The thesis enticingly describes a synergetic mix of productivity related topics at macroeconomic level. It aims at whetting potential readers to understand in more insightful ways topics such as: (1) the use of human capital in sectoral growth; (2) the role played by rising public expenditures (health and education) in strengthening production activities; (3) the role played by disaggregation in improving models’ forecasting ability and policy guidance; etc. The current research constitutes a valuable tool for understanding and predicting a country’s overall economic behavior and the behavior of important industrial sectors. In the present study, lack of data on important variables at sectoral level led to the use of advanced econometric estimation methods such as the implied transfer function equations system. As cited in the thesis, the literature reports a set of interesting economic investigations in this field that have been successful in describing some of the features included in this study. However, this research not only enhances the theoretical discussion on the issue but also provides empirical evidence using South African data. It is anticipated that further use and development of the outcomes of this thesis will yield additional explanatory, predictive and policy-making results that will be useful to many. In addition to the usefulness of this thesis’ contribution to the body of knowledge, several suggestions for further improvement are considered. Most predominantly, the work presented in this thesis has been reported in two interrelated papers (chapters). In the first paper, a methodical discussion is provided on the use and the size of social ingredients estimated as the level of normalized human capital per capita together with the conditional convergence process applied to South African sectoral growth. In the second paper, the parameters obtained are embodied into a full-fledged Macroeconometric (Marshallian) Model employing South African economic sectors. In fact, the second paper goes beyond the simple discussion of a Disaggregated Macroeconometric Model. It provides a comprehensive analysis of the effects that freedom (Thatcher-like) reforms may induce to the South African economy. / Thesis (PhD)--University of Pretoria, 2009. / Economics / unrestricted

My dissertation investigated business cycle effects on US sectoral stock returns. The first chapter examined the relationship between the business cycle and sectoral stock returns. First, I calculated constant correlation coefficients between the business cycle and sectoral stock returns. Then, I employed the DCC GARCH model to estimate time-varying correlation coefficients for each pair of the business cycle and sectoral stock returns. Finally, I ran regression of sectoral returns on dummy variables designed to capture the four stages of the business cycle. I found that though sectoral stock returns were closely related to the business cycle, they did not share some of its main characteristics. The second chapter developed two models in order to discuss possible asymmetric business cycle effects on US sectoral stock returns. One was a GARCH model with asymmetric explanatory variables and the other one was an ARCH-M model with asymmetric external regressors. In the second model, square root of conditional variance of the business cycle proxy was characterized as positive or negative risk, depending on the algebraic sign of past innovations driving the business cycle proxy. I found that some sectors changed their cyclicities from expansions to recessions. Negative shocks to business cycles had most power to influence sectoral volatilities. Positive and negative parts of business cycle risk had same effects on some sectors but had opposite effects on other sectors. A general conclusion of both models was that business cycle had stronger effects than own sectoral effects in driving sectoral returns. The third chapter discussed Chinese business cycle effects on US sectoral stock returns at two horizons. At a monthly horizon, the third lag of Chinese IP growth rate had positive effects on most sectors. The second lag of US IP growth rate had positive effects on almost all sectors. At a quarterly horizon, besides the extensive positive effects of the first lag of Chinese IP growth rate, the third and fourth lags also had effects on some sectors. The US IP growth rate had the same pattern, namely positive first and fourth lag effects and negative third lag effects. Using a 5-year rolling fixed window, I found that these business cycle effects were time-varying. The major changes in parameters resulted from the elimination of quota on textiles by WTO, the terrorist attacks on the US, and the 2007 financial crisis.

The literature on the financing of innovative projects follows two trends: one contemplates that either the prospective fundees or the potential funders use their preferences to choose the other party out of a range of theoretical possibilities; the other refers to project owners or investors that actively look for an “opportunity” and try to talk the other party into entering the funding relationship. These views, however, cannot explain several facts such as: why projects rejected by some funders are accepted by others, why IPOs and markets are not attractive to all players or why that changes over time and across settings, how can State funds support a sector across regions, or how players’ and setting features and time affect funding criteria. A critique of these explanations sees three main shortcomings: lack of balance (i.e.,one party’s initiative prevails), bias (i.e., criteria of the domineering party prevail), and disembeddedness (i.e., milieu factors and changes over time are ignored). We think that an analysis supported by a sectoral approach may contribute to build a more articulate, integral insight about the funding of innovation. The bio-pharmaceutical sector was chosen because it exhibits amazing complexity related to the heterogeneity embodied by a multifaceted network of players (e.g., universities, companies, potential financiers, regulation bodies), to the nature and development path of innovative projects, and to the competitive/collaborative interactions framed in a particular setting. Hence, a qualitative approach based on the case study of the sector is the choice for this study. Case data are collected through semi-structured interviews with thirty participants that have played different roles in organisations of the bio-pharmaceutical sector or are highly experienced VC practitioners. Our findings allow us to propose an enhanced characterisation of innovation financing by showing that: i) Investors’ understanding of a sector is essential for funding decisions and can be updated through networking; ii) Networks facilitate firms-funders contact, coordination among funders, enhancement of financiers’ knowledge about the sector, and venture owners’ knowledge of track record and potential benefits of investors; iii) Interactions involve other actors in different roles and support network-based learning; iv) Funding decisions are impacted by the geographic availability of sources/mechanisms of finance and by their readiness to fund specific venture stages; v) Investors’ specificities matter; vi) Trends of change impact the availability of funding sources/mechanisms since they imply a reorganisation of the relations and interactions among players in the sector. Therefore, we propose a systemic analytic explanation where the strategy of funders (generalist or dedicated), therefore their role in a particular setting, is essentially defined in relation to the structure and dynamics of their knowledge consolidation system; then, we derive a number of implications for firm managers, investors, and policy-makers. Finally, the main limitations of this work and some further questions for future research are stated.

The thesis presents an overview of selected regional development banks in the world. It focuses on the sectoral specifics and searches similarities and differences among selected regional development banks. The first chapter describes selected regional development banks and their organizational structure, functions and activities. The second section compares the sectoral focus of three regional development banks and their selected development projects. The third chapter mentions the cooperation among regional development banks, other international organizations, countries, and other contemporary topics.

The subject of the diploma thesis is to evaluate the financial situation of the company with using standard methods. The theoretical part of the thesis deals with the theoretical knowledge which relates to the issue of financial analysis. In the practical part are applied some methods of financial analysis, namely DK Open Company, Ltd. In conclusion, results of the financial analysis of the company are compar with average values in the industry. The following is a summary of indicators and evaluation of collected data.

Philosophiae Doctor - PhD / Growth rates of three commercial eucheumoids: brown Eucheuma denticulatum and green and brown Kappaphycus alvarezii were studied at three sites (Gazi Bay, Kibuyuni and Mkwiro) in southern Kenya. The study was conducted using the fixed off-bottom rope technique over a 15 month period from August 2001 to October 2002, in 4 plots (5 m x 1.5 m) set up at each site. The brown E. denticulatum had the highest mean growth rate over the entire period of 4.7% day-I compared to the green and brown K. alvarezii which were 4.3% day l and 4.2% dayl, respectively. Mean relative growth rates were highest at Gazi (5.6% dayl), and lowest in Kibuyuni (3.2% day-I) with intermediate values of 4.8% dail at Mkwiro. Increased water motion was observed to increase thallus nitrogen and hence the growth of eucheumoids. The 'ice-ice' syndrome affected both brown E. denticulatum and brown K. alvarezii but not green K. alvarezii. Mean growth was higher during the southeast monsoon (4.7% day+) than during the northeast monsoon (4.0% dayl).The carrageenan characteristics of the three morphotypes were measured for 12 months. The highest carrageenan yield was obtained for green K. alvarezii (59.1% dry wt), whereas the average carrageenan yield for brown K. alvarezii was 56.5% dry wt and 56.6% dry wt for brown E. denticulatum. The plants at Gazi (58.0% dry wt) had a slightly, though significantly, higher carrageenan yield than both those at Kibuyuni (57.1 % dry wt) and Mkwiro (57.3% dry wt). However, from a commercial point of view the differences in carrageenan yields were not meaningful. Highest gel strengths were obtained in carrageenans from green K. alvarezii (1042.1 g cm") and brown K. alvarezii (1053.7 g ern"), whereas low values of 100.8 g ern" were obtained for brown E. denticulatum. The brown E. denticulatum had carrageenan with higher viscosity (81.7 mPa.s) and sulphate content (29.1% dry wt) than both green and brown K. alvarezii. The gel viscosities of all the morphotypes were higher during the southeast monsoon (67.3 mPa.s) than during the northeast monsoon (46.3 mPa.s) and were positively correlated with gel strengths.A survey was conducted among households in the three villages, from April to September 2001 to assess their socio-economic characteristics. There were 182 household heads interviewed; about 20% were women. Fishing was the main source of livelihood for about 48% of the household members. In 2001, the average monthly income for the surveyed households was Kshs. 9904 (1 US$=75 Kshs.), with about 67% having less than Kshs. 10 000. The average prevalence of poverty among the households surveyed was 45.1% with 38.8%,54.8% and 46.7% of households in Gazi, Kibuyuni and Mkwiro villages, respectively, living below the poverty line of Kshs. 1239 per month per adult person. An economic feasibility study for growing brown E. denticulatum and brown K. alvarezii in pilot farms of 0.1 ha was conducted at Gazi and Kibuyuni. A higher yield of 793 kg dry wt was obtained for plants grown at Gazi than those at Kibuyuni (793 kg dry wt). The net income derived from E. denticulatum was estimated at Kshs. 7549 annually in a 0.1 ha seaweed farm. A higher annual income of Kshs. 49 126 was generated from K. alvarezii. The rate of return on investment in farming E. denticulatum ranged from 15 to 63%, while 122 to 380% for K. alvarezii. The pay back period was shorter for the latter (0.3 to 0.7 years) than the former (1.2 to 2.7 years).A cross-sectoral policy analysis regarding legislation and policy relevant to the introduction and development of eucheumoid cultivation in Kenya, with particular reference to Kenyan legislation was conducted. The analysis showed that there is no system of promoting or regulating mariculture, though there are fragmented regulations that are scattered among the policies, Acts and regulations of various institutions. Such regulations were not designed specifically for mariculture and as a result they do not fully address the needs of mariculture. The establishment of a national mariculture development programme in Kenya is proposed as a means to develop and manage the farming of marine resources, including seaweeds.

Begreppet Corporate Social Responsibility (CSR) innebär att företagen har ett ansvar för den påverkan dess verksamhet har på samhället. Ansvaret består i att identifiera problemområden och frågor som berör företagets intressenter, d.v.s. kunder, anställda, leverantörer, aktieägare samt lokalsamhällen och sedan aktivt agera på att ansvarsfullt sätt gentemot dessa. Det finns ett tydligt gap mellan teorier kring vad CSR är och bör innefatta och hur företagen använder sig av CSR som strategi i sin företagsverksamhet. Det finns ingen entydighet kring vad företagsansvar är och bör vara. Det är troligt att olika branscher, trots stora skillnader, också har gemensamma nämnare vad gäller identifierade utmaningar. Det är av intresse att kartlägga dessa skillnader och likheter i en branschöverskridande jämförelse för att kunna förstå hur företag bäst bör arbeta med sina CSR- strategier. Syftet med denna studie är främst att undersöka hur svenska företag inom olika branscher implementerar strategiskt hållbarhetsarbete i sin affärsverksamhet. Studien ämnar kartlägga hur företagen kommunicerar sitt arbete inom områdena miljö och socialt ansvarstagande, samt identifiera gemensamma faktorer och skillnader som är kopplade till implementering av strategisk CSR. Studien omfattar fyra svenska företag som är börsnoterade och ledande inom sin bransch: ABB, Electrolux, H&M och SEB. Denna studie utgörs av dels en litteraturstudie i syfte att undersöka den vetenskapliga forskningen kring CSR-området och dels har en rad intervjuer genomförts med de företag som ingår i studien. Litteraturstudien visar att den akademiska utvecklingen av CSR helt stannat av då nutida forskning inom området uteslutande hänvisar till tidigare studier. På grund av förvirringen kring begreppet CSR så har svenska företag helt valt övergå till att använda hållbarhet när de beskriver sitt strategiska arbete inom CSR. Resultatet visar att det har skett en branschspecifik anpassning av konceptet CSR både vad gäller tolkning och praktisk tillämpning. Det finns inga egentliga skillnader i hur företagen strategiskt arbetar med CSR eftersom samtliga företag i denna studie tillämpar samma riktlinjer och metoder för intressentanalys, materialitetsanalys osv. Den största skillnaden är vilka aktiviteter som strategierna resulterar i. Här ser man skillnader mellan olika branscher eftersom specifika prioriterade områden är nära kopplade till den egna verksamheten. Det är inte självklart att företag ska ta ett samhällsansvar. Det går inte heller att fastställa hur stort och vilken typ av samhällsansvar företagen bör ta utöver den egna verksamheten. Vad som däremot går att avgöra är att ett företag oundvikligt påverkas av samhället eftersom ett företag utgörs av människor. Slutsatsen är att ju större ett företag är, desto med ansvar kan och bör de ta. / The concept of Corporate Social Responsibility (CSR) means that companies have a responsibility for the impact its activities have on society. The responsibility is to identify problem areas and issues affecting the company’s stakeholders, that is, customers, employees, suppliers, shareholders, and local communities and then actively acts in a responsible manner towards them. There is a clear gap between theories about what CSR is and should include and how companies use CSR as a strategy in their business. There is no clarity about what corporate responsibility is and should be. It is likely that different industries, despite major differences, also have common denominators in terms of identified challenges. It is of interest to identify these differences and similarities in a cross- industry comparison in order to understand how companies should work with their CSR strategies. The purpose of this study is primarily to investigate how Swedish companies in various industries implement strategic sustainability work in their business. The study intends to identify how companies communicate their work in the areas of environmental and social responsibility, and to identify common factors and differences linked to the implementation of strategic CSR. The study comprises four Swedish companies that are listed and leading within their respective industry: ABB, Electrolux, H&M and SEB. This study consists of both a literature review in order to examine the scientific research in the area of CSR and also includes a series of interviews conducted with the companies. The literature review shows that the academic development of CSR as a concept has come to a standstill since modern research in the field exclusively refer to previous studies. Because of the confusion about the concept of CSR Swedish companies are using the term sustainability when they describe their strategic work in the field of CSR. The results show that there has been an industry- specific adaptation of the concept of CSR in terms of both interpretation and practical application. There are no real differences in how companies are working strategically with CSR, as all companies in this study apply to the same policies and guidelines for stakeholder analysis, materiality analysis etc. The main difference is which activities the strategies result in. Here you see the differences between different industries, since the established areas of priority are closely linked to the companies’ own operations. It is not obvious whether companies should take social responsibility. Nor is it possible to determine how much and what kind of social responsibility companies should take in excess of its own operations. However, it is possible to determine that a company is inevitably influenced by society, since a company consists of people. The conclusion is that the bigger a company is, the more responsibility can and should it take.

In this research the empirical case of the “Partnership for Sustainability”, a long-term partnership between a major player in the German grocery retail industry and one of the biggest environmental organizations in Germany, was explored in order to gain an understanding of organizational learning processes within non-profit and business collaborations towards sustainability. Using existing theoretical concepts about organizational learning and sustainability in the field of cross-sectoral collaboration these fields of research are brought together. As a result, organizational learning processes within the non-profit and between the partnering organizations were identified and the associated learning results were pointed out. Therefore, essential changes and adaptations in the Partnership for Sustainability could be explored throughout theyears of the collaboration. Furthermore, the contribution of organizational learning processes to a cross-sectoral collaboration has been illuminated.

abstract: Environmental regulations such as carbon taxation and air quality standards can lead to notable improvements in health outcomes and ambient air quality. However, these types of policies may have significant impacts on the labor market, in particular for workers in energy-intensive industries, especially if these workers have acquired specific human capital in those industries. This dissertation focuses on the general equilibrium consequences of environmental regulation on the labor market. Specifically, I examine costly reallocation of workers between sectors, the welfare effects of involuntary unemployment, and the heterogeneous effects of this policy on different types of workers. To this end, I develop a two-sector search model with sectoral human capital accumulation to explore the effects on the labor market of implementing a per unit of energy use carbon tax in the US. I separate the economy into a high-intensive sector (’dirty’) and a low-intensive sector (’clean’). I calibrate the model using 2014 U.S. data. I find that a carbon tax increases total unemployment by 0.06 percentage points, decreases the dirty employment rate by 2.1 percent, and increases the clean employment rate by 1.04 percent. Firms in the dirty sector adjust by decreasing the demand for high-skilled workers and increasing the number of vacancies in the low-skilled market / Dissertation/Thesis / Doctoral Dissertation Economics 2019

Since the oil crisis of 1973-74, the problem faced by the typical oil-producing country has been that of developing a production structure with which the excess supplies of financial capital available to it could be transformed into human and physical capital over time. Because the inflows of oil funds were unanticipated, the initial attempt at the utilization of such funds resulted in the haphazard piling up of imports at rates which did not correspond to the absorptive capacity of a non-industrial oil-producing economy, thereby limiting the contribution of these oil revenues to development. This study suggests a framework within which the inflow of oil-funds can be reasonably anticipated and .the rate of oil production in each OPEC member-country geared towards its absorptive capacity. The model is applied within the context of dynamic multi-sectoral planning for Nigeria over the period 1974 to 2001. This study has a distinct two-tier approach to the optimal determination of oil-production and oil-revenue utilization for OPEC as a whole and for Nigeria in particular. First, a dynamic programming model of the world oil market with OPEC as a monopolistic organization trying to maximize the discounted stream of net revenues accruing to its members is developed and solved. Then, the optimal rate of oil extraction determined is allocated to individual OPEC members on the-basis of historical market shares. In the second part of the study, the results of the oil sub-model were integrated with a dynamic multi-sectoral planning model with the anticipated revenues as maximum levels of uncompensated transfers of funds from the oil sector for financing the plan. In this way, Nigeria's capacity to absorb oil revenues can be determined in an optimal way. This procedure was applied to long term planning for Nigeria over nine planning periods from 1974 to 2001 by use of large-scale linear programming techniques. Simulation experiments were also conducted with the planning model in order to determine the effects of changes in the model's basic parameters on the economy's absorptive capacity and the major macroeconomic variables. Our results indicate that Nigeria's capacity to absorb oil revenues far exceeds the revenue-inflows that could derive from current allocations to it by OPEC. Thus, Nigeria can be expected to agitate for increases in the market share allocated to it by OPEC or to seek further increases in oil price while keeping within OPEC production norms. This would be particularly profitable for Nigeria up to 1986 after which it would probably reach the limit ·of its absorption capacity. Our computational experience with the planning model also indicates that Nigeria's future prospects will depend on several goals embodied in the model as contraints, the most important of which are -the rate of growth of imports that is permitted by explicit government policy, the savings rate that is set as a target, and the manner in which the export earnings from the oil sector are made available to the domestic economy. / Thesis / Doctor of Philosophy (PhD)