The study investigates the financial sector development threshold levels that would influence FDI inflows. The threshold levels identified are 41.27% of stock market capitalisation for stock market turnover, 53.55% of GDP for stock market value traded, 121.53% of GDP for stock market capitalisation, 114.43% of GDP for domestic credit to private sector by banks, 144.06% of GDP for domestic credit provided by financial sector, 0.22% of GDP for outstanding domestic private debt securities and 41.26% of GDP for outstanding domestic public debt securities. The results show that higher stock market and banking sector development above the threshold level positively and significantly influence FDI inflows whilst the influence of lower stock market and banking sector development on FDI inflows was weak and less significant. Levels of private bond market development equal to or greater than the threshold level are found to have a positive but non-significant impact on FDI inflows whereas private bond market development levels less than the threshold has a weaker positive and non-significant influence on FDI inflows. On the contrary, public bond market development levels equal to or greater than the threshold level negatively influenced FDI inflows whilst levels of public bond market development less than the threshold positively but non-significantly attracted FDI inflows into emerging markets. / Business Management / Ph. D. (Management Studies)

nÃo hà / O presente artigo busca uma mÃtrica refinada e confiÃvel para mensurar riscos financeiros. RiskMetrics (1994) marcou o inÃcio dessa busca e desde entÃo vÃrios pesquisadores contribuÃram com inovaÃÃes e novos modelos para essa medida e aqui se apresenta mais um passo desse caminho, ao se agregar uma modelagem multivariada. Com essa modelagem à possÃvel capturar o efeito contÃgio e a interdependÃncia financeira global. O grupo de 10 paÃses presente no estudo representa 49,9% do PIB mundial e possuem representantes de 5 continentes. O modelo de volatilidade segue sugestÃo apresentada por Cappielo, Engle e Sheppard (2006) e modelos de Value-at-Risk (VaR) seguem Matos, Cruz, Macedo e Jucà (CAEN-UFC Workingpaper). AtravÃs desse procedimento à possÃvel calcular VaR levando em consideraÃÃo o efeito contÃgio e a interdependÃncia entre os mercados ao longo do tempo. Os resultados encontrados sÃo robustos contra problemas de variÃveis omitidas, heterocedasticidade e endogeneidade, alÃm de considerar quebras estruturais. De acordo com os resultados encontrados, a interdependÃncia apresenta um papel importante dentro do processo de mensuraÃÃo de risco de mercado, apesar de atà agora ter sido esquecida pelos pesquisadores. Isso se deve, principalmente, porque a integraÃÃo financeira a nÃvel global leva ao cenÃrio de dependÃncia crescente entre os mercados financeiros e, dessa forma, aumentando o contÃgio de um impacto que ocorre em um mercado nos outros. Convidamos outros pesquisadores a rever nossa metodologia, utilizando inclusive mais informaÃÃes e incluindo outros paÃses. Acredita-se que o mundo està ano a ano se tornando mais globalizado e suas economias por consequÃncia. Nesse artigo esse efeito està sendo considerado dentro da mensuraÃÃo do risco de mercado. Incorporar esse efeito leva a modelagem, legal e interna, mais acurada, que ajuda supervisores de mercado a garantirem estabilidade de longo prazo para os mercados e possuÃrem mÃtricas mais confiÃveis dentro das instituiÃÃes sob sua tutela. AlÃm disso, à de grande valia para Ãreas de GestÃo de Risco de bancos e instituiÃÃes financeiras ao ajuda-las a compreender melhor seu perfil de risco, melhorar a comunicaÃÃo com investidores institucionais internacionais e ranquear de maneira mais eficiente seus investimentos e aplicaÃÃes. Estudos anteriores possuem um aspecto comum: Apenas levam em consideraÃÃo mudanÃas de volatilidade nos mercados domÃsticos, nÃo levando em consideraÃÃo os efeitos que outros paÃses possuem neles. No presente estudo, esse efeito se provou como importante e representativo, os modelos univariados domÃsticos falharam mais e com mais severidade que os modelos multivariados. Portanto, no presente artigo, buscou-se o desafio de dar o passo de nÃo mais modelar modelos univariados domÃsticos, mas modelos 4 multivariados globais. Acredita-se que esse avanÃo metodolÃgico ajudarà a melhor mensurar e entender o comportamento do risco de mercado atravÃs do mundo. / This paper enter into the search of a refined and trustable metric for measuring financial risk. RiskMetrics (1994) marked the start of this search and since them many researches contributed with innovations and new models for that measure, and here we find a stepforward into the search, by aggregating multivariate models, with this itâs possible to capture the effect of a worldwide contagion and financial interdependence. The group of 10 countries presents in this study represents 49,9% of world GDP and has representation across 5 continents. We follow the model of volatilities suggested in Cappielo, Engle e Sheppard (2006) and Value-at-Risk follows Matos, Cruz, Macedo e Jucà (CAEN-UFC Working paper), though this procedure itâs possible to accurate VaR model, and take in count the contagion and interdependence between markets, in long term. Our results are robust to problems with omitted variable, heteroskedasticity and endogeneity. We also take into account for structural break. According to our results, the interdependence plays an important role into financial risk measure process, although its until now usually forbidden by modelers, mostly because worldâs financial integration leads the global economies to the scenario of increasing dependence among them and contagion effect that spreads the impacts that occur into one market to the others. We invite researchers to revisit this issue in order obtain evidences using larger data and other countries as well. We claim that the world is year by year more globalized, and so are the other economies, here we add this into account for measuring financial risks. This leads to model, legal and internal, more accurate that help supervisors to guarantee the long term stability across the markets, have trustable measure of the financial institutions under their responsibility. Besides, helps the Risk Management area of banks and other financial institutions to better understand their risk profile, improve communication with institutional investors worldwide and rank effiently their investments and applications into the markets. Previous studies have a common aspect: they only consider the volatilities change across the domestic market, not tanking in consider the effect of the other countries into the domestic volatility, and this effect here is proven to be important and representative, the univariate domestic risk measure fails more and harder than the multivariate model. That being said, here we take this step, the challenge of modeling no more univariate, domestic risk measures, but a worldwide multivariate. This is a methodological innovation that helps better measure and understands the financial risks behavior across the world.

The thesis titled "More is Less: The Political Economy of the MiFID Revision" aims to reveal to what extent different preferences of individual Member States on EU financial regulation affect the increase in complexity of financial legislative acts, concretely MiFID II. Using three theoretical building-blocks in a classical framework of political economy, we argue that divergence of member states is inherent to their different capitalist environments (Varieties of Capitalism). Aligning these differences with the common, harmonized regime can create costs and cause market disadvantages. Therefore, Member States try to push for as similar legislation to their own as possible, to minimize the costs. The result is a disproportionately long legislative act, that was crafted in a way to satisfy individual preferences of Member States, through discretionary provisions, exemptions and other. We also investigate how much harmonization the original MiFID established, asking if some provision became less complicated in MiFID II, owing to gradual convergence of Member State regimes.

The dissertation thesis looks into motivation and retention of employees in the financial sector (banks and investment companies) of the Czech Republic. The first part of the dissertation thesis defines motivation and introduces theories of work motivation from the very beginning, through classic theories until contemporary theories of motivation and modern approaches towards it. Further, it explores employee motivation, motivational processes a factors influencing productivity of work. It also analyses intrinsic and extrinsic motivation and motivation of work behaviour, it introduces motivation programs as a part of motivational strategies. It the following part, the dissertation thesis introduces the subject of employee retention and sets reasons why retention of employees is necessary, what factors impact it and it also describes programs of retention. The second part of the dissertation thesis is dedicated to a comprehensive empiric research of work motivation and retention of employees in the financial sector, which has been executed in a form of survey attended by 119 respondents from various banks and investment companies active in the Czech Republic. The respondents were working in different working positions in their company's hierarchy. The survey was on top of that supported by discussions around round tables attended by 23 respondents. In this part of the dissertation thesis, there were set goals of the research and hypotheses, verification of which served to achievement of the goals. The first goal was to investigate presence of commonalities in employee motivation and retention in the financial sector, their identification and description of key components. The other goal was to make a comparison by the research identified key components of motivation and retention from the point of importance for the employees and compare what importance they had for the employees in the period before and during the global depression and predict their development in the period of recession. A partial goal of this thesis is its contribution to both scientific-pedagogic and business area. A goal for application in the business area is to introduce work motivation and retention subject to managers on all levels of management as a useful and necessary tool for management of people not only in financial enterprises but all subjects acting in the market economy. This dissertation thesis wishes to become inspiration and partial guidance for managers at all management levels in their daily personnel work and show what tools should be used by financial companies for employees motivation and retention not only now but also after the depression is over. There are also described research methods and research data processing methodology in this part. The third part of the dissertation thesis presents a detailed evaluation of research results. They are summarized to clearly arranged graphs and shown according to different viewpoints. Further, the dissertation thesis contains a summarized evaluation of results, hypotheses verification and recommendations for science and further research, very specific and detailed recommendations for business practice as well as for education of students in the field of employee motivation and retention at schools and universities. The entire dissertation thesis is inspiration for managers not only in the financial sector but anywhere, where it can assist as a guidance for managers at all levels of management in their daily work related to employee motivation and retention. There are summed up results of the set hypotheses and evaluated the goals at the end of the thesis.

Using a qualitative, gender-sensitive approach, this particular case study explores the narratives of a group of white, Afrikaans-speaking, women employed in the financial sector of Gauteng. All of the participants were managers on various levels of the management hierarchy at the time of the interviews. I have chosen various feminist approaches to frame my study. These include standpoint feminism, intersectionality and moral feminism. Furthermore, I have incorporated theories around socialisation and the interpretive social science approach. Based on semi-structured interviews this study has aimed to explore women's experiences regarding their political context and their socialisation process and how this affects their career choices and ideals on how to 'balance' work and home life. In terms of career life, this study has attempted to illustrate some of the obstacles that women face when it comes to being promoted, but it has also looked at the positive elements of being a so-called 'career woman'. It has further attempted to show how women exude agency when they attempt to challenge out-dated but present patriarchal norms and values. This study has attempted to show how working women try to manage spending the little free time they have with family and their children and how most of them still have to assume the bulk of the home responsibilities. This particular group's position is fairly ambiguous within contemporary South African society, since they have been known to have enjoyed certain privileges in the past relative to other groups, but they have also suffered and still suffer gender discrimination and gender inequality under patriarchy. Recently some have come to question whether white women should also benefit from Affirmative Action policies. This is not an easy question to answer since it has been widely acknowledged that women experienced discrimination and gender inequality during the apartheid era differently (Kongolo&Bojuwoye 2006: 364). Thus, it is important to understand their accounts of the past, as well as, the future. AFRIKAANS : Hierdie studie volg ʼn kwalitatiewe, gender-sensitiewe benadering wat die narratiewe ondersoek van ʼn geselekteerde groep wit, Afrikaans-sprekende vrouens wat tans aangestel is in die finansiële sektor van Gauteng. Al die deelnemers was aangestel as bestuurders op verskeie vlakke van die bestuurshiërargie. Ek het verskeie feministiese benaderings gebruik om my studie te raam, naamlik, standpunt feminisme, interseksionaliteit en morele feminisme. Verder het ek ook teorieë rondom sosialisering en die interpretatiewe sosiale wetenskap benadering, gebruik. Hierdie studie is gebaseer op semi-gestruktureerde onderhoude wat poog om vrouens se ervarings rondom hulle politieke konteks en hul sosialiseringsproses te ondersoek. Dit poog verder om te sien hoe die bogenoemde aspekte die deelnemers se keuses rondom loopbane en ideale beinvloed, veral ten opsigte van hoe hulle hul werk en huislewe 'balanseer'. Met betrekking tot loopbane, kyk hierdie studie na die potensiële struikelblokke wat kan voorkom in terme van verhogings en ander moontlikhede, maar ek ondersoek ook die positiewe elemente wat voorkom as mens ʼn loopbaan-gedrewe vrou is. Verder word daar gekyk na hoe vroue hul agentskap bewys wanneer hulle poog om argaïese, patriargale norme en waardes uit te daag in die werksomgewing asook die huishouding. Hierdie studie bestudeer hoe werkende vroue probeer om die beperkte tyd wat hulle het, te spandeer met hulle gesinne en kinders maar ook hoe hulle nog steeds die meerderheid van die huishoudelike take moet verrig. Hierdie spesifieke groep se posisie is dubbelsinnig in die kontemporêre Suid Afrikaanse konteks, want in die verlede het hulle sekere voordele bo ander groepe geniet, maar hulle het ook onderdrukking ondervind, en hulle ondervind dit steeds ten opsigte van patriargie. Onlangs was daar bevraagteken of wit vroue ook voordeel moet trek uit regstellende aksie wetgewing. Dit is nie ʼn maklike vraag om te beantwoord nie, maar dit is alombekend dat die meerderheid Suid Afrikaanse, vrouens diskriminasie en gender ongelykheid ervaar het tydens die apartheid era, al was hierdie ervarings verskillend (Kongolo&Bojuwoye 2006: 364). Dus, is dit belangrik om die perspektiewe oor die verlede en die toekoms in ag te neem wanneer daar gepoog word om huidige besluite te verstaan. Copyright / Dissertation (MSocSci)--University of Pretoria, 2012. / Sociology / unrestricted

Med en utvecklingstakt som ökar exponentiellt, där ny teknologi och globalisering ärframåtdrivande faktorer, är det inte konstigt att det har blivit viktigare för företag att förändraoch utveckla sig om de vill fortsätta vara konkurrenskraftiga. Att kontinuerligt innovera ärnumer vitalt för att långsiktigt lyckas på en marknad. Som nästan alla sektorer och branscherså har den finansiella sektorn erfarit stora förändringar. Ny teknologi har gjort det möjligt förföretag att erbjuda smarta finansiella tjänster, något som hotar de traditionella storbankernasvinster och marknadsinnehav. Innovation management är ett forskningsämne som handlar omhur organisationer strukturerat kan styra, och arbeta med, sitt innovationsarbete och viidentifierade ett forskningsgap avseende hur svenska företag, inom den finansiella sektorn,arbetar med innovation management. Genom en komparativ fallstudie, baserad på primärtsemistrukturerade intervjuer med en efterföljande tematisk analys, undersökte vi hur svenskastorbanker och fintechbolag gör detta. Den teoretiska utgångspunkten skedde i Tidd ochBessants (2018) modell över innovation management och vi identifierade både likheter ochskillnader mellan de undersökta fallen. Resultaten tyder på att samtliga undersökta företagaktivt arbetar med innovation management, i olika mån. Exempelvis återfanns det likhetermellan företagens innovationsfaser, hur de betonade vikten av kontinuerlig innovation och enbalans mellan att utforska och utnyttja. Men fintecbolagen applicerade exempelvis flermetoder för att uppnå ett högt innovationsengagemang medan storbankerna fokuserade merpå inkrementell innovation internt och hämtade mer disruptiva komponenter från den externamiljön. Flera skillnader mellan storbankerna och fintechbolagen sinsemellan identifieradesockså. Resultaten bidrar till att öka förståelsen för innovation management och bidrar såledesbåde till teorin och praktiken.

Tidigare forskning har fokuserat på varför företag implementerar IFRS 9 och vad för effekter som tillkommer. Men det är få studier som diskuterar implementeringsprocessen av IFRS 9. IFRS 9 ersätter den gamla IAS 39. Detta har lett till att redovisningen har bytt från regelbaserad till principbaserad. Studiens syfte är att ta reda på implementeringsprocessen av IFRS 9 hos företag inom den svenska finansiella sektorn. Ämnet är relativt nytt då IFRS 9 var obligatoriskt för börsnoterade företag år 2018. Det är relativt få studie inom området och ännu färre hur processen fungerar. För att utföra studiens syfte har vi använt oss av intervju som primär data och dokument som sekundär data. Studien byggersig på process theory som förklarar förändringsprocessen inom en organisation.  Studiens resultat visar att implementeringsprocessen på de flesta verksamhet har varit relativt lika. Ett stort fokusområde har varit på klassificering och värdering av tillgångar och nedskrivning. Däremot har det skett på olika grad beroende på vilken bransch som har tagit åt sig IFRS 9. Banker har haft ett stort fokus på nedskrivningar medan företag som vill uppnå den legala delen har hållit sig endast till klassificering och värdering av tillgångar. Studiens bidrag har varit att skapa en bättre förståelse av implementeringsprocessen av IFRS 9 och framtida implementeringsprocess. / Previous research has focused on why companies have adopted IFRS 9 and what effects it has. However, few studies discuss the implementation process of IFRS 9. IFRS 9 replaces the old IAS 39standard. This has led to the accounting being changed from rule-based to principle-based. The purpose of the study is to find out the implementation process of IFRS 9 for companies in the Swedish financial sector. The subject is relatively new as IFRS 9 was mandatory for listed companies in 2018. There are relatively few studies in that area and even fewer pm how the process works. To carry out the purpose of the study, we have used interviews as primary data and documents as secondary data. The purpose of the study is based on process theory that explains the changes within a company. The results of the study show that the implementation process on most businesses has been relatively similar. A large focus area has been on classification and valuation of assets and impairment. On the other hand, this has occurred on varying degrees depending on which industry has adopted IFRS 9. Banks have had a strong focus on impairment, while companies that just want to achieve the legal part have only adhered to the classification and valuation of assets. The study's contribution has been to create a better understanding of the implementation process of IFRS 9 and any future implementation processes.

The banking sector is experiencing an increasing interest in evaluating environmental performance, social responsibility, and corporate governance (ESG), since the internationalcontext aroused discussions on advantages of incorporating ESG-related policies. Therefore,significant relationships between ESG engagement and financial performance and stabilityare expected. This study aims to analyse the impact of ESG engagement on financial stabilityin the banking sector including the period of economic distress. A sample size of 72 listedEuropean banks is studied during the period 2017-2022, using regression analysis. Z-score,Non-performing loan ratio and Tobin’s Q are proxies used to measure banks’ financialstability. Combined ESG score and individual Social, Environmental, and Governance pillarsfrom Refinitiv Eikon database are the target variables. Contrary to expectations, the findingsreveal that ESG engagement does not have a significant positive impact on financial stabilitywithin the banking sector. However, interestingly, among the three ESG pillars the social oneseems to decrease financial stability of banks in some estimations. It is also notable that theregression coefficients for target variables are quite low, especially in comparison withfinancial performance variables ROA and ROE, which indicates that ESG engagement maynot be the most influential factor in banks’ financial stability.

L'usage des outils technologiques dans l'entreprise engendre généralement des détournements susceptibles d'influencer sa finalité. Dans cette étude nous nous intéressons à l'appropriation d'outils par les acteurs en vue de prédire la performance technologique des entreprises.Pour étayer cette préoccupation, deux approches méthodologiques ont été empruntées. Une première approche qualitative, soutenue par 13 entretiens menés auprès des responsables d'entreprises du secteur financier camerounais, a facilité la conception d'un questionnaire compréhensible par les enquêtés. À l'aide d'une seconde approche quantitative complémentaire, 365 cadres financiers au Cameroun ont répondu à ce questionnaire.Les résultats obtenus restent dans le prolongement de la perspective structurante adoptée dans cette recherche mais suggèrent la prise en compte de la diversité socio-économique et culturelle dans les questionnements d'appropriation d'outils. Contrairement aux idées majoritaires de la littérature, les outils technologiques utilisés par nos enquêtés ne sauraient être orientés à d'autres fins que celles prédéfinies par leur hiérarchie. Les limites d'usage, la faible intensité d'utilisation d'outils et le niveau de formation moyen des usagers justifieraient le manque d'idées d'appropriation d'outils dans ce secteur. En somme, seule la rapidité d'exécution est perçue comme une performance technologique par les cadres financiers camerounais. Cette performance est déterminée significativement par deux types d'appropriation : l'une, innovante, développée pour résoudre les imprévus de l'activité de travail et une autre, légitimée, acquise naturellement par expérience. Cette recherche interpelle donc les managers à tenir compte des facteurs sociologiques des organisations pour favoriser leur performance technologique. / The use of technological tools in companies can creates a change in the goals expected. This work deals with how these tools are used in order to predict the technological performances of companies.To reach this objective, we have combined, firstly, a quality method which, through interviews of 13 companies' executives of Cameroonian financial sector, made it easy for us to work out a set of questions understandable by everyone. Secondly, a complementary quantity method in which 365 financial agents of Cameroon working in Douala and Yaoundé answered different questions related with the mastering of technological tools.The results obtained respect the main objective of this research work, but , however, imply that social, economic and cultural parameters are taken into account in questions on the mastering of technological tools. Contrary to what suggested in the list of documents consulted, in the Cameroonian financial sector, technological tools are used only to reach the goals fixed by the hierarchy in advance. Non expected results are due to rough and low use of tools in companies, as well as to average training level of users. Which clearly means that technological tools are not mastered in that sector.On the whole, only one aspect of performance is noted in the use of technological tools by Cameroonian financial agents, depending on the environment: speedy execution. This performance is determined by two appropriation methods, one of which tends at innovating in order to solve unpredicted problems that appear in everyday work, the other naturally acquired through experience from everyday use of tools. This research work calls on managers' attention to integrate sociological factors of organizations so as to favor their technological performance.

Bakgrunden till denna studien tar avstamp i de ständigt ökade regleringarna inom den finansiella sektorn, särskilt inom bank och försäkring. Denna sektor har upplevt tyngre regleringar sedan Enron skandalen 2001 vilket kulminerade till Sarbanes-Oxley Act 2002, som fortfarande är aktivt reglerad idag. Under 2018 tillkom två nya regleringar som trädde i kraft för den svenska finansiella sektorn, nämligen “Markets in Financial Instruments Directive II” (MiFID II) och Lagen (2018:1219) om Försäkringsdistribution (LFD). Dessa tillkomna regleringar kan ha en inverkan på chefer och deras ledarskap på verksamheter inom bank och försäkring. Syftet med denna studie är att illustrera potentiella indikatorer om, och hur, nya finansiella regleringar kan inverka på chefers ledarskap. Studien har därav ämnat sig till att använda transaktionell respektive transformativ ledarskapsteori för att tolka och analysera tio chefers upplevelser av de ökade regleringarna. Den empiriska data som har samlats in från en organisation, verksam inom bank- och försäkring, indikerar på att regleringarna kan ha påtagliga effekter på chefers ledarskap. Cheferna återgav ett ökat bruk av transaktionellt ledarskap genom direkt kontroll. Detta då de behövde säkerställa om medarbetarna efterlevde de nya regleringarna. Några av cheferna uttryckte framträdande förändringar i ledarskapet efter att de nya regleringarna trätt i kraft. Detta resulterade i ett mer kontrollerande och transaktionellt ledarskap, då den större delen av tiden spenderades på kontroller och lämnade således mindre utrymme för det transformativa ledarskapet. Vid införandet av en administrativ roll avlastades stora delar av det administrativa arbetet för cheferna, så de återigen kunde återvända till deras tidigare utövade ledarskap. Studien konkluderar att det finns indikationer på att regleringar kan påverka chefers ledarskap men kan till stor del bero på hur verksamheten väljer att delegera det administrativa arbetet. Det finns även indikationer som visar att nya regleringar kan gynna vissa ledarskapsstilar. Vid ökade kontroller indikerar det, som ovannämnt, ett ökat bruk av direkt kontroll, ett typiskt drag hos det transaktionella ledarskapet. Å andra sidan indikerar avskaffandet av kontingentbelöningar inom försäljning, ett ökat användande av ett transformativt ledarskap. / The background of this study originates in the expanding regulation of the financial sector, specifically within the banking and insurance business. This sector has experienced heavier regulations since the Enron scandal in 2001 which culminated in the Sarbanes-Oxley Act of 2002, and is still being actively regulated today. During 2018, two new regulatory frameworks were added to the Swedish financial sector, namely Markets in Financial Instruments Directive II (MiFID II) and the Insurance Distribution Directive (IDD). This, and any other new addition to the legal framework, may affect managers and their leadership within an organization which operates within the banking and insurance business. The purpose of this study is to illustrate how new financial regulations may affect managers’ leadership. The study has therefore employed the use of transactional and transformative leadership theory to analyze ten managers’ personal experiences of the increased regulatory framework. The empirical data gathered from an organization currently operational within the banking and insurance sector suggest that regulations may have tangible effects on the managers employed there. The managers reported an increased use of direct control, whereby they would examine if their subordinates were compliant with the new regulations or not. Some of the managers expressed significant alterations in their leadership when the new frameworks were first introduced which resulted in a more controlling and transactional leadership, as most of their time was spent assuring employee compliance. However, upon the implementation of an administrative role that relieved the managers of most of the compliance control, they could once more return to their favored leadership style. The study concludes that there are indications of the regulations affecting managers’ leadership but that it’s heavily dependent on how an organization chooses to delegate the compliance work. There are also certain indications that the nature of new regulations could favor certain leadership styles. An increase in compliance work also suggests an increase in the use of direct control, a common trait in transactional leadership. On the other hand, the abolishment of contingent rewards for sales indicates an increase use of transformational leadership.