In this study, we use a sample of 228 financial firms over the period of 2007-2012 to examine the impact of voluntary adoption of clawback provisions on these firms’ risk-taking behavior. We find that financial firms exhibit a significant reduction in risk after adopting clawback provisions. The financial firms also exhibit a significant decrease in the volatility of ROE, total return risk and idiosyncratic risk. The reduction in risk is mainly driven by the improvement in the volatility of return on assets and subsample of banks and brokers. In addition, we find that financial firms are less likely to adopt clawback provisions with higher management and director ownership, more insiders on the board, and whose CEO is not the chairman of the board. / February 2017

Failure of high profile companies such as Enron, World.com had initiated a call for an investigation to analyse the reason for such radical consequence to prevent further similar financial crises. One of the common factors identified by the researchers is the poor disclosure, transparency and Corporate Governance (CG) mechanisms. Similar to the UK, the compliance towards CG codes are voluntary for the majority of the countries around the globe including Kuwait. CG codes aimed to improve the governance of a company including transparency. Thus, voluntary disclosure had been examined by numerous academics to emphasise the importance of accountability, transparency that in turn increase the confidence of investors and creditors in the financial markets of emerging economies. This thesis is based on Kuwait, as it is a resource rich country and attracts foreign investments. The Central Bank of Kuwait (CBK) issued instructions for CG mechanism especially to the financial sector in 2004. From the research in hand, there was no longitudinal study in Kuwait concerning the impact of GC mechanism to voluntary disclosure. The sample in this thesis consists of 155 Kuwaiti listed companies from 2007 to 2010, 620 firm-year observations. A self-constructed index was developed to evaluate the level of voluntary disclosure and how it developed over time. Both univariate analysis and multivariate analysis were used. Most of the thesis results were consistent with previous studies; there was a gradual increase in the level of voluntary disclosure and its categories over the observed period. All CG mechanisms findings revealed significant associations with voluntary disclosure, except board size and role duality, have a negative significant association. Ownership structure indicates insignificant association with voluntary disclosure. Firm characteristics have a significant positive association with voluntary disclosure, except profitability, has a significant negative association, while gearing is found an insignificant association. Furthermore, the level of voluntary disclosure in the financial sector is higher than the non-financial sector. The contributions to knowledge in this thesis are; 1) It is the first empirical longitudinal study in Kuwait concerning voluntary disclosure, and its relationship with GC mechanism, ownership structure and firm characteristics, as far as the researcher is aware. 2) It provided evidence of the importance of CG to enhancing the level of voluntary disclosure in Kuwait business environment, especially that the level of voluntary disclosure in the financial sector is higher than the non-financial sector. 3) Employed many quantitative methods, such as OSL regression, Normal score, GLS regression, Tobit regression and Quantile regression (divided into 25%, 50% and 75%). 4) A self-constructed index, which was developed in this thesis, could be suitable for other Arab Gulf countries that are similar in the business environment and experiencing the same economic changes. 5) Provides evidence of the possibility of employing the disclosure theories derived from developed countries in emerging countries. 6) It is possible to generalise the results of the disclosure index to other companies not investigated in this thesis. Moreover, this thesis implies that the legislative and regulatory authorities, in particular, the capital markets authority Kuwaiti, need to increase efforts to enhance the role of corporate governance practices in Kuwaiti listed companies.

Voluntary aided schools exhibit a unique combination of characteristics including; responsibility for admissions, employment of staff (including the right to prioritise on the basis of faith), control of the RE curriculum, ownership of the premises, and funding from and being part of Local Authorities. This thesis investigates how headteachers of voluntary aided schools perceive their leadership role across the range of small/large, urban/rural and different faith schools of this type and whether they demonstrate similar leadership styles. The paradigmatic approach for this research is that of realism which acknowledges the benefit of both quantitative and qualitative data to generate a broad empirical picture of educational practices, patterns and institutional outcomes. This approach is particularly appropriate for this research as there is a real world of school regulations and requirements imposed externally by central and local government that affect how voluntary aided schools are organised. However, within schools it may be that individual perceptions and priorities distort the image of the external reality and affect how headteachers lead and manage their schools. Mixed methods were utilised comprising an on-line Likert-style questionnaire containing rating scales which provided the opportunity to determine quantitative frequencies and correlations. This was combined with open ended questions which provided the freedom to fuse measurement with opinions, quantity and quality. In addition, a purposive sample of 12 semi-structured interviews provided rich qualitative data conveying the views and perceptions of headteachers of voluntary aided schools in 12 different Local Authorities. This thesis has made a significant original contribution to the body of knowledge in this field by presenting an overview of the perceptions held by headteachers of 450 such schools throughout England (over 10% of the total number) from different phases of education, sizes of school, types of location and denominations. It has addressed the current gap in existing research, supported the findings of several previous smaller-scale studies, identified the distinctive ethos in voluntary aided schools, highlighted the pivotal role of personal faith for these headteachers, produced a new model of ‘ethotic leadership’ and presented suggestions for future research and training.

Analyzing the development of the consequences of voluntary job changes in Germany between 1985 and 2013, the study focuses on income gains and job satisfaction increases. Drawing on arguments of the job-search literature on the one hand and the proliferation of choices on the other we investigate whether the returns of job changes have increased or decreased. Results show that income gains have decreased over time while the job satisfaction surplus has remained stable. We further conclude that in determining the outcomes of job changes over time, structural factors seem to be more important than individual ones.

da cidadania. Estimulado e desenvolvido no contexto de organizações com finalidade publica, o voluntariado pode ser compreendido como um valor organizacional, sendo tema de especial importância para gestores enquanto pessoas estratégicas na preservação ou criação de valores. A Casa de Assistência Filadélfia CAF, objeto deste estudo, é uma ONG AIDS com mais de 20 anos. Formada a partir da iniciativa voluntária, ela é representativa por seu contingente de voluntários, pelo volume de ações voluntárias e pela composição de sua liderança, formada por gestores voluntários e contratados. Objetivos contextualizar o voluntariado como prática social e o valor a ele atribuído em diferentes momentos históricos; caracterizar o voluntariado enquanto valor na perspectiva da gestão organizacional; identificar a percepção de gestores voluntários e contratados na ONG CAF. Procedimentos metodológicos-. Foram realizadas pesquisas bibliográfica, documental e qualitativa com Estudo de Caso, sendo a coleta de dados feita a partir de análise documental e entrevistas com gestores voluntários e contratados. Para a análise de dados, foram utilizadas quatro categorias: relevância histórica, singularidade identitária, evidência nas práticas e legado de liderança. Resultados Considerando que um valor é algo essencial, foi realizado um levantamento das principais bases filosóficas que têm fundamentado a prática do voluntariado dentro da cultura atual. Para entender o voluntariado dentro do contexto organizacional brasileiro, foram apontados cronologicamente exemplos de organizações voluntárias confirmando os fundamentos filosóficos. Realizou-se levantamento da base conceitual que fundamenta o papel do gestor na preservação e construção de valores. Gestores voluntários e contratados responderam a 10 perguntas tendo como enfoque o voluntariado como valor organizacional. Conclusão- O presente estudo aponta para a necessidade de entender o voluntariado como valor, o que pode contribuir para uma participação voluntária consciente e efetiva no engajamento de causas coletivas. O estudo chama a atenção para o papel dos gestores na preservação e criação de valores organizacionais, o que se torna possível pela compreensão do que seja valor e da identificação dos valores essenciais para a continuidade organizacional. Nessa perspectiva, a gestão de valores deixa de ser apenas uma estratégia para se tornar uma competência do gestor e da organização. Para gestores de organizações voluntárias, compreender o voluntariado como valor tem implicações para o fortalecimento da identidade organizacional enquanto espaços de reconhecimento, solidariedade e promoção da cidadania. / citizenship. Stimulated and developed in the context of organizations with a public purpose, volunteering can be understood as an organizational value, and is a subject of special importance to managers as strategic people in the preservation and creation of value. Casa de Assistência Filadélfia CAF, object of this study, is an AIDS NGO with more than 20 years of experience. Founded by voluntary initiative, it is representative as a case study for its number of volunteers, the volume of voluntary actions, and for the composition of its leadership - formed by voluntary and employed managers. Objectives: To put into context volunteering as a social practice and the value given to it in different historical periods; To characterize volunteering as a value in the perspective of organizational management; To identify the perception of voluntary and employed managers of volunteering as value in the NGO CAF. Methodological Procedures A Bibliographical and documental research and qualitative methodology with Case Study was used where data was collected by documental analyses and interviews with voluntary and employed managers. The data was based on documental analyses and interviews with voluntary managers and employed managers. The data was classified within four categories of analysis: historic significance, singularity of identity, evidence of organizational practices and leadership legacy. Results - Starting with the understanding that a value is an essential element, a survey was held of the main philosophical bases that support voluntary practices in current culture. To understand volunteering within the Brazilian context of organizations, this study presented chronologically some examples of voluntary organizations confirming the philosophical bases. The study presents the main concepts that support the role of the manager in the preservation and development of organizational values. Voluntary and employed managers answered 10 questions with a focus on volunteering as an organizational value. Conclusion- The present thesis points to the need for understanding volunteering as a value which contributes to conscious and effective voluntary participation, in the engagement in collective causes. Value Management becomes not only a strategy, but also a managerial and an organizational competence. The study points out the important role of managers in the preservation and development of organizational values that is only possible if they understand the meaning of values, and identify the values that are essential for organizational continuity For managers in voluntary organizations, understanding volunteering as a value has implications for the strengthening of the organizational identity and encourages the awareness of others, solidarity and the promotion of citizenship.

Recent research documents that voluntary disclosure—in particular, managerial forecast guidance—lowers uncertainty levels, as proxied by option implied variances. In this study I explore the effect of such voluntary disclosure on other dimensions of uncertainty. In particular, I investigate the effect of managerial guidance on the variance risk premium (VRP). Prior research predicts and provides empirical evidence of the VRP, which reflects that implied variances (on average) exceed actual variances, and exists to compensate traders, who sell variance protection for equity options. First, I confirm previous findings that implied variances are lower when firms issue management guidance. Second and more importantly, I document that the VRP is higher when firms provide guidance. I reconcile these seemingly contradictory results by (i) confirming that a significant portion of the increase in VRP is attributable to uncertainty specific to the impending earnings announcement, consistent with the primary role played by the voluntary management disclosure; and (ii) documenting that a higher moment of uncertainty—implied kurtosis levels (i.e., price jump risk)—is higher with managerial guidance. Additional tests examining characteristics of managerial guidance reveal these findings are strongest for firms issuing sporadic guidance, guidance issued close to earnings announcements, and those exhibiting the largest surprise. Overall, the evidence suggests that voluntary disclosure such as management guidance can reduce expected variance, but simultaneously increase higher order moments of uncertainty such as expected price jumps.

Turnover of personnel within the Swedish Police Authority has during the last few years increased and there is today a lower number of police officers working in the field (SVT, 2018b). This lack of personnel can be explained by a decreased interest in applying for the police academy as well as more officers deciding to voluntarily terminate their employment (SVT, 2018a). This can generate thoughts regarding possible reasons for voluntary turnover. The chairman of the Swedish Police Union, Lena Nitz (SVT, 2018c) addresses that a crucial factor to reduce the amount of voluntary turnover is an improved work environment. The aim of this study is to analyze the psychosocial work environment for patrolling police officers and to gain knowledge if elements in it might make certain police officers choose to terminate their employment. Previous research within the field tend to separately study police officers psychosocial work environment and turnover within police authorities and has indicated that the psychosocial work environment can cause stress and emotional exhaustion. Further research shows that emotional labor is common within police work and that voluntary turnover is the main form of turnover for police officers. This study has consisted of qualitative interviews with employed as well as previously employed police officers who voluntarily terminated their employment. Our conclusions demonstrate that the psychosocial work environment for Swedish police officers tends to be characterized as unpredictable, exposed and psychologically demanding. The foremost reasons for voluntary turnover have been considerably low salaries in relation to the demands, lack of appreciation from the organization and the shortages of manpower within the Swedish police authority. / Den svenska polismyndighetens personalomsattning har under de senaste aren okat och vi har idag den lagsta polistatheten pa over tio ar (SVT, 2018b). Denna polisbrist kan forklaras genom att allt farre valjer att utbilda sig till polis samtidigt som fler yrkesverksamma poliser frivilligt valjer att avsluta sin anstallning (SVT, 2018a). Detta kan foranleda tankar om vad den okade mangden frivilliga uppsagningar grundar sig i. Polisforbundets ordforande Lena Nitz (SVT, 2018c) poangterar att en avgorande faktor for att minska antalet frivilliga uppsagningar ar en forbattrad arbetsmiljo. Syftet med foljande uppsats ar darfor att analysera den psykosociala arbetsmiljon for poliser i yttre tjanst samt komma fram till om nagot i den gor att vissa poliser valjer alternativt skulle valja att avsluta sin anstallning. Den tidigare forskningen kring dessa omraden tenderas att behandlas separat och polisers psykosociala arbetsmiljo har visats orsaka stress och andra utmattningssyndrom. Vidare belyser forskning hur emotionellt arbete ar vanligt forekommande inom polisyrket samt att frivilliga uppsagningar ar den framsta orsaken till personalomsattning for poliser. Denna studie baseras pa kvalitativa intervjuer med yrkesverksamma poliser samt poliser som avslutat sin anstallning. Studien har resulterat i slutsatser som pavisat att polisernas psykosociala arbetsmiljo praglas av att vara psykiskt kravande, utsatt och oforutsagbar. De framsta anledningarna for frivilliga uppsagningar inom polisen ar att lonen inte ar skalig i relation till arbetets krav, brist pa uppskattning fran organisationen samt en brist pa personal.

This research explores the learning of volunteers who are being trained to perform service-providing roles within UK health and social care charities. Within these charities, volunteers often perform complex roles in dynamic environments, supporting service users and addressing challenging causes. This thesis argues that the charity and voluntary environment offers certain affordances, and also constraints, that provide opportunities for transformative learning experiences. The limited previous studies on the learning of volunteers have tended to concentrate on training evaluations or informal learning 'on the job', resulting in an unhelpful formal/informal dichotomised approach to learning. The research proposes that this approach has been unable to offer a detailed insight into the learning experienced by volunteers within the training process. In particular, this dichotomised view has been unable to account for both the learning of scientific concepts, such as the specific health conditions these charities are addressing, and everyday experiences of both volunteers and service users that are integral to the learning process. To address this gap, the thesis draws upon Cultural-Historical Activity Theory (CHAT), which is an approach grounded in Hegelian dialectics. Specifically, the CHAT-informed theories of expansive learning (Engeström, 1987) and Transformative Activist Stance (TAS) (Stetsenko, 2008) are synthesised to examine how volunteers interact with and within the charity environment through practices of training. Through this perspective, learning is conceptualised as a form of individual and social transformation, which expands the possibilities for collective activity. Expansive learning and TAS have previously been drawn upon to provide insight into learning in the workplace and in projects of social change respectively. However, so far the theories have not been focused on learning within the charity and voluntary environment. A multiple case study of three health and social care charities based in North West England provides the empirical data for the research. Each charity addresses a complex health and social cause, including stroke, sexual violence and HIV, and relies on volunteers to help provide services. Multiple qualitative methods, including observations of training, charity staff interviews, along with interviews and focus groups with volunteers, allow a range of perspectives and positions to be taken into account in line with the epistemology of the study. Data are analysed through the process of abduction drawing upon a CHAT-informed theoretical framework. The thesis intends to contribute to knowledge in two main areas. Firstly, it aims to increase understanding of learning within volunteer training, including how learning in the charity environment can be supported, sustained and made meaningful to enable transformative experiences. Secondly, it aims to theoretically advance CHAT, and the charity and voluntary environment is presented as a fruitful setting for developing particular aspects of the theory, such as emotion and agency.

This thesis is motivated by the need to explore the relationships between technology and volunteerism. Despite the fact that information and communication technologies (ICTs) proliferate within voluntary organisations and have an obvious effect on volunteering practice, the literature on the relationships between such technologies and voluntary contexts is scant. This is particularly in terms of its insights with regard to the actual processes of production and consumption of these technologies within the sector. This interdisciplinary research project was carried out to answer a central research problem: how do information technologies interrelate with human activities in voluntary settings? In throwing light on this problem, an ethnographic case-oriented study was conducted in a Scottish community-based sports organisation over the course of two years. This research has utilised insights from the Sociology of Technology, Information Systems Research and Organisational Sociology to find out how human actors’ interactions with technology play out in the context of volunteer-involving organisations, and to conceptualise the complexity of the unfolding of technology in relation to the specific characteristics of volunteering activities. To unpack the core research question, three types of sociotechnical interactions were identified as the most relevant: these were ‘service’, ‘identity’ and ‘ecological’. My analysis of the empirical data suggests that there are different domains within which these critical interactions are assembled. In my research, three different domains (drifting, conditioning and imbricating) have thematically emerged when sociotechnical interactions were being mapped out in (a) shadowing a technology project, (b) analysing technological non-use and (c) rethinking organisational persistence in the selected observed case. This thesis argues for an ‘infrastructural’ approach when studying technology so as to extend our understanding about technology-initiated improvement projects in the sector. This research argues that accomplishing volunteer work requires complicated mixture of sociomaterial assemblages, including ICTs, which are embedded in the everyday life of volunteers, paid staff and their community. Furthermore, this study discusses that existing analytical infrastructural approaches developed in relation to artefact-oriented, large-scale sociotechnical networks need some modification to be satisfyingly applied in low-tech, mundane settings such as volunteer work in amateur sports.

da cidadania. Estimulado e desenvolvido no contexto de organizações com finalidade publica, o voluntariado pode ser compreendido como um valor organizacional, sendo tema de especial importância para gestores enquanto pessoas estratégicas na preservação ou criação de valores. A Casa de Assistência Filadélfia CAF, objeto deste estudo, é uma ONG AIDS com mais de 20 anos. Formada a partir da iniciativa voluntária, ela é representativa por seu contingente de voluntários, pelo volume de ações voluntárias e pela composição de sua liderança, formada por gestores voluntários e contratados. Objetivos contextualizar o voluntariado como prática social e o valor a ele atribuído em diferentes momentos históricos; caracterizar o voluntariado enquanto valor na perspectiva da gestão organizacional; identificar a percepção de gestores voluntários e contratados na ONG CAF. Procedimentos metodológicos-. Foram realizadas pesquisas bibliográfica, documental e qualitativa com Estudo de Caso, sendo a coleta de dados feita a partir de análise documental e entrevistas com gestores voluntários e contratados. Para a análise de dados, foram utilizadas quatro categorias: relevância histórica, singularidade identitária, evidência nas práticas e legado de liderança. Resultados Considerando que um valor é algo essencial, foi realizado um levantamento das principais bases filosóficas que têm fundamentado a prática do voluntariado dentro da cultura atual. Para entender o voluntariado dentro do contexto organizacional brasileiro, foram apontados cronologicamente exemplos de organizações voluntárias confirmando os fundamentos filosóficos. Realizou-se levantamento da base conceitual que fundamenta o papel do gestor na preservação e construção de valores. Gestores voluntários e contratados responderam a 10 perguntas tendo como enfoque o voluntariado como valor organizacional. Conclusão- O presente estudo aponta para a necessidade de entender o voluntariado como valor, o que pode contribuir para uma participação voluntária consciente e efetiva no engajamento de causas coletivas. O estudo chama a atenção para o papel dos gestores na preservação e criação de valores organizacionais, o que se torna possível pela compreensão do que seja valor e da identificação dos valores essenciais para a continuidade organizacional. Nessa perspectiva, a gestão de valores deixa de ser apenas uma estratégia para se tornar uma competência do gestor e da organização. Para gestores de organizações voluntárias, compreender o voluntariado como valor tem implicações para o fortalecimento da identidade organizacional enquanto espaços de reconhecimento, solidariedade e promoção da cidadania. / citizenship. Stimulated and developed in the context of organizations with a public purpose, volunteering can be understood as an organizational value, and is a subject of special importance to managers as strategic people in the preservation and creation of value. Casa de Assistência Filadélfia CAF, object of this study, is an AIDS NGO with more than 20 years of experience. Founded by voluntary initiative, it is representative as a case study for its number of volunteers, the volume of voluntary actions, and for the composition of its leadership - formed by voluntary and employed managers. Objectives: To put into context volunteering as a social practice and the value given to it in different historical periods; To characterize volunteering as a value in the perspective of organizational management; To identify the perception of voluntary and employed managers of volunteering as value in the NGO CAF. Methodological Procedures A Bibliographical and documental research and qualitative methodology with Case Study was used where data was collected by documental analyses and interviews with voluntary and employed managers. The data was based on documental analyses and interviews with voluntary managers and employed managers. The data was classified within four categories of analysis: historic significance, singularity of identity, evidence of organizational practices and leadership legacy. Results - Starting with the understanding that a value is an essential element, a survey was held of the main philosophical bases that support voluntary practices in current culture. To understand volunteering within the Brazilian context of organizations, this study presented chronologically some examples of voluntary organizations confirming the philosophical bases. The study presents the main concepts that support the role of the manager in the preservation and development of organizational values. Voluntary and employed managers answered 10 questions with a focus on volunteering as an organizational value. Conclusion- The present thesis points to the need for understanding volunteering as a value which contributes to conscious and effective voluntary participation, in the engagement in collective causes. Value Management becomes not only a strategy, but also a managerial and an organizational competence. The study points out the important role of managers in the preservation and development of organizational values that is only possible if they understand the meaning of values, and identify the values that are essential for organizational continuity For managers in voluntary organizations, understanding volunteering as a value has implications for the strengthening of the organizational identity and encourages the awareness of others, solidarity and the promotion of citizenship.