This dissertation investigates emerging multinational enterprises (EMNEs)’s acquisitions of firms in developed economies (DE) through three distinctive but interrelated essays. Despite costs EMNEs must offset from the obvious cultural distance (CD) they encounter with limited exploitable advantages, EMNEs have continued to aggressively acquire firms in DE, suggesting there are ways for the EMNEs to effectively overcome CD. In Essay 1, using insights from the symbolic interaction paradigm in sociology, I developed the Dynamic Socio-Cultural Model (DSCM), to uncover the general process of cultural creation and change. At the core of the DSCM is the process of collective learning and adaptive interaction in every social system. Viewing EMNEs’ acquisitions in DE as a cultural event that leads to new shared cultural resources, DSCM shows culture is not as rigid as was typically conceptualized in the cross-cultural management literature. While the negative effect of CD may initially impede EMNEs, CD may be positively moderated by certain conditions of the involved cultures. In Essay 2, I extended DSCM and combined it with insights from the organizational learning literature to focus on EMNE’s choices of control mode and their performance implications. Performing event study and endogenous switching regression on 1157 EMNE’s acquisitions in 21 advanced economies, I found EMNEs have, on average, a positive post-acquisition performance. I also found being an EMNE from an emerging economy that underwent rapid industrialization and targeting a high-tech firm increases the probability for choosing a low-control mode. Moreover, EMNE acquirers choose control mode by strategically considering their unique characteristics to optimize performance. In Essay 3, using the same theoretical approach, I examined the target firms’ sources of value creation. Applying an event study on 167 acquisitions in North America made by EMNEs from 11 countries, I found EMNEs’ partial acquisitions in DE generate, on average, a positive target’s cumulative abnormal returns (CAR). There is also empirical support for several determinants of target’s value creation and moderation effects. In particular, I found target’s international experience attenuates the negative effect of CD on target CAR, while acquirer’s state-owned status exacerbates it. Overall, the three essays collectively contribute to research streams in EMNEs, seller’s view of M&A, and cultural change.

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O objetivo deste trabalho foi verificar a qualidade, através de um perfil anual, dos mananciais de abastecimento de água da Região Metropolitana do Rio de Janeiro, rios Guandu, Paraíba do Sul e Piraí, com foco nos poluentes emergentes estrona, 17?-estradiol, estriol, progesterona, testosterona, 17?-etinilestradiol, bisfenol A e cafeína, empregando extração em fase sólida e cromatografia líquida acoplada ao espectrômetro de massas (LC-MS/MS). Além de determinar, utilizando os dados de vazão nos dias das coletas, a carga fluvial e carga per capita dos poluentes quantificados. Com os dados obtidos foi realizada avaliação de risco dos poluentes emergentes tendo como referência dados de literatura de Concentração Previsível Sem Efeitos (PNEC). Os resultados demonstraram a presença de 6 dos 8 poluentes estudados em pelo menos uma das amostras. Não foram detectadas concentrações de progesterona e testosterona. A cafeína foi detectada em 100% das amostras de água tratada e em 98% das amostras de água superficial. As concentrações dos poluentes emergentes em água superficial variaram para cafeína de 181,48 a 5.204,74 ng L-1, para 17?-etinilestradiol de 148,48 a 210,59 ng L-1, para bisfenol A de 104 a 3.443,69 ng L-1, 17?-estradiol e a estrona foram quantificados em uma única amostra com concentração de 164,5 ng L-1e 145,26 ng L- 1, respectivamente. Na água tratada as concentrações variam para cafeína de 191,30 a 1,190,94 ng L-1, bisfenol A de 122,28 a 1.354,86 ng L-1, 17?-etinilestradiol e 17?-estradiol foram quantificados em uma única amostra com concentrações de 221,43 e 125,99 ng L-1, respectivamente. A redução da concentração dos poluentes emergentes entre o manancial de abastecimento e a água tratada variou de 1,4% a 85,5%. A carga fluvial de cafeína variou de 0,182 a 56,67 kg d-1, de bisfenol A entre 0,162 a 10,38 kg d-1 e de 17?-etinilestradiol de 0,046 a 1,66 kg d-1. Já a carga per capita teve as seguintes variações: cafeína de 9,65 a 89,07 mg/hab d, bisfenol A de 10,68 a 93,56 mg/hab d e 17?-etinilestradiol de 2,80 a 14,97 mg/hab d. Os testes estatísticos demonstraram predominância de contaminação pontual no Rio Piraí, comportamento não observado nos demais rios. Demonstraram, ainda, que há redução das concentrações de cafeína entre o Rio Paraíba do Sul e o Rio Guandu, e que não há redução significativa entre o ponto de adução para a ETA e a água tratada. A priorização de poluentes com maior risco em ordem crescente foi: 17?-etinilestradiol, bisfenol A, 17?-estradiol, estrona e cafeína. / The purpose of this work was to verify the quality of the water supply sources of the Rio de Janeiro Metropolitan Region, namely the rivers Guandu, Paraíba do Sul and Piraí, through an annual profile, focusing on the emerging pollutants estrone, 17?-estradiol, estriol, progesterone, testosterone, 17?-ethinylestradiol, bisphenol A and caffeine, using continuous phase extraction and chromatography on molecules coupled to the mass spectrometer (LCMS / MS), and also to quantify the fluvial load and the per capita load of the quantified pollutants using flow data regarding the collection days, in order to carry out the risk assessment of the emerging pollutants using data references from Predicted No Effect Concentrations (PNEC). The results demonstrated the presence of 6 out of the 8 pollutants studied in at least one of the samples. No progesterone and testosterone concentrations were detected. Caffeine was detected in 100% of treated water samples and in 98% of surface water samples. Concentrations of the emerging pollutants in surface water ranged to caffeine from 181.48 to 5,204.74 ng L-1, to 17?-ethinylestradiol from 148.48 to 210.59 ng L-1, to bisphenol A from 104 to 3,443.69 ng L-1. 17?-estradiol and estrone were quantified in a single sample with concentrations of 164.5 ng L-1 and 145.26 ng L-1, respectively. The concentrations in drink water ranged to caffeine from 191.30 to 1,190.94 ng L-1, bisphenol A from 122.28 to 1,354.86 ng L-1, 17?- ethinylestradiol e 17?-estradiol were quantified in a single sample with concentrations of 221,43 e 125.99 ng L-1, respectively. The decrease on the concentration of the emerging pollutants between the supply source and the drink water ranged from 1.4% to 85.5%. The fluvial load of caffeine ranged from 0.182 to 56.67 kg d-1 of bisphenol A from 0.162 to 10.38 kg d-1 and of 17?-ethinylestradiol from 0.046 to 1.66 kg d-1. The per capita load of caffeine ranged from 9.65 to 89.07 mg/d person, of bisphenol A from 10.68 to 93.56 mg/d person and of 17?-ethinylestradiol from 2.80 to 14.97 mg/d person. The statistic alanalysis showed a predominance of punctual contamination in the Piraí River, behavior not observed in the other rivers. It was further demonstrated that there is a reduction of caffeine concentrations between the Paraíba do Sul and Guandu rivers, and also that there was no significant reduction between raw water and treated water. The prioritization of pollutants with the highest risk according to the risk analysis in an increasing order was: 17?-ethinylestradiol, bisphenol A, 17?-estradiol, estrone and caffeine.

[pt] A dissertação apresenta três ensaios econômicos onde a abordagem de opções reais faz-se mister seja na definição de políticas regulatórias, estratégias de investimentos ou apreçamento de risco soberano. O primeiro ensaio, toma como premissa a nova regulação orientada a custos da interconexão de redes de telecomunicações e propõe ajustes no cálculo da remuneração de capital da telefonia fixa local. O modelo proposto estabelece o mark-up sobre o custo médio ponderado do capital (WACC) a ser aplicado nos novos contratos de concessão, levando-se em conta a opção de acesso disponibilizada pela operadora de STFC aos entrantes. O ensaio inova ao incorporar ao modelo de opções o impacto de mudanças de paradigmas tecnológicos que ocasionam saltos negativos na demanda da concessionária. Os resultados apontam para robustez do mark-up em relação a alterações nos parâmetros básicos do modelo (tráfego fixo- fixo, fixo-móvel e choques negativos de demanda), e apontam para um mark-up inferior a 1%. O segundo ensaio analisa estratégias de investimentos em incorporação imobiliária, setor que envolve baixa liquidez, lento payback, e apresenta diversas incertezas econômicas relacionadas à demanda de mercado, preço por metro quadrado e custo do terreno. O ensaio analisa estratégias de lançamentos simultâneos e seqüenciais de empreendimentos imobiliários; o primeiro envolvendo um menor custo de construção, associado, porém, a uma maior incerteza nos resultados. O lançamento seqüencial apresenta características semelhantes a opções reais por embutir uma série de oportunidades quanto à aquisição de informações, adiamento e abandono do projeto. Apresenta-se o estudo de caso de uma incorporação na cidade do Rio de Janeiro, identificando-se a estratégia ótima bem como o preço máximo a ser pago pelo terreno. O lançamento seqüencial agrega valor adicional de 10% ao projeto além de diminuir a exposição ao risco do incorporador em mais de metade se comparado à metodologia tradicional de fluxo de caixa descontado. Finalmente, o terceiro ensaio recai sobre risco soberano e propõe um modelo estrutural a partir da teoria de opções e ativos contingentes para analisar a estrutura a termo de quatro países emergentes (Brasil, México, Rússia e Turquia) que representaram, em média, 54 % do índice EMBIG do JPMorgan no período de 2000-2005. A taxa de câmbio real, modelada como um processo de difusão simples, é considerada como indicativa de default. O modelo calibrado indica que no período, o mercado sistematicamente sub-apreçou os títulos do Brasil em 100 pontos base na média, enquanto para México, Rússia e Turquia apreçou corretamente os spreads soberanos. O ensaio fornece ainda a probabilidade implícita de default do emissor, variável fundamental para o apreçamento dos derivativos de crédito, mercado que cresceu vertiginosamente após a crise da Ásia e Rússia, passando de US$ 180 bilhões de dólares em 1996 para um valor esperado de US$ 20 trilhões ao final de 2006. Este mercado é reconhecido como responsável por conter os efeitos contágios e manter a estabilidade no mercado financeiro em crises recentes como a da WorldCom, Parmalat, Enron entre outros. / [en] The dissertation presents three economic essays examining situations where the real options approach can be useful in the definition of regulatory policies, investment strategies and pricing of sovereign risk. The first essay considers the new regulation oriented to interconnection costs of telecommunications networks and proposes adjustments in calculating the return on capital invested in local fixed telephone service. The proposed model establishes the mark- up on the weighted average cost of capital (WACC) to be applied to new concession contracts, taking into account the access option provided by the fixed operator to entrants. The essay innovates by incorporating to the options model the impact of changes in technological paradigms that cause the concessionaire´s demand to fall. The results indicate the robustness of the mark-up in relation to alterations in the model´s basic parameters (fixed-fixed and fixed-mobile traffic and negative demand shocks), and mark-up was estimated to be under 1%. The second essay analyzes investment strategies in real estate development, a sector that involves low liquidity, slow payback and various economic uncertainties related to market demand, price per square meter and land cost. The essay analyzes strategies for simultaneous and sequential launch of real estate projects. The first involves lower construction cost, but comes associated with more uncertain results. Sequential launch presents characteristics similar to real options because it has a series of built-in opportunities regarding the acquisition of information and delay or abandonment of the project. We present a case study of a development in the city of Rio de Janeiro, identifying the optimal strategy and the maximum land cost. Sequential launch aggregates 10% extra value to the undertaking, besides reducing the developer´s risk exposure by over half in comparison with the traditional discounted cash flow method. Finally, the third essay examines sovereign risk and proposes a model from the theory of options and contingent assets to analyze the term structure of four emerging countries (Brazil, Mexico, Russia and Turkey) that together represented on average 54% of JPMorgan´s EMBIG index in the 2000-2005 period. The real exchange rate, modeled as a simple diffusion process, is considered as indicative of default. The calibrated model indicates that in the period studied, the market systematically underpriced Brazilian bonds by an average of 100 basis points, while for Mexico, Russia and Turkey it fairly priced the sovereign debt. The essay also provides the implicit probability of the issuer´s default, a fundamental variable for pricing credit derivatives, a market that has grown at a dizzying pace since the Asian and Russian crises, rising from US$ 180 billion in 1996 to an expected value of US$ 20 trillion at the end of 2006. This market is recognized as being responsible for containing the contagious effects and maintaining the stability of the financial market in recent crises, such as the corporate meltdowns of WorldCom, Parmalat and Enron, among others.

Cette thèse met en lumière la confiance dans les nouvelles relations entre un subordonné et sa hiérarchie qui s’établissent après une fusion-acquisition (fusac) dans un pays émergent multiculturel. Un grand nombre de chercheurs s’est intéressé à la question du taux d’échec de plus de 50% des fusac. De nombreuses difficultés caractérisent le processus d’intégration d’une entreprise après son acquisition, y compris pour les employés. L’établissement de la confiance est un facteur clé du succès. S’appuyant sur des travaux effectués sous l’angle culturel des fusacs, ces trois essais traitent d’une lacune dans la connaissance de la dynamique de confiance et de la dynamique culturelle lors de l’intégration d’entreprises dont le personnel est multiculturel. L'essai 1 développe un cadre théorique pour l’étude de la confiance d’un subordonné issu d’une entreprise multiculturelle acquise envers la direction des acquéreurs étrangers, sur la base de la similitude ethnique ou religieuse. L’essai 2 teste plusieurs hypothèses sur la (dis)similitude religieuse et la confiance à partir du cadre théorique élaboré, modérées par trois facteurs spécifiques à l’acquisition. L’essai 3 examine la dynamique culturelle et la dynamique de confiance au travers de deux études de cas : une acquisition malaisienne locale comparée à l’acquisition d’une entreprise malaisienne par une entreprise sud-africaine. L’analyse par abduction de 35 interviews d’employés des entreprises acquéreuses et acquises met en évidence que la perméabilisation des frontières managériales a facilité le développement de la confiance entre les subordonnés et leur direction. / This dissertation illuminates trust in new subordinate—leader relationships arising from mergers and acquisitions (M&As) in multicultural emerging economies. A large body of researchers has probed the notorious M&A failure rate of over 50%. Complexity and uncertainty characterize post-acquisition integration including for the personnel. Trust is a key success factor. Building on research into the cultural perspective of M&As, three related essays address a knowledge gap in trust and cultural dynamics when integrating firms with multicultural personnel. Essay 1 develops a theoretical framework of multicultural acquired-firm subordinate trust in foreign acquirer leaders, based on ethnic or religious similarity. The M&A concept of multiculturalism is combined with self-categorization and similarity-attraction theories to explicate how subordinates alleviate integration uncertainty to develop trust. Essay 2 tests religious (dis)similarity—trust hypotheses from this framework, moderated by three acquisition-specific factors. Policy-capturing data from 411 multifaith Malaysian personnel demonstrates the nuanced role of religion as a catalyst (constraint) of trust in cross-border M&As. Essay 3 examines the cultural and trust dynamics in two case studies, comparing a domestic Malaysian acquisition and a South African—Malaysian acquisition. Abductive analysis of 35 interviews of acquirer and acquired-firm personnel reveals that managerial boundary spanning facilitated subordinate—leader trust development. Paradoxically, integrating the domestic rather than cross-border acquisition was more complex when within-country religious diversity and linguistic diversity are considered.

The Stock Exchange of Thailand (SET) is an important source of funds for firms and provides opportunities for investors. However, the economic boom of 1990-1996, the Asian Economic Crisis and the recession of 1997-2002 have affected the performance of firms listed at SET. The dividend policies of listed firms have also been influenced by these fluctuations in the business cycle.This study investigates the phenomenon of disappearing dividends in the developing capital market of Thailand. It adopts a similar methodology to Fama and French (2001) by classifying listed firms in line with changes in their dividend polices over the period 1990 to 2002. More specifically, the study explores the characteristics of firms which pay dividends, non-payers, former payers and firms which have never paid dividends. These characteristics include profitability, investment opportunities and firm size. The analysis uses firm characteristics for predicting the dividend policies of listed firms. Changes in firm characteristics and the propensity to pay dividends are identified in this process.The analysis suggests that firms which pay dividends tend to be large and highly profitable, although they possess low investment opportunities. The study also suggests that the characteristics of firms which paid dividends changed slightly before the crisis of 1997 and changed markedly during the crisis. However, after the crisis (1998-2002) the characteristics of firms are similar to those observed before the crisis. This result is attributed to the fact that some firms have resumed paying dividends after briefly ceasing this payment during the crisis. More importantly, when firm characteristics are held constant, the propensity to pay dividends of listed firms declined slightly before the crisis and declined strongly after the crisis. Consequently, the majority of new firms and many mature firms do not pay dividends.The findings of this study are consistent with the results of Fama and French (2001), particularly with regard to the characteristics of firms and changes in the propensity to pay dividends. However, this study extends the knowledge on the phenomenon of disappearing dividends by focussing on a developing economy, Thailand. Finally, this study suggests that investors should consider the characteristics of firms, changes in these characteristics and the propensity to pay dividends when identifying opportunities for investment.

As a resource based economy international engagement plays a critical role for the growth and development of New Zealand. One of the most notable trends over the past 15 years has been the rise of some of the largest markets around the world, that have led to a rapid and substantial increase in international trade and investment flows. The liberalisation and consequently the rise of emerging markets has today changed the economic geography for the business world, with companies entering these markets with the hope of getting superior returns arising from rapid economic growth and related market opportunities. Amongst other emerging markets, the economic resurgence of the Indian market in the recent years has been widely noticed and in many senses has influenced and changed the structure and operations of businesses around the world. The prospects offered by India have allowed firms to substantially expand their activities beyond their domestic borders and access new growth opportunities generating significant productive growth. The benefits that markets like India today generate are likely to be particularly significance for New Zealand, given the small size of the domestic market. Indeed, increasing New Zealand’s exporting and international investing activity is vital to raising New Zealand’s growth rate. The rapid rise and deregulation of the Indian market has seen a rise in the number of New Zealand businesses keen to tap into the vast prospects across different sectors over the recent years. Nevertheless, New Zealand businesses have not been participating to nearly the same extent as most businesses from other small developed countries currently operating in the Indian market. Reasons for this limited interaction are unclear and not well documented in the current literature that examines the economic activities amongst the two markets. Given the importance of international engagement New Zealand businesses cannot afford to isolate themselves from the opportunities provided by the Indian market. Considering this, the main aim of this research is to focus on the opportunities that India provides and the benefits that New Zealand businesses stand to gain from those. On identifying, this may help devise actions that might lead to substantially increased levels of international investments by New Zealand firms, given the challenges of entering the Indian base from a small remote country. Drawing on insights gained from existing literature and case studies of companies operating in India, the research will identify appropriate strategies and policies that might help New Zealand businesses to succeed and better direct operations in India.

<p>In a world that is moving faster and faster, a company’s ability to align to market changes is becoming a major competitive factor. Forecasting enables companies to predict what lies ahead, e.g. trend shifts or market turns, and makes it possible to plan for it. But looking into the future is never an easy task.</p><p>“Prediction is very difficult, especially if it’s about the future.” (Niels Bohr, 1885-1962)</p><p>However, progress in the field of forecasting has shown that it is possible for companies to improve on forecasting practices. This master thesis looks at the sales forecasting practices in MNCs primarily operating in emerging and developing countries. We examine the whole process of sales forecasting, also known as forecasting management, in order to develop a comprehensive model for forecasting in this type of companies. The research is based on a single case study, which is then later generalized into broader conclusions.</p><p>The conclusion of this master thesis is that forecasting is a four-step exercise. The four stages we have identified are: Knowledge creation, knowledge transformation, knowledge use and feedback. In the course of these four stages a company’s sales forecast is developed, changed and used. By understanding how each stage works and what to focus on, companies will be able to improve their forecasting practices.</p>

<p>Parents are important in the socialization of children to develop into adjusted adults. Parenting is a developmental process and encourages the child to become an independent adult in society, an adult who is pro-social rather than anti-social. The main aim of parenting is to control the behaviour of the child, but as the child matures the approach is more of monitoring and supervision rather than control. The aim of this study is to establish the prevalence of parental psychological control during the phase of emerging adulthood and this will be associated with the anti-social behaviour of emerging adults. A quantitative methodological approach was used to conduct the study. A sample of 382 participants aged 18 to 25 years were randomly stratified across the departments in the Faculty of Community and Health Sciences (CHS). The Parental Psychological Control (Barber, 1996) and the Anti-Social Behaviour (Achenbach and Edelbrock, 1987) questionnaires were used to collect the data. The data were analysed by means of the Statistical Package for Social Sciences (SPSS). Results show a significant positive relationship between perceived psychologically controlling parenting and antisocial behaviour of emerging adults. Furthermore, antisocial behaviour is also positively predicted by both mother and father psychological control, with mothers being significantly more psychologically controlling than fathers. When comparing males and females, males engaged significantly more in antisocial activities than females / males also found fathers to be more psychologically controlling. Implications for further research are suggested.</p>

The purpose of this study was to identify if terrestrial arthropod predators on Baltic Sea shores vary in their use of marine versus terrestrial food items, and to construct a bottom-up food web for Baltic Sea shores. The inflow of marine nutrients in the area consists mainly of marine algal detritus and emerging aquatic insects (e.g. phantom midges, Chironomidae). Diets of coastal arthropods were examined using carbon and nitrogen stable isotope analysis, and a two source mixing model was used to examine proportions of marine carbon to diets. The results suggest that spiders are the terrestrial predators mainly utilizing nutrients and energy of marine origin on Baltic Sea shores, while insect predators such as beetles and hemipterans mainly utilize nutrients and energy derived from terrestrial sources, possibly due to differences in hunting behaviour. That spiders are the predators that benefit the most from the marine inflow suggest that eventual effects of marine subsidies for the coastal ecosystem as a whole are likely mediated by spiders.