published_or_final_version / Literary and Cultural Studies / Master / Master of Arts

published_or_final_version / abstract / Comparative Literature / Master / Master of Philosophy

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

published_or_final_version / Literary and Cultural Studies / Master / Master of Arts

The aim of this study is to investigate how inside and outside directors differ in their cognition and reasoning in regards to environmental sustainability issues. The theoretical background derives from a cognitive view and Stakeholder theory. The paper is further based on current research regarding insiders’ and outsiders’ relationship to environmental sustainability. In order to capture the cognition and reasoning of insiders and outsiders, a Think-aloud study was conducted, interviewing a total of 20 board members in the food industry. Results from this study showed that, when faced with environmental issues, outsiders are more likely to request, repeat, ponder as well as clarify the information given. Secondly, outsiders are more likely to consider a long-term perspective. Thirdly, outsiders are more likely to consider an environmental view. Lastly, both insiders and outsiders use analogical reasoning when contemplating around environmental issues. However, insiders are more likely to draw experience from their current position or company while outsiders are more likely to draw experience from outside their current position or company when solving environmental issues.

Problemdiskussion: Mångtalet forskare har argumenterat för behovet av kreativitet i dagens problematiska organisationsklimat och med detta som grund har forskningen om kreativitet fått stor uppmärksamhet och utvecklats i nära alla tänkbara riktningar. Trots detta finns det ett område som fortfarande är mycket outforskat, nämligen det om kreativitet och styrelser. Då samband påvisats mellan styrelser och, de till kreativitet nära besläktade områdena, innovation samt intraprenörskap uppskattar vi emellertid att styrelsen har en betydelsefull roll också i skapandet av kreativitet. Syfte: Vårt syfte är att skapa förståelse för styrelsens roll i skapandet av kreativitet i den enskilda organisationen. Metod: Studien bygger på en flerfallsdesign och är genomförd med en kvalitativ forskningsstrategi och en abduktiv forskningsansats. Som undersökningsmetod användes kvalitativa intervjuer av semi-strukturerad karaktär. Slutsats: För båda fallföretag tolkar vi att styrelsen spelar en betydelsefull och främjande roll i den kreativitetskapande processen i den enskilda organisationen. Den av styrelsens formulerade roller som är av störst vikt i denna process hör vidare till området för strategi. / Problematization: Due to the challenging environment organizations face today, the need for creativity has been raised by numerous researchers and thus the research of creativity has been developed in nearly all possible directions. In spite of this there is still one area that is critically unexplored, namely that of creativity and board of directors. Since connections have been found between boards, innovation and intrapreneurship, areas that are closely related to creativity, we however estimate that boards play an important role in the creativity making process as well. Purpose: The purpose of this study is to create understanding of the board’s role in the creativity making process of the individual firm. Method: Based on case studies from two organizations, the study is conducted with a qualitative research strategy and an abductive research approach. Qualitative interviews of semi-structured nature were used in order to gather empirical information. Conclusion: According to our interpretation the board plays a significant and stimulating role in the creativity making process of both individual firms. Furthermore the board function that is of highest importance in this process belongs to the field of strategy.

L'introduction de la dimension comportementale dans l'explication des phénomènes de fusions-acquisitions a permis de remplacer les suppositions traditionnelles de rationalité des acteurs par des suppositions comportementales potentiellement plus réalistes. La finance d'entreprise comportementale permet de traiter le phénomène de fusion-acquisition dans un cadre élargi en intégrant dans l'analyse l'hypothèse de l' irrationalité des acteurs notamment les dirigeants des acquéreurs. Le présent travail porte sur l'étude de la relation qui existe entre les biais comportementaux des dirigeants des acquéreurs tels que le biais d'excès de confiance, et les opérations d'acquisitions. Nous développons, dans un premier temps, plusieurs mesures d'excès de confiance des dirigeants. Dans un second temps, les différentes mesures développées seront mobilisées pour étudier l'effet de l'excès de confiance sur les politiques d'acquisition. Sur un échantillon d'entreprises françaises engagées dans des opérations d'acquisition durant la période 1999-2007, nous montrons que les dirigeants surconfiants des acquéreurs ont tendance à réaliser plus d'acquisition et à les effectuer avec une prime d'offre plus élevée. Cependant, ces acquisitions ne sont pas rentables pour les actionnaires des acquéreurs étant donné que les rentabilités réalisées sont négatives autour de la date d'annonce. / The introduction of the behavioral dimension in the explanation of the phenomena of mergers and acquisitions has allowed to replace the traditional assumptions of rationality of the participants by potentially more realistic behavioral assumptions. Behavioral corporate finance allows to treat the phenomenon of mergers and acquisitions in a framework widened, incorporating into the analysis the hypothesis of the irrationality of participants in particular the managers of bidders. The present work focuses on studying the relationship between the behavioural bias of managers of bidders such as overconfidence bias, and the operations of acquisition. Firstly, we develop several measures of CEO overconfidence. Secondly, these measures are used to study the effect of overconfidence on acquisitions policies. From a sample of French firms involved in operations of acquisitions during the period 1999-2007, we show that the overconfident CEO tend to make more acquisitions and to make them with a higher acquisition premium. However, these acquisitions are unprofitable for the shareholders of the bidders since the returns realized are negative around the date of announcement.

The purpose of this research was to explore the relationship between diversity within the boards of directors of American companies and firm financial growth. Specifically, this study sought to determine the question of whether a relationship exists between medium-term growth in a firm’s accounting returns and the inclusion of a) minority women, b) ethnic minorities, or c) women on its board of directors. The supporting analysis for this inquiry included an in-depth examination of the five-year growth rates in ROE, ROA, and profit margins of 439 companies between 2011 and 2015. These companies operate across eight industry groups and are listed either on the New York Stock Exchange or the NASDAQ stock index. Results of the statistical analyses show significant increases in financial growth for companies with gender- and ethnically-diverse boards (when compared to boards consisting solely of white men). However, based on effect sizes, the most significant increases were found in the profit margins of companies with minority directors.

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de maîtrise en droit option droit des affaires". Ce mémoire a été classé parmi les 15% des mémoires de la discipline. / Il se pose présentement un problème de compréhension du concept de malhonnêteté en matière de fraude. Pour fms de rappel, la fraude peut être commise par mensonge, par supercherie ou par tout autre moyen dolosif. Cette dernière notion, selon l'état actuel de la jurisprudence sera évaluée selon un critère objectif. C'est donc en fonction de la personne raisonnable que l'on se référera afin de déterminer du caractère malhonnête de la conduite. Or, la notion de malhonnêteté n'étant pas défmie, il en résulte incertitude et confusion surtout en matière de crimes économiques. Considérant que les administrateurs sont assujettis en droit des sociétés à une obligation de loyauté et d'honnêteté, il s'agira de s'inspirer des principes développés en cette matière afm de dégager certaines constantes qui nous permettront de déterminer ce qui constitue une conduite malhonnête. La première partie se veut un exposé sommaire des grands principes régissant le droit corporatif. Y sont décrites certaines conduites considérées comme malhonnêtes en droit des sociétés. De cette analyse, il ressort que la malhonnêteté est davantage définie en relation au projet commun des investisseurs qu'en fonction d'un droit de propriété. La notion se divise ainsi autour de deux grands axes, à savoir, les conflits horizontaux et les conflits verticaux. La deuxième partie se concentre sur le droit criminel. Y sont repris, en matière de fraude les conduites considérées comme faisant partie de la catégorie des «autres moyens dolosifs» et décrites par la juge Mclachlin. Au besoin, une référence aux principes du droit corporatif est faite. D'autres infractions, telles les commissions secrètes, les délits d'initiés et le vol sont examinées. La malhonnêteté en droit criminelle est davantage définie en relation avec le droit de propriété. Toutefois, le manque de loyauté se voulant également dénoncé, la notion d'intérêt de la compagnie, comme en matière de droit corporatif présente toute sa pertinence. / There presently is a problem regarding the comprehension of the concept of dishonesty relating to fraud. Fraud can be the result of deceit, falsehood or other fraudulent means. This last notion is determined objectively, by reference to what a reasonable person would consider to be a dishonest act. Considering that the notion of dishonesty has no definition, a confusion exists especially when it cornes to economic crimes. Due to the fact that directors are compelled to respect an obligation of good faith and loyalty, we will refer to the general principles that exist in corporate law in order to define what can be qualified as dishonest behaviour. The first part is a summary of the general principals relating to corporate law. In fuis part we describe sorne behaviours which are considered as dishonest. From this analysis, we have come to the conclusion that dishonesty is understood as being an obstacle to the common project ofthe investors, and not in relation to property. The second part relates to criminal law. Some of the behaviours that were described as being part of other fraudulent means by justice McLachlin are analyzed. A reference to the general principles of corporate law is made when needed. Other offences like secret commissions and insider trading are also part of the analysis. Dishonesty pertaining to criminal law is described in relation to property. However, a lack of loyalty being also denounced, the notion of the best interest of the company, as in corporate law, remains relevant.

Primary and secondary liability of members of the Board of Directors against third persons The aim of my thesis is to analyse thoroughly the regulation of primary and secondary liability of members of the Board of Directors against third persons (so-called 'outside liability') under the laws of the Czech Republic. The reason for choosing this topic is that it is relatively overlooked by most of the authors since they primarily focus on liability of the Directors against their own company (so-called 'inside liability'). By conducting my research I intend to redress such an omission and prove the significance of this issue. Chapter one provides a general overview of the inside liability issue. It explains why the Directors are in discharging their duties primarily accountable to the company for the damage caused by a breach of their duties and why third persons are entitled to claim damages from the Directors only in cases laid down in special statutory provisions. Chapter two together with chapter three form a substantial part of the text and provide the basis for the analysis in the subsequent chapters. Examining the currently effective regulation, these chapters deal with special provisions which constitute direct liability of the Directors for the damage caused to the third persons (most...