repair business owners. Analysis of the interview transcripts involved coding data to identify key themes. Themes that emerged from the study included effective managerial strategies for small auto repair business owners, business plans, initial challenges and addressing subsequent changes, education and certification, customer satisfaction and business knowledge, and financial analysis and reporting. Recommendations for enhanced small auto repair business ownership focus included adequate access to resources to achieve operational competence and achieve managerial success. Findings from this study might engender positive social change by providing owners of small auto repair businesses ways to improve planning processes and make prudent investments to ensure long-term, viable, and sustainable businesses.

A private, nonprofit university in Mexico invested millions of U.S. dollars in a strategic initiative to build and operate technology-knowledge transfer parks (TKTP) with the mission of supporting the development of Mexican society's entrepreneurial capabilities. The university, however, lacked an assessment policy for gauging the effectiveness of the TKTP initiative. The purpose of this study was to explore stakeholder values about TKTP effectiveness in order to inform future assessment of TKTPs. The triple helix conceptual framework of collaboration between universities, business and industry, and government informed the design of this study. The central question for this study sought to clarify what stakeholders perceive to make TKTPs effective. The study employed stratified random sampling and cross-sectional stakeholder survey data (N = 129). Data analysis included descriptive statistics to present common themes about TKTP stakeholder values, as well as ANOVA to discern significant differences in TKTP valuations between the stakeholder groups. A key finding was that stakeholder groups lack enough information to assess whether the university achieved its original objectives by using the TKTP initiative. Other findings revealed that the stakeholder groups agreed on several criteria for TKTP assessment. A policy recommendation for TKTP assessment, based on the research findings, is provided as part of the project component of this study. This project study supports positive social change by encouraging the region's transformation into a more entrepreneurial, innovative, and knowledge-based economy through continued but more accountable use of TKTPs in Mexico.

The dissertation consists of two essays. The first essay studies governance structures and their effectiveness for start-up companies and their survival. We utilize data from the Kauffman Survey, which tracks a sample of firms from their inceptions through their first eight years of existence. We hypothesize and find evidence that a startup's governance system affects its survivability as well as its performance. We show that controlling for the firm size and the industry, cross-sectional variations in the performance of the start-up firms can be explained by governance variables; the presence of one or more independent board member on the board, the separation between the person holding the CEO position and the chair of the board. From the startup survival perspective, we show that the presence of one or more independent board member(s), the separation between CEO and board chair, and external funding are effective factors that promote a start-up's longevity. The second essay studies the direct and indirect relations between Governance and firm survival and performance through Entrepreneurial Orientation. Entrepreneurial orientation (EO) is defined as the attributes, including innovativeness, autonomy, risk-taking attitude, proactiveness, and competitive aggressiveness, that a business organization displays at the time of entry. Several researchers have studied the linkage between EO and organizational performance as well as the survival rate of new firms and find conflicting results. Reasons for the contradictory results might very well be the way the researchers have defined the EO attributes and the data source they use which is based on subjective responses. In the hopes of reducing inconsistent results, we propose that it is the governance factors that influence the performance and survival of these firm via mediating role of entrepreneurial orientation. Governance factors remove the definition as well as data measurement problems. By using the 8-year longitudinal data of 4928 startups, we show that governance system significantly impacts a start-up’s performance and survival via entrepreneurial orientation.

The failure rate among small businesses is high. More than half of all small businesses fail within the first 7 years of operation. The purpose of this multi-case study was to explore the strategies that successful small ethnic restaurant owners employed to remain operable beyond 7 years. Three successful ethnic restaurant owners who have been operating their restaurant for at least 7 years in Greater Vancouver, British Columbia, Canada were selected. Data were gathered from participant interviews and from an examination of available physical artifacts such as the locations, premises, websites, and social media pages. The resource-based view by Edith Penrose was the underlying conceptual framework for this research. Within-method triangulation was used to ensure the rigorousness of the study. In the study, 5 themes were identified: hard work, interest or passion, family support, location, and food and service quality. These findings underscore the importance of hard work, business interest, family support, prime location, and quality food for successful small businesses. Current and future small ethnic restaurant business owners may apply these findings to improve their business performance and survival rate.

One factor of the leadership stratagem is to account for the core values, operations, and growth of the organization. The purpose of this case study was to ascertain the financial strategies small business leaders incorporate to help ensure growth of small businesses. The conceptual framework of Schumpeter's innovation and entrepreneurship theory and the Grameen model were included to drive the scope and analysis of this study. A purposive sample of 8 leaders from successful small businesses in Islamabad contributed to a focus group session; 4 out of these participants originated from the finance and management department and 4 represented sales and product development departments working in 3 outlets of the firm. Transcript review and member checking were used to support the reliability of the interpretation of participants regarding what they said and meant from their responses. Moreover, company documents were reviewed to triangulate the data. Yin's 5-step data analysis plan was used for the final data analysis. Four major themes surfaced from data analysis: Microfinance, product quality, customer care, and strategic vision. These endorse business leader stratagem and association to their mission, financial strategy, overall business operations, and survival and growth. Product quality is vital to maintain and retain valuable customer for revenue generation. Customer care is emphasized for its importance as an ethical practice and gaining customers confidence. Strategic vision is recognized as the foremost leadership skillset to plan and organize future business strategies effectively, which impacts business growth and longevity. The outcome of this study may contribute to positive social change by enhancing understanding of the leadership strategies that impact the longevity of the business to secure jobs and benefit employees, their families, and the surrounding community.

Nigerian entrepreneurs face government barriers and lack the skills and awareness needed for successfully creating and scaling public value in resource-constrained environments. The concept of bricolage, which involves doing business by making do with resources at hand, has been addressed in the literature, but not as it occurs among Nigerian entrepreneurs. This study was conducted with the aim of narrowing this gap in knowledge by exploring how Nigerian entrepreneurs have successfully carried out their businesses. The research question addressed how Nigerian entrepreneurs overcame critical situations to successfully address the challenges of scaling and creating public value, and whether the theory of entrepreneurial bricolage can support their actions. A qualitative descriptive single case study with a purposeful sample of 22 interview respondents was employed. A total of 145 critical incidents were analyzed by fitting them into themes constructed a priori from the known behavioral patterns that emerged through the theoretical taxonomy of the concept of entrepreneurial bricolage. The results showed that Nigerian entrepreneurs made do with the resources at hand, improvised, and invoked stakeholder participation and persuasion to solve critical challenges of business continuity. The outcome of the research should help potential entrepreneurs determine strategies to scale their ideas or innovations to achieve positive social change. The results may be useful to any fledgling entrepreneur who needs encouragement when feeling overwhelmed by the challenges of doing business in Nigeria. Budding entrepreneurs can learn from the experiences of those who are deemed successful in their businesses, thereby avoiding challenges when they can and strategizing for those challenges that are unavoidable.