The economic policy of the Swedish Social Democrats has undergone major changes during the last thirty years. From using a so-called Keynesian policy to promote full employment in the economy, the Social Democrats have switched to a more monetaristic policy to promote low inflation instead. What I intend to do with this study is to see if the policy change also can be noticed in how the party describe their own policy. Have the Social Democrats been open and transparent with their change in priorities, or have they tried to hide this in their rhetoric? The purpose of this thesis is to examine if one can notice a change from a Keynesian to a monetaristic policy in the Social Democrat’s descriptions of their economic policy. The main research question, which I intend to answer, is: "Is it possible to notice a change from a Keynesian to monetaristic policy in the Social Democrat’s descriptions of their economic policy?" I have chosen to study the descriptions found in the financial forecasts, presented by the Social Democrats during their time in government rule between 1970 and 1999. The research method I use is the qualitative text analysis. After analyzing the descriptions found in the financial forecasts I present an answer to the main research question: Yes, it is partly possible to notice a change from a Keynesian to monetaristic policy in the Social Democrat’s descriptions of their economic policy. I only say partly possible because it is possible to notice the policy change that took place between the 1970s and 1980s, when low inflation was given the same priority as low unemployment. Whereas it is not possible to notice the change that took place between the 1980s and 1990s, when low inflation was given the highest priority, above low unemployment.

There has been a rapid growth of private participation in infrastructure projects throughout the world in the last three decades. China as the largest developing country in the world has a huge amount of demands for high quality infrastructure projects and public services. The government has actively developed and used the Build-Operation-Transfer (BOT) model to deliver public facilities and services, particularly after 2002. Certain benefits have been brought by the adoption of the BOT model in China's motorway and water sectors. However, issues were also found in the processes behind BOT applications. International organisations as well as scholars suggested that China should learn experiences and lessons from the UK and its PFI scheme. The UK has been the leading country to use private finance in developing public buildings and services. However, very little has been written addressing how lessons from British PFIs can be learnt by China to improve its BOT practice. This study is an attempt to address this vacuum in the existed literature. It was designed to explore the current problems of using BOTs in Chinese motorway and water sectors and looks at what needs to be improved, based upon the PFI lessons in the UK. A mixture of qualitative and quantitative methods has been employed and various methods of data collection used in this study. These included: 21 interviews, 2 observations and one focus group and the analysis on 14 government reports about BOTs in China. The governments' decision-makers, directors, project managers and contractors were involved in the research to explore the results and emerging issues involving the implementation of BOT models in 87 Chinese motorway and water projects in 10 cities covering six provinces. As a result of its findings, the research is able to discuss and identify the relevant experiences and lessons from PFIs in the UK to improve further application of China's BOTs. This study fills the gap in knowledge regarding comparisons between PFIs and BOTs. It also gives recommendations for good practice in relation to Chinese BOT policy decision making, development and evaluation. Finally, the study hopes to give recommendations that enable the implementation of BOT model in Chinese motorway and water sectors to be more successful in the future.

Die Dissertation untersucht am Beispiel des Volkskommissariates für Außenhandel die Entstehung der frühen Sowjetbürokratie und analysiert administrative und politische Prozesse, die der Herausbildung des Stalinismus vorangingen. Gegenstand der Untersuchung sind die Probleme des staatlich organisierten Außenhandels sowie die Schwierigkeiten bei der Anknüpfung von Handelsbeziehungen zu den kapitalistischen Staaten in der Zeit nach der Revolution. Außenpolitische Faktoren und weltwirtschaftliche Voraussetzungen werden in diesem Zusammenhang ebenso berücksichtigt wie die zum Teil widersprüchlichen Interessen des sowjetischen Außenhandels einerseits und der sowjetschen Diplomatie anderseits. Im Mittelpunkt steht die Frage nach dem Verhältnis zwischen Parteiapparat und Regierungsbürokratie sowie die Rolle der Volkskommissariate im politischen Entscheidungsprozeß. Die Verfasserin konzentriert sich in diesem Zusammenhang auf drei Themenkomplexe: die Kaderpolitik der KPR(b) gegenüber dem Volkskommissariat für Außenhandel, den organisatorischen Wandel in dieser Behörde während der Neuen Ökonomischen Politik sowie das Zusammenspiel einzelner Partei- und Wirtschaftsbehörden bei der Entscheidung konkreter handelspolitischer Fragen. / This dissertation examines the People´s Comissariat of Foreign Trade as an example of the development of early Soviet bureaucracy and analyses administrative and political processes, proceeding the rise of stalinism. The study deals with the problems of centrally planned foreign trade and the difficulties of establishing trading connections to the capitalistic states in the post-revolutionary period. In this context international factors and conditions, dictated by world economy, are considered as well as the contradictory interests of Soviet foreign trade on one hand and soviet diplomacy on the other hand. The focus is set on decision-making concerning the relationship between party apparatus and the People´s Comissariats. In this context the author concentrates on three aspects: the influence of CK´s Policy of Cadre selection on People´s Comissariat of Foreign Trade, the organizational change in this institution during the New Economic Policy and the cooperation between the various economic and party institutions, concerning the decision on concrete questions of foreign trade.

Le financement à court terme est le parent pauvre de la théorie financière. Pourtant, les moyennes entreprises françaises utilisent fortement ce financement. Ce travail a pour objectif d’analyser les déterminants du financement à court terme pour ces entreprises. La première partie vise à établir une revue de littérature des théories permettant d’expliquer l’utilisation du financement à court terme. La deuxième partie vient tester empiriquement ces théories sur deux échantillons, à savoir 201 entreprises familiales et 1 453 entreprises managériales. Il s’agit, d’une part, de caractériser les moyennes entreprises non cotées et d’autres part, de mettre en évidence les déterminants à l’utilisation de financement à court terme. Les principaux résultats indiquent que le financement à court terme est un outil de gestion au service de la moyenne entreprise. Il peut aussi assumer deux rôles, un compensatoire et/ou un de trésorerie passive. Par ailleurs, on met en évidence que les entreprises managériales et familiales exploitent différemment le financement à court terme. / Short-term financing is forgotten by theory of corporate finance. However, French medium-sized firms use a lot this source of funding. The objective of this thesis is to analyze the determinants of short-term financing for these firms. The first part aims to establish a literature review of theories to explain the use of short-term financing. The second part empirically checks these theories on two samples, specifically 201 family businesses and 1,453 managerial firms. On the one hand, it is a question of characterizing the unlisted medium-sized enterprises and on the other hand, highlighting the determinants of the use of short-term financing. The primary results indicate that short-term financing is a management tool for the medium-sized enterprise. It can also have two functions, one compensatory and / or one passive cash. Furthermore, it brings out that managerial and family businesses exploit short-term financing differently.

La décision de détention d’actifs liquides par les entreprises a fait l’objet de rares recherches. Pourtant,les entreprises françaises détiennent des niveaux importants de liquidités parmi leurs actifs. Ce travailvise à étudier théoriquement et empiriquement les motivations et les conséquences de la décision dedétention d’actifs liquides par les entreprises.La première partie de la thèse a pour objectif d’établir un état de l’art des théories explicatives ducomportement accumulateur de liquidités des entreprises. La deuxième partie cherche à testerempiriquement ces théories sur un échantillon de 202 entreprises françaises cotées au SBF 250. Il s’agit,d’un côté, de vérifier s’il existe un niveau optimal d’actifs liquides, de présenter les différents avantageset inconvénients de la détention de liquidités et de déterminer quels facteurs intrinsèques (financiers etorganisationnels) et macro-économiques influencent le niveau de liquidités, et d’un autre côté, d’estimerl’impact des actifs liquides sur l’investissement, la performance économique et financière ainsi que surla valeur de marché de l’entreprise. Le traitement de ces deux questions est articulé autour de l’étudedes rôles modérateurs des contraintes de financement, de la gouvernance d’entreprise et des conditionsmacroéconomiques. / The topic of corporate cash holdings has received relatively little attention from the academicresearchers. Yet, French firms hold significant cash reserves. This research aims to investigate,theoretically and empirically, the motivations and implications of the decision to hold cash.The first part of the thesis aims to provide a state of the art of the theories explaining corporate cashholding behavior. The second part seeks to empirically test these theories on a sample of 202 Frenchcompanies listed on the SBF 250. We first test the existence of an optimal level of liquid assets. Wesubsequently explore the advantages and disadvantages of holding cash before we examine the specific(financial and organizational) and macro-economic determinants of corporate cash levels. Finally, weestimate the impact of liquid assets on firms’ investment, performance and value and then we analyzethe moderating roles of financial constraints, corporate governance and macroeconomic conditions.

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.