This study first investigates the extent of congruence between service providers' perceptions of customer satisfaction with various aspects of optometric services and customer-reported satisfaction with these services, and then examines whether a high degree of congruence results in better business performance. A survey of optometricians and customers of optometric services in Germany serves as the study setting. Results are presented and their implications are discussed. Avenues for futures research are offered. This study first investigates the extent of congruence between service providers' perceptions of customer satisfaction with various aspects of optometric services and customer-reported satisfaction with these services, and then examines whether a high degree of congruence results in better business performance. A survey of optometricians and customers of optometric services in Germany serves as the study setting. Results are presented and their implications are discussed. Avenues for tuture research are offered.

Does the managers’ form of employment matter? A qualitative study of the form of employment’s significance to a managerial appointment The aim of this study is to examine the experiences and attitudes of managers with regards to the significance of the specific terms of their employment. To achieve this, a qualitative approach was deemed to be suitable and a thematic analysis was conducted. Ten middle managers at a Swedish County Council with contrasting terms of employment (permanent positions and short-term managerial appointments) were interviewed over a two week period. To complement the thematic analysis, a theoretic framework and previous research were considered and used. The study found that there is a strong preference among the managers towards a permanent form of employment rather than short-term managerial appointments. The analysis, on the other hand, found that the terms of employment had a negligible impact on the managers’ actual work, whereas it impacted the managers’ perception of their own ‘managerial value’ and their perceived importance to the organisation. On the other hand, our study has shown that the form of employment can also affect the work and organisation. Finally, the study found that this particular field of research is yet to be fully explored and thus further research is needed to reach a greater understanding of the effects of the form of employment to the individual manager, the organisation and its workers.

This research will contribute to the literature of managerial ability and analyst following as well as narrative disclosure in the following ways. This study is the first to investigate the association between managerial ability and external information intermediaries such as financial analysts to the best of our knowledge. Most of the earlier studies on managerial ability focus on firms’ internal information environment such as operating and financial decisions, and limited studies examine the relation between managerial ability with external perception of the information environment and narrative disclosures. We extend this literature by examining how managerial ability impacts the firm's external information environment, affecting informational intermediaries' work processes, such as financial analysts. We find that managers' higher ability leads to better performance by financial analysts regarding their forecast error, dispersion, and willingness to provide coverage on the firm. We also step further by employing more advanced and novel measures to assess managerial ability's impact on market intermediaries’ external work and perception. Able managers impact reporting informativeness, response time, and the uncertainty of the forecasts from financial analysts. Further, we examine informational channels or mediators (i.e., analyst following and readability of narrative disclosure), highlighting how managerial ability can be linked the better performance by financial analysts. We intend to show how variables like disclosure readability and analyst following mediate between managerial ability and analyst forecast properties (i.e., error and Dispersion). In the last part of the research, we answer how analysts' better performance can be a channel to help able managers increase their firms' value (i.e., analyst’s forecast error acts as the channel from the managerial ability to firm’s performance).

A research report submitted by in partial fulfilment of the requirements for the degree of Master of Commerce, University of the Witwatersrand, 2019 / Black Economic Empowerment (BEE) legislation was introduced in South Africa to combat the significant modern-day racial inequality caused by Apartheid. While social returns are the primary objective of BEE, one must assess whether compliance with this legislation has also yielded financial returns. Prior studies have mainly focused on the effect of the composite BEE Scorecard on performance, and have produced inconclusive and conflicting results. This study therefore aims to gain further insight into the impact of the BEE scorecard by isolating the influence of each element of the BEE scorecard on performance. A quantitative study was undertaken using Johannesburg Stock Exchange-listed firms as the population. A multivariate panel regression analysis was performed using return on assets (ROA), return on equity (ROE) and share returns (SHR) as proxies for performance over the period 2011 to 2017. The final sample translated into 346 company-year observations for the ROA and ROE models, and 381 for the SHR model. Initial analyses evidenced a strong positive correlation between ROA/ROE and Employment Equity. The regression analyses, which controlled for profitability, growth, asset utilisation, debt, size, industry and macro-economic factors, returned two significant findings. The Ownership element of the scorecard was positively associated with both ROA and ROE, while Socio-Economic Development was negatively associated with ROA. The findings from this study add to the body of BEE research that shareholders, managers and policy-makers can consider when making decisions about BEE policies. Ongoing research to further develop these findings will assist companies in supporting the movement for economic unity while maximising their own value creation. / PH2020

Essay One Under the principal-agent framework, we study and compare different compensation schemes commonly adopted by hedge fund and mutual fund managers. We find that the option-like performance fee structure prevalent among hedge funds is suboptimal to the symmetric performance fee structure. However, the use of high water mark (HWM) mitigates the suboptimality, though to a very limited extent. Bothour theoretical models and simulation results show that HWM will induce more managerial efforts only when a fund is slightly under the water but it will unfavorably dampen incentives when a fund is too deep under the water and when the manager's skill is poor. Allowing managers to invest personal wealth in their own funds, however, helps align interests and provides positive managerial incentives. Essay Two Existing literature has detected a "tournament behavior" among mutual fund managers that mid-year underperformers tend to take relatively higher risk than peers in the second half-year. We reexamine this issue and provide empirical evidence that such behavior does not exist among hedge fund managers, either at fund level or risk style level. Instead, hedge fund managers shift risk at mid-year in response to the moneyness of their incentive contracts. Also, risk shifting decisions are more driven by underperformance than by outperformance. HighWater Mark can strongly rein in excess risk-taking and therefore better aligns interests. Last, risk shifting on average does not improve either performance, moneyness of incentive contracts, or cash inflows. Essay Three We use factor models and optimal change point regression models to capture the intra-year risk dynamics of hedge fund managers. Those risk shifting managers are further divided into 'Informed', 'Uninformed' and 'Misinformed' groups, according to their post-shifting risk adjusted performance. We find evidence that supports the existence of an Adverse Selection' problem of managers compensation schemes. Namely, incentive contracts, designed to share risks and align interests, induce the strongest risk taking from the least informed or skilled hedge fund managers, whose risk-shifting decisions result in undesired or even deteriorated risk-adjusted returns for investors. We also find that the High Water Mark has only limited influence on mitigating excessive risk shifting.

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Since the 1990s the use of the Internet and electronic commerce (e-commerce) has exploded, yet few SMEs seem to benefit from its potential. The lack of personal involvement and low level of use are an indication that managers still have not committed themselves to e-commerce. Consequently they are not reaping the full benefits first hand. The objectives of the study are to identify key factors and relationships likely to influence e-commerce use by SME managers in the Netherlands and to investigate whether relevant and significant factors can be combined in a new model to predict how SME managers will use new technology. To achieve these objectives, a well-established model of IT usage behaviour, the Technology Acceptance Model (TAM), was used. Building upon TAM, a theoretical research model was developed to investigate a large number of external variables that are possible antecedents of managerial beliefs, attitudes, and the use of IT. E-commerce systems were chosen as the IT tool under review. A cross-sectional field survey was conducted to investigate the theoretical research model. The results are based on the analysis of questionnaire data from 114 managers from Dutch SMEs. Using Structural Equation Modelling (SEM) the results show significant support for external variables, mostly of an individual nature, in the categories of demographics, managerial and IT knowledge, individual characteristics, and company characteristics. Contrary to expectations, two categories - social factors and environmental characteristics - had few or no variables with a significant relationship. This study further presents empirical evidence to suggest a limited number of antecedents under managerial control influencing beliefs, attitudes, and use. A better understanding of the various factors that may impede or increase effective utilization of IT can facilitate the design of organizational or managerial interventions that address these issues. Building on the core TAM model a new model, the e-Tam Model, has been developed based on the results of the theoretical research model. In this model, it is hypothesized that IT usage is directly and indirectly influenced by seven external variables divided into three categories: demographics, personality, and company characteristics. Using the e-Tam Model, effective and increased use of managerial IT tools can be promoted. This will enable managers to have a better use of e-commerce systems leading in turn to better margins and opportunities.

Access to high quality, reliable freshwater resources has been recognized as a global issue for decades and as the demand for water continues to grow, water management and sustainability issues have been pushed into the limelight. Despite this mounting pressure, variation in water use practices continues to persist, which contributes to both local and global water security challenges. Drawing on the environmental management literature, I noticed that the majority of the existing research focuses on the role of managerial demographics rather than on the process of how managers think, interpret, and act in strategic situations. Thus, in an effort to address this gap I adopted a qualitative research approach, conducting semi-structured interviews with managers at craft breweries in Alberta and California. My findings indicate that managerial sensemaking acts as a mediating process in a manager’s choice of water management strategy, ultimately influencing their brewery’s water use performance. And, that these relationships are affected by managerial characteristics as well as contextual factors. As the world’s demand for fresh water, and the number of people living in water stressed conditions continues to rise, these findings have important implications. By both extending and contributing to existing sensemaking and cognitive frame theory, my findings shed light on alternative cognitive determinants driving water use variation and thus support the development of more sustainable water management practices.

I propose and test a dynamic model of corporate fraud pyramid using tax fraud, accounting and management compensation controversies (MCC). The pyramid facets represent the explanatory dimensions of corporate governance mechanisms, quality of audit and regulatory regimes, and executive compensation. I find that large-sized firms with bigger boards invariably indulge in tax fraud. Conversely, older firms, firms paying higher executive compensation, exhibiting greater audit committee expertise and greater board meeting frequency curtail tax fraud incidence. Increased board meeting frequency, firm age, senior executive compensation and firm size is associated with increase in accounting controversies. Conversely, increased gender diversity curtails accounting fraud. Increase in firm size, senior executive compensation and outsider director’s compensation is associated with increased MCC incidence. CEO duality, single biggest owner, regulatory quality, rising EPS and operating profit margin, linking CEO compensation with total shareholder return and audit committee management independence significantly curtail MCC incidence. Increased stock-based compensation is accompanied by an increase in MCC. Audit and nomination committees and board members may not be truly independent. Firms audited by Big4 auditors have the least chance of getting entangled in accounting controversies. However, firms paying higher audit fee have a greater tendency of indulging in accounting fraud. Firms exposed to better regulatory quality environment have a much greater chance of getting involved in tax fraud controversies. Various explanatory variables behaved differently before, during and after the financial crisis. Univariate analyses support the majority of results of multivariate analyses.

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