Yes / Purpose: Despite the potential of social media in emerging markets (EMs), only few studies published in high quality information systems (IS) journals that have addressed issues related to social media in the context of EMs. This study aims to analyse existing research related to social media published in high quality IS journals for exploring initial research trends, emerging themes, limitations and future research directions in the context of emerging markets. Design/methodology/approach: This study conducted systematic review of 22 articles on social media, which were published in the “Senior Scholars Basket of IS Journals and Information Systems Frontiers” from 1997 to 2017. Manual literature search approach (i.e. screening through table of contents of each journal) was employed to identify relevant articles. The content of relevant articles was systematically analysed and synthesised along with keyword analysis to understand research trends on social media related issues in the emerging markets context. Findings: The study identified four major themes from existing research on the social media in the context of emerging markets, namely: 1) Social media frameworks; 2) Social media and consumers; 3) Social media and organisations; and 4) Social media and society with majority of the studies focusing on consumers. Single Subject was found as the major limitation with studies analysed focusing on single platform/country/domain hindering the generalizability whereas including new exogenous variable to improve the validity of existing studies emerged as main future research direction. Originality/value: This study conducted literature review on social media in EMs, which has not been undertaken yet. Moreover, it employed manual search (an effort and time intensive approach) to overcome the shortcomings of keyword search to identify, locate, select and analyse the social media literature in the context of emerging markets.

The purpose of this thesis is to explore how the unpredictability of climate change and natural disasters impact the risk perception of Swedish companies. The literature chapter that has been elaborated in this study describes theories that are associated with effects of climate change and natural disasters, risk management and knowledge. Further on, the research has been conducted with a qualitative method in order to gain a profounder understanding of the topic and how it influences the risk perception of Swedish companies. The study has further on been following a abductive research approach since the area of research was rather unexplored.  We present the results of our study by answering to the research questions in the conclusion chapter that have been derived from the analysis. Furthermore, the conclusion chapter involves that the risks perception of the studied companies differentiates depending on the level and type on knowledge that the companies hold.

While both the concept of Private-Public Partnerships and the research on the topic is not new, PPPs from a market expansion perspective has not been covered to any notable extent, something this thesis aims to rectify. With the importance of relationships in business in emerging markets, the Institutional Network Approach serves as the backdrop for the study, highlighting the interplay between MNE and surrounding institutions. Through three case studies of Swedish MNEs active in PPP-projects in emerging markets, the aim is to develop a model suitable for analyzing MNE engagements in PPP-projects, but also to see if the gains from PPP engagements can constitute a feasible emerging market expansion tool.   The outcome of the study revealed that the studied MNEs primarily sought legitimacy and credibility in their projects, goals which according to MNEs also were acquired, and that the new model to a large extent captured aspects that were identified as important in the firms’ reports from the projects. It was concluded that in order for the PPP to serve as reliable market expansion tool, the firm has to be of MNE-size in terms of resources and ambitions, because smaller firms would struggle to be awarded, or handle, PPP-projects of this size. Previously stated credibility and legitimacy (from the CSR-aspects of the PPP), as well as the long-term collaboration resulting in solid relationships between MNE and institutions, are other benefits.

<p>An abstract of a dissertation that examines different dimensions of legitimacy stemming from different sources, and how they condition the effects of each other. The traditional literature studies organizational legitimacy as a uni-dimensional phenomenon, however, there are multiple audiences with different systems of values that evaluate organizations and based on the fit with their values grant or withdraw legitimacy from the firm. This dissertation examines three different dimensions of legitimacy (i.e. social, market, and home country) and shows that they may substitute each other in affecting organizational outcomes. This is shown in a financial event study of additions and deletions from the Dow Jones Sustainability Index, a qualitative study of the nature of corporate social responsibility (CSR) in the emerging market of Russia, and a large-scale quantitative analysis of M&A deals, where the acquirer comes from Brazil, Russia, India, China and South Africa (BRICS).</p> / Dissertation

In the context of globalisation and liberalising economies, an increasing number of local firms based in developing countries and emerging markets are encouraged to internationalise their business activities and thus participate in foreign trade. Their sustained success is founded on two key factors; their ability to access potential foreign markets, and their ability to upgrade their capabilities and thus improve their positioning in global markets. This thesis investigates the internationalisation process and upgrading prospects of Indian Garment Manufacturers (IGMs). It begins by examining how IGMs gain access to foreign markets and discusses the factors that help or hinder their progress. The thesis subsequently explores the ways in which IGMs upgrade their activities to higher value-added activities and investigates the contributory factors that drive and shape their upgrading prospects. Existing studies employ the concept of ‘Diaspora networks’ or ethnic ties to explain how local firms from emerging markets are able to internationalise their business activities. These studies highlight the integral role played by Diaspora networks in enabling this internationalisation. Diaspora networks help connect local firms with foreign, world class buyers (or ‘lead firms’) using the Diaspora’s own pre-established ties and links with such lead firms. Similarly, Global Value Chain (GVC) proponents assume the upgrading prospects of these local firms can be enhanced as a result of linking up with ‘lead firms’ because of the benefits that can be derived from knowledge and technology transfer imparted through working with world class buyers. The extant literature however is vague on the internationalisation processes of IGMs. Furthermore, it does not adequately address the extent to which IGMs utilise Indian Diaspora networks to access foreign markets and to internationalise their business activities. It is also unclear what mechanisms are employed to impart knowledge from lead buyers to suppliers and to what extent the knowledge and technology transferred plays a key role in progressing IGMs upgrading activities; especially in the higher value added functions of design. This thesis contributes by addressing and shedding further light on these unresolved issues. It examines the issues using a combined approach, where theories and concepts from international business (IB) and GVC are employed in analysing the subject matter and thus allows for a more nuanced and comprehensive understanding of the issues under investigation. To explore the above themes a case study based approach was employed. Interviews were conducted with key decision makers/owners of 23 case companies. Further interviews with key industry, academic and government heads were conducted as a means of triangulation. Interviews were, in turn, supplemented with documentary evidence and published material from company websites, industry and academic journals, and newspaper articles, so as to arrive at a more comprehensive understanding of the issues in question. Findings from this study suggest that IGMs rarely use Diaspora networks to access foreign markets. Instead, the majority of IGMs have achieved internationalisation as a result of well-developed networks of formal intermediaries based in India who have facilitated connections with prospective buyers. Furthermore, their manner of internationalisation reveals IGMs tend to access foreign markets initially at a very young age and at a rapid pace. Thus process-based theories of internationalisation seem inappropriate in explaining this rapid pace of internationalisation; insights from the literature on Born Globals and International New Ventures (INVs) seem, at first, to offer better explanations. However, employing concepts such as the ‘mature’ born global and the ‘failed’ born global leads one to re-examine and reconsider these initial findings. Re-examined findings indicate that in fact maturing IGMs are realigning their internationalisation trajectories to be better positioned to take advantage of favourable domestic market conditions. These findings are better explained using a more inclusive definition of internationalisation; particularly, concepts of de-internationalisation and extra-regional expansion from the field of IB. Additional findings, related to the issue of upgrading, indicate that contextual factors, usually related to the domestic economy and the firm’s internal circumstances, play a significant role in affecting the upgrading prospects of IGMs. These findings are contrary to GVC-based explanations of what drives and shapes IGMs’ upgrading activities, which place excessive emphasis on the role of the ‘lead firm’. In particular, GVC-based assumptions regarding the knowledge and technology transfer benefits available to local manufacturers by linking with larger world class buyers or lead firms seem of limited applicability to IGMs; here, firm-specific factors seem more important in determining firm choices concerning upgrading trajectories.

In this thesis, we inquire interdependencies and comovements between CEE capital markets within each other. German market is also included in the analysis as a benchmark to CEE capital markets. We have chosen German capital market as it represents more developed market from the same geographical region. We study a unique high-frequency dataset of 5 minutes, 30 minutes and 1 hour data frequencies covering the the crisis period and post-crisis "tranquil" period. Daily data frequency is also involved in the analysis. Using different econometric techniques, we found no steady long-term relationships among stock market indices. The only strong relationship was detected between the DAX and WIG20 indices during both crisis and "tranquil" periods. The frequency of interactions changed across periods. The strongest interdependencies were recognized in 5 minute data frequency which indicates fast reactions between markets. Information inefficiency was revealed between markets according to cointegration tests in most cases.

The purpose of this paper is to observe and analyze whether the value system and political structure of a nation, gauged through its legal configuration, impacts its response to IMF debt and consequently impacts its GDP growth rates. This paper also analyzes whether involvement in the fund through a loan relationship affects the country’s real interest rate, inflation, exchange rate and import and export volume and whether this relationship is causal in that we can explain a nation’s loan relationship with the Fund through observance of the aforementioned variables. In this paper, we observe 34 emerging markets as defined by Dow Jones in 2010. The general consensus of the literature is that participation in IMF loan programs retards the economic growth of developing economies. In light of this, the contribution of this paper is to illustrate that some of the slowed growth experienced by these countries seeking out IMF debt is explained by their value system and general attitude toward debt. To carry out a comparable analysis we segment and group the emerging markets based on their current credit status with the IMF (as of Oct 2012) as well as by the origin of their legal system, a measure we use to assess their value system with respect to creditor and debt protection laws. We will observe the growth rates that these countries’ economies experience categorized by their involvement with the Fund, the amount of their loan and whether they fully repaid their debt or are currently indebted to the Fund. We will also identify the size and frequency of the loan in order to observe the impact that these variables have on the delayed growth rates that they experience. Furthermore, we will examine the impact on their GDP growth rates, imports of goods and services, inflation, exchange rates and real interest rates. We expect to find that there is not a generic relationship between involvement in a loan relationship with the Fund and GDP growth rates. In other words, having a loan from the IMF does not directly result in delayed growth rates, contrary to popular belief. However, we hypothesize that the legal system of the borrowing countries is an explanatory variable in determining their growth rates, alongside their loan relationship with the Fund. In addition, we expect to find empirical evidence that supports the claim that inappropriate and unmonitored involvement in the Fund can adversely affect emerging markets. Inappropriate and unmonitored involved is measured in this paper by the borrowers creditor and debtor protection laws. We aim to expand the current line of literature by analyzing whether a decline in economic growth prior to completion of an IMF loan program is a generic attribute of all participants or whether these traits are more pronounced in countries with a more unmonitored business and economic legal system.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2015. / Researchers have suggested that emerging markets’ activity is driven largely by unlisted companies. These companies are dynamic, and show a relatively equitable income distribution. However, they operate under severe challenges which can be a deterrent to their success. In spite of these difficulties, the companies form exceptional investment targets due to their innovative abilities, ability to customize products and formulate business models that reduce bottlenecks and input costs as well as take advantage of economies of scale and scope. Important risk factors such as: political, currency, corporate governance and information risks, amongst others, should be factored in during the valuation process of emerging market companies. In this paper, several criteria are used to assess thirteen popular emerging market valuation models’ ability to effectively incorporate these risks. Based on the outcomes of the assessment a best fit model is selected. However, none of the emerging market valuation models explicitly factor in irrationality of market participants. In order to address this, the study focuses on seven behavioural approaches to valuation under the assumption of investor rationality and managerial overconfidence and/or optimism, with a purpose to select one to include in the above mentioned “best fit” emerging market valuation models. Next, assessment mechanisms for adapting these two models for private company valuation were flagged by discussing approaches currently used in academia and corporate finance. Finally, possible means of combining the three objectives, and assessing the success of doing so, as an area for further research, were recommended. Key Words: emerging markets, valuation, risk premium, country risk, systematic risk, unsystematic risk, private companies, managerial overconfidence, managerial optimism, irrationality, efficient markets, capital asset pricing model

This study investigates the peer effect in the asset pricing models in the international stock market. The peer effect theory proposes a dependence between individual decisions due to interactions that create a social network structure. The idea is that we need to understand the correlation between outcomes of individuals that interact in an environment and which could lead to a homogenous pattern of movement especially on asset pricing models. We use a sample of almost 7,000 companies listed on fourteen countries from 2006 to 2016 and arrange them in four peer groups. Since the peer effect has a reflection problem, we divide our empirical models in two aspects. First, we analyze the relationship between stock return from the firm, its financial aspects and the financial aspects for the peer group using a fixed effect regressor. Then, we try to understand the relationship between stock return from a firm, the stock return from the peer firms, the financial aspects from the firm and the financial aspects for the peer group by estimating a 2SLS model with an instrumental variable. Our findings show the existence of peer effects on stock return for all the peer groups. Also, the effects are always positive regardless if we select emerging or developed markets. Moreover, there is exogenous peer effect from the characteristics of the peer firms in the stock return that depends on the indicator and the peer group. Market-to-book ratio of the peers presents a positive relationship with the stock return. As a robustness test, we re-estimate the models for two subsamples and find that the results are consistent to the previous ones. / Este estudo investiga o efeito dos pares nos modelos de precificação de ativos no mercado acionário internacional. A teoria do efeito de pares propõe uma dependência entre decisões individuais devido a interações que criam uma estrutura de rede social. A ideia é entender a correlação entre os resultados de indivíduos que interagem em um ambiente e que podem levar a um padrão de movimento homogêneo, especialmente em modelos de precificação de ativos. Utiliza-se uma amostra de quase 7.000 empresas de capital aberto em catorze países de 2006 a 2016 considerando quatro grupos de referência. Como o efeito par tem o conhecido problema de reflexão, divide-se os modelos empíricos em dois aspectos. Primeiro, analisa-se a relação entre o retorno das ações, os aspectos financeiros da firma e os aspectos financeiros do grupo de referência utilizando um modelo de efeito fixo em painel. Em seguida, busca-se entender a relação entre o retorno das ações de uma empresa, o retorno das ações das empresas pares, os aspectos financeiros de ambas, estimando um modelo 2SLS com uma variável instrumental. Os resultados mostram a existência de comovimento no retorno das ações para todos os grupos de referência. Os efeitos do retorno das ações dos pares são positivos e mais intensos para a indústria e país independentemente se se escolhe mercados emergentes ou desenvolvidos. Além disso, existe um efeito de pares exógeno a partir das características das empresas pares, principalmente para razão market-to-book, que depende do indicador financeiro e do grupo de referência. Como teste de robustez, reestimou-se os modelos para duas subamostras que mostraram resultados consistentes com os anteriores.

Since 1994, South Africa has undergone comprehensive political and economic changes in a positive direction, however, the country’s business environment still constitutes of corruption and inequity. The purpose of this thesis was to investigate how South Africa’s business environment affects Swedish SMEs establishment in the country. The methodology chosen for this research was a qualitative multiple case study with an abductive approach. The theoretical framework was established based on various theories related to business environment, internationalization and risk management, these theories was interlinked into a conceptual framework. In the empirical chapter, the primary data gathered from four cases was presented and thereafter analyzed together with the conceptual framework. The research concludes that the South African business environment affects the Swedish SMEs business activities in the country differently, depending on the firm’s size. The last decade’s political changes have generated in a more cautious approach among Swedish SME and their establishment in the country. Lastly, limitations of the research and recommendations for further research is outlined.