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Planning by owner-managers of small business has not received the attention from researchers a sector of such importance deserves. Using the forestry sector in Victoria as a sample, an investigation into the background and the planning undertaken by the owner-managers of small businesses was designed and implemented. The people consulted by the owner-manager as part of the planning process were identified as well as the topics discussed. A range of approaches to planning were identified and grouped into non-planners, partial planners and formal planners. The sample was divided into Consultants and Contractors based on the type of work undertaken and the equipment used. Further sub-sets were identified. Contractors were split into Labour Intensive Contractors and Capital Intensive Contractors and the Consultants were also divided by age into

ACQUISITION OF PROPERTY FROM A PERSON OTHER THAN THE OWNER IN CZECH AND GERMAN SYSTEM OF LAW The purpose of my thesis written on the topic 'Acquisition of property from a person other than the owner in Czech and German System of Law' is to analyse historical development of acquisition from non-owner and its future tendencies. This concept constitutes an exception from the principle of 'no one can transfer a greater right than he himself has'. This work compares current Czech legislation with German system of law, and also with legal regulation of acquisition from non-owner in the new Civil Code, Act No. 89/2012 Sb., which will be effective from January 1st , 2014. The topic is extremely interesting, both for the current effective legislation in this field, which is not entirely satisfactory, and for its topicality due to the adoption of the new Civil Code, which will bring the institute back to the Czech law environment. What is more, it is a fragmented area without a separate comprehensive monograph. The thesis is composed of six chapters, each of them dealing with different aspects connected with the concept and its exceptions. Chapter One is introductory and defines basic terminology used in the thesis. It deals with an ownership generally, with its content and means of acquisitions of property. Chapter...

Cizojazyčné resumé The aim of the thesis "Evolution and Transformation of Acquisition from a Non-owner in the Czech countries" is to conduct a thorough analysis of the historical evolution of this legal institute in the Czech countries. At the beginning, the thesis pursues the general interpretation of this legal institute which is an exception of the principle "nemo plus iuris". The thesis covers a legislation which was valid in a Roman law, and then the modern historical roots of Acquisition from a Non-owner in old German law. Legislation of the Middle Ages period in the Czech countries is covered as well. Further, the thesis is devoted to the problem of acquisition from a non-owner in adopted civil codes or their proposals in the territory of the Czech countries. More detailed description is included in the chapters pursuing the legislation in the Codex Theresianus and in the Allgemeines bürgerliches Gesetzbuch (ABGB). The legislation of the latter engages in prominent representatives of jurisprudence of that era as well as judiciary practice. Subsequently, the attention focuses on proposals which appeared in the inter-war period. A historical part of the thesis continues with the legislation in so called Middle Civil Code. Finally, the thesis encompasses the legal regulations of the studied institute in...

Some studies have shown that managers concentrate large fractions of their wealth in the equity of their own firm. In this paper we use a unique dataset and investigate how Swedish owner-managers invest remaining wealth conditional on a major investment in their own firm. We find no[JR1] evidence that owner-managers seek diversification benefits when they invest remaining wealth. Instead some owner-managers invest remaining wealth in the industry where they already have a substantial capital investment. We conclude that some owner-managers seek to exploit their industry-specific superior information when they invest wealth not tied up in their own firms. / <p>QC 20130515</p>

We examine the financing choices of undiversified large shareholders or owner-managers in a continuous time structural model with rational expectations. The interplay between the objective of the undiversified, self-interested owner-manager who controls the firm and the valuation of the firms marketed claims by well-diversified outside investors, has a major impact on leverage and debt maturity choices as well as credit spreads. The effect of this interplay is particularly significant in a world where the representative investor (who determines asset prices in the economy) is risk-averse leading to nonzero market prices of systematic risk and risk premia of the firms investment opportunities. In a perfect information framework with no taxes or bankruptcy costs, we show that, the owner-manager could, depending on the projects characteristics, finance them exclusively with debt, exclusively with equity, or with a combination of equity and debt. Ceteris paribus, leverage increases with the expected growth rate of firm value under its investment opportunities, and decreases with its volatility. Debt maturity varies non-monotonically in a U-shaped manner with the expected growth rate, and decreases with the volatility. Our results reconcile empirical evidence on the variation of financing choices with firm characteristics that is not completely consistent with previous theories. The significant impact of the expected returns (therefore, risk premia) of firms investment opportunities on their leverage ratios, debt maturities, and credit spreads are important implications of our theory that cannot be obtained in these models or in models in which all agents are risk-neutral so that risk premia are zero. We empirically test the implications of our theory for the relationships among firms financing and debt maturity choices and the expected growth rate and volatility of their asset values. Controlling for all the significant determinants of firms financing and debt maturity choices identified by earlier studies, we show significant empirical support for our predictions.

Owner-operators are business owners that began grass-roots efforts to satisfy a need for potential customers i.e. develop a solution for a problem in which customers are willing to pay the owner-operator instead of doing it themselves. The problem and solution may be thought of in terms of a singularity for the customer, however this is not the case. A dichotomy exists where both the owner-operator and the customer have problems and desire solutions based on their individual self-interests. The owner-operators’ problems are manifested in motivations and aspirations and their solutions are displayed as satisfaction. The list of existing motivations and aspirations is too numerable to manage along with the amount of potential solutions. For the pilot study, an attempt was made to categorize the motivations into more manageable groups to ascertain any potential relation with success. The pilot study did not lead to any conclusive results concerning the relationship between motivation and success. However, the pilot study did reveal an associating element between motivation and success i.e. a relation between the problem and solution. That connection was strategy. Strategy was the aid that allowed the gratification to occur. The decision of the owner-operator to choose either a differentiated strategy or cost leadership (low-cost) strategy (Porter, 1980) allowed them to use a more common element where the distinctive nature of the motivations and aspirations was downplayed. The import of this relationship comes into existence depending on how interested various governing and business support bodies are in developing policies whose purpose is to create and/or aid new and existing business ventures (Hamilton, 1987). A continuous review of motivations, aspirations and their relationship with strategy is warranted as older studies become dated, not to history, but due to the fact that economies are in constant flux and as economies change (Hamilton, 1987), so do strategies, motivations, and aspirations. The pilot study focused on success as the resulting construct. During the analysis stage of the pilot study, it was noted that success among various entrepreneurs was difficult to compare and measure across individuals and industries. The result was to shift the construct from success to satisfaction, as it would allow for a simpler definition and better comparisons across entrepreneurs. The question that this dissertation attempts to answer is: What role does motivation and aspiration play in informing entrepreneurial strategy and supporting satisfaction? / Business Administration/Strategic Management

My dissertation focuses on foreign entrepreneurs—individuals who establish firms outside of their native countries. Despite the prevalence of foreign entrepreneurs, their strategic choices have received little attention in the research literature. For example, when starting a firm, an entrepreneur must decide whether to manage the business personally or hire a local manager, yet we know little about how this choice affects firm performance. To examine this issue, in the first study I use a novel dataset of foreign entrepreneurial firms in Russia and a visa policy change as an instrument for the owner-manager choice. Contrary to the expectation that foreign entrepreneurs would underperform local managers due to the liability of foreignness, I find that foreign owner-managers can benefit their firms: Exogenous assignment of a local manager in place of a foreign owner-manager reduces profits. Foreign owner-managers benefit their firms by hiring cheap native-country labor as well as through reduced agency costs. The second study examines how private benefits of occupying a managerial position affect an entrepreneur’s choice between owner-management and hiring an agent. I show that foreign entrepreneurs with a strong desire to reside in a host country are more likely to become owner-managers. These results are consistent with the idea that entrepreneurs expecting to gain private benefits from managing their firms are more likely to become owner-managers. Moreover, I demonstrate that entrepreneurs are willing to substitute the non-pecuniary benefits associated with relocation for firm profit. These findings add to a growing literature exploring the role of personal preferences in entrepreneurs’ strategic decisions, such as location choice and ownership structure. The third study examines the impact of media coverage on the location choices of foreign firms. Publicly available media information has largely been ignored by the location literature, perhaps because its impact on location choice is expected to be trivial. This study challenges this assumption: Using a new instrument for media coverage (a major anniversary of a city’s establishment date), I show that extensive foreign media coverage of a city increases the number of foreign entrants. Moreover, this effect is strongest for socially and geographically distant firms and entrepreneurs.

Abstract For a long time in our society there has been a minority group, e.g. individual recycle material collectors, curio collectors, and recycle businessmen, living on collection and trading of recycle material. Particularly in recent years with the promotion champagne of environmental protection policy, there is an increasing trend in the number of people involved in this business. The society reacts both positively and negatively about such recycling business. The positive view comes from the environmental protection institution¡¦s affirmation about the reuse of recycled material, whereas the negative view is concerned about the messy environment created by the recycling method and process. It is an undisputable fact that their existence in residential and commercial area is violating the regulations of urban development plan. This paper discovers there are differences in opinion between the EPA authority and the Urban Development authority in the applicable regulations about owners of recycle business moving into industrial estate while investigating it¡¦s legality from the position of public sector. The methods of managing existing recycle business among the different local governments are also quite different. For instance, while the central EPA authority frequently prepares budgets in an effort to improve the image of the recycle business, the local urban development bureaus prescribe them for the reason of violating the regulations of urban development plan, such as piling up of wastes, etc. On the other hand, looking at the value of its existence from the economic benefit angle shows that the recycled waste cleared by the recycling business is 2.5 times more efficient than that of the public sector. Such economic benefit is clearly visible. Though this study covers only the Kaohsiung metropolitan area, the problem of these under sized waste recyclers is no doubt a nationwide issue. It is hoped that the investigation and analysis of this paper in the problems arise from the recycling business could benefit the business owners in economy of scale and profit analysis as well as the public sectors as a reference in the design of related laws and regulations.

Project management involves many different actors. Rather than solely looking at those actors as individuals, the interaction between them should not be forgotten either. This thesis tries to provide a better understanding of one specific type of interaction: the project owner-manager relationship. This relationship is approached as the dyadic interaction between one project manager and one project owner. Previous studies indicate that project owners and project managers depend on one another, but that they can have diverging perspectives as well. The goal of this study is to get a deeper understanding of how these different perspectives can influence the success of the project-owner relationship. In order to achieve this understanding, a multiple case study involving 8 project owner-manager relationships was employed. Both project owners and project managers were interviewed, in order to get closer to a multi-actor perspective. The results show that there are both similarities and differences between the perspectives of these actors. However, a lack of understanding between these perspectives can cause the project owner-manager relationship fail. In the end, the potential effects of this relationship cannot and should not be ignored, as this study shows that it can be the difference between project success and project failure. Therefore, in a world that is ever more dominated by projects, this thesis has multiple practical and scientific implications.