The aim of this master thesis is to examine the explanatory power of some popular company-specific factors for the cross-section of average stock returns in the Istanbul Stock Exchange (ISE) for a period from 1992 to 2001. Factors tested in this thesis are firm size (MVE), book-to-market value of equity (BMR), debt-to-equity ratio (DER), sales-to-price ratio (SPR), gross profit-price ratio (GPPR) and dividend yield (DY).

Learning organizations in combination with quality management practices and continuous improvement are well known and have throughout the decades seen many successful implementations. Implying that there are assorted collections of tools, strategies and implementation techniques which are accessible for organizations today. However, what has been seen as a strong and contemporary inclination across many manufacturing industries is to develop and deploy company-specific production system (XPS) in order to obtain a competitive advantage in today’s global and changing business domain. The purpose of this explorative and qualitative study aims therefore to inspect and explore the occurrence of how a tailored company-specific production system (XPS) attempts to assist as an improvement program to contribute to the continuous improvement work and organizational learning in a multinational organization. The study includes a case study conducted at Volvo Group Truck located in Skövde and their tailored XPS called VPS (Volvo Production System). A review of previous literature was conducted and therefore included in order to provide an understanding of the topic as well as the empirical findings for further grasping of how a tailored specific XPS has benefited the company towards an enhanced improvement work thus becoming a learning organization. Interviews and documentation as well as observations from a previous internship at the plant in Skövde were conducted and utilized in order to obtain the employee's perspective on the contribution towards the continuous improvement work and organizational learning. Further on, in order to get a wide-ranging perspective on this matter, interviews were also held with persons with different positions within the plant. Findings from the analysis indicated that the difference with implementing a tailored company specific production strategy in comparison to other systems is that it aids the organization towards developing an organizational culture, which will further assist in enhancing the continues improvement work and organisational learning. Empirical findings also suggested that supporting functions together with XPS makes the transition towards the changes happening in an organization much easier. It also appears that the infrastructure of support with the tools and structures that VPS brings, is an important aspect in how the VPS assists in fostering continuous improvement work. Furthermore these tools, methods and structures are developed and designed to support and encourage every employee to think outside the box in a more creative and innovative way which foster employees learning process. The conclusion is that supportive functions together with a tailored XPS contributes to a joined organisational culture where improving and learning is a natural activity therefore fostering continuous improvement work and becoming a learning organization.

Submitted by Leonardo Cavalcante (leo.ocavalcante@gmail.com) on 2018-06-05T15:34:46Z No. of bitstreams: 1 Arquivototal.pdf: 1835964 bytes, checksum: 16c49455a49433521718fd2d6d19319b (MD5) / Made available in DSpace on 2018-06-05T15:34:46Z (GMT). No. of bitstreams: 1 Arquivototal.pdf: 1835964 bytes, checksum: 16c49455a49433521718fd2d6d19319b (MD5) Previous issue date: 2016-08-17 / Conselho Nacional de Pesquisa e Desenvolvimento Científico e Tecnológico - CNPq / Facing the need for adaptations of lean production to the characteristics of each organization, researchers have questioned the universality of this production system. These adjustments may be related to the contextual characteristics of the manufacturing system of each organization and can lead to the development of company-specific production systems, or simply XPSs. Thus, the aim of this research is to analyze how the contingency variables of a manufacturing system influence the adaptations of lean production practices for the implementation of an XPS. The research was developed through case studies conducted in two manufacturing plants, one of the electronics industry and other from the home appliances sector, both located in the city of Manaus/AM. The data were collected mainly through semi-structured interviews and on-site observation. Through this research, adaptations have been identified, not in the lean practices but in the manufacturing system of the companies, i.e., instead of the contingency variables demand adaptations to the formation of a company-specific production system, the Toyota system (universal approach) remains as the main driver of change in their own manufacturing system variables. Based on this observation, two potential outcomes can be inferred: either the influences of contingency variables may be irrelevant or they are not perceived by managers. Finally, in neither of the cases studied was identified the creation of specific practices tailored to the company. On the contrary, it was found the use of the same traditional practices of TPS. On the other hand, it was clearly observed the intention of creating an identity for the XPS, much more as a motivational factor than as a true adaptation. This evidence allowed the development of three propositions that deserve further research. / Diante da necessidade de adaptações da produção enxuta às características de cada organização, pesquisadores têm questionado sobre a universalidade desse sistema de produção. Essas adaptações podem estar relacionadas às características contextuais do sistema produtivo de cada organização e que podem levar ao desenvolvimento de sistemas de produção específicos, ou simplesmente XPS’s. Dessa forma, o principal objetivo dessa pesquisa é analisar como as variáveis contingenciais dos sistemas de produção influenciam nas adaptações das práticas de produção enxuta para a implementação de um XPS. A pesquisa foi desenvolvida por meio de estudos de caso conduzidos em duas fábricas, sendo uma do setor de eletroeletrônico e outra do setor de eletrodomésticos, ambas localizadas no município de Manaus/AM. Os principais instrumentos de coleta de dados adotados foram entrevistas semiestruturadas e observação in loco. Por meio da pesquisa, foram identificadas adaptações, mas não nas práticas e sim no próprio sistema produtivo das empresas, ou seja, ao invés das variáveis contingenciais demandarem adaptações para a formação de um sistema de produção específico, o sistema Toyota (abordagem universal) permanece como o guia principal da mudança nas próprias variáveis que representariam as contingências da adaptação. Diante dessa constatação, surgiram dois potenciais desdobramentos: ou as influências das variáveis contingenciais podem ser irrelevantes ou não são percebidas pelos gerentes. Por fim, em nenhum dos dois casos estudados foi identificado o desenvolvimento de práticas específicas para a empresa. Pelo contrário, o que se constatou foi a utilização das mesmas práticas tradicionais do TPS. Por outro lado, foi observada claramente a intenção da criação de uma identidade para o XPS da empresa, mais como um fator motivacional do que por uma real adaptação. Tais evidências permitiram o desenvolvimento de três proposições que merecem um aprofundamento em pesquisas futuras.

In this study, sustainability strategy implementation processes are discussed together with internal communication processes in SMEs. Large enterprises are not the only contributor to unsustainable development, but so are SMEs. Additionally, SMEs have a significant negative impact on sustainability as they make up the major part of the world economy. In fact, only in Sweden SMEs make up 99.9% (based on the number of employees) of all businesses. Yet, SMEs have not received much attention in society nor in literature of sustainability and sustainable developmentand are lagging behind in sustainable development. Due to pressure from external stakeholders Sustainability is essential for future business growth as well asto stay competitive in today's marketplace. EU and Swedish legislation together with the next generation of sustainable-conscious consumers, have increased pressure on organisations to take responsibility for their actions. Still, SMEs seem to take a reactive approach. For successful sustainable development, sustainability strategies must be aligned with business strategies. However, SMEs face challenges when implementing sustainability strategies. To ease the implementation process, company-specific tools are needed forSMEs. Internal communication is acknowledgedto be essential for sustainability strategy implementation which is most successful when performed in a contextual specific and conceptual abstract practice. Internal communication further contributes to reducing tension in an organisation when implementing a change which is required during implementation processes.This study has been conducted through a single case study operating in the housing construction industry,based in Sweden. We have usedan exploratory and a qualitative approach where both semi-structured interviews and focus groups were conducted to receive insights from top management and lower-level employees. Our research shows that sustainability strategies, business strategies and communicationstrategies must be balanced to create a shared sustainability vision through short-and long-termgoals to reduce the complexity of sustainable development. Therefore, the role of internal communication in the sustainability strategy implementation processis essential to transformintangible sustainability strategies into tangible features to engage employees and reduce tension within the organisation.

Listed property companies trading at a discount or premium to their Net Asset Value (NAV) is a widely recognized phenomenon. Previous research within this field has primarily applied OLS-regressions and is mainly focused on U.K. and U.S. markets. This study is the first to empirically assess discounts and premiums in Swedish-listed property companies. By applying a fixed effect model controlling for panel data, this study also expands previous work and contributes to more knowledge about company-specific effects. The study covers 14 Swedish-listed property companies between the years of 2008 to 2015. Two OLS regression models and one fixed effect model were applied on cross-sectional data. Overall, the results show that the size, reputation, portfolio concentration and debt to asset ratio of a firm are negatively correlated with discount to NAV. The overall market sentiment and stock volatility are positively correlated with discount to NAV. Moreover, the overall market sentiment in tandem with firm-specific factors is believed to significantly impact discounts and premiums. Board size, insider ownership, administration costs and cross-border investments were found to not have a significant impact on discounts and premiums. Last it was also found that discounts and premiums are not determined by within variations in the subject companies, rather it is determined by across variations in the firm-specific variables. / Noterade fastighetsbolag som handlas till rabatt eller premium av sitt substansvärde är ett känt fenomen. Tidigare studier har huvudsakligen fokuserat på data från Storbritannien och USA. De studier som gjorts har primärt varit regressionsmodeller av typen OLS. Den här studien är den första som kvantitativt undersöker substansrabatt och substanspremier i svenska fastighetsbolag. Vi applicerar också en regressionsmodell av typen fixed effect, där vi kontrollerar för paneldata. Därför kan denna studie ses som en utökning gentemot tidigare studier. Denna studie omfattas av 14 noterade fastighetsbolag. Datan som används sträcker sig mellan perioden 2008 till 2015. Generellt kan sägas att storlek, rykte, portföljfokus och skulder i förhållande till totala tillgångar hos ett företag är negativt korrelerade med substansrabatt. Vidare så visar resultaten tydligt på att aktuellt marknadsförhållande tillsammans med bolagsspecifika faktorer, spelar en stor roll för skillnaden mellan aktiekurs och substansvärde. Volatilititen i en aktie och det aktuella marknadsförhållandet är båda positivt korrelerade med substansrabatt. Styrelsens storlek, insiderägande, kostnad för administration och internationella investeringar har däremot inte någon statistiskt signifikant påverkan på rabatter och premier i svenska noterade fastighetsbolag. Slutligen kan sägas att nästan inga företagsspecifika effekter hittades. De faktorer vi konstaterar ha en påverkan på substansrabatter och substanspremier varierar över hela datasetet.

Rörelsekapitalhantering (WCM) är en viktig del i små och medelstora företags (SMF) i syfte att generera nytt kapital samt effektivisera verksamheten. Företagen i Sverige består till större delen av SMF vilket gör det viktigt att undersöka hur företagen hanterar sitt kapital. Syftet för studien var att studera WCM i form av CCC och WCR med företagsspecifika, branschspecifikaoch makrospecifika faktorer. Detta testades i en OLS-modell med studiens beroende variabler CCC och WCR mot de oberoende variablerna lönsamhet, tillväxtmöjligheter, storlek, kassaflöde och branschtillhörighet. Studien undersökte även hur en finanskris påverkar rörelsekapitalet i form av ett t2-test. Denna studie innefattade 4240 företag under perioden 2008 till 2015 där 2008 till 2009 beskrivs som krisperiod. Resultatet för studien visar ett positivt signifikant samband mellan CCC och kassaflöde samt ett negativt signifikant samband medlönsamhet, storlek och branschtillhörighet. Vidare påvisar studien ett positivt signifikant samband mellan WCR och lönsamhet samt storlek medans tillväxtmöjligheter, kassaflöde och branschtillhörighet har negativt signifikant samband med WCR. Företagen har en längre CCC samt en högre WCR under krisperioder. / Working capital management (WCM) is an important part of small and medium-sized enterprises (SMEs) in order to generate new capital and streamline operations. The companies that consist in Sweden is to the majority SMEs, which makes it important to investigate how companies handle their capital. The purpose of the study was to analyse WCM thru CCC and WCR with company-specific, industry-specific and macro-specific factors. This was tested in an OLS model with this studies dependent variables CCC and WCR against the independent variables profitability, growth opportunities, size, cash flow and industry affiliation. The study also examined how a financial crisis affects working capital with a t2 test. This study included 4240 companies in the period 2008 to 2015, where 2008 to 2009 is described as a crisis period. The result for the study shows a positive significant correlation between CCC and cash flow, as well as a negatively significant correlation with profitability, size and industry affiliation. Furthermore, the study shows a positive significant correlation between WCR and profitability, and the size of the growth potential, cash flow and industry affiliationare negatively significant in relation to the WCR. The companies have a longer CCC and a higher WCR during crisis periods.

Strategic improvement programs, which aim for corporate-wide lean transformation, are resource-demanding and challenging to deploy. Industrial manufacturers often develop company-specific production system (XPS) programs to coordinate the lean transformation simultaneously in multiple production sites. However, transferring lean-related knowledge in a multi-site context is complex as it is associated with tacit knowledge embedded in people.  This thesis aims to contribute with knowledge of how multinational corporations (MNCs) can develop their deployment strategies to add more value in the business by investigating i) what constitutes deployment of an XPS program and ii) how an XPS program promotes the transfer of lean-related knowledge. The qualitative research conducted was based on three empirical case studies, which all applied an intra-firm perspective within an MNC.  Regarding the deployment challenges, it was found to be poorly described in the literature. This thesis explores and describes the deployment of XPS programs based on empirical findings and scholarly literature. Applying program management theory and a knowledge transfer perspective contributed to holistically understanding XPS programs' deployment. It was observed that four deployment variables are the most important. These deployment variables constitute the content of an XPS (conceptual models and a toolbox of improvement tools) and implementation support (implementation structure and control practices). XPS programs are often assumed to facilitate the transfer of lean-related knowledge. This thesis expands the discourse to show how an XPS program may promote and hinder knowledge transfer in three different perspectives; when implementing larger improvement projects, rolling out global lean method standards, and incorporating new lean methods bottom-up. This research contributes to theory by describing the deployment of an XPS program in depth. A deployment model was developed that stipulates the deployment variables and their interconnection. Some of the findings may have practical applications for industrial practitioners when developing and evaluating the deployment strategies within their XPS program. / Strategiska förbättringsprogram som strävar efter en bred lean transformation inom företaget är resurskrävande och utmanande att rulla ut. Industriella tillverkare utvecklar ofta program för företagsspecifika produktionssystem (XPS) för att koordinera lean transformationen på flertal produktionsanläggningar parallellt. Lean kunskap förknippas med tyst kunskap, inneboende i människor, vilken är mer komplex att överföra i en kontext med multipla produktionsanläggning sprida över världen. Denna avhandling har som mål att bidra med kunskap om hur multinationella företag (MNC) kan utveckla sina utrullningsstrategier så att de tillför mer värde till verksamheten genom att undersöka i) vad utgör utrullning av ett XPS-program och ii) hur ett XPS-program främjar överföring av leanrelaterad kunskap. Den kvalitativa forskningen som genomfördes baserades på tre empiriska fallstudier, som alla tillämpade ett internt perspektiv inom det multinationella företaget (MNC) som studerades. Utmaningarna med utrullningar visade sig det vara dåligt beskrivet i litteraturen. Av den anledningen har denna avhandling utforskat och beskrivit utrullning av XPS-program baserat på empiriska fallstudierna och vetenskaplig litteratur. I arbetet har programledningsteori och ett kunskapsöverföringsperspektiv tillämpats, vilket bidrog till en holistisk förståelse av XPS-programs utrullning. Studien identifierade fyra viktiga variabler för utrullning som utgör både innehållet i en XPS (konceptuella modeller och en verktygslåda med förbättringsverktyg) och ett implementeringsstöd (implementeringsstruktur och kontroll-handlingar). I tidigare publikationer antas ofta att XPS-program underlättar överföringen av lean-relaterad kunskap. Denna avhandling utökar det resonemanget genom att visa hur ett XPS-program kan dels främja, men även hindra kunskapsöverföring utifrån tre olika perspektiv; när man implementerar större förbättringsprojekt, rullar ut globala standarder för lean-metoder och vid inkorporering av nya lean-metoder där produktionsanläggningen är källan till kunskapen. Denna forskning bidrar till teorin genom att på djupet beskriva utrullningen av ett XPS-program. En utrullningsmodell utvecklades för att beskriva utrullningsvariablerna och deras sammankoppling. Vissa av resultaten kan även ha praktiska tillämpningar för verksamma inom industrin när de utvecklar och utvärderar strategierna inom deras XPS-program.

Stakeholders' risk assessments are increasingly emphasising the importance of considering the risks and opportunities posed by climate change. Therefore, TCFD has published recommendations to standardise and compare the reporting of climate-related issues. Prior research has demonstrated a low level of TCFD recommendation adherence. As a result, it is questioned what affects the scope of climate reporting according to TCFD and how the scope differs between companies. The study examines adherence to TCFD recommendations among 28 Swedish financial and real estate companies, finding that on average, they comply with most of the recommendations, but there is variability among companies. The study identifies areas where Swedish companies excel and where they need to improve. Larger companies are more likely to follow climate reporting practices, but the legitimacy theory may not apply to the current context. The relationship between debt levels and climate reporting is complex and requires more research. The proposed hypothesis that there is a correlation between adherence rate and financial performance was rejected. The study discusses promoting sustainable business practices and the link between four company specific characteristics and compliance with TCFD recommendations. The study's contributions can inform policy making, investment decisions, and corporate strategy, but the study has limitations. / Intressenternas riskbedömningar understryker alltmer vikten av att ta hänsyn till de risker och möjligheter som klimatförändringarna innebär. Därför har TCFD publicerat rekommendationer för att standardisera och jämföra rapporteringen av klimatrelaterade frågor. Tidigare forskning har visat en låg efterföljandegrad av TCFD:s rekommendationer. Som ett resultat av detta ifrågasätts vad som påverkar omfattningen av klimatrapporteringen enligt TCFD och hur omfattningen skiljer sig mellan bolag. Studien undersöker efterlevnaden av TCFD:s rekommendationer bland 28 svenska finans- och fastighetsbolag, och finner att de i genomsnitt följer de flesta av rekommendationerna, men det finns variationer mellan bolag. Studien identifierar områden där svenska bolag utmärker sig och där de behöver förbättras. Vidare undersöker studien vilka bolagsspecifika egenskaper som kan förklara graden av efterlevnad av rekommendationerna. Det konstaterades att större bolag är mer benägna att följa TCFD:s rekommendationer, jämfört med mindre bolag. Egenskaperna för miljöprestanda, skuldsättning och finansiell prestanda kunde dock inte förklara efterföljandegraden. Studien diskuterar främjande av hållbara affärsmetoder och kopplingen mellan fyra bolagsspecifika egenskaper och efterlevnad av TCFD:s rekommendationer. Studien kan bidra med underlag för policyskapande, investeringsbeslut och framtagandet av företagsstrategier, men studien har begränsningar.

The design process of a production system referred to as the production system design process (PSDP) impacts on the operational performancethroughout the lifecycle of the production system, especially on the rampupand operation phases. Despite the impact of activities of PSDP on the operational performance, how to manage the PSDP is still a challenge for manufacturing companies. Earlier research urged to develop a systematic PSDP concerning its impact on the operational performance. This thesis aims to contribute with knowledge of how manufacturingcompanies can manage the PSDP by investigating 1) the enablers in thePSDP that impact on operational performance in ramp-up and operation phases, and 2) how the lean production concept could be adopted tomanage the activities during the PSDP. A case study was conducted in aprocess type manufacturing company, where empirical data were collectedfrom three new production line launching projects by qualitative means. This thesis identifies a set of enablers in the PSDP that potentiallyimpact the operational performance after launching the productionsystem. Empirical findings demonstrate that ensuring proper actions onthe identified enablers in the PSDP could lead to higher operationalperformance of the designed production system. These enablers rangefrom the company´s internal boundary to external vendors, requiring asystematic way to manage these diverse aspects. Adopting the lean production concept in the PSDP context, this thesis proposes a model of Lean Production System Design Process, containing 13 principles andrelevant practices. The proposed model of lean PSDP could be used as a systematic processto manage the activities in the PSDP that would ensure proper actions related to the identified enablers. Empirical findings indicate that adoptionof lean in the PSDP could result in reducing lead time of launching a new production system, and achieving fast ramp-up and desired operational performance considering sustainability aspects. Finally, this thesis demonstrates how the lean PSDP could be a means to achieve a sustainable competitive advantage based on the resource based view theoretical perspective. / Utformningsprocessen av ett produktionssystem, i denna avhandlingkallad produktionssystemets utformningsprocess (PSUP), påverkar denoperativa prestandan under hela produktionssystemets livscykel, särskilt iupprampnings- och driftsfasen. Traditionellt sett ligger fokus underutformningsprocessen på att lansera det nya produktionssystemet vidplanerad tidpunkt och enligt budget. Trots att de aktiviteter somgenomförs i utformningsprocessen påverkar den operativa prestandan idriftsfasen, ägnas ofta mindre uppmärksamhet åt designfasen än vad somvore önskvärt. Tidigare forskning har argumenterat för att utveckla ensystematisk designprocess för framtagning av produktionssystem medsyfte att nå en positiv påverkan på den operativa prestandan. Forskningen i denna avhandling bidrar till att öka kunskapen om hurPSUP kan hanteras och förbättras genom att identifiera: 1) möjliggörare i PSUP som påverkar den operativa prestandan i upprampnings- ochdriftfasen, och 2) hur lean konceptet skulle kunna användas för att hanteraaktiviteterna under PSUP. Resultatet är identifieringen av ett antal faktorer/möjliggörare iproduktionssystemets utformningsprocess (PSUP) som potentiellt kanpåverka den operativa prestandan efter lansering av produktionssystemetoch produktionsstart. Dessa möjliggörare handlar om alltifrån frånföretagets interna gränser till externa leverantörer och kräver ensystematisk procedur för att dra nytta av faktorernas potential. Genom attanvända lean även i PSUP-sammanhanget, föreslås här konceptet Lean PSUP (produktionssystemsutformningsprocess), som innehåller 13 principer och relevanta praxis. Den föreslagna modellen för lean PSUP skulle kunna användas och gestruktur till hanteringen av aktiviteterna i utformningsprocessen.Forskningen indikerar att lean inte bara kan användas i driftsfasen utanäven i utformningen av ett produktionssystem, vilket skulle kunnaresultera i bättre integration mellan olika funktioner, minska ledtiden förutformning och lansering av ett nytt produktionssystem, och uppnå snabbupprampning och önskad operativ prestanda, både avseende produktionoch hållbarhet. Slutligen visar denna avhandling hur lean PSUP kan varaett sätt att uppnå konkurrensfördelar ur ett resursbaserat teoretiskt perspektiv.

This diploma work focuses on the issue of valuation of a company and implementing the theoretical findings obtained through various methods into the specific situation of CS Expres joint-stock company which transports individual packages. The practical part of the work provides financial and strategical analysis of the company. The valuation of the company suggestion is carried out with the help of theoretical methods, but also by establishment of specific criteria which can be used to estimate the real price of the company.