This dissertation consists of two essays: one looks at the relation between firm focus and hedging in the REIT industry, and the other compares bank board structures in China and the US. The first essay presented in Chapter 2 examines the relation between corporate hedging and firm focus in the REIT industry by using a sample of REITs in 2005 and in 2007. We find 46.41% utilization rate in 2005 and 43.41% in 2007. Consistent with our hypothesis, we find that, relative to diversified firms, focused firms are more likely to engage in hedging. Focused firms also tend to be involved in greater amount of hedging. We also document a negative relation between hedging and transparency, although the evidence is not overwhelming. Consistent with previous literature, there is a strong firm size effect. The second essay presented in Chapter 3 examines the relation between bank performance and board structure by using a sample of 74 US banks and 53 Chinese banks for the period 2002 to 2006. Indeed, the empirical relation between board structure and performance is virtually non-existing in China. In particular, for the US sample, the board size is found to be significantly and negatively correlated with ROA, but a larger board also tends to be associated with lower costs. For Chinese banks, the evidence indicates that governance variables are not significantly correlated with performances with the exception of block ownership: there is strong evidence that the relation between block ownership and bank performance is negative. Additionally, we find substantial differences in board structure between the two countries; in particular the average board size and the proportion of outside directors for US banks are almost twice of those in China.

Thesis (M. Tech. (Faculty of Management Sciences, Dept. of Human Resources Management) -- Vaal University of Technology / The buzzwords in South African business today is quality service and customer satisfaction. Service quality is an important determinant of customer satisfaction. It is therefore important to measure customer satisfaction and to solicit internal customers perceptions on service received. This research was primarily undertaken to evaluate the quality of services rendered by administrators to Sasol Technology R&D employees. The research is supported by a detailed study of quality and customer service. An adapted internal service quality scale (INSERVQUAL) was used to measure service quality. A thirty item scale was developed, for the empirical study. The instrument was then subjected to a scale purification process through exploratory factor analysis. Both the expectation and perception elements were used in measuring service quality. The five dimensions of service quality namely Accessibility and Tangibility, Assurance, Empathy, Reliability and Responsiveness were identified as internal service quality dimensions. Aspects of Accessibility and Tangibility were incorporated as a single dimension in this study. A six- point Likert scale was used in the questionnaire. The low end of the scale represented a negative response, whilst the high end represented a posit,ive response. With a response rate of 63% from internal customers, the researcher was able to provide evidence that service quality dimensions may influence an employee's perception of the administrators' service quality. The finding in this study also suggests the need for further research to examine customers' expectations in other related services as well as in different culture contexts. The testing of the modified internal customer model of internal marketing developed and described in this study indicates that Access, Assurance, Empathy, Reliability and Responsiveness dimensions may be a useful approach to enhancing service quality.

M.Phil. / The main objectives of this study, which was done in Sasol 2, were to analyse energy utilization in the Sasol process and to develop an energy model that simulates all major energy flows in the Sasol process. Secondary objectives were to study the mechanics of the Sasol process and to do a literature study ...

Thesis (M. Com. (Accountancy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2014 / Academic and commercial interest in the corporate governance practices of publicly listed companies has increased significantly in recent years (Rossouw, 2005). With high-profile corporate failures such as Enron and WorldCom heightening the interest in corporate governance practices (Rashid, 2011). It has become evident that the performance of well governed firms is superior to that of less well governed firms (Kyereboah-Coleman & Biekpe, 2005). Despite the fact that corporate governance is multi-dimensional (Kyereboah-Coleman & Biekpe, 2005), this study focused on the impact of board composition (defined by the percentage representation of independent non-executive directors on the board) and board size on the firm performance measures namely; Tobin’s Q (TOB), return on assets (ROA), and return on equity (ROE) of firms listed on the Johannesburg Securities Exchange (JSE). Annual data, from the period 2006 to 2012 was used while the analysis of data was done using the Multiple Regression Analysis Model. After having analysed the research results, it was found that no significant relationship exists between the proportion of independent non-executive directors on the board and board size, and firm performance measures. Thus, this research study suggests that performance of South African companies listed on the JSE Securities Exchange is not influenced by board composition and board size.

Research report (M.Com. (Information Systems))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Economic and Business Sciences, 2013. / Using the resource based view of the firm theory, a research model is proposed that explains how IT governance capability results in improved firm performance by improving a firm’s IT Infrastructure capabilities and business processes. The research model is explored by means of case study where a survey is undertaken with the key stakeholders of a global Corporate and Investment Bank. Data was collected and analysed from 140 respondents using an online survey. The model hypotheses were not tested. The respondents’ characteristics (role, region, business area and length of experience) were explored providing greater insight and confirmation of the general relationship between the variables. The case study confirmed the general relationships of the model except the training capability - firm performance relationship. The IT governance process formality moderator provided results that were in contradiction to expectations. The IT intensity moderator confirmed the general relationship. The strength or weaknesses of the relationships when analysing the respondent characteristics are insightful and would not normally have been available if a multi-site survey had been performed.

An important factor in the rise of health care costs is the structure and performance of health care markets. This is an area in which policy can be particularly effective. Health care markets are characterized by complex interactions between consumers, physicians, insurers, facilities, and government agencies. Physicians, insurers, and facilities operate under a mix of objectives and governance structures. The many varieties of objectives and governance structures can be broadly categorized as for-profit, not-for-profit, and governmental. In the three chapters that follow I construct a theoretical framework to analyze hospital behavior and use a 30 year panel of data on Californian hospitals to assess the validity of the models and to identify the impact of governance structure on behavior. Chapter II addresses firm objectives. I find that firms have a continuum of weighting allocations, with for-profit firms placing greater weight on profit, government firms placing greater weight on social objectives, and not-for-profit firms locating in a middle ground. All three types of governance structures display overlap in their objectives. In Chapter III, I identify patterns in hospital entry and exit. Like most manufacturing industries, entering hospitals are significantly smaller than incumbent hospitals and exiting hospitals are significantly smaller than surviving hospitals. The patterns of entry and exit for hospitals vary systematically with both governance structure and geographic diversification. In Chapter IV, I develop a model of hospital entry that explains heterogeneous entry size and firm survival. I find entry size to be a relatively important factor in firm survival. In general entering on a larger scale increases the probability of survival. Despite this fact many firms enter relatively small. The model that I develop resolves small entry as a rational choice for uncertain firms.

Thesis advisor: Thomas Chemmanur / My dissertation is comprised of three chapters. The first chapter studies the impact of government spending on corporate innovation output. By exploiting the changes in Senate committee chairmanships as a source of exogenous variation in state-level federal government expenditures, I find that firms headquartered in states with increases in government spending significantly reduce their innovation output, as measured both by patent count and patent citations. These reductions are mostly concentrated in industries that need more labor input for innovative activities and firms headquartered in states with lower unemployment rates. I also analyze three possible channels through which an increase in government spending may affect innovation output: resource reallocation by corporations and individuals from innovative to non-innovative activities; partial movement of innovative activities from the corporate to the government sector; and a reduction in inventor productivity due to a labor-leisure trade-off. My evidence provides the strongest support for the resource reallocation channel. In the second chapter, co-authored with Thomas Chemmanur and Karthik Krishnan, we analyze the relationship between the human capital or “management quality” of firms and their long-run performance, using panel data from the BoardEx database on firms' top management characteristics and a management quality index constructed using common factor analysis on individual proxies for various aspects of management quality. We control for the potential endogenous matching between firm and management quality using a plausibly exogenous shock to the supply of new managers as an instrument. Using this instrument, we find a causal relationship between firms' management quality and future operating performance, market valuations, and stock returns. In the third chapter, co-authored with Thomas Chemmanur, Karthik Krishnan, and Qianqian Yu, using panel data on top management characteristics and a management quality factor constructed using common factor analysis on individual management quality proxies, we analyze the relation between the human capital or “quality” of firm management and its innovation inputs and outputs. We control for the endogenous matching between firm and management quality using a plausibly exogenous shock to the supply of new managers as an instrument, thereby finding a causal relationship between management quality and innovation activities. We show that higher management quality firms achieve greater innovation output by hiring more and higher quality inventors. / Thesis (PhD) — Boston College, 2016. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

This study proposes criteria to diagnose, to analyse and to evaluate the extent of cooperation and collaboration between supply chain members within extensive inter-firm relationships in supply chains. A case study context examines cooperative and collaborative relationships between shipping companies and shippers as suppliers, manufacturers, distributers, retailers, exporters and importers. The components of cooperation and collaboration are analysed through literature reviews, interviews with industrial experts, content analysis, two-rounds of Q-sorting, and pilot testing. Cooperation is a subset of collaboration comprised of transparency, fairness, and mutuality, and cooperation and “relational strength” such as trust and sustainability constitute collaboration. A questionnaire survey generated 167 responses from shipping companies in South Korea. Exploratory factor analysis underpinned cooperative and collaborative spirit indices (CCSIs) that varied within the shipping industry, types of shipping registered, and vessel types. Confirmatory factor analysis supported good model fit, convergent and discriminant validity, and unidimensionality. A “target coefficient” identified second order factors and path analysis showed that fairness, mutuality and cooperation can foster trust, and mutual trust can cultivate sustainability although transparency does not necessarily lead to trust. CCSIs indicated modest cooperation and collaboration in the shipping industry and MANOVA revealed differences according to vessel types and contract periods. This research clarifies theories of cooperation. Enhanced CCSIs between shippers and shipping companies imply that shippers should extend two-way communication, mutuality, distributive fairness and sustainability with shipping companies. Maintaining relationships brings long run benefits. Further, shipping companies should continuously strive to gain trust from shippers and government should organise consultative groups, develop and disseminate exemplary cases and foster institutions to promote collaboration. The constructs and items deployed herein are generic, implying that the research model and CCSIs methods will be widely applicable.

Cheng Wai Man, Candy. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 65-66). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF FIGURES --- p.vii / LIST OF TABLES --- p.viii / Chapter Chapter1 --- Introduction --- p.1 / The Commercial Development of Internet in the US --- p.2 / Electronic Commerce is the Trend and Area of Competition --- p.4 / The Commercial Development of Internet in Hong Kong --- p.5 / High PC Penetration Facilitates Internet Pick-up --- p.7 / Chapter Chapter2 --- Internet Industry Analysis --- p.12 / Wholesaler -- The Backbone Network Carrier --- p.13 / Target Customers / Booming Demand on Leased Circuit Service / Intensified Competition with New Entrants / Regional Opportunity is the Main Issue / Retailers -- The Internet Service Provider (ISP) --- p.16 / Large ISPs Dominate / Enlarging Service Portfolio to Remain Competitive / ISP Exerts Great Substitution Force on On-line Service / On-line Service Providers --- p.20 / Losers and Winners / ISP Substituting Conventional On-line Service / New Entrants with a Hand on Internet / Collaboration Among the IT Players to Tap on the Emerging Market / Users --- p.24 / General Users Receptive to Internet / Corporate Users Demand High End Service / Customer Needs Determine Internet Access Employed / Chapter Chapter3 --- Commercial Opportunities For Hongkong Telecom with the Rising Internet Demand --- p.30 / The Golden Goose: ISDN --- p.31 / Regional Opportunities -- Hubbing Creates Entry Barrier --- p.33 / Development of Network Security as Value Added Service --- p.34 / Network Service Consultancy --- p.36 / Chapter Chapter4 --- Threats to Hongkong Telecom with the Rising Internet Demand --- p.37 / Revenue Migration --- p.37 / Customers Switching Brand --- p.38 / Pre-empt Local Competition --- p.39 / Chapter Chapter5 --- Competitive Advantages of Hongkong Telecom --- p.41 / Huge Customer Base Speeds Up Service Adoption --- p.41 / Unchallenged Credibility --- p.42 / Expertise in Network Configuration and LAN Management --- p.42 / Expertise in Developing Security System --- p.43 / Network Resource Abundance --- p.43 / Administrative Ability to Run an Internet Operation --- p.44 / Hi-tech Infrastructure for Future Development -- IMS --- p.45 / Differentiation -- Local Access in Overseas Possible --- p.46 / Chapter Chapter6 --- Strategic Integration and Positioning of HKT to Dominate the Internet Market --- p.48 / TCSL Internet --HKT as a Backbone Network Manager --- p.48 / Target Customers / Market Potential / Internet Access / Direct Competitors / Major Customer Benefits / Pricing / Major Service Offerings / Benefits to HKT / IMS On-line -- Internet-based On-line Service Provider --- p.52 / Target Customers / Internet Access / Direct Competitors / Major Customer Benefits / Pricing / Benefits to HKT / Chapter Chapter7 --- The HKT Challenges --- p.55 / Strategically Positioning of IMS On-Line and TCSL Internet --- p.55 / Extension of Core Business -- New Venture --- p.58 / High Overhead Balancing Off Profitability --- p.61 / Business Cannibalizing Each Other --- p.62 / Chapter Chapter8 --- "Conclusion -- ""Win Win"" Situation" --- p.64 / BIBLIOGRAPHY --- p.65 / Appendix 1: Growth Rate of Internet Users --- p.67 / Appendix 2: Commercial Addresses Comprise 51% of Internet Network Registration --- p.68 / Appendix 3: Internet Service Providers in Hong Kong --- p.69 / Appendix 4: Comparison Among ISPs on Service Offerings --- p.71 / Appendix 5: Network Configuration between Customer End and HKT CSL Internet Node --- p.73

Cases involving sudden environmental events, such as British Petroleum’s (BP’s) accidental oil spill in the Gulf of Mexico in 2010, clearly demonstrate the causal relation between poor corporate environmental performance and abrupt loss of shareholder value. Under such circumstances, a firm’s results can be readily priced using a conventional valuation model and hence, there is a clear nexus between environmental performance and business outcomes, as represented by the firm’s financial results as well as the event impact on shareholder value through equity prices. However, in less extreme cases there is no clear evidence of there being a relationship between these elements. Further, in relation to the literature on the nature of and motivations for corporate social and environmental reporting, scant attention has been directed towards research on the usefulness of environmental performance information to financial decision makers. Moreover, such studies as there have been have delivered mixed results in the absence of a conceptual framework that is able to distinguish the quality of such reporting from underlying performance and other representations of performance, such as reputation and SRI index membership. In order to address these previous shortcomings in this field, the proposed research focuses on environmental issues to investigate whether corporate environmental performance information can be considered as an aspect of a firm’s value, in terms of equity performance and to this end three empirical studies are carried out probing the relationships, respectively, between: - corporate social responsibility (CSR) reputation and equity performance, - socially responsible investment (SRI) index membership and equity performance, and - CSR ratings and share selection in SRI versus general investment funds, whilst in each case controlling for other environmentally related factors, as well as financial performance. The findings of the first empirical study suggest that environmental reputation and physical performance measured as proxies of the corporate environmental performance have value relevance, being negatively significantly related to the stock valuation, whereas environmental disclosure (DJSI) is not value relevant to financial decision-makers, and hence, not incorporated into share prices. However, the outcomes suggest that the GRI, an alternative measure of environmental disclosure, is value relevant even though it is not incorporated into share prices. The outcomes of the second empirical study indicate that companies being added to the DJSI or the FTSE4Good index in the March announcement results in a temporary decrease in a their share price, whilst companies added in (deleted from) the September announcement of the FTSE4Good index experience a significant but temporary increase (decrease) in stock return. However, membership of SRI indices does not have value relevance. Finally, the findings from the third empirical study suggest that CSR ratings have a weak influence on the ownership holdings decisions taken by SRI fund managers and further, they show that they, on aggregate, prefer to take into account multidimensional CSR measurements when making investment choices.