<p>Syfte: Syftet med uppsatsen är att titta närmare på vad som ligger bakom när Svenska företag beslutar om att internationalisera sig. Närmare bestämt titta närmare på vilka faktorer som är drivkraften i internationaliseringen, och varför väljer företaget det land de gör i Asien.</p><p>Metod: Jag har samlat in två typer av data för min undersökning, dessa är:</p><p>• Litteratur</p><p>• Intervjuer</p><p>Resultat & slutsats: Utlåtandet blir att Svenska företag i Asien väljer land efter vart de tror gynnar dem mest. Företagen vet att det är kulturella skillnaderna och för att minska dessa och de språkliga skillnaderna anställer de inhemsk personal. De politiska faktorerna ser företagen inte som en faktor som påverkar valet av land då det är ett problem som är snarlikt i alla länder i Asien. Företagets strategi är olika för respondenterna då de har olika avsikter med sin etablering i Asien.</p><p>Förslag på fortsatta studier:</p><p>• Det skulle vara intressant att genomföra en mer omfattande studie med fler företag, dessutom inte bara Svenska företag.</p><p>• Intressant att forska vidare hur företag som inte har lyckats i Asien av en eller annan anledning har att säga om hur viktiga de kulturella, språkliga, politiska och strategiska frågorna.</p><p>Uppsatsens bidrag: Uppsatsen ger Svenska företag en inblick i vad de behöver tänka på om de vill expandera till Asien. Vad är viktigt och vad som är av mindre vikt vid expansionen av verksamheten.</p> / <p>Aim: The aim of the thesis is to look closer what is behind Swedish companies decisions to expand internationally. More exactly look into which factors are most important for the Swedish companies when they choose country in Asia?</p><p>Method: I have collected two types of data for this study. Those are:</p><p>• Literature</p><p>• Interviews</p><p>Result & Conclusion: The conclusion is that Swedish companies that are going to expand to Asia should pick a country that gives them the most profit. The companies are aware of the cultural differences and to lower them and the language differences they need to employee domestic personnel. The political factors the companies believe that it’s the same for all Asian countries. The company’s strategy is different depending on the intention for the expansion to an Asian country.</p><p>Suggestions for future research:</p><p>• It would be really interesting to conduct a study with more companies and not only Swedish companies.</p><p>• It would also be interesting to study companies in Asia that didn’t succeed, they will most likely have a different point of view regarding Culture, language, political and strategically issues.</p><p>Contribution of the thesis: The thesis gives Swedish companies insight in what is needed to take into consideration when companies expand to Asia. What is important and what is less important for the organisation.</p>

Syfte: Syftet med uppsatsen är att titta närmare på vad som ligger bakom när Svenska företag beslutar om att internationalisera sig. Närmare bestämt titta närmare på vilka faktorer som är drivkraften i internationaliseringen, och varför väljer företaget det land de gör i Asien. Metod: Jag har samlat in två typer av data för min undersökning, dessa är: • Litteratur • Intervjuer Resultat &amp; slutsats: Utlåtandet blir att Svenska företag i Asien väljer land efter vart de tror gynnar dem mest. Företagen vet att det är kulturella skillnaderna och för att minska dessa och de språkliga skillnaderna anställer de inhemsk personal. De politiska faktorerna ser företagen inte som en faktor som påverkar valet av land då det är ett problem som är snarlikt i alla länder i Asien. Företagets strategi är olika för respondenterna då de har olika avsikter med sin etablering i Asien. Förslag på fortsatta studier: • Det skulle vara intressant att genomföra en mer omfattande studie med fler företag, dessutom inte bara Svenska företag. • Intressant att forska vidare hur företag som inte har lyckats i Asien av en eller annan anledning har att säga om hur viktiga de kulturella, språkliga, politiska och strategiska frågorna. Uppsatsens bidrag: Uppsatsen ger Svenska företag en inblick i vad de behöver tänka på om de vill expandera till Asien. Vad är viktigt och vad som är av mindre vikt vid expansionen av verksamheten. / Aim: The aim of the thesis is to look closer what is behind Swedish companies decisions to expand internationally. More exactly look into which factors are most important for the Swedish companies when they choose country in Asia? Method: I have collected two types of data for this study. Those are: • Literature • Interviews Result &amp; Conclusion: The conclusion is that Swedish companies that are going to expand to Asia should pick a country that gives them the most profit. The companies are aware of the cultural differences and to lower them and the language differences they need to employee domestic personnel. The political factors the companies believe that it’s the same for all Asian countries. The company’s strategy is different depending on the intention for the expansion to an Asian country. Suggestions for future research: • It would be really interesting to conduct a study with more companies and not only Swedish companies. • It would also be interesting to study companies in Asia that didn’t succeed, they will most likely have a different point of view regarding Culture, language, political and strategically issues. Contribution of the thesis: The thesis gives Swedish companies insight in what is needed to take into consideration when companies expand to Asia. What is important and what is less important for the organisation.

The 2008 financial crisis that led to the collapse of companies and economic recession in most countries has also increased the concern for transparency, accountability and regulatory oversight and once more put corporate governance and board effectiveness on the front burner of big business issues all over the world. The board is seen as a key player in governance of companies and there is need for a better understanding of how this body works. Majority of the research work in these areas has been in developed economies and not much work has been done in the area of board effectiveness in the emerging markets of Africa. This thesis examines the relationship between key board characteristics and board effectiveness. It also explored the impact of certain mediators on this relationship. Unlike most studies on board which focus on firm performance and mostly in developed markets, this study was conducted in an emerging market and the focus was on board effectiveness. Based on the work done by other researchers in developed economies the researcher developed a theoretical framework and a set of hypotheses to examine the relationship between board characteristics and board effectiveness and the impact of certain mediators on this relationship. Board characteristics considered in this research include board size, CEO duality, board independence, and board diversity. In addition, the impact of board human capital on board effectiveness was also considered. Additionally, the researcher examined if the relationships between board characteristics and board effectiveness will be affected by organization type, ownership, age and size. The empirical examination of the hypotheses developed from the theoretical framework presented in this study show that board characteristics, apart from professional human capital, do not have any significant impact on board effectiveness. Board professional human capital was found to have a positive relationship with board operations and board cohesiveness and also with board effectiveness. The results show that in Nigeria, board diversity and human capital are the most important board structural factors that impact board effectiveness. They also show that board processes of operations, cohesiveness and decision making have significant impact on board effectiveness. Finally the results show that board process factors are more important than board structural factors in determining board effectiveness. The study shows that these relationships were not significantly affected by organization type, ownership, age or size. The study contributes to understanding of board effectiveness in an emerging market where board roles and processes are still developing; by examining both traditional variables such as board size, CEO duality, board independence and other organizational attributes such as board job related diversity and board professional human capital variables. In addition, this is the first study to examine board effectiveness in publicly quoted companies in Nigeria. The study will also contribute to better governance practices in Nigeria, where lack of good governance has been blamed for the slow economic development and growth. The theoretical framework and the findings of this thesis are expected to stimulate scholars for further research into identifying the characteristics that boards must possess if they are to be active and effective. They should also stimulate practitioners and scholars of strategy, organizational behaviour and corporate governance to examine boards and their activities from many perspectives, particularly from the process side.

ABSTRACT Small and Medium Size Enterprise (SMEs) have long been recognised as the major drivers of economic activities due to their entrepreneurial traits of being innovative which lead to job creation, sustaining economic growth, export expansion, and efficient allocation of resources in line with their competitive goals and their respective country’s objectives. In their pursuit as major economic drivers in their respective economies, SMEs are barely exposed to hostile environments triggering fierce competition from Multinational Corporations. This has entailed that SMEs need to enhance their capabilities in such environments to sustain their competitive advantage by reconfiguring their internal and external competences and resources in response to changing environments. Surprisingly, literature on how SMEs develop dynamic capabilities in such markets is limited and inconsistent. Therefore, this thesis explores how SMEs develop dynamic capabilities in emerging markets specifically in African markets.   The central purpose of the study is to explore how SMEs in emerging markets such as Africa develop dynamic capabilities to compete alongside MNCs. Building on prior researches which conceptually suggested that market orientation, learning orientation, and entrepreneurial orientation in separate cases, enables SMEs to build dynamic capabilities in dynamic environments, this study explored this viewpoint through a qualitative case study data. Comparative multiple case studies are developed in order to have a holistic understanding of how SMEs across sectors develop dynamic capabilities. The study employs empirical data collected through the use of semi-structured interviews in which samples are purposively selected from 10 firms from separate industries in Africa, in which five were drawn from Cameroon and other five drawn from Zambia. The study follows a qualitative-deductive approach.   Findings indicate that SMEs develop dynamic capabilities in emerging market principally through the lenses of market orientation and learning orientation. While entrepreneurial orientation is found lacking the potential to enable SMEs build-up the required dynamic capabilities due to the fact that it places huge demand on SMEs who are short of adequate financial resources to meet up with the contingencies of being fully entrepreneurial. That is to say, market orientation and learning orientation other than entrepreneurial orientation are the enablers of dynamic capabilities in emerging market. The findings contribute to existing literature by building an empirically-grounded synthesis of the constructs of market orientation, learning orientation and entrepreneurial orientation involved in the development of dynamic capabilities which validates earlier claims on the development of dynamic capabilities in dynamic environment. Second, the results contribute to theory by advancing an original model which brings together all standalone models in the field of dynamic capabilities development into one, thereby harmonising the polarisation of facts. Furthermore, the findings bear potential for researchers and entrepreneurs intending to invest in emerging markets such as Africa.   To improve on this study, we suggest undertaking a related cross-comparative case study on similar grounds which takes into account homogeneity and age parameters at industry level from two or more countries. We believe this might provide an additional explanation on how SMEs in emerging markets develop dynamic capability and may also shed more light on whether age of a firm has an effect on the build-up of dynamic capabilities.

The aim of this thesis is to understand the phenomena of the high growth and rapid internationalisation of firms from emerging markets. It explores the applicability of international entrepreneurship theory to the context of the emerging market enterprises in the Middle East and North Africa (MENA) region. It integrates the literature of strategic entrepreneurship and that of portfolio entrepreneurship with the literature of international entrepreneurship to provide a closer fit of applicability in that context. The main research questions of this thesis focus on: why, where, and how do some emerging market enterprises grow fast and internationalise early and rapidly? Particular attention is paid to entrepreneurs, entrepreneurial teams and the entrepreneurial process in the discovery, evaluation, and exploitation of new business opportunities. Despite the strength of the international entrepreneurship theory in identifying the sources of rapid internationalisation for small and medium enterprises from developed markets, it has been criticized for failing to address the same phenomena for firms from emerging markets. This thesis explores why, where, and how the MENA region emerging market firms have attained their spectacular performance over the last few years up to 2008, and contributes to filling the theoretical gap in the literature. This exploratory study suggests that the entrepreneurial and management processes of international business opportunities play an important role in achieving the high growth and rapid internationalisation of firms from emerging markets. A multiple case study strategy was adopted, and qualitative data was collected through interviews with entrepreneurs and entrepreneurial team members in the research site of the emerging markets of the MENA region. Other interviews with financial experts, staff of international financial institutions, and international analysts in specialized publications were conducted in order to achieve triangulation and bias minimization. Guided by a newly formulated conceptual theoretical framework, data was explored and thematically analysed by coding into different categories to enhance the understanding of the processes that underlined the entrepreneurial strategies associated with the rapid internationalisation and high growth of the theoretically sampled case companies. Resource orchestration, innovativeness, entrepreneurial leadership and international diversification were found to be crucial elements employed by lead entrepreneurs and their entrepreneurial team members through utilising human and social capital of networks and knowledge throughout the internationalisation process. The findings revealed that integrating the concepts of strategic entrepreneurship and portfolio entrepreneurship with international entrepreneurship produced a coherent approach to the application of those theories to understanding the behaviour of multinational enterprises from the MENA region. However, other valuable themes emerged from the findings. Chief among those are: strategically targeting hostile markets with inefficient institutional competencies and insufficient infrastructure, thus benefiting from a no competition status. Networking internally with entrepreneurial team members and international churning were other key elements revealed by the findings that explained the interactions and processes which enhanced the companies’ rapid internal growth, A recommendation for management practice is made for firms to encourage internal networking with entrepreneurial teams’ members thus enhancing trust and supporting intrapreneurs’ initiatives in identifying and exploiting new international opportunities. A mainstream policy recommendation for emerging markets is to strengthen the private sector performance with government incentives of a financial (tax reductions, banking facilities) and non-financial (political reform, education and health services) nature to encourage such entrepreneurial activities. In addition to its contribution to the theoretical understanding of high growth and rapid internationalisation from emerging markets, the findings of this thesis accentuate the impact of the pattern of internationalisation into antagonistic environments with scarce infrastructure as a strategic entrepreneurship process of deployment of dynamic capabilities to craft unique competitive advantages thus achieving and sustaining high growth and performance in new international markets. This thesis is also unique in compiling the first dataset for MENA region enterprises with similar attributes of high growth and rapid internationalisation.

This paper examines the effect capital flows from the introduction of exchange traded funds (ETFs) have on emerging markets. Recent years have seen more capital transfer into emerging markets, and the advantages ETFs offer have helped expedite the process. Increased liquidity and a large diverse collection of holdings help manage the high degree of volatility inherent to these markets. The holdings of the ETFs are tested for returns above their market average for the period surrounding the initial trading date of the fund. Positive effects were seen on individual stocks, but overall the findings suggest no significant mean excess return exists for the period related to the creation of an ETF.

This thesis is a collection of essays where I explore and extend the study of the role of financial frictions for the determination of asset prices, financial stability, and economic resilience. The frictions included in the analysis are individual and aggregate uncertainty, agent heterogeneity, money, liquidity and default. The first essay is an empirical study that motivates my research objectives. This work starts with the exploration of the role of liquidity on asset prices, specifically on sovereign bonds of emerging countries. I present a comprehensive model where I developed a novel methodology for finding the role of liquidity in the determination of asset prices during the financial crisis. In the second essay, illuminated by the empirical findings, I apply and expand the general equilibrium theory of money, default and financial stability. The contributions at the theoretical level are the extension of two-period model with discrete state space to the infinite horizon dynamic stochastic setting, and the inclusion of liquidity restrictions. In the third essay, I further extend this framework, allowing for production technology and endogenous market liquidity. Given the theoretical setting, I have analyzed the responses of financial stability and economic performance variables to real and financial shocks. Finally, in the fourth essay I produce an empirical application of this work. I apply a novel semi-parametric financial stability metric, and evaluate its relevance for the determination of asset prices, in the presence of liquidity restrictions. As a result, this thesis suggest plausible explanations for financial and economic issues that conventional models have not dealt with adequately.

Emerging markets have become important investment destination for international investors as they seek opportunities to grow and diversify their investment portfolios. At the same time, emerging markets are perceived to be riskier than developed markets. It is therefore imperative for the international investor to fully comprehend and appreciate the risk faced by their investments in the emerging markets and the drivers of the underlying their value. A significant amount of research has been carried out on the valuation of companies in emerging markets and the role country risk has in determining the final valuation price. Despite this, there is still no consensus amongst practitioners in the financial industry and academics on the best approach. The valuation methodologies currently employed vary significantly and in some cases involve making arbitrary adjustments based on “gut feel” with limited empirical evidence. This research study appraises existing emerging markets valuation frameworks such as the discounted cash flow model (DCF), including capital asset pricing model (CAPM) and its variants. It also looks at relative valuation and real option pricing framework with intention of proposing the “best practice” valuation framework for valuing companies in emerging markets. The general theory is that emerging markets are segmented from the developed world capital markets making portfolio optimisation across these markets difficult. Segmentation of emerging markets is as a result of inefficiency of the capital markets, in particular the inability of foreign investors to enter and exit the local capital markets at no extra costs. The emerging markets valuation frameworks are designed to address the inability to effectively diversify investments due to the segmentation of these markets. It was therefore pertinent that this study determines whether emerging markets are indeed segmented from world capital markets and therefore significantly riskier than developed markets. This part of the study was carried out by conducting both quantitative and qualitative analysis of the emerging capital markets. Quantitative analysis was done on the performances of twenty-seven emerging equity markets for the period between July 1998 and November 2008 and the results were compared with the US equity market analysis (United States was used in the study as the proxy for the world equity market) for the same period. The study used volatility of the markets as the measure of risk and the correlation to measure the level of integration. Qualitative analysis involved reviewing regulatory, legal and political risks of the different emerging markets. The results from this part of the study showed that emerging markets are indeed riskier than developed markets and are somewhat segmented from the world capital markets. Based on 4 this result, we concluded that the valuation frameworks in emerging markets should be adjusted or modified to incorporate the impact of country risk. A total of eleven different emerging markets valuation frameworks were appraised. The study reviewed the literature relating to the emerging markets valuation frameworks to establish their theoretical and empirical basis. The study also conducted qualitative and quantitative analysis of each of the eleven selected methods regarding relevance and practicality in the valuation of emerging market companies. Valuation models were developed from the different valuation frameworks, a process that included deriving different variants of the models such as the country risk premium. The qualitative analysis looked at the how practical is the valuation frameworks considering its variants. For quantitative analysis the emerging market valuation models were used to value ABSA Bank Group; Edgars Consolidated Stores Limited; and Standard Bank Group and outcomes of the valuation were compared with the final purchase price paid in recent corporate transactions involving these companies. The absolute difference between the notional valuation and the actual transaction price was used to rank the valuation frameworks, with smallest difference indicating the best fit. All the eleven emerging market valuation methodologies yielded results different from the purchase prices. Erb−Harvey−Viskanta (EHV) model had the best fit when compared with the actual purchase price. However, the study does not propose the usage of EHV as the “best practice” method because of weak theoretical basis. The study concludes that at least three to four methodologies should be used to derive a valuation range for purchase price negotiations

Companies within Artificial Intelligence are receiving increased international attention in many industries and the technology is affecting the everyday life of many people, with or without their knowledge. Simultaneous to this development, the BRIC countries have gained a spot in the global sitting room due to their rapid growth and industrialisation, which in its turn has made way for vast business opportunities. The purpose of this thesis has therefore been to explore how Artificial Intelligence companies utilise these opportunities and internationalise to the BRIC countries. This has been done through a qualitative study where four cases have been interviewed to explore whether traditional or new internationalisation processes are applicable in this context. Additionally, the drivers and barriers of this market expansion have been researched to broaden the view of the process. The findings reveal that Artificial Intelligence business is global and that networks are significant in the success of internationalising to the BRIC countries. It is also found that there are great drivers and challenging barriers that affect the decision to enter the BRIC countries and the success in these markets. Lastly, several topics for future research are presented in the hope of encouraging more contributions to the field.

Existing research demonstrates that corporate financing decisions influence the cash-flow rights and control rights of the securities issued by companies differently and that the same corporate capital structures and/or ownership patterns have diverse effects and aims across countries, especially when emerging countries are analysed. The 1research purpose of this investigation is to understand how corporate financing decisions are affected by ownership structure in emerging countries. For this purpose, two game-theoretic models are developed and an empirical test is carried out. The first theoretical model analyses a number of key factors inducing a separation of ownership and control in emerging countries. This model argues that large private benefits of control, extreme risk, low investor protection, inefficient capital markets, and governments sympathetic to incumbent management at the expense of outside investors are factors contributing to create a separation of ownership and control in emerging markets. The second model examines the positive side of network creation through the analysis of the interaction of empathy and economic gains. This model identifies important factors promoting the formation of business groups in emerging countries. The empirical study is a two-fold analysis. Firstly, it tests the effects of well-known determinants of capital structure on debt; secondly, the effects of ownership and control in the financial policies of emerging countries are analysed. To do so, corporate financial data and firm-level data of Mexican publicly traded companies for was gathered. As expected, asset tangibility, company size, profitability and market to book ratio proved to be important firm-specific capital structure determinants, similar to the case of developed countries. Business risk and effective tax rate are key firm-specific capital structure determinants, as emerging markets research has identified. The two factors proposed by this researcher, viz. consolidation and liquidity are significant in the determination of capital structure of the Mexican publicly traded companies. Further, almost two thirds of Mexican publicly traded companies are family controlled. When families are large shareholders, they favour debt financing; whereas when families are the majority controlling shareholder they prefer issue shares, the latter supports the risk management argument proposed by Hagelin et al. (2006) and Céspedes et al. (2010).