Strategy involvement of boards in small and medium-sized businesses has not been given adequate focus in contemporary research. The main concern has been on exploring the phenomenon in large corporations, which means that the field remains fairly unexplored. The purpose of this study is two folded. Firstly we want to understand what obstacles boards of small and medium-sized businesses face for strategy involvement. Secondly we want to generate new insights and knowledge about how these obstacles can be tackled. In order to accomplish these goals we assume the following two research questions: Research Question 1: Are there any obstacles in the way for strategy involvement of boards in small and medium-sized businesses? Research Question 2: What solutions are there to overcome these obstacles for strategy involvement of boards in small and medium-sized businesses? The first question aims to explore and map potential obstacles for strategy involvement, whereas the second question addresses potential solutions. By utilizing a qualitative approach and interviews we want to better understand the context. Our goal of using this method was to reveal motives and opinions to get a better understanding of how small and medium-sized businesses deal with strategy issues. The participants held various positions within small and medium-sized businesses in Sweden. CEOs, directors and busy directors participated in semi-structured interviews. This study is based upon two frameworks. Firstly we constructed an obstacle framework consisting of five obstacles derived from existing literature. Secondly we made a solution framework, which includes potential solutions connected to the obstacles, also derived from contemporary research. These two frameworks were then used to see what opinions our participants held about them. The data were analyzed by performing a thematic analysis. The idea of using this technique was to identify themes participants held in common. We found some patterns among the respondents which led us to revise both of the frameworks. The main finding of this study is that the presence of a board role conflict seems to be very limited in the context of small and medium-sized businesses. We furthermore found that there are differences in how to solve obstacles in regards to firm size. Two of the suggested solution in existing literature was found to be irrelevant for small and medium-sized businesses. Namely that it is not necessary to get CEOs to embrace strategy involvement, and stopping CEOs from handing over deceiving information is not solved by changing incentives. We also found patterns of two new solutions which were added in the revised solution framework. The first solution involves having regular strategy sessions and meetings. The second solution suggests that it can be advantageous to replace directors uncommitted to strategizing.

Master thesis deals with the application of international financial reporting standard for small and medium-sized enterprises. The object of this thesis is to define the conceptual framework for financial reporting under IFRS for SMEs, to analyze the differences between CZ GAAP and reporting under IFRS for SME and then apply the acquired knowledge within practical part of master thesis along with the definition of the costs and benefits associated with the transition to IFRS for SMEs.

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Family businesses have unique dynamics and success stories but at the same time face unique challenges. Intergenerational small and medium-sized family businesses in South Africa play an increasingly important role in creating jobs together with wealth distribution. This study attempts to explore the complicated relationship and inimitable characteristics of family business surroundings against the added challenges of family business perceived success and family business continuity. Notwithstanding family businesses being a prevalent phenomenon in the economies of most countries, insight into this form of enterprise is still limited. Topics such as commitment, entrepreneurial orientation, job satisfaction, satisfaction with life and perceived success of the family business, among others, were investigated. In order to achieve the primary objective of this study, a survey was undertaken using a structured questionnaire. The reliability of the questionnaire was determined by calculating the Cronbach alpha coefficient, which indicated that the questionnaire used in this study conformed to the criteria of acceptable reliability and can be regarded as internally consistent. The survey yielded 143 usable questionnaires from 42 family businesses restricted to Gauteng province and the North West province in South Africa. The nature of this study was investigative and descriptive statistics was therefore used to analyse the statements of all the participating respondents. The selected determinants influencing the perceived success of small and medium-sized family business was then measured and regressional analyses were further conducted. Conclusions were drawn from this study on the outcomes of the selected factors influencing the perceived success of small and medium-sized family business. Finally, a critical evaluation was done and practical recommendations are suggested to improve family business wellness and, subsequently, increase the sustainability of such business. / MBA, North-West University, Potchefstroom Campus, 2015

The objective of this study is to assess the role that succession planning plays in family businesses in the Sedibeng region of the Gauteng province in South Africa. According to Netsiande (2008:1) family businesses should anticipate, recognise, understand and work pro-actively on issues, learn from other businesses and find their own unique solution.to ensure sustainability. Management succession and succession planning is very important and it has a significant impact on family members, society and the business and economic sectors. This research study was conducted by means of a literature and empirical study. The aim of the literature studies was to gain insight into family businesses and the importance of succession planning. Topics covered in the literature study on family businesses includes a definition of family businesses, family business success, uniqueness of family businesses, characteristics of successful family businesses, advantages and disadvantages of family businesses, challenges facing family businesses. Topics covered in the literature study on succession planning includes a definition of succession, the importance of succession in family businesses, factors that influence succession, succession planning, selecting and choosing a successor as well as mentoring and preparation of the successor(s). The study was concluded on the basis of the findings of the empirical study, that the aspects that needs more attention to help with successful succession planning in family businesses in the Sedibeng district of the Gauteng province in South Africa, are the relationship between owner-manager and successor(s), willingness of the successor(s) to take over the business, willingness of the successor(s) to hand over the business and the preparation level of the successor(s). Lastly practical recommendations were suggested to support the family and the business to effectively manage succession planning in family businesses. / MBA (Business Administration), North-West University, Potchefstroom Campus, 2015

Family businesses have unique dynamics and success stories but at the same time face unique challenges. Intergenerational small and medium-sized family businesses in South Africa play an increasingly important role in creating jobs together with wealth distribution. This study attempts to explore the complicated relationship and inimitable characteristics of family business surroundings against the added challenges of family business perceived success and family business continuity. Notwithstanding family businesses being a prevalent phenomenon in the economies of most countries, insight into this form of enterprise is still limited. Topics such as commitment, entrepreneurial orientation, job satisfaction, satisfaction with life and perceived success of the family business, among others, were investigated. In order to achieve the primary objective of this study, a survey was undertaken using a structured questionnaire. The reliability of the questionnaire was determined by calculating the Cronbach alpha coefficient, which indicated that the questionnaire used in this study conformed to the criteria of acceptable reliability and can be regarded as internally consistent. The survey yielded 143 usable questionnaires from 42 family businesses restricted to Gauteng province and the North West province in South Africa. The nature of this study was investigative and descriptive statistics was therefore used to analyse the statements of all the participating respondents. The selected determinants influencing the perceived success of small and medium-sized family business was then measured and regressional analyses were further conducted. Conclusions were drawn from this study on the outcomes of the selected factors influencing the perceived success of small and medium-sized family business. Finally, a critical evaluation was done and practical recommendations are suggested to improve family business wellness and, subsequently, increase the sustainability of such business. / MBA, North-West University, Potchefstroom Campus, 2015

The objective of this study is to assess the role that succession planning plays in family businesses in the Sedibeng region of the Gauteng province in South Africa. According to Netsiande (2008:1) family businesses should anticipate, recognise, understand and work pro-actively on issues, learn from other businesses and find their own unique solution.to ensure sustainability. Management succession and succession planning is very important and it has a significant impact on family members, society and the business and economic sectors. This research study was conducted by means of a literature and empirical study. The aim of the literature studies was to gain insight into family businesses and the importance of succession planning. Topics covered in the literature study on family businesses includes a definition of family businesses, family business success, uniqueness of family businesses, characteristics of successful family businesses, advantages and disadvantages of family businesses, challenges facing family businesses. Topics covered in the literature study on succession planning includes a definition of succession, the importance of succession in family businesses, factors that influence succession, succession planning, selecting and choosing a successor as well as mentoring and preparation of the successor(s). The study was concluded on the basis of the findings of the empirical study, that the aspects that needs more attention to help with successful succession planning in family businesses in the Sedibeng district of the Gauteng province in South Africa, are the relationship between owner-manager and successor(s), willingness of the successor(s) to take over the business, willingness of the successor(s) to hand over the business and the preparation level of the successor(s). Lastly practical recommendations were suggested to support the family and the business to effectively manage succession planning in family businesses. / MBA (Business Administration), North-West University, Potchefstroom Campus, 2015

Resilience, in an organizational sense meaning the ability to withstand crises and disturbances, has become a keyword during the last ten years. It is associated with established activities like risk and crisis management and business continuity planning or with strategic management, but it allows for new perspectives and insights into the conditions for doing business. Applied to the whole supply chain it also provides tools for managing and aligning the logistics flows in an appropriate way. But why is resilience essential for success or survival? In context to the Swedish textile and clothing (T&amp;C) industry, the average number of firms that went bankrupt during the recent crisis (2007-09) escalated twofold compared to the average over 2000-10 due to tremendous pressure on the Swedish credit system. The structural industrial statistics also plummeted in these crisis years aggravating other inherent or internal problems as a ’ripple effect’. The small and medium sized enterprises (SMEs) were the most affected of all, facing major threats to their financial performance and ultimately to their survival, at times of economic crises. In such a context, study of organizational resilience (ORes), to survive and thrive becomes increasingly significant. To address this issue the thesis concentrates on understanding the resilience development process through crisis strategic planning in context to Swedish textile-related SMEs amidst economic crises. It investigates and answers how resilience development can be considered as a precursor for business success, how to develop and monitor resilience, and identifies its antecedents and key strategic initiatives and their differential degrees of influence. No prior studies describing organizational resilience and crisis strategic planning in an integrated processual approach using both short-term and long-term strategies through planning and adaptation were found in the literature. The thesis adopts a critical realist-grounded theory (CR-GT) approach along the metaphysical level as the structure for the resilience development process follows a causal relationship between the object (the organization), its structure (competences and strategies), the causal power (crisis strategic planning) for attaining an event/outcome (resilience) in a particular context (economic crisis). For addressing this issue of devising an outcome-based processual approach, a multivariate financial indicator called the Altman’s Z-score (used basically for calculating bankruptcy potential in firms) was used for quantifying resilience. For investigating the causal mechanism epistemological relativism along the grounded theory approach was chosen for theory generation. A mixed methodology was adopted based on quantitative statistical analyses, at first, followed by a detailed qualitative work based on surveys, interviews, case studies and secondary data for data triangulation. Analysis of data was conducted through certain thematic coding principles. A four-step hermeneutic spiral was followed by systematically combining the pre-understanding, empirics and extant literature to develop a theoretical framework through constant modification. Overall, the resilience development was highlighted along a processual framework adopted along the CR-GT view of causation. The findings are manifold. Firstly there is a need to develop economic resilience in SMEs to shift from just component-view to a more holistic systemic view of organizations, upheld by an integrated crisis strategic planning (CSP) approach, for facing dynamic environments. Secondly, the CSP process prescribed in the thesis is quite integrated and holistic, taking a view from all angles, viz. organizational structure (capabilities and strategies), processual approach etc. Such a resilience development process through CSP is based on a six-step process: (i) identification of environmental context, (ii) impact analysis, (iii) leadership analysis, (iv) capability analysis, (v) formulation/selection and implementation of strategies, and (vi) evaluation and review of strategic options, utilizing a suite of strategic tools and techniques and is particularly simple for application in an SME setting. Third, operationalization of such a causal mechanism based upon implementation of strategic tools is based upon using a multivariate financial indicator like Altman’s Z-score to outline the relation between ORes and business ‘health’, thus quantifying it. Finally, in order to develop a resilient organization it is important to engage and utilize effectively the key resources and assets (financial, material, social, networks) by developing dynamic capabilities (strategic and operational flexibilities, redundancy, robustness) and organizational learning (culture, employee wellbeing, attentive leadership and decision-making). These competences must be employed for the appropriate strategy development (selection, implementation, and evaluation) framed on both growth and continuity strategies, both planned and adaptive in nature. The research develops a holistic analytical framework of organizational structure for resilience development based on these two criteria. It also tests this framework for Swedish textile-related SMEs amidst economic crises. The findings in this contextual delimitation suggest that the resilient SMEs possess better financial resources, relational networks, operational &amp; strategic flexibilities. The economically resilient firms mostly showed planned resilience in economic crises based on long-term strategies through business continuity planning (BCP) and in terms of growth strategies through market penetration, diversification and transformational initiatives. These firms also showed better short-term crisis management (CM) through higher operational flexibility while the less resilient ones lacked in strategic readiness due to resource scarcity. This is beneficial for firms to understand the key areas in which to invest and develop a multistrategic CSP model, categorizing firms along different resilience types – planned or adaptive. / <p>Thesis for the degree of Doctor of Science in Technology to be presented with due</p><p>permission for public examination and criticism in Festia Building, Auditorium Pieni Sali 1, at Tampere University of Technology, on the 11th of October 2013, at 12 noon.</p>

The Swedish fashion industry is one of the fastest growing export industries and in recent years the Swedish fashion companies have been praised for their international expansion. For companies with niche products in smaller markets like Sweden internationalization is important but since the industry is constantly changing the internationalization process is quite challenging. Previous studies show that internationalization can be profitable for fashion companies but there is no unified view among researchers as to which way is the right way for the companies to internationalize. Most studies come to the general conclusion that companies seem to follow different paths. The purpose of this study is to contribute to the knowledge development of internationalization for small and medium-sized Swedish fashion companies based on established theories of internationalization. A qualitative study has been conducted based on a multiple case study design with 12 participating Swedish fashion companies. The study has a deductive approach since it has its starting point is from a well-established theoretical model: The Business Network Internationalization Process Model which has also worked as a foundation for the study’s analytical model. The analysis is however partly inductive since findings in the result have been fed back into a modified theoretical model, suitable and applicable for Swedish fashion companies’ internationalization processes. In conclusion the findings indicate that there are several important knowledge-bases for the fashion companies that motivate them to start an internationalization process, mainly their design-driven vision of becoming an international brand and the management’s risk-taking business mindset, founded in their entrepreneurial skills and previous knowledge. The result also shows that relationships with different industry actors are of high importance for the companies and in many cases the only way to internationalize. In addition the results show not only that the established theoretical model on internationalization is applicable to Swedish fashion companies but that there also are tendencies that show that the Swedish companies follow a more chronological path in their processes.

The main objectives of this thesis are to examine and estimate the determinants of domestic investment (public and private) in the Libyan manufacturing sector, and to investigate the impact of domestic investment on the Libyan economy. It adds to the growing literature on the issue of economic growth and econometrics by drawing attention to several issues hitherto little considered in the existing literature. In particular, the thesis blends various aspects of economic growth with models of investment to explain and define the main factors which affect domestic investment, and how domestic investment drives economic growth in the Libyan economy. It is important to recognise that economic growth has become an important aim for all countries in the world; especially less developed countries, which require greater economic efforts to be able to deal with the current international economic climate and the challenges of globalisation: domestic investment is an exemplary element to stimulate economic growth to achieve this target. The main objective of the Libyan government has been the industrialization of Libya, principally through import substitution. Various import restrictions in the form of licensing, quotas and tariffs have provided several sub-sectors of manufacturing with a high level of protection from foreign competition. The government benefits from high levels of financial return in terms of oil revenues, and the consequent easy availability of imported raw materials and capital goods. Despite government support for investment designed to encourage import substitution and export-oriented production, Libya has continued to experience low levels of investment in the domestic manufacturing sector. The stimulus to undertake this study was a desire to explore the most important determinants of fixed investment in Libya's manufacturing sector. This study aims to identify determinants of domestic investment in both the public and private manufacturing sectors in the Libyan economy during the period 1962-2008. Furthermore, this study aimed to identify the impact of domestic investment as a determinant of growth in the Libyan economy during the period 1962-2008. Cobb- Douglas Function was used to analyze the relationship between real per-capita GDP and its most important determinants. Properties of time series of the model variables have been analyzed by using several tests for determining the integration level of each time series separately. By using the Johansen-Juselius cointegration method, the results showed that private investment is strongly and adversely affected in the longer term by changes that take place in domestic public investment in the manufacturing sector, which shows the competition factor between the private and public sectors. The results of these tests revealed an equilibrium relationship between domestic investment in the private manufacturing sector and its determinants in the long and short-run. Also, the results showed the significance of the impact of annual appropriations for the manufacturing sector and imports of machinery & capital goods on domestic investment in the public manufacturing sector, the results of these tests revealed an equilibrium relationship between domestic investment in the public manufacturing sector and its determinants in the long and short-run. Moreover, the results showed the significance of the impact of investment on per-capita GDP; the results of tests revealed an equilibrium relationship between per-capita GDP and its determinants in the long and short-run. The study concludes that the elasticity of per capita GDP to changes in domestic investment is greater than the elasticity of the labour force, which appeared inelastic in the short and long-term. According to the information available, the study and approach adopted have never been undertaken before for Libya, and therefore might contribute toward advancing knowledge and enhancing investment policy, and its implementation by government and private manufacturing enterprises in Libya and other developing countries.