The UK higher education (HE) sector is experiencing a high level of turbulence arising from the introduction of the variable fee regime and the removal of student number controls for full-time HEU (Home/EU) undergraduates, increased competition for overseas students in an unsupportive domestic policy context, and greater government intervention in the name of marketisation and competition –which can be viewed as part of the worldwide ‘financialisation’ of universities (Parker, 2013). In such an environment, the accuracy of budgeting and financial forecasting might be expected to take on increased significance. The purpose of this study was to identify and understand the contingent factors that influence the accuracy of budgeting and forecasting in UK universities and the characteristics of financial scenario modelling in the sector. A mixed methods approach was adopted, with data collected through a comprehensive questionnaire survey of UK HE institutions and supplemented by interviews. The results reveal a degree of inertia in spite of the more dynamic and competitive external environment; traditional methods of budgeting and forecasting have been maintained and more sophisticated approaches are little in evidence. Overall, there appears to be general satisfaction with the level of budgeting accuracy, with the most significant factors affecting this found to be: the perceived accuracy of student number estimating and forecasting (where a problematic relationship with the student number planning function is evident); the difficulties caused by allowing unspent budgets to be carried forward; and the time taken to prepare budgets. Where there is a demand for greater budgeting accuracy, this seems more likely to emanate from lending banks than from senior management or governing bodies. Scenario models incorporate common drivers, but preference is shown for a simple approach – sometimes less than appears to be required by the current funding body, HEFCE. A possible explanation for the overall findings lies in the manner in which the new fees regime has played out and the growth in overseas student numbers, which have led to a period of relative financial strength for many universities, in spite of the limited availability of capital grants during a period of austerity. Thus the focus of any ‘financialisation’ has tended to be on income rather than cost control – though how long this will continue is debateable, particularly in the case of universities with a relatively weak market position. This research contributes to the limited literature on management accounting in universities, particularly in the changing UK environment, and provides additional insights to Parker’s description of financialisation. In focusing on budgeting accuracy, it also highlights an issue that, though implicit, is rarely discussed in the management accounting literature.

Considering the crucial role played by state-owned enterprises (SOEs) and multinational corporations (MNCs) in China’s economic reform, and the growing number and importance of Chinese overseas educated graduates, this thesis explores the early career-development of returnee graduates. The research draws on theoretical perspectives relating to human, social and cultural capital, along with theories of motivation, adaptation and job satisfaction in the course of career development, applied in the Chinese context. Two qualitative case studies were carried out in the banking sector: one in an SOE and the other in an MNC. This involved interviewing returnees, local graduates and managers on their perceptions of the integration of returnees into the organisations. At the individual level, it considered the value of overseas education and the capital possessed by returnees, observing how human capital was produced through graduates’ early stages of career development, and how this contributed to their place of work. At the organisational level, by making use the perceptions of HR managers as well as self-evaluation from returnees, the advantages and disadvantages of returnees were explored, together with their actual utilisation, the rationales behind the HR strategies adopted by the two organisations. This led to an understanding of how the integration of returnees is affected by different social and corporate settings.

International finance studies the dynamics in the areas such as international portfolio diversification, foreign investments, global financial systems, exchange rates, etc. This thesis brings together a set of chapters that summarises and synthesises varied areas of international finance maintaining a balance between the micro- and macro-level studies. This thesis is composed of three main empirical chapters contributing to varied aspects of international finance, mainly the areas of international portfolio diversification and home bias puzzle; development of bond markets and access to external finance; exchange rate uncertainties, output volatility and exports. Chapter 1 provides an outline and introduction of the thesis. Chapter 2 provides an extensive literature review on home-bias puzzle, explains the evolution and existence of home-bias puzzle, and gives various institutional and behavioural-based explanations which are considered as the main reasons for the existence of this puzzle. It discusses the advantages of international portfolio diversification and also the disadvantages of under-diversification in international portfolios. It gives a detailed empirical literature on the home bias puzzle and the relation between education and portfolio diversification. Further, this chapter empirically analyses a panel of 38 countries over a period of 2001-2010 to study the impact of different levels of education on home bias and international portfolio diversification. The results highlight that education is crucial in reducing equity home bias. After dividing the countries on the basis of their stock market capitalisation the results show that less developed countries with more university graduates have lower equity home bias. Finally, the results show that the benefits of education are larger during the recent financial crisis for the less financially developed economies. Chapter 3 provides a detailed analysis of the trends in Asian financial markets since the 1990s. It provides the main objectives of the Asian bond market policy initiatives. It also gives a detailed empirical literature of external finance, bond market development across the world and external finance-investment spending nexus. This chapter empirically analyses the impact of policy initiatives co-ordinated by Asian national governments on firms' access to external finance by using a unique firm-level database of eight Asian countries- Hong Kong SAR, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand over the period of 1996-2012. Using difference-in-differences approach and controlling for firm-level and macroeconomic factors the results show a significant impact of policy on firms' access to external finance. After splitting firms into constrained and unconstrained, using several criteria, the results document that unconstrained firms benefited significantly in obtaining external finance as compared to their constrained counterparts. Finally, the results show that the increase in access to external finance, after the policy initiative, helped firms to raise their investment spending, especially for unconstrained firms. Chapter 4 focuses on how exporting decision of firms are affected by volatility at the macro and micro levels, using a rich dataset of UK manufacturing firms for the period of 1990-2009. The results show that both types of volatility have an adverse impact on firms’ real export sales. After taking into account firm-level heterogeneity, the results show that the negative impact of exchange rate and firm volatility on exports is higher for constrained firms as compared to unconstrained firms. Further, this chapter considers the European Exchange Rate Mechanism (ERM) crisis of early 1990s and the global financial crisis of 2008. The results indicate that during the ERM crisis constrained firms face a significant adverse impact of exchange rate volatility on exports, while the impact of firm-level volatility is mostly insignificant. On the contrary, during the global financial crisis, constrained firms face a significant negative impact of firm-level volatility on exports and an insignificant impact of exchange rate volatility on exports. Finally, Chapter 5 provides the conclusion of the thesis highlighting the contributions, implications and future research avenues of each empirical chapter.

For years the dominant theme of higher education in Uruguay has been financial distress. However the literature relating to higher education has not addressed the question of how higher education institutions receive their funding. The aim of this study was to provide an analytical view of the current model of financing higher education in this country and predictions about its possible evolution or change according to the views of different stakeholders. This study used a qualitative approach and multi-modal tools - documents, literature, semi structured interviews, a Focus Group and speeches at Parliamentary sessions- were chosen to address several questions from different perspectives. Findings in this research suggest that the traditional historical funding model used until the 1990s has evolved into a historical/ incremental model. In this case, increases, or new funds that are allocated to the system, are tied to certain specific purposes determined in the Budget laws. In this way, funding relies on: (a) historical allocations, actually the biggest part of the allocations, which are always the same and are expected to be the same; and (b) new allocations (increases) focused on certain projects which are specified in the Budget Laws by the Parliament. In this way, Uruguay mirrors the regional pattern in which very little strategic planning occurs in the financing process. This study suggests, too, a particular approach to accountability in Uruguayan higher education. Resources are allocated to the system by the Parliament on a decentralised basis and institutions keep broad decision-making powers. The Ministry of Education and Culture is not involved in the process of allocating resources to higher education. The Government applies no control on institutional performance or efficiency. University autonomy is considered the raison d´etre of this approach; information gathered for this study suggests that Governmental agencies hold very little concern about the use of public funds. Internal use of public appropriations has bureaucratic controls and is only monitored through the conventional accounting audits prescribed by law. This research shows that a new left wing state-wide administration headed by the Frente Amplio Party will devote more funds to the finance of public higher education, primarily concerned with the insufficient amount of funds devoted historically to the sector. A considerable increase is expected as political leaders and Government officers have announced that the educational sector will receive added funding in the future Budget Law. However, there is also a view that, although the system will receive further funding, the funding model will remain the same. Moreover, whilst there is concern about the insufficient amount of funds devoted to the sector, the majority of stakeholders are not paying attention to the merits or problems of the current model of funding the sector. This study also suggests that: a) in the future the funding authorities may expand the mechanism of allocating funds oriented to special programmes and, in this way, introduce some kind of strategic orientations; b) further funding for public institutions may be originated in the collection of the graduate tax and that its utility could be improved in ways to introduce more funding to the system; c) it is unlikely that a future model will consider the use of formulae or quality considerations; and d) the introduction of a tuition-fee scheme is very improbable in the short term because the availability of further funding will reduce the pressures to introduce alternative funds to complement public revenues. Further, the ideological and political predominance of the Frente Amplio party in the Parliament (historically placed against tuition-fees) will certainly abort discussions about cost-recovery in the public University.

Everest and Blanc (E&B) is at a crossroad. It grew from a ‘mom and pop’ operation into a small professional firm and plateaued. Thus, there is a desire to bring about operation efficiency, followed by expansion of the company. In order to be successful, a systematic decision making process is necessary to ensure a high probability of success, and able to pinpoint dysfunctions early for improvement. In addition, implementing processes need careful consideration and progress monitoring. This study was founded on these premises using M2 mode research methodology to establish an optimal structural course of action by surveying paradigms of management theories and concepts. The study began with an exposition on research methodologies and focused on the M2 research mode. It continued on with considering operations topics (micro concerns), extending to general issues (macro concerns) in conjunction with management theories and concepts. Finally a decision making model was shaped and applied to E&B. During the process, several important decisions were made, grounded on the findings on the research, such as relocating the corporate office anticipating expansion. Overall, the changes introduced, the process of change, the decision-making process, and implementation were all effective. The decision making model, SOMM, Strato Operation Management Model, is an extension of both Ansoff’s and Anthony’s management models together with the decision-making process. The emphasis is on the relationship of the system structure’s characteristics where it is symbolized by a matryoshka representing the three management modules (Strategic Management, Management Control and Planning and Tactical Operation) nesting within each other. Relating to the overall strategic and management control and planning competency, the workhorse is a combination of defensive and offensive approaches together with evaluation methodologies to capture emerging and unintended strategies and to control performance; whereas the tactical operation process is to bring about efficiency and effectiveness. These are new knowledge and policies cast into members of E&B. It is, therefore, fundamental that careful interventions are necessary to cause changes by motivation and to align goal congruency. Further, the inquiry had specifically focused on the needs of E&B, it did not preclude application to other organizations. For academics, it may be an engaging topic for further empirical studies advancing knowledge in management and operations. With respect to a wider world application, it was also concluded that the findings for E&B are applicable and adaptable to other professional and business concerns as innovative tools to their problems and issues.