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This dissertation discovers an important development in the life reinsurance market and investigates two problems behind the rapid growth of shadow insurance -- the motivation of shadow insurance activities and the underlying risks. The first part investigates why U.S. life insurance groups use shadow insurance, i.e., reinsure their risks using affiliated, unauthorized, and unrated off-balance-sheet entities rather than traditional reinsurers, and how such activities are allocated to individual group members. We find that regulatory arbitrage through shadow insurance activities is motivated by a large deviation from an insurance group's optimal capital structure and is primarily exercised by larger groups with relatively lower capital adequacy. Rather than smoothing capitalization across firms using affiliated reinsurers' capacity, insurance groups allocate the amount of shadow insurance to only a few highly leveraged, less capitalized, and larger life insurers within the group. The se / Business Administration/Risk Management and Insurance

The purpose of this study was to investigate self-efficacy and organizational efficacy as reported by assistant principals for relationships to their job preparation experiences in one K-12 public school district. Bandura defined self-efficacy as "]belief in one's capabilities to organize and execute the courses of action required to produce given attainments" (1997, p. 3). Organizational efficacy has been defined as "an aggregated judgment of an organization's individual members' assessment of their (a) collective capacities, (b) mission or purpose, and (c) sense of resilience" (Bohn, 2010, p. 233). As efficacious beliefs have reciprocal influence that can better fortify performance (Bandura, 1997), this study explored both self-efficacy and organizational efficacy to provide a bi-level depiction of assistant principal efficacy. The self-efficacy measurement was gathered through the 2006 School Administrator Efficacy Scale (SAES) survey (McCollum, Kajs, and Minter, 2006a, 2006b) and the organizational efficacy measurement was gathered through the 2010 Organizational Efficacy Scale (OES) survey (Bohn, 2010). Additionally, self-reported demographics and job preparation experiences were gathered through a participant information survey. Beyond descriptive analyses that established benchmarking efficacy measurements for the participating school district, ANOVA analyses revealed no significant relationships in self-reported self-efficacy or organizational efficacy based upon the job preparation experiences of assistant principals. The benchmarking measurements were presented to inform school district leaders as they direct future district succession, mentoring, or professional development planning for increased efficacious leadership development and for improved human capital management results. / Ed. D.

Ausgehend vom Bedarf an unternehmensinternen, relativ marktunabhängigen Maßnahmen zur Stärkung der Innenfinanzierungskraft von Unternehmen, kann die angestrebte Liquiditätssicherung und Ertragsstabilisierung aus einer effizienten Steuerung der Working-Capital-beeinflussenden Prozesse hervorgehen. Der vorliegende Beitrag fokussiert dabei die definitorische Abgrenzung des Working Capital und des Working Capital Management. Außerdem werden die finanziellen Wirkungen des WCM aufgezeigt. Eine detaillierte Betrachtung der das Working-Capital-beeinflussenden Prozesse verdeutlicht die Komplexität des Prozessgefüges und die Notwendigkeit eines ganzheitlichen Ansatzes zur Working-Capital-Steuerung.

A sociedade está cada vez mais competitiva e baseada no conhecimento. Neste sentido, ganha significativa importância o estudo dos ativos intangíveis relacionados ao conhecimento, como pesquisa, inovação, relacionamentos, denominados Capital Intelectual (CI). Nos anos 90 surgem as primeiras experiências no ambiente industrial de identificar e mensurar estes ativos intangíveis, identificados como diferencial competitivo. Na virada do século, as instituições de ensino superior (IES) e centros de pesquisa também passam a perceber a importância da avaliação do CI, uma vez que estes ativos intangíveis são ao mesmo tempo seus principais insumos e também seus resultados. A partir de então, a literatura aponta diversas iniciativas para identificar, mensurar e gerir o CI das IES, entre outras motivações como forma de agregar valor às suas atividades de produção e disseminação do conhecimento. É neste contexto que se insere este trabalho que busca propor uma estrutura de indicadores para apoiar a gestão dos ativos intangíveis de CI das Instituições Federais de Ensino Superior (IFES) A partir da revisão da literatura foi possível identificar características comuns às iniciativas existentes, em particular às relacionadas ao ambiente acadêmico. Com base nestas características optou-se pela divisão do CI em 3 componentes: humano, organizacional e relacional. Cada um destes componentes foi dividido em diferentes elementos intangíveis, e estes em indicadores. Durante a etapa de construção da proposta de estrutura foi necessário fazer alguns ajustes de forma a alinhar as experiências internacionais com a realidade das IFES brasileiras. Como forma de testar a eficiência da proposta foi realizado um estudo aplicado na Universidade Federal do Rio Grande do Sul. O resultado deste estudo aplicado possibilitou a avaliação da estrutura e dos indicadores, ajustados ao contexto particular da instituição. Além disso, foi possível sugerir algumas formas de análise dos indicadores apurados, bem como identificar o peso de cada um deles no contexto da instituição. / Society is increasingly competitive and knowledge-based. In this sense, is gaining importance the study of intangible assets related to knowledge, such as research, innovation, and relationships, called Intellectual Capital (CI). In the 90s, it occur the first experiences in the industrial environment to identify and measure these intangible assets, identified as a competitive differential. At the turn of the century, higher education institutions (HEI) and research centers also come to realize the importance of IC assessment, since these intangible assets are at the same time their main inputs and also their results. Since then, the literature points several initiatives to identify, measure and manage the HEI IC, among other motivations as a way of adding value to its activities of production and dissemination of knowledge. It is in this context that this work is inserted to seeks to propose a structure of indicators for the intangible assets of CI of Brazilian Federal Institutions of Higher Education (IFES). From the literature review it was possible to identify characteristics common to existing initiatives, in particular those related to the academic environment. Based on these characteristics, we chose to divide the IC into 3 components: human, organizational and relational Each of these components was divided into different intangible elements, and these into indicators. During the construction phase of the structure proposed it was necessary to make some adjustments in order to align the international experiences with the reality of the brazilian IFES. As a way to test the efficiency of the proposal, a study was carried out at the Federal University of Rio Grande do Sul. The results of this study allowed the validation of the structure and the indicators, adjusted to the particular context of the institution. In addition, it was possible to suggest some ways of analyzing the identified indicators, as well as to identify the weight of each of them in the context of the institution.

This thesis studies the relationship between efficient working capital management and firm profitability, and if the global financial crisis has affected the relationship. Previous literature has presented inconsistent results regarding the impact of working capital management on firm profitability, finding both negative and positive effects. It has also been argued that the global financial crisis has increased the attention of and possibly changed the attitude towards working capital management as a strategy in order to increase firm profitability. In the study, the cash conversion cycle is used as a measure for working capital management, and return on assets as a measure for firm profitability. The sample in this thesis consists of 1170 observations from 78 Swedish listed companies over the time-period 2003–2017. Both multiple regression analysis and an independent-sample t-test were conducted in order to examine the given relationship. The findings of this thesis indicate that firms can increase their profitability by implementing efficient working capital management. However, the global financial crisis has not brought a change in companies' working capital management.

The overall topics within the research are Human Capital and Leadership and my aim has been to examine two knowledge-intensive companies and scrutinize in what way these companies practise leadership. The purpose has among other things been to examine which challenges arises when manage/lead the employees within knowledge-intensive companies, how the knowledge-intensive companies can develop and retain their employees and which needs and requirements exists regarding leadership within these. The empirical data has been collected through interviews, both personal interviews and telephone interviews; therefore, I have interviewed one manager and seven employees from two knowledge-intensive companies. The companies which have been scrutinized are two knowledge-intensive companies; accordingly two case studies have been conducted. The thesis partly consists of two cases and these two companies will be presented within the appendix of the thesis. Besides, the introduction chapter, the methodology chapter, the chapter which is called the Frame of Reference and a conclusion chapter, a fourth chapter consists of the empirical study, analysis and renderings. The empirical study is presented in a flowing text connected with the analysis and renderings.   My aim has also been to study literature and theory regarding knowledge-intensive companies since knowledge-intensive companies constitute a major part of my study. Moreover, the organisational structure called adhocracy has been examined as Alvesson (1995) portray, that it is a characteristic of knowledge-intensive companies and which seems to play a big role for how leadership is executed within these. Knowledge Management, Human Resources Management, Human Capital Management, Talent Management and some criticism towards Talent Management are four concepts as well as one important part regarding critique towards one of the concepts that has been scrutinized. Why I have chosen to write about these concepts is because I think these are suitable for my study regarding knowledge-intensive companies and leadership. Another concept that has been examined is whether there is a new trend within leadership according to what some authors promote. I have examined the issue and I have made a comparison between my collected empirical material and the studied theory. A figure that I have used is the figure illustrated at page 18, by Alvesson (2000) and by implementing the figure a comprehension and illustration can be set forth based on where the examined knowledge-intensive companies turn out to be positioned.   A fifth chapter contains the conclusions and the empirical findings reveal that a knowledge-intensive company might encounter varying challenges as well as I state which leadership style is convenient within knowledge-intensive companies. The concepts of Knowledge Management, Human Resource Management, Human Capital Management and Talent Management are utilized within knowledge-intensive companies as the employees within these are rather autonomous. Social features as well as the outcome of knowledge-intensive companies are reflected, to sum up.            Knowledge-intensive companies are considerable in our society today as Seo et al. (2011) explain. Thus, I think it is crucial for potential leaders as today’s leaders and managers to gain an insight in what way leadership is practised within knowledge-intensive companies as these companies are composed of or made up by an immense part Human Capital. I, as well as many other people, hold competencies in the form of for example experiences and education and although these are valuable resources for a company, especially for a knowledge-intensive company, these companies can never own this kind of resources. This is consequently a fundamental issue within companies. Hence, my thesis aim is to support people with deep knowledge and interesting aspects regarding the research question, consequently I have endeavoured at creating a valuable thesis which can be of significance for me and for others. I want individuals to gain a deep knowledge and thereby enhance their knowledge about knowledge-intensive companies and leadership within these by reading my thesis, as I have.

A shift in focus from growing revenues towards managing working capital could be observed in many companies in the recession that followed the financial crisis of 2008. This thesis therefore investigates the relation between working capital management (WCM) and revenue growth by examining 36 Swedish companies within the IT & Telecom, Wholesale, and Manufacturing industries. The results show that there currently is a general gap between the perceived and actual performance regarding WCM and the effects on revenue growth. The studied companies report a belief that no trade-off between WCM and revenue growth exists. However, the actual performance in the studied industries indicates that increases in revenues often are not justifiable in proportion to the increases in net working capital (NWC). The study also shows that responsibility for WCM and implementation of WCM decisions are to a high extent assigned to a centralized organizational level. Recommendations derived from this study are that while companies need a centralized responsibility for WCM decisions, the responsibility also needs to be decentralized for successful implementation. Furthermore, the NWC development in relation to revenue growth needs to be continually monitored.

Submitted by Thiago Ferreira de Sousa (thgo_fr@hotmail.com) on 2016-12-30T09:51:45Z No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 765680 bytes, checksum: 79858e895c1593333e22344d410f1453 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Thiago, boa tarde Para que possamos aceitar seu trabalho, realizar os ajustes abaixo de acordo com as normas da ABNT: - A Ficha Catalográfica está incompleta, pois falta o código (CDU) que é encaminhado pela biblioteca através da realização do passo 1. - Retirar a acentuação do nome Getúlio. - Retirar as páginas em branco que constam até o início da Introdução. - Centralizar o título Resumo. - Alterar a numeração das páginas. Por exemplo, se a Introdução foi a página 17, incluir o número 17 e seguir até o final. Após alterações e inclusão correta da Ficha Catalográfica, submeter o arquivo novamente. Att on 2016-12-30T14:03:45Z (GMT) / Submitted by Thiago Ferreira de Sousa (thgo_fr@hotmail.com) on 2017-01-03T01:12:27Z No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 762317 bytes, checksum: b5fb19f1c41c3b7f36016eb81def3c3c (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-01-03T14:54:03Z (GMT) No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 762317 bytes, checksum: b5fb19f1c41c3b7f36016eb81def3c3c (MD5) / Made available in DSpace on 2017-01-03T15:01:05Z (GMT). No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 762317 bytes, checksum: b5fb19f1c41c3b7f36016eb81def3c3c (MD5) Previous issue date: 2016-12-08 / Literature devoted to study the working capital and profitability relation points out that the cash conversion cycle and its components are linked to companies’ results. This empirical dissertation aims to estimate this relation for Brazil, using a self-constructed database, composed mostly by closely held and privately owned companies. Following Lazaridis and Tryfonidis (2006) and Gill, Biger and Mathur (2010), and applying a fixed effect methodology, the results confirm the well documented inverse relation between operating profit rate and cash conversion cycle present in the literature. A sectoral analysis is conducted and indicates that industry, commerce and services confirm these patterns. Agriculture and energy, however, do not present significant results, which, by its turn, indicates that profitability in these sectors has a different approach when compared to the others. Futures researches should focus on understanding these differences. / A literatura que estuda a relação entre capital de giro e lucratividade aponta que o ciclo de conversão de caixa de uma companhia, bem como seus componentes, pode influenciar o resultado da empresa. Esta dissertação é um trabalho empírico que tem por propósito, contribuir para com o tema estimando a relação entre capital de giro e resultado operacional, utilizando uma base de dados para o Brasil, composta majoritariamente por empresas de capital fechado. Seguindo o modelo proposto por Lazaridis e Tryfonidis (2006), posteriormente replicado por Gill, Biger e Mathur (2010), e aplicando uma metodologia de efeitos fixos, encontram-se evidências de relações inversamente proporcionais entre a lucratividade, medida pela taxa de lucro operacional, o ciclo de conversão de caixa, dias de pagamento, recebimento e estoques. Esses resultados estão em linha com diversos trabalhos sobre o tema. A seguir, a relação de interesse é analisada para cinco setores da economia. Indústria, comércio e serviços apresentam os sinais esperados, mas agropecuária e energia não apresentam relação significativa, sugerindo que a lucratividade nesses setores possui determinação distinta dos demais. Futuras pesquisas devem tentar entender essas diferenças.

A sociedade está cada vez mais competitiva e baseada no conhecimento. Neste sentido, ganha significativa importância o estudo dos ativos intangíveis relacionados ao conhecimento, como pesquisa, inovação, relacionamentos, denominados Capital Intelectual (CI). Nos anos 90 surgem as primeiras experiências no ambiente industrial de identificar e mensurar estes ativos intangíveis, identificados como diferencial competitivo. Na virada do século, as instituições de ensino superior (IES) e centros de pesquisa também passam a perceber a importância da avaliação do CI, uma vez que estes ativos intangíveis são ao mesmo tempo seus principais insumos e também seus resultados. A partir de então, a literatura aponta diversas iniciativas para identificar, mensurar e gerir o CI das IES, entre outras motivações como forma de agregar valor às suas atividades de produção e disseminação do conhecimento. É neste contexto que se insere este trabalho que busca propor uma estrutura de indicadores para apoiar a gestão dos ativos intangíveis de CI das Instituições Federais de Ensino Superior (IFES) A partir da revisão da literatura foi possível identificar características comuns às iniciativas existentes, em particular às relacionadas ao ambiente acadêmico. Com base nestas características optou-se pela divisão do CI em 3 componentes: humano, organizacional e relacional. Cada um destes componentes foi dividido em diferentes elementos intangíveis, e estes em indicadores. Durante a etapa de construção da proposta de estrutura foi necessário fazer alguns ajustes de forma a alinhar as experiências internacionais com a realidade das IFES brasileiras. Como forma de testar a eficiência da proposta foi realizado um estudo aplicado na Universidade Federal do Rio Grande do Sul. O resultado deste estudo aplicado possibilitou a avaliação da estrutura e dos indicadores, ajustados ao contexto particular da instituição. Além disso, foi possível sugerir algumas formas de análise dos indicadores apurados, bem como identificar o peso de cada um deles no contexto da instituição. / Society is increasingly competitive and knowledge-based. In this sense, is gaining importance the study of intangible assets related to knowledge, such as research, innovation, and relationships, called Intellectual Capital (CI). In the 90s, it occur the first experiences in the industrial environment to identify and measure these intangible assets, identified as a competitive differential. At the turn of the century, higher education institutions (HEI) and research centers also come to realize the importance of IC assessment, since these intangible assets are at the same time their main inputs and also their results. Since then, the literature points several initiatives to identify, measure and manage the HEI IC, among other motivations as a way of adding value to its activities of production and dissemination of knowledge. It is in this context that this work is inserted to seeks to propose a structure of indicators for the intangible assets of CI of Brazilian Federal Institutions of Higher Education (IFES). From the literature review it was possible to identify characteristics common to existing initiatives, in particular those related to the academic environment. Based on these characteristics, we chose to divide the IC into 3 components: human, organizational and relational Each of these components was divided into different intangible elements, and these into indicators. During the construction phase of the structure proposed it was necessary to make some adjustments in order to align the international experiences with the reality of the brazilian IFES. As a way to test the efficiency of the proposal, a study was carried out at the Federal University of Rio Grande do Sul. The results of this study allowed the validation of the structure and the indicators, adjusted to the particular context of the institution. In addition, it was possible to suggest some ways of analyzing the identified indicators, as well as to identify the weight of each of them in the context of the institution.