This thesis examines the effect of corporatization, i.e. pure legal form conversion of contributory organizations into joint-stock companies, on financial performance of 77 Czech non-privatized general hospitals during 2001-2011. Using differences-in-differences estimation the effect on overall financial performance was not confirmed. Regarding individual performance components different changes in revenues and costs per inpatient day (relative to non-corporatized hospitals) were recognized after different corporatizations periods. Both revenues and costs measures either increased or decreased after 2003 & 2004 and 2005 corporatization respectively; and were maintained after 2006 & 2007 period. Ambiguous effect of corporatization on financial performance is consistent with the principal-agent theory developed in this thesis. JEL Classification C51, G32, I11, I18, L20, L32 Keywords financial performance, hospitals, panel data analy- sis, Czech Republic Author's e-mail adam.jankura@gmail.com Supervisor's e-mail jana.votapkova@gmail.com 1

Master of Science / Department of Agricultural Economics / Vincent R. Amanor-Boadu / Women represent approximately 50 percent of the active labor force in Sub-Saharan Africa. Even though women are involved in a variety of agricultural activities, they have limited access to resources and have restricted decision-making power compared to their male counterparts (FAO, 2011). These limitations and restrictions are likely to have a significant effect on women’s performance levels compared to men. The present research measures the gender-based performance differences, identifies factors that influence the financial performance levels, and factors contributing to generate disparities between male and female smallholders performance in northern Ghana. Data used in this study are from the Agriculture Production Survey (APS) focusing on the 2013-2014 cropping season. The study uses the Oaxaca-Blinder decomposition method to measure and decompose the gender performance gap in two parts: endowment effect and structural effect. Gross margin is used to measure farmer’s financial performance. The endowment effect is attributed to differences in the explanatory variables, and the structural effect is associated with differences in returns of the explanatory variables. Results from the study indicate there is a gender gap between male and female smallholder farmers with male farmers outperforming females by 46 percent. Land area had the largest significant impact on the explained part of the gender gap, followed by tractor service. The endowment effect portion of the decomposition models is accounted for 35 percent of the gender gap, and the remaining 65 percent is associated with the structural effect. The larger structural effect part suggests that developing programs to establish equality among male and female smallholder producers in terms of access to resources will not close the gender gap. Additionally, factors contributing positively overall to gross margin of smallholder farmers were land area, and tractor services and crops produced. Based on the results of this research, policymakers and agribusiness stakeholders may look to reduce the gender gap existing between smallholder farmers in northern Ghana by empowering women by providing them access to land area and tractor services. Further research into factors affecting the gender gap in financial performance in agricultural activities is warranted.

The aim of the study is to investigate how the quality of sustainability reports affects financial performance and firm value in the Swedish manufacturing industry.

Notre étude essaye de décrire comment les interactions entre la RSE et la performance financière sont influencées en se basant sur la théorie du management par les ressources et la vision instrumentale de la théorie des parties prenantes tout en considérant la RSE comme un bien public qui s’inscrit dans le prolongement des logiques d’intérêt général et qui contribue à la maximisation du bien-être collectif. Nous testons le rôle de la réputation de l’entreprise dans la relation de la performance sociétale vers la performance financière. Empiriquement, nous utilisons des données de panel de 7 ans (2006-2012) pour 324 entreprises états-uniennes. La performance sociétale est mesurée selon des critères de performance ESG (environnementale, sociale et de gouvernance) par l’agence de notation extra-financière MSCI. En ce qui concerne la performance financière, nous utilisons une mesure boursière (le Q de Tobin) et une mesure comptable (ROE). Les résultats montrent l’existence d’une relation qui a la forme d’un cercle vertueux entre la performance sociétale et la performance financière avec la mesure boursière de la performance financière. Quant à la réputation, l’étude montre qu’elle a un impact significatif sur la relation de la performance sociétale vers la performance financière. Les résultats soulignent aussi que la relation positive significative de la performance sociétale vers la performance financière se retrouve notamment au niveau de la performance sociale et de la performance de gouvernance de la performance sociétale de l’entreprise. Notre étude désigne la performance de gouvernance et la performance environnementale comme des performances qui peuvent influencer la réputation de l’entreprise. / Our study seeks to describe how the interactions between CSR and financial performance are affected based on the theory of resource-based view (RBV) and the instrumental view of stakeholder theory while considering CSR as a public good which constitutes a coherent extension of the general interest and which contributes to the maximization of social well-being. We are testing the role of corporate reputation concerning the relationship of CSR to financial performance. Empirically, we use panel data of 7 years (2006-2012) for 324 US companies. CSR is measured according to ESG performance criteria (environmental, social and governance) by the MSCI Extra-Financial Rating Agency. Regarding the financial performance, we use a market measure (Tobin's Q) and an accounting measure (ROE). The results emphasize the existence of a relation that has the shape of a virtuous circle between CSR and financial performance with the market measure of financial performance. As for reputation, the present study shows that it has a significant impact on the relation of CSR to financial performance. The results also emphasize that the significant positive relationship of CSR to financial performance can be found particularly in social performance and governance performance. Our study indicates the governance and environmental performances likewise the performance which can influence the reputation of the company.

En financiarisant des populations exclues de la finance traditionnelle (banque, marchés financiers), la Microfinance s'est vu assigner une mission de lutte contre la pauvreté : elle permettrait ainsi aux individus de financer leurs propres activités économiques génératrices de richesse. Mais la financiarisation de ces populations induit certains effets, non anticipés, et dont les conséquences sur leur comportement ne sont pas négligeables : pour pouvoir les servir, les Institutions de Microfinance ont transféré sur ces populations le risque de crédit et le coût de sélection. Cette thèse se propose d'analyser, à travers la théorie de l'entrepreneur, les conséquences d'un tel transfert sur les aptitudes entrepreneuriales des individus. D'après notre analyse, au-delà d'une certaine dose de risque, il est vain de penser qu'un individu endossera davantage de risques économiques en se lançant dans une activité innovante porteuse de richesse. Dans le contexte particulièrement risqué dans lequel vivent les populations bénéficiaires de services de Microfinance, il faut réfléchir à des solutions qui permettent de réduire le risque supporté par l'entrepreneur et non à des solutions qui ont pour conséquence l'augmentation du niveau de risque supporté par celui-ci. Notre travail participe à cette réflexion et à la recherche de solutions viables. / By financing people excluded from traditional finance (banking, financial markets), microfinance has been assigned a mission to fight against poverty by enabling individuals to finance their own activities generating economic wealth. But financialization of these populations involves some effects yet to unanticipated consequences on the behavior of beneficiaries: to be able to serve them, microfinance institutions have transferred credit risk and the cost of selection. Through the theory of the entrepreneur, this thesis will analyze the consequences of such a transfer on the individual's entrepreneurial skills. According to our analysis, beyond a certain amount of risk, it is pointless to consider an individual endorse more economic risks by engaging in innovative activity. In a particularly risky environment in which beneficiaries of microfinance services live, it is necessary to consider solutions that reduce the risk borne by the contractor and not solutions which result in increased levels risk supported by the individual. Our work launch this debate and search a viable solution.

Mission statement is important to companies, especially as a strategic communication tool with stakeholders. Innovation is also important to companies and has its implications on performance. This study examines the relationship between financial performance and explicitly communicating innovation in mission statement. The study uses a quantitative approach with logistic regression to test empirical hypotheses related to revenues, profits, change in assets and market value, and their relationship with explicitly communicating innovation in mission statements. The conclusion is that among all the financial performance indicators considered, only market value represents a strong and significant result, indicating a positive relationship with explicitly communicating innovation.

Em 2016, cerca de 35 milhões de brasileiros ainda não contava com acesso à água tratada e 100 milhões não possuíam atendimento com rede de esgotamento sanitário. Posto que a melhoria do serviço público seja um imperativo, faz-se necessário o investimento de mais de R$ 20 bilhões de reais anualmente até 2033, valor utópico se considerarmos o cenário de restrição orçamentária dos entes federativos. Nesse contexto, a presença de entidades privadas no setor de saneamento básico vem sendo amplamente discutida como uma solução para esse obstáculo ao desenvolvimento nacional. Entretanto, existem barreiras institucionais para a atuação do setor privado que são justificadas por uma ideologia baseada em argumentos que não exploram a complexidade e a realidade atual do setor. A presente pesquisa propôs averiguar se o fato de a propriedade da companhia de saneamento ser pública ou privada impacta na qualidade da provisão dos serviços, na eficiência operacional e na conjuntura financeira das empresas. Isso de maneira a responder se o aumento da participação privada no setor deve ser barrado ou incentivado dentro de um arranjo institucional adequado. Embora o maniqueísmo que percebe o gestor privado como homo economicus e gestor público como supremamente interessado no bem-estar seja bastante disseminado, as análises deste trabalho não mostraram resultados de indicadores sociais consistentemente melhores para empresas públicas e nem que renunciam à eficiência operacional e financeira em prol da prosperidade social. Chega-se à conclusão de que o dilema público-privado não deve ser um empecilho para a execução de políticas. A presença do setor privado não é prejudicial ao consumidor, mas sim necessária em um cenário de crise econômica e com diversas barreiras à execução de obras. Desse modo, as diretrizes governamentais precisam trabalhar para fortalecer o ambiente institucional, não apenas através de suporte, mas também colaborando com a presença das empresas privadas no setor de saneamento básico. / In 2016, around 35 millions of Brazilians still didn\'t have access to clean water and more than 100 millions didn\'t receive sanitation services. For the universalization to be accomplished until 2033, as it is predicted in the National Plan (Plansab, 2014), more than R$ 20 billions must be invested every year, which is utopic if we consider the cenarium of budget restriction of the Union, States and Municipalities. In this context, the presence of private entities in the sanitation sector is more and more discussed as a solution for this obstacle to the national development. However, there are institutional barriers for their action, justified by an ideology based in assertions that do not explore the complexity and the current situation of the sector. This dissertation intends to ascertain if the fact of the propriety of the company is public or private affects the quality of the services, in a social, operational and financial analysis. It intends to answer if the increase of the private presence in the sector should be contained or incentivized, in a proper institutional arrangement.

A presente pesquisa tem como objetivo identificar a relação entre a riqueza criada e o desempenho econômico-financeiro das cooperativas agropecuárias no Brasil. As cooperativas são organizações econômicas intermediárias, que prestam serviços aos associados, satisfazendo suas necessidades econômicas particulares. O fato é que além das sobras, que pode ser uma estratégia das cooperativas a partir dos interesses dos associados, as cooperativas também prestam serviços, como assistência técnica, orientação, compra de insumos/produtos, comercialização, agregando valor e gerando riqueza aos associados. Assim, avaliar os resultados de uma cooperativa e o seu desempenho da mesma forma com que uma empresa, cuja finalidade é a maximização do lucro, é avaliada pode não ser o mais adequado. Identificou-se, então, a necessidade de buscar outra maneira que possa contribuir na mensuração dos resultados das cooperativas. A riqueza criada é uma maneira de avaliar o desempenho econômico e social de uma organização e, é evidenciada na Demonstração do Valor Adicionado. Para tanto, identificou-se a relação entre o valor adicionado produzido pela cooperativa e os índices econômico-financeiros relevantes na avaliação de desempenho das cooperativas agropecuárias, por meio do método estatístico de regressão de dados em painel, considerando 34 cooperativas agropecuárias brasileiras durante 5 anos consecutivos e, realizou-se um estudo de caso em uma cooperativa agropecuária da amostra a fim de identificar qual é o valor agregado produzido pela cooperativa e qual a sua estratégia de distribuição do valor adicionado ao produtor rural associado. Os resultados evidenciam que há variáveis de tamanho, rentabilidade e network inseridas no modelo que contribuem para explicar a riqueza gerada pelas cooperativas da amostra. A variável venda líquida, utilizada como proxy para tamanho, a margem de vendas, utilizada como proxy para rentabilidade e o fato da cooperativa participar de uma cooperativa central, proxy para network são significativas e estão relacionadas positivamente com a riqueza criada. / This research aims to identify the relationship between the value added and the financial performance of agricultural cooperatives in Brazil. Cooperatives are economic intermediary organizations that provide services to members, satisfying their particular economic needs. The fact is that besides the leftovers, which can be a strategy of cooperatives based on the interests of the members, the cooperatives also provide services such as technical assistance, guidance, purchase of inputs/products, marketing, adding value and generating value to members. Thus, evaluating the results of a cooperative and its performance in the same way that a company whose purpose is profit maximization, is valued may not be the most appropriate. Then, we identified the need to find another way to contribute to the measurement of the results of cooperatives. The value added is a way to evaluate the economic and social performance of an organization and is shown in the Value Added Statement. For this, we identified the relationship between the added value produced by the cooperative and the relevant economic and financial indicators in assessing the performance of agricultural cooperatives, using the statistical method of panel data regression considering 34 Brazilian agricultural cooperatives during five years consecutive and performed a case study in an agricultural cooperative of the sample in order to identify what is the value added produced by the cooperative and what is its distribution strategy of value added to the associated farmers. The results show that there are varying size, profitability and inserted into the network model that can contribute to the value added by the cooperatives of the sample. Net sales variable, used as a proxy for size, sales margin, used as a proxy for profitability and the fact that the cooperative part of a central cooperative proxy for network are significant and are positively related to value added.

Dans les années 1990 et 2000, de nombreux clubs de football professionnel (CFP) ont été inscrits sur les marchés boursiers. Le succès des IPO sur les marchés du football, en particulier dans le domaine des performances sportives et financières, est incertain. Ainsi, nombreux recherches académiques empiriques ont été préconisées pour examiner la performance financière des IPO dans ces clubs. De telles recherches ont révélé que la performance financière des clubs cotés a diminuée. La plupart de ces recherches indiquent qu'il existe une relation entre la performance sportive et la performance financière dans ces clubs. Cependant, les chercheurs n'ont pas déterminé les facteurs de ce phénomène. Pour combler cette lacune dans la littérature antérieure, la thèse vise à identifier les facteurs déterminants de la performance sportive et financière listés dans CFP et à les comparer avec les déterminants des performances sportives et financières des CFP au Moyen-Orient.Cette thèse fournit d'autres preuves empiriques sur la relation entre la performance sportive et la performance financière dans les CFP listés. Le plus important est que les résultats de la thèse fournissent un nombre de facteurs déterminants qui affectent la performance sportive et financière dans les CFP. Parmi les résultats intéressants, on peut citer l’existence de facteurs similaires et différents entre les clubs de football européens et les clubs de football du Moyen-Orient. Cela semble être confirmé par le fait que le marché et les tournois et les règlements sont différents. De plus, l’impact des spectateurs est un résultat intéressant, dans lequel leur effet sur la performance financière est indirect, alors qu’il est direct sur la performance sportive. Cependant, la juste valeur du club est incertaine en raison du manque de divulgation et de détail des informations comptables. Nous suggérons donc d'améliorer la gouvernance d'entreprise pour améliorer la transparence et la responsabilité. De plus, la thèse suggère que la perspective de la gestion stratégique est un facteur important pour traiter la performance financière non durable des CFP, en particulier à long terme afin de mesurer la juste valeur du club. Cela a conduit à gagner en pertinence compte tenu de l’importance de la gestion stratégique dans les futures recherches universitaires. Ainsi, nous pouvons poser la question suivante: dans quelle mesure l’introduction en bourse est-elle durable dans les clubs de football professionnels? / In 1990s and 2000s many professional soccer (PSCs) clubs have been listed IPO in stock markets. The success of IPO in soccer markets, especially in the field of sports and financial performance is uncertain. Thus, number of empirical academic researches have been advocated to examine financial performance of IPO in these clubs. Such researches found financial performance of listed clubs is declined. Most of those researches indicate there is relationship between sports performance and financial performance in those listed clubs. However, researchers have not determine the factors of this phenomenon. To bridge this gap in the past literature, thesis aims to identify the determining factors of sports and financial performance in listed PSCs and to compare them with determinants of sports and financial performance of PSCs in Middle East.This thesis provides further empirical evidence on the relationship between sports and financial performance in listed PSCs. More importantly, results of thesis provide number of determining factors that affect sports and financial performance in PSCs. An interesting results, there are some similar and dissimilar factors between European soccer clubs and Middle east soccer clubs. This seemed to be confirmed by the fact that market and tournament and regulations are different. Furthermore, impact of spectators is interesting result, in which their effect on financial performance is indirect, while direct on sports performance. Yet, fair value of club is uncertain because lack of disclosure and detail accounting information. Thus, we suggest improving corporate governance to enhance transparency and accountability. Moreover, thesis suggest that strategic management perspective is important factor to treat unsustainable financial performance of PSCs, especially in long term in order to measure fair value of club. This lead to gain more relevance considering the importance of strategic management in future academic researches. Thus, we can raise the following question is to which extent IPO is sustainable in professional soccer clubs?

Na medida em que se toma conhecimento do processo de reestruturação gerencial e profissionalização do setor sucroalcooleiro, surge a necessidade de verificar se os novos modelos de gestão de RH adotados suportam o crescimento e mantém a competitividade das usinas, contribuindo de forma efetiva para a criação de valor. Neste caso, como as organizações têm adotado práticas diferenciadas e poucos são os estudos que mostram, efetivamente, se sua aplicação reflete um bom desempenho financeiro, avaliar a relação do papel da gestão de RH no desempenho financeiro pode contribuir para esclarecer sua abrangência, tanto em termos dos desafios quanto em termos dos benefícios organizacionais gerados por esta mudança. Para tanto foi realizada uma pesquisa qualitativa descritiva com o estudo de três casos específicos. Os dados foram coletados por meio de fontes primárias, questionários e entrevistas semi-estruturadas, e também, por meio de fontes secundárias complementares. O embasamento teórico foi feito a partir da abordagem de cinco temas centrais: evolução do conceito de RH, a administração de RH em mudança, a administração estratégica de RH, a gestão de RH e o desempenho organizacional e, por fim, o agronegócio sucroalcooleiro. Os resultados da pesquisa evidenciaram papéis de gestão de RH divergentes, que diferenciam as usina pelo nível de instrução e/ou grau de adoção de determinadas práticas. No entanto, ao se fazer as análises das relações entre os papéis de gestão de RH apresentados pelas usinas e seu desempenho financeiro observou-se que a usina B, que possuía a maior orientação estratégica entre as demais, obteve os melhores resultados financeiros na safra 2007/08. Desta forma, conclui-se que, existe uma relação positiva entre a gestão de RH e o desempenho financeiro das usinas, e além disso, as usinas com maior orientação estratégica apresentam resultados melhores. / As we noted the process of management restructuring and professionalization of sugaralcohol sector, there is a need to ascertain whether the new management adopted HR support growth and maintain the competitiveness of plants, contributing effectively to the creation of value. In this case, as the organizations have adopted different practices and there are few studies that show, actually, if your application reflects a good financial performance, evaluate the role of HR management in financial performance may help to clarify its scope, both in terms of the challenges in terms of the benefits generated by this organizational change. For this was a descriptive qualitative research to the study of three specific cases. Data were collected through primary sources, questionnaires and semi-structured, and also through additional secondary sources. The theoretical basis was made from the approach of five central themes: evolution of the concept of HR, administration of HR change in the strategic management of human resources, management of HR and organizational performance and, finally, the sugar-alcohol sector agribusiness. The survey results showed the roles of HR management divergent to distinguish the plants by level of education and/or degree of adoption of certain practices. However, when doing the analysis of relations between the roles of HR management provided by mill and its financial performance showed that the plant B, which had the greatest strategic guidance from the others, received the best financial results in 2007/08 season. Thus it appears that there is a positive relationship between HR management and financial performance of plants, and moreover, the plants with more strategic orientation have better results.