This paper studies the link between Corporate Social Responsibility (CSR) and operating performance of companies between two countries in the same industry. This study analyze the relationship between financial performance indicators ROE (return on equity), OM (operating margin) and CSD (corporate social disclosure) for five listed Swedish apparel companies on the Stockholm exchange market and five listed Chinese apparel companies on the Chinese exchange market by using both qualitative and quantitative approaches. The main findings are that there are mixed results in the relationship between CSR disclosure and operating performance for two countries’ companies. And there are some differences in this relationship between two countries’ companies.

The Land Bank of Taiwan, which has been through a number of financial reforms in the last few years, was chosen as research object for this study. First, it was promoted from provincial bank to state-operated bank due to the governmental organizational reform, and then was prepared to transfer its ownership from a state-owned bank to a privately owned one. However, due to recent financial crisis, the privatization process was forced to stop. This research used three different qualitative methods, including participant observation, in-depth interviews, and focused group interview, for triangulation in order to obtain objectivity. Through the three unique qualitative methods, the researcher was able to collect valuable qualitative data from a wide variety of different dimensions such as bank managers, bank employees and customers. Major research findings include the followings. First, state owned banking system is proved to be capable of stabilizing financial unrest in this global financial turmoil and local credit card debt issues. Second, state owned banks provide better protection over their employees and customers than their privately owned counterparts. Third, the overall performance of stat owned banking system is shown to outperform those privately owned ones. To conclude, some suggestions and policy implications are raised based upon the research findings.

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本研究使用中國大陸製藥工業之上市公司及部分非上市公司1999年至2010年之財務與非財務資訊做為樣本觀察值，探討研發密集度在企業競爭與經營績效中所扮演的角色，研究結果顯示企業專利佔有率與經營績效具有顯著正向關係，而企業專利佔有率的變動數與企業產值排名的變動情形亦呈現顯著正向關係，顯示研發密集度與企業競爭優勢息息相關。本研究並以前項結果作為基礎，進一步分析產業內績效領先企業群專利佔有率異常上升時，競爭企業是否會透過提升研發密集度或是行銷支出密集度來做為因應，而研究結果指出領先企業群之專利佔有率異常上升時，會導致研發密集度較高的企業異常提升其研發密集度，並導致研發密集度較低的小型企業大幅提升行銷支出。本研究結論專利對企業經營績效具有正向影響，並能替企業帶來競爭優勢，同時企業亦將專利視為競爭優勢之主體，對於競爭者的專利策略會予以因應。本研究建議企業在形成策略時，應綜合考量產業結構、核心資源以及競爭者的競爭性行為或可能的回應。 / The present study investigates the role of granted patents in determining industry competition and operating performance. The sample consists of Chinese public and private companies in the pharmaceutical industry from 1999 to 2010. The findings show that the quantity of patent is positively associated with operating performance and that the change of patent count is also positively associated with the ranking of market share. Moreover, the results show that the change of patent counts of leading companies has a positive impact on followers’ innovation activities and marketing activities. Overall, the evidence suggests that patent plays an important role in company competition and that companies response to the R&D(patent)strategy of their competitors in the market.

Je développe ici une nouvelle évaluation de la qualité de la fonction d'audit interne (FAI) basée sur des données d'entrée et j'examine les facteurs qui poussent les entreprises à mettre en place une FAI de haute qualité ainsi que les conséquences économiques d'une FAI de haute qualité. Afin de rendre opérationnelle mon analyse empirique, je crée un échantillon d'archivage de FAI international unique en associant une enquête d'auditeur interne menée au niveau international intitulée CBOK 2010 à des données publiques présentes dans la base de données Worldscope. En me basant sur les Normes Internationales pour la Pratique Professionnelle d'Audit Interne proposées par l'Institut des Auditeurs Internes, je mesure la qualité de la FAI en fonction des attributs et des pratiques de FAI souhaitables qui prennent en compte la compétence (1), l'indépendance (2), les pratiques de reporting et de planification (3), et les pratiques d'amélioration et de vérification de la qualité (4) de la FAI. En ce qui concerne les facteurs décisifs de la qualité de la FAI, je constate que la qualité de la FAI est affectée par les cadres opérationnels et les caractéristiques d'autres mécanismes de gouvernance des entreprises y compris les mesures incitatives de supervision du conseil d'administration, la diligence du comité d'audit et les pouvoirs du PDG. En outre, les mesures incitatives des entreprises destinées à une FAI de haute qualité sont renforcées par les exigences strictes et détaillées en matière de FAI présentes dans les codes de gouvernance d'entreprise des pays. Enfin, je documente le fait que d'autres mécanismes de gouvernance, en particulier les mesures incitatives de supervision des directeurs, jouent un plus grand rôle pour influencer la qualité de la FAI lorsque le cadre réglementaire dans son ensemble est fragile. En ce qui concerne les conséquences économiques d'une FAI de haute qualité, j'aborde le rôle que joue la FAI pour fournir des services de vérification en matière de reporting financier et je constate que la qualité de la FAI est associée de manière positive à la qualité des revenus. En prenant en compte l'implication croissante de la FAI dans la gestion du risque et les initiatives stratégiques, qui a pour conséquence le fait que la FAI joue un rôle accru pour fournir des services de consulting appropriés aux opérations des entreprises, je fournis en outre les preuves qu'une FAI de haute qualité est importante pour la performance opérationnelle des entreprises. Je documente de manière spécifique le fait que la vitesse de reprise de la performance opérationnelle suite à la crise financière récente est considérablement plus rapide pour les entreprises qui bénéficient d'une FAI de haute qualité que pour les entreprises dont la FAI est de mauvaise qualité, et que la qualité de la FAI est associée de manière positive à la bonne capacité d'investissement des entreprises au cours de la période post-crise financière. De plus, je constate que le degré d'implication de la FAI dans les activités de consulting stratégique a un effet positif incrémentiel sur la reprise de la performance, ce qui suggère que fournir des services de consulting est une façon importante pour la FAI de procurer de la valeur aux entreprises. Les bénéfices d'une telle expansion des activités de consulting ont cependant un coût pour les entreprises dont la FAI est de mauvaise qualité, car je constate que l'implication de la FAI dans le consulting stratégique peut nuire au rôle que joue la FAI pour fournir des services de vérification et par conséquent affecter de manière négative la qualité des revenus lorsque la qualité de la FAI est mauvaise mais non pas lorsque la qualité de la FAI est bonne. De manière générale, ces constatations suggèrent que si l'on s'attend à ce que la FAI procure de la valeur aux entreprises en fournissant à la fois des services de vérification et de consulting, il est alors essentiel de maintenir un niveau de qualité de FAI adéquat. / I develop a new input-based measure of internal audit function (IAF) quality and investigate the factors that incentivize firms to establish a high-quality IAF as well as the economic consequences of a high-quality IAF. To operationalize my empirical analysis, I construct a unique, international archival IAF sample by matching a proprietary global internal auditor survey named CBOK 2010 with public data in the Worldscope database. Based on the International Standards for the Professional Practice of Internal Auditing proposed by the Institute of Internal Auditors, I measure IAF quality by desirable IAF attributes and practices which encompass the IAF’s (1) competence, (2) independence, (3) planning and reporting practices, and (4) quality assurance and improvement practices. Regarding the determinants of IAF quality, I find that the IAF quality is affected by firms’ operating environments and features of other governance mechanisms including board monitoring incentives, audit committee diligence, and CEO power. Moreover, firms’ incentives for a high-quality IAF are bolstered by strict and detailed IAF requirements in countries’ corporate governance codes. Finally, I document that other governance mechanisms, especially the monitoring incentives of directors, play a greater role in influencing the IAF quality when the overall regulatory environment is weak. Regarding the economic consequences of a high-quality IAF, I first address the role of IAF in providing assurance services in financial reporting and find that IAF quality is positively associated with earnings quality. Considering the increasing involvement of IAF in risk management and strategic initiatives, which leads to an expanded role of IAF in providing consulting services relevant to firms’ operations, I further provide evidence supporting that a high-quality IAF matters for firms’ operating performance. Specifically, I document that the speed of operating performance recovery after the recent financial crisis is significantly quicker for firms with a high-quality IAF than for firms with a low-quality IAF, and that the IAF quality is positively associated with firms’ investment efficiency in the post-financial-crisis period. In addition, I find that the extent to which the IAF is involved in strategic consulting activities has an incremental positive effect on performance recovery, which suggests that providing consulting services is an important way for the IAF to deliver value to firms. However, the benefits from such an expansion of consulting activities comes at a cost in firms with a low-quality IAF, as I find that the IAF’s involvement in strategic consulting can impair the IAF’s role in providing assurance services and hence negatively affects earnings quality when the IAF quality is low but not when the IAF quality is high. Overall, the findings suggest that if the IAF is expected to deliver value to firms by providing both assurance and consulting services, maintaining an appropriate level of IAF quality is essential.

The literature indicates that private equity backed companies generate attractive returns on capital fortheir investors. These insights are intriguing and raise the question of what private equity firms do toachieve such performance as the majority owners of these companies. Through a qualitative multiple casestudy conducted through interviews with significant actors of two Swedish private equity firms, we ask;how can Swedish private equity firms conducting buyouts improve the operating performance for theirportfolio holdings through active ownership? By investigating chosen private equity actors we recognizedifferent value driving functions that align with the theoretical framing of the phenomenon. The findings ofthis paper highlight that the concepts’ structure, networking, and capital management can be used tocaptivate the active ownership role in driving portfolio company performance.

Yes / This paper examines how deviation from firms’ target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5,746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with co-insurance theory, we find that over-deviated firms engage in foreign acquisition deals to relieve their financial constraints and to mitigate their financial distress risk. We also note that foreign acquisitions enhance over-deviated firms’ value and performance, measured by Tobin’s q and return on assets (ROA) respectively. These findings support the view that over-deviated firms pursue the most value-enhancing acquisitions. Overall, this paper suggests that co-insurance effects, value creation and performance improvements are the main incentives for over-deviated firms’ involvement in foreign acquisitions.

The importance of cranes can not be understated, as they are essential in various fields. They require precision and heavy safety considerations when operated on-site since they are responsible for numerous accidents and even fatalities. Traditional methods for remote operation sometimes fail to depict the intricate scenarios that operators experience in on-site environments, resulting in worsened immersion and, potentially, performance. Accordingly, the immediate purpose of this thesis is to address this limitation by enhancing an existing crane simulator with virtual reality and audio integration. In order to validate the impact of the proposed improvements, the simulator underwent testing in an experimental environment that included 16 individuals. Each participant tested five versions of the simulator, all of which varied in their combination of machinery sounds, environmental sounds,  and VR, to assess the impact of the improvements by measuring their operating performance and on-site immersion. The research findings indicate that using virtual reality affects the realism and sense of presence of the simulator, enabling operators to be more immersed in the crane operation. The incorporation of sound, more specifically environmental and machine sounds, enriches the virtual environment by offering audio cues that accurately reflect real-world operations. The operating performance was, however, not significantly improved with the addition of VR and audio. The results obtained from questionnaires, interviews, and performance metrics show that the built-in improvements can potentially increase the safety and efficiency of crane operations.