Although emerging economies have received increased attention by both firms and academia in recent decades, there is still more that can be done. Calls have been made by both academic authors and journals to conduct research within institutionally voided environments, a call that was answered by this study. Specifically, this study answers calls related to: examining institutional strategies; examining the relationship between nonmarket and market exchanges. The purpose of this study was to gain a deeper understanding of how the nonmarket-market relationship affects firm strategies and behavior in Cambodia, an especially voided country due to their turbulent recent history. A second layer of the purpose was to compare firms and explore their similarities and differences to understand the isomorphic pressures of Cambodia. A qualitative case study approach to the study was undertaken to achieve the study’s purpose. Thirteen semi-structured interviews were conducted with various managers who have the ability to make strategic decisions in their respective firms. All the interviewees were from the private sector but were scattered throughout different industries and were asked about their experiences and perception of the Cambodian business environment, mainly focusing on the institutional context. The data collected were then structured based on three main themes and corresponding subthemes. This thematic division was the basis for the analysis of the study as well as the conclusion. Based on the analysis of the data, it can be concluded that the nonmarket is indeed superordinate to the market environment in Cambodia. From a macro perspective, the institutional voids affect all firms in Cambodia, and the firms utilize similar variations of four institutional strategies: internalization, substitution, buffering, and bridging. Because the nonmarket environment in Cambodia is so strong, this results in both voids in the market environment and firms becoming more isomorphic. These four strategies were not the only ones identified, other strategies, namely outsourcing and institutional borrowing, were noted as well because of the institutional voids. Theoretically, this study contributes to revising and improving Institutional Theory and reinforcing both Institutional Theory and the Resource-Based View. Social contributions relate to assisting policymakers in Cambodia to understanding their most problematic institutions and developing or improving those institutions. Practical contributions are aimed at practitioners seeking to or doing business in Cambodia, assisting them in understanding the institutional context of Cambodia and knowing how to navigate within its boundaries. This practical contribution can also be considered a social contribution, as more businesses enter Cambodia and as firms grow, the combination of firm entrance and growth creates more jobs and stimulates the economy.

This study investigates the moderating role of the agency conflict between controlling and minority shareholders on the investment-risk relationship. When the ownership-control structure is concentrated, the agency theory indicates that the separation between cash-flow rights and voting rights induces the controlling shareholder to extract private benefits. To assess the effect of ownership-control divergence on the investment-risk relation, we use system generalized method of moments estimator (SYS-GMM) in longitudinal data from 412 Brazilian firms between 1997 and 2010. Our results show that investment is less sensitive to idiosyncratic risk for companies in which the largest shareholder presents high levels of ownership-control divergence. The impact of excess voting rights on the investment-risk sensitivity holds after we group firms according to distinct corporate governance and financial characteristics, such as financial constraints, family control, board independence, and the type of control-enhancing mechanism. Board independence does not affect controlling shareholders\' behavior toward risky investments. Among the control-enhancing mechanisms, the issuance of dual class shares is the main driver of the lower investment sensitivity to idiosyncratic risk. Our findings are consistent with entrenchment effects in the sense that dominant shareholders may select riskier projects when investing other people\'s money, which have both managerial and policy implications. / Este estudo investiga o papel moderador do conflito de agência entre acionistas controladores e minoritários no relacionamento investimento-risco. Quando a estrutura de propriedade e controle é concentrada, a teoria da agência indica que a separação entre direitos de fluxo de caixa e direitos de voto induz o acionista controlador a extrair benefícios privados. Para avaliar o efeito da divergência propriedade-controle na relação investimento-risco, utilizamos o estimador de método dos momentos generalizado sistêmico (MMG-SIS) em dados longitudinais de 412 empresas brasileiras entre 1997 e 2010. Nossos resultados mostram que o investimento é menos sensível ao risco idiossincrático para empresas em que o maior acionista apresenta altos níveis de divergência propriedade-controle. O impacto dos direitos de voto em excesso na sensibilidade investimento-risco mantém-se após agruparmos as empresas de acordo com características de governança corporativa e financeiras, tais como restrições financeiras, controle familiar, independência do conselho e o tipo de mecanismo para aumento do controle. A independência do conselho não afeta o comportamento dos acionistas controladores em relação a investimentos arriscados. Entre os mecanismos para aumento do controle, a emissão de duas classes de ações é a principal direcionadora da menor sensibilidade do investimento ao risco idiossincrático. Nossas descobertas são consistentes com os efeitos de entrincheiramento no sentido de que os acionistas dominantes podem selecionar projetos mais arriscados ao investirem o dinheiro de outras pessoas, o que tem implicações gerenciais e políticas.

This thesis examines how regional-level factors combined with firm-level factors influence innovation in an emerging economy – India. Past literature has shown that differences in both country contexts and firm-level factors influence innovation. The bulk of this literature tended to focus on developed economies. The handful of studies that have considered contextual differences have studied these at the country-level or within regional blocks such as regions of Europe or Africa. There is a paucity of research, which investigates how differences in state-level factors within a single country combined with firm-level factors influence innovation within firms. Therefore, it is an open question whether the findings derived from developed economies and country-level studies apply equally to emerging economies, particularly at the state level within a single country. Thus, there is a gap in the literature regarding our understanding of the impact of combined state- and firm-level factors on innovation within a single country. This thesis aims to contribute to a better understanding of how state and firm-level factors drive innovation in India, an emerging economy. India is selected because it is a fast-growing emerging economy that is increasingly being integrated into the globalized world economy and thus understanding how these factors influence innovation in an emerging economy would complement the literature that focuses on developed countries. Moreover, India is a huge country with substantial varieties in resources, capabilities, institutions (both formal and informal institutions) as well as ethnic, religious, and cultural varieties. Contextually, these state-level differences are quite different from regions in the developed world where institutional differences tend to be relatively consistent (less varieties). Thus, the insights generated from this study of the Indian context complement prior research by identifying the state and firm factors that combine to drive firm-level innovation. This study also extends the innovation literature by focussing on state-level differences within a single emerging economy, for which there is limited research. The findings could also have practical managerial and policy implications. From a policy perspective, policymakers in India can get a deeper understanding of the relevant factors that influence firm-level innovation so that they can direct policy and resources to promote innovation in their respective states. From a managerial perspective, managers can also get a better understanding of strategies and investments they should take to enhance innovation within their firms. This study is based on data gathered from various sources including the World Bank Enterprise Survey and several sources from within India (Indiastat.com, NCAER State Investment Potential Index, India Innovation Index). The World Bank Enterprise Survey provides firm-level data while state-level data were obtained from the other reputable sources in India. The data were analyzed using logistic regression and multi-level modeling, given that firms are nested within states, thus, we can simultaneously model the micro and macro levels to assess the relevance of the regional context. The results of this study show that regional factors such as regulatory quality, corruption, and rule of law barriers negatively influence innovation in firms that invest in internal R&D to promote innovation. The results also show that regions that devote a higher proportion of their gross domestic product to innovation achieve higher levels of innovation. Further, regions that have higher levels of human capital stock (more skilled workers) and export technology tend to be more innovative. At the firm level, investments in both internal and external R&D and those that have highly experienced managers are more innovative than their peers. These results suggest that governments and policymakers can increase innovative activities of firms by providing a highly skilled labor force, invest heavily in R&D, reduce corruption, regulatory quality, and the rule of law barriers. For firm-level managers, this study indicates that higher levels of managerial capability and greater investments in both internal and external R&D can enhance the technical and innovative capabilities (absorptive capacity) of their firms. This may result in a competitive advantage through increased innovation.

The purpose of this study is to provide insight into the factors that determine the willingness of key market players in the Indian food industry to adopt bio-based plastic packaging. First, the key market players are identified within the important market segments in the specified industry. After the identification of key players, the literature is surveyed in the context of eco-innovations, innovation adoption in emerging countries and Roger’s market adoption theory. In addition, the sustainability point of packaging and its perceived attributes are elaborated on and analyzed using the selected framework.   Semi-structured interviews with the key market players in the food packaging industry are conducted in the context of adoption theory. The results of the survey reveal that there are only two groups in the industry, those that are currently considering bio-based plastic packaging and those that have not yet considered it. Due to the low number of completed questionnaires, advanced multivariate statistical methods cannot be used for data analysis. Nevertheless, the questionnaire is used in the analysis section; for further investigation of important concepts, semi-structured interviews are performed which clarify the environmental strategies and programs of players in the market who expect opportunities for CO2, material, water and energy reduction to emerge in both the short-term and long-term. Their responses also underscore the increasing importance of “Life Cycle Assessment” in decision-making, i.e., as factors that determine the willingness of especially brand owners to adopt bio-based plastic packaging. However, the contribution of bio-based materials to these sustainability programs has not been clearly perceived as a positive attribute. Moreover, there is no significant indication that supports the use of bio-based materials in comparison to conventional plastics regarding the implemented cases of some life cycle assessments. Last but not least, the packaging material is perceived as being highly cost sensitive. One of the important findings is that market players are not willing to pay a premium price for packaging material merely on the basis of it being environmental friendly; therefore, it is necessary to add value to ensure the potential adoption of these environmental materials. Moreover, this obstacle may be overcome with the help of decreased cost by economies of scale in the bio-packaging materials.   This thesis concludes by emphasizing that value chain alignment is necessary, originating from the raw material to the end of recycling, for potentially adopted bio-based packaging material. This alignment can be stimulated by legislation; however, in some European countries, there is no signal detected to the contrary specifically for this industry. / <p>ID number <strong><em>2013:13</em></strong><strong><em>1</em></strong></p>

Corporate governance has received considerable attention over the past few decades especially after several corporate scandals and global financial crises surfaced. It is a tool that ensures the wealth maximization interest of shareholders (Grove & Clouse, 2015; Gupta, 2015). Several studies on corporate governance have been made around the world, mostly in the context of developed nations. These have made significant contributions to the corporate governance literature and practice. However, there is scant research that addresses corporate governance issues in the context of emerging economies. In terms of applicability, it is important to view corporate governance not as a whole but in the context of specific fashion due to the economic, political, social and cultural differences among countries. In spite of the numerous studies in the subject and their contributions, a significant gap exists in our understanding of the relationship between corporate governance structure, process and board performances. Most of the prior studies focused on board structure giving much less emphasis to the board process- the missing link. By way of addressing the gap and providing a broader understanding of the relationship among the corporate governance variables, this study, among others, explored how board structure and board process influence the board performance in an emerging market economy context. Board performance has hardly been explored in this setting and this study tries to contribute to the existing literature by examining the antecedents of the boards‟ performance. The antecedents are positioned in the second order constructs that include the board structure and the board process. The antecedents with the board structure go beyond the usual variables of size, CEO duality and the outside/inside directors‟ ratio. A mixed method approach was used in the collection and analysis of the data. Both quantitative and qualitative data were collected from private and public banks‟ governing bodies and various groups of stakeholders. The quantitative data were mainly analyzed statistically using the Partial Least Square method of the Structural Equation Modeling. The qualitative data obtained from the survey and the interviews were thematically analyzed to identify important concerns. The findings from the quantitative data analysis showed that board structure has positive and significant influence on board process, board service and control v task performance. The findings also indicated a positive and significant relationship between board process and both board service and control task performance. Furthermore, the study revealed that board process mediates the relationships between board structure and both board service and control roles; it was also found that ownership type affects board performance but has no influence on company performance. The stakeholders‟ perceptions of various aspects of corporate governance practices, as beginners, were found out to be not bad. However, Ethiopia, like many emerging market economies, does not yet have a fully developed legal and regulatory system. Additionally, the enforcement capacities of the regulatory organ are at a nascent stage, and a private sector that is able to support effective corporate governance has yet to emerge. The nature of the Ethiopian banking corporate governance system can be characterized by a one tier system with a non-executive board of directors and ownership concentration. The boards of directors are also mainly control oriented rather than strategic or service oriented leaders. / Graduate School of Business Leadership (SBL) / D.B.L.

This study aims to provide an overview of the attitude toward mobile banking among early adopters in Myanmar. By conducting exploratory interviews with ten bank employees, factors that are important for the adoption of mobile banking were also identified. The qualitative method allowed factors beyond the existing technology adoption frameworks to emerge. From the results, it was concluded that the attitude toward mobile banking is overall positive among the early adopters. Findings were aligned with the Technology Acceptance Model (TAM), suggesting that perceived usefulness and perceived ease of use are important factors for the usage of mobile banking. Social influence did not show any consistent results, but external barriers such as regulations and cash-based society were evidently important factors for adoption. Moreover, experience showed to have an impact on the participants’ attitude and the adoption of mobile banking. The findings from this paper could work as a foundation when formulating future hypotheses for mobile banking adoption in Myanmar. Regarding practical contributions, banks can get an insight into what is important to focus on when designing a strategy to increase the rate of mobile banking adoption. For future research, it would be of interest to extend the sample and collect data from both users and non-users. / Denna studie syftar till att ge en övergripande bild av attityden mot mobila banktjänster bland tidiga användare i Myanmar. Genom explorativa intervjuer med tio bankanställda, identifierades också faktorer som är viktiga för att anamma mobila banktjänster. Den kvalitativa metoden möjliggjorde faktorer som ligger utanför de befintliga teoretiska ramverken att vara del av studien. Från resultaten drogs slutsatsen att attityden mot mobila banktjänster är övergripande positiv bland de tidiga användarna. Resultaten låg i linje med modellen Technology Acceptance Model (TAM), vilket tyder på att uppskattad användbarhet och uppskattad användarvänlighet är viktiga faktorer för anammandet av mobila banktjänster. Socialt inflytande visade inga konsekventa resultat, men externa barriärer som regleringar samt kontantbaserat samhälle visade sig vara viktiga faktorer för anammandet till mobila banktjänster. Dessutom påverkade erfarenhet deltagarnas attityd mot och anammandet av mobila banktjänster. Resultaten från denna rapport kan användas som en grund vid formulering av hypoteser i framtida forskning inom implementering av mobila banktjänster i Myanmar. Vad gäller det praktiska bidrag från denna studie, kan bankerna få en inblick i vad som är viktigt att fokusera på vid utformning av strategi för att öka användningen av mobila banktjänster. För framtida forskning vore det intressant att utöka urvalet av deltagare och samla in data från både användare och icke-användare.