La surévaluation des capitaux propres implique le danger que le dirigeant adopte des stratégies d’investissement discrétionnaires destructrices de valeur. Pourtant, la croissance externe pourrait également être utilisée comme moyen d’accéder à de nouvelles ressources et compétences clés qui font naître de nouveaux produits. Quel est le rôle de la gouvernance de l’entreprise dans une situation de surévaluation des capitaux propres ? Va-t-elle privilégier la voie disciplinaire en encadrant le comportement opportuniste du dirigeant, ou privilégier la voie exploratoire, c’est-à-dire la découverte de nouvelles opportunités de croissance ? Dans cette perspective, l’étude se concentre sur l’analyse des stratégies de sept groupes de communication à l’aube de la bulle Internet. Ayant édifié un cadre conceptuel élargi intégrant la stratégie de diversification, la gouvernance de l’entreprise et les mesures de création de valeur, nous concentrons notre analyse sur l’étude des différents leviers stratégiques de création de valeur attribuables à une stratégie de diversification : synergies entre flux de trésorerie, synergies en capacité managériale ou synergies organisationnelles à travers le partage de ressources stratégiques et de compétences distinctives. Puis, l’analyse se focalise sur le rôle de la gouvernance dans le processus de création de valeur : quel composant soutient l’adaptation d’une stratégie de diversification concentrique, liée, verticale et conglomérale ? L’étude propose un modèle intégral mesurant l’impact des différentes variables et formule des propositions visant à améliorer la surveillance du management dans un contexte de surévaluation des capitaux propres. / The overvaluation of the stockholders' equity implies the danger of the CEO adopting discretionary strategies having a negative impact on shareholders` value. However, diversification strategies could also be used as means of reaching new resources and key competencies that give birth to new products and markets. What is the role of corporate governance in a situation of overvalued stockholders' equity? Will it privilege the disciplinary way by framing the opportunistic behavior of the chief executive officer, or will it privilege the exploratory way, i.e. the discovery of new growth opportunities? From this point of view, the study concentrates on the analysis of the diversification strategies of seven media groups at the dawn of the Internet bubble. Having built a widened conceptual framework integrating the strategy of diversification, the governance of the company and the measures of value creation, we will concentrate our analysis on the study of different strategic levers ascribable to a diversification strategy: synergies between treasury flows, synergies in managerial capacity or organizational synergies through the sharing of distinctive competencies and strategic resources. Then, the analysis focuses on the role of corporate governance in the process of value creation: which component has an influence on the implementation of concentric, linked, vertical or conglomerate diversification? The study will summarize the different results within an integral model and propose different suggestions aiming at the monitoring of top management in the context of overvalued stockholders' equity.

Mergers are the combining of two or more firms to create synergies. These synergies may come from various sources such as operational synergies come from economies of scale or financial synergies come from increased value of securities of the firm. There are vast amount of studies analysing operational synergies of mergers. This study analyses the financial ones. This way the dynamics of purely financial synergies can be revealed. Purely financial synergies can be transformed into financial instruments such as securitization. While analysing financial synergies the puzzle of distribution of financial synergies between claimholders is investigated. Previous literature on mergers showed that bondholders may gain more than existing shareholders of the merging firms. This may become rather controversial. A merger may be synergistic but it does not necessarily mean that shareholders¿ wealth will increase. Managers and/or shareholders are the parties making the merger decision. If managers are acting to the best interest of shareholders then they would try to increase shareholders¿ wealth. To solve this problem first the dynamics of mergers were analysed and then new strategies developed and demonstrated to transfer the financial synergies to the shareholders.

Abstract The global outsourcing has becoming the sense from various industries; Taiwan is especially the one of ideal manufacturing base which manages production costs and with demonstrating dynamic strength from the world. However, while the branding companies from Europe and Japan still dominate innovation and technologies, sequentially consider to apply local material suppliers in developments and productions. Taiwan uses to be the competitive manufacturing place, the materials are usually nominated from developers, and thus the localization of the material manufacturing shall be the trend. The material manufacturers are required to pass through necessary certificates and production procedures to establish its own design technology and production bases. Therefore the capital of material manufactures uses to be fairly high compares to the other industries. Dining into such technology era, the investments of technical¡Bfinancial resources, plus combining the unpredictable economy¡Bconsumer requirements¡Binventory¡Bproperty usage making the material manufactures challenged ever. The listed company towards the permanent operation¡Brisk management¡Bfinancial managements, the managing levels need to review internal resources and apply its core competences to achieve the financial balancing¡Brisk control to make longer run business. The motivation of this research is to apply self -industrial experiences from the past and integrate associated literatures into one. Starting from an individual new business, lead the company to integrate internal resources and apply such competences to achieve diversification .This is the investigation of a studied company which demonstrates its core competences from the industry. Last to focus on the current and the new business in which to discuss and analyze below subjects:

Recent studies have suggested the biomechanical subtasks of walking can be produced using a reduced set of co-excited muscles or modules. Individuals post-stroke often exhibit poor inter-muscular coordination characterized by poor timing and merging of modules that are normally independent in healthy individuals. However, whether locomotor therapy can influence module quality (timing and composition) and whether these improvements lead to improved walking performance is unclear. Further, it is unknown whether the same modules that produce self-selected walking can also produce the execution of different mobility tasks. In this study, experimental analyses were used to compare module quality pre- and post-therapy. In subjects with four modules pre- and post-therapy, locomotor training resulted in improved timing of the ankle plantarflexor module and a more extended paretic leg angle that allowed the subjects to walk faster with more symmetrical propulsion. In addition, subjects with three modules pre-therapy increased their number of modules and improved walking performance post-therapy. Thus, locomotor training was found to influence module composition and timing, which can lead to improvements in walking performance. Experimental and simulation analyses were then used to characterize modular organization in specific mobility tasks (walking at self-selected speed with maximum cadence, maximum step length, and maximum step height). We found that the same underlying modules (number and composition) in each subject that contribute to steady-state walking also contribute to the different mobility tasks. In healthy subjects, module timing, but not composition, changed when the task demands were altered. This adaptability in module timing, in addition to the ability to adapt to the changing task demands, was limited in the post-stroke subjects. The primary difference in the execution of the walking biomechanical subtasks occurred in the control of the leg during pre-swing and swing. To increase cadence, the ankle plantarflexors and dorsiflexors contributed more power to the ipsilateral leg in pre-swing and swing, respectively. To increase step height, the hamstrings provided energy to the ipsilateral leg that accelerated the leg into swing in pre-swing and swing. These results provide a first step towards linking impaired module patterns to mobility task performance in persons post-stroke. / text

The concept of integration of industries in urban setup is the current trend among researchers and engineers in the field of industrial ecology and environmental engineering. Trend of urbanization forces an increasing human demand for energy, materials, water and other resources. Urban symbiosis nowadays is closely related to the controlling of urban metabolism. Closing material loops works as an effective way for a circular economy where theoretically no waste is generated. In this thesis work, an investigation has been made for studying current symbiotic activities in the city of Linköping and look for any potential energy or by-product synergies from industrial activities and the urban waste streams. Some of the companies have been found to be already engaged in such type of activities, directly or indirectly. Hence, uncovering symbiotic activity is also an important task to consider while assessing the feasibility of a network of industries and urban settlement. Finally, it is concluded that the symbiotic activity in the city of Linköping is developing with discovering of new opportunities from waste and by-products from industries and the city area.  The municipal utility company Tekniska Verken and its subsidiary Svensk Biogas could play the role as anchor tenants and the aeronautics company SAAB, for its huge production line, has good potential to participate in exchange of physical materials.

Background Synergies or rather the absence of synergies has been blamed for many failures in regards to mergers and acquisitions. Still, there are companies using mergers and acquisitions as a natural part of their growth strategy, indicating that these organizations manage to handle synergies efficiently. Purpose The purpose of this study is to analyze synergies in regards to mergers and acquisitions in technical trading companies to learn about success factors. Method Because of synergies’ complexity this study has used a qualitative approach. The empirical findings have been compiled by semi-conducted interviews with company representatives from the organizations regarded in the study. Conclusion The conclusion points at several success factors in regards to synergies and mergers and acquisitions. However, the three most important were found to be; the entrepreneurship and human capital, the corporate head’s knowledge, the experience and selection capability and the inclusion of acquisitions (developed from the urge for growth) in their business models.

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Mergers are the combining of two or more firms to create synergies. These synergies may come from various sources such as operational synergies come from economies of scale or financial synergies come from increased value of securities of the firm. There are vast amount of studies analysing operational synergies of mergers. This study analyses the financial ones. This way the dynamics of purely financial synergies can be revealed. Purely financial synergies can be transformed into financial instruments such as securitization. While analysing financial synergies the puzzle of distribution of financial synergies between claimholders is investigated. Previous literature on mergers showed that bondholders may gain more than existing shareholders of the merging firms. This may become rather controversial. A merger may be synergistic but it does not necessarily mean that shareholders' wealth will increase. Managers and/or shareholders are the parties making the merger decision. If managers are acting to the best interest of shareholders then they would try to increase shareholders' wealth. To solve this problem first the dynamics of mergers were analysed and then new strategies developed and demonstrated to transfer the financial synergies to the shareholders.

京都大学 / 0048 / 新制・課程博士 / 博士(人間・環境学) / 甲第21861号 / 人博第890号 / 新制||人||213(附属図書館) / 2018||人博||890(吉田南総合図書館) / 京都大学大学院人間・環境学研究科共生人間学専攻 / (主査)教授 神﨑 素樹, 教授 石原 昭彦, 教授 久代 恵介 / 学位規則第4条第1項該当 / Doctor of Human and Environmental Studies / Kyoto University / DGAM

Les travaux présentés dans ce mémoire étudient les problématiques transactionnelles posées par le développement des éco-parcs industriels (EPI). Nos travaux visent donc à fournir une analyse économique des synergies éco industrielles (substitution de ressource, mutualisation d'infrastructures) afin de compléter les approches techniques principalement développées en sciences de l'ingénieur. Notre unité d'analyse sera donc les transactions. Nous proposons une typologie des pratiques de synergies éco-industrielles ainsi qu'une représentation de leur processus de mise en oeuvre. Nous analysons le cas de l'EPI Green Valley (France). Nous caractérisons et mettons en perspective son développement et les principaux facteurs ayant affecté son processus de déploiement. Ensuite, en faisant appel à des arguments issus de l'économie des coûts de transaction, nous proposons l'usage de contrats de long terme complexes pour organiser les transactions associées aux SI. En conséquence, un cadre de conception des contrats incluant des clauses spécifiques (tarification, pénalités, garanties) est proposé de manière à tarifer les flux et à partager le risque. Dans une dernière partie, nous étudions les décisions d'investissement en capacités mutualisées. / This thesis report aims at addressing transactional issues raised by the undertaking of eco-industrial parks (EIP) development. The economics of eco-industrial synergies (resource "flow" substitution and infrastructure/service "capacity" sharing) is investigated so as to complement existing engineering-oriented approaches. A focus is made on industrial stakeholders' interplay in industrial symbiosis (IS) and their strategic decisionmaking in terms of investment and contracting practices. First, a survey of practices actually observed in EIPs in function is conducted through a literature review. A taxonomy of eco-industrial synergies is thus proposed and an IS implementation process representation is derived. Then we conduct a case study on the GreenValley eco-industrial park (France) Then, from economic arguments (transaction costs) we advocate the use of long term contracting in organizing IS related transactions. Following this, a contract design framework including specific provisions (tarification, penalties, warranties) is proposed in order to perform pricing of flows exchanges and risk sharing. In a last part, investment decisions in shared capacities is studied using economic modelling both in cooperative and non-cooperative game setting. Key economic parameters (size, back-up costs, scaling factor) and behavioral decisions (investment, commitment) are described and uncertainty is treated in two different approaches.