A presente dissertação de mestrado tem como finalidade o estudo dos instrumentos jurídicos previstos no Direito Brasileiro utilizados nas operações de venture capital, tendo em vista a sua capacidade de lidar com os problemas de agência na cadeia de investimento das referidas operações. O estudo fundamenta-se na importância desse mercado no financiamento de inovações, que, por sua vez, possuem importância vital para o desenvolvimento dos países. Particularmente, tais operações atuam para suprir a falta de financiamentos disponíveis para empresas recém-constituídas, de pequeno e médio porte, com alto potencial de introduzir inovações no mercado. A literatura estrangeira revela-nos que problemas de agência são consideravelmente altos na cadeia de investimento de venture capital, tendo em vista a alta assimetria informacional entre agentes e principais nas relações entre investidores e venture capitalists, e venture capitalists e empreendedores. A mesma literatura anota que os instrumentos jurídicos desempenham papel fundamental no alinhamento dos interesses das partes nas relações retromencionadas, para que as operações sejam viabilizadas. Diversas avenças e mecanismos são previstos em tais instrumentos, com este propósito, tendo em conta as condições deste mercado em particular. No Brasil, para que o mercado de venture capital se desenvolva, os instrumentos jurídicos devem lidar com tais problemas, e é nessa análise que concentramos nossos estudos. / This research has as it purposes the study of legal instruments provided for in the Brazilian Law and used in venture capital transactions, taking into account their capacity of dealing with agency problems inherent to the investment chain of referenced transactions. The study has its grounds on the importance of such market to the financing of innovations, which, in its turn, have vital importance to the development of nations. Particularly, said transactions work to correct the lack of available financing to start up small and medium companies with high potential to introduce innovations into the market. The foreign literature shows that agency problems are considered high in the venture capital investment chain, taking into account the high information asymmetry between principals and agents to the relationships between investors and venture capitalists, and venture capitalists and entrepreneurs. The same literature affirms that the legal instruments perform fundamental role in the alignment of parties interests in the aforementioned relationships, so that the transactions are made feasible. A variety of covenants and mechanisms are set forth in such instruments with this purpose, considering the conditions of such particular market. In Brazil, in order to develop the venture capital market, the legal instruments have to deal with such problems, and that is the focus of our analysis.

The equity holders of a firm typically control investment choices but enjoy limited liability, since the value of equity is the firm’s value in excess of the value of debt and other fixed claims. The asset substitution problem allows equity holders to expropriate value from other claimants by shifting downside risk from failed projects. To do so, equity holders substitute riskier investments for those with less risk. In the context of tax choices, firms pursue uncertain tax projects to reduce their current or future tax payments. Given the negative consequences of tax uncertainty documented by prior studies, understanding why firms pursue more uncertain tax projects is important for both internal and external stakeholders. In this study, I construct a model of the firm that highlights how asset substitution incentives influence the adoption of uncertain tax projects. I confirm the inferences from this model empirically to illustrate when firms are more likely to prefer more uncertain tax projects due to the investment distortion created by asset substitution incentives. Specifically, I find that firms in financial distress, firms with high growth potential, and loss firms adopt more uncertain tax projects than other firms. These results provide relevant insight for debt holders, regulators, and enforcement bodies.

Cette thèse étudie l’impact de la composition du conseil d’administration sur la performance financière d’une entreprise. Elle est composée de trois chapitres. Dans le premier chapitre, nous effectuons une revue de la littérature sur les conseils d’administration. Nous pointons l’évolution de la gouvernance des entreprises au cours des dernières décennies, et montrons en quoi l’efficacité des conseils d’administration est devenue un sujet majeur de ce champ de recherche et une préoccupation importante des actionnaires et des régulateurs. En particulier, après avoir présenté le cadre théorique de la gouvernance, nous présentons les résultats des articles académiques étudiant l’impact de la composition du conseil d’administration sur la performance de l’entreprise. Dans les deuxième et troisième chapitres, nous étudions l’impact de la présence de différents types d’administrateurs au sein du conseil. Dans le deuxième chapitre, nous proposons un modèle théorique pour tenter de comprendre et de déterminer l’impact de la représentation salariale au conseil d’administration sur la valeur actionnariale de l’entreprise et sur l’horizon de ses investissements. Nos résultats suggèrent que la représentation salariale peut s’envisager comme un choix, pour les actionnaires, entre liquidité et information. Nous montrons que lorsque des représentants des salariés siègent au conseil d’administration d’une entreprise, celle-ci a une plus grande probabilité d’investir dans des projets à long-terme qu’une entreprise sans représentation salariale. Nous montrons également que les salariés ayant accès à une information interne précieuse, leur présence au conseil d’administration peut permettre d’augmenter la valeur actionnariale de l’entreprise. Ainsi, nous proposons un modèle de la représentation salariale cohérent avec certaines études empiriques. Dans le troisième chapitre, nous étudions empiriquement l’impact des connexions politiques sur le taux d’intérêt d’emprunts bancaires en utilisant un échantillon de prêts concernant des entreprises de plusieurs pays. Si ce sujet a déjà été largement traité, nous proposons une nouvelle définition de la connexion politique que nous subdivisons en deux catégories, selon l’exposition médiatique, forte ou faible, des politiciens. Les politiciens les plus en vue sont aussi ceux pour lesquels le risque d’être soupçonné de conflit d’intérêt ou de manquement à l’éthique est le plus important, et pour qui le coût d’un scandale est le plus élevé. Aussi discriminons-nous les connexions politiques selon qu’elles impliquent des politiciens très en vue ou des politiciens à un niveau inférieur. Cette division se fonde sur l’hypothèse que les politiciens les plus exposés sont, ayant le plus à perdre d’un scandale, disposent de la marge de manœuvre la plus réduite en tant que dirigeants d’entreprise et sont donc les moins à même d’impacter la performance de l’entreprise. Nos résultats confortent la pertinence d’une telle redéfinition de la connexion politique en fonction de la visibilité des politiciens concernés. Nous montrons en particulier que les entreprises politiquement connectées qui empruntent auprès de banques politiquement connectées le font à des taux significativement inférieurs à celles non connectées, et que cet effet est plus important lorsque la connexion de l’emprunteur passe par un politicien moins exposé. Nos résultats suggèrent que l’effet est encore plus fort si la banque est elle aussi connectée par l’intermédiaire d’un politicien moins exposé. Par ailleurs, nous montrons que les entreprises connectées politiquement empruntent significativement moins auprès de banques connectées par l’intermédiaire d’un politicien très exposé médiatiquement. Nos résultats suggèrent enfin que cet effet est plus fort à l’approche d’élections, un moment il est particulièrement coûteux pour un politicien d’être soupçonné de manquement à la déontologie. / This thesis studies the impact of the composition of the board of directors on the firm financial performance. It consists of three chapters. In the first chapter, we review the literature on boards of directors. We show the evolution of corporate governance over the past decades, and how the efficiency of boards of directors has became a key issue for shareholders and regulators. After describing the theoretical and historical framework, we present and discuss the academic papers studying the impact of board composition on the firm performance. In the second and third chapters, we examine the impact of the presence of different directors on the board. In the second chapter, we provide a theoretical model that aims at understanding and determining the impact of employee representation on the board of directors on the shareholder value of the firm and on its investment horizon. Our results suggest that with employee representation, shareholders face a tradeoff between liquidity and information. We show that a firm with employee representation is more likely to invest in long-term rather than in short-term projects and that, because employees have access to valuable inside information, their presence on the board may increase the shareholder value. Consistent with some empirical studies, we offer some theoretical support for employee representation on the board. In the third chapter, we study the impact of political connections on the rate of interest of bank loans. We conduct a cross-country study of the impact of political connections on bank loans interest rates. While this topic has already been widely investigated, we offer a new definition of political connection. We subcategorize political connections into two categories: politicians with a high media exposure, and lower level politicians. Politicians with business ties bear the risk of being suspected of ethics breaching or of having conflicting interests, which can be costly for their reputation. We discriminate the political connections of firms based on the idea that with greater exposure comes greater risk of suspicion, and thus smaller ability to impact the firm performance. We study the impact of political connection of the borrower as well as of the lender on interest rates. Our results give support to our definition, as we find significant differences depending on the level of visibility of the political connections of the borrower and of the lender. Our results show that politically connected firms which borrow from politically connected banks enjoy a significantly lower rate if they are connected with lower level politicians. Our results suggest that the rate is even lower if the bank also is connected with lower level politicians. Furthermore, our results suggest that politically connected firms tend to avoid borrowing money from banks that are connected with top politicians. Our results also suggest that this effect is stronger in pre-election periods, when the potential cost for politicians of being suspected of collusion is higher.

Thesis (Ph.D.), Faculty of Humanities, School of Education, University of the Witwatersrand, 2009 / People who hold doctoral degrees are considered valuable national resources able to produce knowledge to address pressing problems, and important sources of labour for the higher education sector. However, in 2006, only 1100 people graduated with doctoral degrees in South Africa. This limits the potential for research and improvements in higher education. In addition, 618 of those graduates were white, making it difficult to address equity concerns. Within the higher education sector there are debates about how to increase enrolments in doctoral education and the best way to run PhD programmes for effective learning, high quality research results and for efficiency. But there is little South African-based empirical research into what makes people undertake PhDs, how the programmes work and what learning and knowledge result. This study explores how different stakeholders – national and institutional policymakers, academic staff and doctoral people – understand the PhD; how these understandings influence the practice of doctoral education; and how different practices affect the PhD experience and the learning and knowledge produced. The primary research question I address is: “How do existing models and pedagogies of doctoral programmes shape the learning of doctoral people and the outcomes of doctoral programmes in South Africa?” The origins of the Doctor of Philosophy degree are often traced back to the nineteenth century reforms of German universities when the idea emerged that all scholars should be actively involved in research. But this is a simplistic view. By examining the evolution of the PhD in greater depth, it becomes clear that it has undergone continuous change and has always served both the high-minded pursuit of knowledge and the more prosaic pursuit of skills for employment. The literature reflects ongoing tension between the scholarly view of the PhD as knowledge generation by an emerging scholar, and the labour market view of the PhD as developing high-level research skills. In the South African context both of these views can be observed, but I also identified a view of the PhD as ongoing personal development through an engagement with knowledge. The three views of the PhD are underpinned by different discourses which inform the practice of doctoral education. In South Africa, the traditional model of individual supervision dominates, and it varies by discipline, department and supervisor. But patterns of practice can be discerned and I identify four of these and discuss how supervisors construct their individual supervision practice. Doctoral education is also a function of the people who do PhDs. Much of the research undertaken in the overdeveloped world focuses on younger people who are starting out on academic careers. However, in South Africa, many people doing PhDs are older and midway through careers which are often not academic. This leads me to propose a model of intersecting contexts, as an alternative to McAlpine and Norton‟s nested context model of doctoral education, which more accurately reflects the local situation. I discuss the PhD experience and make use of the intersecting contexts model to develop the notion of congruence between the PhD, the contexts and the PhD person with more positive experiences being related to higher degrees of congruence. Finally, I consider how the outcomes of doctoral education, the learning and knowledge which result, relate to the expectations of the different stakeholders. The research took the form of a qualitative study with a multiple case-study design employing theoretical replication. I examined doctoral education in four academic units at three South African universities with the units selected to represent different disciplines. All four units were in previously advantaged universities from the English-speaking tradition and all were successfully producing PhD graduates. These rich pictures of how doctoral education takes place contribute empirical evidence to current debates about the PhD in South Africa. At a conceptual level I identify the competing discourses about what a PhD is. I provide a more nuanced understanding of the practice of doctoral education within the overarching model of individual supervision. The intersecting contexts model provides a way to understand the expectations and circumstances of doctoral people and the notion of congruence illuminates their varied experiences. Finally, the study confirms that the outcomes of doctoral education, in terms of learning and knowledge generated, meet at least some of the expectations of policy-makers, supervisors and people who do PhDs.

Using a global sample of multinational corporations (MNCs) and their foreign subsidiaries, we find that repatriation taxes impair subsidiary-level investment efficiency. Consistent with internal agency conflicts between the central management of the MNC and the manager of the foreign subsidiary being the driver, we find that this effect is prevalent in subsidiaries with high information asymmetry, in subsidiaries that are weakly monitored, and subsidiaries of cash-rich MNCs. Natural experiments in the UK and Japan establish a causal relationship for our findings and suggest that a repeal of repatriation taxes increases subsidiary-level investment efficiency while reducing the level of investment. Our paper provides timely empirical evidence to inform expectations for the effects of a recent change to the U.S. international tax law which eliminated repatriation taxes from most of the future foreign earnings of U.S. MNCs. / Series: WU International Taxation Research Paper Series

Thesis advisor: Ce Shen / Civic engagement, involving people in public processes to achieve common goals, has received increased attention in the past several decades. This renewed interest was triggered by the seeming decline in civic engagement, particularly in the context of Western societies including the U.S. In addition, its potentially positive effects, such as psychological well-being at the individual level, have recently received much attention. Low-income people in developing countries suffer from double discrimination: first, the lack of opportunities to participate in civic matters due to their low socio-economic status (SES) and second, the lack of civil society culture in developing countries. However, less attention has been paid to civic engagement in the context of developing countries and low-income people, in spite of the importance of civic engagement to them. Given the significance of civic engagement for low-income populations in developing countries, this dissertation intends to fill the gaps left by previous scholarship. The following are specific objectives for the study: 1) Paper 1 aims to investigate the construct validity of an instrument to measure civic engagement among low-income populations in developing countries; 2) Paper 2 aims to examine the associations between country-level political and economic determinants and civic engagement among low-income people in developing countries; and 3) Paper 3 aims to examine the effect of civic engagement on subjective well-being through the mediating effect of sense of agency. Using the cross-national data set, the World Values Survey Wave 6 (2010-2014), this study first found that civic engagement among low-income individuals in low- and middle-income countries is defined in three dimensions: electoral behaviors, membership in civic organizations, and cognitive engagement. This result contributes to measurement development of civic engagement, especially among the low-income individuals in the context of developing countries, who have been neglected in policy-making processes. In Paper 2, I found that civic engagement increases in economically disadvantaged environments (low GNI per capita and high Gini coefficient). This finding may reveal the strength that low-income populations have. Lastly, the results of Paper 3 showed that electoral engagement and membership in civic organizations were directly related to well-being, but cognitive engagement had an indirect effect on well-being through a sense of agency. Also, the result of a non-recursive model showed that engagement in electoral behaviors leads to a sense of well-being, not in the reverse direction. The results from Paper 3 may demonstrate the mechanism by which civic engagement is related to well-being. / Thesis (PhD) — Boston College, 2018. / Submitted to: Boston College. Graduate School of Social Work. / Discipline: Social Work.

The development of the next generation of researchers is a priority if South Africa is to make a significant contribution to the international knowledge economy and establish itself as a force to be reckoned with in international research circles. In the context of this knowledge economy, researchers are increasingly being recognised as agents of economic growth. In order to be competitive, therefore, an extensive pool of active researchers needs to be cultivated. One way of doing this is to promote and develop doctoral capacity at the country’s universities. This entails, among other things, a move away from the traditional focus on what the supervisor does, to a more student-centred understanding of how the doctoral candidate experiences the process, and by implication, how this impacts on their research contribution. In this qualitative study, thirty doctoral candidates from the Faculties of Science and Humanities at the University of the Witwatersrand, Johannesburg, were interviewed in order to establish firstly, how they had experienced their supervision at this level, and secondly, whether or not these experiences had influenced the successful completion of their doctorates. One of the principal findings of the research was that the role of the supervisor was not central to the achievement of their degree; rather, many of the doctoral candidates asserted a significant level of agency in both identifying and making contact with experts beyond their university-appointed supervisors in order to supplement their access to relevant knowledge. In the majority of cases, this was encouraged by the supervisors. Such enterprises represent a marked departure from the traditional models of supervision in the Science and Humanities faculties. In the case of the former, the customary co-supervision arrangement is increasingly being augmented by student-initiated collaboration with authorities located outside the formal boundaries of the institution. The traditional Humanities model of supervision is also transforming from a one-on-one relationship to a style characterised by multiple supervisors, each from separate but cognate disciplines. The research suggested that these emergent models are eclipsing their predecessors as doctoral candidates increasingly recognise the value of extending the breadth of their disciplinary exposure beyond the confines of the university.

Abstract This research report attempts to examine how the story of gold, and gold mining, is told, and is being retold, at both the Victorian- themed Gold Reef City theme park and in within the Main Street mining precinct in the Johannesburg Central Business District (CBD). The report will therefore look at how imbued ideologies have resulted in a particular formation of the mining heritage shown in both themed spaces. Works by de Certeau (1988) and Eco (1990), for example, form a framework for academic discourse around practiced space within the ‘city’, and the nature of hyperreality. Overall, and including results from participant observation at the theme park, and sample surveys undertaken in the Main Street precinct, one is able to better attempt an understanding of how the story of gold at both sites has been created by certain ideologies, and examine them in light Johannesburg’s changing persona in light of global influences.

À travers l’étude de trois types de mobilisations autour de la reconnaissance de l’islam en France, notre thèse de doctorat questionne la puissance d’agir (agency) de sujets musulmans intégralistes. Insérés dans une société régie par des ensembles de normes complexes et variables, dans laquelle la norme religieuse n’est qu’une norme parmi d’autres, ces sujets désirent vivre par et à l’intérieur des normes musulmanes. Ce désir leur étant fortement dénié, il les pousse à « travailler » autant les normes majoritaires que l’idéalité des normes musulmanes. Dans une perspective butlérienne, nous allons nous attacher à l’étude de la puissance d’agir de ces sujets musulmans et à l’analyse des diverses manières de réaménager les normes qui les constituent. Les demandes de reconnaissance formulées par les enquêtés constituent leurs puissances d’agir. Elles se développent à des degrés fort variés, en combinant des normes religieuses et des normes relatives au cadre national, et par ce processus, ces sujets de l’islam redéfinissent les conceptions normatives du sujet croyant, du sujet politique et protestataire et enfin du sujet genré. / By studying three types of mobilizations aiming at the recognition of Islam in France, our thesis examines the agency of Integralists Muslim subjects. These subjects live in a society governed by sets of complex and varying standards in which the religious norm is just a norm among others. They want to live in and within the Muslim norms but this desire being strongly denied, they are encouraged to "work" the majority norms as well as the ideality of Muslim norms. Using J. Butler’s approach, I studied the agency of Muslim subjects and analyses the various ways to redevelop the standards that constitute them. The demands for recognition made ​​by our respondents constitute their agency. This agency develops in varying degrees combining religious norms and norms relating to the national framework. By this process the subjects of Islam redefine the normative conceptions of the believing subject, of the political and protesting subject, and finally of the gendered subject.

I denna kvalitativa studie undersöks värdegrundsdokument från fem svenska statliga myndigheter. Studien syftar till att bidra med kunskap om maktrelationen och förväntan gentemot den statligt anställde genom textanalys ur ett kritiskt perspektiv. Det empiriska materialet analyserades utifrån critical discourse analysis (CDA) och kompletterades med Hellspong och Ledins (1997) mall av den ideationella strukturen. Den kritiska diskursanalysen är till för att ge svar på vilka värderingar som myndigheterna uttrycker. I den ideationella analysen undersöks värdegrundsdokumentens teman, propositioner och perspektiv. I analysen klargörs olika värdeord och rubriceringar som fanns i värdegrundsdokumenten samt dess innebörd och betydelse för den anställde. Resultatet visade att de önskade värderingarna är att myndigheterna och dess anställda ska vara kompetenta, handlingskraftiga, effektiva, flexibla med mera. Resultatet visade även att förväntningar som läggs hos den statligt anställde samt maktrelationen mellan myndigheterna och den anställde oftast uttrycks som påståenden med uttryckta krav, löften och förväntningar i värdegrundsdokumenten. / In this qualitative study, basic documents from five Swedish state agencies are examined. This study aims to contribute knowledge about the power relationship and expectation towards the state employee through a textual analysis from a critical perspective. The empirical material was analyzed on the basis of critical discourse analysis (CDA) and supplemented with Hellspong and Ledin's (1997) template of the ideational structure. The critical discourse analysis is intended to provide answers to which values the authorities express. In the ideational analysis, the themes, propositions and perspectives of the values documents are examined. The analysis clarifies different value words and headings that existed in the values documents, as well as the respective meanings and significance for employees. Results indicate that the desired values of state agencies and their employees include: compentency, actionable, effectiveness, flexibility among others. Results also demonstrated that expectations of the state employee as well as the power relationship between state agencies and the employee, are usually expressed as claims with expressed requirements, promises and expectations in the values documents.