Thesis (M.Com. (Accountancy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2015 / Many studies considering the effects CEOs‟ characteristics have on the companies they run have been carried out in America. This study considers if organisational outcomes and strategic choices are partially predicted by managerial background characteristics as put forward by Hambrick and Mason (1984). It attempts to determine if the personality traits of CEOs of JSE listed companies (which result in them being classified as a narcissist) have an impact on the financial performance on the company for which they work. As identified by Chatterjee and Hambrick (2007), prior research has explored how executive‟s characteristics are manifested in organisational outcomes, however very little research addresses the narcissistic aspect of CEOs personalities. This study explored whether a relationship exists between CEO narcissism and strategic dynamism in a nonprobability, convenience sample.. A 5-item narcissism index was used as a proxy for narcissism and financial leverage, overhead efficiency and plant and equipment newness, were used to measure strategic dynamism. Multiple regression was used to analyse the data by applying CEO narcissism as the independent variable, strategic dynamism as the dependents variable whilst including control variables, including the CEO tenure, the age of the CEO, the age of the company, and indicator variable for the presence of a COO, the phase of the economy during which the CEO served his tenure and an indicator variable for which industry the company is operating in. The results of this study revealed that there is a viii correlation between the level of narcissism, captured using unobtrusive measures, of a JSE listed company‟s CEO and the level of strategic dynamism of that company. The results of the regression models suggest that whilst there is no observable relationship between narcissism and strategic dynamism, there is a relationship between narcissism and two of the components of strategic dynamism, financial leverage and plant and equipment newness. This research contributes further to the study of the effect of narcissistic CEO‟s on the companies for which they work and suggests that the personality traits of CEOs should be considered by company boards and shareholders when deciding to elect a person as CEO as well as by investors when deciding which companies to invest in.

How firms compete for an advantage is among the most critical questions in Business Strategy. While several researchers link executives to key strategic outcomes, much less is understood on how the Upper-Echelon team drives the actual competitive behavior of the firm, which is manifested in the launching of observable and purposeful competitive actions within the marketplace. Considering that competitive behavior research tends to overlook the importance of human assets, in general, and executive human assets, in particular, I explore how the knowledge, skills, and abilities of the Chief Executive (CEO), Top Management Team (TMT), and Board of Directors (BOD) impact a firm's competitive behavior. In addition, I examine how sources of Social Capital, or the relationships between these Upper-Echelon actors, influence a firm's competitive behavior. Moreover, I argue and test for the moderating influence of executive compensation on firm competitive behavior. Applying relational demography to capture Human Capital and sources of Social Capital within the U.S. Pharmaceutical Industry, I find some empirical support that executives do, indeed, affect firm competitive behavior. Overall, the empirical evidence indicates that the Human Capital of the CEO, TMT, and BOD can influence all dimensions of a firm's Competitive Intensity. Unexpectedly and, contrary to prediction, executive dissimilarity (not similarity) tended to greatly influence a firm's Competitive Activity and Repertoire Complexity. Also, the moderating impact of executive bonus and incentive pay was largely supported. This dissertation contributes to both the competitive behavior and Upper-Echelon literatures. Notably, this dissertation adds to the very limited work that attempts to theoretically link and empirically test for executive impact on firm competitive behavior. By so doing, it begins to open the "black box" on how human assets at the Upper Echelon affect strategic outcomes through a firm's competitive behavior. / Ph. D.

The U.S. health care delivery system faces serious challenges such as an increasing demand for services due to an aging population, unhealthy lifestyles, growth in the number of uninsured individuals, and an increase in chronic diseases. At the same time, the system has to cope with a limited supply of money, physicians, and nurses inferior quality of care delivered by U.S. hospitals. While the U.S. hospital industry is adapting to address these issues, not much progress in improving the quality of care delivered has been made over the last decade. However, theories exist that management systems, organizational traits, and leadership are key factors for hospitals to improve quality of care outcomes. This study takes a holistic look at these factors to identify and analyze critical drivers for better quality of care outcomes of U.S. hospitals. The study also aims to identify differences between chief executive officers' (CEOs) leadership traits among lean (mediocre performance), high (top 20th percentile), and low performing (bottom 20th percentile) U.S. hospitals in regards to their quality of care measures. Two separate online surveys were conducted. The first online survey was targeted at all 4,697 U.S. hospitals that are required to disclose quality of care measures to the Federal government. Results of this first survey revealed that two management system factors drive quality of care outcomes of U.S. hospitals. Furthermore, findings also show that critical access hospitals have a lower quality of care performance than acute care hospitals. Thus, based on the results from this survey, we concluded that management system factors are main drivers of hospital performance, whereas organizational trait and leadership factors did not significantly contribute to hospital performance. A second survey to CEOs and CEO followers in 9 selected hospitals found significant differences between CEO traits leading lean and low performing hospitals, and, to a lesser degree, significant differences among high and low performing hospitals. However, the study did not find any significant differences in CEO traits between lean and high performing hospitals. Findings also include that some management system factors differed significantly between lean and high performing hospitals, but no evidence for such differences could be found between lean and high and high and low performing hospitals, respectively. These results suggest that management systems and CEO leadership traits play an important role in determining U.S. hospital performance as measured by their quality of care. / Ph. D.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Change is a way of life in organisations today. The challenge is to improve an organisation's ability to cope with change and its problem-solving and renewal process through effective management of the organisation's culture. Organisations in South Africa are experiencing major changes in a variety of areas which impacts severely on organisational perronnance. The ability of organisations to adjust to the changing environment will ultimately predict their future success. These changes have emphasised the urgent need for effective leadership. South African chief executive officers (CEOs) are under immense pressure as the affairs of the organisations are being called into question. This study attempts to answer the question of why there was a high leadership change in the Land Bank of South Africa, with emphasis on the CEOs between 1998-2008. Today, there are indications that corporate leadership styles are changing, particularly in countries undergoing rapid political change and socio-economic change. One of the challenges facing state owned organisations like the Land Bank is the clarification of the role of government as a shareholder and the role of the board. This in turn needs to cascade down into the organisation in order to achieve greater clarity with regard to the roles of the board in relation to the role of management. In any organisation, good corporate governance is ultimately about effective leadership. Much depends on the appropriate demarcation of the respective roles of the shareholder, the board and management. It is critical that there is an understanding by government, in its capacity as a shareholder, of its leadership role in directing and guiding the Land Bank. The solution starts with a proper understanding of what leadership means. What then are the qualities of effective leadership? Are there different leadership styles and if so, what are the fundamental qualities that they have in common? Organisations can bring turnaround consultants into the organisation to assess its situation, create and implement a plan of corporate renewal, assuming the organisation is worth the effort. Business turnarounds usually involve drastic changes in an organisation. Changes involve people. Central to change stands a leadership team without which mediocre efforts will prevail. The Land Bank needs to be aware of the themes that emerged in this research. The results alert CEOs, board and government to the need to adopting leadership practices to the unique challenges which exist in the socio-economic and political environment. To cope effectively with South Africa's socio-economic changing environment, the Land Bank needs to redefine the role of its leaders for the future, on the basis of which it needs to nurture future leaders starting at the top. Failure to develop appropriate future leaders could damage performance, employee mobilisation, policy coherence, good governance and competitive capability. / AFRIKAANSE OPSOMMING: Verandering is vandag 'n leefwyse in organisasies. Die uitdaging is om 'n organisasie se vermoe om verandering, probleemoplossing en die hernuwingsproses te hanteer, deur doeltreffende bestuur van die organisasie se kultuur te verbeter. Organisasies in Suid-Afrika ondervind groot veranderinge op 'n verskeidenheid gebiede en dit het 'n ernstige impak op die prestasie van die organisasie. Die vermoe van organisasies om by 'n veranderende omgewing aan te pas, sal uiteindelik hul toekomstige sukses bepaal. Hierdie veranderinge het die dringende behoefte aan doeltreffende leierskap beklemtoon. Suid-Afrikaanse uitvoerende hoofde is onder enorme druk soos wat die sake van die organisasies bevraagteken word. Hierdie studie poog om 'n antwoord te gee op die vraag waarom daar van 1998-2008 'n hoe leierskapsverandering in die Suid-Afrikaanse Landbank was, met die klem op die uitvoerende hoofde tussen 1998 en 2008. Daar is vandag aanduidings dat korporatiewe leierskapstyle besig is om te verander, veral in lande waar daar vinnige politieke en sosio-ekonomiese verandering plaasvind. Een van die uitdagings vir organisasies wat aan die staat behoort, soos die Landbank, is die uitklaring van die rol van die regering as 'n aandeelhouer en die rol van die direksie. Dit moet op sy beurt afwaarts deur die organisasie voortgesit word met betrekking tot die rolle van die direksie vergeleke met die rol van bestuur. In enige organisasie gaan goeie korporatiewe bestuur uiteindelik oor doeltreffende leierskap. Baie hang af van die toepaslike uitstippeling van die onderskeie rolle van die aandeelhouer, die direksie en bestuur. Dit is van kritieke belang dat daar 'n begrip is by die regering, in sy hoedanigheid as 'n aandeelhouer, van sy leierskapsrol in die bestuur en beheer van die Landbank. Die oplossing begin met 'n goeie begrip van wat leierskap beteken. Wat is dan die kwaliteite van doeltreffende leierskap? Is daar verskillende leierskapstyle en indien wel, wat is die fundamentele kwaliteite wat hulle in gemeen het? Organisasies kan van ommekeer-konsultante gebruik maak om die situasie te beoordeel en 'n plan vir 'n korporatiewe hernuwing te skep en te implementeer, mits die organisasie die moeite werd is. So 'n ommekeer beteken gewoonlik drastiese veranderinge in 'n organisasie. Veranderinge betrek mense. Sentraal tot verandering staan 'n leierskapspan, want daarsonder sal die pogings bloot middelmatig bly. Die Landbank moet bewus raak van die temas wat in hierdie navorsing na vore gekom het. Die resultate maak uitvoerende hoofde, die direksie en die regering bewus van die behoefte om leierskapspraktyke aan te pas by die unieke uitdagings wat in die sosioekonomiese en politieke omgewing bestaan. Om Suid-Afrika se veranderende sosioekonomiese omgewing doeltreffend te hanteer, moet die Landbank die rol van sy leiers vir die toekoms herdefinieer, op grond waarvan dit toekomstige leiers moet kweek en dit moet van bo af begin. As toepaslike toekomstige leiers nie ontwikkel word nie, sal dit tot nadeel van prestasie, werknemermobilisering, beleidsamehang, goeie bestuur en mededingende vermoens strek.

Understanding managerial behavior and its underlying motivations is of key interest in times where the role of business in society is generally viewed critically. While CEO influence on strategy making processes is almost undisputed, little attention has explicitly been paid to how CEO values and the characteristics of the top management team (TMT) interact in shaping corporate strategy making. This is surprising if one follows the assumption that top managers who work closely together will by necessity influence each other's actions. Hence, we would expect the CEO-TMT interface to be vital in understanding how leadership influences strategy making. To address this, we propose a model in which the personal values of the CEO have a direct effect on the characteristics of corporate strategy making processes yet where this association is moderated by TMT diversity. We test the model with data from Austria and Germany obtained through a large-scale survey conducted in spring 2015 and a follow-up survey conducted in fall 2015 and find general support for our model. CEO values geared towards self-transcendence (as opposed to selfinterest) seem to be associated with more formal strategy making processes, while values geared towards openness to change (as opposed to conservation) are found to be associated with more flexible and less externally open ones. TMT diversity moderates all of these relationships. Our results add to upper echelon theory as well as to strategy process research and highlight promising avenues for future research.

While the number of African American women filling executive level positions in Fortune 500 companies in America has improved, there is still a need for significant improvements in increasing their access to corporate chief executive officer (CEO) positions. African American women occupy only 11.7% of the board seats, and their representation as CEOs has steadily declined. Throughout the history of Fortune 500 companies, there have been only 14 African American men with CEO titles. As of January 2017, there are no African American women CEOs. The purpose of this phenomenological study was to examine the lived experiences and perceptions of 15 African American women who aspire to be chief executive officers in corporate America. The experiences and perceptions of these women were examined to understand why there is a limited number of African American women CEOs despite their increase in executive level roles. The responses from 15 African American revealed that the increased numbers of these women in the executive leadership level resulted from diversity initiatives that made it possible for these women to return to school, and provided a context in which organizational leaders could recognize their talent. The organizations' use of diversity initiatives contributed to practices that legally allow them to minimize the number of minorities they hire at the executive level. The theoretical framework included elements from critical theory, critical race theory, and black feminist theory. The increased representation of these women at the executive level contributes to positive social change because the information adds to the existing literature on the lack of African American women CEOs in corporate America and may provide knowledge that will guide other women pursuing this role.

<p>In the ever so increasingly competitive business climate of the 21^st century, human resources are vital for corporate success. Employees need proper incentives to perform in goal-oriented manners. Incentive systems, especially Chief Executive Officer [CEO] remunerations, have been a popular topic since the 1990s, and this tendency has increased both during the 2002-2003 corporate scandal era, as well as the financial crisis which sparked in 2007. The recent tendency appears to lean towards companies cutting their executive bonuses as well as criticism and suspiciousness towards large bonus payments. While remuneration policies within the banking industry have been thoroughly debated and researched, another financial industry that is left largely untouched are the insurance companies. The focus of this research is therefore CEO remuneration in European insurance companies.</p><p>This descriptive study, of annual reports of stock-listed insurance companies, uses a purposive cluster sample to explore quantitative trends in CEO remunerations. In addition, a content analysis of five randomly selected companies out of the sample provides a deeper, complementary understanding of the justifications of the trends. The research questions are: <em>What trends on CEO remuneration can be found over the years 2005-2009 in annual reports of European insurance companies, concerning total remuneration, fixed salary and short-term bonus? What justifications do companies make for the remunerations</em><em> over the years 2005-2009</em><em>? </em></p><p>The quantitative part of the research inductively tests the assumption that CEO remuneration has decreased during the past few years 2008 and/ or 2009 due to the impact of the financial crisis. The content analysis part of the research deductively tests if agency theory concerns and issues concerning attraction and retention play a role in determining remuneration policies.<em></em></p><p>From this research, it is concluded that short-term variable pay is largely performance-based. Still, many other aspects serve as input factors when determining compensation levels. Based on the content analysis, it is revealed that interest alignment and attraction- and retention-issues are important determinants of remunerations. Subjective factors such as discretionary judgements also play a crucial role. The quantitative trends found in this study show that total remunerations have decreased markedly in 2008, and more vaguely in 2009. The financial crisis has had an impact on especially the short-term variable part of salaries, but also on base salary levels. Although not all companies that were investigated in the content analysis explicitly mention it in their annual reports, over the years 2005-2009, all of them become more concerned about remuneration policies and business risk factors. Over the investigated years, these companies also become more attentive to creating proactive and sophisticated value creating remuneration policies that are in line with international standards, in order to act legitimate towards stakeholders.</p>

Purpose: The study aims to examine how education and previous industry experience with a company's Chief Executive Officer (CEO), affect a company's success in the staffing industry. Method: The study uses method triangulation , a combination of quantitative and qualitative methods . The study has a quantitative approach to the cross-sectional design. The choice of combining several study designs are made to create a greater understanding of the research topic. Results &amp; Conclusion: The findings determines whether the study's hypotheses are confirmed or dismissed.  Hypothesis 1.1: A higher level of education increases the likelihood of successful entrepreneurship. The hypothesis can neither be confirmed nor dismissed.  Hypothesis 1.2: A higher level of education does not increase the likelihood of successful entrepreneurship. The hypothesis can neither be confirmed nor dismissed.  Hypothesis 2.1: Previous experience in the sector increases the likelihood of successful entrepreneurship. The hypothesis can neither be confirmed nor dismissed.  Hypothesis 2.2: Previous experience in the industry will not increase the likelihood of successful entrepreneurship. The hypothesis can neither be confirmed nor dismissed. Suggestions for future research: It would be interesting to do the study on a larger scale, with more number of respondents would study demonstrate clearer connection. Further research could also involve more factors for business success in order to get a broader view on the definition of success. Another interesting approach for future research might be to explore how the distinction between different fields look like, instead of only one industry in this study. Other industries. It would be interesting to do a similar study on a completely different industry or small business to see what the result is then.

Syftet med vår studie är att kartlägga och förklara hur transparenta svenska börsbolag är vid redovisningen av utfallet samt bakgrunden till kortsiktig rörlig ersättning för den verkställande direktören, samt att identifiera potentiella förklaringar och bakomliggande orsaker till transparensen. Vi har valt att studera de 29 bolag som representerar de 30 mest omsatta aktierna på Stockholmsbörsens Large Cap lista (OMXS30). Metodmässigt kan studien delas in i två huvudsakliga delar. I den ena delen av studien använder vi en kvantitativ ansats och tillämpar ett positivistiskt synsätt. I den andra delen av studien använder vi en kvalitativ ansats och tillämpar ett hermeneutiskt synsätt. Vid insamlingen av datamaterialet har vi inspirerats av en tvärsnittsdesign där huvudsakliga syftet har varit att samla in relevant information för att kunna bedöma transparensen utifrån en egen framtagen modell. Modellen utgörs av fem kriterier inspirerade av Ersättningsakademiens riktlinjer för rapportering av ersättning och syftar till att ge en samlad bedömning av de studerade bolagens transparens. Vi har även identifierat ett antal potentiella förklarande variabler utifrån vilka vi har studerat orsakssamband till transparensen. Vi har dessutom analyserat kommunikationen utifrån ett legitimitetsperspektiv med avsikt att få en förståelse för bolagens val av rapportering. Utifrån resultatet av vår studie kan vi finna stöd till den kritik som riktats mot en bristande transparens vid rapportering av rörlig ersättning till verkställande direktören. Vi kan även se tendenser till att det orsakssamband som tidigare studier belyst mellan transparens och styrelsens oberoende, kan gälla även för svenska börsnoterade bolag. / The purpose of this study is to describe and explain the transparency of Swedish public companies when it comes to the reporting of short term bonus payment to the chief executive officer. Furthermore we intend to identify possible explanations and underlying causes regarding the transparency. We have selected the 29 companies that represent the 30 most traded stocks on the Stockholm Stock Exchange (OMXS30). Methodology, the study can be divided into two primary parts. In the first part of the study we use a quantitative approach and apply a positivistic view. In the second part of the study we use a qualitative approach and apply a hermeneutic view. When it comes to collecting data we have been inspired by a cross section design and the primary focus has been to collect relevant information to allow an assessment of the transparency with a model we have developed. This model consists of five criteria inspired by the Ersättningsakademiens (Compensation Academy) guidelines regarding the reporting of compensation and is designed to provide an overall assessment of the studied company’s transparency. We have also identified a number of possible explanatory variables from which we have studied underlying causes to the transparency. Furthermore we have analyzed the communication from a perspective of legitimacy with the intent to obtain an understanding regarding the company’s choice of reporting. From the result of the study we find support to previous criticism regarding lacking transparency on the matter of the reporting of short term bonus payments to the CEO. We can also see tendencies to the fact that the causation that previous studies pointed out between transparency and the independence of the board, may exist in Swedish publicly traded companies as well.

In the ever so increasingly competitive business climate of the 21st century, human resources are vital for corporate success. Employees need proper incentives to perform in goal-oriented manners. Incentive systems, especially Chief Executive Officer [CEO] remunerations, have been a popular topic since the 1990s, and this tendency has increased both during the 2002-2003 corporate scandal era, as well as the financial crisis which sparked in 2007. The recent tendency appears to lean towards companies cutting their executive bonuses as well as criticism and suspiciousness towards large bonus payments. While remuneration policies within the banking industry have been thoroughly debated and researched, another financial industry that is left largely untouched are the insurance companies. The focus of this research is therefore CEO remuneration in European insurance companies. This descriptive study, of annual reports of stock-listed insurance companies, uses a purposive cluster sample to explore quantitative trends in CEO remunerations. In addition, a content analysis of five randomly selected companies out of the sample provides a deeper, complementary understanding of the justifications of the trends. The research questions are: What trends on CEO remuneration can be found over the years 2005-2009 in annual reports of European insurance companies, concerning total remuneration, fixed salary and short-term bonus? What justifications do companies make for the remunerations over the years 2005-2009? The quantitative part of the research inductively tests the assumption that CEO remuneration has decreased during the past few years 2008 and/ or 2009 due to the impact of the financial crisis. The content analysis part of the research deductively tests if agency theory concerns and issues concerning attraction and retention play a role in determining remuneration policies. From this research, it is concluded that short-term variable pay is largely performance-based. Still, many other aspects serve as input factors when determining compensation levels. Based on the content analysis, it is revealed that interest alignment and attraction- and retention-issues are important determinants of remunerations. Subjective factors such as discretionary judgements also play a crucial role. The quantitative trends found in this study show that total remunerations have decreased markedly in 2008, and more vaguely in 2009. The financial crisis has had an impact on especially the short-term variable part of salaries, but also on base salary levels. Although not all companies that were investigated in the content analysis explicitly mention it in their annual reports, over the years 2005-2009, all of them become more concerned about remuneration policies and business risk factors. Over the investigated years, these companies also become more attentive to creating proactive and sophisticated value creating remuneration policies that are in line with international standards, in order to act legitimate towards stakeholders.