The aim of the thesis is to further explore the relationship between economic integration and firm mobility and investment, both from an empirical and a theoretical perspective, with the objective of drawing conclusions on how government policy can be used to strengthen the positive impact of integration on investment, which is crucial in moving and maintaining countries at the forefront of the technology frontier and accelerating economic growth in a world of rapid technical change and high mobility of ideas, goods, services, capital and labor. The first chapter aims to bring together the literature on economic integration, firm mobility and investment. It contains two sections: one dedicated to the literature on FDI and the second covering the literature on firm entry and exit, economic performance and economic and business regulation. In the second chapter I examine the relationship between the Single Market and FDI both in an intra-EU context and from outside the EU. The empirical results show that the impact of the Single Market on FDI differs substantially from one country to another. This finding may be due to the functioning of institutions. The third chapter studies the relationship between the level of external trade protection put into place by a Regional Integration Agreement(RIA)and the option of a firm from outside the RIA block to serve the RIA market through FDI rather than exports. I find that the level of external trade protection put in place by the RIA depends on the RIA country's capacity to benefit from FDI spillovers, the magnitude of set-up costs of building a plant in the RIA and on the amount of external trade protection erected by the country from outside the reigonal block with respect to the RIA. The fourth chapter studies how the firm entry and exit process is affected by product market reforms and regulations and impact macroeconomic performance. The results show that an increase in deregulation will lead to a rise in firm entry and exit. This in turn will especially affect macroeconomic performance as measured by output growth and labor productivity growth. The analysis done at the sector level shows that results can differ substantially across industries, which implies that deregulation policies should be conducted at the sector level, rather than at the global macroeconomic level.

<p>Previous studies have identified that the use of currency derivatives in order to minimize the risk involved with foreign trade can also increase a firm’s value. Evidence of this can be found in a paper such as Allayannis and Weston (2001) “Use of Foreign Derivatives and Firm Market Value”, which showed that companies in the U.S. that uses these currency derivatives has a higher firm value than companies that do not use them. However, there have not been any studies concerning the Swedish market. This is why the Swedish market is selected for this thesis but also since the Swedish market is a more open market than the U.S. market for instance. The more open, the more volatile is the exchange rate, which one could see as a reason to why Swedish companies should hedge even more. The purpose of this thesis is to analyze the Swedish market and to find out if there is a relation between the firm value and hedging, analyzed with help of Tobin’s Q that gives us a measurement of the firm’s underlying value.</p><p>The analysis is done on the 50 largest companies in Sweden, although some of the companies are ranked lower in the category total asset but since not all of the 50 largest companies met the requirements, the selection had to go further down the list. The data is received from the companies annual reports (2005), this to receive the latest data. The companies are analyzed with help of Tobin’s Q and also EBIT (Earnings Before Interest and Tax), this to get a measurement of how the market value of the companies was towards each others with pr without hedging.</p><p>The result is presented in the analyze and shows that there is no relation between firm value and hedging, at least not in this research and with this selection of companies in the Swedish market. This result contradicts the findings in the paper made on the U.S. market.</p>

The global media landscape has undergone fundamental changes. South Africa is one of the countries that has been part of the global media revolution, and it is therefore not surprising that the broadcasting and the telecommunications industry in South Africa finds itself in the midst of critical and rapid changes. From a technological and legislative viewpoint, the industry is grappling with the meaning and implications of the convergence of broadcasting (Sentech Annual Report, 2002). Sentech Limited is used as a case study for this dissertation. The present study examines the nature of Sentech's transformation as a service arm within the South African Broadcasting Corporation (SABC) to a fully-fledged, profit driven, state-owned enterprise. The advent of technological convergence and the introduction of new digital technologies afford Sentech exciting new opportunities to expand in the communications arena. The first chapter entails the methods of data collection used, as well as the analysis of data collected from the interviews and surveys. It is worth reviewing the challenges that Sentech faces as it operates independently of SABC, as well as how its transition into a digital oriented enterprise has developed and necessitated the possible access to information. Chapter two discusses and outlines Sentech's history and its structure. The two issues raised guide the reader towards a better understanding of the 'old Sentech', and its transformation to a 'renewed entity'. The history surveys Sentech's establishment from the initial stages when it was a mere division of SABC, focused on technological aspects of analogue terrestrial signal distribution. The new technological revolution introduced and transformed Sentech into a digital transmitter. The 'new Sentech's outfitted with new technological platforms for distribution and transmission. For instance, IP Wireless mobile broadband and other new technological structures contributed to reshaping Sentech into a digitally oriented transmitter. The design of the company tracks different developments in which Sentech has engaged over the past ten years, and are dealt with the following sections. The third chapter deals with Sentech's transformation as an outcome of the liberalization wherein the effects of this process need to be looked at including the role of the government, market structure, issues of competition with Orbicom and Telkom, the new competitive strategies and ICASA's role as a regulator. The fourth chapter covers the concepts and theories that may help inform the discussion in the dissertation. Three theories will be used in the discussion to help to analyze and evaluate the data collected. The theories are very important as they motivate this study. They are concerned with the concept of political economy. Political economy signifies "the production, distribution, and consumption of the more general interest in the process of control and survival in social life" (Mosco, 1996: 17). These will exemplify the opportunities that Sentech faced as an independent commercial enterprise. Furthermore, the section explains technological components. Sentech is a signal distributor, which underwent transformation. Concepts such as 'convergence' produce a vivid explanation of how Sentech was allowed to undertake an aggressive business transformation, from being traditional signal distribution to international telephony and multimedia service. Chapter five entails the performance of Sentech. This part discusses the revenue, public interest on matters relating to access and some of the key challenges. There is also a discussion on globalization, digitization and convergence which Sentech has engaged in. The last chapter will be concerned with a conclusion and will recommend a way forward. / Thesis (M.A.)-University of KwaZulu-Natal, 2005.

This dissertation presents the findings of an exploratory collective case-study examining corporate innovations arising from voluntary dyadic engagement between UK firms and nonprofit organisations (NPOs) focused on social issues. Whilst the extant literature demonstrates that pro-active engagement with NPOs can assist firms innovate, there has been no empirical work which explores the relationship between the engagement and the innovation outcome: a gap which this research addresses. In doing so, it illustrates how concepts and constructs from the innovation management literature can be applied usefully to the stakeholder and cross-sector collaboration field. To date, empirical studies addressing firm-NPO engagements have concentrated overwhelmingly on partnerships to address environmental issues. This study provides insights into cross-sector engagements focused on addressing social issues. Using a form of analytic induction to evaluate qualitative case-data from ten dyadic engagements, this dissertation addresses the question: “how do firms innovate through engagement with social issues nonprofit organisations?” The research found that product and service innovations resulted from engagements where the firm had an external stakeholder orientation and was focused on delivering tangible demonstrations of corporate responsibility. Process innovations, by contrast, were produced from engagements where firms had an internal stakeholder orientation. Two distinctions were noted in the innovation process, too. Firstly, a more exploratory approach to dyadic engagement activities, which resulted in an emergent innovation process; and secondly, a focused and pre-determined search activity to exploit the resources of the nonprofit partner which demonstrated a more planned innovation process. In addition, two distinct boundary spanning roles were identified: in dyads with no direct management involvement in the engagement, the role was associated with formal responsibilities from senior management to „manage‟ innovation opportunities and outcomes. In dyads where senior management were involved, there was no such formality; the boundary spanner acted to „facilitate‟ search and exploration to locate opportunities for innovation through idea exchange. The application of innovation constructs to the business and society field has enabled firm engagement with nonprofit stakeholders to be examined through a new lens and demonstrated how firms innovate from such relationships. In particular it has highlighted the key role played by the firm boundary spanner (relationship manager) and how this role alters depending on senior management involvement: a distinction which has not been made in the extant literature and would benefit from further examination.

The purpose of this thesis is to analyse the effect of corporate governance on firm performance and information leakage in the Chinese securities market. As one of the major emerging markets in the world, the results of this thesis are valuable not only to the Chinese market, but also to other emerging markets. To achieve this purpose, data is collected from most of the non-financial listed companies in the two Chinese stock exchanges, which are the Shanghai Stock Exchange and the Shenzhen Stock exchange. The data sample covers the period from 2004 to 2008, since there was a series of new reforms in the Chinese stock market at that time. These reforms include new legislation and the reduction of non-tradable shares. Then this thesis employs the panel technique and the pooled OLS to estimate the effect of corporate governance on firm performance and information leakage in Chinese listed companies. Firstly the relationship between corporate governance and firm performance in Chinese companies is empirically evaluated. The empirical results of this thesis find that the ownership structure of Chinese companies will affect their firm performance. In this thesis, proxies of ownership structure include the proportion of institutional ownership, the proportion of the state ownership, the proportion of shareholdings of the largest shareholder, and the proportion of tradable shares in Chinese companies. A greater proportion of institutional ownership has positive effects on firm performance in Chinese companies. Board subcommittees also help Chinese companies to increase firm performance. The market reforms of 2006 also help Chinese companies to increase their firm performance. However, the board of directors and board of supervisors do not affect firm performance in Chinese companies. Secondly, information leakage in the Chinese Stock Market is empirically assessed. If investors receive corporate material information before the public disclosure, this phenomenon is known as information leakage. The thesis finds that information leakage in the Chinese market is widespread. Finally, the thesis empirically examines the effects of corporate governance on information leakage in Chinese companies. Board subcommittees have negative effects on information leakage in Chinese companies. Other variables of corporate governance do not affect information leakage in Chinese companies. Additionally, the thesis finds that market reform promotes more information leakage in Chinese market. On the basis of the empirical results, the thesis provides the following recommendations. First, the Chinese Stock Market needs to reform the relevant legislation. Second, Chinese companies need to reform their ownership structure. These suggestions may strengthen the internal governance of Chinese listed companies, thereby, increasing firm performance and decrease information leakage.

<p>This dissertation explores the complex interactions between organizational structure and the environment. In Chapter 1, I investigate the effect of financial development on the formation of European corporate groups. Since cross-country regressions are hard to interpret in a causal sense, we exploit exogenous industry measures to investigate a specific channel through which financial development may affect group affiliation: internal capital markets. Using a comprehensive firm-level dataset on European corporate groups in 15 countries, we find that countries</p><p>with less developed financial markets have a higher percentage of group affiliates in more capital intensive industries. This relationship is more pronounced for young and small firms and for affiliates of large and diversified groups. Our findings are consistent with the view that internal capital markets may, under some conditions, be more efficient than prevailing external markets, and that this may drive group affiliation even in developed economies. In Chapter 2, I bridge current streams of innovation research to explore the interplay between R&D, external knowledge, and organizational structure–three elements of a firm’s innovation strategy which we argue should logically be studied together. Using within-firm patent assignment patterns,</p><p>we develop a novel measure of structure for a large sample of American firms. We find that centralized firms invest more in research and patent more per R&D dollar than decentralized firms. Both types access technology via mergers and acquisitions, but their acquisitions differ in terms of frequency, size, and i\ntegration. Consistent with our framework, their sources of value creation differ: while centralized firms derive more value from internal R&D, decentralized firms rely more on external knowledge. We discuss how these findings should stimulate more integrative work on theories of innovation. In Chapter 3, I use novel data on 1,265 newly-public firms to show that innovative firms exposed to environments with lower M&A activity just after their initial public offering (IPO) adapt by engaging in fewer technological acquisitions and</p><p>more internal research. However, this adaptive response becomes inertial shortly after IPO and persists well into maturity. This study advances our understanding of how the environment shapes heterogeneity and capabilities through its impact on firm structure. I discuss how my results can help bridge inertial versus adaptive perspectives in the study of organizations, by </p><p>documenting an instance when the two interact.</p> / Dissertation

We draw on a unique dataset for energy use by manufacturing firms in 18 Sub-Saharan African countries to estimate the relationship between energy intensity of production and firms' characteristics. Our results show that lower levels of energy intensity are associated with export activity, foreign ownership, size and capital-labor ratio, while higher levels of energy intensity are associated with a higher share of fuels in total energy consumption. We do not find a statistically significant relationship between energy intensity and the age of capital equipment or ownership of a generator, while our results on quality management certification are inconclusive.

This study finds leader genuine emotion does influence firm performance in two ways. First it can result in positive effect on subordinate attitude which, in turn, increases firm performance. Second, it can result in negative direct effect on firm performance after controlling for the indirect effects just mentioned. These results are interpreted herein to provide support to the claims by many (Ashforth & Humphrey, 1993; Gardner et al., 2009a; Humphrey et al., 2008; Hunt et al., 2008) that properly managed genuine leader emotion should lead to positive outcomes and improperly managed genuine leader emotion should lead to negative outcomes. Here, proper management is contingent upon displaying emotions that “correspond” with display rules, situational requirements, and audience expectations. Thus, it is recommended herein that leaders closely monitor their behavior, predominately using genuine emotional displays when appropriate and deep acting when their genuine emotions do not align with the requirements of their role.

This study extends previous research on the effects of executive board diversity by examining the relationship between age-, gender- and nationality diversity on firm performance in the Netherlands. Based on a sample of 79 Dutch listed firms studied over the period 2010-2015, this study reports a positive link between board diversity and firm performance. Firm performance is, hereby, estimated using a forward-looking market performance measure (Tobin’s Q) and a backward-looking accounting measure (ROA).

M.Com. (Business Management) / The knowledge that people create, possess and share can easily go unnoticed in organisations that do not put effort in identifying it. Knowledge, among other factors, is what people in organisations use to make decisions that can possibly give organisations a competitive advantage. Knowledge, as with other traditionally recognised resources, is a strategic resource that organisations can use to bring about positive change in business. Knowledge can be tacit or explicit and both types need to be managed strategically. Explicit knowledge tends to be easily accessible if it is stored in places such as databases where people can locate it, however, tacit knowledge can be slightly more challenging to access as it lies in the minds of people. Eskom’s Project Development Department (PDD) has 32 project developers who actively develop projects that the organisation will invest in. These projects include electricity generation stations, transmission lines or even pollution mitigating technologies. The project developers work with various stakeholders in and outside of the organisation to ensure that the projects are aligned with the strategic objectives of the organisation. This study aimed to identify the knowledge that the project developers possess and a knowledge audit was conducted on the project developers. The results show that the project developers possess vast amounts of knowledge, skills and are subject matter experts in various fields. The project developers also communicate with various other departments within Eskom when developing projects. A contributing fact to the varying knowledge and skills that the project developers possess is the different projects that each project developer develops. These projects can take up to three years to develop and this can enable a person to acquire knowledge in a specific field of operation. The majority of the project developers also stated that they preferred one on one physical conversations to acquire and share knowledge. Knowledge is gaining recognition as a strategic resource within organisations and strategic management of the knowledge is necessary as it can provide benefits for people and organisations as a whole.