Pentecostalism has grown from its founding days in 1900 in Topeka, USA and has extended its reach to most parts the world including Africa where it took off in the 1970s and continues to grow with many mega churches being established. In addition to their main role of taking care of the spiritual development of their followers, many Pentecostal churches have begun to get involved in provision of social and economic goods and services. This has however attracted attention to the churches with some of them being labelled as businesses, their founders being considered as entrepreneurs hiding under the guise of churches and seen as exploiting their followers. The purpose of the thesis is to explore, through research questions, if entrepreneurial activities are carried out in the Pentecostal churches in Uganda and if so, whether such activities can be considered productive, unproductive or destructive entrepreneurship and what their implications are. This qualitative study employed qualitative methods of data collection and deductive approach with primary data collected through semi-structured interviews with 6 members of Pentecostal churches in Kampala and 1 non-member that regularly goes to Pentecostal churches to get a feel of their activities. The findings show that there the Pentecostal churches carryout a number of entrepreneurial activities that address spiritual, social and economic aspects of the church members and the community. The study further shows that some of these entrepreneurial activities have a positive impact on the church members and the community and by extension the state whereas some activities do not improve the church members and the community and others have a negative impact on the church members and the community. It is shown through this thesis that determining the implication of the entrepreneurial activities is complicated when such activities are lumped together and not considered individually since some of the activities in the Pentecostal may be productive while some may be unproductive or destructive. The contribution of this thesis is by proposing a matrix as an alternative tool for analysis of the various entrepreneurial activities in the Pentecostal churches by considering their effect on different stakeholders to determine if the activity achieved the reason for its establishment.

This dissertation consists of three papers. In the first paper, I study firms' capital raising decisions in a two-stage signaling game. In the model, firms can issue debt or equity to finance sequentially arriving investment projects. Management is assumed to have an initial information advantage over investors. However, when a firm's decision in the first stage can change investors' beliefs and, consequently, impact the security issuance in the second stage, its optimal choice differs significantly from the strict debt-equity preference in a comparable one-stage model. In equilibrium, a dynamic pecking order arises, suggesting that the information friction can solely explain various aspects of observed corporate financing behavior. The second paper is coauthored with Hans Haller. In this paper, we model how different wealth constraints among investors affect an entrepreneur's way of raising capital, his share of project NPV, and his ownership of the new firm. Combining cooperative and noncooperative approaches, we develop and analyze a bargaining framework and demonstrate cases in which a fair division cannot be achieved when sharing of cost and sharing of return are jointly considered. Our results cover conditions on how the entrepreneur can strategically achieve larger net wealth accumulation, and when he can obtain control of the firm. We further discuss the entrepreneur's preferences on the firm's ownership dispersion level under public financing. The third paper argues that although innovation is costlier than imitation, the incumbent firm is endowed with an advantage of enhancing its product ahead of potential competitors. In a model that connects consumers' utility with firms' production, I show that the incumbent's product enhancement decision can foster the creation of a better product, improve consumers' utility, and deter entrance from competitors. The pace of creative activities is determined by the incumbent's potential of improving its product quality and the nature of product differentiation in the industry. Thus, creative destruction may not manifest itself as new firms replacing the incumbent, but as the incumbent constantly renovating its product. / Doctor of Philosophy / This dissertation consists of three papers. In the first paper I study the adverse selection problem faced by firms in a dynamic information environment, the difference between incentives provided by debt and equity securities, and how different contracts and model settings affect the equilibrium outcome, investment efficiency, and social welfare. The premise of the first paper is that dynamic elements of information asymmetry are key to better understanding how firms raise capital. This study aims to provide a more complete description and improve our understanding of the role of information in capital markets and how asymmetric information might interact with other market frictions. In the second paper I study the origin of the firm and the bargaining problem between entrepreneurs and investors. This second paper intends to provide one possible answer for the question why firms do exist. The main point in the paper is that even when we abstract away from standard frictions like adverse selection or moral hazard, an entrepreneur still has to bargain with investors to raise the required amount of capital. The firm has to be established to enforce the bargaining outcome, which takes the form of an ownership contract, because there is a time gap between conducting the investment and when the proceed can be realized. Another purpose of this second study is to investigate fairness instead of efficiency. Finally, in the third paper, I address the question how and when an incumbent monopolist can deter entry by means of investment in product quality enhancement. In some industries, creative destruction can be frequently observed: Incumbent firms are replaced by new firms that offer slightly different but better products. On the other hand, in a number of industries incumbent firms are at the forefront of innovation and stay ahead of potential entrants. I consider a model that allows for the latter fact combined with another frequent fact: that potential entrants more or less copy the incumbent's prior product, regardless of existence and enforcement of intellectual property rights. This third paper offers predictions on product innovation and market failure across firms and industries.

Dans un contexte de grandes transformations économiques imposées par la mondialisation, le développement d’innovations et la financiarisation de l’économie ont profondément atteint les villes mono industrielles de la période fordiste. L’industrie automobile, grandement influencée par les restructurations économiques globales, a elle aussi été profondément touchée. Ce faisant, les paysages urbains des villes dépendantes de cette industrie, comme Windsor en Ontario, ont été construits et détruits par le processus de destruction créative, dont nous soulignons la composante spatiale. La structure paysagère de Windsor s’est ainsi transformée : alors que des aires importantes dans différents quartiers attendent d’être réinvesties, donnant lieu aux paysages abandonnés, d’autres paysages sont créés. Cette recherche est basée sur l’étude de trois quartiers bordant la Rivière Détroit ayant subi d’importants changements dans leurs paysages. L’objectif principal de ce mémoire est donc de déterminer comment le processus de destruction créative s’opère à Windsor et quels en sont les impacts spatiaux. Afin de parvenir à cet objectif, des observations du paysage avec la création du répertoire photographique, accompagnées d’entrevues directes, ont été les méthodes privilégiées La recherche a permis de déterminer que le processus de destruction créative a lieu dans des contextes de déclin, mais également de croissance. Avec les restructurations économiques globales de l’industrie automobile, les paysages de Windsor se sont créés, déstructurés, et parfois restructurés, grâce aux interventions des acteurs locaux. Face à l’abandon progressif de certains espaces, ces acteurs ont dû réfléchir à de nouvelles stratégies en réponse aux transformations paysagères, comme le néolibéralisme urbain. Nous avons ainsi pu conclure que la destruction créative des paysages est donc en relation avec les processus économiques globaux et négociée par les acteurs locaux. / In a context of great economic transformations imposed by globalization, the development of innovations and the financialization of the economy have deeply affected the mono industrial cities of the fordist period. The automotive industry, largely influenced by global economic restructuring, was also deeply touched. In doing so, the urban landscapes of cities dependent on this industry, such as Windsor in Ontario, were built and destroyed by the process of creative destruction, by it’s spatial component. Thereby, the landscape structure of Windsor has been transformed: while important areas in different neighborhoods are waiting to be reinvested, giving rise to abandoned landscapes, other landscapes are created. This research is based on the study of three neighborhoods along the Detroit River that has undergone significant changes in their landscapes. The main objective of this research is to determine how the process of creative destruction takes place in Windsor and what are the spatial impacts. To achieve this goal, observations of the landscape with the creation of the photographic repertoire, accompanied by direct interviews were the preferred methods. Research has determined that the process of creative destruction takes place in contexts of decline, but also growth. With overall economic restructuring of the automotive industry, the landscapes of Windsor have been created, unstructured, and sometimes restructured through the efforts of local actors. Faced with the phasing out of certain areas, these actors had to think about new strategies in response to landscape transformations, like urban neoliberalism. Therefore, we can conclude that creative destruction of the landscape is related to global economic processes and negotiated by local actors.

Taking into account the theoretical approaches of Joseph Alois Schumpeter and Clayton Christensen to innovation, this case study is mapping the current Czech environment of written online media. Traditional media houses are dealing with the crisis of finances and information as generally described by Christensen, which means they are in real need for innovation yet they are not always successful. Other new incentives also appear on the market. Similarly to the situation abroad, the NGO sector is able to provide quality content on issues of its interest. Social innovation is rather a buzzword in the country, yet the author identifies a couple of efforts in the online written media. The author also suggests there might even be a niche for a social enterprise in the area to cooperate with the NGO sector and blogosphere. Keywords creative destruction, disruptive innovation, social entrepreneurship, social innovation, Czech Republic, print media online, watchdog journalism Abstrakt Tato případová studie nahlíží teoretickou optikou kreativní destrukce dle Josepha Aloise Schumpetera a rozkladných technologií dle Claytona Christensena prostředí digitálních podob současného českého tisku. Zatímco velké mediální domy se snaží ustát krizi financí a informací, potřebují také v duchu Christensenova přístupu...

Dans un contexte de grandes transformations économiques imposées par la mondialisation, le développement d’innovations et la financiarisation de l’économie ont profondément atteint les villes mono industrielles de la période fordiste. L’industrie automobile, grandement influencée par les restructurations économiques globales, a elle aussi été profondément touchée. Ce faisant, les paysages urbains des villes dépendantes de cette industrie, comme Windsor en Ontario, ont été construits et détruits par le processus de destruction créative, dont nous soulignons la composante spatiale. La structure paysagère de Windsor s’est ainsi transformée : alors que des aires importantes dans différents quartiers attendent d’être réinvesties, donnant lieu aux paysages abandonnés, d’autres paysages sont créés. Cette recherche est basée sur l’étude de trois quartiers bordant la Rivière Détroit ayant subi d’importants changements dans leurs paysages. L’objectif principal de ce mémoire est donc de déterminer comment le processus de destruction créative s’opère à Windsor et quels en sont les impacts spatiaux. Afin de parvenir à cet objectif, des observations du paysage avec la création du répertoire photographique, accompagnées d’entrevues directes, ont été les méthodes privilégiées La recherche a permis de déterminer que le processus de destruction créative a lieu dans des contextes de déclin, mais également de croissance. Avec les restructurations économiques globales de l’industrie automobile, les paysages de Windsor se sont créés, déstructurés, et parfois restructurés, grâce aux interventions des acteurs locaux. Face à l’abandon progressif de certains espaces, ces acteurs ont dû réfléchir à de nouvelles stratégies en réponse aux transformations paysagères, comme le néolibéralisme urbain. Nous avons ainsi pu conclure que la destruction créative des paysages est donc en relation avec les processus économiques globaux et négociée par les acteurs locaux. / In a context of great economic transformations imposed by globalization, the development of innovations and the financialization of the economy have deeply affected the mono industrial cities of the fordist period. The automotive industry, largely influenced by global economic restructuring, was also deeply touched. In doing so, the urban landscapes of cities dependent on this industry, such as Windsor in Ontario, were built and destroyed by the process of creative destruction, by it’s spatial component. Thereby, the landscape structure of Windsor has been transformed: while important areas in different neighborhoods are waiting to be reinvested, giving rise to abandoned landscapes, other landscapes are created. This research is based on the study of three neighborhoods along the Detroit River that has undergone significant changes in their landscapes. The main objective of this research is to determine how the process of creative destruction takes place in Windsor and what are the spatial impacts. To achieve this goal, observations of the landscape with the creation of the photographic repertoire, accompanied by direct interviews were the preferred methods. Research has determined that the process of creative destruction takes place in contexts of decline, but also growth. With overall economic restructuring of the automotive industry, the landscapes of Windsor have been created, unstructured, and sometimes restructured through the efforts of local actors. Faced with the phasing out of certain areas, these actors had to think about new strategies in response to landscape transformations, like urban neoliberalism. Therefore, we can conclude that creative destruction of the landscape is related to global economic processes and negotiated by local actors.