As China has become one of the largest economic entities in the world, many studies focus on corporate governance in China. In 2001, the China Securities Regulatory Commission (CSRC) transplanted the outside director mechanism from the United States and the United Kingdom. CSRC hoped that outside directors could play a control role to monitor the behaviours of controlling shareholders, protecting the interests of minority shareholders. However, since it was established, the Chinese outside director mechanism has played an unsatisfactory control role because they are not truly independent of the controlling shareholders. In contrast, many Chinese outside directors use their Guanxi connections (a particular kind of social connections in China) to play a resource acquisition role very well. Based on the theories of the firm, the resource dependence theory, studies of Guanxi and the path dependence theory, this thesis finds that when Chinese outside directors use their Guanxi connections to play their resource acquisition role, their independence and fiduciary duties required by CSRC is compromised.

A integração produtiva com o MERCOSUL, nos últimos, anos tem recebido uma atenção especial na agenda de políticas internacionais do governo brasileiro. Esse fato pode ser explicado pelo número crescente de empresas brasileiras que procuram integrar sua produção com empresas da Argentina, Uruguai, Paraguai e Venezuela. Dentro desse contexto, o objetivo geral desta tese é analisar as relações funcionais dos fatores relacionados à natureza da firma e à formação de blocos econômicos que interferem nas estratégias de integração produtiva no MERCOSUL. Para entender o objeto de estudo desta tese, foi desenvolvida uma base teórica com foco nas abordagens epistemológicas das estratégias de integração produtiva, na teoria da firma e na formação de blocos econômicos. Logo após, foi apresentado um modelo teórico, fundamentado em hipóteses, as quais são baseadas na abordagem teórica da firma e nos estudos de formação de blocos econômicos. A pesquisa realizada utilizou uma abordagem mista, dividida em três etapas. Na primeira etapa, foram coletados 137 questionários, e serviu para a purificação do instrumento de Coleta de Dados. Na segunda etapa, com a coleta final de 516 respondentes, foi feita a análise dos dados quantitativos. Para isso, utilizou-se a Modelagem de Equações Estruturais (MEE), avaliando individualmente os construtos e discutindo as relações do modelo estrutural e suas hipóteses. Logo após a interpretação dos dados quantitativos, utilizou-se a técnica de análise de conteúdo para interpretar as relações validadas ou não na MEE. Nessa fase, foram realizadas 11 entrevistas semiestruturadas, que tiveram como objetivo analisar os achados teóricos e empíricos do trabalho. Após a validação e análise do modelo, foram feitas as considerações finais dos achados desta pesquisa. Constatou-se que a integração produtiva no MERCOSUL trata-se de um tema evidente, especialmente pelas complexas relações existentes nos fatores que antecedem (influenciam) sua prática. Como pode ser depreendida na base teórica e na análise dos resultados, a materialização dos benefícios da integração envolve um profundo processo de reorganização estratégica da estrutura produtiva das empresas e dos países-membros do MERCOSUL. Desse modo, o presente estudo pretendeu contribuir para a discussão dos estudos de internacionalização da produção em blocos econômicos, incentivando futuros debates que venham a contribuir para a evolução desse campo. / In recent years, the productive integration with Mercosur has received special attention in the international political agenda of the Brazilian government. This fact can be explained by the increasing number of Brazilian companies that seek to integrate their production with companies in Argentina, Uruguay, Paraguay and Venezuela. Within this context the overall aim of this thesis is to analyze the functional relationships of the factors related to the nature of the firm and the formation of economic blocks that interfere with productive integration strategies in MERCOSUR. To understand the subject matter of this thesis, it was developed a theoretical basis with a focus on epistemological approaches of integration strategies in production, the theory of the firm and the formation of economic blocs. Soon after, it was presented a theoretical model based on assumptions related to the theoretical approach of the firm and in studies about the formation of economic blocs. The survey used a mixed approach, divided into three steps. In the first stage 137 questionnaires were collected. This first stage was the cleansing function of the instrument Data Collection. In the second stage, with the final collection of 516 respondents, it was analyzed the quantitative data. For this matter we used the Structural Equation Modeling (MEE), evaluating the individual constructs and discussing the relationships of the structural model and its assumptions. Soon after the interpretation of quantitative data, we used the technique of content analysis to interpret the relationships validated in the MEE. This phase was conducted by eleven semi-structured interviews aimed to analyze the findings of the theoretical and empirical work. After validation and analysis of the model, it was made the final considerations of the findings of this research. It was found that the productive integration in MERCOSUR is clearly an issue, especially the complex relationships that exist in the factors leading (influencing) their practice. As can be deduced from the theoretical basis and analysis of results, the realization of the benefits of integration involves a thorough process of strategic reorganization of production structures and member countries of MERCOSUR. Thus, this study aimed to contribute to the discussion of studies about the internationalization of production blocs, encouraging future research which may contribute to the evolution of this field.

Over the past decades financial investment of non-financial businesses has been rising and accumulation of capital goods has been declining. The first part of the paper offers a novel theory to explain this phenomenon. Financialization, the shareholder revolution and the development of a market for corporate control have shifted power to shareholders and thus changed management priorities, leading to a reduction in the desired growth rate. In the second part the link between accumulation and financialization is tested econometrically by means of a time series analysis of aggregate business investment for USA, UK, France, and Germany. Extensive test of robustness are performed. For the first three countries evidence that confirms the negative effect of financialization on accumulation is found. (author's abstract) / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

This dissertation modifies the model of Yang and Ng (1995) to investigate the condition of the emergence of the firm from a specialized exchange economy. It is assumed in this dissertation that there are fixed costs involved in the operation of a firm. After taking into account of this factor, I re-examine its effects on the division of labor and the structure of firm following Yang and Ng¡¦s framework. The model adopts an inframarginal framework to analyze the subject, in which a firm demonstrates diminishing returns, while both the final labor input and the intermediate labor input demonstrates increasing returns defined upon individuals. However, it is assumed that only the final labor input has the economies of specialization. It is argued in this dissertation that the existence of fixed learning costs may stimulate the economy to undergo structural changes if suitable conditions are met, which are largely related to relative market efficiency between markets.

Multimarket competition has become a substantial part of the modern economy. As such, it has drawn the attention of academics in both economics and strategy fields. Many studies have found empirical evidence of mutual forbearance in several industries, but despite its importance, its behavioral roots have not been explored. In my dissertation I integrate the reality of boundedly-rational decision makers into the mutual forbearance hypothesis. I apply an outgrowth of the behavioral theory of the firm – the shifting focus model of risk taking – to the study of competitive behavior. I propose a behavioral model of multimarket competition that focuses on corporate strategic decisions - market entry and exit decisions, regardless of entry mode (e.g. acquisitions) or exit mode (e.g. divestitures). This approach provides a granular view of changes in the business scope of the firms in terms of product and geographic markets served. I test my hypotheses in the U.S. property liability insurance industry over a 12-year period (1998-2008). I argue that firms follow the mutual forbearance logic as long as their performance goals are satisfied. However, under conditions of adversity, firms shift attention to recovering from the performance shortfall and their actions deviate from the mutual forbearance predictions. This dissertation shows that underperforming firms with abundant slack take longer to forbear, and underperforming firms with limited slack start forbearing sooner, as predicted. By bridging behavioral and competitive perspectives to the study of market entry and exit decisions, I underscore the value of cross-fertilization in strategy research.

In the last four decades, one of the fastest-growing fields of research in economics has been the contractual theory of the firm developed in Coase’s (1937) footsteps. Yet despite what otherwise seems to be a genuine success story the question of the nature of the firm remains an empirical and theoretical challenge, painfully illustrated by the lack of consensus regarding the definition and boundaries of the firm. The argument of this thesis is that many thorny questions that plague the literature, including issues related to ownership, boundaries, and intra-firm authority, are due to the fact that contractual theorists of the firm have generally overlooked a key legal feature of the economic system, without which theories of the firm are like Hamlet without the Prince. An elementary institutional fact about firms and markets is that in order to become a fully operational firm in a modern market economy, an entrepreneur or an association of resource owners need to go through a registration or incorporation procedure by which the legal system creates a separate legal person or legal entity in which ownership rights over assets used in production are vested, in whose name contracts are made, and thanks to which the firm has standing in court. With this assignment of legal personality, the legal system creates the efficiency-enhancing nexus for contracts that literally carries the organizational framework of the firm, and secures its continuity by locking-in the founders’ committed capital, thereby allowing them to pledge assets, raise finance and do business in the firm’s own name. Given the basic principle that only legal persons may own property and have the capacity to contract, and the implication that legally enforceable contracts can only exist between legal persons, it is something of a paradox that the notion of legal personality is absent from the prevailing narrative in the contractual theory of the firm. The thesis examines the reasons behind this state of affairs, and identifies alongside the widespread view among economists that firms can be defined with little or no reference to law, particularly statutory law, the lasting influence of Jensen and Meckling’s (1976) ambiguous dismissal of legal personality as a legal fiction that unavoidably leads to misleading reification. In order to disentangle the issues involved, the thesis puts this argument into historical perspective, and suggests that much can be learned from the corporate personality controversy that in the past has addressed the same questions. As the overview of the history of this debate reveals, the category mistakes that Jensen and Meckling presented as inevitable can be easily avoided once the meaning and functions of legal personality are properly understood. The thesis dispels enduring misunderstandings surrounding the notion of personhood, and proposes a legally-grounded view of the nature and boundaries of the firm that recognizes in law’s provision of legal entity status a fundamental institutional support for the firm while fitting the overall Coasean narrative.

Much has been written about the benefits to be derived from maximising organisational capability as a means of increasing competitive advantage, establishing human resource functions as a strategic partner and improving stakeholder satisfaction. However, there is very little in the research on how organisations build their organisational capability (OC). This thesis explores how developments in our understanding of strategic planning and human resource practices have contributed to a focus in organisations on building their organisational capability. The emergence of the resource-based theory of the firm, together with changes in human resource practices in job analysis, performance management and staff development has laid the foundation for organisational capability. A Model of Organisational Capability is proposed that explores how systems and processes can be aligned to maximize core organisational capability. Three research questions emerge from the literature and the Model: *How do organisations define their Strategic Intent Domain? *How can organisations define their Core OCs? *How do organisations embed their OCs into their Job Context, Organisational Systems and Knowledge Networks Enablers? These questions are explored by examining an Australian University utilising a participatory action research methodology. The study focused on how the organisation engaged senior managers to develop an organisational capability framework and agreed on a strategy to embed the capabilities in HR practice. As a result, this thesis presents a step-by-step process for organisations seeking to build their Core Organisational Capability. Practitioners wishing to maximize their organisational capability can draw on the Model of Organisational Capability, step-by-step process and contextual principles, to assist them to engage with the organisation to explore an organisational capability agenda.

Embora constitua um elemento fundamental da Microeconomia, o estudo do comportamento empresarial foi, por muito tempo, negligenciado pela abordagem ortodoxa em virtude de sua opção metodológica pelo atomismo analítico, pela hipótese de racionalidade substantiva e pelo foco nas trocas, em detrimento da produção. Tentativas posteriores de aprimoramento da teoria convencional, compromissadas, contudo, com a preservação desse instrumental analítico, conduziram o estudo das firmas a um inevitável impasse, o que por sua vez possibilitou a emergência de alternativas teóricas de natureza institucionalista, baseada nos conceitos de custos de transação e competências. A escola institucionalista logrou posteriormente desenvolver-se de modo a ampliar consideravelmente seu escopo e diversidade teórica, culminando afinal na predominância de duas grandes correntes de pensamento dentro do institucionalismo econômico, que competem pela primazia da explicação do comportamento organizacional: as abordagens contratualista e evolucionária. Através da análise dos avanços e limitações de cada uma dessas diferentes escolas, demonstraremos neste trabalho a viabilidade de um diálogo em prol da construção de uma teoria híbrida que combine e aperfeiçoe as principais contribuições institucionalistas à compreensão do fenômeno empresarial. / Despite being a fundamental element of the Microeconomics, the study of business behavior was, for a long time, neglected by orthodoxy due to its methodological preference for atomist analysis, substantive rationality and focus on exchange, instead of production. Further attempts to improve the conventional theory, without abandoning the compromise in maintaining these analytical tools, have elsewhere failed, leading to the emergence of theoretical alternatives based on the institutionalist concepts of transaction costs and competences. Furthermore, the institutionalist approach was able to develop itself in the way of enlarging its scope and theoretical diversity, until the present state in which two great streams compete for supremacy in the institutionalist theory of the firm: the transaction costs economics and the evolutionary economics. By verifying the advances and limits of each one of these approaches, we’ll demonstrate the viability of a dialogue in the way of building a hybrid theory, which would combine the most important institutional contributions to the comprehension of the organizations.

O Brasil é um grande produtor de alimentos. O cenário atual da agricultura brasileira aponta para uma produção de alimentos eficiente com o menor impacto ambiental, tendo a modernização e a inovação tecnológica dos processos produtivos papéis importantes neste processo. Dentre as modernizações e inovações tecnológicas, destaca-se a agricultura de precisão a taxa variável de fertilizantes (ATV). O objetivo deste estudo foi analisar os impactos da adoção da ATV, no ponto de vista da eficiência técnica e econômica, na cultura da soja no estado do Rio Grande do Sul-RS. Com esta finalidade, foram coletados dados por meio do envio de questionário para produtores rurais e atores-chave da agricultura de precisão (AP). A análise descritiva dos dados permitiu caracterizar a adoção da ATV na cultura da soja, bem como, descrever a perspectiva da adoção da ATV pelos produtores rurais e atores chave. A partir dos dados adquiridos pelos entrevistados, verificou-se um aumento no uso da ATV e na área destinada para soja no RS. O tempo médio de adoção é de 3,54 safras. Aproximadamente 45% dos adotantes apresentam o ensino médio completo, tendo em média 40 anos de idade. Além da ATV, as ferramentas mais adotadas são a amostragem de solo (92,60%) e a barra de luz (66,70%). Tanto os produtores rurais, quanto os atores-chave, destacam a falta de mão de obra qualificada e a falta de informação/conhecimento sobre a ferramenta de AP, como limitantes para o crescimento da tecnologia no Brasil. Já em relação aos benefícios, as informações compartilhadas foram: o uso racional de insumos, o aumento produtivo e a facilidade na tomada de decisão pelo uso da informação. Aproximadamente 82% dos produtores obtiveram redução no uso de fertilizantes com a adoção da ATV. Com o aumento no número de safras adotando a tecnologia, reduziu-se o uso de fertilizantes, o custo ha-1 e aumentou a produtividade nas lavouras de soja. A produção de soja estimulada com a adoção da ATV é 13,88% superior ao sistema de AC. / Brazil is a major producer of food. The current scenario of Brazilian agriculture points to a production of efficient food with less environmental impact, and the modernization and technological innovation of production proceeding have important role in this process. Among the upgrades and technological innovations, precision agriculture supported in variable rate fertilizer (ATV) deserves mention. The objective of this study was to analyze the impacts of the ATV, in view of the technical and economic efficiency in soybeans in Rio Grande do Sul - Rio Grande do Sul State (RS), Brazil. To this end, data were collected through questionnaires sent to farmers and key actors of precision agriculture (PA). The descriptive analysis of the data allowed to characterize the adoption of ATV in soybeans as well, describing the prospect of the adoption of ATV by farmers and key stakeholders. From the data acquired by the interviewees, there was an increase in the use of ATV and the area intended for soybeans in RS. The average time of adoption is 3.54 crops. Approximately 45% of adopters have completed high school, averaging 40 years of age. In addition to the ATV, the most adopted tools are the soil sampling (92.60%) and light bar (66.70%). Both farmers, as key actors, highlight the lack of skilled labor and the lack of information/knowledge about the PA tool such as limiting to the growth of technology in Brazil. In relation to the benefits, the shared information were: the rational use of inputs, the production increased and the ease in decision making through the use of information. Around 82% of producers have obtained reduction in the use of fertilizers with the adoption of the ATV. With the increase in harvests adopting the technology, the use of fertilizers and the cost per hectare were reduced, and increased productivity in soybean crops. Soybean production stimulated by adopting the ATV is 13.88% higher than in conventional farming system (AC).

A integração produtiva com o MERCOSUL, nos últimos, anos tem recebido uma atenção especial na agenda de políticas internacionais do governo brasileiro. Esse fato pode ser explicado pelo número crescente de empresas brasileiras que procuram integrar sua produção com empresas da Argentina, Uruguai, Paraguai e Venezuela. Dentro desse contexto, o objetivo geral desta tese é analisar as relações funcionais dos fatores relacionados à natureza da firma e à formação de blocos econômicos que interferem nas estratégias de integração produtiva no MERCOSUL. Para entender o objeto de estudo desta tese, foi desenvolvida uma base teórica com foco nas abordagens epistemológicas das estratégias de integração produtiva, na teoria da firma e na formação de blocos econômicos. Logo após, foi apresentado um modelo teórico, fundamentado em hipóteses, as quais são baseadas na abordagem teórica da firma e nos estudos de formação de blocos econômicos. A pesquisa realizada utilizou uma abordagem mista, dividida em três etapas. Na primeira etapa, foram coletados 137 questionários, e serviu para a purificação do instrumento de Coleta de Dados. Na segunda etapa, com a coleta final de 516 respondentes, foi feita a análise dos dados quantitativos. Para isso, utilizou-se a Modelagem de Equações Estruturais (MEE), avaliando individualmente os construtos e discutindo as relações do modelo estrutural e suas hipóteses. Logo após a interpretação dos dados quantitativos, utilizou-se a técnica de análise de conteúdo para interpretar as relações validadas ou não na MEE. Nessa fase, foram realizadas 11 entrevistas semiestruturadas, que tiveram como objetivo analisar os achados teóricos e empíricos do trabalho. Após a validação e análise do modelo, foram feitas as considerações finais dos achados desta pesquisa. Constatou-se que a integração produtiva no MERCOSUL trata-se de um tema evidente, especialmente pelas complexas relações existentes nos fatores que antecedem (influenciam) sua prática. Como pode ser depreendida na base teórica e na análise dos resultados, a materialização dos benefícios da integração envolve um profundo processo de reorganização estratégica da estrutura produtiva das empresas e dos países-membros do MERCOSUL. Desse modo, o presente estudo pretendeu contribuir para a discussão dos estudos de internacionalização da produção em blocos econômicos, incentivando futuros debates que venham a contribuir para a evolução desse campo. / In recent years, the productive integration with Mercosur has received special attention in the international political agenda of the Brazilian government. This fact can be explained by the increasing number of Brazilian companies that seek to integrate their production with companies in Argentina, Uruguay, Paraguay and Venezuela. Within this context the overall aim of this thesis is to analyze the functional relationships of the factors related to the nature of the firm and the formation of economic blocks that interfere with productive integration strategies in MERCOSUR. To understand the subject matter of this thesis, it was developed a theoretical basis with a focus on epistemological approaches of integration strategies in production, the theory of the firm and the formation of economic blocs. Soon after, it was presented a theoretical model based on assumptions related to the theoretical approach of the firm and in studies about the formation of economic blocs. The survey used a mixed approach, divided into three steps. In the first stage 137 questionnaires were collected. This first stage was the cleansing function of the instrument Data Collection. In the second stage, with the final collection of 516 respondents, it was analyzed the quantitative data. For this matter we used the Structural Equation Modeling (MEE), evaluating the individual constructs and discussing the relationships of the structural model and its assumptions. Soon after the interpretation of quantitative data, we used the technique of content analysis to interpret the relationships validated in the MEE. This phase was conducted by eleven semi-structured interviews aimed to analyze the findings of the theoretical and empirical work. After validation and analysis of the model, it was made the final considerations of the findings of this research. It was found that the productive integration in MERCOSUR is clearly an issue, especially the complex relationships that exist in the factors leading (influencing) their practice. As can be deduced from the theoretical basis and analysis of results, the realization of the benefits of integration involves a thorough process of strategic reorganization of production structures and member countries of MERCOSUR. Thus, this study aimed to contribute to the discussion of studies about the internationalization of production blocs, encouraging future research which may contribute to the evolution of this field.