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This thesis examines the relationship between institutional context and firm performance, from both a theoretical and empirical perspective. The aim is to engage with the debate seeking to explain the observed diversity in the forms of economic organisation prevailing in socio-economic systems. The focus of the empirical work is on investigating the effects of the structure and behaviour of banking institutions on firm performance, in the Italian context. The analysis is comparative in the sense that confronts cooperative and capitalist business structures. The analytical framework is institutionalist in emphasising the institutionally embedded nature of economic performance, and the historical and cultural dimensions of economic behaviour. The institutional complementarity approach is used to investigate the hypothesis that the relative performance of different firm structures is context dependent. The main conclusions are that the economic performance of cooperative firms is strongly conditioned in a sense of institutional complementarity by the degree of development and competition characterising the financial domain. Rejected are the pessimistic predictions of conventional accounts that democratic firms are unequivocally unviable. Instead, there are relations of context dependency, of institutional complementarity that influence the viability of firm types. The overall conclusion is that the dynamics governing the evolution of socio-economic systems are much more complex than mainstream economics suggests; productive organisations may assume a multiplicity of forms. The theoretical claims of a universalistic history in which all production systems must follow the same line of development must be abandoned. This brings about major policy implications at the regional, national and international levels.

Por muito tempo as culturas das organizações foram negligenciadas como potenciais determinantes do desempenho das empresas. Porém, uma literatura recente, em rápido desenvolvimento, sugere que os valores podem ter efeito reais importantes.Um bom exemplo disso é o trabalho de Guiso, Sapienza & Zingales (2015), que evidenciou que certas culturas podem se associar a desempenhos superiores e também servir como mecanismo de governança corporativa, mais eficaz que os tradicionais. Apesar disso, em finanças e contabilidade ainda se encontram poucos estudos, talvez em função da dificuldade de mensuração dos fenômenos envolvidos (Liu, 2016) e da escassez de dados internos das empresas que são vitais para a elaboração desse tipo de pesquisa. Sendo assim, este estudo procura suprir esta lacuna. Utilizando-se de dados da pesquisa MEPT (Melhores Empresas para se. Trabalhar no Brasil) da PROGEPE-FIA, faz-se o cruzamento com dados financeiros de diversas bases nacionais e internacionais e com dados referentes às ações trabalhistas daquelas empresas participantes da survey. Dessa forma são propostas medidas de mensuração de cultura, entre elas, três inéditas: as integridades institucional e plena e a JRT (Judicialização da relação trabalhista), além da integridade gerencial, altruísmo e clareza das informações. Sobre a JRT, trata-se de uma proxy que procura capturar a existência de uma possível cultura nas organizações de solucionar seus conflitos pela via judicial. Propõe-se proxies para as políticas, práticas e características das empresas, as quais podem ser associadas às culturas. Para além disso, é testado o efeito moderador que determinadas características das empresas e dos empregados pode exercer na relação entre a cultura e seu desempenho. Os resultados sugerem que certos elementos da cultura organizacional podem ser mais importantes que outros quando associados ao desempenho das firmas. Observa-se também que a JRT se associa negativamente à performance das entidades. Apura-se que existe associação positiva entre as políticas, práticas e características das organizações e suas culturas. Entretanto, características dos respondentes e das próprias empresas podem reduzir o efeito marginal das associações entre as culturas e os indicadores de performance das entidades. Diferente do esperado nenhuma das proxies da cultura estudadas se mostrou capaz de minimizar os efeitos nocivos da JRT. No entanto a política de integrar o empregado às culturas da empresa se mostra como um possível mecanismo, capaz de mitigar os efeitos daquela cultura de judicialização das relações empregador /empregado. É como contribui a presente tese, para a literatura de finanças e contabilidade / For a long time the cultures of organizations have been neglected as potential determinants of corporate performance. However, a recent, rapidly developing literature suggests that values can have real effect. A good example of this is the work of Guiso, Sapienza & Zingales (2015), which has shown that certain cultures can be associated with superior performance and also serve as a mechanism of corporate governance, more effective than traditional ones. Despite this, there are still few studies in finance and accounting, perhaps due to the difficulty of measuring the phenomena involved (Liu, 2016) and the scarcity of internal data of companies that are vital for the elaboration of this type of research. Therefore, this study seeks to fill this gap. Using data from PROGEPE-FIA\'s MEPT (Best Companies to Work for in Brazil) survey, it is cross-referenced with financial data from various national and international databases and with data referring to the labor actions of those companies participating in the survey. In this way, measures of culture measurement are proposed, among them, three unprecedented ones: the institutional and full integrity and the JRT (Judicialization of the labor relation), besides the managerial integrity, altruism and clarity of the information. About JRT, it is a proxy that seeks to capture the existence of a possible culture in organizations to solve their conflicts through the judicial process. It proposes proxies for the policies, practices and characteristics of the companies, which can be associated to the cultures. In addition, the moderating effect that certain characteristics of companies and employees can exert on the relationship between culture and its performance is tested. The results suggest that certain elements of organizational culture may be more important than others when associated with firm performance. It is also observed that the JRT is negatively associated with the entities performance. It is found that there is a positive association between the policies, practices and characteristics of organizations and their cultures. However, characteristics of the respondents and the companies themselves can reduce the marginal effect of the associations between the cultures and the performance indicators of the entities. Other than expected, none of the culture proxies studied were able to minimize the deleterious effects of JRT. However, the policy of integrating the employee into the company\'s cultures is shown as a possible mechanism, capable of mitigating the effects of that culture of judicialization of employer / employee relationships. This is how the present thesis contributes to the literature on finance and accounting

This thesis examines determinants of post-bankruptcy performance by using insolvent firms under the bankruptcy reorganization proceedings of the 1940 Thai Bankruptcy Act. The purpose of the study is to investigate whether the key governance mechanisms within this process are factors which may contribute to successful reorganization and how they affect a firm's post-bankruptcy performance. Using agency theory, a sample of III filing companies whose plans have been confirmed by the Thai Central Bankruptcy Court during 1999-2002 provide the data of the study. Descriptive statistics and ordinary least squares regression analysis are employed for data analysis. The results indicate that among three types of governance mechanisms in the bankruptcy reorganization process, namely, monitoring, incentive and restructuring mechanisms, monitoring and incentive mechanisms are significant determinants of a firm's post-bankruptcy performance. The key monitoring mechanism is ownership concentration of common shares held by the largest shareholder, whereas the critical incentive mechanisms are cash compensation for the plan administrator and percentage of common shares held by the plan administrator. Asset restructuring is statistically insignificant but positively links to post-bankruptcy performance. The results indicate that these mechanisms can mitigate agency problems of insolvent companies and increase post-bankruptcy performance over a three year period.