Taiwan became the 144th member of the WTO on Jan. 1, 2002 and as a result, the customs on agricultural products were reduced year by year, the agricultural market was open to the world and subsidies to local farmers were cancelled. A wild development in Taiwanese agriculture was anticipated. The study aims to understand the relation between rural villages and agriculture in the development process as well as the current transformation problems by analyzing data and a case study. It tries to determine the orientation and direction of the agricultural policy in the related development process. The target and strategy of the agricultural policy in various developing stages were compared and it is hoped that the available proposals for the trend in free trade will be used as a references for companies and governmental authorities. The present agricultural problems are classified into three factors: agriculture, rural villages, and farmers. Its influence on land, labor, capital, and management are implicative of each other. The population in rural villages has dropped largely due to migration and farmers¡¦ incomes are low and many are aging. Rural and urban development in regions cannot be balanced. A breakthrough in development has to be made. However, agricultural specialties have to be planned based on the regional features; products that possess high economic value have to be promoted; farm management techniques must move from functional to strategic. Products can be made based on the needs of consumers. Agricultural management has to be professionalized. Supply and demand can be adjusted by market access mechanisms. Sustainability management can help achieve long term profits. Managing efficiency and product image are both key to successful marketing. By analyzing the success of kiwis imported from New Zealand, we know that the agriculture problem in Taiwan is not due to production technique but marketing. A national managing organization was established by the government of New Zealand for promoting their agricultural products to the world. It integrates the industry and culture and lifts product quality to a refined level. The marketing not only emphasizes brand, but also research and development of new products as well as its accessory products so that more business opportunities can be made. Increased innovative value-added products are linked with the international competitiveness of Taiwanese agricultural products. The crises can only be a transition and it is the time that we should bring agriculture management into a new age.

This Master thesis analyzes diversification strategies, diversification possibilities establishment and realization theoretical aspects with reference to Lithuanian and foreign sources. Having applied the method of structurized poll in writing, the behaviour of construction and maintenance services consumers was evaluated, the factors which influence it were determined, the level of construction and maintenance services consumers satisfaction was determined, demands and expectations of unsatisfied consumers were ascertained. With a regard to the situation in the market and its changing tendencies and the results of consumers poll, the diversification possibilities of construction and maintenance services enterprises were estimated, the diversification alternatives prospects of construction and maintenance services enterprises were evaluated. The results of empirical research confirmed a hypothesis and allowed a statement that not fully satisfied demands of consumers, existing in the market, show diversification possibilities of construction services enterprises.

After the 2008 financial crisis, some have questioned the historically positive benefits ofdiversification, meanwhile others have stated a clear misunderstanding of whatdiversification entails. This study argues diversification is still viable in portfolio theory,and that more effort should be emphasized on macroeconomic factors’ role in theoptimal portfolio. According to the Rational choice theory, investors want to reduce riskwithout lowering expected returns. Modern portfolio theory believes it is possible to doso, by combining less-than-perfect correlated asset classes in a portfolio. The businesscycle theory adds a further perspective by considering cycling movements in themacroeconomic environment, which this study ties to the correlation of asset classes.This study enriches the range of macroeconomic factors and asset classes, focusing onthe EU area, and subsequently, identifies existing relationships. Hence, the researchquestion, “Do macroeconomic factors moderate diversification effect across assetclasses in the EU?” is answered.Results are achieved through the positivist paradigm and the deductive researchapproach, and further, a panel data analysis including 18 macroeconomic factors and 8asset classes during the 2013 to 2022 time periods. The OLS single regression model isused, and results are compared to the previous literature.The characteristics of these 70 relationships are presented. Further, the level of impactfor 18 macroeconomic factors is ranked, the unemployment rate is the most impactfulfactor and GDP impact on gross public debt is the least impactful factor. An investor'sperspective is kept during the thesis to inspire professional investors, especiallyportfolio managers to be detail-oriented when they design diversification strategies andconstruct the optimal portfolios. Also, the results regarding institutional quality indexesincrease the importance of the social and sustainable segment of macroeconomicfactors, which should be considered by investors in the future. Ultimately, this studycontributes to previous literature by examining the empirical results through the lens ofRational choice theory, Business cycle theory, and Modern portfolio theory.

Nas décadas de 50 e 60, muitas empresas norte-americanas iniciaram um processo intensivo de diversificação de negócios, principalmente não relacionada, devido à disponibilidade de capital e forte regulação antitruste, atingindo seu ápice no final da década de 60 e gerando o surgimento de conglomerados corporativos gigantes. Nos anos 70, após muitas diversificações mal sucedidas e desinvestimentos, Rumelt (1974) creditou à diversificação relacionada melhores resultados que a não relacionada. Iniciou-se a tendência de retorno à especialização, no entanto se carecia de um modelo que descrevesse como otimizar as diversificações não relacionadas, muitas vezes importantes do ponto de vista estratégico, o que foi contemplado no modelo de Roberts e Berry (1985). Estes autores desenvolveram a caracterização das diferentes alternativas de crescimento bem como em que situações cada qual é recomendada, propondo a seleção de modalidades estratégicas ótimas de crescimento e entrada em novos negócios segundo o grau de novidade e familiaridade com tecnologias e mercados, contemplando assim as escolhas mais indicadas para as diversificações com diferentes graus de relacionamento, incluindo Desenvolvimentos Internos de Produtos e Mercados, Aquisições, Licenciamentos, Internal Ventures, Joint-Ventures, Venture Capital e Educational acquisitions, cada qual mais indicada em função dos fatores críticos da seleção, ou seja, o nível de recursos disponíveis, competências e conhecimento disponíveis nas dimensões de tecnologia e mercado, retorno e prazo de retorno, risco envolvido, aderência estratégica, grau de diversificação almejado e envolvimento gerencial da empresa mãe. No entanto, embora desde então venha sendo recomendado na literatura, os próprios autores recomendaram que o modelo fosse validado em pesquisas de maior abrangência de episódios e em diferentes contextos industriais, já que realizaram o estudo acessando 14 episódios em uma empresa americana com diversificação de negócios. Assim, o objetivo principal do estudo é analisar a validade do modelo proposto por Roberts&Berry, em um universo mais abrangente de pesquisa, para isso realiza-se uma pesquisa utilizando o estudo de casos da Odebrecht Química, com histórico de grande crescimento e diversificação e pertencente à indústria petroquímica brasileira, que representa 8,0 % do PIB industrial do Brasil. São analisados 30 episódios de crescimento e diversificação em profundidade. Identificam-se e caracterizam-se as modalidades de crescimento e entrada em novos negócios da empresa-caso nos últimos vinte anos; verifica-se a adequação destas ao modelo; identificam-se os fatores determinantes da seleção, e identificam-se os fatores críticos determinantes do desempenho destas escolhas. Foram utilizadas entrevistas em profundidade e questionários semiestruturados para a coleta de dados primários e análise documental para a obtenção de dados secundários. Como resultados da pesquisa, verifica-se que os episódios analisados apresentaram forte aderência à matriz de familiaridade de Roberts & Berry, sendo que 87 % dos bem sucedidos se encontravam na modalidade sugerida pela matriz e 100 % dos mal sucedidos se constituíam em modalidades não recomendáveis em face da familiaridade apresentada no momento da seleção. De forma a validar o modelo, acessaram-se os constructos teóricos implícitos na matriz - fatores motivadores da seleção e fatores determinantes do desempenho - com os dados empíricos dos episódios, com o que se conclui pela validade do modelo no setor industrial. Adicionalmente, como refinamento do modelo, propôs-se o enquadramento de novas modalidades não contempladas no modelo original, como fusões e aquisições com integração vertical para trás. Finalmente, analisa-se o caso de parcerias tecnológicas, sugerindo-se o provável enquadramento no modelo, a ser verificado em pesquisas subsequentes. Contribui-se tanto do ponto de vista teórico, trazendo novas evidências sobre a decisão estratégica em empresas de enfoque tecnológico, como do ponto de vista prático, através da avaliação de um modelo de grande interesse empresarial. / In the fifties and the sixties, several American companies started an intensive business diversification process, mainly of the unrelated diversification, in order to face the new environment characterized by capital abundance and strengthen of antitrust regulation issues. This has generated the emerging of giant corporate conglomerates. In the seventies, after a lot of non-profitable diversifications and consequents divestitures episodes, Rumelt (1974) noticed that the companies which had adopted related diversification showed better profit results than those which had adopted the unrelated diversification, and these facts generated a new trend towards the specialization. However, there was a lack of a prescriptive model dealing with the unrelated diversification very important many times for reaching the strategic and long term goals- the one that could describe the best conditions necessary to adopt and optimize the results of these kinds of growth strategies. It was contemplated in the Roberts and Berry (1985) model. These authors presented the characterization of the alternative growth strategies including Internal Product Developments, Internal Market Developments, Acquisitions, Licensings, Internal Ventures, Joint Ventures, Venture Capital and Educational Acquisitions. as well as the optimum situations for selecting each one, according to the relative degree of existing newness and familiarity with technologies and markets, and also depending on the critical selection factors, such as the level of available resources, the abilities and knowledge available in the technology and market dimensions, financial returns over invested capital and break-even time, involved risks, strategic fit, degree of diversification and corporate involvement of the parent company. Although this model has been recommended in the literature since then, its own authors had suggested that it was validated in different industrial contexts and by assessing a wider array of episodes they studied 14 episodes in a diversified American company. Thus, the main aim of the study is to analyze the validity of the Roberts and Berry model in a wider research extension, assessing the empirical data obtained through a case study of a big and diversified Brazilian company, Odebrecht Química, leader in the petrochemical sector, which represents 8% of Brazilian industrial GDP. It analyzes in depth 30 growth and diversification episodes occured in the last 20 years, carrying out the episodes descriptions and characterizations, verifying the adequacy to the model, describing the critical factors for selecting the entry strategies and finally considering the influence of these factors in the performance levels reached. In-depth interviews and a semi-structured questionnaire were used for collecting primary data and document analysis was used for obtaining secondary data. The findings show that empirical data fitted very well to the familiarity matrix, reaching 87 % adherence to the model in the succesful episodes located in regions recommended by the matrix, and 100 % adherence in the incompatible episodes - located in diverse regions recomended by the matrix. In order to validate the theoretical model, the constructs were accessed, as the determinant factors for selecting the strategy and the critical factors of performance. The results allow the conclusion by the validity of the model in the sector analyzed. Additionally, as possible refinements suggested for the model, the inclusion and positioning in the model of the merger strategies and acquisitions with up-stream vertical integration strategies are provided. Finally, a framework to technological partnership strategies is proposed, to be verified in subsequent researches. This study aims to contribute on one hand, from the theoretical point of view, bringing new evidences in the theory of strategic management of technology, as well as from the practical point of view, through the evaluation of a tool for supporting better strategic decisions.

Although nonprofit organization (NPO) leaders play crucial roles in society, financial distress and vulnerability are common for many NPO leaders, with some NPOs closing as a result of these conditions. The purpose of this single-case study was to explore the diversification strategies used by 10 leaders and senior staff of an NPO in the mid-Atlantic region of the United States through the conceptual lens of Markowitz's modern portfolio theory. Data were collected through in-depth semistructured interviews and analysis of organizational documents, internal archival data, social media, literature, and online databases. Through thematic analysis, 7 revenue diversification themes emerged: adding revenue streams; establishing an operating reserve; establishing positive financial performance; achieving financial stability, sustainability, organizational capacity, and organizational resilience; using transparency; achieving efficiency and organizational effectiveness; and using a marketing strategy. Additionally, 7 key themes emerged: documenting and implementing systematic processes, developing an approach to process improvement, implementing cross-department action plans, increasing transparency, reversing the adverse trend in forum participation, building a data-management system, and increasing individual and organizational capacity. These findings have implications for positive social change, in that they may offer NPO executives new insights and strategies to support revenue diversification, thereby helping them to reduce volatility in funding, decrease financial risk, avoid dependence on sole-source revenue, and identify opportunities to increase flexibility in support of organizational goals and objectives to increase services.

Nas décadas de 50 e 60, muitas empresas norte-americanas iniciaram um processo intensivo de diversificação de negócios, principalmente não relacionada, devido à disponibilidade de capital e forte regulação antitruste, atingindo seu ápice no final da década de 60 e gerando o surgimento de conglomerados corporativos gigantes. Nos anos 70, após muitas diversificações mal sucedidas e desinvestimentos, Rumelt (1974) creditou à diversificação relacionada melhores resultados que a não relacionada. Iniciou-se a tendência de retorno à especialização, no entanto se carecia de um modelo que descrevesse como otimizar as diversificações não relacionadas, muitas vezes importantes do ponto de vista estratégico, o que foi contemplado no modelo de Roberts e Berry (1985). Estes autores desenvolveram a caracterização das diferentes alternativas de crescimento bem como em que situações cada qual é recomendada, propondo a seleção de modalidades estratégicas ótimas de crescimento e entrada em novos negócios segundo o grau de novidade e familiaridade com tecnologias e mercados, contemplando assim as escolhas mais indicadas para as diversificações com diferentes graus de relacionamento, incluindo Desenvolvimentos Internos de Produtos e Mercados, Aquisições, Licenciamentos, Internal Ventures, Joint-Ventures, Venture Capital e Educational acquisitions, cada qual mais indicada em função dos fatores críticos da seleção, ou seja, o nível de recursos disponíveis, competências e conhecimento disponíveis nas dimensões de tecnologia e mercado, retorno e prazo de retorno, risco envolvido, aderência estratégica, grau de diversificação almejado e envolvimento gerencial da empresa mãe. No entanto, embora desde então venha sendo recomendado na literatura, os próprios autores recomendaram que o modelo fosse validado em pesquisas de maior abrangência de episódios e em diferentes contextos industriais, já que realizaram o estudo acessando 14 episódios em uma empresa americana com diversificação de negócios. Assim, o objetivo principal do estudo é analisar a validade do modelo proposto por Roberts&Berry, em um universo mais abrangente de pesquisa, para isso realiza-se uma pesquisa utilizando o estudo de casos da Odebrecht Química, com histórico de grande crescimento e diversificação e pertencente à indústria petroquímica brasileira, que representa 8,0 % do PIB industrial do Brasil. São analisados 30 episódios de crescimento e diversificação em profundidade. Identificam-se e caracterizam-se as modalidades de crescimento e entrada em novos negócios da empresa-caso nos últimos vinte anos; verifica-se a adequação destas ao modelo; identificam-se os fatores determinantes da seleção, e identificam-se os fatores críticos determinantes do desempenho destas escolhas. Foram utilizadas entrevistas em profundidade e questionários semiestruturados para a coleta de dados primários e análise documental para a obtenção de dados secundários. Como resultados da pesquisa, verifica-se que os episódios analisados apresentaram forte aderência à matriz de familiaridade de Roberts & Berry, sendo que 87 % dos bem sucedidos se encontravam na modalidade sugerida pela matriz e 100 % dos mal sucedidos se constituíam em modalidades não recomendáveis em face da familiaridade apresentada no momento da seleção. De forma a validar o modelo, acessaram-se os constructos teóricos implícitos na matriz - fatores motivadores da seleção e fatores determinantes do desempenho - com os dados empíricos dos episódios, com o que se conclui pela validade do modelo no setor industrial. Adicionalmente, como refinamento do modelo, propôs-se o enquadramento de novas modalidades não contempladas no modelo original, como fusões e aquisições com integração vertical para trás. Finalmente, analisa-se o caso de parcerias tecnológicas, sugerindo-se o provável enquadramento no modelo, a ser verificado em pesquisas subsequentes. Contribui-se tanto do ponto de vista teórico, trazendo novas evidências sobre a decisão estratégica em empresas de enfoque tecnológico, como do ponto de vista prático, através da avaliação de um modelo de grande interesse empresarial. / In the fifties and the sixties, several American companies started an intensive business diversification process, mainly of the unrelated diversification, in order to face the new environment characterized by capital abundance and strengthen of antitrust regulation issues. This has generated the emerging of giant corporate conglomerates. In the seventies, after a lot of non-profitable diversifications and consequents divestitures episodes, Rumelt (1974) noticed that the companies which had adopted related diversification showed better profit results than those which had adopted the unrelated diversification, and these facts generated a new trend towards the specialization. However, there was a lack of a prescriptive model dealing with the unrelated diversification very important many times for reaching the strategic and long term goals- the one that could describe the best conditions necessary to adopt and optimize the results of these kinds of growth strategies. It was contemplated in the Roberts and Berry (1985) model. These authors presented the characterization of the alternative growth strategies including Internal Product Developments, Internal Market Developments, Acquisitions, Licensings, Internal Ventures, Joint Ventures, Venture Capital and Educational Acquisitions. as well as the optimum situations for selecting each one, according to the relative degree of existing newness and familiarity with technologies and markets, and also depending on the critical selection factors, such as the level of available resources, the abilities and knowledge available in the technology and market dimensions, financial returns over invested capital and break-even time, involved risks, strategic fit, degree of diversification and corporate involvement of the parent company. Although this model has been recommended in the literature since then, its own authors had suggested that it was validated in different industrial contexts and by assessing a wider array of episodes they studied 14 episodes in a diversified American company. Thus, the main aim of the study is to analyze the validity of the Roberts and Berry model in a wider research extension, assessing the empirical data obtained through a case study of a big and diversified Brazilian company, Odebrecht Química, leader in the petrochemical sector, which represents 8% of Brazilian industrial GDP. It analyzes in depth 30 growth and diversification episodes occured in the last 20 years, carrying out the episodes descriptions and characterizations, verifying the adequacy to the model, describing the critical factors for selecting the entry strategies and finally considering the influence of these factors in the performance levels reached. In-depth interviews and a semi-structured questionnaire were used for collecting primary data and document analysis was used for obtaining secondary data. The findings show that empirical data fitted very well to the familiarity matrix, reaching 87 % adherence to the model in the succesful episodes located in regions recommended by the matrix, and 100 % adherence in the incompatible episodes - located in diverse regions recomended by the matrix. In order to validate the theoretical model, the constructs were accessed, as the determinant factors for selecting the strategy and the critical factors of performance. The results allow the conclusion by the validity of the model in the sector analyzed. Additionally, as possible refinements suggested for the model, the inclusion and positioning in the model of the merger strategies and acquisitions with up-stream vertical integration strategies are provided. Finally, a framework to technological partnership strategies is proposed, to be verified in subsequent researches. This study aims to contribute on one hand, from the theoretical point of view, bringing new evidences in the theory of strategic management of technology, as well as from the practical point of view, through the evaluation of a tool for supporting better strategic decisions.

This thesis’ aim is to study four Swedish real estate companies between the years 2006-2015 to see whether their capital structure and investment strategies have changed over the years. The data upon which the thesis is based, is gathered from the four companies’ annual reports. These years are of interest due to the changing economic environment, both in Sweden and the world, during this time period. The time period includes one financial crisis and a never before experienced interest rate environment with rates around zero percent. Traditional capital structure- and diversification theories have been overviewed and serves as the base for the discussion regarding the results from the gathered data. Two hypotheses have been constructed to study this topic:  The low interest rate environment has provided the real estate sector with access to more capital, which has led to real estate companies increasing their financial leverage, i.e. the capital structure has changed.  The accessibility of capital in the market, combined with funds actively seeking return on capital in real estate, increases the competition and decreases yield spreads, which in turn leads to real estate companies investing capital in markets associated with higher risks. The result indicates that the hypotheses are incorrect. The real estate companies have not increased their financial risk through an increase in their long term debt at the end of the studied time period. However, the companies have increased their borrowing but the financial risk has not increased since their equity has increased proportionally. The studied real estate companies have not been mainly investing in markets associated with higher risk. Increased investment volumes have been observed all over Sweden. The investment strategies differ between the companies; some invest mainly in the bigger cities while some invest mainly in smaller cities. / Uppsatsen handlar om hur kapitalstrukturen samt fastighetsinnehavet (geografiskt och fastighetstyp) hos fyra svenska fastighetsbolag har förändrats under tidsperioden 2006-2015. Data från de fyra fastighetsbolagens årsredovisningar ligger till grund för studien. Dessa år har studerats på grund av det förändrade ekonomiska läget i både Sverige och världen med gott finansiellt klimat, en finanskris och ett tidigare aldrig upplevt ekonomiskt klimat med räntor kring 0 procent. Traditionella kapitalstruktur- och diversifieringsteorier har behandlats och ligger till grund för diskussionen kring resultatet av den insamlade datan. Två hypoteser har konstruerats för att undersöka detta ämne:  Fastighetsbolagens långfristiga skulder har ökat de senare åren av tidsperioden till följd av ränteläget dessa år eftersom kostnaderna för kapital under denna tid har minskat. Detta har ökat företagens finansiella risk i slutet av perioden jämfört tidsperiodens start.  Det låga ränteläget i slutet av tidsperioden har medfört att fastighetsbolagen har sökt nya marknader för att kunna få avkastning på sitt kapital, d.v.s. sökt sig till marknader med högre risk utanför Sveriges storstäder. Resultatet pekar på att hypoteserna inte stämmer. Fastighetsbolagen har inte ökat sin finansiella risk till följd av ökad lånefinansiering i slutet av tidsperioden. Däremot stämmer det att bolagen har ökat sina långfristiga skulder mot tidsperiodens slut, dock ökar inte den finansiella risken eftersom det egna kapitalet ökar proportionellt med deras ökade belåning. De studerade fastighetsbolagen har inte endast sökt sig till marknader med högre risk i mindre städer i Sverige, utan en ökning av investeringsvolymer har observerats i hela Sverige. Investeringsstrategierna skiljer sig åt mellan fastighetsbolagen, en del investerar främst i storstäderna medan andra investerar kapital i mindre städer