Ce travail de recherche est dédié à l’analyse des politiques de dividendes dans le contexte des fusions-acquisitions américaines. Le premier chapitre de cette thèse décrit le cadre de l’étude. Il présente le cadre théorique des politiques de dividendes, puis celui des fusions-acquisitions avant d’exposer les champs exploratoires relatifs aux spécificités des politiques de dividendes lors des opérations de fusions-acquisitions. Il traite, à la fin, une illustration d’une fusion américaine qui incarne un cas réel des interactions des politiques de dividendes lors des rapprochements des firmes. Le deuxième chapitre de la thèse explore empiriquement l’impact de la différence entre les politiques de dividendes des firmes fusionnées sur la politique de dividendes post-fusion, et teste un éventuel effet de compensation de la prime de fusion. Le troisième chapitre part de l’idée que la réaction négative du marché à l’annonce des acquisitions en titres de firmes cotées est l’issu de l’évaluation incorrecte de l’acquéreur. De ce fait, il explore un possible rôle informationnel de la politique de dividendes de l’acquéreur dans ce type d’opérations qui peut réduire l’asymétrie d’information sur la valorisation de l’acquéreur, et ainsi alléger la réaction négative du marché à l’annonce. Le quatrième chapitre étudie les caractéristiques financières des firmes fusionnées qui sont déterminantes de leurs politiques de dividendes. Au vu de cela, il suppose que la réussite de la fusion peut être affectée par la différence entre les politiques de dividendes des firmes fusionnées issue de la différence entre leurs caractéristiques. Les résultats de nos recherches prouvent l’effet de la divergence entre les politiques de dividendes des firmes fusionnées sur le déroulement de la fusion au moment et après la transaction. La principale contribution de cette thèse est donc d’illustrer l’importance de tenir compte des politiques de dividendes des firmes impliquées dans des opérations de fusions-acquisitions, afin de pouvoir prendre les bonnes décisions lors du rapprochement. La généralisation de l’effet de clientèle sur les firmes fusionnées permet de détecter des chocs de clientèles de dividendes, et de révéler la nécessité d’absorber ces chocs par certains termes transactionnels et par la conduite post-fusion de la firme combinée. / This research is dedicated to the analysis of dividend policy in the context of U.S. mergers and acquisitions. The first chapter of this thesis presents the framework of the study. It outlines the theoretical framework of the dividend policies and the mergers-acquisitions before stating exploratory fields related to the specificities and contributions of dividend policies in the M&A setting. Furthermore, it discusses an illustration of an US merger that embodies a real case of interactions between dividend policies during mergers-acquisitions. The second chapter empirically explores the impact of the difference between merging firms’ dividend policies on the post-merger dividend policy, and tests a probable compensation effect of the bid premium. The third chapter starts from the idea that the negative market reaction to the announcement of stock acquisitions of listed firms is derived from the acquirer’s misevaluation. Thereby, it explores the information content of the acquirer dividend policy in such deals which may reduce the information asymmetry on the acquirer valuation, and thus alleviate the negative market reaction at the announcement. The fourth chapter examines the financial characteristics of merging firms that are determining their existing dividend policies. In light of this, it assumes that the merger completion may be affected by the difference between merging firms’ dividend policies which are resulting from the difference between their characteristics. The findings of our research confirm the impact of the difference between the merging firms’ dividend policies on the conduct of the merger during and following the transaction. The main contribution of this thesis is to illustrate the importance of considering the dividend policies of companies involved in mergers-acquisitions in order to make the right decisions in favor of the reconciliation. The generalization of the clientele effect on the M&A setting allow to detect dividend clientele shocks, and reveal the need to absorb these shocks by transaction specifics and the post-merger conduct of the merged firm.

L'opération de négociation sur un marché réglementé des valeurs mobilières correspond à une vente originale d'un bien meuble qui présente beaucoup de particularité puisqu'elle fait appel à plusieurs mécanismes. Cette opération est basée sur l'intervention des intermédiaires spécialisés, et elle se déclenche par un ordre de bourse. La législation financière cherche toujours à garantir la sécurité et la transparence de cette opération. L'étude de l'opération dans un cadre comparée entre le droit français et le droit tunisien a montré qu'il est temps que le législateur tunisien intervient pour intégrer des notions et des normes essentielles dans la matières qui permettent à la place financière tunisienne de s'aligner sur les règles internationales. / The operation of negotiation on a market regulated by securities corresponds to an original sale of the good(property) furnish(fill) which presents a lot of peculiarity because it calls on to several mechanisms. This operation is based on the intervention of the specialized intermediaries, and it starts by a stock market order. The financial legislation always tries to guarantee the safety(security) and the transparency of this operation. The study of the operation in a frame(executive) compared between the French law and the right(straight) Tunisian showed that it's time that the Tunisian legislator intervenes to integrate(join) notions and essential standards in materials(subjects) which allow the Tunisian financial center to align themselves with the international rules(rulers).

Student Number : 9908223M - PhD thesis - School of Social Sciences - Faculty of Humanities / This thesis examines the status and role of parliamentary committees in democratic theory with a view to critically assessing the performance of one such committee, the South African version of the PAC, SCOPA. It advances a pluralist theory of popular sovereignty according to which there is no single institutional complex or site, which exclusively expresses the will of the people. The latter is the case in monist theories, which reduce democracy to its practice in a single site. Rousseau and Weber are critically examined in this connection. In the pluralist notion advanced in this thesis the popular will is expressed and realized in a plurality of institutional sites and modalities of exercise. On this perspective parliamentary committees perform a function vital to the constitution of popular sovereignty itself. They are indispensable to the formation by the people of an accurate perception by it of what the Executive is doing in its name. Their investigative work is thus constitutive of the formation of a democratic subject and will. Parliamentary committees are thus central to the satisfaction of the conditions of the deliberative dimension of democracy. On this definition, parliamentary committees must in addition themselves conform to the principles of deliberation in their own practice. This specifically deliberative conception of democracy is then further delineated by distinguishing it from the aggregation – majoritarian perspective and defending it against a variety of criticisms, including that of Chantal Mouffe. With this conceptual and normative framework in place, the British and American committee systems are examined in order to establish some reference points in terms of the institutional practice of parliamentary committees. The focus then shifts to the parliamentary committees of the South African Parliament. The constitutional and legal foundation for parliamentary committees (in the South African system) is examined with particular reference to SCOPA itself and the first five years of the new parliamentary committee system identified as a period during which several South African parliamentary committees, including SCOPA, effectively exercised their “oversight” function. Once the Government’s SDP entered the scene all things changed. This thesis examines the formation of the JIT, paying particular attention to the exclusion of the HSIU and the interventions of the Speaker, Hon Frene Ginwala. It identifies in close detail all the flaws in the SDP procurement process as well as the contradictions and lacunae in the final JIT Report itself. These are of such a magnitude as to render unreasonable any claim to the contrary and in endorsing the Report SCOPA thus clearly failed in its essential function. The notion of a threshold concept of reasonable adequacy is introduced as limiting the conditions under which committee decisions can legitimately be taken via majority voting. The argument is advanced that these were clearly not met in the case of the SCOPA decision under discussion. The implications of this “collapse” of SCOPA for South African democracy more broadly are then identified and discussed in terms of deliberative democratic theory.

Cette thèse se compose de trois essais empiriques qui étudient l'impact de la responsabilité sociale des entreprises (RSE) dans les opérations de fusions et acquisitions (F&A). Le premier chapitre traite de la relation entre la performance RSE des firmes et leur propension à faire l'objet d'offres de rachats. Nous constatons que la performance RSE des firmes est positivement liée à la probabilité qu'elles ont d'être ciblées dans le cadre d'opérations de F&A, et que la performance RSE des firmes ciblées est supérieure en moyenne à celle d'entreprises similaires mais non-ciblées. Dans le deuxième essai, nous nous intéressons à la relation entre la performance RSE des firmes ciblées dans le cadre d'opérations de F&A et la prime d’acquisition offerte par les acquéreurs. Nous constatons que la performance RSE des firmes ciblées est positivement liée à la prime d'acquisition offerte. Nous constatons que la prime d'acquisition est en partie expliquée par la performance environnementale et la performance sociale, mais que la performance sociale n’a d’impact que dans le cadre des opérations transfrontalières. Enfin, dans le troisième essai, nous analysons l'impact de la performance RSE des acquéreurs sur l'incertitude entourant les opérations de F&A. Nous trouvons une relation négative entre la performance RSE des acquéreurs et le spread d'arbitrage, suggérant que les opérations de F&A menées par des acquéreurs à forte performance RSE sont perçues comme ayant une probabilité accrue de réussite. Globalement, nos résultats suggèrent que la performance RSE détermine de manière statistiquement significative les décisions de F&A et leurs perceptions par les acteurs de marché. / This thesis consists of three empirical essays investigating the impact of corporate social responsibility (CSR) on mergers and acquisitions (M&A). In the first essay, we investigate whether the CSR performance of firms impacts their propensity to become M&A targets. We find that the CSR performance of firms is positively related to takeover likelihood. We also show that the CSR performance of target firms is higher on average than the CSR performance of comparable non-target firms. In the second essay, we study the relationship between M&A targets’ CSR performance and the acquisition premium offered by acquirers. We show that CSR is positively and significantly associated with the premium offered by acquirers. We also find that the premium is explained by the environmental and social performances of firms but that social performance only commands a premium in the case of cross-border transactions. Finally, in the third essay, we analyze the impact of acquirers' CSR performance on M&A deal uncertainty. We document a negative association between arbitrage spreads and acquirers' CSR performance, showing that deal uncertainty decreases when M&A operations are initiated by high-CSR acquirers. Overall, our results suggest that CSR performance is a significant determinant of M&A decisions and expected outcomes.

The purpose of this study was to examine the self-perception of leadership styles of practicing female superintendents in Texas and how their preferred leadership style affected their performance. The study posed the following questions:(1) What are the preferred leadership styles of the practicing female superintendents in Texas as measured by Bolman & Deal’s (2003) four frames of leadership? (2) What are the predominant behaviors that female superintendents in Texas identify within each frame of leadership? (3) How do the preferred leadership styles and behaviors influence the superintendents’ every day performance? This study was relied on a mixed method approach, quantitative and qualitative. The quantitative component involved surveying 50 female superintendents, using the Leadership Orientations (Self-Report) survey (Bolman & Deal, 1990). The qualitative component included a semi-structured interview which asked follow up questions with six selected female superintendents (two from rural, two from suburban, and two from urban districts) who consented to the interview regarding the influence of their leadership preferences. The findings suggest participants’ preferred leadership style relates to the Human Resource frame which include: being an inspirational leader, utilizing interpersonal skills, making good decisions; as well as, coaching and developing people. Findings also suggest that predominant behaviors include: supporting others, building trusting relationships through collaboration, and being participative. The preferred leadership styles and behaviors’ influence on female superintendents’ everyday performance resulted in embracing collaboration, being transparent, sharing a vision, being passionate, and building trusting relationships. Additionally, beliefs and behaviors that lead to success include: being honest, depersonalize the situations, education makes a difference, adopt flexibility, and power to make decisions. The characteristics that lead to success are: being spiritual, being organized, being committed, and willing to help others. Furthermore, the following advice was offered: learn to cope with high level of visibility, become knowledgeable of the district’s needs and characteristics, and develop a professional image. Finally, implications for aspiring female superintendents, superintendent preparation programs and school boards members are also presented. / text

This study investigated the critical success factors that affect the effectiveness and efficiency of mergers and acquisitions, by soliciting responses from bank Chief Executives and case evidence from the South African banking industry for the period 1990 to 2015. The study applied a mixed-use methodology. The case study evidence was drawn from the formation of the “Big Four Banks” in South Africa, namely, Absa (“Barclays Africa Group”), First Rand Group, Nedbank Group and Standard Bank Group. The study found that when visions and values of merging banks were aligned, there was a greater chance of success. The study further found that culture compatibility of merging entities is paramount. Stakeholder acceptance was also found to have a strong impact on the chance of success or failure in mergers and acquisitions (M&A). The case evidence corroborated and substantiated that there was a positive Deal Value Added (DVA) trend before the merger activity and immediately thereafter, evidenced by positive share price appreciation resulting in increased market capitalisation. The quantitative results found that 56% of the sampled CEOs indicated that an 80% majority of bank mergers in the South African banking sector had created value over the long term, evidenced by 10-year return trends. This study contributes to the corpus of knowledge by generating an integrated assessment framework that can be applied even beyond the South African environment, by practitioners involved in mergers and acquisition activities. / Graduate SBL / D.B.L.

‘Narrative’ has become such a pervasive term in media and political jargon that its theoretical backbone has become harder to trace. With this in mind, this thesis seeks to contribute to the theoretical understanding of narratives in international relations research, with a focus on the European Union. This thesis begins with a discussion on narratives in the international system, what kinds of power they exert, and how they provide structure. This will lead into the conceptual debate of narratives as tools vs narratives as identity, which will in turn raise questions about how actors use narratives to maintain ontological security. Within the context of the EU, these questions are of particular relevance, as the struggle to create a narrative for the EU is well documented. Moreover, there remains a struggle to convince member states of the importance of an EU narrative identity. This thesis will examine the area of common foreign and security policy (CFSP) through the lens of narrative analysis. The case study of the formation and projection of the EU narrative on the Iran Nuclear Deal has been selected to determine whether or not member states in the EU are faithful to EU foreign policy narratives. An analytical framework has been developed based on strategic narrative theory and will be used to test narrative output from the EU, Germany, and France on the subject of the Iran Nuclear Deal. The results of this analysis will be considered using a reflexive approach. The goal of this research is not to implicate EU member states or to imply a lack of commitment to EU CFSP. Rather, this thesis seeks to demonstrate how deep-seated narratives affect even the closest of alliances. This thesis also seeks to encourage policy makers and scholars to consider the importance of narrative integration in EU research.

This thesis explores what effect Saudi and American policy differences towards Iran have had on their bilateral relations. It is based on the recent thaw in Iran-U.S. relations, and the critical reaction of the Saudi government towards this policy. The question has two components – first, how severe the current Saudi-American rift is, and second, to what extent it can be traced to their differences over Iran. The topic will be addressed through process-tracing methods. The thesis concludes that there is indeed a rift in Saudi-U.S. relations marked by an increasingly assertive and independent Saudi foreign policy, though its alliance with America will likely endure. It also concludes that while the thaw in relations between Iran and the U.S. on the nuclear issue was not ultimately the major factor, more general differences over Iran are one of the most significant reasons for the Saudi-U.S. rift.

This essay examines how energy security has influenced the EuropeanUnion's stand in the Joint Comprehensive Plan of Action (JCPOA) in 2022. The study aims to provide a better knowledge of the current political atmosphere and the challenges to the European Union's energy needs in comparison to the other parties involved in the JCPOA (the United States, China, Russia, France, Germany, and the United Kingdom). This paper employed a single case study method to assess the European Union's position in the JCPOA using theories of energy security and balance of power. The findings revealed that sanctions imposed on Iran's oil and gas fields had a significant impact on its economy, and Iran used a variety of threats to the global energy market to balance the exporter-importer equation. One of the targets is the European Union, which is one of the world's top energy importers. Iran has increased the price of energy by disrupting the Strait of Hormuz and assaulting Saudi Arabia's oil facilities by supporting the Houthi rebels in Yemen. Furthermore, Russia has dreamed of a new rise following the collapse of the Soviet Union by controlling the European Union's energy market through its influence in Iran and attacking its neighbors such as Georgia and Ukraine, which are considered transit countries. One might conclude that among the parties involved in the JCPOA, China is benefiting from Iranian cheap oil, which Iran cannot sell in the global energy market, and Russia has a participant on the Iranian side known as the shadow government, the Revolutionary Guards Corps which seems -based on Leakedaudio of Zarif, former Iranian Foreign affairs minister- it acts according to the Russian interests rather the Iranian interests. Furthermore, Russia has been creating a new international order by soft balancing and constructing a hegemon on the European Union's energy market. Russia is doing this hegemon through oil and gas contracts with Central Asian countries that are landlocked and cannot easily bypass supplying energy sources to the European Union, as well as invading its former Soviet countries such as Georgia and Ukraine, which are considered transit countries. Energy producers among the West Bloc countries included in the JCPOA are theUnited States and the United Kingdom. France and Germany are two of the EU's founding nations that rely heavily on energy imports. It is crucial that the EU honours the JCPOA in order to ensure its energy security.

One thing the European Union and Germany have in common is their self-imposed role as forerunners in the field of climate policy. Therefore, this thesis explores whether this may be all the two have in common in this area, or whether they are pursuing the same objectives. For this purpose, a framework based on the theory of differentiated integration has been created to examine the extent to which German climate targets harmonize with those defined by the EU. Over a period from 2009 until the acceptance of the European Green Deal in 2020, I conclude that the German climate policy along its climate targets is, with minor exceptions, increasingly harmonized with the EU guidelines.