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En el marco del análisis de redes sociales, estudiamos la red chilena de accionistas, una red dinámica cuyos actores son empresas y accionistas, y cuya relación es de propiedad. En particular, damos especial énfasis a una subred de ésta, la red de inversiones entre empresas, cuyos actores son empresas solamente. Para modelar la red de accionistas, recuperamos y procesamos la información disponible en el sitio Web de la Superintendencia de Valores y Seguros. Usando la proporción de propiedad de cada accionista en cada empresa, y los estados financieros de las últimas, modelamos esta red dirigida, dinámica y multivariable, desde Diciembre de 2003 hasta Junio de 2007. Para estudiar redes dirigidas multivariadas, diseñamos métodos empíricos y analíticos. Los métodos empíricos consisten en dos visualizaciones: perfiles de correlación de arcos y scatter-plots de redes. El método analítico consiste en reducir la topología del grafo a distribuciones de probabilidad (una para las relaciones y otra para los actores). Incluimos estas técnicas de análisis en una aplicación de software. Finalmente, estudiamos la red con las metodologías desarrolladas. Primero, buscamos propiedades generales de la red (encontrando, por ejemplo, que las empresas más grandes tienden a poseer o participar en las empresas más pequeñas). Luego, nos enfocamos en simular la red de inversión entre empresas, usando las distribuciones de probabilidad obtenidas de la red original. Concluimos que, aunque el modelamiento a nivel relacional, como la reducción de la topología a distribuciones de probabilidad, funciona relativamente bien al reproducir la red, no lo hace completamente ya que la red muestra propiedades emergentes, más allá del ámbito relacional.

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Financial supervision department has loosened restrictions on insurance company’s holdings on capital market, aiming to give full play to the insurance funds which typically have the strengths of large scale, long investment horizon and stable supply. Nevertheless, some insurance companies carry out unfriendly behaviors through capital superiority, which may cause volatility of stock prices. Based on this, the paper mainly studies the insurance funds and volatility spillover of individual stocks as well as the entire capital market. This paper uses a framework of econometric methods based on vector autoregressive mode, and selects the 2016—2020 quarterly data from the SSE A-share disclosure. The results reveal that on one hand, price fluctuation has a unidirectional spillover effect on insurance companies’ changes in ownership. On the other hand, insurance companies’ changes in ownership also have a unidirectional spillover effect on volatility of the SSE index. / Business Administration/Finance

The purpose of this analytical study is to determine the degree of application of Total Quality Management (TQM) philosophy and practices in the industrial corporations in Jordan. Through detailed examination of primary and secondary empirical data from these corporations, the study examines the link between TQM and labour productivity. The population of the study consists of all Jordanian shareholding corporations listed under the industrial category in Amman Stock Exchange. In late 1998, this consisted of a total of 90 companies. Both quantitative and qualitative data were collected and analysed in investigating the relationship between TQM implementation and labour productivity. Detailed survey responses from 76 participating companies were classified into two groups: high-level TQM implementation and low-level TQM implementation. About 60% of these companies were classified as companies with high-level TQM. Descriptive analysis of the survey responses plus company report data found that mean labour productivity measurements for companies with high-level TQM were significantly higher than for those with low-level TQM over the years (1993-1998). Also mean growth rates of labour productivity measurements for companies with high-level TQM were higher than for those with low-level of TQM during this period. Regression analysis demonstrated a statistically significant positive relationship between TQM and labour productivity. This relationship showed a high positive slope in companies with ISO 9000 certification, and considerably lower (but still positive) slope in companies without ISO 9000 certification. / Doctor of Philosophy (PhD)

This paper uses survey data by the Hong Kong Stock Exchange (HKEx) from 1991-2013 to test the role that institutional ownership has on the relative informational efficiency of stock prices in the Hang Seng Index, using the R2 of stock prices as a measurement of efficiency. This paper finds that on the aggregate level, the presence of institutional ownership is positively associated with R2, reflecting a negative effect on the level of information incorporated into stock prices. However, in isolating foreign institutions, the relationship with R2 reverses, and I find a positive correlation with the informational efficiency of stock prices. Moreover, this paper finds that a period characterized by high growth in institutional shareholding does not necessarily correspond to a greater level of improvement in the informational environment of stock markets. The results however, lack significance, perhaps due to the shortcomings of the survey data which is limited to 21 annual observations when incorporating a t-1 year lag. With more observations we would expect a substantial increase in the significance of the coefficient on our explanatory variables.

Literature on the divorce of ownership from control has emphasised the declining proportion of shares owned by salaried managers who control large companies. Because these salaried managers have negligible proprietarial interest in the companies they manage, some writers have suggested that they will have different motives to owner-managers. In particular, managers' direct pecuniary interests may cause them to pursue company growth at the expense of profit, for managers' salaries tend to be related to the size of the companies which they manage rather than the profitability of those companies. These alternate motivations were incorporated in various managerial theories of the firm developed in the late 1960's which emphasised company growth as a key objective. An investigation of the shareholdings and salaries of the directors of major British companies confirms that the proportion of total shares held by company directors has fallen over the years, though it is argued that shareholdings are still large enough to allow directors to exercise effective control over their companies. In addition, while the proportion of total shares held by directors is small, these shareholdings are often large in absolute terms and constitute a significant source of directors' income, though the size of directors' shareholdings varies considerably between industries. Combined dividend income and capital appreciation of shareholdings match the remuneration which directors receive as salary income. It is argued that these profit-related income elements are sufficiently large to cause directors to attach priority to profitability goals. This proposition is explored through statistical analysis of the relationship between directors' remuneration and company performance. Regression results show that as the definition of directors' remuneration is broadened to include dividends and capital appreciation as well as salary, company size variables diminish in importance as determinants of remuneration and profitability variables predominate. Managers do have an incentive to pursue profitability.

Literature on the divorce of ownership from control has emphasised the declining proportion of shares owned by salaried managers who control large companies. Because these salaried managers have negligible proprietarial interest in the companies they manage, some writers have suggested that they will have different motives to owner-managers. In particular, managers' direct pecuniary interests may cause them to pursue company growth at the expense of profit, for managers' salaries tend to be related to the size of the companies which they manage rather than the profitability of those companies. These alternate motivations were incorporated in various managerial theories of the firm developed in the late 1960's which emphasised company growth as a key objective. An investigation of the shareholdings and salaries of the directors of major British companies confirms that the proportion of total shares held by company directors has fallen over the years, though it is argued that shareholdings are still large enough to allow directors to exercise effective control over their companies. In addition, while the proportion of total shares held by directors is small, these shareholdings are often large in absolute terms and constitute a significant source of directors' income, though the size of directors' shareholdings varies considerably between industries. Combined dividend income and capital appreciation of shareholdings match the remuneration which directors receive as salary income. It is argued that these profit-related income elements are sufficiently large to cause directors to attach priority to profitability goals. This proposition is explored through statistical analysis of the relationship between directors' remuneration and company performance. Regression results show that as the definition of directors' remuneration is broadened to include dividends and capital appreciation as well as salary, company size variables diminish in importance as determinants of remuneration and profitability variables predominate. Managers do have an incentive to pursue profitability. / Bradford University Research Committee

本研究以2001年至2005年為研究期間，從股權結構及董事會監督功能分別探討公股角色對投資標的公司經營績效之影響。本文之研究結果顯示：(1)股權結構變數中，公股投資標的公司之經營績效較無公股投資之公司為佳。(2)公股持股比率愈高，公股投資標的公司之經營績效則愈差。(3)董事會組成變數中，由公股代表出任董監之公股投資標的公司之經營績效較未派任公股代表之公司為佳。(4)當公股代表的席次比率愈高時，公股之投資標的公司之經營績效愈差。(5)公股持股比率偏離公股代表席次比率之程度愈高，公股投資標的公司之經營績效愈差。 / This research from 2001 to 2005 as research period, aim to explore the role of government ownership in the relationship between board composition and firm performance in the enterprises with government ownership. The empirical results document that from ownership structure variables, the effect of government shareholding on firm performance is found to be positive. Furthermore, firm performance decreases with an increased size of government shareholding. From board composition variables, the effect of the board with the government shareholding represents on firm performance is found to be positive. Furthermore, firm performance is worse with an increased size of government shareholding represents in the corporate board composition. Finally, when the government shareholding and the government shareholding represents’ seat ratio deviation degree is bigger, the firm performance would be worse.

Depuis les années 1970, le développement territorial est mis en exergue en aménagement et en sciences économiques dans une perspective qui est celle de la création d’activités et d’emplois liés. La valorisation des ressources territoriales devient dès lors cruciale. Toutefois, la littérature n’interroge pas l’identité des acteurs alors que ceux-ci constituent la ressource territoriale centrale. La thèse qui est défendue est que ce ne sont pas les mêmes types d’acteurs qui sont mobilisés par les proximités dans les différentes étapes du développement territorial. Plusieurs hypothèses sont émises au sujet des modes de mobilisation des acteurs, de leur nature et de leurs interdépendances. Le raisonnement est structuré en trois parties. La première est consacrée à l’étude du Système Productif Local (SPL) Mecanic Vallée. L’objectif est de comprendre comment le développement local a été structuré dans cet espace physique, social et productif. Une deuxième partie est consacrée à l’étude, dans la littérature, du mode de mobilisation et de coordination des acteurs ; particulièrement dans le cadre territorial (proximités, gouvernance, développement territorial). Plusieurs faits stylisés sont construits pour faire le lien entre systèmes d’acteurs, proximités et étapes du développement. Ces faits sont appliqués au SPL Mecanic Vallée afin de produire une relecture de sa dynamique de développement. Ces faits portent sur deux projets productifs particuliers : les relations d’affaires et le financement des activités. Une troisième partie est consacrée aux résultats de la recherche. Ces résultats confirment une très forte interdépendance des acteurs ainsi que la particularité des modes de mobilisation dans la construction de la dynamique territoriale. / Since the 1970s, territorial development has been highlighted in planning and economic sciences from the perspective of the creation of related activities and jobs. The development of territorial resources therefore becomes crucial. However, the literature does not question the identity of the actors even though they constitute a central territorial resource. The thesis argues that the proximity in the different stages of territorial development does not mobilize the same types of actors.Several hypotheses are put forward about the modes of mobilization of actors, their nature and their interdependencies. The reasoning is structured in three parts. The first is devoted to the study of the Mecanic Valley Local Production System (SPL). The objective is to understand how local development has been structured in this physical, social and productive space. A second part is devoted to the study, in the literature, of the way actors are mobilized and coordinated; particularly in the territorial framework (proximity, governance, territorial development). Several stylized facts are constructed to make the link between systems of actors, proximity and stages of development. These facts are applied to the SPL Mecanic Vallée in order to produce a re-reading of its development dynamics. These facts relate to two specific productive projects: business relations and activity financing. A third part is devoted to research results. These results confirm a very strong interdependence of the actors as well as the particularity of the modes of mobilization in the construction of territorial dynamics.