M.B.A. / Eskom, South Africa's electricity utility, is the electricity supplier for South Africa. It has 20 power stations with a nominal capacity of 39 154 megawatts. Eskom is among the top five electricity utilities in the world in terms of size and sales and strives to remain one of the lowest-cost producers of electricity in the world. Eskom supplies 98% of the country's electricity requirements, which amounts to more than half of the electricity generated on the African continent. Eskom supports the development of a Southern African transmission grod to encourage cooperation and accelerate economic growth in the region. Eskom support employment equity and encourages employees to develop to their full potential through training. Eskom sees itself as a respected corporate citizen and is working towards environmental sustainability and socio-economic improvement (Eskom report, 1997). The growth of Internet technologies (and within Eskom the Intranet) has been phenomenal. On 23 July 1998, after extensive consultation and compilation, an Eskom Internet / Intranet strategy was approved. The strategy defines the way in which Eskom will employ this technology to support their business, to ensure synergy in organisational efforts. This chapter gives an overview of the strategy (Eskom Report, 1997). The strategy positions Eskom to be able to derive significant business benefit. from the technology, and ensures we will not be "left behind" by our competitors and customers, but ensures that our use of the technology and the resulting costs can be properly managed. It accommodates the different cultures in the business groups, from progressive through conservative, in terms of the deployment of the technology ...

The importance of vision and mission statements is well documented. An increasing number of authors argue that strategies in an organisation have a major impact on its performance relative to its peers (Hill & Jones, 2001:4; Thompson & Strickland, 1996:2). Raric and Vitton found that organisations with a formalised mission statement have double the average return on shareholders’ equity than those organisations without formalised mission statements. However, the extent of manager and employee involvement in developing vision and mission statements can make a difference in business success (David, 2001:57). Most organisations develop both a mission and a vision statement. There is a subtle difference between the two that should not be confused, this will be qualified in this study. The purpose of such statements is, among others, to give the customer and other stakeholders an overview of the identity of the organisation in terms of who they are, what they do and where they are headed (Thompson & Strickland, 1996:22). It implies a formal commitment by the organisation to its stakeholders, sending out the message that its strategies will be formulated with the claims of its stakeholders in mind (Hill & Jones, 2001:45). It is often found that these expectations are not realised. The customer is frequently left with the perception that employees are unaware of the key values and the overall direction the organisation is taking. This study will focus on Flight Centre Limited (South Africa) to determine the extent of commitment of employees to the strategic vision of the organisation. / Mr. T.F.J. Oosthuizen

M.Phil. / The problem that exists in the developing areas of the Northern Cape area of Eskom (and also in all other developing areas in South Africa), is to make the correct decisions in terms of electrification, marketing and sales of electricity and electrical appliances when electrifying these areas. This study investigates this problem. The results from field work before and after electrification and recommendations form the main part of the study. The main methods followed for this study were as follows: Previous pre-electrification studies over a period of roughly six years in 82 developing areas were aggregated into 33 tables with maximums, minimums and averages calculated, including compiling 52 graphs. This process took the best part of one year. This gives an in-depth combined view of energy - and socioeconomic aspects particular to the Northern Cape. A needs analysis was also done amongst role players inside and outside Eskom, inter alia the management of Eskom, municipalities, Rand Afrikaans University, electrical contractors and district councils. The most important needs were investigated during field work done for this study in 1994. Data processing in dBase and Microsoft Excel and statistical analysis in Statgraphics was done, and the findings were taken up in four internal before/after publications during 1995 and 1996 and finally, in this study. It provides a clearer insight into electrification -, socio economic and health aspects in the developing areas of Northern Cape before and after electrification. Electrification in developing areas in Angola, Zambia and Zimbabwe is uneconomical and in many cases has just about come to a standstill. Electrification in Namibia and Botswana is progressing slowly, at a cautious economic pace. Amongst the most important findings (in another 29 tables and another 58 graphs) for the Northern Cape area of Eskom are: The number of prepaid customers in the developing areas grew from less than 100 in 1989 to more than 38 000 in 1996, an increase of more than 20 000%. At this stage these customers of Eskom consume 4.148 GWh of electricity p.m., the equivalent of about 4 148 big households, each consuming 1 000 kWh (units) of electricity. This translates to only 109.16 kWh (Eskom ±70 kWh nationally)per customer p.m., which is not even nearly economical to Eskom. It must be remembered that it took 20 years in Ireland for electrification programmes to become economically viable. The target of Eskom in South Africa vary from 350 kWh to 572 kWh p.m., the latter which can only be achieved by "second phase" electricity consumption, i.e. by using heavy appliances such as geysers as well. When the developing areas have been fully electrified, total electricity demand in South Africa could increase by 7.4%, which could cause the building of another 1.26 big power stations. After electrification, there was a statistically significant reduction in the monthly average spending on wood and coal in the developing areas of Northern Cape. The electrical appliances mostly in use (after electrification) are irons, kettles and TV's. After electrification there was a statistically significant increase in the percentage of the maximum average "marketing potential" of appliances. The electrical appliances that most residents still want to buy after electrification, are washing machines, fridges and geysers. After electrification, only 68.63% of kettles are electrical types (on average). Nearly all electrical appliances are used during the peak hours of Eskom. The maximum amount that residents are prepared to spend on electricity, is R75.89 p.m., compared to R53.64 p.m. before electrification. The recalculated total average spending on energy (excluding petrol and diesel) is R91.72 per month before electrification and R121.21 p.m. after electrification. The average level of education is between standard 5 and 6 compared to between standard 3 and 4 before electrification (this is also statistically significant). The average income of households is R943.89 p.m.,compared to R507.59 p.m. before electrification. The average number of people per household is the following (pre-electrification figures in brackets): men 1.05 (0.96), women 1.21 (1.17) and children 3.26 (2.98). The total number of people per household is 5.51 (5.11). Most residents are very satisfied with health services in their areas. The biggest group (on average 95.30%) in the electrified developing areas of Northern Cape make use of modern medicine. The next biggest group (on average 4.7%) make use of modern medicine and traditional healers.

The main topic of this thesis is the theory of the firm, why are companies set up and how the company is perceived by those who founded it, therefore entrepreneurs. The main question is, if the theory that builds a theory based on the company's transaction cost savings, corresponds to reality, what are the real reasons for entrepreneurs starting a business and what options future entrepreneurs have. The first part focuses on the analysis of economic theory, which deals with the company, and the ideas of economists whose work has been fundamental for the development of theory of the firm. Among the pioneers we include R.H.Coase and his disciples, such as OE Williamson, O. Hart and others. The result of the work of these authors is the theory of transaction cost savings as the main reasons for the establishment of firms, along with the other supporting reasons. Next follows an extensive legal analysis of the most important forms of business entities, especially the conditions for their establishment. This section is important for understanding the differences between legal and economic conception of the company. The most important forms of business in terms of this thesis are self-employed and limited liability company, for which there is devoted the largest part. Rozhodni si, kterou vetu chces. Another section contains an analysis of transaction costs that arise in the company. We identify the principal moments when transaction costs are incurred and what variables affect them. Since these costs are highly subjective in nature, it is described here as an example of how the situation may appear in various corporate structures. The last part of this thesis is the survey, which identifies the main reasons for the establishment of the company and how it is perceived by entrepreneurs and non-entrepreneurs. The result is supported by the conclusions of the previous chapters defining the reason for the establishment of a company outside the theory of transaction costs, which are particularly important for the further development of the company and not for the establishment itself.

The focus of this study is twofold: first to determine the impact of agency costs on firm performance, measured using operating expenses to sales ratio and total asset turnover ratio, for Greenfield firms (private to public) and Heritage firms (spin-offs of already public companies) types of initial public offerings after one and five years; second to compare the performance, as measured market to book value per share, of Greenfield and Heritage firms after one and five years. Thus addressing the question of whether initial differences between Greenfield and Heritage firms at the time of the IPO are evident after one and five years. The results showed that Heritage firms have a significantly lower expenses/sales ratio one year after the IPO. The study confirmed that after five years Greenfield firms would have similar expense/sales ratio and show similar performance to Heritage firms.

Abstract Background & Problem: Many family firms face a change in ownership in the near future. Acquisitions of family firms can therefore be a solution for the change in ownership. Due to special family firm characteristics, acquisitions of such companies can be complicated. Previous research shows that accountants and CFOs have a positive effect on the firm’s survival and growth. However, the CFOs’ roles in family business acquisitions have not been studied before.    Purpose: The purpose of this research is to explore what roles accountants and CFOs have in acquisitions of family firms.   Method: The base of this study is an abductive research approach with a qualitative research strategy. The main method was semi-structured interviews that was complemented with a document study of official documents from websites.    Conclusion: The empirical findings and analysis revealed that the CFOs in family firm acquisitions are important, but the CFOs’ roles in acquirer and acquiree differ. The CFOs in the selling family business is more of a bean counter in the process and provide material. The CFOs in the acquiring group is more of a business partner, conducting analyses and are involved in strategic decisions. The process of acquiring family firms is a special situation for the CFOs in the acquiring group since they need to adapt to the family firms’ informal culture.

The springboard perspective argues that emerging market multinational enterprises (EMNEs) can overcome their latecomer disadvantages via aggressive and risk-taking capability-upgrading measures in developed economies. However, extant research is mainly designed to study cross-sectional data sets rather than longitudinal process research. Therefore, the former contributes little to explaining the evolution of EMNEs’ springboard strategy in a consideration of firm-specific capability-upgrading. Building on these main tenets and echoing scholars’ appeal for further research into EMNE’s capability-upgrading and qualitative process perspective, this thesis opens the way for two new avenues of research in the springboard literature: the initial springboard assumption, the springboard advantages of specific host locations – most notably small and open developed economies, and the relationship between different ownership structures and springboard strategy. By default of process research these avenues have been poorly explored. In order to address these avenues and further uncover the evolutionary motivations and processes of springboard behavior, this study uses Chinese multinational enterprise (CMNE) cases to investigate how they achieve firm-specific capability-upgrading through a process perspective.While CMNE strategies in large European markets such as Germany, the UK, and France have received considerable attention, there is a lack of in-depth research on the locational advantages of most notably small and open economies such as Belgium, the Netherlands or Luxemburg. Given the demand for the extension of the aforementioned springboard perspective and the specificity of the research object and setting, I follow a grounded approach as part of inductive research. Grounded theorizing is especially plausible in research contexts calling for theoretical elucidation grounded in the practitioners’ own experiences. This theory can provide a more complete and convincing argument through creative interpretation and systematic rigor. In this study, our major sources of data are collected by interviews. On the basis of a grounded analysis, five aggregate dimensions emerged which relate to the process of CMNE’ capability-upgrading through overseas investment: (I) Capability-upgrading intent, (II) Initial learning challenge, (III) Learning mechanism, (IV) Subsidiary bound evolution, (V) Capability evolution. Furthermore, we developed a three-phase model of springboard capability-upgrading starting from i) headquarter managers’ initial intent, ii) Subsidiary learning challenge, and iii) consequent renegotiation with headquarter managers with regard to the subsidiary’s capability-upgrading role. This result shows that the subsidiary mandates of CMNEs have evolved along with different stages of internationalization.This study makes two main contributions to the springboard literature. First, it challenges assumptions of the springboard perspective through a process perspective. Second, this study contributes to qualitative process research and proposes a grounded model of CMNE evolutionary springboard process based on a three-stage typology. It suggests that CMNEs’ learning through subsidiaries in small and open economies has extended the scope of the springboard perspective through insights into the evolutionary process. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

The aim of this diploma theses is to identify business risks, which threaten the firm KOVOLIT Česká spol. s r.o.. in the case of its other planned investments. They are proposed recommendations for reduction of its identified risks.

Access to adequate liquidity to finance future investments is an essential element of financial management. The two main questions that this dissertation attempts to answer are (i) what is the net valuation effect of LoC? and (ii) if LoC create value, what are the sources of this value? To answer these questions, I constructed a sample of 85,232 firm-years spanning from 1993 to 2016, with credit line data obtained from Capital IQ and Bloomberg. I investigated the valuation effects of LoC with a methodology extensively used in the analysis of the valuation implications of cash. I used this methodology because cash and LoC are two alternatives to manage liquidity and estimated the changes in shareholders' value associated with changes in existing LoC undrawn balances and on new LoC agreements. The results from this analysis demonstrates a positive association between increases in LoC capacity and shareholder's value. These findings are also obtained in univariate and event study analyses. The results also suggest that LoC create more value for firms that are rich in cash, indicating the LoC and cash are complementary liquidity management tools. I then focused on the sources of the value created by credit lines. I examined whether information asymmetry plays a role in LoC valuation by analyzing the association between firm value and LoC for firms with high- and low-information asymmetric. I also studied whether LoCs reduce agency problems by comparing firm value and LoC capacity in both poorly and well-governed firms. Furthermore, I examined whether firms benefit from an increase in financial flexibility provided by access to credit lines. I found results consistent with LoC being more valuable for firms with higher levels of informational asymmetries. The analysis also suggests that LoCs with longer maturity create more value than those with shorter maturity. Surprisingly, I find limited support for the hypothesis that shareholders place a higher value on LoCs in increasing financial flexibility. Moreover, I found no support for the role of credit lines in reducing agency problems.

The Diploma thesis deals with segmentation of characteristic car damages, which arise during car crushes with ambient infrastructure of roads with concrete specialization to car crushes with trees and road culverts. According to chosen clash configurations there were characterized appropriate damages of front part of the car with usage of materials from real accidents. Level of damage is described according to location of the main point of impact and a speed during clash. The thesis provides summary of possible level of damage single parts of the car with focusing to front part and it gives opportunity comparison to detected damages during real car crushes with car damages made during manipulated harmful events.