Background: In the context of rapid market development and globalization, the role of corporate governance has become crucial in determining firm’s direction, control and performance. No substantial investigation has been made to explain the role of corporate governance in the context of widely used strategy for organizational growth – mergers and acquisitions (M&A). Acquisitions of distressed firms represent a particular area within the field of M&A. Distressed firms are characterized by existence-threatening decline in financial performance, and therefore, require  special attention from corporate governance actors in turning the company around from bankruptcy and resuming its normal operations. Despite the fact that a substantial body of literature has been developed on turnaround theory during the last four decades, researchers have mostly been focusing on the content of turnaround strategies and have been studying the cases of single firms. Aim: The purpose of this master thesis is to provide a better conception of the role of corporate governance mechanisms in managing the turnaround process in the context of a distressed firm after its acquisition by a foreign company, and the necessity for corporate executives in initiating post-acquisition integration between these merged companies.  Completions and results: A model of corporate governance within the context of international acquisitions of distressed firms was designed. According to the model, corporate governance mechanisms should assure close communication, clear leadership and its continuity, vision and proper choice of the corporate governance actors. Moreover, corporate governance should reinforce post-acquisition integration between the distressed company and the acquirer. It is important to find a proper level of integration according to each particular case. The major focus in international acquisitions should be on managerial and socio-cultural integration. Consequently, proper post-acquisition integration can facilitate the turnaround process and gaining synergies from combining two organizations.

This research mainly tries to confirm the relationship between distress risk and stock returns in the Taiwan market. According to three factor theory raised by Fama-French (1992), the higher book-to-market ratio brings higher stock returns because of the higher distress risk, and also mentioned about the three significant factors in explaining expected stock return: risk, firm size, and book-to-market ratio (here replace it with price-to-book ratio). There are many studies had proved that high risk accompanies high expected stock return, but some other obtained the contrary outcome. It still depends on different characteristics of enterprises, industries, and countries. Following other researches, this paper use ¡§Z-Score¡¨ bankruptcy prediction model as the proxy of distress risk, and take the subsequent realized stock returns of the distress publicly-traded firms as a proxy of systematic risk. As it may be doubted of using Z-Score in the Taiwan stock market, this research add ¡§TCRI¡¨ to compare with. ¡§TCRI¡¨ is the credit rating score raised by Taiwan Economic Journal (TEJ). Because of the same results of rating on sample companies, it supported the application of Z-Score in Taiwan stock market. In analyzing the relationship between distress risk and stock return, this research find that firm size, distress risk and price-to-book ratio effect are significant enough to explain the expected stock return,(although distress risk and price-to-book ratio are only significant in Y-3) similar to the findings of Fazilah Samad (2009) et al. This research also found that the theoretical expectation of the size effect on distress risk does not hold in the case of the Taiwan distress publicly-traded firms, but price-to-market ratio (PB ratio) does. Unlike the findings of Fazilah Samad (2009) et al. and Griffin and Lemmon (2002), the outcome shows that there is a significant inverse relationship between PB ratio and distress risk, similar to the theory and our original expectation. It directly proved that the lower PB ratio brings higher distress risk in Taiwan market, but inconclusive to deduce that it also brings higher stock return. Meanwhile, this research tries to find out if there is a difference between distress companies and most distress companies. Besides of firm size, there is no significant difference between these two groups, and they are similar as it was closer to distress happened. Although there is not significant relationship between three factors and stock return, this study reveals the decreasing trend of financial performance among those distress firms before facing distress circumstances. It shows again that Z-Score is suitable for Taiwan market although our sample companies including manufacturing and non-manufacturing companies.

I formally analyze the role of nonperforming loan (NPL) characteristics in explaining NPL profit outcomes compared to the current pricing model for NPLs. I expected that factors included in the current NPL model would not be statistically significant in determining profit outcomes as those factors were considered in determining the purchase price of the asset. Surprisingly, I find that interest rates are statistically significant and negatively correlated with IRR. This is surprising because interest rates are considered in the current NPL pricing model. The results suggest that greater weight should be given to interest rates in determining the purchase price of an asset. Also surprising, I find that properties located in New York are negatively correlated with profitability. State assumption relating to costs and holding timelines are included in the current NPL model. However, the results suggest that additional consideration should be given to properties in New York when determining a purchase price. I also find that delinquent taxes have a slightly positive correlation with NPL Profitability. This was unexpected as delinquent taxes are deducted directly from the purchase price, suggesting a slightly greater significant than their dollar amount.

O presente trabalho tem por finalidade analisar o problema do financiamento das empresas em crise no Brasil e a disciplina a ele conferida pela Lei n. 11.101/05, com enfoque no procedimento de recuperação judicial. Após uma breve análise das diversas causas da crise empresarial e de possíveis medidas saneadoras preliminares, inicia-se a discussão das premissas constitucionais do tratamento das empresas em dificuldade no Brasil e dos objetivos da lei falimentar em geral, para então ingressar nas soluções adotadas pelo direito brasileiro. Em seguida, tem início o escrutínio do tema central proposto, com destaque para seu escopo e importância, além da identificação dos meios, agentes e modalidades relacionados ao financiamento das empresas em dificuldade. Apresentado um sucinto panorama da matéria no direito estrangeiro, investiga-se o tema à luz do ordenamento pátrio, numa abordagem teórica e prática do financiamento das empresas em crise no Brasil e seus limitadores, assim como possíveis alternativas para mitigá-los. O problema é tratado, ainda, sob a perspectiva da governança corporativa e, por derradeiro, vislumbra-se sua eventual adoção na falência, com escoro no princípio da preservação da empresa, passando-se à conclusão. / The present work has the aim of analyzing the problem of financing for distressed companies in Brazil and the discipline granted to it by Law no. 11.101/05, with focus on the judicial reorganization procedure. After a brief analysis of the various causes of corporate crisis and the possible preliminary aid measures, a debate commences on the constitutional premises of the treatment of distressed companies in Brazil and the goals of bankruptcy law in general, after which the solutions adopted by Brazilian Law are examined. Next, the scrutiny of the proposed theme begins, with emphasis on its scope and importance, as well as the identification of the means, participants and categories related to the financing for companies in difficulties. After the presentation of a brief overview of the matter in foreign law, the same is investigated in light of the national legal system, under a theoretical and practical approach of financing for distressed companies in Brazil and its constraints, as well as the possible alternatives to mitigate them. In addition, the problem is treated from the perspective of the corporate governance and, last, a glimpse is taken into its eventual adoption in liquidation processes, with support in the principle of preservation of the company, culminating with the conclusion.

Thesis (M. Law. (Development and Management)) --University of Limpopo, 2016 / One of the fundamental objectives of the new Companies Act 71 of 2008 is to provide for efficient rescue of financially distressed companies. It is almost four years since the Act introduced the regime of business rescue, therefor details about its success or lack thereof must be examined so as to consider its viability in South Africa. With a very higher degree of certainty, the regime has so far shown some inherent shortcomings embodied in its application. Business rescue has had implications on corporate governance and taxation in South Africa. Against this new corporate scene, mini-dissertation analyses the most controversial aspects and the most telling implications of the business rescue regime since its inception in South African company law. Furthermore, this minidissertation analyses the call for further modification of the business rescue regime. Most importantly it spells out several recommendations which if considered pragmatically will constructively contribute to the viability of the business rescue regime in South Africa. It finds that the business rescue regime in South Africa is almost likely to be viable. KEY WORDS: business rescue, financially distressed and affected persons.

With the onset of globalisation and markets being exposed to the effects of global recessions and economic downturns, the fundamental principles on which business operates have changed substantially. Some businesses have thrived in this new context, whilst others have struggled to remain competitive as is evident by the increasing trend of corporate failures and the considerable increase in liquidations. As a result the concept of corporate renewal and business rescue has become an integral element of the strategy of organisations, particularly those that are financially distressed.South Africa responded through the introduction of the new South African Companies Act 71 of 2008, which came into effect in May 2011 and contained a new chapter called Chapter 6: Business rescue and Compromise with Creditors. However one of the critical components of the success of the business rescue, which has been largely unsuccessful to date, involves securing turnaround finance (post-commencement finance) to restore the company‘s financial health.The aim of this study was to find substantive evidence that the presence of post-commencement finance in South African companies does not exist, as opposed to the findings of international research, as well as the exploration and confirmation of factors that result in the successful raising of post-commencement financing.To this end, qualitative research with an exploratory design was conducted. Eighteen leading South African business rescue experts were interviewed to uncover their unique insights regarding this dilemma. The rich data that was unearthed was analysed using content and narrative analysis against the propositions derived from the literature. The empirical findings confirmed that the current level of PCF in South Africa is non-existent due to various reasons. A host of critical success factors and reasons for disinterest were identified which formed the basis of a framework informing the best practice guidelines when raising PCF. Some of these include many of unintended consequences of the newness of the Act, business rescue processes being left too late, the poor financial state of the business that eventually files for rescue and the significant impact on the outcome by some of the key players (e.g. the fiannciers and business rescue practitioners). These guidelines will solve the dilemma under review by benchmarking them to international best practice.Several important areas for future research emerged, alongside the recommendations of insights gained outlined for the various stakeholders. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

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Bakgrund: Intensivvårdssjuksköterskor utsätts dagligen för psykiskt påfrestande situationer som kan vara svåra att bearbeta utan ett adekvat stöd från arbetsplatsen. Tidigare forskning visar på att intensivvårdssjuksköterskor saknar stöd vid psykiskt påfrestande situationer, men det finns sparsamt med forskning på vilket stöd som kan förbättras. Syfte: Syftet var att beskriva intensivvårdssjuksköterskors upplevelser av psykiskt påfrestande situationer, hur de hanterar dessa situationer och hur de upplever stödet och förslag på förbättringar på arbetsplatsen. Metod: Examensarbetet har en beskrivande design med en kvalitativ ansats.Semistrukturerade intervjuer med åtta informanter. Kvalitativ innehållsanalys tillämpades. Huvudresultat: Intensivvårdssjuksköterskornas upplevelser av psykiskt påfrestande situationer var subjektiva. Det kunde vara svåra situationer med patienter, men också personalrelaterade situationer. Majoriteten använder sig av problemfokuserad coping, de söker aktivt stöd från personer de har förtroende för. Det rådde delade meningar om stödet från kollegorna, cheferna och arbetsplatsen. De gav förslag på hur stödet kunde förbättras. Förslagen handlade om att både chefer och kollegor skulle bli mer uppmärksamma och lyhörda för varandras behov. Slutsats: Situationer som upplevdes som psykiskt påfrestande varierade för varje enskild individ. De flesta använder sig av problemfokuserad coping. Stödet som finns på arbetsplatsen och stödet från cheferna upplevs både som bra och mindre bra. Detta stöd kan förbättras genom att vara lyhörda mot kollegornas behov. Det kollegiala stödet upplevs bra, men att stödet kan förbättras ytterligare i form av en mer medmänsklighet för sina kollegor. / Background: Intensive care nurses are exposed daily to psychologically demanding situations that can be difficult to process without adequate support from the workplace. Previous research indicates that intensive care nurses lack support in these mentally challenging situations. However, there is also a lack in current research on how support can be improved. Purpose: The purposewas to describe the intensive care nurse's experiences of distressingsituations, how they handle these situations,how they experience the support and suggestions for improvements in the workplace. Method: This study has used a descriptive design along with a qualitative approach. Semi-structured interviews were held with 8 intensive care nurses and a content analysis was made. Result: The intensive care nurses experiences of mentally demanding situations were subjective. There could be difficult situations with patients, but also difficulties regarding personnel-related circumstances. The majority of intensive care nurses used problem-focused coping, were they actively sought out support from people they trusted. There were shared opinions regarding the support from colleagues, management and the workplace. Additionally, the intensive care nurses gave suggestions on how this support could be improved. The suggestions included that both the colleagues and the management could be more attentive and responsive to each others needs. Conclusion: Situations that are experienced as mentally demanding showed to vary from each individual. The support at the workplace and the support from management are experienced both as well and less well. The support can be improved by being responsive towards colleagues needs. The collegiate support was experienced as well. However, the support can be improved further by showing more compassion for one and another.

<p>In four scientific papers, this thesis investigates the processes, in terms of movements of individuals, that have produced, reproduced and transformed patterns of residential segregation in Swedish cities between 1990 and 2000.</p><p>Paper 1 examines processes of immigrant concentration, and the role of the Swedish majority population in these processes. Neighbourhood transition and mobility are described and analysed for a selection of residential areas that have experienced increased immigrant concentration. The results show that low in-migration rate among Swedes, rather than high out-migration rate, has been the main driving force behind the production and reproduction of immigrant concentration areas.</p><p>Paper 2 investigates the hypothesis that distressed neighbourhoods retain their character of distress through selective migration. The socio-economic situations of in-migrants, out-migrants and stayers in the distressed neighbourhoods of Stockholm are analysed and compared, and the results show the hypothesis to be confirmed. The people who move in are more likely to be unemployed and dependent on social benefits, and have on average lower incomes than those who move out and those who remain in the neighbourhoods. </p><p>Paper 3 further investigates the selective character of the out-migration from distressed neighbourhoods. One important conclusion is that the out-migration flow from the distressed residential areas is socio-economically <i>and</i> ethnically selective. When demographic and socio-economic differences are controlled for, the likelihood of leaving the distressed neighbourhoods is much lower for an immigrant than for a Swedish-born person.</p><p>Paper 4 examines the migration flows of a whole city, Göteborg. The paper deals with some of the most common questions within segregation research; the degree of spatial concentration of different ethnic groups, processes of concentration and dispersal, the role of the minority enclaves as ports of entry to the local housing market, and how this differs between ethnic groups.</p>

In four scientific papers, this thesis investigates the processes, in terms of movements of individuals, that have produced, reproduced and transformed patterns of residential segregation in Swedish cities between 1990 and 2000. Paper 1 examines processes of immigrant concentration, and the role of the Swedish majority population in these processes. Neighbourhood transition and mobility are described and analysed for a selection of residential areas that have experienced increased immigrant concentration. The results show that low in-migration rate among Swedes, rather than high out-migration rate, has been the main driving force behind the production and reproduction of immigrant concentration areas. Paper 2 investigates the hypothesis that distressed neighbourhoods retain their character of distress through selective migration. The socio-economic situations of in-migrants, out-migrants and stayers in the distressed neighbourhoods of Stockholm are analysed and compared, and the results show the hypothesis to be confirmed. The people who move in are more likely to be unemployed and dependent on social benefits, and have on average lower incomes than those who move out and those who remain in the neighbourhoods. Paper 3 further investigates the selective character of the out-migration from distressed neighbourhoods. One important conclusion is that the out-migration flow from the distressed residential areas is socio-economically and ethnically selective. When demographic and socio-economic differences are controlled for, the likelihood of leaving the distressed neighbourhoods is much lower for an immigrant than for a Swedish-born person. Paper 4 examines the migration flows of a whole city, Göteborg. The paper deals with some of the most common questions within segregation research; the degree of spatial concentration of different ethnic groups, processes of concentration and dispersal, the role of the minority enclaves as ports of entry to the local housing market, and how this differs between ethnic groups.