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This research report examines the cost and benefits of the Sarbanes-Oxley Act of 2002 (SOX) on South African companies who have had to comply due to them or their holding companies being listed on the New York Stock Exchange (NYSE) as well as voluntary adaptors of the code. This report further seeks to identify best practices implemented by these companies.

This research report examines the cost and benefits of the Sarbanes-Oxley Act of 2002 (SOX) on South African companies who have had to comply due to them or their holding companies being listed on the New York Stock Exchange (NYSE) as well as voluntary adaptors of the code. This report further seeks to identify best practices implemented by these companies.

本研究首先從經營績效、公司特性及公司治理角度探討財務主管之異動行為，並分析財務主管異動與後續經營績效及財務危機之關聯性。相關實證結果發現，前期經營績效不佳與內部治理愈差之公司會傾向更動財務主管，且當公司經營績效及財務狀況逐期惡化時，財務主管異動會較頻繁，但未發現控股結構複雜度與財務主管異動有關。此外，財務主管異動後之公司經營績效並無改善之跡象，符合惡性循環假說。財務主管異動與財務危機之研究結果發現，財務主管異動頻率與財務危機呈正向關係惟並不顯著，但若以下市或全額交割定義財務危機時，實證結果顯示，財務主管異動較頻繁、公司內部治理較差之公司，發生下市或全額交割之可能性愈高。 / This thesis examines the determinants of chief financial officer (CFO) turnover behavior and whether CFO turnover signals the operating performance of subsequent period. In addition, the association between CFO turnover and financial distress is also investigated. The empirical findings show that CFOs of firms with poor operating performance and weak internal governance environment are more likely to have turnovers. Deterioration in operating performance and financial conditions leads increase in frequency of the CFO turnover. Moreover, the CFO turnover tends to precede a poorer subsequent operating performance. While there is no association between the frequency of CFO turnover and occurrence of financial distress, it is found that higher the frequency of CFO turnover and poorer the internal governance environment, higher the probability of delisting of firms.

Les enjeux de la quasi-régie (traduction française du « contrat « in house » ») sont multiples car elle constitue avant tout une dérogation aux règles de passation des contrats publics. Elle est de ce fait entièrement conditionnée par cette caractéristique et repose sur une combinaison particulière entre plusieurs modalités liées au fonctionnement des prestataires intégrés et aux relations qu’ils entretiennent avec leurs détenteurs. Seules les situations qui ne sont pas susceptibles de porter atteinte au bon fonctionnement du marché peuvent donc être qualifiées de mécanismes interorganiques. La quasi-régie est ainsi clairement distincte d’autres notions, telles les associations transparentes ou les montages artificiels, et constitue une véritable construction juridique légitime que les acteurs du secteur peuvent manier. Sa malléabilité est toutefois révélée par l’étude des modes d’intervention multiples avec lesquels elle est compatible en France : la société publique locale n’est par exemple qu’un moyen parmi d’autres de la mettre en oeuvre. Cette flexibilité est confirmée par le fait que les disciplines financière et fiscale françaises ne se saisissent pas de ce mécanisme, de telle sorte que la quasi-régie ne constitue pas un mode de gestion intermédiaire entre régie et externalisation. La qualité de contrat spécial, plus précisément celle de « contrat interorganique », semble toutefois pouvoir lui être attribuée car la quasi-régie repose sur une combinaison de circonstances contractuelles et institutionnelles spécifiques qui impliquent avant tout des modalités particulières en termes de passation, sans pour autant exclure certaines singularités en matière d’exécution. / “In-house providing procurements” concern contracts awarded by contracting authorities without application of the procedures laid down in european secondary law. They thus have to be first considered as a derogation, which reveals their stakes but also the way they’ve been shaped. To make sure that it would’nt be used to abuse european law, european institutions have paid special attention to in-house operation’s conditions. In-house contracting parties have to prove the existence of particular conditions relating to the functioning of the contractor and its relations with its holders. Through those characteristics lies the particularity of in-house providing, which can be distinguished from other notions, such as “transparent associations” or “artificial schemes”. This is also a way to affirm in-house procurements’ legitimacy and to make it a real legal construction. This naturally leads to its qualification. Studying its manifestations in french public law makes clear that this construction is not complete. In-house contractor may take many legal forms, which brings to light in-house providing’s flexibility. It also prevents financial and fiscal french law to seize this derogation. In house-contracts can’t therefore be described as a an intermediary governance mode, between outsourcing and internal governance (in-house operations stricto sensu). Nevertheless, in-house providing procurements embody a type of special contracts, “les contrats interorganiques”, which implies particular rules relating to their passation and admits a certain particularity concerning their execution.

Syftet är att bidra med kunskap om lärarnas upplevelse av sin planeringstid och sin arbetssituation. Det innefattar de strategier som lärarna kommer använda sig av när rektorn styr planeringstiden och hur styrningen uppfattas. Studien ställer frågor som rör lärarnas hantering av frirum och korstryck.  Tidigare forskning visar att planeringstid prioriteras bort vilket får konsekvenser för lärarna. Möjligheten att utnyttja frirummet mellan yttre och inre styrning bör utvecklas för att ge lärarna kontroll i sin profession. Rektor anger hur frirummet utnyttjas vilket inverkar på lärarnas hantering av planeringstiden.  Denna kvalitativa studie använder frirumsteorin som teoretisk utgångspunkt och analysverktyg. Frirumsteorin utgår från förhållandet mellan inre och yttre styrning. Empiriskt material har hämtats från intervjuer med föreställningskarta. Analysen gjordes utifrån fyra nyckelord med tabellmetoden och från kriterierna styrning av och styrning i skolan. Resultatet visar att rektorns styrning ger lärarna arbetsvillkoren som höjer eller hindrar lärarens möjligheter att kunna utföra professionen. I frirummet ges lärarna möjlighet att arbeta i balans mellan styrningsformerna. När lärarna arbetar i läraryrket som profession och har daglig tid för samtal upplevs kontroll. En slutsats är att när rektorn tillåter lärarna att utnyttja frirummet och vara i sin profession upplevs inget korstryck. Lärarna upplever att de kontrollerar sin planeringstid. Studien uppmärksammar inre och yttre styrning, frirum och korstryck som  vetenskapligt och teoretiskt förankrade i frirumsteorin. Lärarnas upplevelse av och strategier för sin planeringstid samt rektorns styrning analyseras utifrån dessa styrningsformer. / The purpose of this thesis is to add knowledge about the teachers' experience of their planning time and work situation. What strategies will teachers use when the principal controls the planning time and how the steering is perceived? The study investigates how teachers handle free space and cross pressure. Previous research reveals how planning time is deprioritized away, which leads to consequences for teachers. The teacher´s possibility to use the free space should be developed to provide control for the teachers. The principal sets the framework for how the free space can be used and decides how teachers manage their planning time. Free space theory is the theoretical starting point and analysis tool for this qualitative study. The theory of scope for action theory is based on the relationship between internal and external control. The empirical material was gathered from interviews with the performance map. The analysis was based on four keywords using the table method and from the forms of governance in schools. The results show that the principal's governance gives teachers working conditions that raise or hinder the teacher's ability to perform their profession. In the free space, teachers must be given the opportunity to work in a balance between the forms of governance. When teachers work in the teaching profession as profession and have daily time for conversations between teachers, they experience a sense of perceived control. One conclusion is that when the principal allows teachers to gain advantage of the free space and be in their profession, there is no cross pressure. Teachers feel in control of their planning time.  The study draws attention to internal and external control that is scientifically and theoretically anchored in the scope for action theory. The teachers' experience and strategies for their planning time and the principal's governance were analyzed based on these forms of governance.