Thesis (MBA.) -- University of Limpopo, 2022 / This research aimed to find out if there is a link between government financial assistance to small-scale hotels and their financial performance in Limpopo province, South Africa. The objectives of the study is to examine the impact of government financial assistance on three financial performance measures, namely, sales turnover, net profits and net asset growth of the small scale-hotels. The research used a quantitative approach. Secondary panel data was collected from the financial statements of six small-scale hotels from 2015 to 2018. Data were analyzed using multiple regression model to arrive at the conclusion. The findings from the data analysis reveal that government financial assistance positively and significantly impact the growth in sales turnover and net profits of the small-scale hotels. Furthermore, the findings show that there is no significant relationship between government financial assistance and net asset growth of small scale hotels. The findings of this research have practical implications for the companies operating in the small-scale hotel sector. In addition, the findings of this study is important for the policy makers, as it highlights the policy gaps existing in the sector. The study recommends further research to examine the relationship between government financial assistance to small-scale hotels and their financial performance.

Syfte: Syftet med studien är att undersöka huruvida det råder ett samband  mellan andelen kvinnor i styrelsen och bolagets finansiella prestation bland svenska och finska börsnoterade bolag.  Metod: För att besvara studiens syfte utförs en kvantitativ studie med paneldata under åren 2017-2021. Urvalet består av 102 bolag jämnt fördelat mellan Sverige och Finland. Dessa bolag hämtas från Nasdaq OMX Stockholm och Helsinki. Studien tillämpar hypoteser som besvaras med hjälp av multipla regressionsanalyser.  Teoretiskt perspektiv: Uppsatsens teoretiska referensram består av Agency Theory, Upper Echelon Theory och Critical Mass som tillsammans kompletterar varandra och skapar förståelse för könsdiversifierade styrelsegrupper.  Slutsats: Studien visar tendenser att styrelser med större andel kvinnor bidrar till bolagens finansiella prestation. Finland visar signifikanta positiva svar i båda regressionerna medan Sverige visar ett signifikant negativt resultat i regressionen utan Critical Mass. Dock visar regressionen med Critical Mass för Sverige ett positivt signifikant resultat. / Purpose: The purpose of the study is to investigate whether there is a connection between women on the board and the company's financial performance among Swedish and Finnish listed companies. Methodology: To answer the purpose of the study, a quantitative study is performed with panel data during the years 2017-2021. The sample consists of 102 companies evenly distributed between Sweden and Finland. These companies are retrieved from Nasdaq OMX Stockholm and Helsinki. The study's hypotheses are answered using multiple regression analyzes. Theoretical Framework: The thesis' theoretical frame of reference consists of Agency Theory, Upper Echelon Theory and Critical Mass, which together complement each other contributes to an understanding of gender-diversified board groups. Conclusions: The study shows that boards with a larger proportion of women contribute to the companies' financial performance. Finland shows significant positive responses in both regressions while Sweden shows a significant negative result in the regression that does not include Critical Mass. However, the regression that includes Critical Mass for Sweden shows a positive significant result.

The importance of highlighting environmental issues is increasing in the society, where profit maximizing organizations are being blamed for the social and environmental externalities. As profit maximizing organizations only responsibility is to increase profits, there is a need to find a way to combine CSR engagement with profit maximization. The traditional view is however, that CSR engagements are considered a burden for companies, thus managers need to have good arguments to engage in CSR. This thesis aims to explore how Swedish commercial real estate companies engage in and report on CSR activities that exceed the minimum rules and regulations, their underlying driving forces to engage in CSR as well as how they take sustainability into account in their business decisions. This is a qualitative study conducted by doing 23 semi-structured interviews with commercial real estate companies. The discussion with the respondents were thematized through thematic analysis. There is inconsistency in previous research which enhances the importance of further studies within the area. The main findings in this study is that companies report on sustainability regardless if they are obligated by law or not, and seem to be driven by the same market forces irrespective of company characteristics, such as profit maximization and powerful stakeholders. First and foremost, it is about signaling to stakeholders that they are legitimate. In accordance with institutional theory the companies are influencing and are being influenced by each other. CSR engagement is stated by the participating companies to create tangible as well as intangible financial benefits. In the analysis the results are put in comparison and in context to previous research as well as established economic and political theories. Practical implications for real estate companies, together with recommendations for the industry is discussed. The authors enhance the importance of a standardized framework for reporting, another point brought up for discussion is that less important stakeholders can over time turn in to more important and that companies need to be aware of this transition. Lastly, a question is raised whether it perhaps would be more beneficial for sustainable development if companies increased their cooperation instead of working with the same things at the same time. In conclusion, a unanimous picture that crystalizes itself is that CSR engagement in profit maximizing organizations is no longer “nice-to-have” but rather a “must-have”. / Behovet av att belysa miljöfrågor ökar i samhället, samtidigt får vinstmaximerande företag skulden för sociala och miljömässiga externaliteter. Eftersom vinstmaximerande bolags enda skyldighet är att öka vinsterna, finns det ett behov av att kombinera hållbarhetsengagemang med vinstmaximering. Den traditionella synen är att hållbarhetsengagemang anses vara en börda för bolag. Därför behöver bolagsledningar ha goda argument för att engagera sig i hållbarhet. Denna uppsats syftar till att undersöka hur svenska kommersiella fastighetsbolag engagerar sig i, och rapporterar om sina hållbarhetsaktiviteter som överskrider minimikraven i svensk lagstiftning. Vidare syftar uppsatsen till att söka förståelse kring bolagens drivkrafter och huruvida hållbarhet beaktas i affärsbeslut. Detta är en kvalitativ undersökning där semistrukturerade intervjuer med representanter från 23 olika kommersiella fastighetsbolag genomförts. Diskussionerna har sedan tematiserats med hjälp av tematisk analys.  Det finns en bristande överensstämmelse inom tidigare forskning vilket belyser behovet av ytterligare studier inom ämnet. De huvudsakliga resultaten i denna studie är att företag rapporterar kring hållbarhet oavsett om de är tvungna att göra det eller ej, vilket tyder på att de drivs av marknadskrafter som vinstmaximering och starka intressentgrupper snarare än lagstiftningen. Först och främst handlar det om ett signalvärde till starka intressentgrupper att bolagen är legitima och trovärdiga. Företagen tycks också inspirera och bli inspirerade av varandra, vilket är i enlighet med institutionell teori. Enligt de deltagande företagen leder hållbarhetsengagemang till såväl immateriella som materiella finansiella fördelar.  I analysen sätts resultaten i sammanhang med tidigare forskning och etablerad ekonomisk och politisk teori. Praktiska konsekvenser för fastighetsbolag, tillsammans med ett antal rekommendationer för industrin diskuteras. Författarna till uppsatsen lyfter fram behovet av ett standardiserat ramverk för rapportering. Vidare diskuteras det faktum att intressentgrupper som idag anses vara mindre viktiga över tid kan övergå till att bli allt viktigare. Slutligen, diskuteras huruvida det hade varit mer fördelaktigt för den hållbara utvecklingen ur ett långsiktigt perspektiv om företag intensifierade samarbetet över bolagsgränserna, istället för att arbeta med samma frågor på var sitt håll. Den bild som tydligt kristalliserar sig är att hållbarhet i vinstmaximerande bolag inte längre anses vara “nice-to-have”, utan att det numera är ett “must-have”.

Collaboration among hospital supply chain organizations and their internal and external partners has taken many forms partially in response to significant increases in health care costs in the United States while the quality of care delivered has not significantly improved outcomes for patients. An increasingly important factor of this high-cost profile is the cost of supplies including medical/surgical supplies and implants which are the primary focus of this research. The development of new supply chain capabilities alongside internal cost control and process improvement efforts as well as collaborative efforts between hospitals and suppliers have, in many cases, led to incremental efficiencies. However, there has not been a broad study of integration of United States hospital supply chains with their partners, the resulting capabilities, the achievement of supply chain and financial performance outcomes. In a discussion of hospital performance, it is important to note that patient care is critical in decisions made about hospital cost management, thus it is understandable that a specific capability or performance element prioritized in one hospital may be prioritized differently in another. This research examines the relationship between integration capabilities with supply chain and financial performance. Outcomes from multiple studies of this research includes empirical support for a strong link between supply chain capabilities (Study 1) and supply chain performance and directional link between supply chain capabilities as well as supply chain performance and financial outcomes (Studies 2 and 3). Additionally, this research created a practitioner-oriented benchmarking resource intended to aid in the identification of capability/performance gaps and advantages. / Business Administration/Interdisciplinary

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During the period of 2013-2022, there have been many interesting developments in the football industry in Europe. From accumulation of debt to disregarding the regulatory framework put in place by UEFA, football clubs have changed their capital structures to accommodate their financing needs. There has been previous research that has found a relationship between ownership structure and financial performance, but none that has explored how ownership structure affects debt and liquidity given current circumstances. The scope of this study was to ultimately determine how the capital structure and the liquidity is affected. This is a broad topic and the authors have covered several aspects within the field. However, there have been suggestions on further research regarding how one could go about valuating a football club as most of the football clubs in Europe have private ownership structures. In the end, the sample consists of 8,588 firm-year observations and adapts a longitudinal methodology. The tests carried out consist of OLS regressions as well as a multivariate regression. To be able to compare the different ownership structures, several regressions were made to put each ownership structure as the reference group. The authors of this thesis found that ownership affects debt and liquidity both individually and collectively. Therefore, answering the research question “What is the effect of ownership structure of football clubs in Europe on debt and liquidity?”. Football clubs in Europe have experienced low profitability, but rather high liquidity. The capital structures of said football clubs contain more debt than equity, where equity is negative in some cases. By comparing ownership structures, their effects on both debt and liquidity differentiate. This thesis contributes to already existing literature by contradicting Modigliani and Millers' assumption regarding bankruptcy costs. It also contributes practically to managers, investors, stakeholders, and regulators by providing context to different key financial metrics.

Merger & Acquisitions has been one of the more central themes of the financial sphere since the beginning of the 19th century. It is an activity that is necessary for firms since it can give them competitive advantage in their markets. An acquisition can give the acquiring firms the possibility to enforce cost and revenues efficiencies, as well as the prospect of entering new markets in order to differentiate themselves. Due to the increased activity of acquisitions and its impact on global economy, there has been a development of several strategies and procedures of what shall be taken into account before and during the acquistion itself. One of the latest factors that has been on an uprising in this discussion is the importance of sustainable factors for the acquirer.  Sustainable finance has become a topic of high relevance in the past few years due to the effects of climate change, but also in regard to questions that concern the firms social and managerial contributions. New policies, regulations and standards have submerged and has therefore created a new environment for the firms to adapt after. A commonly discussed framework in the area of sustainability is ESG. ESG har the purpose of assessing and measuring a firm's contributions to sustainability from an environmental, social, and governance perspective. This framework has been lifted in many studies as one of the more influential factors among investors and managers when discussing the profitability of a firm, as well as its strategic prospects in the sector. Lately, it has also been a subject discussed among M&A researchers as well as professionals, with many arguing that ESG will be even. more important part of the merger process due to its influence on the value of the firm and its financial performance.  The aim of this study is to see what kind of correlation there is between the financial performance of an acquiring firm and its ESG scores. This will be analyzed among firms that are listed on the New York Stock Exchange and NASDAQ stock exchange that have performed at least one acquisition between 2017 and 2023. This can give the managers a glimpse of a possible pattern that might be present between acquisitions and ESG scores, since the main aim of an acquisition is to improve the firm’s financial performance. The results that can be drawn from this study is that there is a positive and statistically significant correlation between financial performance and ESG scores among these firms. This may create a new, more modern agent problem where the management is opening up more for external stakeholders over their shareholders, which can be viewed as a consequence of stronger corporate social responsibility taken by the firms.

The relationship between disclosure about sustainability, financial performance, andcorporate governance deserves more attention in the modern business environment. Thisthesis investigates the complex variations in this relationship in the case of Swedish listedcompanies. This study intends to provide insight on the mechanisms by which governancestructures influence the financial consequences of sustainability initiatives byinvestigating how corporate governance functions as a mediator between sustainabilitydisclosure and financial performance. Utilizing data from the NASDAQ Stockholm via the REFINITIV EIKON Database, thestudy investigates the implicit impact of corporate governance components such as boardgender diversity and CEO-Chairman duality on determining the relationship betweensustainability practices and financial performance. The study's systematic search strategyand methodical analysis aim to provide significant insights for companies, investors, andregulators on how to use governance frameworks to generate sustainable andadvantageous business models. This study contributes to the broader conversation on corporate sustainability andgovernance practices by addressing a knowledge gap about how governance structuresregulate the relationship between sustainability disclosure and financial performance. Thefindings are meant to inspire stakeholders about the crucial role that governance plays inpromoting sustainable business practices in the Swedish corporate landscape, as well as tohave practical implications for companies looking to enhance their financial performanceand sustainability strategies.

This research examines at the effect of corporate social responsibility (CSR) expenditure in two state commercial banks and few other financial institutions that are listed on the CSE in Sri Lanka. The independent variable in this analysis is CSR expenditure, whereas the dependent variable is financial performance. Market- and accounting-based performance metrics (ROA, ROE and EPS) are used to assess the financial performance of the financial institutions. The study's control variables were firm age, firm size, and GDP growth rate. For a duration of Eight years, the researchers gathered secondary data on the financial institutions from 2015 to 2022 by using audited annual reports, which included 13 financial institutions as a sample. The study findings reveal that CSR has a statistically significant impact on financial performance. The correlation analysis demonstrated a statistically significant relationship between CSR expenditure and ROA, ROE, and EPS. The correlation coefficient showed that all of the suggested hypotheses were significant and acceptable. The findings from the regression analysis revealed that CSR expenditure has an impact on the financial institution's ROA, ROE, and EPS. The results and implications can assist Sri Lankan financial institutions in designing their CSR projects to maximize value for the organization, resulting in a win-win situation. In addition, investing in CSR as a non-profit endeavor might help financial institutions meet their social responsibility obligations while also enhancing future intangible revenues and preparing them for market competitiveness. In contrast, CSR investments may improve community development, diversity promotion, and quality of life while treating social challenges including poverty, healthcare, education, and environmental sustainability.

Background: Prior literature on diversity within BODs and TMTs is predominantly situated within thecontext of conventional organizations. However, sports clubs differ somewhat fromconventional organizations due to the inclusion of an additional performance metric toconsider, sports performance, which stands as their foremost priority. As sports clubsoperate under a heightened-paced landscape with far more external pressure, the necessityto extend governance research into this rather new area of investigation is of interest. Purpose: The purpose of the thesis is to investigate the impact of BOD and TMT diversity on sportsclubs’ sports and financial performance and how media influence this relationship. Method: This thesis employs a deductive approach, utilizing a quantitative method, to investigatethe research objectives. The analysis is based on 144 observations from 24 distinct Swedishsports clubs. Depending on the performance metrics being measured, the data is examinedusing either multiple linear regression or ordinal regression. Conclusion: The study supports three of its eight hypotheses, namely that BOD diversity has a positiverelationship with sports performance and that media moderate the relationship betweenTMT diversity, partially BOD diversity and financial performance.