As Métricas de Marketing, como o valor da marca, têm sido consideradas um tópico prioritário de pesquisa, em um contexto onde gestores e acadêmicos de marketing estão sobre crescente pressão para demonstrarem que os investimentos nesta área são capazes de adicionar valor aos acionistas. O presente estudo objetivou comparar o desempenho, no mercado acionário brasileiro, do portfólio de empresas com reconhecido valor da marca – apontada pelos rankings de marcas mais valiosas brasileiras publicadas pela Interbrand – com portfólios de empresas com ações listadas na Bolsa de Valores do Estado de São Paulo. A comparação do desempenho desses portfólios no mercado acionário brasileiro ocorreu em termos de seu risco e retorno, calculados pela aplicação do modelo de três fatores de Fama e French (1993), tomando como base o estudo realizado por Madden, Fehle e Fournier (2006) no contexto internacional. Os resultados deste estudo permitem concluir que o Portfólio de Marcas Valiosas apresenta um menor risco no mercado acionário brasileiro frente aos demais portfólios estudados. A simples comparação do somatório dos valores da variável relativa ao excesso de retorno da carteira remete diretamente a percepção de maior retorno para o Portfólio de Marcas Valiosas. A possível associação de uma carteira de empresas possuidoras de marcas valiosas com a obtenção de menores riscos e, ao mesmo tempo, maiores retornos aos acionistas, permite fomentar ações e pesquisas voltadas para a gestão e desenvolvimento de marcas, bem como a uma maior valorização da área de Marketing na esfera acadêmica e empresarial. Além disso, este estudo permitiu uma aproximação entre as áreas de Marketing e Finanças, potencializando uma relação entre seus campos teóricos e entre suas atividades nas empresas. / Marketing Metrics, as brand value, have been a research priority topic, in a context where, Marketing practitioners and scholars are under intense pressure to show how marketing expenditure adds to shareholder value. This study aimed to compare the performance, in Brazilian stock market, of the portfolio of companies with recognized brand value - indicated by the rankings of most Brazilian valuable brands published by Interbrand - with other portfolios of companies listed on the Stock Exchange of São Paulo State. The comparison of the performance of such portfolios in the Brazilian stock market was in terms of their risk and return, calculated by applying the three-factor model of Fama and French (1993), built upon the study by Madden, Fehler and Fournier (2006) in the international context. The results show that the Portfolio of Valuable Brands presents a lower risk in Brazilian stock market compared to the other portfolios studied. The simple comparison of the sum of the variable values on the excess return of the portfolio, refers directly to the perception of greater return for the Portfolio of Valuable Brands. Thus, the possible relationship of companies possessing a portfolio of valuable brands with the acquisition of lower risk and, in the same time, higher returns to shareholders allows enhancing actions and encourage research aimed at the management and development of brands, as well as a greater appreciation of the Marketing field in academic and business spheres. Furthermore, this study permitted a rapprochement between the fields of Marketing and Finance, powering a theoretical relationship between these fields and between these areas in the companies.

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This paper examines the moderating effect of national culture on the relationship betweenboard gender diversity and corporate financial performance. To test the hypotheses, FixedEffects regression is used in combination with a sample of 1,499 firms from 23 countries and7,125 firm-year observations over a time frame of seven years. This paper provides evidencefor a significant positive effect of board gender diversity on firm performance if there are atleast three females seated on the board. Furthermore, a significant moderating effect ofnational culture on the relationship between board gender diversity and firm performance hasbeen found.

This thesis investigates the short and long-term effects of pay dispersion on firm performance in publicly listed Swedish firms. Pay dispersion refers to the difference in compensation between or within organizational levels. There are two contradicting theoretical views of pay dispersions effect on firm performance. While tournament theory suggests that high pay dispersion increase employees’ incentives to exert higher effort, thus increasing firm performance, fairness approaches predicts that high pay dispersion creates feelings of unfairness, thus negatively affecting firm performance. Based on these theories and previous research, Hypothesis 1 predicts a positive short-term effect of pay dispersion on firm performance, and Hypothesis 2 predicts a negative long-term effect of pay dispersion on firm performance. Using a first differences fixed-effects regression including controls for firm characteristics and corporate governance indicators, three measures of pay dispersion are tested on two proxies for firm performance (price to book and return on assets). We conclude after extensive robustness tests that pay dispersion has no effect on firm performance, neither on short nor on long-term. Therefore, both hypotheses are rejected.

The purpose of this study is to test the relation, if any, between use of fair value measurement and reported performance ratios of the firms and finally its effect on CEO compensation in Sweden. This research aims to contribute knowledge of decision makers about the performance-pay link in Sweden by comparing the changes of CEO compensations across the years, before and after the use of fair value method. In this sense, firms divided in two models of ownership structure: firms with family concentration and firms with dispersed ownership structure. This paper intent to contribute the explanations of existing researches from the USA and China about exponential increase in CEO compensation after the use of fair value method, with the data of Swedish listed companies. The data set of this study was highly dependent of the accessibility of information. In this sense, this research can be contributed with different data set, with more detailed scrutinise of data and in a longer research period. / <p>Acknowledgements</p><p>Having completed this master thesis in Linnaeus University in 2017, I would like to thank several individuals. I would like to start by thanking Andreas Jansson, Associate Professor of Accounting and Logistics at Linnaeus University, who inspired me about the subject and my supervisor Fredrik Karlsson, Senior Lecturer of Accounting and Logistics at Linnaeus University, for his sincere assistance, guidance and immensely valuable criticisms.</p><p>I owe special thanks to Ozan Uyanık for proofreading my paper, for his never-ending support and his whole year patience and endurance at times of stress. Another special thanks to my friends Ayşegül Girgin Ring and Şeniz Yılmaz for their valuable advice in econometrics and statistics.</p>

While most studies take a dyadic view when examining the environmental difference between the home country of a multinational enterprise (MNE) and a particular foreign country, they ignore that an MNE is managing a network of subsidiaries embedded in diverse environments. Additionally, neither the impacts of global environments on top executives nor the effects of top executives’ capabilities to handle institutional complexity are fully explored. Thus, using a three-essay format, this dissertation tried to fill these gaps by addressing the effects of institutional complexity and top management characteristics on top executive compensation and firm performance. Essay 1 investigated the impact of an MNE’s institutional complexity, or the diversity of national institutions facing an MNE’s network of subsidiaries, on the top management team (TMT) compensation. This essay proposed that greater political and cultural complexity leads to not only greater TMT total compensation but also to a greater portion of TMT compensation linked with long-term performance. The arguments are supported in this essay by using an unbalanced panel dataset including 296 U.S. firms with 1,340 observations. Essay 2 explored TMT social capital and its moderating role on value creation and appropriation by the chief executive officer (CEO). Using a sample with 548 U.S. firms and 2,010 observations, it found that greater TMT social capital does facilitate the effects of CEO intellectual capital and social capital on firm growth. Finally, essay 3 examined the performance implications for the fit between managerial information-processing capabilities and institutional complexity. It proposed that institutional complexity is associated with the needs of information-processing. On the other hand, smaller TMT turnover and larger TMT size reflect larger managerial information-processing capabilities. Consequently, superior performance is achieved by the match among institutional complexity, TMT turnover, and TMT size. All hypotheses in essay 3 are supported in a sample of 301 U.S. firms and 1,404 observations. To conclude, this dissertation advances and extends our knowledge on the roles of institutional environments and top executives on firm performance and top executive compensation.

Whether it is the accumulation of capital or capabilities that accounts for rapid development of Newly Industrialized Countries (NICs) has been a focus of debate. The former, which informs approaches to development often adopted by international agencies, reflects neoclassical perspectives. The later, by contrast, reflects evolutionary approaches with deliberate learning and innovation as dominant factors. The purpose of this thesis is to understand development by exploring how it is influenced by learning and innovation focusing on the factors, mechanisms and institutional conditions that foster learning and innovation in Malawi. This thesis has adopted quantitative and qualitative methods informed extensively by theoretical perspectives on the knowledge, learning, innovation and development nexus. Using primary survey and secondary data, a conceptual framework that emerged from contrasting perspectives on theories of the firm has situated a quantitative understanding of how firms in Malawi learn and innovate and the impact of institutional conditions. A qualitative approach, however, has enabled identification of underlying mechanisms that foster learning and innovation thus, providing bases for articulating how evolutionary perspectives can enhance Malawi's development prospects. The thesis finds that successful development is conditioned on understanding it as an interactive process of learning and innovation hinged on addressing systemic failure regarding acquisition and utilization of knowledge by producers, firms especially. We find that failures related to institutional conditions on market and social capabilities, governance and communication and knowledge infrastructure have created a business environment in Malawi that does not foster firm learning and innovation. Thus, firms are more inclined to exploiting existing capabilities leading to static rather than dynamic efficiency. This behaviour reflects dominance of neoclassical perspective of development by stakeholders. We find, therefore, that Malawi's development prospects are predicated on innovation in the delivery of knowledge-related services to producers thus, innovation in public goods. At firm-level, action that: promotes firms' investment in on-the-job training, engenders dialogue, fosters collaboration; and builds knowledge stock positively influences learning and innovation capability. We find that high learning firms, under entrepreneurial leadership, exemplify an evolutionary understanding of the role of knowledge in production. They deliberately foster these behavioural and cognitive factors for which they are rewarded with superior performance. At national level, we find that contrary to neoclassical perspectives, Malawi's development is conditioned on purposive action by all stakeholders, government in particular, to mitigate constraints on learning and innovation arising from idiosyncratic aspects of the business environment. This evolutionary perspective entails entrepreneurial leadership in government and adoption of a national learning and innovation system approach to development. We argue that building coalitions focused on fostering knowledge flows to firms, especially those in the manufacturing sector which we find to be the basis for structural change of the economy, is a necessary though not sufficient pre-condition for Malawi's development.

Development of companies from voucher privatization has not been yet comprehensively examined although this information is necessary to evaluation the process of voucher privatization. This thesis is aimed to map the development of the companies that have passed the second wave of voucher privatization from 1993 until 2010. The aim is to determine the ownership structure of the companies, including the determination of how many of them are still under state control. The second area focuses on the economic performance and on finding of how many companies has been closed over the past period, and the comparison of development across industries. The comparison of economic efficiency is based on the information of the ownership structure depending on the size of the share of the largest shareholder. Finally, the research focuses on the marketability of the shares and delisting, changing the form of shares to the documentary, which was used by almost half of the companies.

Purpose: In literature, there is not sufficient research of the impact of Enterprise Resource planning (ERP) usage on firm performance for small and medium sized Swedish companies. Therefore, the purpose of this paper is to provide clarifications regarding this topic by investigating two research questions: What factors drive ERP usage in small- and medium- sized Swedish enterprises? Does ERP usage affect Firm Performance in small- and medium- sized Swedish enterprises?  Design/Methodology/Approach: To approach our research questions 10 hypotheses are constructed based on previous studies. Further, to gather the data required to test these hypotheses, a survey was sent to 1000 Swedish small- and medium-size enterprises which generated 100 responses. The data was later analyzed using a Partial Least Square Structural Model.  Findings: The first outcome of this study is that the main drivers of ERP usage in Swedish small- and medium-sized enterprises are Top Management Support and Effective Project Management. The second outcome is that ERP usage has a significant positive impact on Firm Performance.  Contribution/implication: The main practical contribution derived from our results is that small- and medium-size firms should focus on Top management support and Effective project management in order to increase their ERP usage, which in turn could lead to greater levels of firm performance. In the theoretical spectrum, we contribute to the literature by enhancing the importance of effective project management not previously tested in the ERP usage context and by adding question marks regarding the effect of certain variables on ERP usage.

Corporate social responsibility (CSR) has moved to the forefront of many firms' concerns and is defined as a firm taking into consideration the interests of society by taking responsibility for the impact of the firm's actions on all stakeholders: customers, employees, shareholders, communities at large, and the environment. This dissertation will look at several public announcements and examine not only the level of corporate social responsibility a firm has but also the effects these announcements have on not only firm value but also customers' reactions to them. The three samples examined in the paper are boycotts announcements, recall announcements, and negative social responsibility announcements. The announcements were separated into the three groups to allow me to better analyze the effects of individual announcements and distinguish between types of announcements. The first part of the study focused on market response, measured by stock reactions and shows that the three samples of event announcements produced inconsistent results. Each of the three events produced the negative short term effects expected, either for Day 0 or for the post event period (+1, +30). However, the significance varied and the control sample for both recalls and boycotts produced positive post announcement results, implying that competitors are positively affected by these announcements. With regards to the control samples, only the general announcements control sample produced negative post announcement implying market wide affects. These test also showed that recalls may be subject more often to leakage. The general findings of this test are as expected though the significance was not. The second part of the study focused on customer's reactions, measured by change in market shares, to the three announcements. I found that no significant effect existed due to any of the three types of announcements, negative CSR announcements, boycotts, and recalls. This can be interpreted as the lack of public response to the announcements studied. These results were then followed up with a regression analysis that put the market share as the dependent variable and `Sample" as one of the independent variables. The purpose was to see if the firms that were subject to an announcement affected market share significantly. With regards to the tests establishing the effects of variables on market share, it was found that the results in all three samples were similar. The Size variable was always among the most significant followed by whether the firm is in its growth stages or mature stages. The Sample variable is the most important variable in the regression and shows that the subject firms did not have the expected effect on market share. For all three samples the Sample variable was not consistently significant but was, in fact, positive. This implies that a negative announcement positively contributes to market share. The implication of these regressions is not necessarily contrary to the event study first completed since the stock market study is observing owners' responses while the market share analysis is studying the customers' response to the same announcements. The final portion of the study shows that KLD is relatively effective at ranking firms, both at the product and firm level. Effective ranking is determined as the firm's lack of need to reassess a firm after an announcement. I find that there is no significant or economic difference in the ranking provided by KLD in the years surrounding the event. However, the regression results in all samples tested did produce the negative reaction in the KLD ranking that was as expected. However, it was only significant in the boycott sample. I conclude that the market reacts minimally to poor CSR and that customer's barks' are worse than their bite.