Thesis (Ph. D.)--Columbia University, 1941. / Lithoprinted. Vita. Bibliography: p. 257-263.

Thesis (doctoral)--Technische Universität, Darmstadt, 2003/2004. / Includes bibliographical references (p. 274-290) and index.

ABSTRACT “Almost all places are in trouble, but some are in more trouble than others" Kotler, Haider & Rein (1993) Kotler, Haider & Rein (1993) contend that all places are in trouble now, or will be in the near future. The onset of globalisation of the world's economy, country political dynamics and the accelerating pace of technological changes are some of the forces that require all places to learn how to compete on the world arena. Porter (1990) states that the framework for understanding a company’s sources of competitive advantage can be extended to the level of nations. It is basically concerned with the question as to why some nations succeed in global competition when others fail. Nations must learn how to think more like businesses if they are to survive and should begin by identifying their competitive advantages and building on them. As countries compete for inward investment, tourism and export of goods and services- success or failure can accurately be chartered, and questions of reputation, image, identity and hence marketing and branding become central to the competitive edge (Olins, 1999). Faced with the challenge of a negative image, a country must adopt a proactive stance to correct this image. This is where the question of country branding comes in. Branding a country for many is misconstrued and interpreted to simply mean designing a new logo for their country and possibly a slogan to go underneath it. However country-banding proponents highlight that there is a difference between nation branding and tourism promotion. It helps even less that there are so many communications agencies that perhaps frustrated by lack of pure strategy capacity to sell to governments, have fallen into the habit of i Sibonokuhle GUMPO - 34462481 pandering to this misconception and simply selling logos and slogans to any government prepared to buy them (Anholt, 2003). However faced with the urgent need to address the crippling impact of a negative image, countries like Zimbabwe cannot simply wait and expect things to turn out for the better. Kotler et al (1993) stress that places are not able to respond to negative images concerning their nations as quickly as negative perceptions are built, be it through media, word of mouth or other channels. As a result the importance of a pro-active response cannot be overemphasized. This study explores the current negative image of Zimbabwe and tries to define the root or source of this negative image. Having defined or spelt out what is thought to be the problem, the researcher than explores possible ways of how the stakeholders of Zimbabwe can rebrand their country reflecting on known success stories. Kotler et al (1993) contend that the central tenet of marketing places is that in spite of the powerful internal and external forces that buffet them, places have within their collective resources and people the capacity to improve their relative competitive positions. Zimbabweans in general believe that their situation has been sensationalised by the media and is not a reflection of what is on the ground. By adopting a proactive stance in rebranding their country, Zimbabweans will perhaps finally realise that when it comes to image, “being in possession of the truth is not enough, the truth has to be sold” (Anholt,all places are in trouble now, or will be in the near future. The onset of globalisation of the world's economy, country political dynamics and the accelerating pace of technological changes are some of the forces that require all places to learn how to compete on the world arena. Porter (1990) states that the framework for understanding a company’s sources of competitive advantage can be extended to the level of nations. It is basically concerned with the question as to why some nations succeed in global competition when others fail. Nations must learn how to think more like businesses if they are to survive and should begin by identifying their competitive advantages and building on them. As countries compete for inward investment, tourism and export of goods and services- success or failure can accurately be chartered, and questions of reputation, image, identity and hence marketing and branding become central to the competitive edge (Olins, 1999). Faced with the challenge of a negative image, a country must adopt a proactive stance to correct this image. This is where the question of country branding comes in. Branding a country for many is misconstrued and interpreted to simply mean designing a new logo for their country and possibly a slogan to go underneath it. However country-banding proponents highlight that there is a difference between nation branding and tourism promotion. It helps even less that there are so many communications agencies ABSTRACT “Almost all places are in trouble, but some are in more trouble than others" Kotler, Haider & Rein (1993) Kotler, Haider & Rein (1993) contend that all places are in trouble now, or will be in the near future. The onset of globalisation of the world's economy, country political dynamics and the accelerating pace of technological changes are some of the forces that require all places to learn how to compete on the world arena. Porter (1990) states that the framework for understanding a company’s sources of competitive advantage can be extended to the level of nations. It is basically concerned with the question as to why some nations succeed in global competition when others fail. Nations must learn how to think more like businesses if they are to survive and should begin by identifying their competitive advantages and building on them. As countries compete for inward investment, tourism and export of goods and services- success or failure can accurately be chartered, and questions of reputation, image, identity and hence marketing and branding become central to the competitive edge (Olins, 1999). Faced with the challenge of a negative image, a country must adopt a proactive stance to correct this image. This is where the question of country branding comes in. Branding a country for many is misconstrued and interpreted to simply mean designing a new logo for their country and possibly a slogan to go underneath it. However country-banding proponents highlight that there is a difference between nation branding and tourism promotion. It helps even less that there are so many communications agencies that perhaps frustrated by lack of pure strategy capacity to sell to governments, have fallen into the habit of i Sibonokuhle GUMPO - 34462481 pandering to this misconception and simply selling logos and slogans to any government prepared to buy them (Anholt, 2003). However faced with the urgent need to address the crippling impact of a negative image, countries like Zimbabwe cannot simply wait and expect things to turn out for the better. Kotler et al (1993) stress that places are not able to respond to negative images concerning their nations as quickly as negative perceptions are built, be it through media, word of mouth or other channels. As a result the importance of a pro-active response cannot be overemphasized. This study explores the current negative image of Zimbabwe and tries to define the root or source of this negative image. Having defined or spelt out what is thought to be the problem, the researcher than explores possible ways of how the stakeholders of Zimbabwe can rebrand their country reflecting on known success stories. Kotler et al (1993) contend that the central tenet of marketing places is that in spite of the powerful internal and external forces that buffet them, places have within their collective resources and people the capacity to improve their relative competitive positions. Zimbabweans in general believe that their situation has been sensationalised by the media and is not a reflection of what is on the ground. By adopting a proactive stance in rebranding their country, Zimbabweans will perhaps finally realise that when it comes to image, “being in possession of the truth is not enough, the truth has to be sold” (Anholt, / Graduate School of Business Leadership / MBL

Philosophiae Doctor - PhD / The evolution of policy regarding the black bourgeoisie -- Issues in the struggle for black capitalism -- The roles and effects of NAFCOC (National African Federation Chamber of Commerce) and FABCOS (Foundation of Business and Consumer Service) -- The development of black capitalists in the urban areas -- Constraints on, and the performances of black entrepreneurs -- 'Normalisation' of the economic playing field. / South Africa

It is generally well understood that venture capital (VC) is an important and significant source of financing for small firms. Questions revolving around the increased likelihood of a firm backed by Venture Capitalists (VCs) to be export oriented have yet to be fully explored. Responding to this research gap, a sample of Canadian VC backed firms is used to compare the performance of Canadian VC firms in terms of facilitating internationalization among their portfolio companies. The particular reference of this study is Export Development Canada (EDC), a crown corporation mandated to promote export among Canadian firms. This research finds that EDC as a VC investor and export-oriented consultant has no association with the increased probability of exporting. Also, stage of the investment does not show any relationship with internationalization. These results run contrary to previous speculation that syndication of VCs increases the probability of internationalization among portfolio firms.

In 2014, venture capitalist (VC) investments were as high as $87 billion for startup companies. Furthermore, although more than 50% of venture-backed startups failed, return on investment came from only 10% of the investee companies. The high VC investment dollars and the low number of profitable VC-backed startups suggest challenges that VCs might experience in identifying profitable startups. Using a real options theory conceptual framework, the purpose of this multiple case study was to explore strategies VCs in the southeastern United States use to identify profitable startups. Data collection included observation and archival document reviews and involved semistructured interviews of 11 VC participants in 8 firms who participated in assessing startups that led to an initial public offering or buyout within the past 5 years. Data analysis involved a coding technique for extrapolating themes. Several themes emerged including due diligence and investor involvement, reduction of information asymmetry, human capital management, environment and market forces, startup experience matching investor strategy, trust building, investment timing, and VC market dynamics. Findings from this study might contribute to positive social change by assisting VCs, entrepreneurs, and capital investors in identifying startups that lead to sustainable and profitable businesses. Sustainable and profitable businesses may result in stable jobs in the local community. Beneficiaries of this research include VCs, entrepreneurs, and capital investors.

Title: Agent problems from the entrepreneur's perspectiveA study on how entrepreneurs experience and deal with agency problems in relation to venture capitalists.Level: Master's thesis in Business Administration, 15 creditsAuthors: Khalil Alsaid & Aldin HuskanovicMentor: Jonas GabrielssonExaminer: Per Ola UlvenbladDate: 2023-05-23Problem formulation: How the entrepreneur experiences and handles agency problems in relation to external investors?Purpose: The purpose of the essay is to explain how entrepreneurs who take in external equity capital but remain the main owner experience agency problems in relation to external investors and how the problems are handledMethodology: In order to answer the questions and thereby achieve the purpose of the essay, the authors have applied an abductive approach. For data collection, the authors have conducted a qualitative research study with interviews for the empirical evidence. With the help of the study's analysismethod, it has been possible to determine how agent problems are perceived and handled from the entrepreneurs' perspectiveConclusion: The conclusion describes how agent problems are experienced and handled from the entrepreneur's perspective. The results of the study show that the agency theory can be applied from an entrepreneur's perspective, but also that the study makes it clear that agency problems for an investor can be a type of handling agency problems for an entrepreneur.Keywords: Entrepreneur, venture capitalists and agency problems. / Titel: Agentproblem ur entreprenörens perspektivEn studie om hur entreprenörer upplever och hanterar agentproblem irelation med riskkapitalister.Nivå: Magisteruppsats i Företagsekonomi, 15 hpUppsatsskrivare: Khalil Alsaid & Aldin HuskanovicHandledare: Jonas GabrielssonExaminator: Per Ola UlvenbladDatum: 2023-05-23Problemformulering: Hur upplever och hanterar entreprenörenagentproblem i relation med externa investerare?Syfte: Syftet med uppsatsen är att förklara hur entreprenörer som tar in externtägarkapital men förblir huvudägare upplever agentproblem i relation medexterna investerare samt hur problemen hanterasMetod: För att besvara frågeställningarna och därmed uppnå syftet meduppsatsen har författarna tillämpat en abduktiv ansats. För datainsamling harförfattarna genomfört en kvalitativ forskningsstudie med intervjuer förempirin. Med hjälp av studiens analysmetod har man kunnat konstatera huragentproblem upplevs och hanteras från entreprenörers perspektivSlutsats: Slutsatsen beskriver hur agentproblem upplevs och hanteras frånentreprenörs perspektiv. Studiens resultat påvisar att agentteorin kanappliceras utifrån en entreprenörs perspektiv men även att studien tydliggöratt agentproblem för en investerare kan vara en typ av hantering avagentproblem för en entreprenör.

Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm¿s quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange¿s Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods. / Bradford University School of Management

The objective of this paper is to explain differences in the economic performance of selected advanced capitalist countries between 1960 and 1980, such as rates of unemployment, level of inflation rates and economic growth rates, with the presence or absence of corporatist arrangements between major interest groups and the State, and with the strength of leftist parties in these nations. In reviewing the literature, I have found basically two approaches to corporatism: ( 1) a 'structural' approach, which emphasizes sociological characteristics of the actors, especially labor unions; and (2) a 'functional' approach, which stresses elements of policy formation and implementation. Using factor analysis, I will create a corporatism score for each country. According to Olson's 'Logic of Collective Action', nations with corporatist arrangements (large and centrally organized interest groups) should do better economically (in terms of growth rates) than nations without these arrangements. However, this application has been criticized, since economic growth would be a relatively automatic function of size and degree of organization of interest groups in a given nation, and would not leave any room for strategic considerations, which can be influenced by political parties. Therefore, I will perform a LISREL analysis for two competing models: (1) an 'additive' model, where I compare the independent effects of corporatist arrangements and leftist parties on strike activity, unemployment rates, inflation rates, and GDP growth rates; and (2) a 'multiplicative' or conditional model, where the effects of corporatism on economic performance depend on the strength of left parties, and vice versa. My findings do not strongly support the 'additive' model, whose policy implications for countries that wish to be more successful economically in terms of growth of GDP would be to pursue more corporatist strategies. With the notable exception of economic growth rates, on which the combined effects of corporatism and left parties have a strong, negative effect, the 'multiplicative' model is far more successful in explaining differences in economic performance among nations: I have found strong negative. indirect effects of this combined index on unemployment and inflation rates. An implication is that those countries with strong left parties and already existing corporatist arrangements could pursue strategies to extend corporatist arrangements with the hope of gain, while countries without strong left parties and corporatist arrangements might abstain from a policy of becoming more corporatist, since absence of strong labor-based parties might impede rather than promote economic growth. They might even try to reduce their extent of corporatism. / Master of Arts

Although there is ample evidence of the heterogeneity of investors' expectations of security returns (Cragg and Malkiel, 1982), few studies have attempted to relate this divergence of investor opinion directly to security returns. Barry and Brown (1984) argue that divergence of investor opinion results from differing levels of estimation risk across securities. Furthermore, their model shows that the OLS estimate of beta, used in most empirical studies requiring excess returns, underadjusts for a security's systematic risk when investors' expectations are highly dispersed and overadjusts when such divergence of opinion is low. This hypothesis is tested in the present study using various measures of divergence of analysts‘ forecasts of earnings per share for individual firms. The results of exhaustive data analysis strongly reject the notion of such a bias in the OLS derived excess returns or in actual returns. Market reaction to revisions in the mean and standard deviation of analysts' firm-specific forecasts of earnings per share is also examined. Security prices do not appear to react in a systematic manner to revisions in the standard deviation of analysts' forecasts. However, there is evidence of a reaction to revisions in the mean of such forecasts both before and after the publication of this information suggesting that new information is contained in consensus forecasts of earnings per share when released to subscribers. / Ph. D.