Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-06-13T16:04:48Z No. of bitstreams: 1 61080200037.pdf: 2311848 bytes, checksum: fbf28a6d46c2c0ab74e653cc55b05635 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-13T16:08:55Z (GMT) No. of bitstreams: 1 61080200037.pdf: 2311848 bytes, checksum: fbf28a6d46c2c0ab74e653cc55b05635 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-13T16:10:14Z (GMT) No. of bitstreams: 1 61080200037.pdf: 2311848 bytes, checksum: fbf28a6d46c2c0ab74e653cc55b05635 (MD5) / Made available in DSpace on 2011-06-13T17:51:50Z (GMT). No. of bitstreams: 1 61080200037.pdf: 2311848 bytes, checksum: fbf28a6d46c2c0ab74e653cc55b05635 (MD5) Previous issue date: 2010-08-30 / Esta dissertação analisa o controle societário nas companhias com investimentos de fundos de private equity e venture capital (PE/VC). Lerner e Schoar argumentam que os fundos de PE/VC assumem o controle através da participação acionária majoritária em países do civil law, como o Brasil, em virtude dos baixos índices de proteção aos investidores. Este trabalho investiga a aplicabilidade dessa hipótese nas companhias com investimento de fundos de PE/VC que realizaram a abertura de capital entre os anos de 2004 a 2008. Neste período, 38 companhias com investimento de fundos de PE/VC ingressaram no Novo Mercado da BM&FBovespa. Algumas companhias do Novo Mercado possuem uma estrutura de propriedade mais dispersa e a ausência de um controlador definido. Nessas companhias, acionistas vinculam os seus direitos de voto em um acordo de acionistas para obtenção de mais de 50% do capital votante e para o exercício do controle da sociedade. O acordo de acionistas, portanto, serve como um substituto à participação majoritária em algumas companhias do Novo Mercado. Desta forma, este trabalho analisa a hipótese de que o acordo de acionistas serve como substituto à participação acionária nas companhias com investimentos de fundos de PE/VC, regulando um controle compartilhado. / This research analyzes the corporate control in private equity and venture capital fund (PE/VC) backed companies. Lerner and Schoar argue that PE/VC funds take control over the majority stake in civil law countries, such as Brazil, because of low rates protection for investors. This work investigates the applicability of this assumption in companies with PE/VC investment funds that made an IPO in BM&FBovespa between the years 2004 to 2008. During this period, 38 PE/VC backed companies in the Novo Mercado have a more dispersed ownership structure and the absence of a controlling shareholder. In these companies, investors bind their voting rights in shareholders agreements works as a substitute for a majority stake in some companies in Novo Mercado. This study analyses the assumption that shareholders’ agreement works as a substitute for majority ownership in PE/VC backed companies regulating a joint control.

Denna studie syftar till att undersöka sambandet mellan målet med en investering och en beslutsfattares val av kapitalbudgeteringstekniker i medelstora företag. Vidare har beslutsfattarens humankapital lagts till som modererande faktor för att kontrollera dess påverkan på det generella sambandet mellan målet med en investering och valet av kapitalbudgeteringstekniker. Baserat på 51 kvantitativa svar från beslutsfattare i medelstora företag visar resultatet att valet av kapitalbudgeteringstekniker varierar beroende på vilket mål investeringen syftar till att uppfylla medan beslutsfattarens humankapital inte visat någon modererande effekt. Vidare bidrar studien med en alternativ uppdelning av kapitalbudgeteringstekniker som frångår den teoretiska uppdelningen, en uppdelning som är mer praktiskt orienterad och ser till intressenters målsättningar. / This study aims to explore the relationship between the target goal of an investment and the choice of capital budgeting techniques made by decisionmakers in medium-size companies. Furthermore, the decisionmaker’s human capital has been added as a moderating factor to control for its impact on the general relationship between the goal of an investment and the choice of capital budgeting techniques. Based on 51 questionnaires from decisionmakers in medium- size companies, the results show that the choice of capital budgeting techniques varies depending on the target goal of the investment, where shareholders generally chose sophisticated techniques and stakeholders tend to use the unsophisticated techniques. Contrastively, the decisionmaker’s human capital shows no moderating effect. Finally, this study provides an alternative structuring of capital budgeting techniques incongruent with theoretical approaches, one that is more practically oriented and conscientious of the end target of interested parties.

Dentre os atuais desafios do direito societário brasileiro, a estrutura da propriedade acionária das sociedades por ações de capital aberto e a identificação daqueles que as comandam merecem destaque. O aquecimento das transações realizadas via mercado de capitais e a consolidação dos segmentos especiais de governança corporativa no Brasil resultaram no chamado fenômeno de dispersão acionária, que evidenciou certa ruptura na tradicional estrutura de propriedade acionária exclusivamente concentrada, até então predominante nas companhias brasileiras. Diante desse cenário contrastante, de mudanças no perfil do poder de controle sobre as companhias brasileiras, o presente trabalho apresentará em seu capítulo terceiro, após breve análise das estruturas de capital identificadas em diferentes economias e de retrospectiva sobre a propriedade acionária das companhias brasileiras (a serem apresentadas em seu segundo capítulo), extensa pesquisa empírica realizada com o propósito de identificar a atual estrutura de propriedade acionária predominante entre as companhias brasileiras listadas no segmento especial do Novo Mercado da BMF&BOVESPA (Novo Mercado), e com o objetivo de averiguar a existência do chamado controle societário minoritário entre tais companhias, conforme detalhado nos apêndices desta dissertação. Referida pesquisa empírica representa, ainda, rico processamento da base de dados e informações divulgadas à Comissão de Valores Mobiliários (CVM) pelas companhias listadas no Novo Mercado, e serve de base para a avaliação da necessidade de eventuais mudanças nos conceitos adotados pelo Direito Societário pátrio, tendo em vista entendimento divergente identificado na doutrina e em julgados da CVM no âmbito da possibilidade de existência de um controle societário exercido por acionista ou grupo de acionistas não detentores da maioria do capital social votante, conforme detalhado no quarto capítulo deste estudo. Por fim, serão apresentadas, no quinto e último capítulo, as considerações finais à análise proposta, com destaque para as principais conclusões obtidas na elaboração dos capítulos terceiro e quarto descritos acima, dentre elas a existência do controle societário interno não majoritário (controle minoritário) entre companhias listadas no Novo Mercado, bem como os reflexos dessa constatação no âmbito da prática do Direito Societário. / Among the current challenges of the Brazilian Corporate Law, the structure of the capital ownership of the corporations and the identification of those who exercises control over it remains an important aspect to be taken into consideration when analyzing the main aspects of the Brazilian capital market. The heat up of the transactions carried out through the capital market, and the consolidation of the special corporate governance segments in Brazil resulted in the so called phenomenon of the dispersed ownership, which revealed a rupture from the traditional structure of extremely concentrated ownership, that was prevailing until now among the Brazilian corporations. Given such contrasting scenario of changes in the profile of corporate power over Brazilian corporations, these thesis, after describing, over its first two chapters, the structures of capital ownership existent in different economies and providing a retrospective on the capital ownership of Brazilian corporations, presents, in its third chapter, an extensive empirical research performed with the purposes of identifying the current structure of capital ownership prevailing among the Brazilian companies listed in the Novo Mercado, special segment of the Brazilian Exchange BMF&BOVESPA (the New Market), as well as ascertaining the existence of minority corporate control among such companies, as detailed in the appendixes hereto. The referred empirical research presents, furthermore, detailed data processing in connection with the information disclosed by such companies to the Brazilian Stock Exchange Commission, the Comissão de Valores Mobiliários (CVM), and is also used as basis for reviewing the need of eventual changes in the concepts embodied by the Brazilian Corporate Law, in view of the divergent understanding identified in the Brazilian doctrine and judgments issued by the CVM in connection with the existence of a corporate control exercised by a shareholder or group of shareholders owner of shareholding not representative of the majority of the voting capital stock, as detailed in the fourth chapter of these thesis. Finally, the fifth and last chapter of these study presents the final considerations in connection with the review proposed hereto, highlighting the main conclusions obtained through the elaboration of the third and fourth chapters described above, among them the existence of a not majority internal control (minority control) in companies listed in the New Market, as well as the effects of such conclusion in the light of the practice of corporate law.

Submitted by Ronildo Prado (ronisp@ufscar.br) on 2016-09-26T20:36:08Z No. of bitstreams: 1 TeseHB.pdf: 2062145 bytes, checksum: b972449137394268fafbe29e9a683305 (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2016-09-26T20:36:36Z (GMT) No. of bitstreams: 1 TeseHB.pdf: 2062145 bytes, checksum: b972449137394268fafbe29e9a683305 (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2016-09-26T20:36:51Z (GMT) No. of bitstreams: 1 TeseHB.pdf: 2062145 bytes, checksum: b972449137394268fafbe29e9a683305 (MD5) / Made available in DSpace on 2016-09-26T20:37:01Z (GMT). No. of bitstreams: 1 TeseHB.pdf: 2062145 bytes, checksum: b972449137394268fafbe29e9a683305 (MD5) Previous issue date: 2016-02-29 / Não recebi financiamento / Many authors of total quality management suggest a positive relationship between the implementation of Total Quality Management and financial performance of companies. However, empirical studies have produced mixed results due to methodological limitations of data analysis and performance indicators used. In this sense, this thesis aims to analyze the shareholder value creation using value financial indicators of winning companies of national quality awards in the Americas and to compare them to companies operating in the same economic sector. The use shareholder value performance indicators and winning companies of national awards quality seven Western Hemisphere countries is a differential of this thesis in relation to other studies. The financial data was collected from the Economática system database in specialized sites on the disclosure of financial statements and own sites of the winning companies of this research study object. The time period of analysis is ten years. The hypotheses about the companies performance on creating shareholder value were tested applying MANOVA and Factorial Analysis. The results point out the quality award winning companies has created more value to their shareholders than the other companies operating on the same economic sector. / Diversos pesquisadores sobre o tema Gestão pela Qualidade Total sugerem que existe uma relação positiva entre a implantação da Gestão pela Qualidade Total e o desempenho financeiro das empresas. Todavia, os estudos empíricos têm produzido resultados diversos, devido às limitações dos métodos utilizados para as análises dos dados e dos indicadores de desempenho utilizados. Neste sentido, o objetivo principal desta tese é analisar a geração de valor para o acionista, por meio da aplicação de indicadores financeiros de valor, de empresas vencedoras dos prêmios nacionais da qualidade do Continente Americano, bem como comparar tais empresas com outras do mesmo setor econômico. A utilização de indicadores de desempenho de valor para o acionista e a utilização de vencedoras de prêmios nacionais da qualidade de sete países do Continente Americano constitui o ineditismo desta tese em relação aos demais trabalhos. Os dados foram coletados do banco de dados do sistema Economática, em sites especializados em divulgação de demonstrações financeiras e nos próprios sites das empresas vencedoras objeto de estudo desta pesquisa. O período de análise compreendeu um período de dez anos. Para atingir ao objetivo do trabalho foram testados grupos de hipóteses sobre o desempenho das empresas estudadas. Para a análise dos dados foram utilizados a análise fatorial confirmatória e a exploratória e em seguida para testar as hipóteses foi utilizado a MANOVA. Os resultados indicam que as empresas vencedoras de prêmios nacionais da qualidade geram mais riqueza aos acionistas do que as demais empresas do mesmo seguimento econômico.

The topic of my graduation thesis is ``The Final Accounts and Statement of Balances in a Company``. The aim of this graduation thesis is a representation of process of the final accounts and statement of balances in a particular company. The graduation thesis has two parts. In the first part are defined the basic concepts which are included in the final accounts and in the statement of balances. I deal with an individual preparation work in the statement of balances for instance, a stock taking, rectifying items, time resolution of cost and revenues, etc. Further there it is dealt with closing books of accounts, tax due and deferrate tax of corporated income tax, and finally, a proper statement of balances which represent balance, profit and loss statement, supplement, eventually a statement about cash flows and an overview of changes in the shareholders´ capital. The duties link with statement of balances do not end with the fiscal period closing. The duties include audit of the statement of balances, making a record of an annual report of a company, publication of the statement of balances and the annual report of a company in a digest of documents of the Company Register and an income tax return must be submitted. In the second part of my graduation thesis is described a process of the 2007 final account and statement of balances in the Transport Undertaking in the town České Budějovice, Inc.

[pt] Este estudo avaliou o comportamento das diferenças de preços entre ações ordinárias e preferenciais de um conjunto representativo de empresas com ações negociadas na BOVESPA no período 1995-1999, testando o impacto também das mudanças na lei das SAs ocorridas em 1997. Os testes realizados indicaram que no decorrer do período estas mudanças influenciaram as diferenças de preços entre ações ordinárias e preferenciais para a maioria das empresas, passando as ações ordinárias a serem negociadas, em geral, a preços de mercado inferiores às ações preferenciais. A partir da identificação na literatura dos principais fatores que podem causar a diferença de preços entre ações de uma mesma empresa foram realizadas regressões de seção transversa para cada ano do período, assim como para o período como um todo, para testar a capacidade explicativa de modelos contendo variáveis explicativas derivadas da liquidez, da estrutura de capital e da composição acionária de cada empresa, bem como os dividendos pagos a cada classe de ação. Para o período como um todo podemos concluir que os modelos explicam parcialmente as diferenças de preços. Os resultados obtidos mostraram que os modelos apresentam resultados satisfatórios a partir de 1996, sendo que a capacidade explicativa e a confiabilidade são maiores a partir de 1998. As variáveis representando a liquidez e o percentual de ações preferenciais com os controladores,bem como os impactos da mudanças na lei das SAs foram as que mostraram melhor significância estatística no período como um todo. Os coeficientes lineares obtidos nas regressões para as variáveis de liquidez foram positivos, conforme era esperado, representando a correlação destas medidas com as diferenças de preços entre ações ordinárias e preferenciais. Os possíveis impactos de novas alterações na lei das SAs na relação de preços entre ações ordinárias e preferenciais e no mercado como um todo podem representar interessante objeto de pesquisa para novos estudos. / [en] This study evaluates the price differences between voting and non-voting shares of a representative set of Brazilian companies traded on the São Paulo Stock Exchange from 1995 to 1999, assessing also the impacts of the amendments in the Brazilian Corporate Law that take place in 1997. The tests showed that, due to these changes, for most companies a downtrend occurred in the price differences, and, as time passed, the voting share was usually trading at a discount to the non-voting share. After identifying in the literature some key variables that influence these prices differences, we used some cross-section regressions for each year of the period to test the model with explicatory variables related to the liquidity, capital structure and shareholder composition of each company, as well as dividends paid to each class of share. The models tested were statistically significants for the whole period, explaining partially these price differences. The results of the regressions for each annual period showed that, after 1996, the models presented satisfactory results, with better results and degrees of confidence after 1998. The liquidity variables and the variable that represents the controller`s ownership of non-voting shares were the ones that showed the better degree of confidence during the period. The linear coefficients of the liquidity variables were positive, as expected, representing the correlation between these measures and the price differences between voting and non-voting shares. New changes in the corporate law are being studied and may affect the price differences between voting and non-voting shares and the valuation of all the stock market, representing an interesting subject to future studies. / [es] Este estudio evalúa el comportamiento de las diferencias de precios entre acciones ordinarias y preferenciales de un conjunto representativo de empresas con acciones negociadas en BOVESPA en el período comprendido entre los años 1995- 1999. Se evalúa también el impacto de los cambios en la ley de las SAs, ocurridos en 1997. Las pruebas realizadas indicaron que, en el transcurso del período mencionado, dichos cambios influyeron en las diferencias de precios entre acciones ordinarias y preferenciales para la mayor parte de las empresas, y las acciones ordinarias pasaron a ser negociadas, en general, a precios de mercado inferiores a las acciones preferenciales. Se llevó a cabo un estudio bibliográfico para identificar los principales factores que pueden causar diferencias en el precio de las acciones de una misma empresa. Con estos factores se realizó una regresión transversa para cada año del período 1995-1999 y también considerando el período completo. Estas regresiones tienen como objetivo, probar la capacidad explicativa de los modelos que contienen variables explicativas derivadas de la líquidez, de la extructura de capital y de la composición de las acciones de cada empresa, así como los dividendos y pagos a cada clase de acción. Considerando el período completo, podemos concluir que los modelos explican parcialmente las diferencias de precios. Los resultados muestran que los modelos presentan resultados satisfactorios a partir de 1996, siendo que la capacidad explicativa y la confiabilidad son mayores a partir de 1998. Al considerar el período completo, las variables que se mostraron estadísticamente significativas fueron: las variables que representan la líquidez, el porcentaje de acciones preferenciales con los controladores y el impacto de los cambios en la ley de las SAs. Los coeficientes lineales obtenidos em las regresiones para las variables de líquidez fueron positivos, tal y como se esperaba, representando la correlación de estas medidas con la diferencia de precio entre acciones ordinarias y preferenciales. El posible impacto de nuevas alteraciones en la ley Sas en relación a los precios entre acciones ordinarias y preferenciales y en el mercado como un todo pueden representar un interesante objeto de investigación para nuevos estudios.

La relation entre le capital et le pouvoir dans la société anonyme libanaise est régie par le principe de proportionnalité qui veut que chaque actionnaire puisse exercer un pouvoir dans la société proportionnel à sa participation au capital. Ce principe est expressément consacré par la loi, et résulte de cette relation entre l’action et le droit de vote. Sa préservation est aussi assurée par des dispositions législatives. A travers cette construction, le législateur fait de la société anonyme le fief d’une démocratie actionnariale. Cette règle de principe n’est, toutefois, pas absolue. Elle connaît des limites. Cependant, ces limites n’entraînent pas une remise en cause de ce lien de proportionnalité, d’autant plus qu’elles sont justifiées. Or, l’apparence est parfois trompeuse. La société anonyme est bien loin de constituer une véritable démocratie, et le législateur qui a adopté ce principe n’a pas réussi à le préserver complètement. En effet, à examiner de plus près les dispositions du droit libanais, l’on se rend compte de l’ampleur des atteintes dues, pour l’essentiel, à de nombreuses lacunes de la loi, qui ôtent aux actionnaires leur pouvoir, ou font obstacle à son exercice, entraînant le déséquilibre de ce lien, voire sa rupture totale. Aujourd’hui, le rétablissement de la relation entre le capital et le pouvoir devient une exigence pour le développement des sociétés anonymes. Ceci ne peut se réaliser qu’à travers la participation des actionnaires à la vie sociale. Cette participation devra être adaptée à la taille de la société, pour redonner au pouvoir actionnarial toute son efficacité. Le droit libanais offre, en principe, les moyens nécessaires pour opérer le rétablissement. / The relation between the social capital and the power in the lebanese joint stock company is governed by the principle of proportionality that means each shareholder can have a power that is proportional to his participation in the capital. This principal is expressly dedicated from the law, and results from the relation between the share and the voting right. Its preservation is also ensured by the laws. Through this structure, the legislator has made the corporation the stronghold of the shareholder’s democracy. But, this rule is not absolute, it has limits. However, such limits do not lead to a questioning of the link of proportionality, especially that they are justified. Though, the appearance can be misleading. The corporation is far from being a true democracy, and the legislator, who has adopted this principle, has failed to preserve it. Indeed, a closer look at the provisions of the lebanese law, shows the extent of damage that is mainly due to the numerous gaps in the law, and that deprive the shareholders from their power, or impede its exercise, causing an imbalance in this relationship or even its complete break. Today, restoring the relation between the capital and the power has become a requirement for the development of the corporations. This can only be achieved though the participation of shareholder. Such participation should be tailored to the size of the company so to restore the full effect of the shareholder’s power. The Lebanese law offers, in principle, the means to restore such relation.

Toute législation en matière économique se doit d’être souple et adaptée àl’évolution du monde des affaires. Le droit des sociétés OHADA, de même que celui français,n’échappe pas à ce principe. Très rigide à l’origine, et caractérisé par un ordre publicomniprésent, le droit des sociétés commerciales OHADA est gagné par le mouvement decontractualisation des sociétés, apparu en France depuis les années 1990. Le droit des contratss’est avéré un excellent moyen pour les praticiens d’apporter de la flexibilité au droit dessociétés. Les aménagements conventionnels, ou conventions sociétaires ou encore pactesd’actionnaires permettront aux associés d’adapter les règles légales sociétaires aux besoins deleurs activités économiques. Cession de titres sociaux, droit de vote, pouvoir de représentationdans la société, règlement des différends sont autant de domaines où se manifeste la libertécontractuelle des associés. Au-delà du caractère rigide du droit des sociétés français etOHADA, cette étude permet de rendre compte de l’importance de ces espaces de liberté dontdisposent les associés. Ces pactes d’actionnaires, statutaires ou extrastatutaires, devront êtreencadrés par des critères précis de validité. Aussi, l’efficacité de ces aménagements dépendraen grande partie de la sanction applicable en cas d’inexécution par une des parties de sesobligations. Le dynamisme de la pratique et de la jurisprudence française permettrad’éprouver les solutions posées par le législateur OHADA en la matière. Cette étude participeainsi de l’élaboration d’un régime juridique adapté, permettant de sécuriser ces aménagementsconventionnels, signe d’une contractualisation du droit des société / Any legislation concerning economic matters is expected to be flexible and adaptedto the evolution of business. Company law in the OHADA (Harmonizing Business Law inAfrica Organization) as well as French company law, cannot be excluded from this principal.Although it was very strict to begin with, and characterized by omnipresent public order,company law in the OHADA was caught up by the contractualization movement whichappeared in France in the 1990s. Contract law turned out to be a perfect means forpractitioners to bring flexibility to company law. Contracting adjustments, companyconventions or even shareholder agreements enable shareholders to adapt their legal companyrules to their economic needs. Transferring titles, voting partners, ensuring the power ofrepresentation inside the company, or settling disagreements, are some examples amongst thevariety of situations where the contracting freedom of partners can be seen. Despite therigorous characteristic of French and OHADA company law, this study puts forward theimportance of spaces of freedom that partners can use. These shareholders agreements, eitherstatutory or extra statutory, will be dependent on precise validity criteria. Consequently, theefficiency of these adjustments will mainly depend on the sanction implemented when one ofthe parties does not execute the required obligation. The strength of both the practice andFrench case law will enable to test the proposals set down by the OHADA legislator.Therefore this study will contribute to the development of an adapted judicial system whichwill permit to secure these contracting agreements, as signs of the contractualization ofcompany law

This study traces the development of music education in Nigeria from its origins to the present day and clarifies how certain ideas and practices in Nigerian music education have originated. The study includes the discussions of the historical roots of modern music studies as based on indigenous African philosophy of education, later influenced by Islam and Islamic philosophy of education and Western systems of music education. The thesis looks historically and analytically at some problems of music education policy implementation and their implications or consequences (intended and unintended). Working from a postcolonial discursive perspective, the study narrates the story of Nigeria’s colonial encounters in a way that gives prominence to issues of educational policies and music curricula content that have, to date, been kept on the periphery of the education debate. This study examines the postcolonial Nigerian governments’ attempts to promote African cultures and traditions and efforts to expand as well as reform the education sector to reflect the Nigerian heritage and culture. The efforts to expand have outstripped the efforts to reform The efforts to reform the modern educational enterprise have led to the emergence of National Policy on Education, the Cultural Policy for Nigeria, the central control of education, and the provision of national music curricula. This study investigates the development of music education, policies and curricula since Nigeria’s independence in 1960, examines its current states and concludes that the attainment of independence has done little to erase the footprints of colonial music education ideology in Nigeria. Following an introduction to the music profession in Nigeria, the study provides an overview of the changes to tertiary music education since 1961 and analyses major issues currently faced by Nigerian tertiary music educators and scholars including: a shortage of qualified music academics, inappropriateness of imported music curriculum to the socio-cultural peculiarities of the Nigerian society, the unfit marriage of academic teaching and professional training in the music curricula, inability to produce realistic music teachers, policy makers, music education administrators, and learning texts, inadequate music research, and insensitivity to needs of the labour market. The study finds out that Nigeria has a rich musical heritage which includes the indigenous African, Afro-Islamic and Euro-American music. She has viable indigenous African philosophy, modes, and models of music education which is capable of imparting the modern African person with the human values and theoretical imperatives that can make the modern Nigerian person practice music in the modern global context. This legacy, which should empower the modern Nigerian person educationally to demonstrate national identity and mental authority locally and globally, is however, being repressed in schools and colleges curricula. Nigeria continues to struggle with music curricula that were laid down by colonial regime in the past but still continues to govern the development of musical life of Nigerian people. It is the finding of this study based on the analytical perspectives it adopts that the National University Commission (NUC) music curriculum content does not measure up with the criteria of validity, significance, interest, learnability, utility, contemporariness, relevance and consistence with social realities. The analysis of the curriculum content with Holmes (1981) theories also reveals that it is essentialism, encyclopaedic and less pragmatic in orientation while its objectives are more subject-centred than society-centred and student-centred. The study obtains evidence from observation of about 100 music lessons in ten tertiary departments of music, a tracer study of 400 music graduates, 105 students’ evaluation of institutional resources, and 28 practitioners’ and 22 academics’ (50) rating of capabilities they considered essential in a music graduate. It sources further evidence from 15 employers’ of music graduates who identified some strengths and weaknesses of music graduates they employed. From an evaluation of this evidence, the quality of the present tertiary music curriculum is judged to be generally poor and uninspiring. The study posits that tertiary music education in Nigeria needs a fundamental improvement. Based on its findings, the over-riding recommendations of the study are that all aspects of music education in Nigeria should be indigenous music research-based, indigenous culture-sourced and continuously evaluated to insure that music education programmes in Nigeria are as effective as possible in the context of Nigerian experiences and aspirations as with Nigerian students and other shareholders. It further recommends that music educators must adapt both music curricula and methods to the cultural backgrounds and needs of a changing Nigeria’s student population. / Thesis (DMus)--University of Pretoria, 2007. / Music / unrestricted

Cette thèse a pour objectif de contribuer à la compréhension du développement des augmentations de capital réservées aux salariés au sein des entreprises en France. Le premier chapitre définit le concept d’augmentation de capital réservée aux salariés et présente le cadre légal au sein duquel s’inscrivent ces opérations. Nous considérons qu’une augmentation de capital réservée aux salariés est une émission d’actions nouvelles réservées aux salariés non-dirigeants adhérents au plan épargne entreprise ou au plan épargne groupe. Le deuxième chapitre présente, sur la base des théories qui traitent de la politique de financement des entreprises, une revue de la littérature qui s’est intéressée aux opérations d’ouverture du capital des entreprises aux salariés. Le troisième chapitre examine si la prise en compte par les dirigeants des intérêts des actionnaires, des modalités de prise de décision des salariés et de la politique de l’Etat influence la décision des entreprises de recourir à une augmentation de capital réservée aux salariés. Les estimations sont menées à partir d’un échantillon de 110 entreprises françaises non financières appartenant au SBF250 de 1998 à 2007 soit 1 083 firmes-années. Les résultats confirment partiellement les prédictions de la théorie positive de l’agence. Ils montrent une relative influence des intérêts des actionnaires (structure de propriété) et de la politique de l’Etat à l’égard des augmentations de capital réservées aux salariés sur la décision des entreprises de recourir à ce mode de financement. Le quatrième chapitre étudie l’impact du niveau d’asymétrie d’information sur la décision des entreprises de recourir à une augmentation de capital réservée aux salariés sur la base du même échantillon. Les résultats confirment partiellement les prédictions de la théorie du financement hiérarchique. Nous trouvons une influence partielle du niveau d’asymétrie d’information et du déficit de financement sur la décision des entreprises de recourir à cette forme d’augmentation de capital. Enfin, le cinquième chapitre teste l’influence de la volonté des dirigeants de créer et protéger une base de connaissances commune sur la décision des entreprises de recourir à une augmentation de capital réservée aux salariés toujours sur la base de l’échantillon des 110 entreprises. Les résultats confirment partiellement les prédictions des théories cognitives. Nous montrons que l’intensité du capital humain et l’effort d’innovation influencent la décision des entreprises d’émettre des actions exclusivement destinées aux salariés. / This thesis aims to contribute to the understanding of the development of employee equity issue within French companies. The first chapter defines the concept of employee equity issue and presents the relevant legal framework. We consider that an employee equity issue takes place when new shares reserved to non-executive employees acceding to the company savings plan or group savings plan are issued. The second chapter is a literature review of studies of employee stock ownership based on theories that deal with firms’ financing policies. The third chapter examines whether the fact that executives take into account shareholders’ interests, employees’ decision-making modes and the State policy affects companies’ decision to issue shares reserved to employees. We use a sample of 110 non financial French companies belonging to the SBF250 index covering the period 1998 to 2007, totaling 1,083 firms-years. Results partially confirm the predictions of the positive agency theory. They show the relative influence of shareholders’ interests and of the State policy regarding employee equity issue on the decision of companies to resort to this source of financing. The fourth chapter studies the impact of the degree of asymmetric information on companies’ decision to issue shares reserved to employees on the basis of the 110 companies’ sample. Results partially confirm the predictions of pecking order theory. We find that the level of asymmetric information and financing deficit partially influences the decision of companies to resort to employee equity issue. Still on the basis of the 110 companies’ sample, the fifth chapter examines the extent to which companies’ willingness to create and protect a common knowledge base influences their decision to issue shares to employees. Results partially confirm the predictions of cognitive theories (knowledge based view). We show that the intensity of human capital and the innovation effort influence firms’ decision to issue shares destined to employees.