This thesis addresses the issue of cluster dynamics. The theoretical basis is the Porter’s diamond model of industrial clusters and the analysis pursued in the thesis considers the impact of foreign ownership on Porter’s determinants of successful cluster: factor conditions, demand conditions, supported industries and, finally, firms’ strategies and structures. According to Porter, sustainability of clusters is a function of its dynamics and propensity to change, which in turn depends on these four components of the national home base. The analysis is based on a comprehensive set of case studies conducted for the life science industrial cluster located in the Stockholm-Uppsala area. The results indicate that foreign ownership has positive effect on the dynamism of the cluster.

Due to widespread bank scandals and failures around the world, there has been renewed interest in the effect of corporate governance on bank performance. The majority of research concerning corporate governance and its effect on bank performance has been undertaken in developed countries and markets, particularly the USA and European Union but relatively little evidence is provided in Sub Saharan Africa, specifically, Ghana. This study investigates the effects of corporate governance on financial performance of Ghanaian universal banking companies during the period 2006- 2014. This study primarily employs relevant governance theories to investigate the relationship between corporate governance and bank performance. Multiple regression panel data analysis and other appropriate methods are the main tools of analysis in this study. The empirical investigation revealed a mixed set of results. The findings showed that board size, board composition, bank size and foreign ownership are positively but insignificantly related to profitability in terms of return on asset and return on equity, while board committees have a positive and statistically significant impact on financial performance which is consistent with the monitoring hypothesis of agency theory which argues that board committees are an important mechanism of corporate governance in Ghana which impact on bank performance. This study contributes to the increasing number of research studies on the link between bank performance and corporate governance. The lacked of clarity, mixed and permanent relationships provided, show that the association the association between bank performance and different corporate governance mechanisms is complex and dynamic optimal governance arrangements may differ from bank to bank in relation to governance characteristics.

This study examined the effect of foreign ownership on the financial and market performance of firms in the South African economy. To review this relationship 18 foreign owned firms listed on the Johannesburg Stock Exchange All Share Index in 2010 were identified and paired with a locally owned firm of a similar size, in the same economic sector and with the same ownership model. The analysis was done in two phases. Phase One reviewed the financial and market indicators; Phase Two reviewed the investor return. The analysis in Phase One showed that foreign ownership did not result in any financial benefits for the firm, if Return on Assets and Return on Equity were used as proxies for financial performance. There was some evidence that foreign corporate firms create more value, as indicated by the percentage of EVA increase of 4.6% for the corporate ownership model. Differences in the Weighted Average Cost of Capital (WACC) between the local and foreign corporate ownership models could indicate that this increase is an accounting anomaly rather than an absolute benefit. Market growth data showed the opposite that locally owned institutional firms performed significantly better than foreign-owned institutional firms. In Phase Two, it was shown that although there was a material difference between the different portfolio returns, with the local portfolios performing better, the difference was not statistically significant. Overall, it can be concluded that there is very limited proof that foreign ownership has any secondary beneficial effect on the financial performance of South African firms. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Cette thèse étudie le rôle des IDE dans les PVD. Le chapitre 1 examine l’interaction entre les IDE et les APD. Les résultatsagrégés révèlent que l'effet substituable des APD sur les IDE contrebalance son effet complémentaire. Les résultatsdésagrégés montrent que les APD aux intrants complémentaires complètent les IDE dans le capital physique alors que lesAPD dans le capital physique prennent la place de leur homologue IDE. Par contre, les IDE aux intrants complémentaires se comportent comme leur contrepartie APD. Le chapitre 2 étudie les différences en termes de performance entre les firmes étrangères et domestiques. Les firmes étrangères sont plus productives, moins rentables et s’accroissent plus rapidement que les firmes domestiques. D’autre part, elles survivent mieux que les firmes domestiques. En outre, nous indiquons aussi qu’il existe les prix de transfert et le coût irrécupérable parmi les firmes étrangères au Vietnam. Le chapitre 3 considère le comportement des exportateurs au Vietnam. Nous constatons que la répartition des intensités d'exportation au Vietnam affiche une forme de U comme celle des pays fortement engagés aux CVM. En examinant les primes à l'exportation, nous démontrons que les exportateurs de transformation sont moins productifs et paient des salaires plus bas que les exportateurs ordinaires et même que les non-exportateurs. Cette tendance est plus évidente parmi les firmes étrangères et celles localisant dans les zones non tarifaires. En conclusion, même si l'IDE se présente une source importante d'entrée de capitaux pour les PVD, des analyses plus détaillées sont nécessaires pour mieux comprendre leurs effets sur une économie. / This thesis investigates the role of FDI in developing economies. Chapter 1 examines the interaction between FDI andODA. Our aggregated results reveal that the substitutable effect of ODA on FDI overbalances its complementary effect.Disaggregated results show that ODA in complementary inputs complements FDI in physical capital while ODA in physicalcapital substitutes its counterpart FDI. Moreover, FDI in complementary inputs behaves like its counterpart ODA. Chapter2 checks the difference in performance between foreign and domestic firms. We find that foreign firms are more productive,less profitable and grow faster than domestic firms. Moreover, they survive better than Vietnamese ones. Additionally, wealso indicate that there exist the transfer mispricing and the sunk cost among foreign firms in Vietnam. In chapter 3, weinvestigate the firms’ export behavior. We find that the distribution of export intensities in Vietnam displays a U-shapedpattern like the one found for countries strongly engaged in GVCs. By examining the export premia, we indicate thatprocessing exporters are less productive and pay lower wages than non-processing exporters and even than non-exporters.This pattern is more obvious among foreign firms and firms in the non-tariff zone. To conclude, even if FDI represents animportant source of growth for developing countries, more disaggregated analyses are still needed to better understand their effects on an economy.

Due to widespread bank scandals and failures around the world, there has been renewed interest in the effect of corporate governance on bank performance. The majority of research concerning corporate governance and its effect on bank performance has been undertaken in developed countries and markets, particularly the USA and European Union but relatively little evidence is provided in Sub Saharan Africa, specifically, Ghana. This study investigates the effects of corporate governance on financial performance of Ghanaian universal banking companies during the period 2006- 2014. This study primarily employs relevant governance theories to investigate the relationship between corporate governance and bank performance. Multiple regression panel data analysis and other appropriate methods are the main tools of analysis in this study. The empirical investigation revealed a mixed set of results. The findings showed that board size, board composition, bank size and foreign ownership are positively but insignificantly related to profitability in terms of return on asset and return on equity, while board committees have a positive and statistically significant impact on financial performance which is consistent with the monitoring hypothesis of agency theory which argues that board committees are an important mechanism of corporate governance in Ghana which impact on bank performance. This study contributes to the increasing number of research studies on the link between bank performance and corporate governance. The lacked of clarity, mixed and permanent relationships provided, show that the association the association between bank performance and different corporate governance mechanisms is complex and dynamic optimal governance arrangements may differ from bank to bank in relation to governance characteristics.

Thesis (MA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The definition of political risk and the methodology of its assessment have changed since the inception of the discipline midway through the last century. This assignment assesses the usefulness of a new quantitative technique that uses political constraints and the policy preferences of political actors to construct a measure of political risk. Integrating the findings of the resulting Political Constraints Index with an analysis of the political economy of the Indian Electricity Sector, the assignment demonstrates that, contrary to the original interpretations of the index, high levels of political constraints and political competition may propagate a disabling policy regime and be detrimental to the investor, despite the stated commitment of the incumbent government to policy reform. The implication of these findings is that, to avoid incorrect interpretation, the Political Constraint Index should be augmented by a comprehensive qualitative assessment of the industry in question. / AFRIKAANSE OPSOMMING: Die definisie van politieke risiko en die metodologie om dit te ontleed, het verander sedert die onstaan van hierdie dissipline gedurende die middel van die laaste eeu. Hierdie opdrag ontleed die nuttigheid van 'n nuwe kwantitatiewe tegniek wat die politieke beperkings en beleidsvoorkeure van politieke rolspelers gebruik om 'n maatstaf van politieke risiko te verskaf. Die opdrag se integrasie van die bevindinge van die resulterende Politieke Beperkings Indeks met 'n analise van die politieke ekonomie van die Indiese Elektrisiteits Sektor bewys dat, teenstrydig met oorspronklike interpretasies van die indeks, hoe vlakke van politieke beperkings en politieke kompetisie 'n deaktiveringsbeleid regime kan kweek wat nadelig is vir die belegger, ten spyte van die huidige regering se verklaarde toegewydheid tot beleidshervorming. Die implikasie van hierdie bevindinge is dat, om foutiewe interpretasie te vermy, die Politieke Beperkings Indeks verbeter moet word deur 'n omvattende kwalitatiewe ontleding van die verlangde industrie.

許多研究指出開放外資投資國內股票市場的好處，但卻很少文獻探討外資是否有促進市場效率的功能。因此本研究旨在探討外資持股比例的高低是否會影響公司價格效率性。我們使用台灣證券交易所的資料，以2007至2016年間所有外資持股的台灣上市公司為樣本，進行分析。其中，我們使用日報酬的一階自我相關係數來衡量價格效率性，當係數趨近於零時，表示價格是有效率的且遵循隨機漫步。研究結果顯示，在台灣股票市場，無論是整體股票市場，或是分別以各產業及外資持股高低的四個組合來看，外資持股比例的增加並沒有助於公司價格效率性的提升。 / Various benefits of opening a market to foreign investors are indicated in prior studies. However, few studies point out whether foreign investors improve efficiency of stock prices. Using a large sample of TWSE-listed stocks over the period 2007 to 2016, we investigate the relation between foreign ownership and price efficiency. In our analysis, we use the first-order return autocorrelations, which should be zero if prices follow a random walk to compute price efficiency. After controlling for the change in foreign ownership, firm size, stock price and stock liquidity, finally, we find that stocks with greater foreign ownership are not priced efficiently whether in overall market or in each level of foreign ownership and also in different industries. In summary, these results suggest that the foreign investors could not improve price efficiency on the Taiwan stock market.

The research examines how the banking sector in Zambia faired in the wake of the global financial crisis, and the ensuing global recession that followed. Even prior to the crisis, weaknesses within the Zambian Banking sector were already identified by a World Bank/IMF financial sector assessment. The research therefore aims to gain a better understanding of the potential destabilizing factors to the Zambia Banking sector, and provide key players (Policymakers, Regulators and Banks) with knowledge on how best to manage and overcome these adverse effects, in times of a financial crisis. A Vector Error Correction Model (VECM) is estimated using commonly identified macroeconomic and banking sector indicators from selected Anglophonic African countries that were affected by the crisis at the time. The selected variables include, Return on Assets (ROA); Non-Performing Loans (NPL); Foreign Assets (FA); Interbank Lending Rate (IBLR); Liquidity (LQD); Credit to Private Sector (PRV); Foreign Exchange Rate (FOREX); Inflation (INFL); Copper Price (CU); and a ‘dummy’ variable (CRISIS). The direction of causality between the variables is further established using the VAR Granger Causality Test. Results of the model suggests that although the CRISIS was found to cause the ROA, it had no significant effect on its outcome, implying that overall the crisis had very little effect on the Zambian banking sector’s profitability. It was the liquidity (LQD) variable instead which was found to have a significant effect on the ROA. In times of a financial crisis, it is therefore recommended that policy makers and regulators apply more stringent regulatory and monetary policy instruments. This would counter the adverse effects on the liquidity and profitability of the Banking sector, and thus ensure its stability.

The thesis investigates how FDI intra-industry spillovers are affected by MNE ownership modes and sub-national locations. A conceptual framework is developed which utilises IB theories to propose how MNE ownership modes and sub-national locations are likely to matter for FDI spillovers. The research propositions are explored quantitatively using an unbalanced firm-level panel dataset of 1624 Indian manufacturing firms (1991-2008) with 5203 firm-year observations. The model estimation is carried out in STATA 13.0 in two stages; firstly, by using semi-parametric (Levinsohn-Petrin) method to derive the dependent variable (TFP of domestic firms); and secondly, by using fixed effects model estimated in first-differences to relate TFP of domestic firms' with different measures of foreign presence. Results from the first model reveal that WOSs and MAJVs have positive spillover effects whereas MIJVs have negative spillover effects in the Indian manufacturing sector. The second model finds that the net spillover effect in non-metropolitan regions is higher than in metropolitan regions. The thesis discusses the possible major policy implications of the results and considers possible reasons for the differences in the spillovers for different ownership modes and sub-national locations.

Corporate social responsibility (CSR) is widely discussed in the business community in terms of its effectiveness. However, studies of factors that can affect CSR are not so many. The purpose of this study is to evaluate of the impact of ownership structure on Environmental and Social performance. This study was conducted on the example of 174 cases among Swedish companies, listed on the Stockholm Stock Exchange, Environmental and Social performance, which was represented by the largest information provider Thomson Reuters. Using the experience of previous studies, a model of relationship between ownership structure and Environmental and Social performance was founded and a multiple regression analysis was performed. The most significant result of the study, confirmed by previous empirical studies and theoretical literature, is the existence of a relationship between capital structure and CSR performance. Foreign investors, who came to the Swedish market, have a stable positive connection with performance. This form of ownership, like majority control, did not find sufficient evidence to the impact on Environmental and Social performance in this study. The Minority control and Joint Minority and Management control showed no influence on performance in Swedish companies.