This study originated in the phenomenon that has been observed in the South African Saddle Horse Industry of substantial investments being made over time in the absence of obvious financial or economic reward. A literature study confirmed that, internationally, investment without obvious financial and economic rewards is not unknown and at the same time it was obvious that it is a rarely studied subject. From the literature study it was also evident that this phenomenon occurs where passion and, to a lesser extent, commitment is involved. Economic models on decision making is lacking in perspective on the influence of emotions which were proven to be substantial in an emotionally-laden market, such as the South African Saddle Horse industry. Consumption theory in marketing describes consumption decisions where the consumer is so influenced by emotions that rational influences barely come into play. It is in this context that the study seeks to qualify the investment decisions in the South African Saddle Horse industry by the adaption of consumption theory to investment theory. Research on the indicated strategic phenomenon fits within the critical realism paradigm and is essentially inductive, theory building research. In this case, the adaption of consumer theory as investment theory. Qualifying the influence of emotions in the investment decision – the “why” and “how” questions about a contemporary set of events, over which the researcher has no control – indicates case study as the applicable method of research. In this research, the case study theory is built by generalising case data to prior theory seeking replication or theoretical replication. With prior theory embracing the mentioned consumer theory and case selection dictated by the information, a case study can assist to identify the motivators of the investment decision. Once qualified, the influence of emotions on the investment decision in the mentioned strategic phenomenon can be quantified. Quantifying the influence of emotions on the investment decision leaves two alternatives, the first of which is developing a data set in a statistical survey. However, neuroeconomic findings indicate that opportunity cost comparisons for decisions are supported by our emotional circuitry that is commonly below our conscious awareness. This finding has the direct implication that opportunity cost questions in retrospect do not yield reliable information. The second alternative would be to use dependable historic investment decision data series, such as auction prices. But in the South African Saddle Horse industry, only African Saddle Horse Futurity (ASF) offers any usable investment decision data series, with the AACup being the mother competition in the USA, offering a compatible data series but much more complete and evolved. Therefore, in quantifying the influence of emotions on investment decisions, ASF data and extended AACup auction data is used in an Ordinary Least Squares regression (OLS) analysis and for further calculations. In the literature study it was evident that emotions will be a major influence in investment decisions in the horse industry. This was confirmed by the multiple case study, proving applicability of consumption theory to the investment decision in the South African Saddle Horse industry. The OLS analysis rendered the magnitude of influence of emotions on the investment decision as both prohibitive and irregular on the theoretical determinants of the investment decisions. In all the research done, emotions were unanimously proven to be the determining influence on the investment decision in the South African Saddle Horse industry. But in a free market system where price equates demand and supply, the confirmed influence of emotions in the establishment of price hampers the effective distribution of scarce production resources. In this, the influence of emotions results in a cost to the industry. By manipulating the data set used in the dissertation, an indication of the historic cost of the influence of emotions in the investment decision at the ASF and AACup competitions became apparent. Also, the influence of emotions can be equally crucial in, for example, exploiting economic growth potential. For example, the Saddle Horse industry is a world-wide multimillion dollar industry, with coincidently proven and strong connections with good growth potential to South Africa’s rural areas. These connections contain sustainable development potential to improve the quality of life for many people living in these rural areas. But in order to successfully exploit this potential, more information on emotions as an economic variable is needed in stimulating the industry. In accordance with the incidence of emotions as an influence in decision making, evident in literature and this research, this argument for more information is extendable to numerous other emotionally influenced markets. Therefore, in order to improve reliability of predictions on economic investment and also economic growth, emotions as an influence have to be accounted for. / MSc (Agric), North-West University, Potchefstroom Campus, 2015

This thesis aims to establish how high school librarians in Scotland and America can become effective evidence-based decision-makers. Initial data collection consisted of written questionnaires to elicit background data from librarians on the extent of their evidence-based practice. Three main themes emerged: collaboration; interprofessional relationships and roles; and decision-making. These themes are discussed in more detail. A range of qualitative methodologies was designed and implemented to gain more in-depth information on practice and viewpoints, involving librarians and stakeholders. A draft model was created of the effective evidence-based practitioner in a high school library, based on an interpretation of findings and readings from the literature. After member-checking and validating by stakeholders, a final model was produced. This emergent model focuses not on the role of the school librarian in isolation, but stresses the importance of interrelationships involving the librarian. The study makes an original contribution to knowledge by giving a better understanding of the effective evidence-based high school librarian in the wider context of education. There is also a contribution to knowledge by adding to the general theory of workplace decision-making and evidence-based practice which is applicable outwith the school sector, and the pragmatic solution-driven model of decision-making is introduced. Key findings give an insight into the complexity of the school library situation, and highlights that ideally there will be positive relationships between school management, school librarian and collaboration. When these come together, it can mean an increase in student achievement, and more effective evidence-based decisions can be made. Findings also demonstrate links between these elements with evidence, national bodies and skills and qualities needed to be an effective evidence-based high school librarian, and identify how the new and complex expectations made of school librarians can be met. Recommendations are made to help stakeholders improve practice.

Swedish wood product industry contributes significantly to the economy of the country. This industry adds more value to the sawn timber produced in order to manufacture different wooden products. Companies in Swedish wood product industry are presently seen as underdeveloped in terms of investments and developments in automation technologies. Automation technologies are seen by companies as a solution for improving productivity, product quality, manufacturing cost reduction and ultimately improving competitiveness. This has driven competing companies to pursue automation technologies that improve manufacturing processes. Literature in the Wood product industry field shows that there is need for extended automation technologies. The wood product industry has high degree of handcraft; for instance, some Swedish wood product manufacturers still have an essentially manual manufacturing process. This study seeks to understand the role of automation in the Swedish wood product industry and mainly focuses on the factors that drive and restrain companies in this industry to adopt and use automation technologies. An abductive research approach was applied, consisting of a literature review and multiple empirical case studies. The literature review was conducted to provide theoretical background on the general view of automation and the factors that affect adoption of new technologies in companies. The case studies were performed in collaboration with four wood product manufacturers within different business areas in order to analyse and compare similarities and differences in the factors that drive and restrain adoption of automation technologies. The findings imply that companies in the Swedish wood product industry face different factors that drive and restrain them from adopting automation technologies. The factors are both internal and external to the companies. Among the noticeable ones are the high product variety, lack of automation strategies, heterogeneous material property of wood, low competence levels regarding automation technologies, varying demands from the customers, and relationship with the suppliers of automation technologies. Regardles of the restraining factors faced by companies in the Swedish wood product industry, there is a great opportunity to improve their production systems in terms of automation technologies. There is now a growing treand in these companies to prioritise automation technologies as a competitive factor. This study contributes to the knowledge regarding the factors that drive and restrain the adoption of automation technologies and how companies could deal with such factors in the Swedish wood product industry.

The purpose of this dissertation is to explore how the economic return of a software investment can be assessed and managed. This topic has been studied in research and has been a concern for firms making software investments. In order to study this we need a model of the underlying factors affecting the economic return. Assessing and managing the return of a software investment is been argued to be difficult due to specific economic characteristics of a software investment, i.e. high degree of intangible consequences and uncertainty about the total investment cost. Given these characteristics it is has been concluded that it is difficult to derive a return function. In this dissertation we question this conclusion and propose a comprehensive model to assess and manage the intangibles and the underlying uncertainty. The model is deduced from general assumptions of the economic behavior of the firm. To develop the model we analyze the relevance of intangibles in relation to the economic purpose of making a software investment. Based on this a new way of deriving a cash flow function for a software investments is defined. Further it is analyzed how the underlying uncertainty of a software investment can be managed. The analysis uses a quantitative approach and methods from financial economics. It includes how the application of a real option and portfolio approach can reduce the uncertainty in a software investment and the role of efficient software platforms. The relation between software platforms and the opportunity to create different types of real options for future development is inferred from empirical studies. The studies in this dissertation show how a managerial view on a software investment corresponds with the overall economic goal of the firm. They also show how a strategic value of a software investment can be created, assessed and managed.

Arrow and Raynaud introduced a set of axioms that a ranking rule should verify. Among these, axiom V' states that the compromise ranking should be a so-called prudent order. Intuitively, a prudent order is a linear order such that the strongest opposition against this solution is minimal. Since the related literature lacks in solid theoretical foundations for this type of aggregation rule, it was our main objective in this thesis to thoroughly study and gain a better understanding of the family of prudent ranking rules. We provide characterizations of several prudent ranking rules in a conjoint axiomatic framework. We also prove that we can construct profiles for which the result of a prudent ranking rule and a non-prudent ranking rule can be contradictory. Finally we illustrate the use of prudent ranking rules in a group decision context and on the composite indicator problem.

Supplementary food is less variable than natural food. While feeding from constant food sources tends to be preferred by animals they must sometimes forage from more variable resources. However, the ways in which animals deal with the temporal and spatial variability of more natural food is not entirely understood. I investigated the decisions free-living rufous hummingbirds made when foraging from variable resources, where variability was encountered over time or within a bout via four field experiments. In addition, I investigated their use of wild flowers and differences in the use of supplementary food by these birds in different regions using surveys and by manipulating the distribution of feeders at feeding sites. I investigated the possibility of a genetic explanation for any differences in feeder use between regions using analysis of microsatellite DNA and banding data. Hummingbirds seemed to prefer to make foraging decisions based on past behaviour or post-ingestive feedback rather than on sensory information such as taste, which may be harder to assess accurately. Birds choosing between constant and variable rewards with equal means preferred the constant rewards when variability was high but tended to prefer the variable reward when variability was low. This seems to be a result of hidden time and other costs associated with foraging on highly variable resource but not on less variable ones, combined with potential benefits of information seeking from less variable resources. In addition, these preferences between constant and variable resources were affected by preceding foraging conditions. The number of birds using feeders was affected by population density and air temperature. Microsatellite data showed the rufous hummingbird population to have a fairly panmictic population structure. Investigating influences on foraging decisions at a large scale (population density) and small scale (resource variability) has provided a much wider understanding of their foraging behaviour than either could alone.

<p>An abundance of research in the social sciences has demonstrated a persistent bias against nonnative English speakers (Giles & Billings, 2004; Gluszek & Dovidio, 2010). Yet, organizational scholars have only begun to investigate the underlying mechanisms that drive the bias against nonnative speakers and subsequently design interventions to mitigate these biases. In this dissertation, I offer an integrative model to organize past explanations for accent-based bias into a coherent framework, and posit that nonnative accents elicit social perceptions that have implications at the personal, relational, and group level. I also seek to complement the existing emphasis on main effects of accents, which focuses on the general tendency to discriminate against those with accents, by examining moderators that shed light on the conditions under which accent-based bias is most likely to occur. Specifically, I explore the idea that people’s beliefs about the controllability of accents can moderate their evaluations toward nonnative speakers, such that those who believe that accents can be controlled are more likely to demonstrate a bias against nonnative speakers. I empirically test my theoretical model in three studies in the context of entrepreneurial funding decisions. Results generally supported the proposed model. By examining the micro foundations of accent-based bias, the ideas explored in this dissertation set the stage for future research in an increasingly multilingual world.</p> / Dissertation

Utilizando informações financeiras de 226 firmas brasileiras nos anos de 2000 até 2015, este estudo buscou investigar se a mispricing (avaliação equivocada do preço das ações) presente no mercado financeiro possui influência nas decisões de investimento dessas firmas. A restrição financeira também foi incorporada ao modelo ao se utilizar os índices KZ, WW e SA na classificação das firmas: financeiramente restrito e financeiramente não restrito. Buscou-se evidenciar como firmas financeiramente restritas e irrestritas ajustam suas fontes de recursos financeiros em resposta à avaliação equivocado dos preços das ações. Estimou-se através do GMM-System um modelo de investimento dinâmico considerando as variáveis de investimento defasado e quadrático, fluxo de caixa, alavancagem, crescimentos das vendas, q de Tobin, e como proxy da mispricing, Accruals discricionárias e Composite Share Issuance. Os principais resultados apontaram que a mispricing atua de maneira positiva no nível de investimento das empresas brasileiras. Elevadas accruals e CSI contribuem para o que o investimento seja impulsionado em virtude da sobrevalorização dos preços das ações e consequente valoração de mercado das firmas. Essa sobrevalorização torna possível a captação de recursos via mercado e a implantação de novos projetos. Os efeitos da mispricing podem inclusive auxiliar na superação de questões de sub-investimentos e propiciar o aumento dos investimentos na economia, atuando como \"relaxador\" das restrições financeiras e incentivando a execução de projetos eficientes. / Through financial information from 226 Brazilian firms between 2000 and 2015, this study investigated whether mispricing in the financial market influences the firm\'s investment decisions. The financial constraint was also incorporated in the study using the KZ, WW and SA indices to classify the firms into two groups: financially and non-financially constraint. It was expected to evidence how financially and non-financially constraint firms adjust their sources of resources in response to stock prices misjudgment. A dynamic investment model was estimated using the GMM-System, considering the lagged and quadratic investment variables, cash flow, leverage, sales growth, Tobin\'s q, and as a proxy for mispricing, discretionary accruals and Composite Share Issuance. The main results pointed out that mispricing acts positively on the level of investments of Brazilian companies. High accruals and CSI would contribute to the investment being boosted by the overvaluation of stock prices and the consequent market value of the firms. This overvaluation would allow the capture of resources via the market and the implementation of new projects. The mispricing effects could also indicate the issues of underinvestment and allow the increase of investments in the economy, presenting a \"relaxing\" effect of financial constraints and encouraging the execution of efficient projects.

O desenvolvimento do complexo agroindustrial da soja no Brasil deu-se, em parte, como decorrência do surgimento de formas alternativas de crédito, tal como a venda antecipada de soja por meio de contratos. O problema que motivou este estudo foi decorrente das quebras contratuais por parte dos produtores rurais em um momento de expressiva alta do preço e suas conseqüentes disputas judiciais. Foram realizadas análises descritivas e econométricas (PROBIT) sobre 161 decisões judiciais do Tribunal de Justiça de Goiás e uma pesquisa quantitativa com 70 produtores rurais. O estudo tem como hipótese central que o ambiente institucional deficiente eleva custos de transação e reduz o desenvolvimento econômico. Os testes realizados entre decisões judiciais de primeira e segunda instância (Apelação) indicaram larga dispersão, bem como entre decisões no mesmo nível: em comarcas do interior alguns resultados foram 100% favorecendo a manutenção dos contratos e outros exatamente o contrário. Da mesma forma, a análise das decisões de Apelação revelou a diversidade de entendimento das turmas julgadoras entre as Câmaras Cíveis. No entanto, a probabilidade de o contrato ser mantido aumentou ano após ano e uma das variáveis significantes foi a primeira decisão do STJ sobre esse conflito, favorável à manutenção dos contratos. Os impactos das decisões jurídicas no ambiente econômico podem ser percebidos, como a maior exigência de garantias e a redução do número de contratos. Os produtores que não quebraram seus contratos também foram negativamente afetados com as novas estratégias adotadas pelas empresas compradoras de soja. As empresas ficaram receosas de negociar, uma vez que não puderam contar com a segurança jurídica de que o contrato seria cumprido. O uso do conceito de função social dos contratos gera neles um alto grau de instabilidade, portanto, os custos de transação aumentaram para todos os agentes, bem como a importância de sanções econômicas. / The development of the soybean agribusiness complex in Brazil took place, in part, as a consequence of credit alternative forms, such as the soybean anticipated sale by contracts. The problems which have motivated this study were the contractual breaches during an expressive increase of price and their judicial decisions. Descriptive and econometric analysis (PROBIT) have been carried out on 161 appeal judicial decisions of Goiás Court of Justice (Brazil) and a quantitative survey was done with 70 farmers. The study has supported the hypothesis that a weak judiciary increases transaction costs and decreases the economic development rate. A large dispersion of court decisions was found between the first and appeal decision, as well inside the same level. However, the probability of the contract maintenance in the second level decision increased year by year, one significant variable was the influence of High court decisions favoring the contract maintenance. The effects of court decisions could be realized such as more requirements of warranties and the reduction in the number of contracts. Those soybean producers who did not breach their contracts also have been negatively affected by the strategic reactions of trading and industries. The use of the concept of \"social role of contract\" inserted a high degree of instability in contracts. Therefore, the transaction costs have been increased for all the agents and the importance of economic sanctions has increased as well.

In this paper we build on the liability of foreignness concept and the institutional perspective to show how an equity listing and subsidiary formations in the host market are interlinked. Using a matched sample of foreign equity-listed and domestic equity-listed European firms on EU-regulated capital markets, we find that (1) the number of prior host-market subsidiary formations increases the probability of a host-market equity listing, and (2) a prior host-market equity listing increases the number of host-market subsidiary formations. Hence, we identify spillover effects between factor market and capital market strategies. However, the extent of these spillover effects depends on institutional characteristics of the host market, where companies on smaller markets gain higher spillover effects. We contribute to international management and finance research by providing factor market strategies as a valuable source to overcome capital market liabilities of foreignness and capital market strategies as a valuable source to overcome factor market liabilities of foreignness.