Changes and challenges that have occurred during the last couple of years, have forced life insurance companies to make certain strategic decisions in order to remain competitive. Life insurance companies have to monitor their surrounding environment in order to create opportunities to allow them to survive in their competitive environment. This study intends to contribute to the competitive advantage as well as to the profitability of life insurance companies. Franchising in the financial service industry in South Africa, as an alternative distribution channel, formed the focus of this study. The life insurance industry is struggling to come to terms with the wave of regulations being implemented in the industry. Because franchising provides an opportunity for people without business experience and due to the changing environment, a framework for managing such a business plays a major role in the success of the business. Through the use of a survey an empirical study was done to test the relationship of concepts that will contribute to the development of a framework for a sustainable franchise in the life insurance industry. The various concepts were discussed and brought into context with the objectives of the study. The research study shows that franchising can be a viable option as an alternative marketing channel in the life insurance industry. The main findings of the study contribute to the development of the framework for managing a sustainable franchise in the life insurance industry in South Africa. / MBA, North-West University, Potchefstroom Campus, 2015

Changes and challenges that have occurred during the last couple of years, have forced life insurance companies to make certain strategic decisions in order to remain competitive. Life insurance companies have to monitor their surrounding environment in order to create opportunities to allow them to survive in their competitive environment. This study intends to contribute to the competitive advantage as well as to the profitability of life insurance companies. Franchising in the financial service industry in South Africa, as an alternative distribution channel, formed the focus of this study. The life insurance industry is struggling to come to terms with the wave of regulations being implemented in the industry. Because franchising provides an opportunity for people without business experience and due to the changing environment, a framework for managing such a business plays a major role in the success of the business. Through the use of a survey an empirical study was done to test the relationship of concepts that will contribute to the development of a framework for a sustainable franchise in the life insurance industry. The various concepts were discussed and brought into context with the objectives of the study. The research study shows that franchising can be a viable option as an alternative marketing channel in the life insurance industry. The main findings of the study contribute to the development of the framework for managing a sustainable franchise in the life insurance industry in South Africa. / MBA, North-West University, Potchefstroom Campus, 2015

Informationsteknologin och ett alltmer multifunktionellt internet är en orsak till den så kallade ”informationsrevolutionen”. Ingenting i ett företag sker utan att det föregåtts av någon form av utväxling av information. Information är till för att underlätta för företaget att göra affärer. Det är säljaren som möter kunden har en viktig roll då denna person verkar som koordinator mellan det egna företaget och dess kunder. Säljaren oftast utgör kontaktlänken mellan företaget och marknaden och förmedlar därför informationsflödet uppåt i organisationen. Det finns flera problemområden vad det gäller informationsflödet mellan franchisetagare och franchisegivare. Lokalt etablerade franchisetagare inom klädbranschen i Växjö och deras förhållande till och syn på uppåtriktat informationsflöde om feedback från marknaden pekar på flera problemområden. Man kan ställa sig frågan vilka olika anledningar det finns till varför inte feedback från marknaden når fram till franchisegivaren – mycket av problematiken verkar kretsa kring det faktum att franchisegivare inte inser vikten av information från marknaden och vilken betydelse den har för franchiseorganisationen som helhet. Utmaningen för franchiseorganisationer inom klädbranschen är att förstå slutkundens behov och ta till sig av den feedback som ger indikationer om vart marknaden är på väg. Detta är speciellt viktigt för franchiseorganisationer som verkar i klädbranschen eftersom att de säljer sina produkter direkt till slutkund. Studien är av en empirisk explorativ sort. Metoden består av en semistrukturerad explorativ intervju. Franchisetagare har i en kvalitativ studie intervjuats om hur deras informationsflöden, till exempel gällande kundkrav och kundönskemål, strömmar från marknaden via franchisetagaren till franchisegivare. Informationsutbyte mellan franchisetagare och franchisegivare ses som avgörande för att nå företagsspecifika och systematiska mål inom franchisesystem. Franchisetagarna som blivit intervjuade i studien beskriver att de ibland har en opersonlig relation till sin franchisegivare och att franchisegivaren inte alltid ger franchisetagaren bekräftelse på förmedlad information. De känner ibland att franchisegivaren redan verkar veta allt om marknaden och därför inte är så engagerad av att få mer information. Dessutom tycker franchisetagarna att informationsflöde som handlar om statistik är överskattat. Främst vill man ha fler fysiska möten för att förbättra informationsflödet av feedback. Franchiseorganisationer behöver bland annat decentralisera och fokusera på fler informationskvalitéer för att förbättras. Dessutom bör man vara noga med att konstruera rättvisa avtal, visa engagemang och coacha. Bland det viktigaste är att kalla till fler fysiska möten med franchisetagare så att informationsflöde om feedback förmedlas bättre.

Franchising växer sig allt större i Sverige och är en modell som följer den moderna synen på karriär som handlar om en individs egen utveckling och kompetens. I och med att arbetet tar större plats samt har en större påverkan i människor liv i dagens samhälle har syftet i studien varit att få en ökad förståelse för utvecklingsmöjligheterna inom franchising. För att besvara studiens frågeställningar har vi använt oss av en kvalitativ metod i form av intervjuer. Intervjuerna har varit semistrukturerade och vi har intervjuat nio respondenter utifrån ett strategiskt urval bestående av tre grupper i ett försäkringsbolag som befinner sig inom franchise; franchisegivare, franchisetagare och anställda. För att få svar på det vi ämnade undersöka ställdes frågor inom fyra områden; bakgrund, karriär, motivation och franchising. Materialet bearbetades genom transkriberingar följt av kodning och tematiseringar för att sedan analyseras. Sekundärdata i form av tidigare teorier hämtades främst genom elektroniska källor, men även genom tryckta källor. Studien visar att det inte finns samma hierarkiska struktur i franchiseorganisationen som andra traditionella företagskoncept är uppbyggda av. Det innebär att de utvecklingsmöjligheter som finns inom franchise är betydligt färre.Vi fann dock att vad som motiverar respondenterna i arbetet är att utvecklas inividuellt och i den roll de besitter idag, inte att klättra i organisationen. I studien framgår det därför att respondenterna i franchiseorganisationen följer den horisontella synen på karriär som innebär en personlig utveckling snarare än att avancera inom organisationen. De franchisetagare som ingått i studien har visat en stark entreprenörsanda och talat positivt om frihet under ansvar. Möjligheten att bestämma över sin egen tid samtidigt som man har ett stort stöd och kontaktnät bakom sig är en stor motivationsfaktor för samtliga franchisetagare i studien. Betydelsen av att den studerade organisationen har ett franchisekoncept är därför stor för franchisetagarna, men är av mindre betydelse för de anställda vars arbete inte skiljer sig från ett arbete i ett vanligt företagskoncept.

A capacidade de absorção está relacionada com a maneira pela qual uma organização desenvolve processos estratégicos e rotinas de internalizar e aplicar o conhecimento externo. Esse processo organizacional é descrito por quatro dimensões: aquisição, assimilação, transformação e aplicação. Estudos recentes colocam que o ambiente influencia o modo como às empresas se organizam, expandem e transferem conhecimento. Este estudo pretende avançar nessa linha de pesquisa; em específico desenvolve uma análise comparativa sobre a capacidade de absorção em redes de franquias brasileiras e estrangeiras que operam no Brasil. A pergunta principal da pesquisa busca compreender se as redes de franquias brasileiras e estrangeiras desenvolvem a capacidade de absorção de maneira diferente. Para resolver essa questão foi desenvolvida uma metodologia com abordagens qualitativas e quantitativas, tendo uma amostra de 103 empresas. Os resultados mostram aspectos importantes do processo de transferência de conhecimento e do desenvolvimento da capacidade de absorção das empresas analisadas. De forma geral, as unidades franqueadas em redes brasileiras apresentaram níveis menores nas variáveis relativas à aquisição e aplicação do conhecimento. Assim, esta pesquisa pretende contribuir para a literatura existente sobre o processo de gestão estratégica e do conhecimento, centrando-se sobre o desenvolvimento da capacidade de absorção em redes de franchising, especificamente em uma economia emergente como o Brasil. / Absorptive capacity is related to the way in which an organization develops strategic processes and routines to internalize and apply external knowledge. This organizational process is described by four dimensions: acquisition, assimilation, transformation and application. Since recent studies state that the institutional environment influences the way firms organize, expand and transfer knowledge. This thesis seeks to advance in that research path developing an analysis on the absorptive capacity in networks of Brazilian and foreign franchises operating in Brazil. The main research question seeks to understand: do Brazilian and foreign franchise networks develop absorptive capacity differently? To address this issue we developed a methodology with qualitative and quantitative approaches in a sample of 103 companies. The results show important aspects of the knowledge transfer process, and the development of absorptive capacity by the companies analyzed. Overall, the franchisees in Brazilian networks showed lower levels in the variables concerning the acquisition and application of knowledge. Thus, this research aims to contribute to the existing literature on the strategic and knowledge management process, focusing on the development of absorptive capacity in franchising networks, specifically for an emerging economy like Brazil.

Este estudo objetivou a compreensão dos fatores que conduzem a um melhor desempenho de franquias, considerada a ótica da satisfação dos consumidores. O capítulo 1 abordou o referencial teórico mais amplo da economia e da administração de varejo. O capítulo 2 apresentou uma revisão das principais discussões teóricas sobre franquias. O capítulo 3 apresenta a metodologia geral de desenvolvimento da pesquisa. O capitulo 4 análise e discute os principais resultados obtidos. / This study try to explain the main aspects that justify the franchising business by the consumer satisfaction analysis Chapter 1 treaths the main aspects conceming about the economics ande the retail management Chapter 2 study the main discussions about franchising Chapter 3 presents the metodology applied in this study Chapter 4 presents the main conclusions and observations

Esse trabalho propõe-se a apresentar um modelo conceitual para avaliação da comunicação em franquias, a partir da criação de experiências diferenciadas para o consumidor no ponto-de-venda e consolidação das marcas que atuam nesse formato. Com o referencial teórico apresentado, pretendeu-se realizar um mapeamento sobre a evolução do marketing na tentativa de identificar elementos que promovam maior satisfação e envolvimento do consumidor através da comunicação integrada. Destacou-se também o processo de planejamento da comunicação e o maior entendimento da contribuição dos investimentos em comunicação no ponto-de-venda para o fortalecimento da marca, consolidação do posicionamento e construção de mecanismos de fidelização com clientes. O objeto de estudo foram empresas de franquia em função do rápido crescimento da receita e elevado número de lojas, como também por possuir uma comunicação integrada que contemple ações de ponto-de-venda fortemente associadas à marca. A pesquisa de campo caracterizou-se como uma pesquisa qualitativa em profundidade, buscando identificar como empresas que atuam no formato de franquia realizam os investimentos em comunicação, implementam tais ações e avaliam os resultados. Como resultados, pode-se identificar nas duas empresas analisadas dificuldade em avaliar e medir o retorno e contribuição das atividades de comunicação, em especial realizadas no ponto-de-venda, mesmo sendo hoje um importante ponto de contato para comunicação e realização de transações com consumidores e clientes. A análise dos casos e a revisão da literatura permitiram a elaboração de um modelo conceitual para avaliação da comunicação a ser utilizada conforme as dimensões dos franqueadores e franqueados, na geração de resultados e construção de mecanismos de fortalecimento das marcas e fidelização dos consumidores. Essa abordagem contribui para a consolidação dos estudos na área de avaliação e mensuração dos retornos de comunicação, bem como para o aprimoramento das atividades desenvolvidas por empresas de bens de consumo e serviços que atuam no formato de franquia ou até mesmo outros formatos que pretendem aumentar os investimentos em comunicação para o fortalecimento da marca e melhores resultados no longo prazo. / This study aims to present a conceptual model for the evaluation of communication in franchises, from creating unique experiences for the consumer at the point of sale and consolidation of brands that operate in this format. With the presented theoretical framework, it is intended to map on the evolution of marketing in an attempt to identify elements that promote greater satisfaction and consumer engagement through integrated communication. Also notable was the communication planning process and greater understanding of the contribution of investment in communication at the point of purchase to strengthen the brand, positioning consolidation and building loyalty mechanisms with customers. The object of study were franchise companies due to the rapid growth of revenue and the large number of shops, but also equipped with a communication that includes point-of-purchase actions strongly associated with the brand. The field research was characterized as a qualitative research, trying to identify how companies that work in the franchise format prepare investment in communication, implement such actions and evaluate the results. The results indicates that the two companies analyzed has difficulty in assessing and measuring the return and contribution of communication activities, in particular performed at the point-of-purchase, today is an important point of contact for communications and transactions with customers and clients. The analysis of the cases and the literature review allowed the development of a conceptual framework for the evaluation of communication to be used as the size of franchisors and franchisees in the generation of results and construction of strengthening mechanisms of brands and loyalty of consumers. This approach contributes to the consolidation of the studies in the area of evaluation and measurement of communication returns, as well as to the improvement of activities for consumer goods and services companies operating in the franchise format or even other formats aimed at increasing the investments in communications to strength the brand and better results in the long run.

The thesis examines the dynamic impact of capital structure on firm performance in Nigeria. The aims of this thesis are; first, to investigate the impact of capital structure of firms on their performance in a dynamic framework. This is unlike previous studies in the capital structure literature that have used static analysis. Second, to examine the dynamic feedback from performance to capital structure using the two-step system generalized method of moment estimator. Third, to explore the determinants or variables that influence capital structure choice of firms in Nigeria and the rate of adjustment to achieve optimal debt position. Fourth, to assess the possibility of non-monotonicity effect of capital structure on firm performance and non-monotonicity effect of performance on capital structure. The second chapter discusses the theoretical framework and review the empirical literatures on capital structure and firm performance. Also, the chapter review empirical literature on firm performance and capital structure as well as on determinants of capital structure. The study find much evidence in support of the theoretical prediction of the agency cost theory of capital structure. The stuudy observed that there are limited empirical studies on the franchise value and efficiency-risk hypotheses of reverse causality from performance to capital structure. The empirical literatures on determinants of capital structure suggests that both firm specific and country factors are important variables that drive capital structure choice of firms. The thrid chapter examines the methodology of the study. The population, sampling and sampling size, estimation methods were discussed in this chapter. The fourth chapter analysis and described the data employed in the study. Specifically, the results of the dynamic relationship between capital structure and firm performance were presented in this chapter. The results indicate that capital structure has non-monotonic effect on firm performance thereby supports the agency cost theory of capital structure. The fifth chapter provides results on the reverse causality between performance and capital structure. The findings indicate that there is reverse causality between performance and capital structure. This is evidence in the statistically significant negative finding between performance and capital structure. This finding support the franchise value hypothesis. The findings of this study also reveal that non-monotonic relationship exist between performance and capital structure. The sixth chapter provides results on the determinants of capital structure of Nigerian firms. The findings indicate that both firm specific variables (return on equity, risk, profitablity, age, size, tangibility, growth opportunities, dividend, ownership) and country variables (inflation, interest rates, credit to private sector as percentage of gross domestic product, institutional quality) jointly influence capital structure choice of firms in Nigeria. The findings equally indicate that firms in Nigeria adjust to their optimal debt target relatively faster with lower cost of adjustment because of better access to private debt that public debt. Conclusions from the empirical chapters indicate that firm specific and country factors are major determinants of capital structure of firms in Nigeria and that capital structure choice of firms influence their performance. Equally, there is evidence that indicate that there is reverse causality from performance to capital structure of firms. The study therefore contend that the agency cost theory of capital structure and franchise value hypothesis are portable in the Nigerian context. Full portability of these theories in emerging market like Nigeria may require modifications to accommodate specific peculiarities of operating and business environment of Nigeria.

abstract: 中国律师制度自“文化大革命”结束后恢复至今，已有近四十年。中国律师行业伴随着中国改革开放的进程，得到了飞速的发展，当然，同时也面临着诸多的问题。重要的问题之一便是，中国律师事务所采用“加盟制合伙人”模式和采用“权益制合伙人”模式之争。本文试图从回顾企业边界的三大理论出发，提出“加盟制合伙人”模式和 “权益制合伙人”模式与合伙人律师的业务专业化程度、业务复杂化程度以及大客户和律师事务所规模关系的四个假设，通过实证分析的方式，试图以企业边界三大理论解释前述四个假设中的关系，并以此期望对律师行业的发展有所启发。 / Dissertation/Thesis / Doctoral Dissertation Business Administration 2019

[pt] As empresas brasileiras ingressaram tardiamente no mercado internacional. Isto ocorreu tanto no caso de empresas industriais como de serviços. Este trabalho se ocupa de um segmento específico, o de serviços de alimentação tipo fast-food. Procurou-se investigar o início da expansão internacional de redes brasileiras de fast-food, uma vez que aquelas que já se internacionalizaram encontram-se nas fases iniciais desse processo. O estudo pretendeu identificar casos de sucesso inicial que pudessem servir como exemplo para as empresas que desejam seguir a via da internacionalização. Inicialmente, foi realizada uma breve revisão da literatura sobre processo de internacionalização. Em seguida, estudou-se o franchising como modo de entrada em mercados externos, já que este é considerado uma das principais formas pelas quais se dá a internacionalização de redes de fast-food. Utilizou-se a metodologia de estudo de casos, devido ao caráter longitudinal da pesquisa e ao pequeno número de empresas internacionalizadas neste setor. Os dados foram obtidos de fontes secundárias, que incluíram notícias em jornais e revistas de negócios, artigos publicados em anais de congressos e internet, além de consultas ao banco de dados do NUPIN – Núcleo de Pesquisas em Negócios Internacionais da PUC-Rio. A análise incluiu uma descrição histórica do desenvolvimento das empresas e de seu processo de internacionalização, focando-se os temas sobre os quais se centrou o estudo e realizando-se uma comparação entre os casos. As conclusões mostram a adoção de um processo baseado em oportunidades, intuições dos gerentes e tentativa-eerro. São extraídas algumas lições que podem servir a outras redes brasileiras que pretendam se expandir internacionalmente. / [en] Brazilian companies later joined in the international market. This occurred both in the case of industrial and services companies. This study focuses on a specific segment of the food service type fast food. We sought to investigate the beginning of international expansion of Brazilian fast food networks, since those that are already internalized are in the early stages of this process. The study sought to identify cases of early success that could serve as an example for companies who wish to follow the path of internationalization. Initially, we performed a brief review of the literature on the internationalization process. Then we studied the franchising as a mode of entry into foreign markets, since this is considered one of the main ways in which occurs the internationalization of fast-food restaurants. We used the methodology of case studies, due to a longitudinal research and the small number of internationalized companies in this sector. Data were obtained from secondary sources, including news in newspapers and business magazines, papers published in conference proceedings and the Internet, and queries to database of Center for Research in International Business at PUC-Rio (NUPIN - Núcleo de Pesquisas em Negócios Internacionais da PUC-Rio). The analysis included a description of the historical development of companies and their internationalization process, focusing on the issues and performing a comparison between the cases. The findings show the adoption of a process based on opportunities, insights for managers and trial and error. Some lessons are drawn that can serve to other Brazilian networks that wishing to expand internationally.