Diss., Univ. of Genève, 2008. / Includes bibliographical references.

Diss., Univ. of Genève, 2008. / Includes bibliographical references.

The study examines six factors identified by previous studies as having the potential to influence the outcome of turnarounds of firms. The six factors identified are efficiency strategy, severity, free assets, size, changes on the top management and black economic empowerment (BEE). This study is based on the propositions that the identified factors will influence the turnaround outcomes of the firms that were restructured by the Industrial Development Corporation. A sample of 78 firms was obtained for the study. The sample consisted of 46 successful turnaround and 31 failed turnaround. Logistic regression was used to test the sample. A significant finding of this study is that BEE is the only factor that has a positive influence on the outcome of the turnaround. This study is of use in identifying factors are useful to take into account when considering turning around a firm. The results of the study differ with most of the literature reviewed. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

The financial and economic performance of SADC airlines has been poor for some time. The governments, citizens of SADC countries and donor agencies are no longer tolerating the existence of the loss making foreign currency intensive, prestige national airlines. This dissertation seeks to find ways to turnaround the poor performance of SADC airlines. The dissertation focused on the three basic turnaround strategies of cost leadership, differentiation and focus. The McKinsey 7-S framework was used to analyse the strengths and weaknesses of SADC airlines. The external (operating) environment was also analysed to determine the opportunities and threats. A study was carried out of some successful turnarounds of British Airways and Scandinavian Airline System. Singapore International Airlines, one of the most successful airlines in the world, was also studied in detail. The study showed that the strategy of cost leadership while focusing on domestic and regional operations was most likely to result in optimal performance of SADC airlines / Economics and Management Sciences / M.Com. (Transport Economics)

This thesis explores different paradigms for incorporating uncertainty with optimization frameworks for applications in chemical engineering and site-wide operations. First, we address the simulation optimization problem, which deals with the search for optimal input parameters to black-box stochastic simulations which are potentially expensive to evaluate. We include a comprehensive literature survey of the state-of-the-art in the area, propose a new provably convergent trust region-based algorithm, and discuss implementation details along with extensive computational experience, including examples for chemical engineering applications. Next, we look at the problem of long-term site-wide maintenance turnaround planning. Turnarounds involve the disruption of production for significant periods of time, and may incur enormous costs in terms of maintenance manpower as well as lost sales. The problem involves (1) the simulation of profit deterioration due to wear and tear followed by the determination of how frequently a particular turnaround should take place; and (2) the consideration of site network structure and turnaround frequencies to determine how turnarounds of different plants may be coordinated over a long-term horizon. We investigate two mixed-integer models, the first of which determines optimal frequencies of individual plant turnarounds, while the second considers maximizing long-term profit through coordination of turnarounds across the site. We then turn to more conventional methods of dealing with optimization under uncertainty, and make use of a combined robust optimization and stochastic programming approach to medium-term maintenance planning in integrated chemical sites. The nature of the uncertainty considered affects two aspects of maintenance planning, one of which is most suitably addressed through a robust optimization framework, while the other is better handled with stochastic programming models. In summary, we highlight the importance of considering uncertainty in optimization as well as the choice of approach or paradigm used through chemical engineering applications that span varied domains and time scales.

It is now more than thirty years since the reform of corporate insolvency law in the United Kingdom (UK) focused on the promotion of a 'rescue culture,' a trend which started with the work of the Cork Committee chaired by Sir Kenneth Cork. The Cork Committee in its Report recommended encouraging the continuation and disposal of a corporate debtors' business as a going concern wherever possible, and the Government responded to Cork's recommendation by introducing Administration and Company Voluntary Arrangement ('CVA') in the Insolvency Act 1986 ('IA 1986'). The corporate insolvency laws in the UK have been subject to considerable scrutiny and reform, culminating in the implementation of two distinct but related nieces of legislation bearing upon corporate rescue; the Insolvency Act 2000 (IA 2000) and the Enterprise Act 2002 (EA).

The financial and economic performance of SADC airlines has been poor for some time. The governments, citizens of SADC countries and donor agencies are no longer tolerating the existence of the loss making foreign currency intensive, prestige national airlines. This dissertation seeks to find ways to turnaround the poor performance of SADC airlines. The dissertation focused on the three basic turnaround strategies of cost leadership, differentiation and focus. The McKinsey 7-S framework was used to analyse the strengths and weaknesses of SADC airlines. The external (operating) environment was also analysed to determine the opportunities and threats. A study was carried out of some successful turnarounds of British Airways and Scandinavian Airline System. Singapore International Airlines, one of the most successful airlines in the world, was also studied in detail. The study showed that the strategy of cost leadership while focusing on domestic and regional operations was most likely to result in optimal performance of SADC airlines / Economics and Management Sciences / M.Com. (Transport Economics)

Controlling shareholders of private firms may define "value of the firm" in terms of personal utility. They may thus prioritize their personal wealth over the firm. Furthermore, agency-based corporate governance may not apply to privately owned firms. This study looked at managers and owners of private firms as potentially risky decision makers. Financial distress was positioned as a boundary to agency theory-based corporate governance for private firms. Choices of shareholders in respect of board composition and the relationship between board composition and external sources of funding were investigated. Influence on turnaround potential, of management who are also shareholders, was also considered. Data from 104 business rescue plans were used for correlation and multiple hierarchical regression analyses. The mean return to secured creditors was 94 % and the mean return to unsecured creditors was 48 %. Unexpectedly a negative correlation between number of directors and free assets was determined. Yet, in the regression model for return to secured creditors, the significant variables were total directors and free assets. It is concluded that personal surety provided by directors may be detrimental to a private firm's free assets. For unsecured creditors, the significant variables were size; management shareholding, and return to secured creditors. The study was conducted between 2011 and 2016 using secondary data drawn from actual business rescue cases. In conclusion, the agency cost of debt construct was refined and an estimate for the agency cost of distressed debt, was presented. Research findings offer improved insight into agency theory for private firms with a foundation for improved corporate governance models. Theorists may use this research to extend understanding of the theory of the firm and corporate governance. Furthermore bankruptcy and turnaround theory may be enhanced by the findings of this research. Practitioners may use the findings to refine credit risk and pricing models. / Thesis (PhD)--University of Pretoria, 2017. / Business Management / PhD / Unrestricted

Chan, Eunice Shan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 108-119). / Abstracts in English and Chinese. / ABSTRACT --- p.i / CHINESE ABSTRACT --- p.ii / ACKNOWLEDGMENTS --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.vi / CHAPTERS / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 2. --- LITERATURE REVIEW --- p.5 / Definitions of Turnaround --- p.5 / Causes of Firm Decline --- p.6 / Severity of the Situation --- p.8 / A Western Perspective on Turnaround Responses --- p.10 / Turnaround Success --- p.20 / Turnaround in the Non-U. S. Contexts --- p.21 / Chapter 3. --- THEORETICAL FRAMEWORK AND HYPOTHESES --- p.23 / Organizing Framework --- p.23 / Institutions and Their Impact on Turnaround --- p.26 / Institutional Environment in East Asia and the West --- p.32 / Hypotheses --- p.44 / Chapter 4. --- METHODOLOGY --- p.54 / Research Design --- p.54 / Quantitative Methods --- p.55 / Qualitative Methods --- p.62 / Chapter 5. --- RESULTS --- p.65 / Quantitative Results --- p.65 / Qualitative Evidence --- p.79 / Chapter 6. --- DISCUSSION AND CONCLUSION --- p.97 / Implications --- p.98 / Limitations and Future Research --- p.102 / Conclusion --- p.104 / REFERENCES --- p.108 / APPENDIX 1: INTERVIEW PROTOCOL --- p.120 / APPENDIX 2: ANALYSIS OF FIRMS WITH NON-ETHNIC CHINESE PRINCIPALS REMOVED --- p.121 / APPENDIX 3: ANALYSIS OF FIRMS WITH LOW Z-SCORES --- p.123 / APPENDIX 4: ANALYSIS OF FIRM SIZE --- p.126

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 160-171). Also available on the Internet.