Bakgrund:  Börsnoterade bolag strävar efter att maximera aktieägarvärdet genom strategiska beslut som förvärv och avyttringar. Avknoppningar, där en del av företaget blir ett självständigt bolag, har sedan införandet av Lex Asea 1991 blivit en attraktiv strategi i Sverige delvis drivet av skatteförmåner. Internationella studier visar att avknoppningar ofta leder till förbättrad effektivitet och högre värdering. Trots positiva internationella forskningsresultat är avknoppningars effekter på den svenska aktiemarknaden relativt outforskad och resultaten varierande, vilket motiverar en djupare analys. Syfte: Syftet med denna studie är att analysera avknoppningars effekter på aktieavkastningen för bolag på den svenska aktiemarknaden mellan åren 2005–2023.   Metod: En kvantitativ ansats har använts för att genomföra eventstudier som undersöker aktieavkastningen både vid annonseringstillfället och på lång sikt. Studien inkluderar data från olika eventfönster och använder relativ storlek, industriell fokusering och konjunkturläge som förklaringsvariabler för att förstå deras påverkan på den observerade abnormala aktieavkastningen. Statistiska tester, inklusive t-tester och regressioner, används för att säkerställa resultatens trovärdighet.   Slutsats: Resultaten visar en statistiskt signifikant abnormal aktieavkastning vid annonseringen av en avknoppning, vilket tyder på en positiv marknadsreaktion. På lång sikt observeras även viss signifikant abnormal avkastning under specifika eventfönster, vilket indikerar att avknoppningar kan bidra till fortsatt värdeskapande över tid. Marknadsreaktionerna påverkas i varierande grad av faktorer såsom industriell fokusering, relativ storlek och konjunkturläge vid avknoppningstillfället. / Background: Publicly listed companies strive to maximize shareholder value through strategic decisions such as acquisitions and divestitures. Spin-offs, where a part of the company becomes an independent entity, have become an attractive strategy in Sweden since the introduction of Lex Asea in 1991, partly driven by tax benefits. International studies show that spin-offs often lead to improved efficiency and higher valuation. Despite positive international research results, the effects of spin-offs on the Swedish stock market are relatively unexplored and the results are varied, motivating a deeper analysis. Purpose: The purpose of this study is to analyze the effects of spin-offs on stock returns for companies on the Swedish stock market between the years 2005–2023. Method: A quantitative approach has been used to conduct event studies that examine stock returns both at the announcement and in the long term. The study includes data from various event windows and uses relative size, industrial focus, and economic conditions as explanatory variables to understand their impact on the observed abnormal stock returns. Statistical tests, including t-tests and regressions, have been used to ensure the reliability of the results. Conclusion: The results show a statistically significant abnormal stock return at the announcement of a spin-off, indicating a positive market reaction. In the long term, some significant abnormal returns are also observed during specific event windows, suggesting that spin-offs can contribute to continued value creation over time. Market reactions are influenced to varying degrees by factors such as industrial focus, relative size, and economic conditions at the time of the spin-off.

Educational Studies / M.Ed.

Text in Afrikaans / Gesinne met aangenome kinders bevind hulself in 'n eiesoortige gesinsituasie. Die situasie stel verskeie eise aan die ouers asook aan die kinders in die gesin. Bo en behalwe die universele gesinsuitdagings, moet bulle ook die uitdagings uniek aan die aannemingsituasie bemeester. Gesinne met aangenome kinders bevind hulself soms in moeilike situasies en benodig dan ondersteuning. Daarom is daar in hierdie studie besluit om ondersoek in te stel na die effek van gesinsterapie in gesinne met aangenome kinders. Die doel was om vas te stel in watter mate gesinne met aangenome kinders gehelp kan word om probleme te oorkom met gesinsterapie as terapeutiese intervensie. Die navorsing is gedoen aan die hand van 'n kwalitatiewe ontwerp waar data hoofsaaklik ingesamel is deur vraelyste, observasie en onderhoudvoering. Daar is tot die gevolgtrekking gekom dat gesinsterapie effektief gebruik kan word om hulp te verleen aan die gesin met aangenome kinders. Daar word as 'n span aan die probleme gewerk aangesien gesamentlike doelwitstelling-plaasvind en dit dien ook as 'n belangrike saambindende faktor van die gesinslede. AI die gesinslede se probleme kon gelyktydig aangespreek word in plaas van op 'n individuele basis. / Families with adopted children find themselves in a situation with unique demands made on them as a family as well as on an individual level as a parent or a child. They have to master the universal family challenges as well as the challenges of the family with adopted children. These families often find themselves in complex situations, which are difficult to handle and thus need the necessary support. The reason for this study was therefore to investigate the effect of family therapy in families with adopted children. The aim was to find out how effective a family with adopted children could be helped to solve the problems experienced with family therapy as therapeutic intervention. A qualitative analysis was conducted and data was gathered primarily through questionnaires, observation and interviewing. The results of the research led to the conclusion that family therapy was indeed an effective therapeutic intervention as far as families with adopted children were concerned. It provided the family to work together as a team and created unity. All the family members' problems could also be addressed at once instead of individually. / Psychology of Education / M. Ed. (Voorligting)

本研究首先經由文獻探討瞭解學校行政組織結構的意涵、學校組織再造的相關概念及臺北縣國民中學行政組織的現況，復以臺北縣國民中學校長、現任行政人員及曾兼行政現為教師的候用校長爲研究對象，並以自編之「臺北縣國民中學行政組織再造調查問卷」進行問卷調查，以瞭解其對臺北縣國民中學組織再造之各種策略實施的意見，最後再訪問九十二學年度臺北縣四所試辦國中的校長或承辦主任，以明瞭其試辦動機、執行過程及遭遇之困境等。期能透過問卷調查及訪談方式蒐集相關資料，以提供有價值的資訊，作為主管教育行政機關對於國民中小學進行組織再造之法令修訂與制度規劃，或學者進行相關研究之參考。 本研究根據文獻探討、問卷調查與訪談結果，歸納以下結論： 壹、 對學校行政組織各處組及基本職掌之調整意見 一 建議於教務處增設「研究發展組」或「課研組」等。 二 認同訓導處之設置，但建議更名為「學生事務處」。 三 認同「維持」總務處之設處分組。 四 除有建議將輔導處更名為「諮商中心」、「學生諮商中心」、「輔導事務處」外，亦有建議將其廢除，而將所屬各組業務分別依業務性質轉移至相關處室或併入相關組。 貳、 五成以上的受試者認同設備組長、資訊組長、註冊組長可由「專任學校行政人員擔任」。 參、 七成以上受試者認同「各校在總員額不變的前提下，彈性調整專任、兼任、委外與聘僱人力」。 肆、 五成以上的受試者認同學校在實施組織再造時，可以「檢視工作項目、精簡行政流程」、「依據學校需求，調整行政組織」、「爭取社會資源，改善辦學環境」、「依照教學需要，聘用支援人員」、「善用資訊網路，建構網路平台」之策略為之。 伍、 大多數受試者認同「與教學無關的行政工作，採勞務外包處理」。 陸、 約七成六的受試者不認同主計、人事合署辦公。 柒、 約八成受試者認同遴聘兼任教師；約六成九的受試者不認同遴聘巡迴教師；約五成二的受試者不認同數校共聘教師。 最後，根據上述研究結論，提出具體建議，以供教育行政機關、學校行政及未來研究之參考。 / First all, this research adopts literature review to probe into the condition of school administrative structure, relevant concepts of school organizational reconstruction, and the current situation of administration of Taipei County junior high schools. Then research objects are school principal, incumbent administrators and people who were ever being concurrently administrative teachers before, and use author’s compilation, “Taipei County Administrative Organization Reconstruction Questionnaire” for survey to figure out relevant opinions of Taipei County junior high school organization reconstruction. Finally, visiting headmasters or directors of four testing Taipei County junior high schools in the academic year 2003 can try to understand the motivation of trial, the process of execution, and difficulties they have experienced etc. It expects that questionnaire and interview method of collecting the related data can provide valuable information to chief education administrative organization as a reference for revising regulation and system planning of junior high school organizational reconstruction, or scholar’s relevant research. According to literature review, questionnaire, the result of interview, conclusion are summarized as the followings: 1. Adjustment opinion for each location and section of school administrative organization and basic duty a. Suggest Dean's Office to add “Research Development Team” or “Course Research Team” etc. b. Recognize Education Guidance Section set up, but suggest changing name as “Student Affair Section”. c. Recognize to “keep” disciplinary section of general administration section. d. Besides suggestion of changing name as “Consultation Center”, “Student Consultation Center”, and “Guidance Affair Section”, it also suggests that abolishes it and transfers to the related section which bases on business character or merge into the related section. 2. There is more than 50% of interviewers cognize facility section director, information section director, registration office director that can replace by full-time school administrative personnel. 3. There is more than 70% of interviewers who think that “under the unchanged of total prescribed number in each school, it can be flexible to adjust as full time, part time, subcontracting, and hiring human resource”. 4. There is more than 50% of interviewers who recognize can “Evaluate task item, simplified administrative process”, “Adjust administrative organization according to school requirement”, “Get social resource and improve school establishment environment”, “Hire assistants according to teaching requirement”, “Cherish information network and set up network platform” etc policies when executing organizational reconstruction. 5. The majority interviewers recognize “Administrative task which is not related to teaching and apply labor service a process of contract”. 6. The majority interviewers don’t recognize that auditing department and human resource department shall be together in an office. 7. There is more than 80% of interviewers recognize to select or hire part-time teachers; around 69% of interviewers don’t think to select circulating teachers; and around 52% of interviewers don’t think to hire teachers together in several schools. In short, according to the above research result, it proposes concrete suggestions to provide education administrative organization, school administration, and the future research as a reference.

經營透過多角化來分散企業風險，然隨著全球經濟自由化之趨勢，世界貿易已朝全球化發展，為因應重大變化及日益增加之競爭壓力，過度併購、過度的多角化，企業可能面臨組織僵化，以致無法發揮經營效益，甚至市值也會有折價的現象。 企業在為提昇本身競爭力之可行策略，合併分割及收購等行為，進行產業調整與企業之轉型，發揮企業經營效率。企業毋須維持大者恆大的局面，企業亦可藉著分割的模式而達成增加企業價值的目的。 透過企業分割的方式，以增加企業價值與股東財富，使其企業分割後的總市值大於原來合在一起的市值。換句話說，企業分割有效的創造出純粹經營，具有明確產業範圍的公司，也是母公司轉移資產控制權至子公司手上的一種低成本方式。 在我國未引進公司分割制度之前，在實務上企業僅能採取變通、迂迴之方式，因應工商界對於企業併購之殷切需求，於民國91年2月6日公佈實施企業併購法，立法目的係為利於企業以併購進行組織調整，發揮企業經營效率。主要內容涵蓋範圍包括企業合併收購及分割。企業利用分割進行組織再造與重整之例子時有所聞，由此可知，公司分割制度確實能符合企業之需要。 本研究主要目的透過個案探討，並就個案分析分割之目的與組織變動之價值變化，且就當公司從事分割活動時，其策略是將公司獲利的事業體分割出去或是將公司績效表現不好的事業體分割出去，分割後公司經營績效的變化、企業價值的展現、對分割策略有其正面的效益為本研究重點。

企業重整乃是在企業經營循環中, 不論是自發或是被迫都必然要經歷的過程. 這個過程可以幫助公司成長成巨型的國際企業, 協助公司增加或轉換不同的商品或服務, 或是從危機中存活下來. 在今日的企管領域中, 有許多的工具可以協助企業能得到較好的重整結果. 當企業重整是因為財務危機而啟動時, 如何與債權人重新架構債務結構成為最重要且急需處理的事務. 在此之後, 一個依績效設計的獎勵制度會決定這個遭遇麻煩的公司, 會如何以及何時爬出財務困難的泥淖. 在本研究中會用一個臺灣上市公司宏達科技股份有限公司(股票代碼:3004), 來闡述重新架構債務結構, 和依績效設計的獎勵制度對公司重整的影響. / Corporate restructuring is a process that every enterprise will have to voluntarily or involuntarily go through in its life cycle in order to grow to a bigger company, to increase or change to different products or services, or to survive from a crisis. In today’s business world, there are many tools that can help the company to get a better result out of the restructuring process. When the corporate restructuring is initiated due to a financial distress, how to restructure the debt with creditors is the first and most important issue to be resolved. After that, a pay-for-performance system will decide the scale and the speed that a company can get out of the troubles. A Taiwan company, National Aerospace Fasteners Corporation (NAFCO) is used to better understand the impact of debt handling and pay-for-performance system.

Our understanding of enterprise restructuring in a transition context is predominantly drawn from the ex-communist countries of Europe. Those countries have their own cultural values, social structures, were subject to the Soviet political and economic managemet styles and had their own political and economic reasons to move to the free market system. Without doubt, these factors had influenced their enterprise restructuring and its determinants. Given this influence, our understanding of enterprise restructuring and its determinants can be considered limited especially when one takes into consideration the fact that mnay developing countries with centrally planned economic systems had moved to the free market system almost at the same time as the ex-communist countries. Very important, the restructuring behaviour of their state and privatised enterprises and the determinants of their behaviour have been neglected by researchers. This neglect was, indeed, a stimulus to carry out a research study on enterprise restructuring and its determinants in Algeria. The aim of this research study was to develop an understanding of the kind of restructuring taking place in the state enterprises slated for privatisation in Algeria and the factors that stimulated or hindered their restructuring from 1990 to 2005. Algeria is a country that combines a mixture of historical backgrounds. It has a history of more than one hundred years of French colonial rule and has a deep rooted link with the Arab and Islamic cultures. It is also a country which had followed, after gaining independence from the colonial rule in 1962, its own style of socialism where the private sector,in light manufacturing and some service industries, was tolerated and workers of the state-owned enterprise were given the power to share the decision makings with management. More significantly, Algerial was and still is a country where almost 90 percent of its foreign revenues come from hydrocarbons export. Its move to the free market in 1989 came as a result of the sharp drop in the price of oil and therefore a sharp decrease in its foreign revenues. It was a move imposed by the IMF in return for the extension of its debts repayment and the provision of fresh loans. With these socio-cultural, political and economic characteristics of Algeria, it was expected that the restructuring behaviour of the enterprises under investigation and the determinants of this behaviour would exhibit some differences from those experienced in the transition countries of Europe. The investigation was carried out on three enterprises operating in different industries: Saidal in pharmaceuticals, the SNVI in heavy vehicles and Eriad Alger in wheat processing and manufacturing. The data was collected and analysed using qualitative and quantitative research strategies. Semi-structured and unstructured interviews were used to collect data on the restructuring actions and their determinants. They were carried out with senior managers at the head offices, divisions and functional departments of the enterprises; managers at the trade union (UGTA); managers at one state-owned consultancy organisation called CNAT; managers at the ministry of industry; two visiting managers at the trade union (UGTA); and a small number of workers of the three enterprises under investigation. A survey using a self-completion questionnaire was also used to investigate the characteristics of the top management teams of the three enterprises. Primary documents such as state, private company and media reports and secondary document such as journal articles and books were also used. The findings drawn from the study reveal that Saidal was the only enterprise that restructured effectively despite the strong competition in its market. This was possible through the determination of Saidal's president general manager and his top management team to restructure and through the enterprise partnership with many multinational firms. The findings also indicate that controllable and uncontrollable factors had significant impact on the restructuring behaviour of the three enterprises. The controllable factors were the corporatisation of the state enterprise and the underdevelopment of the institutional environment. Corporatisation was an important incentive that encouraged effective restructuring but this was possible only when the enterprise was financially healthy, as was the case with Saidal. The financial autonomy of Saidal reduced the intervention of the government administration in its internal affairs. Government intervention was strong when the enterprise was perceived by the government as strategically important, as was the case with the SNVI, or when the government intended to totally privatise the enterprise, as was the case with Eriad Alger. The underdevelopment of the institutional environment, especially corruption, the shortage of technical skills and the lack of adequate market information hampered competition and slowed down effective restructuring. The uncontrollable factors were the trend in the market and the cultural values. The growing market for pharmaceuticals in Algeria was a stimulus for attracting foreign investment in Saidal which consequently encouraged effective restructuring. As for the cultural values, the family and friendship ties, the social responsibility stemming from religious belief, the regional belonging and the legacy of French colonial rule in Algeria played a significant role in the selection and recruitment of managers and workers, in slowing down the progress of shedding workers surplus and in slowing down foreign participation in privatisation. Future research on enterprise restructuring and its determinants in Algeria should be carried out on a larger sample of enterprises with different ownership using quantitative and qualitative research strategies. Research should also explore enterprise restructuring and its determinants in other developing countries which moved to the free market system and in countries which share similar cultural and social structures with Algeria. It is time for researchers to move away from exploring effective and ineffective enterprise restructuring and concentrate more on exploring how partnership with foreign firms, the shortage of technicla skills, the lack of market information and the cultural values, be it religious beliefs, customs of the legacy of colonialism, affect the restructuring behaviour of state, privatised and private enterprises and the determinants of this behaviour.

Au cours des dernières années, la mondialisation des marchés a radicalement modifié les activités économiques des entreprises et le tissu productif à travers la planète. Les restructurations deviennent dès lors des options avantageuses pour les entreprises afin de demeurer concurrentielles. Alors qu’auparavant les restructurations consistaient essentiellement en une réduction d’effectifs dans un site considéré peu rentable, elles sont aujourd’hui polymorphes: fermeture de site, délocalisations, sous-traitance, ouverture de nouvelles unités au pays et hors pays, relocalisation et fusions-acquisitions (Rouleau, 2000) et (AgirE, 2008). Or, les restructurations posent un problème pour l’action syndicale qui doit composer avec ces processus complexes en raison de leur caractère multidimensionnel, multi niveaux et multi acteurs. Les réponses syndicales aux restructurations s’élaborent toujours dans un contexte d’asymétrie de pouvoirs dans la mesure où l’employeur est maître des dimensions spatiales et temporelles des restructurations. L'anticipation syndicale des restructurations apparaît être une stratégie innovante qui permet aux syndicats de réduire ou mieux, de prévenir les conséquences négatives qui découlent des restructurations. Cette recherche a pour objectif d’examiner les facteurs influençant l’anticipation des restructurations en vue d’en dégager les conditions se rattachant à un tel exercice pour les syndicats. À cette fin, deux modèles d'analyse ont été mobilisés. En premier lieu, les ressources de pouvoir syndicales de Lévesque et Murray (2003) permettent d'expliquer l'anticipation syndicale des restructurations dans la mesure où la capacité d'action du syndicat local constitue un facteur qui ne dépend que du syndicat lui-même. Puis, le modèle d'analyse d'AgirE (2008) permet d'expliquer l'espace et le temps d'action alloués au syndicat par l'employeur pour anticiper les restructurations. Les variables indépendantes provenant de ce modèle d'analyse sont les suivantes: les caractéristiques de l'entreprise, les caractéristiques du territoire et la stratégie patronale de restructuration. Cette présente recherche a été réalisée sous la forme d'une étude de cas. Il s'agit ici de l'étude d'un cas critique d'anticipation syndicale d'une restructuration ayant eu cours en 2004-2005 dans une usine du secteur manufacturier québécois. Des entrevues ont été effectuées auprès de représentants syndicaux de l'usine, d'un ex-cadre de l'usine et de deux intervenants importants du milieu communautaire. Les résultats de notre recherche montrent sans équivoque que la capacité d'action du syndicat local est un facteur-clé qui a permis d'expliquer l'anticipation stratégique et opérationnelle de la restructuration interne ayant eu lieu dans l'usine de fabrication et d'emballage de verre. En dépit des caractéristiques de l'entreprise et de la stratégie patronale de restructuration défavorable à l'implication syndicale, le syndicat local a su lui-même se créer un espace d'action lui ayant permis de sauver l'établissement d'une possible fermeture à moyen-long terme. Les caractéristiques territoriales favorables à une action concertée entre les différents acteurs du territoire où est située l'usine se sont également avérées une condition importante pour l'anticipation syndicale de la restructuration. Mots-clés: (1) anticipation, (2) mondialisation, (3) Québec, (4) restructuration, (5) secteur manufacturier , (6) stratégie, (7) syndicat / Over the last few years, market globalization has radically changed business activity and production across the world. Hence forward, firms have turned advantageously to company restructuring in order to remain competitive. Traditionally, company restructuring consisted in job cutback on unprofitable sites, but today various forms coexist such as site closures, relocations, mergers and acquisitions (Rouleau,2000) and (AgirE,2008). Consequently, company restructuring represent an important issue for union action when trade unions are faced to cope with complex multi-dimensional, multi-level and multi-stakeholders processes. Union response to restructuring processes always develops in a context of power asymmetry where temporal and spatial dimensions of company restructuring are driven by employers. Therefore, trade unions respond and adapt their own strategies around this new economic reality. Union anticipation of company restructuring activities appears to be an innovating strategy by allowing unions to alleviate or better still, prevent negative consequences of restructuring activities. The objective of this research is to examine the factors impacting on anticipation of restructuring to determine for unions the conditions associated with a successful approach. To this end, two analysis models have been retained. The first model, Levesque and Murray`s Union Power Resources (2003), describes unions anticipation of restructuring in terms of its capacity of action at the local level. The second analysis model, AgirE (2008), explains the importance of allowing time and space to the union for anticipating company restructuring. The independent variables of this analysis model are the following: firm characteristics, territorial characteristics and employer`s restructuring strategy. This research has been undertaken as a case study. It has been carried out on a critical case of union anticipation which took place during years 2004-2005 in a Quebec manufacturing plant. Interviews were conducted with the plant`s union representative, with one former manager and with two important community stakeholders. Results of our research unequivocally demonstrate that the capacity of action of the local union is a key factor which allowed to explain why a strategic and operational anticipation of internal restructuring was possible in this glass manufacturing and packaging plant. Despite firm characteristics unfavorable to union`s involvement, the local union was successful in establishing its own sphere of action which allowed the firm to avoid a potential medium to long term plant closure. Territorial characteristics favorable to concerted action among the various stakeholders in the territory where the plant is located have proved to be a critical factor in the union`s anticipation of the plant`s restructuring activity Key words: (1)Anticipation, (2) Company restructuring, (3) Globalization, (4) Manufacturing sector, (5) Quebec, (6) Strategy, (7) Union

La cité maritime subit le trend de la récession du XIVe siècle jusqu'à son inversion pour celui de la croissance, mutation due, à Toulon, au dynamisme de la draperie et de la construction navale. La croissance, élevée après 1517, se matérialise par la reconstruction des faubourgs. Les options commerciales des négociants, vente d'huile, de draps, de cuirs et peaux, de barques et de petites nefs sur un marché élargi, vont dégager des bénéfices considérables. Les édiles vont contrôler progressivement les maux dont souffre la cité : sa carence en céréales, les épidémies de peste et de lèpre, les menaces de flottes hostiles, la dette contractée, après emprunt, chez les marchands florentins avignonnais. Une oligarchie d'une trentaine de familles, associant notaires et marchands, a dirigé la ville. / The maritime city undergoes the recession's trend of the 15th century until its inversion toward growth, a mutation due to the dynamism of Toulon drapery and shipbuilding. The high growth after 1517 is materialized by the reconstruction of the suburbs. The commercial options of traders, selling oil, sheets, hides and skins, boats and small ships on a wider market, will generate substantial profits. The councilors will gradually control the evills of the city : its deficiencies in cereals, epidemies of plagues and leprosy, threats of hostile fleets, debt after borrowing Florentine merchants in Avignon. An oligarchy of thirty families associating notaries and merchants, led the city during the last century of the middle ages.

This thesis is at the beginning dealing with issues of formation and dissemination of the financial crisis and its impacts in 2007-2009. It briefly states the overall development of this crisis and its spread throughout the world. More specifically, it describes its impact on air transport industry in Europe and in Czech republic, analyzes the overall progress and developments in the time of crisis in air transport and its impact on European airports and airlines. Its main focus is specifically the Czech national carrier Czech Airlines. The main part of this thesis deals with brief description of the CSA company, its overall development and the state before the crisis. In detail then, it monitors the implications of this financial crisis in the strategic decisions of the company in 2008-2010, states and analyzes all the undertaken measures and specifies the financial strategy of the company itself, influenced by the consequences of the global financial crisis and deep recession in the aviation sector. At the end of this thesis it is an overall evaluation of these strategies and measures, it is analysed and predicted the future development of Czech Airlines company in subsequent years.