[pt] Atualmente, com a intensificação da integração econômica e financeira dos mercados, o enfraquecimento das fronteiras nacionais e o significativo crescimento do comércio internacional, os investidores estão direcionando cada vez mais seus fluxos de capitais para os mercados externos, de forma a promover a diversificação internacional de suas carteiras, reduzindo o risco ao mesmo nível de retorno aos apresentados por carteiras puramente nacionais. É neste contexto de expansão internacional dos mercados e de elaboração de carteiras internacionais que as informações referentes aos riscos de cada investimento se tornam ainda mais importantes. Neste sentido, visando suprir essas necessidades de informações, começaram a surgir no início do século XX as empresas privadas de rating com o propósito de fornecer as classificações de risco dos emissores de títulos, os ratings de crédito. Consequentemente, ao classificar o risco de um título, esses ratings possuem a capacidade de influenciar o mercado como um todo. Assim, esse trabalho objetiva verificar o impacto que as alterações de rating soberano brasileiro pelas agências especializadas produzem no mercado acionário brasileiro, mais especificamente no comportamento das ações de empresas estatais, visto que estas deveriam ser supostamente mais impactadas que as demais frente a essas revisões, tanto via resposta do mercado como um todo quanto ao fato de ter a percepção do risco de seu controlador diretamente alterado por esses ratings. Para tanto, foi desenvolvido um estudo de evento, para analisar os efeitos verificados sobre os retornos de mercado (IBOVESPA) e das empresas estatais, nos períodos de downgrade e de upgrade. / [en] Currently, with the intensification of economic and financial integration of the markets, the weakening of national borders and the significant growth of international trade, investors are increasingly directing their capital flows towards external markets in order to promote international diversification of their portfolios, reducing the risk at the same level of return to those presented by purely domestic portfolios. It is in this context of international expansion of markets and of the development of international portfolios that the information regarding the risks of each investment becomes even more important. In this sense, in order to meet these information needs, the private rating companies began to emerge as early as the twentieth century, in order to provide risk ratings regarding the issuers of securities, credit ratings. Consequently, by classifying the risk of a security, these ratings have the ability to influence the market as a whole. Thus, this study aims to investigate the impact that Brazilian sovereign rating changes by these specialized agencies have in the Brazilian stock market, specifically regarding the behavior of shares of state-owned companies, as these should supposedly be more affected than the others against sovereign risk reviews, both through the market s response as a whole and by the fact that the perception of risk by their majority shareholder is directly altered by these ratings. To this end, an event study is conducted to analyze the effects seen on market returns (IBOVESPA) and state enterprises, in periods of downgrade and upgrade.

Depuis 1988, l’Algérie a initié des réformes économiques profondes appuyées par un arsenal législatif et des accords internationaux. L’Etat Algérien a abandonné son rôle de protecteur sans maîtriser son rôle de régulateur. Le passage de l’économie planifiée basée sur le monopole de l’Etat à une économie de marché, est caractérisé par l’émergence du secteur privé et des changements radicaux sur le plan institutionnel en ce qui concerne l’Etat, et sur le plan organisationnel, stratégique et technologique concernant les EPA. Dans ce contexte incertain, ces EPA ne peuvent plus compter uniquement sur leurs capacités internes. Elles doivent s'ouvrir pour créer des partenariats avec leurs fournisseurs, les universités et même leurs concurrents. D’où nécessité de :- Mutation vers de nouvelles formes adaptées aux événements imprévus et résilientes pour faire face aux environnements incertains- Un Systèmes d’Information d’Intelligence Stratégique, capables d’orienter la décision en réduisant les risques dus aux incertitudes inhérents aux choix stratégiques- Rechercher les moyens de rendre réversibles les choix lorsque des événements inattendus surviennent.L'objectif de cette thèse est de montrer la complexité des environnements politique, juridique, social et économique où les EPA opèrent et pourquoi il est nécessaire de gérer les risques liés à cet environnement, à savoir : Inertie durant le processus de transformation organisationnelle, mauvaise compréhension des signaux captés et la mauvaise réaction du décideur face aux signaux et aux événements. Ici interviennent les concepts de KM, d’IE et de BI, à différents niveaux du management : du stratégique à l’opérationnel. / Since 1988, Algeria has initiated deeper economic reforms supported by significant legislation and international agreements. The algerian government has abandoned its protector role without providing a required regulatory role. The transition from a planned economy based on state monopole to a market economy based, is characterized by the emergence of local and foreign private sector implies radical changes both politically and institutionally (regarding Algerian State) on the organizational, strategic and technological plans for State-Owned Firms. In this uncertain environment, Algerian State-Owned Firm cannot rely only on their internal capabilities. They should, create partnerships, both with suppliers, subcontractors, universities and even competitors. There is a need for these firms to: - Transform their organization to a new form improved for unexpected events and enough resilience to adapt to uncertain environments- Build a Strategic Intelligence Information System able to facilitate decision-making and reduce risks inherent to the strategic choices- Find ways to reverse choice when unexpected events occur.The aim of this thesis is to show the complexity of the political, legal, social and economic environments where the Algerian State-Owned Firms operate. Also, we show why it's necessary to handle the following risks: inertia against the process of organizational transformation, wrong understanding of the received signals from the environment and poor reaction of the decision-maker to signals and events in the environment. Here, the concepts of KM, CI and BI operate at different levels of management: from strategic to operational.

本研究的主要目的是在檢測財務主管相對於審計委員會的影響力，是否會影響到會計師的選擇。本研究以2007至2016間的中國上市公司為樣本，實證結果顯示:（1）財務主管相對於審計委員會的影響力愈大時，公司愈傾向於選擇非十大會計師事務所；（2）財務主管相對影響力於會計師選擇的影響，在國有企業是比較小的，而在私有企業是比較大的。 / The objective of this thesis is to examine whether the relative power of CFOs and audit committees has an effect on its firms’ choice of audit firms. Using a sample of Chinese listed firms during 2007~2016, I find that: (1) companies with more powerful CFOs are more likely to hire lower-quality auditors, as measured by non-top10 audit firm; (2) The effect of CFOs’ relative power on the choice of audit firms is weaker for state-owned enterprises than for private enterprises.

This thesis investigates manufacturer-distributor power relationship in the Chinese Iron and Steel Industry. The main objectives of this study are to identify, describe and investigate the power relationships in Chinese Iron and Steel Industry; to understand the concept of power from the perspective of distributors and their relationship with State-Owned Enterprises and Private-Owned Enterprises in this industry; and to explore the possibility of developing an extended research power-relationship framework by investigating the power construct and potentially related and relevant factors in the Chinese market that may impact predicted outcomes such as positive conflict resolution attitude and levels of conflict. Two quantitative pilot studies were conducted, consisting of 14 surveys with semi-structured questions each, which were instrumental in the design of an extended power relationship model by incorporating the factors such as the level of trust, frequency of communication and level of guanxi that drive positive conflict resolution attitude into the traditional power model that had not been combined in a single framework before. Subsequently, the main study was carried out comprising 148 questionnaires completed by distributor firm managers. These represent the views of 74 respondents, who responded for both state-owned enterprises and private-owned enterprises in the Chinese Iron and Steel Industry The sample size is 74 respondents including 14 respondents that were also respondents for the pilot studies. This study generated four main findings. 1) a State-Owned Enterprises tend to use more non-coercive power than Private-Owned Enterprises, and have a stronger negative effect than Private-Owned Enterprises; 2) although Private-Owned Enterprises were rated higher than State-Owned Enterprises in the level of trust, and have a stronger positive effect when explaining the observed relationship between the level of trust and positive conflict resolution attitude, the difference is really minimal; 3) Private-Owned Enterprises were rated higher than State-Owned Enterprises in the frequency of communication, and have a stronger positive effect than State-Owned Enterprises in the explanation of the relationship between frequency of communication and positive conflict resolution attitude. 4) Private-Owned Enterprises were rated higher than State-Owned Enterprises in the level of guanxi, and have stronger positive effect than State-Owned Enterprises in the explanation of the relationship between level of guanxi and positive conflict resolution attitude. These findings contribute to fill gaps in the literature with regard to power relationships in distribution channels. This thesis extends the current boundary of knowledge through the formulation of an extended framework that integrates conflict resolution constructs into a typical/traditional power model. This extended framework comprises new constructs such as level of trust, frequency of communication and level of guanxi and hypothesises their impact on conflict resolution attitude and level of conflict in the Chinese distribution channel. New knowledge is created by investigating differences regarding the use of power by SOEs and POEs considered from the distributor perspective in the Chinese context. Theoretical and managerial implications are discussed in detail.

La privatisation des entreprises publiques au Vietnam figure en tête des priorités de l’agenda politique du gouvernement vietnamien depuis l’annonce de la politique Doi-moi en 1987. Cette étude examine le processus de la restructuration des entreprises d’État pendant la période entre 1991 et 2012. La recherche se base sur les théories de la gestion de l’entreprise et du développement, en particulier sur la responsabilité sociale de l’État considéré comme un acteur économique. L’étude examine aussi le cadre macroéconomique vietnamien dans lequel la privatisation s’opère. L’objectif est de déterminer les facteurs conditionnels de réussite de ce processus, en prenant comme variable le degré d’intervention de l’État dans l’économie dans le contexte autant asiatique que mondial du changement. / Restructuring state-owned enterprises in view of their privatization lies at the top of the political agenda of the Vietnamese Government since the launch of the Doi-Moi policy in 1987. The purpose of this study is to examine the macro-environment in which the privatization process of Vietnamese state-owned enterprises takes place. The period of study is between 1991 and 2012. The theoretical framework is based on corporate governance and development theories and the corporate social responsibility of the State, as an economic actor and a majority shareholder, of the country’s public companies which are being privatised. The aim of the study is to determine success factors of the privatization process in Vietnam, with the role of the State in the economy, taken as variable, and examined in the context of change, both at the Asian as well as the global context.

The Single Economic Entity Doctrine in EU Competition Law Focused on applying single economic entity doctrine in relation to merger control of State Owned Enterprises Abstract This thesis focuses on the issues surrounding single economic entity doctrine in relation to State Owned Enterprises (SOEs), in particular on the effects of Article 22 of the Preamble of Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (EUMR), and the Commission Consolidated Jurisdictional Notice under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings. Together these documents set the standards for merger control practice concerning SOEs. They are centred around the principle of applying the single economic entity doctrine when identifying the turnover of SOEs and when determining the jurisdiction of the Commission. The thesis possesses two major goals. The primary goal of the thesis is to elucidate the criteria used for the determination of a single economic unit (single economic entity) with independent decision-making power in the public sector. To this end, in chapter 3, the author has synthetized a list of the relevant criteria used for the determination of an economic entity, based on the criteria used by the Commission that have...

Statligt ägda bolag ska sedan 2007 hållbarhetsrapportera i enlighet med GRI eller annat internationellt ramverk. Detta för att öka bolagens transparens för dess intressenter och samhället. I statens ägarpolicyn är det av stor vikt för bolagen att verka transparenta, vilket innebär att såväl positiv som negativ information ska tas upp i hållbarhetsrapporterna. Syftet med denna studie har varit att undersöka i vilken omfattning svenska bolag med statligt ägande rapporterar negativ information och vilka företagsspecifika faktorer som kan påverka negativa avslöjanden. Den teoretiska referensram som har legat till grund för att förklara detta fenomen är Intressentteorin, Legitimitetsteorin, Konsumentskepticism och Two-Sided CSR. Undersökningens metodologiska tillvägagångssätt baseras på en innehållsanalys som vidare analyserades med stöd av korrelationsanalys och multipel regressionsanalys för att finna samband mellan studiens variabler. Resultatet kunde påvisa att bolag med statligt ägande rapporterar negativ information i högre utsträckning inom Sociala aspekter, där Miljöaspekter kom tätt efter. Studien konstaterade att den företagsspecifika faktorn Antal sidor kunde påvisa ett statistik samband till avslöjande av negativ information. / Since 2007, State-Owned Enterprises (SOE) must produce sustainability reports in accordance with GRI or another international framework. This is to increase the companies' transparency for its’ stakeholders and society. In the state's ownership policy, it is of great importance for the companies to appear transparent, which means that both positive and negative information must be included in the sustainability reports. The purpose of this study has been to investigate the extent to which Swedish State-Owned Enterprises report negative information and which company-specific factors can affect negative disclosures. The theoretical framework that has been used to explain this phenomenon is Stakeholder Theory, Legitimacy Theory, Consumer Skepticism and Two-Sided CSR. The methodological approach is based on a content analysis which was further analyzed with the support of correlation analysis and multiple regression analysis to find connections between the study variables. The results showed that State-Owned Enterprises report negative information to a greater extent in Social Aspects, where the Environmental Aspects came closely behind. The study states that the company-specific factor Number of pages could demonstrate a statistical significance to the disclosure of negative information.

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Titel: Implementering av GRI-standarder och riktlinjer: Fördelar och Utmaningar i Hållbarhetsredovisningen. Nivå: Examensarbete på grundnivå (kandidatexamen) i ämnet företagsekonomi. Författare: Sofia Ivarsson och Sofie Skalberg. Handledare: Jean Claude Mutiganda. Datum: 2024 - januari. Syfte: Skandinavien intar en framstående position i världen när det gäller att redovisa hållbarhet. Flertalet företag i Sverige har börjat implementera GRI som ett verktyg för att förstärka hållbarhetsredovisningen och förbättra kommunikationen med intressenterna. Studien avser att undersöka fördelar och utmaningar som svenska statliga företag upplever vid implementeringen och användningen av GRI-riktlinjerna i hållbarhetsredovisningen. Metod: I denna studie har en kvalitativ metod med en induktiv forskningsansats tillämpats, som innefattar empirisk datainsamling från sju semistrukturerade intervjuer med svenska statliga bolag i olika branscher. Efter kodning och tematisering av det empiriska materialet har resultatet sedan analyserats och tolkats mot tidigare forskning. Resultat och analys samt slutsats: Trots frånvaron av exakt lagstiftning väljer företagofta att anpassa sig till externa riktlinjer såsom GRI. GRI-ramverket ökar transparensen och förbättrar företagens trovärdighet och legitimitet. Däremot inkluderar utmaningarna resurskrävande rapportering och risk för att fokusera för mycket på kriterier i stället för på verkliga förbättringar, vilket kräver anpassning för att möta företagens specifika behov inför CSRD. Studiens bidrag: Studien bidrar till att redogöra för hur företag upplevt implementeringen och användningen av GRI som ramverk. Dessutom ger studien konkreta slutsatser och rekommendationer baserat på erfarenheter och insikter som företagen erhållit genom användningen av GRI i hållbarhetsredovisningen. Förslag till fortsatt forskning: För att få en bredare förståelse av GRI hade det varit intressant att undersöka andra företag, som inte är statliga och verksamma i Sverige. Det hade även varit intressant att undersöka de fördelar och utmaningar företag upplever med CSRD. / Title: Implementation of GRI Standards and Guidelines: Benefits and Challenges in Sustainability Reporting. Level: Student thesis, final assignment for Bachelor Degree in Business Administration. Author: Sofia Ivarsson and Sofie Skalberg. Supervisor: Jean Claude Mutiganda. Date: 2024 - january. Aim: Scandinavia occupies a prominent position globally in sustainability reporting. Many companies in Sweden have started to implement GRI as a tool to strengthen their sustainability reporting and improve communication with their stakeholders. The study aims to examine benefits and challenges that Swedish state-owned companies experience when implementing and using the GRI guidelines in sustainability reporting. Method: In this study, a qualitative method with an inductive research approach has been applied, which includes empirical data collection from seven semi-structured interviews with Swedish state-owned companies in various industries. After coding and thematizing the empirical material, the results have been analyzed and interpreted against previous research. Results and analysis and conclusion: Despite the absence of precise legislation, companies often choose to adapt to external guidelines such as GRI. The GRI framework increases transparency, improves companies' credibility and legitimacy. However, challenges include resource-intensive reporting and the risk of focusing too much on criteria instead of real improvements, requiring adaptation to meet the specific needs of companies ahead of CSRD. Contribution of the thesis: The study contributes to an account of how companies experienced the implementation and use of GRI as a framework. In addition, the study provides concrete conclusions and recommendations based on the experiences and insights that companies have gained through the use of GRI in sustainability reporting. Suggestions for future research: In order to gain a broader understanding of GRI, it would have been interesting to explore other companies, beyond state-owned and active companies in Sweden. It would also have been interesting to examine the benefits and challenges companies experience with CSRD.

The South African Postbank Limited has been tasked by Government with a social mandate to provide basic financial services to people receiving low income and people living in rural areas. Personal financial literacy is an essential element which affects financial inclusion in the target market of a state–owned bank. To achieve the bank?s social mandate and its objective, it would be vital to determine whether people in low income and rural demographics are financially literate. Financial literacy is defined as the ability to manage your money on a day–to–day basis, do future financial planning, choose sound financial products and have appropriate financial knowledge and understanding. Various factors influence the level of financial literacy of a person and in order to improve the financial literacy of a person, cognisance should be taken of that person?s age, gender, living conditions, income–level and socio–economic elements. It will be beneficial for a state–owned bank, in order to reach its social mandate, to implement financial educational programmes to increase financial literacy. The latter will increase the amount of potential customers and thus promote financial inclusion in the long run. The sample in low income and rural areas has been found to be the most wanting in financial literacy and therefore it is crucial to address this shortcoming in the target market of the state–owned bank in order to reach the social mandate of financial inclusion. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2012.