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The focus of interest in this research is the value relevance of superannuation disclosures for corporate employers sponsoring Defined Benefit Plans on behalf of employees. For the period of this study, the two years 2002 and 2003, the relevant reporting requirements came within the accounting standard for employee benefits, AASB 1028. Prior Australian research on superannuation disclosures has already established that such disclosures were value relevant, at least based on an industrial sample in 1995, and more recently on a full sample for the period 2000 to 2003. The primary purpose of this study is to examine the hypothesis that this relationship between shareholder value and superannuation disclosures is asymmetrical i.e. significantly different depending on whether the company-sponsored fund represents a liability (deficit) or an asset (surplus) of the sponsor firm. The reason for investigating this conjecture was that, in light of the changed conditions in the Australian market for many firms, the net asset position of a number of superannuation plans deteriorated, providing the evidence to investigate this hypothesis for the first time. The research methodology used in this study investigates value relevance using the balance sheet valuation model developed by Landsman (1986) and since used in several studies. The findings of the study provide new evidence in support of this hypothesis, consistent with the view that the market will devalue the firm heavily when the fund is in deficit, but will appreciate the value of the firm significantly less heavily when the fund is in surplus. The study finds support for the observed market behaviour in prior research relevant to the impact of ‘bad news’ and the consequent market reaction. The findings are particularly relevant at a time of change in the accounting regulations for superannuation disclosures for corporate sponsors with the move to adoption of International Financial Reporting Standards from January 2005.

The focus of interest in this research is the value relevance of superannuation disclosures for corporate employers sponsoring Defined Benefit Plans on behalf of employees. For the period of this study, the two years 2002 and 2003, the relevant reporting requirements came within the accounting standard for employee benefits, AASB 1028. Prior Australian research on superannuation disclosures has already established that such disclosures were value relevant, at least based on an industrial sample in 1995, and more recently on a full sample for the period 2000 to 2003. The primary purpose of this study is to examine the hypothesis that this relationship between shareholder value and superannuation disclosures is asymmetrical i.e. significantly different depending on whether the company-sponsored fund represents a liability (deficit) or an asset (surplus) of the sponsor firm. The reason for investigating this conjecture was that, in light of the changed conditions in the Australian market for many firms, the net asset position of a number of superannuation plans deteriorated, providing the evidence to investigate this hypothesis for the first time. The research methodology used in this study investigates value relevance using the balance sheet valuation model developed by Landsman (1986) and since used in several studies. The findings of the study provide new evidence in support of this hypothesis, consistent with the view that the market will devalue the firm heavily when the fund is in deficit, but will appreciate the value of the firm significantly less heavily when the fund is in surplus. The study finds support for the observed market behaviour in prior research relevant to the impact of ‘bad news’ and the consequent market reaction. The findings are particularly relevant at a time of change in the accounting regulations for superannuation disclosures for corporate sponsors with the move to adoption of International Financial Reporting Standards from January 2005.

The regimes of today that regulate and protect Intellectual Property Rights are based on Western cultural and philosophical values. This realization leads to the supposition that culture may influence the notion of patents. This raised the question of whether patent valuation would underlie a cultural bias. If patents are important in international business it is evident that a cultural impact on patent valuation would have significant implications and necessitate dedicated investigation. A literature review confirmed a knowledge gap in this area. This work, therefore, aims to investigate cultural impact on patent valuation. A distinction is made between a valuation from an ethical point of view and an economic valuation. Following a mixed methods approach, this research applies semi-structured interviews to create survey items for a questionnaire that then provides data that can be analyzed statistically and qualitatively. For quality assurance, a pre-questionnaire is used as an intermediate step. The results of the quantitative and qualitative analyses are subject to a between-method triangulation, which is interpreted in the following discussion in the light of relevant theory. The findings of this investigation confirm that there is indeed a cultural impact on the notion of patents. Two cultural dimensions, “Uncertainty Avoidance” and “Institutional Collectivism” correlate significantly with ethical patent valuation. Furthermore, it is not the complete cultural dimension, “Future Orientation”, but a specific aspect of it that correlates with economic patent valuation. A relationship between standpoints towards the ethical valuation of patents and economic patent valuation could not be proven. The research questions of what cultural dimensions have an impact on patent valuation and how and why they impact are answered. In addition, this work provides a model that represents cultural impact on patent valuation.

The aim of this dissertation, undertaken between 2012 and 2017, is to contribute towards the improvement of international joint venture (“IJV”) management in real estate development projects by analysing performance and factors, critical for the success of real estate IJVs. The assumption is that a real estate capital investor acts as the international partner of the IJV-construct, while local developers, operators and/or real estate professionals represent the local partner. The thesis focuses on the perspective of the real estate capital investor as a key actor in an IJV. The thesis adopts a systems approach in identifying and discussing the critical success factors of IJVs in the literature review, followed by the development of an integrated, theory-based framework that offers a theoretical conceptualisation of the research problem and key research questions. The methodology and research design were compiled using quantitative (questionnaire survey) and qualitative (focus group and semi-structured interviews) approaches. Data were collected from international capital providers investing as IJV-partners in real estate development using a mixed method approach, the thesis proposes and elaborates on a performance model for IJVs in real estate development, with an aim to ensure empirically valid performance measurement. The focus was to identify and justify determinants and their relationships. The empirical investigation in the thesis supports the notion that the investment process and the selection of the partner are particularly important for a project’s success in real estate development IJVs. In addition, aspects related to the structural and organisational dimension are relevant to the overall IJV performance. Moreover, the model has shown significant relationships between the (1) structural, organisational and investment dimensions on the one hand, and the (2) external, organisational and investment dimensions, on the other hand, for the overall success in the formation-stage. With respect to the post-formation stage, relationships between (1) partner and organisational dimension, (2) partner and investment dimension and (3) investment and organisational dimensions have been proven relevant to improve IJV performance in the context of real estate development IJVs.

This thesis investigates the impact of an EU-directive (directive 2011/61/EU) regarding the administration of alternative investments by fund managers (AIFMs) on the business models of AIFMs which became effective on June 22, 2013. This new fund regulation is expected to affect the business models of traditional AIFMs that were not previously subject to regulation but now have to comply with these rules. The potential effect of the Alternative Investment Fund Manager Directive (AIFMD) has been subject to contentious debate in the past. However, the outcomes of the AIFMD have not previously been considered post implementation and so will be investigated for the first time by this research thesis. This thesis explores the changes already driven by the AIFMD to understand its impact on traditional business models. These changes are currently initiated by fund managers in order to ensure a sustainable business. This thesis also investigates how the marketplace in which fund managers operate will change as a result of the AIFMD and how this change will impact traditional business models. Since the AIFMD only recently became effective, no quantitative data is available. Therefore, this research is based on exploratory research starting with an online survey sent to 200 fund managers managing different types of small, medium and large Alternative Investment Funds. The online survey asks general questions about the fund manager’s business, such as size, jurisdictions, investment types, etc. It also reveals the extent to which business models have been adapted to the requirements, in particular the operating conditions of the AIFMD and which requirements still need to be employed by the respective fund manager. Based on the results of the online survey, a small number of fund managers were chosen for personal interviews representing different types and size of managed funds as well as a variety of country locations. The samples were chosen in that way to allow generalization of the research findings for a broad range of different fund managers with different business models. The personal interviews enable confirmation of the findings achieved by the online survey as well as providing a deeper understanding of how fund managers perceive the impact of the AIFMD on their business model. The form of the interviews is flexible with open and spontaneous questions appropriate to the specific interview situation. This enables a more complex and sophisticated view of the change of traditional business models. Since the AIFMD was only recently realized and currently several AIFMD documents, such as specific guidance, is still outstanding, additional research is needed. Additional research could consider more quantitative data that is not yet available.

Purpose/objectives: The study considered international Joint Venture projects (‘IJV’) and international acquisitions (for recognition purposes, the term of international Mergers & Acquisitions ‘IM&A’ is used even though mergers are not specifically part of the study) with a focus on automotive suppliers in the passenger car market and regionally on US partners. The objective was to analyse how suppliers in the automotive industry can close their strategic deficiencies through these IJV and IM&A transactions. The regional focus on US partners was chosen, as the USA is a major market for automotive suppliers (volumes/size and innovation-focus). The idea was to identify, categorise, and subsequently analyse decision-making parameters of the engagement in IJV and IM&A. Design/methodology/approach: The research had two main areas: a general literature review and an empirical part with a case study approach. As the research drew on a constructivist perspective, the empirical part of the research was conducted with a qualitative approach. At the centre were three case studies of a major German supplier analysed in depth: one IM&A, one IJV and one ‘hybrid’ transaction. These studies examined good practices, highlights, and challenges through semi-structured interviews. Senior experts in the Business Units and collaboration teams involved in these strategic projects were interviewed. Documentation reviews and the researcher’s own observations flanked these interviews. Findings: Bringing together ideas from the existing literature, and enriching them with insights from projects in the real automotive world, the current study contains valuable considerations about these complex strategic transactions. In order to enhance the deliberate use of these collaborations, the research reflected on the possible alignments of the various parameters and strategic factors. Contributions: The study represents a contribution to the practice and to the academic world, since it is a study to bridge the relevant theory/practice literature with real casestudy- based insights of German-USA inter-firm collaborations in the automotive industry. On that basis, an ‘advisory framework’ was developed to enhance decisionmaking in that area of corporate strategy. It focuses on important factors to consider when engaging in cross-border IJV and IM&A in a specific industry. Research limitations/implications: The research results would need to be further explored in practice, which could be the subject of future research. Limitations from the current study stem from the chosen research design and sample size.