Thesis (MBA)--Stellenbosch University, 2012. / Recently, and over the last few years, a number of major State-Owned Enterprises (SOEs) have not been financially sustainable. There have been revelations of increased misappropriations of funds and millions of dollars in dubious investments. The alleged reason for the failure of these SOEs has been the lack of efficient corporate governance. The objective of this research report was to analyse the challenges and successful aspects faced by SOEs in Namibia with regards to the enforcement of good governance within the SOEs Governance Act No.2 of 2006. The report further aimed to establish whether the SOEs Governance Act provides appropriate mechanisms to ensure good corporate governance within the enterprises and investigate whether the act has been enforced. To attain these objectives, the report presented a review of Namibia’s SOE sectors and SOE Acts. In addition, interviews were conducted with representatives of three SOEs in Namibia, that of TransNamib, NamWater and NamPower. Namibian SOEs are faced with challenges in terms of maintaining good governance. The SOEs are compelled by state pressure to adopt more goals such as social development and political objectives on top of their profit motive. Thus, by acting in the best interest of state-owned enterprises, various boards may be in conflict with the interests of the government with regards to social and political goals. Based on the evidence presented in this research report, the study points out five crucial aspects of non-conformance to best practices that can be used as lessons and as a basis from where Namibia can spearhead its corporate governance practices for SOEs within the framework of the State-owned Enterprises Governance (SOEG) Act.

A presente dissertação de mestrado consiste em um estudo de caso das contratações das parcerias público-privadas (PPPs) das Linhas 4 e 6 de metrô em São Paulo. A partir do estudo indutivo realizado, buscou-se compreender como os instrumentos jurídicos são efetivamente utilizados para viabilizar o provimento de uma atividade de interesse público para a população; a evolução institucional ocorrida no processo de aprendizagem de utilização dessas ferramentas; e o papel desempenhado pelas empresas estatais nesse novo cenário. Para tanto, o texto constrói a evolução das formas de concessão de serviços públicos e situa no plano histórico o surgimento e a adoção das PPPs como indicativos de uma nova forma de atuação estatal na economia. O estudo de caso foi elaborado a partir de análise documental e construção de narrativas, por entrevistas semiestruturadas, dos atores envolvidos nos processos de contratação das Linhas 4 e 6. A observação empírica revelou que as empresas estatais cumprem um papel fundamental na criação de arranjos institucionais funcionais para a viabilização dos empreendimentos conjuntos, exercendo uma função coordenação público-privada e promovendo aprendizado institucional. Também observou-se que complexos arranjos contratuais são utilizados como forma de separar as obrigações contratuais de demandas políticas, insulando os direitos do concessionário de alterações posteriores. Isso ficou evidente, especialmente, no tocante à diferenciação entre tarifa política e tarifa contratual, às garantias de pagamento de contraprestação e aporte e ao sistema de pagamentos de tarifas. Os resultados obtidos a longo dessa pesquisa acrescem ao conjunto de estudos que apontam para a inadequação de medidas institucionais de tamanho único para o desenvolvimento (teoria das dotações institucionais). A experiência indica que as PPPs estudadas foram bem-sucedidas justamente porque foram construídas a partir de soluções e arranjos institucionais específicos ao contexto em que estavam inseridas, levando em consideração as limitações e as potencialidades do direito local. Desse modo, a pesquisa conclui pela existência de um modelo brasileiro de PPPs que envolve, necessariamente, intermediação de empresas estatais na construção de arranjos institucionais cooperativos entre os atores públicos e privados. / This thesis is the written product of a case study of São Paulos Metro Lines 4 and 6 public-private partnerships contracts. The objectives of this empirical study were to fully understand how: the legal tools are handled in order to provide a public service to the people; the institutional development in the process of learning the use of these tools; and the role played by state-owned enterprises in this new context. In order to do so, the text builds on the historical evolution of state concessions and the emergence of PPPs as indicators of a new way of State intervention in the economy. The case study was made using documental analysis and the building of narratives, through interviews with the main actors in the processes of contracting out the services of metro. The empirical observation revealed that state-owned enterprises play a significant role in the making of functional institutional arrangements necessary to the existence and function of joint enterprises, working as a coordinator of the public-private relationship and promoting institutional learning. Also, it was noted that complex contractual arrangements are used as a way of detaching contractual obligations from political demands, insulating concessionarys rights from ulterior changes. This was evidenced, specially, by the description of the contractual differentiation of tariffs (political vs contractual), also by the structure of the counterparts warrantees, and by the payment system that was created. The results from this research add to the growing literature that points out the inadequacy of one size fits all institutional changes in order to promote development. The reported experience indicates that the PPP contracts were well succeeded precisely because they were built on context-specific solution and institutional arrangements, that took into account the limitations and potentialities of the local legal system. In this sense, the research shows the existence of a Brazilian model of PPP contracts that involves, necessarily, the intermediation of state-owned enterprises in the formation of cooperative institutional arrangements between public and private actors.

Purpose: While research on state-owned enterprises (SOEs) have been lagging, even less can be found on municipally-owned enterprises (MOEs). The authors intend to use literature covering SOEs and apply them on MOEs in an analogue fashion. This study aims to uncover similarities and differences between the two aforementioned types of public ownership and contribute to the field of MOEs. This would allow for future researchers of MOEs to know in what way previous findings on SOEs is accurate and where extra caution must be placed. The authors will also consider the implications of institutional theory and how this can be used to understand the reality MOEs find themselves in. Design/methodology/approach: The authors has employed a qualitative approach where eleven MOEs have been interviewed. All of the eleven enterprises were located in the Swedish province of Värmland. The interviews were conducted in a semi-structured fashion and the analysis was achieved through a mix of selective and open coding. Findings: Enterprises matched expectations from stakeholders, where higher demands were met with greater social care and lower expectations facilitated a business approach. Furthermore, enterprises viewed their owners as the most important stakeholders and were willing to make decisions that favored them, even if other stakeholder groups disbenefit from this. Furthermore, a combination of actively searching for legitimacy and relying on institutional theory was employed by the MOEs, which could possibly contribute to institutional theory. Research limitations/implications for future research: Further research into these matters are of interest to build on the understanding of SOEs and apply them to MOEs. It is suggested to conduct a study including MOEs of greater size, as most organizations included in this study were too small to ‘successfully’ implement non-acquiescence matters such as decoupling and mission drift. Furthermore, a case-study of a single organization would perhaps shed some light on this matter, as this study’s focus on eleven enterprises has a bit of a tendency to only scratch the surface.

今天我們所面臨的環境是一個縮小的世界：知識爆炸、組織人口膨脹、產生一連串社會及經濟問題、新的價值體系層出不窮。而「變革就是一種常態」，今天不是我們管理變革，就是為變革所管理；組織的經營管理者面對變革之要求，係由於變革是普遍存在於我們所處的環境之中。 　　身處瞬息萬變的時代，企業機構均將面臨科技性、結構性、行為性及價值性變革之壓力。因此，組織變革成為一股不可抵擋的世界潮流。我國國營電信事業受到先進民主國家（如英、美、日等國）電信事業民營化潮流的衝擊，以及政府推動電信業務自由化與國際化政策的影響，電信公司化組織變革已是必然的趨勢。 　　一個人可以有數十種態度，但在組織內與工作有關的態度，最主要有工作滿足、工作投入及組織認同三種。而組織成員面對變革時，大致有三種反應：二是積極支持；二是中立觀望態度；三是抗拒變革。因此，本研究乃針對電信現職員工，採抽樣調查法，以問卷方式，並輔以深度訪問法、自然觀察法及歸納分析法，探討員工之組織認同程度、工作滿足狀況及其面臨公司化組織變革的相關反應態度。藉以瞭解電信現職員工對公司化組織變革的相關態度傾向，期經由員工心理及行為的調適並加以回饋，提供組織變革決策修正之參考。 　　本文共分為七章二十六節，約二十一萬言，各章要旨如下： 　　第一章「緒論」，計分五節，包括研究動機、研究目的、研究範圍與流程、研究方法與限制、重要名詞界定等。 　　第二章「理論基礎與相關文獻探討」，計分四節來討論，包括組織變革之理論基礎、組織變革態度與組織認同暨工作滿足之理論基礎、組織變革態度與組織認同暨工作滿足之關係、相關研究等。 　　第三章「各國電信事業組織變革的經驗和啟示」，計分四節來討論，包括美國與日本、英國與法國、韓國與新加坡電信事業組織變革概況、結語等。 　　第四章「實證研究調查」，計分五節，包括研究背景、理論架構、研究假設、研究設計、樣本結構分析等。 　　第五章「各變項間之關聯性分析與討論」，計分三節來討論，包括人口統計變項與組織變革態度之關聯性、人口統計變項與組織認同雙工作滿足之關聯性、組織認同、工作滿足與組織變革態度之關聯性等。 　　第六章「員工態度之反應情形暨其差異性分析」，計分三節來討論，包括員工對組織變革態度與組織認同暨工作滿足的態度傾向 總體反應、兩個自變項間對組織變革態度的差異性分析等。 　　第七章「結論與建議」，分為二節，包括研究結論（含假設驗證及主要發現）和研究建議（含管理實務之建議及後續研究之建議）。

工作中，我們常常可以發現主管與員工對於工作上有著不同的看法，這些差異不僅會影響主管與員工之間的關係，同時也會對組織績效產生影響，為重視職務角色對於公司績效衡量認知差異的影響，並增加衡量指標的多元面向，本研究期藉由導入平衡計分卡的概念，兼顧組織績效評估的均衡性。爰此，以平衡計分卡之四項構面探討職務角色對於港務公司主觀績效指標之認知差異，輔以績效指標之重要性-滿意度分析，針對各構面的指標進行剖析。 本研究以臺灣港務公司高雄港務分公司員工為填答對象，依照人員資位進行抽樣，總計發出350份問卷，共回收290份問卷，有效回收率為83%。採用量化分析方式，以LISREL進行量表之驗證性因素分析，並採用T檢定、單因子變異數分析(ANOVA)與重要性-滿意度分析(IPA)驗證各研究假設。 根據實證分析結果，本研究獲致以下四項主要結論：(1)擔任主管員工於知覺績效指標重要性認知程度高於非主管員工；(2)擔任主管員工知覺實際實施表現感受之滿意度高於非主管員工；(3)知覺績效指標重要程度與實際實施表現感受之滿意度有顯著相關；(4)不同職務角色知覺績效指標重要程度與實際實施表現感受之滿意度有差異。 本研究提出管理建議如下：於組織面可朝向(1)暢通決策管道與資訊透明化、(2)促進交流與溝通的開放、(3)朝向創新與彈性的制度設計、(4)改進人事制度、(5)檢討績效考評制度及(6)鼓勵單位間的相互合作；於員工層面應關心員工的適應情形與人際互動，增進組織認同感。 / In daily work,we can find that manager and staff have different opinion very often.This difference will not only affect the relationship between each other but also the working performance.To emphasis the different coginition of organizational performance evaluation by managerial role,and add the different dimention of performance indicators,this study use Balanced ScoreCard to make the organizational performance evaluation more balance.Therefore,the study will find out the coginition of state-owned enterprises perceived performance by managerial role in the perspective of BSC.Futhermore,we can through Importance- Performance Analysis to analysis the each dimension of BSC. This study is a case from TIPC,Port of Kaohsiung , The participants of the present study were employees and managers chosen by position in the company.Send out 350 questionaries,and 290 is returned,the responded rates is 83%.Confirmatory factor analysis was applied to examine the construct validity of adopted measurement instruments and T-test,ANOVA,IPA was employed to test the hypotheses. The main findings show that: (1) managers feel the performance indicators are more important than employees.(2) managers feel the performance indicators are more satisfied than employees.(3) the performance indicators’ importance and satisfication are significant relevance.(4) the performance indicators’ importance and satisfication will have different coginition by managerial role. Finally,few practical recommendations were made : from organizational perspect (1)open the decision making procedure and imformation.(2) letting the communication and exchange more often.(3) institution rules toward more innovate and flexible (4) change the personnel institution.(5) reviw the performance appraisal.(6) encourage sectors work together; from employee perspect:care about new staffs’ adapt situation and relationship,raising their organizational commitment.

本研究將中國的上市企業區分為國有企業與民營企業，藉以檢視中國證監會對上市企業的行政處罰是否存有選擇性執法的現象。調查結果顯示，國有企業較不容易因其關聯方交易之揭露不實而遭受證監會的行政處罰。這個結果代表證監會對民營企業之行政處罰有較低的重大性門檻。且進一步的調查發現，國有企業因關聯方交易揭露不實所面臨的處罰金額不一定高於民營企業因關聯方交易揭露不實所面臨的處罰金額。因此，本研究結果支持中國證監會的行政處罰存在選擇性執法的可能性。 / This study examines the relationship between the enforcement actions on misrepresentation of related party transactions by the China Securities Regulatory Commission (CSRC) and the state-owned enterprises. In order to test empirical evidence of selective enforcement, we divided our samples into state-owned enterprises and the private enterprises. The major findings are as follows:(1)the state-owned enterprises are not prone to be punished for misrepresentation of related party transactions by CSRC. (2) the state-owned enterprises fines on misrepresentation of related party transactions are not higher than the private enterprises. The analysis and conclusions of this study prove the consequences of selective enforcement by CSRC.

本文探討分析師追蹤行為及分析師特性對其客戶投資效率的影響，並進一步研究分析師對國有與非國有企業的不同影響。本文以2007-2016年中國滬深證交所上市公司為樣本。實證結果發現，分析師追蹤及有較多的分析師追蹤，明星分析師追蹤及有較多的明星分析師追蹤，分析師預測公司數量較多都能提高其追蹤的上市公司的投資效率。本文進一步研究發現，分析師預測公司家數越多，其追蹤的國有企業的投資效率要高於非國有企業；並且，在分析師追蹤下，地方企業的投資效率要高於中央企業。然而，並沒有顯著證據能夠證明在分析師的追蹤下，非國有企業的投資效率高於國有企業。總結上述，分析師在資訊傳遞方面扮演著重要的角色，有助於降低企業資訊不對稱，從而對企業投資效率產生正面的影響。 / The objective of this thesis is to examine the association between forecasts behaviors and the covered firms’ investment efficiency. Using a sample of Chinese listed firms from 2007 to 2016, the empirical results can be summarized as follows. The presence of analyst following improves the investment efficiency of listed companies; the effect increases with the number of analysts following. Second, my results are stronger for firms with star analysts following than those without such analysts; more star following leads to greater improvement in investment efficiency. Thirdly, the effect of the number of analysts is more pronounced for stated-owned enterprise (SOE) than non-stated-owned enterprise (non-SOE). Further analyses indicate that for SOE, the presence of analysts following on investment efficiency is stronger for local SOE than for central SOE.

Submitted by Joana Rodrigues (joanaidrodrigues@hotmail.com) on 2017-03-28T22:18:06Z No. of bitstreams: 1 TESE Joana Rodrigues FGV - submissão biblioteca.pdf: 2105716 bytes, checksum: 0f06f58d2abd35c9fd3a20c4f028cd53 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-03-31T13:27:16Z (GMT) No. of bitstreams: 1 TESE Joana Rodrigues FGV - submissão biblioteca.pdf: 2105716 bytes, checksum: 0f06f58d2abd35c9fd3a20c4f028cd53 (MD5) / Made available in DSpace on 2017-04-12T18:35:02Z (GMT). No. of bitstreams: 1 TESE Joana Rodrigues FGV - submissão biblioteca.pdf: 2105716 bytes, checksum: 0f06f58d2abd35c9fd3a20c4f028cd53 (MD5) Previous issue date: 2017-03-15 / Despite being one of the major economic phenomena in recent history, privatization causes received relatively little attention in analysis until quite recently. This qualitative paper summarizes the causes that led to the privatization of state-owned enterprises, with the specific case of TAP Portugal being analyzed. For a better comprehension of the theme, the characteristics and the context of state enterprises creation, as well as the privatization movement and its impacts, were analyzed as well. The general objective of the study is to understand if there are differences between the motivations to privatize and the expectations that TAP Portugal executives and workers have on the matter, therefore using TAP Portugal as the case study to support the analysis. Some interviews were performed to TAP Portugal executive members and workers, and results show that, privatization causes and TAP’s members’ expectations are aligned in some motivations. The intervention of external organisms in managing state enterprises, the necessity of reduction of public sector borrowing requirement, the limited access to capital, the ineffective state administration, bureaucracy concerns, management conditions, lack of investment capacity and the role of the state, are the main conclusions that led TAP to be privatized. / Apesar de ser um dos principais fenómenos económicos da história recente, as causas da privatização receberam relativamente uma análise pouco atenta até recentemente. Este documento qualitativo resume as causas que levaram à privatização das empresas estatais, sendo analisado o caso específico da TAP Portugal. Para uma melhor compreensão do tema, foram analisados as características e o contexto da criação das empresas estatais, bem como o movimento de privatização e seus impactos. O objetivo geral do estudo é compreender se existem diferenças entre as motivações para a privatização e as expectativas que os executivos e trabalhadores da TAP Portugal têm sobre a matéria, utilizando a TAP Portugal como estudo de caso para apoiar a análise. Algumas entrevistas foram realizadas a membros executivos e trabalhadores da TAP Portugal, e os resultados mostram que as causas da privatização e as expectativas dos membros da TAP estão alinhadas em algumas motivações. As principais conclusões que levaram a TAP a ser privatizada são a intervenção de organismos externos na gestão das empresas estatais, a necessidade da redução de financiamento do sector público, o acesso limitado ao capital, a ineficácia da administração Pública, as preocupações burocráticas, as condições de gestão, a falta de capacidade de investimento e o papel do Estado.

Submitted by Yarui Dun (yarui0422@gmail.com) on 2017-05-17T19:30:55Z No. of bitstreams: 1 Dissertation Yarui Dun.pdf: 3370034 bytes, checksum: 0971a3c099bb023b78027e1514037a71 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2017-05-18T14:29:11Z (GMT) No. of bitstreams: 1 Dissertation Yarui Dun.pdf: 3370034 bytes, checksum: 0971a3c099bb023b78027e1514037a71 (MD5) / Made available in DSpace on 2017-05-30T17:36:05Z (GMT). No. of bitstreams: 1 Dissertation Yarui Dun.pdf: 3370034 bytes, checksum: 0971a3c099bb023b78027e1514037a71 (MD5) Previous issue date: 2017-05-02 / State capitalism, the statist planning in certain economic sectors, has generated several state-owned enterprises (SOEs) that represent a significant share of activity in the global market. Despite decades of liberalization and privatization in many countries, state ownership and state-led business activity remain widespread; yet new varieties of state capitalism have also emerged. Among these new varieties, state-controlled oil and natural gas entities, also known as nation oil companies (NOCs), represent a type of hybrid organization that specifically deserves scholars’ attention as they dominate the world’s oil & gas industry; yet many of the cases prove to be problematic. The emerging markets possess some of the most important NOC players, yet scant examination has been made to question their appropriateness. This paper presents a contextualized comparison between two NOCs that root in Brazil and China to illustrate how similar and different they are in terms of their ownership style, corporate governance characteristics, and the interactions they have with the host government. We analyzed the findings by matching them with the past theories that offer explanations on NOC performance variation. We concluded that first, regime type is not a dependable factor to indicate the actual state incentives to maintain NOCs, and the goals of state serve only as an equivocate factor in explaining the variation in NOC performances. Secondly, we speculated that due to the absence of a cohesive institutional logic and consistency, Brazil has a fragmented governance system that implies in inappropriateness of state capitalism. Thirdly, we discovered that the unique dynamics between informal and formal institutions in China may justify the better fitness of state capitalism when compared with Brazil. Certain limits to the research method and expectations on further inquiries are also developed.

A presente dissertação de mestrado consiste em um estudo de caso das contratações das parcerias público-privadas (PPPs) das Linhas 4 e 6 de metrô em São Paulo. A partir do estudo indutivo realizado, buscou-se compreender como os instrumentos jurídicos são efetivamente utilizados para viabilizar o provimento de uma atividade de interesse público para a população; a evolução institucional ocorrida no processo de aprendizagem de utilização dessas ferramentas; e o papel desempenhado pelas empresas estatais nesse novo cenário. Para tanto, o texto constrói a evolução das formas de concessão de serviços públicos e situa no plano histórico o surgimento e a adoção das PPPs como indicativos de uma nova forma de atuação estatal na economia. O estudo de caso foi elaborado a partir de análise documental e construção de narrativas, por entrevistas semiestruturadas, dos atores envolvidos nos processos de contratação das Linhas 4 e 6. A observação empírica revelou que as empresas estatais cumprem um papel fundamental na criação de arranjos institucionais funcionais para a viabilização dos empreendimentos conjuntos, exercendo uma função coordenação público-privada e promovendo aprendizado institucional. Também observou-se que complexos arranjos contratuais são utilizados como forma de separar as obrigações contratuais de demandas políticas, insulando os direitos do concessionário de alterações posteriores. Isso ficou evidente, especialmente, no tocante à diferenciação entre tarifa política e tarifa contratual, às garantias de pagamento de contraprestação e aporte e ao sistema de pagamentos de tarifas. Os resultados obtidos a longo dessa pesquisa acrescem ao conjunto de estudos que apontam para a inadequação de medidas institucionais de tamanho único para o desenvolvimento (teoria das dotações institucionais). A experiência indica que as PPPs estudadas foram bem-sucedidas justamente porque foram construídas a partir de soluções e arranjos institucionais específicos ao contexto em que estavam inseridas, levando em consideração as limitações e as potencialidades do direito local. Desse modo, a pesquisa conclui pela existência de um modelo brasileiro de PPPs que envolve, necessariamente, intermediação de empresas estatais na construção de arranjos institucionais cooperativos entre os atores públicos e privados. / This thesis is the written product of a case study of São Paulos Metro Lines 4 and 6 public-private partnerships contracts. The objectives of this empirical study were to fully understand how: the legal tools are handled in order to provide a public service to the people; the institutional development in the process of learning the use of these tools; and the role played by state-owned enterprises in this new context. In order to do so, the text builds on the historical evolution of state concessions and the emergence of PPPs as indicators of a new way of State intervention in the economy. The case study was made using documental analysis and the building of narratives, through interviews with the main actors in the processes of contracting out the services of metro. The empirical observation revealed that state-owned enterprises play a significant role in the making of functional institutional arrangements necessary to the existence and function of joint enterprises, working as a coordinator of the public-private relationship and promoting institutional learning. Also, it was noted that complex contractual arrangements are used as a way of detaching contractual obligations from political demands, insulating concessionarys rights from ulterior changes. This was evidenced, specially, by the description of the contractual differentiation of tariffs (political vs contractual), also by the structure of the counterparts warrantees, and by the payment system that was created. The results from this research add to the growing literature that points out the inadequacy of one size fits all institutional changes in order to promote development. The reported experience indicates that the PPP contracts were well succeeded precisely because they were built on context-specific solution and institutional arrangements, that took into account the limitations and potentialities of the local legal system. In this sense, the research shows the existence of a Brazilian model of PPP contracts that involves, necessarily, the intermediation of state-owned enterprises in the formation of cooperative institutional arrangements between public and private actors.