This study aimed to compare the perception of the technical-administrative civil servants of UFSM and UFMA regarding people management agency-community model, and the binding types of commitment and organizational entrenchment. The research sample was 242 technical-administrative civil servants of UFSM and 139 of UFMA, with who was applied a questionnaire drawn from the assessment model of commitment and organizational entrenchment, proposed by Bastos et al. (2008), and people management agency-community model, proposed by Rousseau and Arthur (1999). Descriptive analyses were performed to investigate the accuracy of data entry, size and sample description, as well as variable distribution. Were identified high affective commitment to both institutions, high instrumental to UFMA and medium to UFSM, medium normative to UFMA and high to UFSM. The entrenchment has submitted an adjustment to the social position high to UFMA and medium to UFSM; medium alternative limitations to both institutions, and high impersonal bureaucratic arrangements to UFMA and medium to UFSM. Were identified high community models and medium agency models to both institutions. Were encountered, related to socio-demographic data, affective commitment, entrenchment and high community notion and medium agency notion between civil servants with over 46 years of both institutions; positive correlations when related the commitment dimensions, and entrenchment bases; positive correlations between people management community model and instrumental commitment in UFMA and affective in UFSM. Referring to agency model, the relationship, in UFMA, was negative, and, in UFSM, presented positive normative commitment correlations, entrenchment social position adjustment and alternative limitations. Regarding to entrenchment, the community model presented all correlation positive weak, in UFMA, and total relationship absence in UFSM. The agency model presented a negative correlation with entrenchment social position adjustment, in UFMA; in UFSM, presented positive relationship with the alternative limitations, social position adjustment and relationship absence with impersonal bureaucrats arrangement. The results show that the predominant civil servants bases is affective, followed by instrumental, once that the civil servants realize the existence of community practices in organizational people management actions. As a contribution, this study leave, in addition to comparative study, an extensive of published studies in the country and abroad and contributes to understanding the importance of adopting new people management models that consider the alignment between the individual and collective. / Este trabalho teve por objetivo comparar a percepção dos servidores técnico-administrativos da UFSM e da UFMA quanto ao modelo de gestão de pessoas agency-community e sua relação com os vínculos de comprometimento e entrincheiramento organizacional. A amostra da pesquisa foi de 242 servidores técnico-administrativos da UFSM e 139 da UFMA, aos quais foi aplicado um questionário elaborado a partir dos modelos de avaliação de comprometimento e entrincheiramento organizacionais, proposto por Bastos et al. (2008), e de gestão de pessoas agency-community, elaborado por Rousseau e Arthur (1999). Realizaram-se análises descritivas para investigar a exatidão da entrada dos dados, o tamanho e a descrição da amostra, bem como a distribuição das variáveis. Identificaram-se comprometimentos afetivo alto para as duas instituições, instrumental alto para a UFMA e médio para a UFSM, normativo médio para aquela e baixo para esta. O entrincheiramento apresentou um ajustamento à posição social alto para a UFMA e médio para a UFSM; limitação de alternativas médias para as duas instituições, e arranjos burocráticos impessoais alto para a UFMA e médio para a UFSM. Identificaram-se modelos community alto e agency médio para as duas instituições. Foram encontrados, com relação aos dados sócio-demográficos, comprometimento afetivo, entrincheiramento e noção community alto e noção agency média nas duas instituições entre os servidores acima dos 46 anos; correlações positivas quando relacionadas as dimensões do comprometimento, e as bases do entrincheiramento; correlações positivas entre o modelo de gestão de pessoas community com o comprometimento instrumental na UFMA e afetivo na UFSM. Referente ao modelo agency, o relacionamento, na UFMA, foi negativo, e, na UFSM, apresentou correlações positivas comprometimento normativo, entrincheiramento ajustamento à posição social e limitação de alternativas. Quanto ao entrincheiramento, o modelo community apresentou todas as correlações positivas fracas, na UFMA, e ausência total de relacionamento na UFSM. O modelo agency apresentou uma correlação negativa com o entrincheiramento ajustamentos à posição social na UFMA; já na UFSM, apresentou relações positivas com a limitação de alternativas, ajustamento à posição social e ausência de relacionamento com os arranjos burocráticos impessoais. Os resultados mostram que a base predominante dos colaboradores é a afetiva, seguida da instrumental, uma vez que os funcionários percebem a existência de práticas community nas ações de gestão da organização. Como contribuição, este trabalho deixa, além do comparativo, uma ampla revisão de trabalhos publicados no país e no exterior e contribui para a compreensão da importância da adoção de novos modelos de gestão de pessoas que considerem o alinhamento entre o individual e o coletivo.

Inledning: Huruvida insynsägande påverkar finansiell prestation är ett beforskat område där tidigare studier kommit fram till olika slutsatser. Utifrån agentteorin torde insynsägande ha en positiv påverkan på finansiell prestation, utifrån entrenchment-teorin torde insynsägande påverka finansiell prestation negativt i och med ökad makt. Samtidigt utifrån stewardship-teorin torde det inte finnas en relation mellan insynsägande och finansiell prestation. Syfte: Syftet med uppsatsen är att analysera sambandet mellan insynsägande och finansiell prestation i svenska bolag vilka präglas av en hög förekomst av aktier med skilda röstvärden och en hög ägarkoncentration. Vidare är syftet att teoretiskt förklara de resultat som framkommer i denna uppsats för att redogöra för vilka befintliga teorier inom området som kan appliceras i en svensk kontext. Metod: För analysera sambandet mellan insynsägande och finansiell prestation i svenska bolag har uppsatsen tagit en kvantitativ ansats med ett deduktivt synsätt där teori har testats genom en panelregression innehållande 300 observationer. Slutsats: Uppsatsens resultat påvisar att sambandet mellan insynsägande och finansiell prestation, operationaliserat som Tobin's Q, tar sitt uttryck som ett inverterat U. I spannet 0 till 37,75 procent insynsägande finner vi stöd för en alignment-effekt samtidigt som vi finner stöd för entrenchment-effekten vid nivåer av insynsägande över brytpunkten på 37,75 procent. Vidare finner vi inget stöd för stewardship-teorin. Den brytpunkt som noterats i svenska bolag är lägre än den brytpunkt som påvisats i länder så som USA och Storbritannien. Förklaringen till detta kan vara den höga prevalensen av aktier med skilda röstvärden och den höga ägarkoncentration som präglar svenska företag. / Introduction: Whether Managerial Ownership affects financial performance is an area of research where previous studies have come to different conclusions. Based on Agency Theory, Managerial Ownership should have a positive impact on financial performance, and based on Entrenchment Theory, Managerial Ownership should have a negative impact on financial performance due to increased power. At the same time, based on Stewardship Theory, there should not be a relationship between Managerial Ownership and financial performance. Purpose: The purpose of the essay is to analyze the relationship between Managerial Ownership and financial performance in Swedish companies, which are characterized by a high prevalence dual-class shares and a high ownership concentration. Furthermore, the purpose is to theoretically explain the results that appear in the essay to explain what existing theories in the field that can be applied in a Swedish context. Method: To analyze the relationship between Managerial Ownership and financial performance in Swedish companies, the essay has taken a quantitative and deductive approach where theory has been tested through a panel regression containing 300 observations. Conclusion: The essays results show that the relationship between Managerial Ownership and financial performance, operationalized as Tobin's Q, takes its expression as an inverted U. In the range 0 to 37.75 percent Managerial Ownership we find support for an alignment effect while also finding support for an entrenchment effect at levels of Managerial Ownership above the inflection point of 37.75 percent. Furthermore, we find no support for Stewardship Theory. The inflection point noted in Swedish companies is lower than the inflection points detected in countries such as the US and the UK. The explanation for this may be the high prevalence of dual-class shares and the high ownership concentration that characterizes Swedish companies.

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This dissertation consists of two essays on the impact of managerial entrenchment and ethical corporate citizenship on capital structure decisions of the firm. The first essay examines the impact of managerial entrenchment on financial flexibility and capital structure decisions of firms. Agency conflicts and asymmetric information between managers and shareholders of firms exacerbate managerial entrenchment, which is operationalized using the entrenchment index. The excess cash ratio of a firm over the median cash ratio of firms within the same 3 digits SIC code is the proxy for financial flexibility. Capital structure decisions include the extent and maturity of debt as proxied by debt-to-equity ratio, and average debt maturity respectively. Results indicate that compared to managers who are not entrenched, entrenched managers obtain less rather than more debt, and they use long-term rather than short-term debt maturity. Also, entrenched managers keep more excess cash than managers who are not entrenched. This is especially the case for firms in small and large market value groups compared to medium sized firms. Results do not change before, during, and after the 2008 global economic crisis. The second essay examines the impact of ethical corporate citizenship and CEO power on cost of capital, and firm value in the context of stakeholder theory. Firms listed as World's Most Ethical Companies (WMECs) exemplify ethical corporate citizenship, which is operationalized as a binary variable of 1 for WMECs, and zero for non-WMECs. This paper matches WMECs and non-WMECs control firms in the same 3 digits SIC code, and within 10 percent of total assets. CEO power is primarily measured using CEO pay slice calculated as CEO total compensation as a percentage of top 5 executives of the firm. Powerful CEOs have pay slice above the 50th percentile, and weak CEOs pay slice is below the 50th percentile. Tobin's q is the proxy for firm value, and cost of capital is measured as the market value weighted cost of debt, and cost of equity. Results indicate that WMECs have neither lower cost of capital nor higher Tobin's q than matched control sample of non-WMECs. Firms led by powerful CEOs have significantly lower cost of debt capital, and lower industry-adjusted Tobin's q than firms led by weak CEOs. The negative impact of CEO power on firm value is consistent with agency theory that self-interested CEOs extract firm value for personal advantage, subject to managerial controls. Results have implications for research and practice in capital structure, corporate governance, CEO compensation, and corporate social responsibility. / Doctor of Philosophy / This study consists of two essays. Essay 1 examines the impact of managerial entrenchment on financial flexibility, and leverage decisions of the firm. Managerial entrenchment is measured using the entrenchment index. The excess cash ratio of a firm over the median cash ratio of firms measures financial flexibility. Capital structure decisions include the extent and maturity of debt as measured by debt-to-equity ratio, and average debt maturity respectively. I find that entrenched managers use less debt than managers who are not entrenched. Also, entrenched managers prefer using long-term rather than short-term debt, and they keep more excess cash than managers who are not entrenched. This is especially the case for small and large firms compared to medium sized firms. Essay 2 investigates the impact of ethical corporate citizenship and CEO power on cost of capital, and firm value. Ethical corporate citizenship (ECC) refers to firms' commitment to a culture of ethics, effective governance, leadership, and innovation. ECC is measured as a binary variable of one if a firm is listed on World's Most Ethical Companies (WMEC), and zero otherwise. CEO power is primarily measured using CEO pay slice that is calculated as CEO total compensation as a percentage of top 5 executives of the firm. Powerful CEOs have pay slice above the 50th percentile, and weak CEOs pay slice is below the 50th percentile. WMECs and non-WMECs in the same 3 digits standard industry classification, which have similar total assets as the WMECs are compared. I find that WMECs have neither lower cost of capital nor higher Tobin's q than non-WMECs. Powerful CEOs often utilize their influence to reduce cost of debt capital, but also reduce firm value compared to weak CEOs. Self-interested CEOs who extract firm value for personal advantage partly explains the negative effect of CEO power on firm value.

The ability to change one's beliefs in a rational manner is one of many facets of the abilities of an intelligent agent. Central to any investigation of belief change is the notion of an epistemic state. This dissertation is mainly concerned with three issues involving epistemic states: 1. How should an epistemic state be represented? 2. How does an agent use an epistemic state to perform belief change? 3. How does an agent arrive at a particular epistemic state? With regard to the first question, note that there are many different methods for constructing belief change operations. We argue that semantic constructions involving ordered pairs, each consisting of a set of beliefs and an ordering on the set of "possible worlds" (or equivalently, on the set of basic independent bits of information) are, in an important sense, more fundamental. Our answer to the second question provides indirect support for the use of semantic structures. We show how well-known belief change operations and related structures can be modelled semantically. Furthermore, we introduce new forms of belief change related operations and structures which are all defined, and motivated, in terms of such semantic representational formalisms. These include a framework for unifying belief revision and nonmonotonic reasoning, new versions of entrenchment orderings on beliefs, novel approaches to withdrawal operations, and an expanded view of iterated belief change. The third question is. one which has not received much attention in the belief change literature. We propose to extract extra-logical information from the formal representation of an agent's set of beliefs, which can then be used in the construction of epistemic state. his proposal is just a first approximation, although it seems to have the potential for developing into a full-fledged theory. / Computing / D.Phil.(Computer Science)

The ability to change one's beliefs in a rational manner is one of many facets of the abilities of an intelligent agent. Central to any investigation of belief change is the notion of an epistemic state. This dissertation is mainly concerned with three issues involving epistemic states: 1. How should an epistemic state be represented? 2. How does an agent use an epistemic state to perform belief change? 3. How does an agent arrive at a particular epistemic state? With regard to the first question, note that there are many different methods for constructing belief change operations. We argue that semantic constructions involving ordered pairs, each consisting of a set of beliefs and an ordering on the set of "possible worlds" (or equivalently, on the set of basic independent bits of information) are, in an important sense, more fundamental. Our answer to the second question provides indirect support for the use of semantic structures. We show how well-known belief change operations and related structures can be modelled semantically. Furthermore, we introduce new forms of belief change related operations and structures which are all defined, and motivated, in terms of such semantic representational formalisms. These include a framework for unifying belief revision and nonmonotonic reasoning, new versions of entrenchment orderings on beliefs, novel approaches to withdrawal operations, and an expanded view of iterated belief change. The third question is. one which has not received much attention in the belief change literature. We propose to extract extra-logical information from the formal representation of an agent's set of beliefs, which can then be used in the construction of epistemic state. his proposal is just a first approximation, although it seems to have the potential for developing into a full-fledged theory. / Computing / D.Phil.(Computer Science)

Denna uppsats syftar till att förklara samband mellan insynsägande och svenska börsnoterade företags finansiella prestation. Insynsägande definieras i uppsatsen som andelen ägande innehavd av styrelse och företagsledning. Finansiell prestation operationaliseras i uppsatsen som Tobin’s Q och ROIC. Syftet uppnås genom en kvantitativ analys av sekundärdata inhämtad från Holdings och Börsdata för perioden 2017-2022. Resultatet framställs genom korrelationer, deskriptiv statistik och regressionsanalyser. Utfallet kan inte styrka att insynsägande har någon signifikant effekt på finansiell prestation. Det kan med anledning av resultatet inte bevisas att svenska börsnoterade företags finansiella prestationer påverkas av insynsägandets omfattning. Då studien är genomförd på ett stort urval bör utfallet ligga nära hela populationen, vilket innebär samtliga bolag noterade på Large- och Mid cap. Den bristande effekt insynsägande har på finansiell prestation förklaras främst av stewardship-teorin och av de särdrag som definierar nordisk bolagsstyrningskultur. Studien har kunnat bidra till att fylla kunskapsluckan kopplat till insynsägande i Norden. / This essay aims to explain the relationship between insider ownership and the financial performance of listed Swedish companies. Insider ownership is in this essay defined as the share of ownership held by the board and the company's management. Financial performance is operationalized in this essay using Tobin's Q and ROIC. The purpose is achieved through a quantitative analysis of secondary data obtained from Holdings and Börsdata for the period 2017-2022. The results are obtained through correlations, descriptive statistics, and regression analyses. The findings do not provide evidence that insider ownership has any significant effect on financial performance. Consequently, it cannot be proven that the financial performance of listed Swedish companies is affected by the extent of insider ownership. As the study is conducted on a large sample, the outcome should be close to the entire population, which includes all companies listed on the Large- and Mid cap. The lack of impact insider ownership has on financial performance is primarily explained by the stewardship theory and by the characteristics that define the Nordic corporate governance culture. The study has been able to contribute to filling the knowledge gap linked to insider ownership in the Nordic region.

This study investigates the effects of insider entrenchment on Chief Executive Officer (CEO) compensation in firms conducting an initial public offering (IPO). The sample comprises 220 US firms that went public between 1996 and 2002. Corporate governance choices regarding entrenchment are captured by six provisions in the corporate charter and bylaws, as well as five anti-takeover statutes, which may or may not be in effect in the state of incorporation. Firm-level items are supermajority requirements for charter amendments, bylaws amendments, and merger approvals, along with the presence or absence of a staggered board of directors, poison pills, and golden parachute agreements. The anti-takeover laws examined are Business Combination, Control Share Acquisition, Fair Price, Poison Pill Endorsement, and Constituencies Statutes. A factor analysis reveals three distinct components of entrenchment: firm- and state-level external entrenchment and firm-level internal entrenchment. External entrenchment is related to market control over management by means of corporate takeovers; internal entrenchment relates to shareholder control over management by means of their voting power. Evidence is found for a positive association between entrenchment at IPO and subsequent CEO cash and total compensation. These relationships are driven by firm-level external entrenchment. Firm-level external entrenchment is also significantly and positively associated with CEO stock-based compensation. The positive effects of entrenchment at IPO on CEO compensation appear not to be transitory and remain constant for at least five years post-IPO. Furthermore, entrenchment at IPO is shown to affect CEO pay-for-performance sensitivity. On balance, entrenchment reduces the sensitivity of CEO compensation to stock returns and returns on assets. The results of this study underscore the crucial importance of insiders' governance decisions made at the time of the IPO. Little support is found for a re-balancing of components of the CEO's compensation contract in response to entrenchment as predicted under the optimal contracting theory of compensation contracts. The findings of this study are almost entirely consistent with the managerial power theory, according to which entrenchment at IPO causes a permanent shift in bargaining power, which enables CEOs to influence compensation contracts in their favor.

Denna studie undersöker om det föreligger en skillnad i resultatkvalitet mellan familjeföretag och icke-familjeägda företag i en svensk kontext. Likt tidigare studier utgår denna studie från agentteorin, the alignment effect och the entrenchment effect. Majoriteten av tidigare studier inom området har främst genomförst i USA eller Ostasien och finner tvetydliga resultat. För att mäta hur ovan nämnda teorier påverkar familjeföretags resultatkvalitet i Sverige använder denna studie den modifierade Jones-modellen för att beräkna företagets diskretionära periodiseringar, vilka används som proxy för resultatkvalitet. Genom en multipel regressionsmodell på ett stickprov om 1475 observationer från NASDAQ Stokholms Large-, Mid- och Small cap-listor under perioden 2003 - 2013 finner denna studie, i enlighet med the entrenchment effect, att familjeföretag i genomsnitt har en högre grad av diskretionära periodiseringar än icke-familjeägda företag.

The last two decades have witnessed a period of constitutional change without precedent in the United Kingdom’s contemporary history, and prominent constitutionalists have suggested that these transformations signified primarily a legalisation of the British constitutional settlement. The present research hence offers a review of the most salient and impactful instances of constitutional change since 1997 with the aim of assessing in what ways the UK could be transitioning from a more political to a more legal constitutional framework. It highlights a greater reliance on legal devices to regulate constitutional processes and more frequent resort to judicial mechanisms of constitutional control. Indeed, the virtual entrenchment of various classes of norms (ECHR rights, common law constitutional rights and principles, Thoburn-‘constitutional statutes’) suggests the formation in British public law of a ‘bloc de constitutionnalité’ that could serve as basis for increasingly genuine forms of constitutional review. Concurrently, British courts are performing more of the functions of constitutional courts and appear willing to assume the role of constitutional guardian ascribed to the judiciary in a legal-constitutional model. Overall, the political constitution and its core principle of parliamentary sovereignty seem to be under challenge, particularly in judicial and jurisprudential debates grounded in the influential theory of common law constitutionalism. We therefore argue that the British constitution can no longer be described as exclusively ‘political’ and that there is at least some evidence of a trend towards legal constitutionalism in the UK.