<p>In this essay we map and evaluate obstacles and problems that can occur during the establishment of international companies in Russia. This is done by investigating Swedish companies, which are established in Moscow and Saint Petersburg. We used secondary and primary data from books, previous surveys, reports, articles and the Internet. We also interviewed the following companies: Alfa Laval, Kockum Sonics AB, Höganäs Keramik, Skanska, Assa Abloy, Advakom, AnoxKaldnes, Lindab, Delovoj Peterburg, HL-Display and also a journalist from the Swedish Radio.</p><p>Most of the problems named by the interviewees were similar, but some differences were also found. The differences were primarily found in the ranking of importance between the different problems. As a conclusion we can say that the most important factors were:</p><p>· crime such as bribery</p><p>· administrative problems such as licensing</p><p>· tax laws and political system</p><p>· culture and language.</p><p>These problems can however be avoided to some point by hiring Russian consultants to manage the contacts and agreement.</p>

Bakgrund och problem: Det finns många olika aspekter som avgör om ett bolag ska börsnoteras eller inte vilket gör det till ett komplext beslut. Det uppstår därmed olika effekter inom bolagens lönsamhet, tillväxt och finansiella struktur beroende på om de är noterade eller onoterade samt vilken sektor de är verksamma i. Vidare kan noterade bolag utsättas för strängare regler och krav på marknaden jämfört med onoterade bolag vilket leder till olika konsekvenser. Att vara eller icke vara ett noterat bolag är därför betydelsefullt för att få en bättre förståelse av marknaden.   Syfte: Syftet med studien är att undersöka om det finns skillnader mellan olika nyckeltal inom lönsamhet, tillväxt och finansiell struktur genom att jämföra svenska Small Cap-bolag med motsvarande onoterade bolag inom samma sektor.   Metod: En kvantitativ studie med ett deduktivt synsätt genomförs där 3 hypoteser utformas utifrån teorin. Dessa hypoteser utgår ifrån att noterade bolag har en högre lönsamhet, tillväxt och bättre finansiell struktur jämfört med onoterade bolag. Studiens empiriska material består av 25 noterade svenska Small Cap-bolag som matchas med 25 onoterade “tvillingbolag” som är motsvariga inom storlek och sektor. Bolagen jämförs under tidsperioden 2009-2015 och studeras både över samtliga tidsperioder samt inom tre olika tidsperioder för att finna möjliga skillnader mellan de noterade och onoterade bolagen. Både t-tester och multipla regressioner utförs för att tyda möjliga skillnader och samband.   Slutsats: Studien finner signifikanta skillnader mellan noterade och onoterade bolag inom deras finansiella struktur under olika tidsperioder. Det kan dock inte tydas några signifikanta skillnader mellan bolagens lönsamhet och tillväxt. Det framkommer även bevis på att tillväxt och finansiell struktur skiljer sig mellan sektorerna. En anledning till att inga signifikanta skillnader kan påvisas mellan lönsamhet, tillväxt och förändring i kassalikviditet kan vara för att skillnaderna mellan de noterade och onoterade bolagen har minskat genom åren, i jämförelse med tidigare studier. / Background and problem: There are many different aspects that determine whether a company should be listed or not, which makes it a complex decision. Thus, there are different effects within the companies' profitability, growth and financial structure depending on whether they are listed or unlisted, and the sector in which they operate. Furthermore, listed companies may be subject to stricter rules and requirements in the market compared to unlisted companies, resulting in different consequences. To be or not to be a listed company is therefore important for a better understanding of the market. Purpose: The purpose of the study is to investigate whether there are differences between various key ratios in profitability, growth and financial structure by comparing Swedish small cap companies with corresponding unlisted companies within the same sector. Method: A quantitative study with a deductive approach is implemented where 3 hypotheses are constructed from the theory. These hypotheses assume that listed companies have higher profitability, growth and better financial structure than unlisted companies. The empirical material of the study consists of 25 listed Swedish small cap companies, which are matched with 25 unlisted "twin companies" which are similar in size and sector. The companies are compared over the period 2009-2015 and are studied within all periods and three different periods to find possible differences between listed and unlisted companies. Both t-tests and multiple regressions are performed to indicate possible differences and relationships. Conclusion: The study finds significant differences between listed and unlisted companies within their financial structure during different periods of time. However, there are no significant differences between the companies' profitability and growth. There is also evidence that growth and financial structures differ between the sectors. One reason why no significant differences can be found between profitability, growth and the change in liquidity ratio may be because the differences between listed and unlisted companies have decreased over the years, compared with previous studies.

Purpose: The purpose of this study is to examine how eight private and state-owned Swedish companies report their CSR-work, to then compare and analyze how the form of ownership can affect the shape of the annual sustainability reports.  Method:  This study uses a qualitative method based on a deductive research approach. The study implements a comparative research design and applies a text analysis to analyze and identify specific differences among the company’s sustainability reports.   Empiricism and Analysis: The empirical part presents a brief description of the selected companies and a description of the identifying themes that are repeated in all of the company’s sustainability reports. Then, a deeper analysis is carried out that combines the study's reference frameworks with help of the study’s analysis model that is based on the selected theories.  Conclusions: The conclusion that can be drawn is that the form of ownership is not the deciding factor in the shape of the sustainability reports. What has mainly affected the outcome is the companies branch of industry, which has affected both the reporting of the environmental activities and financial incentives in the form of investment. For the remaining aspects, no specific differences have existed from the ownership perspective. The form of ownership has affected the company’s insight of CSR and sustainability work with influence from the stakeholders. The study's results also show that the government for the state-owned companies was the most important player while customers and suppliers were more central to the privately-owned companies. / Syfte: Syftet med detta arbete är att undersöka hur åtta privat- och statligt ägda svenska företag redovisar för sitt CSR-arbete, jämföra samt analysera hur ägandeformen kan påverka utformningen av hållbarhetsredovisning. Metod: Studien använder sig utav en kvalitativ metod som bygger på en deduktiv forskningsansats. Studien implementerar en komparativ forskningsdesign och tillämpar en textanalys för att analysera och identifiera specifika skillnader bland de olika företagens hållbarhetsredovisningar. Empiri och analys: I den empiriska delen presenteras en kort beskrivning av valda företag samt en redovisning av de återkommande identifierande teman som upprepas i de valda hållbarhetsrapporteringarna. Sedan genomförs en djupare analys som sammanfogar studiens referensramar med hjälp av en analysmodell som utgår från de tillämpande teorierna. Slutsatser: Slutsatsen som kan dras är att ägandeformen inte är den avgörande faktorn i utformningen av hållbarhetsrapporterna. Det som har påverkat utfallet främst är företagens branschtillhörighet som har inverkar både rapportering av de miljömässiga aktiviteterna samt ekonomiska incitament i form av investering. För de resterande aspekterna har inga specifika skillnader funnits utifrån ägarperspektivet. Ägandeformen har påverkat företagens uppfattning av CSR och hållbarhetsarbete med inflytande från intressenterna sida. Studiens resultat visar även att staten för de statligt ägda företagen är mest betydelsefull aktör medan kunder och leverantörer är mer centrala för de privatägda företagen.

Le concept de nationalité des sociétés, qui traduit le rattachement politique d’une société à un Etat, a longtemps semblé impossible à définir, les critères retenus par les juges variant en fonction des décisions. Pour ajouter à la confusion, les juges ne distinguaient pas toujours la nationalité de la lex societatis. En énonçant dans un arrêt Roval de 1990 que la nationalité d’une société se déduisait de la localisation de son siège de direction effective, le juge fiscal a livré de la notion la première définition à portée universelle. La solution n’est cependant pas totalement satisfaisante. D’une part, elle procède d’une lecture erronée de la définition contenue dans la clause conventionnelle de non-discrimination selon la nationalité applicable en l’espèce, qui renvoyait à la loi de constitution de la société. Cette méprise a eu pour effet d’étendre la portée du principe conventionnel de non-discrimination bien au-delà des intentions des rédacteurs du Modèle de convention OCDE, jusqu’à prohiber les différences de traitement selon la résidence des sociétés. La solution mériterait d’être réexaminée. Hors de tout contexte conventionnel, elle conserve sa pertinence. Cependant, si le siège de direction effective se situe, comme l’a jugé le Conseil d’Etat, à l’endroit où les personnes exerçant les fonctions les plus élevées dans une société prennent les décisions stratégiques, ce siège pourrait s’avérer difficile à localiser pour les sociétés les plus internationalisées. Le maniement du concept de nationalité par le juge fiscal et son articulation avec la notion fiscale de résidence seront alors analysés, notamment en lien avec l'application des principes de non-discrimination conventionnel et communautaire qui prohibent les différences de traitement fondées respectivement sur la nationalité et la résidence du contribuable. Il apparaît en effet que le juge fiscal, en butte à l'imprécision des concepts dont il doit faire application, tende parfois à les confondre ou les utiliser de façon simplificatrice. / The concept of nationality of companies, which expresses the political connection between a given company and a State, has long been impossible to define as French judges would resort to different criteria depending on each case. The courts would also frequently mix up the concept of nationality with the notion of « lex societatis », thus creating additionnal confusion. Lastly a 1990 tax case Roval led French Civil Supreme Court to hold that the nationality of a company derives from the location of its effective seat of management. This definition is not totally satisfactory though. It derives from a misinterpretation of the non-discrimination treaty provision applicable to the case, which conveys to this clause a much broader scope than was initially intended by the drafters of the OECD Model convention and indirectly weakens French domestic rules that discriminate among companies depending on their tax residence. The Roval case should be reconsidered in light of the treaty definition of « nationals », which refers to the law of incorporation of the companies. Outside of a tax treaty context, the reference to the effective seat of management concept sounds more suitable. French administrative Supreme Court clarified that such a seat would be where strategic decisions necessary for the conduct of the enterprise’s business are in substance made by the most senior managers. In practise, determining the location of that seat may prove to be quite difficult for certain multinational entities.

A literatura atual sobre desenvolvimento regional destaca as aglomerações empresariais como um importante mecanismo para o incremento econômico e tecnológico de suas localidades. Aliado a isso, tem-se a biotecnologia como uma ampla área do conhecimento que pode ser encontrada em diferentes atividades econômicas, sobretudo nas da área da saúde, sendo frequentemente citada como um dos segmentos mais promissores para o século XXI. Diante disso, e considerando que a região de Ribeirão Preto é reconhecida nacionalmente pela relevante atuação na área da saúde, esse trabalho reuniu as três variáveis citadas (aglomerações empresariais, biotecnologia e região de Ribeirão Preto) com o propósito de analisar se a concentração das empresas do setor de biotecnologia na região de Ribeirão Preto é significativa em relação ao estado de São Paulo e ao Brasil. Para isso, baseou-se em uma pesquisa do tipo descritiva, cuja técnica adotada para a coleta de dados foi a pesquisa documental, com abordagem quantitativa para o tratamento desses dados. A pesquisa documental foi realizada a partir da análise da base de dados da RAIS (Relação Anual de Informações Sociais) do Ministério do Trabalho e Emprego (MTE). Tendo em vista a falta de consenso encontrada na literatura sobre a caracterização das empresas do setor biotecnologia, foi desenvolvido critério próprio para se definir as atividades econômicas das empresas desse setor, cujo resultado foi fundamental para o cálculo do seu índice de concentração locacional. Para se chegar a esse índice, foi adotado o quociente locacional (QL), calculado a partir do número de empresas e de empregos gerados pelo setor de biotecnologia na região de Ribeirão Preto. Como principais resultados, obteve-se que a região de Ribeirão Preto tem significativa concentração de empresas de biotecnologia em relação ao estado de São Paulo e ao Brasil, bem como, que esse setor possui mão de obra relativamente melhor em termos de grau de instrução e remuneração, quando comparada com outro setor econômico da mesma região. / The current literature about regional development highlights the business agglomerations as an important mechanism for economic and technological development of their localities. Allied to this, biotechnology was identified as a wide area of knowledge that can be found in different economic activities, particularly in the health area and is often mentioned as one of the most promising segments for the XXI century. Therefore, and considering that Ribeirão Preto region is nationally recognized for its significant activity in health, this work met the three mentioned variables (business agglomerations, biotechnology and Ribeirão Preto region) in order to examine whether the concentration of biotechnology companies in Ribeirão Preto region is significant in relation to the state of São Paulo and Brazil. To achieve this goal, the paper was developed based on a descriptive survey, used the technique of documentary research for data collection, in a quantitative approach. The documentary research was conducted based on the analysis of the RAIS database (Annual Social Information) of the Ministry of Labor and Employment (MTE) in Brazil. Given the lack of consensus in the literature for the characterization of biotechnology companies, it was developed a criteria to define the economic activities of companies in this sector, which the result was essential for the calculation of its locational concentration index. To achieve this rate, it was used the location quotient (QL), that was calculated based on the number of companies and jobs generated by the biotechnology industry in the Ribeirão Preto region. As the main result, it was proved that the region of Ribeirão Preto has significant concentration of biotechnology companies in relation to the state of São Paulo and Brazil as well, and also that this sector has relatively better work hand in terms of level of education and remuneration compared to other economic sector in the same region.

A presente dissertação faz uma abordagem do tema da redução do capital de companhias abertas e fechadas no Brasil, apresentando-o em duas partes. Na primeira parte, composta pelos Capítulos 1 e 2, são tratados aspectos gerais e, na segunda parte, composta pelos Capítulos 3 e 4, são tratados aspectos específicos das reduções do capital social. No Capítulo 1, é apresentado um breve histórico do capital social, em que se procura estalecer a sua origem e relação com a função de produtividade das primeiras companhias, afastando-se do pensamento tradicional de que o capital social tenha tido a sua origem relacionada com a função de proteção de credores. Além disso, é apresentada uma noção geral de capital social, suas classificações, princípios mais relevantes e funções, sempre com o foco de preparar a discussão para a sua redução. No Capítulo 2, é apresentada uma noção geral da redução do capital e a visão do autor dos dois principais princípios que a informam: o da igualdade e o da proteção aos credores. A análise prossegue, para apresentar uma classificação das reduções do capital de acordo com as suas causas ou de acordo com os efeitos que produzem no patrimônio das companhias. Por fim, sustenta-se a taxatividade das causas de redução do capital social. No Capítulo 3, são apresentadas as causas de redução do capital por perda e por excesso, bem como o procedimento para a sua implementação. A boa compreensão deste capítulo depende, em grande parte, das discussões sobre o capital social, suas classificações, princípios mais relevantes e funções, bem como sobre os princípios aplicáveis e as classificações das reduções do capital. No Capítulo 4, são brevemente apresentadas as outras causas que podem determinar a redução do capital social de companhias abertas e fechadas no Brasil, bem como as principais discussões ao redor de cada uma delas. / This paper highlights the reduction of capital stock on Brazilian privately and publicly-held companies, being presented in two parts. Part One is integraded by Chapters One and Two, which present an overview of the matter, and Part Two, which present specific issues related to each cause of reduction of capital stock. On Chapter One, it is presented a short history of capital stock with the purpose of relating it with its productivity function on the first companies, instead of relating it with the function of guarantee for creditors, as a traditional doctrine usually explains its origin. Besides, it is presented a general concept of capital stock, its categories, principles and functions, with the goal of preaparing further discussions on its reduction. On Chapter Two, it is presented a general concept of reduction of capital stock and the authors stand point of the two main principles applicable to it: equal treatment and creditors protection. The analysis moves ahead to categorize the cases of reduction of capital stock in accordance with their causes or the effects on companies assets. On Chapter Three, the author presents the two main causes of capital reduction in Brazil: loss and excess (of assets). Besides it is presented the procedure to accomplish a reduction of capital stock on each case. To fully understand this chapter it is mandatory to be aware of the general concept of capital stock, its categories, principles and functions, as well as the general concept of reduction of capital stock and its principles. On Chapter Four, it is brieftly presented the other causes of reduction of capital stock on Brazilian law, as well as the main discussions that surround them.

Uma visão global sobre a situação da indústria do livro no Brasil e suas tendências e a sugestão de um modelo de atuação empresarial e mercadológico para a atuação das editoras. Examina-se cada etapa do marketing editorial: desenvolvimento do produto, comunicação, vendas e distribuição. Sugestões para agentes de instãncias governamentais ou privadas do fomento da leitura e promoção do livro. / This study aims to identify the main international and Brazilian trends of the book publising industry in the context of digital transition; it proposes that the use of marketing fundamental concepts and tools is necessary and inevitable for the creation and consolidation of sustainable organizations in this segment; and it presents a decision and action model that comprehends the most relevant aspects of marketing and communication activities in the editorial area, focusing Brazilizan marketing conditions; and it offers inputs for the promotion and diffusion of the book in the governmental, institutional and business spheres.

The objectives of the study were (1) to determine the relationship between career adaptability (measured by the Career Adapt-Abilities Scale) and employee engagement (measured by the Utrecht Work Engagement Scale), and (2) to determine whether age, race, gender and tenure groups differ significantly regarding career adaptability and employee engagement. A quantitative survey was conducted on a convenience sample (N = 131) of employees within a business unit of a large insurance company in South Africa. Correlational and inferential statistical analyses revealed significant relationships between career adaptability and employee engagement as well as significant differences between age and race groups on some dimensions of the constructs. These findings contribute valuable insight and knowledge to the field of Organisational Psychology and Career Psychology that can be applied in engagement strategies as well as in career guidance and counselling. The study concluded with recommendations for future research and practice. / Industrial and Organisational Psychology / M. Com. (Industrial and Organisational Psychology)

A presente pesquisa, de caráter descritivo-exploratório, trata dos processos de gestão de viagens corporativas utilizados pelas empresas no Brasil. Foi efetuado um levantamento em dez empresas nacionais e multinacionais com presença no território brasileiro, que possuem uma área ou um profissional dedicado à atividade de administração das viagens efetuadas por seus funcionários ou prepostos em função de uma necessidade do negócio. Os processos foram mapeados e analisados sobre a ótica da propriedade de seus diversos componentes e sobre a participação de organizações externas à empresa na gestão dessas viagens corporativas. Evidenciou-se a existência de quatro modelos distintos de gestão, todos presentes no mercado brasileiro. Os modelos denominados comprador-gestor e apoio-serviços utilizam-se de recursos externos para gestão, diferindo entre si pela propriedade dos processos, no primeiro caso residentes nas áreas de compras e no segundo nas áreas de serviços. Os dois outros modelos propostos, autogestão e autosserviços, tem baixo grau de utilização de serviços de terceiros, e se diferenciam pela propriedade dos processos de gestão de viagens corporativas, no primeiro caso uma predominância de processos proprietários em compras e, no segundo, uma predominância de propriedade nas áreas de serviços. A influência da participação dos profissionais nas associações do mercado nos diferentes mapas também é discutida. São apresentadas também algumas variantes encontradas no mercado. A questão da desintermediação na venda dos serviços turísticos nesse mercado, e os efeitos que esse fenômeno causa na forma com que as empresas organizam seus processos de gestão de viagens corporativas também fazem parte desse estudo. O papel das Travel Management Companies (TMCs) nos processos de gestão de viagens é investigado. Observa-se e discute-se a entrada de algumas novas categorias de empresas nesse mercado, são avaliados o papel de cada uma e as possíveis implicações no desenho dos processos de gestão de viagens corporativas / This descriptive-exploratory research focus on the processes of corporate travel management used by companies in Brazil. Ten companies (Brazilian and multinational companies with branches in Brazil) were part of the study. All those organizations have an area or a professional dedicated to the activity of administration of the travels made by their employees or agents to fulfill a business need. The processes were mapped and analyzed on the optics of the ownership of its components and on the participation of external parts in the management of these corporate trips. It was evidenced the existence of four distinct models of management, all present in the Brazilian market. The buyer-manager model and the support-service models use many external resources on their management processes, and differs from each other as the first one shows the travel management processes mainly under ownership of the procurement areas as the second has most of the process under a service provider area. The other two proposed models, auto-management and auto-service have most of the processes being executed within the companies. The auto-management model with the travel management processes being owned by the procurement area and the second having a service area as main owner of the processes. The influence of the participation of the professionals in the market associations in the different maps is also discussed. Also presented are some variants found in the market. The issue of disintermediation in sales of tourist services in this market, and the effects that this phenomenon causes on the way companies organize their corporate travel management processes are also part of this study. The role of Travel Management Companies (TMCs) in travel management processes is also investigated. One of the main findings of the study was the participation of some new categories of companies in this market, the role of each one of those new players and the possible implications in the design of the corporate travel management processes is also discussed

by Patrick Hui Po-on. / Abstract in Chinese / Bibliography : leaves 77-78 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1982