As empresas familiares geralmente são conhecidas como empresas com propriedade detida e gestão exercida por pelo menos um membro de uma família empresária. Historicamente, essas empresas foram um objeto pouco estudado pela academia, apesar de sua importância. Esta dissertação tem como objetivo geral analisar os efeitos da propriedade familiar sobre os eventos de fusão e aquisição, por meio da investigação do efeito da propriedade familiar sobre a propensão a realizar fusões e aquisições, do efeito da participação percentual da família no capital sobre essa propensão e da comparação do retorno anormal acumulado de empresas familiares e não familiares após eventos de fusão e aquisição. Para testar as hipóteses de pesquisa foram utilizadas as técnicas estatísticas Probit e regressão linear simples. A população de estudo foi composta por companhias abertas brasileiras com registro em bolsa de valores. Com base nessa população construiu-se uma amostra de 216 empresas. O período de investigação incluiu os anos de 2007 a 2011. Os resultados encontrados confirmaram a hipótese de que as empresas familiares são menos propensas a realizar fusões e aquisições do que as empresas não familiares. Esses resultados são relevantes na medida em que confirmaram a única constatação equivalente disponível na literatura. Contudo, a participação percentual da família no capital não mostrou nenhuma relação com a propensão a realizar fusões e aquisições. Por fim, os resultados não mostraram evidências para suportar a hipótese de que o retorno anormal acumulado após eventos de fusão ou aquisição seja superior para as empresas familiares. / Family firms are generally known as companies whith property held and management exercised by at least one member of an entrepreneur family. Historically, these companies have been an object little studied by the academy, despite their importance. This work aims to analyze the effects of family ownership on merger and acquisition events, by investigating the effect of family ownership on the propensity to carry out mergers and acquisitions, the effect of family\'s percentual participation on this propensity and the comparison between the abnormal return of family firms and non-family firms after merger and acquisition events. To test the research hypotheses the statistics techniques Probit and simple linear regression were used. The study population was composed by Brazilian public companies listed in the stock exchange. Based on this population a sample of 216 companies was built. The research period included the years 2007 to 2011. The results confirmed the hypothesis that family firms are less likely to conduct mergers and acquisitions than non-family firms. These results are relevant to the extent that they confirmed the unique equivalent conclusion available in the literature. However, the family\'s percentual ownership had no relationship with the propensity to carry out mergers and acquisitions. Finally, the results showed no evidence that the cumulative abnormal return after merger or acquisition events is higher for family firms.

This thesis is about using rather than applying Norbert Elias’s conceptual ideas, and its analytical procedure employs a ‘fair play’ approach to theorists and theory. This is put to use regarding British independent funeral firms by conceiving these as a figuration developing over the long-term, and exploring the accounts of funeral directors placed in dialogue with Elias’s ideas. The thesis examines how the key Eliasian concepts of figuration, sociogenesis, habitus and de/civilising processes play out in context, including over-time developments within the British funeral industry. Its focus is ‘thinking with Elias’ about such matters in relation to the everyday working practices of independent funeral directors. Chapter One introduces Elias’s key conceptual ideas. In beginning its ‘fair play’ analysis it discusses criticisms, debates and uses of his work and explores the substantive literature on death, funerals and the British funeral industry. Building on this, Chapter Two considers analytically the process of methodologically trying out potential approaches to thinking with Elias around one of his core ideas, figuration. Departing from Elias’s retrospective approach, it chases the independent funeral firm figuration as it unfolds in the present. Using figuration in thinking with Elias sets the stage for further analytical use of Eliasian concepts in subsequent chapters. Chapter Three explores how sociogenesis works by examining intersections and departures between the funeral directors’ accounts and the Eliasian view of long-term development. Regarding sociogenesis, the ‘actual’ processes of death-related social change were not of central interest to the funeral directors, who were more concerned with ensuring their firms’ persistence. Chapter Four engages with Elias’s ideas about habitus and the we-identities of the independent directors, shared belief and behaviour traditions within and between firms and the directors, and also sources of conflict. Core to this is the emphasis on traditions, although these are present-time ‘invented’ around the priority of remaining in business. Chapter Five presents Elias’s theory of the de/civilising process as his ‘bigger picture’ of social change, and its analysis engages and contrasts this with the independent funeral directors’ accounts of the bigger picture in discussing perceived trends. They respond to changes as these are unfolding, and explain over-time matters of stasis and change as they experience them in ways that challenge Eliasian thinking. Chapter Six discusses the main contributions of the thesis. In using theory and thinking with Elias rather than against him, I have aimed to be a fair player in doing sociology. First, my thesis recognises the importance of context and that how concepts play out in ‘real’ life will vary significantly. Second, in adopting a fair play approach, the thesis provides a detailed empirical example of how to evaluate theorists on their own terms by following in their suggestions and engaging with their ideas in contextual and reflexive ways. It has neither replicated nor reproduced an Eliasian study, but instead demonstrated how actually using it in a context will play out. Third, the thesis has used the Eliasian key concepts of figuration, sociogenesis, habitus and de/civilising in a present-day setting so as to examine how these unfold in the present and can be explored through people’s accounts. Fourth, it analyses the accounts of the independent funeral directors in a fair play way and establishes that their ideas work as theory, as exploring the dialogue between Elias and the funeral directors has shown. Overall, the thesis is a reply to Elias’s call for sociologists to think for themselves, engage with and expand upon ideas and settings to hand, and to pursue the actual processes at work in society.

Nos diversos estudos sobre Arranjos Produtivos Locais desenvolvidos no país, constatamos que as empresas de pequeno porte apresentam grandes dificuldades em se articular com o sistema financeiro formal, restringindo sua capacidade inovativa e produtiva. Além deste fenômeno, observamos frágeis relações de ações conjuntas e de cooperação entre os diversos agentes econômicos, revelando baixo nível de capital social. No nosso entendimento, o atual estágio do cooperativismo de crédito apresenta condições para auxiliar a combater esses problemas, contribuindo para a sustentabilidade do arranjo produtivo. Este tipo de instituição financeira pode atuar como um Banco de Arranjo Produtivo, auxiliando o fomento do aglomerado, visto que sua principal característica é oferecer serviços financeiros com reduzidos custos de transação, devido à reduzida assimetria de informações proporcionada pela proximidade existente entre o agente financeiro e as pequenas unidades de produção. Acreditamos neste argumento porque o segmento cooperativista de crédito tem apresentado significativo crescimento qualitativo desde a promulgação da Constituição Federal vigente, constituindo-se em elemento importante no desenvolvimento econômico e social de regiões onde as cooperativas estão inseridas, proporcionando inclusão financeira, gerando emprego e renda, e auxiliando na redução de disparidades regionais. Nesse contexto, o objetivo deste trabalho é analisar o comportamento de uma cooperativa de crédito, constituída em 2004 e localizada no arranjo produtivo de confecções de bonés de Apucarana, município pertencente ao Estado do Paraná. Argumentamos que a inserção deste tipo de instituição financeira neste aglomerado produtivo fortalecerá o capital social, proporcionará benefícios econômicos e se constituirá numa opção viável para amenizar o gargalo financeiro das empresas de pequeno porte, impulsionando o desenvolvimento deste segmento empresarial e das localidades onde estão hospedadas. / In the diverse studies on developed Local Productive Arrangements in Brazil, we evidence that the small business companies present great difficulties in if articulating with the formal financial system, restricting its innovative and productive capacity. In our agreement, the current period of training of the cooperativism of credit presents conditions to assist to fight these problems contributing for the support of the productive arrangement. This type of financial institution can act as a cluster Bank, assisting the promotion of the accumulation, since its main characteristic is to offer financial services with reduced costs of transaction, due to reduced proportionate asymmetry of information for the existing proximity between the financial agent and the small units of production. We believe this argument because the segment has presented significant qualitative growth since the promulgation of the effective Federal Constitution, consisting in important element in the economic and social development of regions where the cooperatives are inserted, providing financial inclusion, generating job and income, and assisting in the reduction of regional inaqualities. In this context, the objective of this work is to analyze the behavior of a cooperativism of credit, consisting in 2004 and located in the productive arrangement of confections of caps of Apucarana, pertaining city to the State of the Paraná. We argue that the insertion of this type of financial institution in this productive accumulation will fortify the capital stock, will provide economic benefits and one will consist in a viable option to brighten up the financial pass of the small business companies, being stimulated the development of this enterprise segment and the localities where they are housed.

Diante do processo recente da internacionalização das empresas brasileiras, que ainda suscita estudos para melhor compreender a dinâmica e o estabelecimento dos entrantes tardios verde-amarelos em todos os continentes e, visto que os estudos sobre subsidiárias de multinacionais brasileiras ainda são incipientes, o objetivo geral desta pesquisa foi analisar a influência da transferência de conhecimento e de fatores culturais na iniciativa das subsidiárias de multinacionais brasileiras. A partir das reflexões acerca dos estudos sobre matrizes e subsidiárias de multinacionais, sobretudo aqueles relacionados à cultura, transferência de conhecimento e iniciativa, as três hipóteses deste estudo emergiram e; baseado no modelo de iniciativa da subsidiária de Birkinshaw (1999), o modelo desta pesquisa foi explicitado considerando o contexto corporativo e o local da subsidiária, configurados por dimensões predominantemente comportamentais. Em termos metodológicos, empregou-se a estratégia sequencial explanatória, caracterizada pela coleta e análise de dados quantitativos seguido pela coleta e análise de dados qualitativos. Na primeira etapa, utilizou-se de técnicas estatísticas para analisar uma amostra de 66 subsidiárias de multinacionais brasileiras; enquanto na segunda etapa, explorou-se os resultados obtidos por meio de uma abordagem qualitativa aplicada na Weg, multinacional brasileira, envolvendo a matriz e as respectivas subsidiárias. Como principais resultados, constatou-se que a transferência de conhecimento nas multinacionais brasileiras parte na maioria dos casos, da matriz para subsidiária, principalmente com as unidades oriundas de processos de aquisição, evidenciando o compartilhamento do conhecimento tácito por meio do processo de socialização. Ambas as etapas da pesquisa permitiram identificar que algumas características culturais brasileiras estão presentes nas subsidiárias, principalmente as relacionadas à questão do poder, centralização e hierarquia, que podem dificultar o processo de transferência de conhecimento. Em relação ao modelo de pesquisa proposto, foi possível validá-lo na etapa quantitativa, visto que este explicou 28,9% da variabilidade da iniciativa da subsidiária de multinacional brasileira, considerado um resultado satisfatório nos estudos de ciências sociais. Duas, das três hipóteses verificadas, foram confirmadas: a iniciativa da subsidiária é diretamente influenciada pela transferência de conhecimento e esta, por sua vez, influenciado pela cultura. Entretanto, a influência da cultura na iniciativa da subsidiária não foi confirmada pela amostra do estudo, mas indícios da sua importância foram percebidos. O estudo sobre a Weg, na segunda fase da pesquisa, permitiu ilustrar o modelo proposto. Por fim, inspirado em uma proposta semelhante de Birkinshaw (1995), considerando-se a transferência de conhecimento, a cultura e a iniciativa das unidades, definiu-se três conglomerados de subsidiárias: Iniciativa de reconfiguração, Iniciativa no mercado local e Iniciativa incipiente. Como contribuições, destacam-se o enriquecimento da literatura acadêmica em construção sobre as multinacionais brasileiras, principalmente o olhar da iniciativa das subsidiárias; a definição de um modelo teórico com variáveis predominantemente comportamentais e que pode ser validado; e reflexões sobre a atuação das multinacionais brasileiras no contexto internacional. Para estudos futuros, acredita-se que outras variáveis sejam incorporadas ao modelo de pesquisa e que este seja aplicado novamente às subsidiárias de multinacionais brasileiras, permitindo uma análise longitudinal, bem como em realidades de outros países. Também, visando aprofundar a interpretação dos dados resultantes da etapa quantitativa, a realização de pesquisas em outras multinacionais brasileiras utilizando a abordagem qualitativa como na segunda fase deste estudo será relevante. / The internationalization of Brazilian companies is a recent process and raises the need for studies to better understand the dynamic and establishment of Brazilian late-movers in other continents. Moreover, the studies on Brazilian multinational subsidiaries are still scarce. As a result, the general goal of this research was to analyze the influence of knowledge transfer and cultural factors in initiatives of Brazilian multinational subsidiaries. The three hypothesis of this study emerged from the studies about headquarters and subsidiaries of multinationals, mainly those related to culture, knowledge transfer, and initiative. Based on Birkinshaws (1999) model of subsidiary initiative, this researchs model was depicted and it considered both the corporate context and the location of the subsidiary. These issues were especially set by behavioral dimensions. Regarding methodological issues, the explanatory sequential strategy was employed. This strategy includes collecting and analyzing quantitative data and, then, collecting and analyzing qualitative data. At the first phase of the research, statistical techniques were used to analyze a sample of 66 Brazilian multinational subsidiaries. At the second phase, results were obtained and analyzed through a more qualitative approach at Weg, a Brazilian multinational, including headquarters and subsidiaries. As main findings, it has been noticed that knowledge transfer in Brazilian multinationals, mostly, occurs from headquarter to the subsidiary and it is especially true when these subsidiaries are resulted from an acquisition. It was noticed that tacit knowledge sharing occurs through the socialization process. Results depicted from both phases of the research unveiled that some Brazilian cultural features are present in the subsidiaries, especially those related to power, centralization, and hierarchy. These issues can hamper the knowledge transfer process. It was possible to validate the proposed model since it explained 28.9% of the Brazilian multinational subsidiary initiative variability. This number is considered satisfactory for studies in Social Sciences. Two out of the three tested hypothesis were confirmed: the initiative of the subsidiary is directly influenced by knowledge transfer, which is, then, influenced by culture. However, although the influence of culture in the initiative of the subsidiary was not confirmed with this studys sample, there is evidence it is important. The study at Weg, at the second phase of this research, was useful to put the proposed model into practice. Inspired by a proposal similar to Birkinshaws (1995) model and considering knowledge transfer, culture, and initiatives of units, three subsidiary clusters were defined: (1) reconfiguration initiative, (2) local market initiative, and (3) incipient initiative. Contributions of this study include: (1) enriching the under-construction academic literature by studying Brazilian multinationals and focused on the initiative of subsidiaries, (2) defining a theoretical model with predominantly behavioral variables, (3) validating the model, and (4) discussing the operation of Brazilian multinationals within the international context. Future studies should include other variables into the research model, which may be reapplied at Brazilian multinational subsidiaries. It will enable researchers to both promote a longitudinal analysis and to understand the reality of other countries. Moreover, aiming at deepening the interpretation of data from the quantitative phase, it is relevant to conduct research at other Brazilian multinationals and the approach should be qualitative, likewise the second phase of this study.

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This thesis examines the influence of market, learning, and entrepreneurial orientation as sources of competitive advantage in fast-growth SMEs. It is taken that these three factors synergistically comprise an organization's business orientation, enhancing marketing capabilities and firm performance. In Australia, these firms tend to be emerging enterprises, usually less than 10 years of age, and comprise approximately 10% of all SMEs, contributing substantially to national revenue. Two studies (Study 1 and Study 2) were incorporated, utilizing a sequential explanatory design, which is characterized by undertaking quantitative data collection and analysis (path modelling), prior to conducting qualitative research (case studies/causal network modelling). Study 1 reveals that business orientations are significant antecedents to marketing capabilities. Accordingly, firms leverage advantages associated with a business orientation to strengthen their marketing capabilities. While superior marketing capabilities are important drivers of performance, these capabilities also mediate relationships between business orientation and performance. Without such capabilities, it appears that firm market, entrepreneurial and learning orientations provide little value to attainment of desired performance objectives. Fast growth SMEs invest in maintaining sound relationships with distributors and developing superior products/services for positional advantages. However, only product/service development capabilities contribute significantly to firm performance. Although Relationship Capabilities are related positively with Shared Vision (learning orientation) and Proactiveness (entrepreneurial orientation), this marketing capability dimension displays nonsignificant relationshi ps with performance measures. This finding suggests that even though FGF employees might have sound relationships with distributors/retailers, Relationship Capabilities are not a direct contributor to subjective measures of firm profitability, ROI, ROE, customer satisfaction, new product success, and overall marketing effectiveness, confirming that positional advantage does not necessarily lead to enhanced firm performance. In addition, marketing research, marketing management, marketing communications, and pricing are nonsignificant contributors within the context of the present hypothesized model. Study 2 extends the hypothesized model originating from Study 1. Based on an inductive analysis of case studies, qualitative findings reveal four significant qualities specific to these organizations: Leadership/CEO characteristics, human resource practices, organizational culture, and organizational climate. These characteristics can be regarded as intangible resources associated with fast-growth firms. These attributes appear to be significant antecedents to business orientation, marketing capabilities, customer value, and firm performance. Customer value features prominently. This model is also nonrecursive: firm performance sends a signal to potential employees and customers, impacting human resource related issues such as staff motivation, rewards, and recruitment. Successful firms tend to attract highly talented employees because potential staff want to be associated with winning enterprises. Information generated and disseminated from the renewal process adds new knowledge to superior organizational r esources, making the process nonrecursive. Perhaps, more importantly, Study 2 reveals that fast-growth companies seem to have an uncanny ability to remain ahead, preventing competitors from surreptitiously entering their markets. It might sound as a cliché, however, but these organizations appear to possess a commitment to customer centricity for at least some period of time, retaining customers by developing new products which continue to serve current customers as they change what they value.

<p>In times of rapid growth, both in terms of economic development and globalization, an increasing number of firms extend their businesses abroad. A subsequent challenge of this development is the managerial implications of cross-cultural management. This study employs a qualitative approach in a single case study of Swedish company and its subsidiary in China. After reviewing the previous studies, the authors summarize the differences of management style, staff behaviors and communication system in different culture context and find the barriers of cross cultural communication in multinational firms. The findings of this study indicate that the barriers of communication come from the national culture’s influence on the work place and behaviors of people with different identity. Moreover, culture also influences people’s way of thinking and behaving and result in different understandings toward vision and purposes of firms.</p>

Financial risk as a result of trade in foreign currencies is inevitable for firms that are engaged in international trade. However the decision how to manage this risk differs from one firm to another. This difference can be a result of the type of ownership in the individual firm.One of the classifications of the type of firms that have different can be categorized as family firms and non-family firms. Studies have showen that family firms differ in their use of control systems and financial management techniques. The difference is explained by the type of ownership. As a consequence of the differences, family and non-family firms may differe in their decision making with respect to foreign risk management. This thesis compaires the practice of foreign exchange risk management in family and non-family firms.the objective is to asses if family firms and non-family firms differe in their decision making to currency exposure management. The effect of the involvement of family members in the management of currency risk will also be addressed. Finaly, the paper will provide some recommandetions to firms exposed to foreign exchange risk.

In times of rapid growth, both in terms of economic development and globalization, an increasing number of firms extend their businesses abroad. A subsequent challenge of this development is the managerial implications of cross-cultural management. This study employs a qualitative approach in a single case study of Swedish company and its subsidiary in China. After reviewing the previous studies, the authors summarize the differences of management style, staff behaviors and communication system in different culture context and find the barriers of cross cultural communication in multinational firms. The findings of this study indicate that the barriers of communication come from the national culture’s influence on the work place and behaviors of people with different identity. Moreover, culture also influences people’s way of thinking and behaving and result in different understandings toward vision and purposes of firms.

In recent years, family firms have been stressed as important contributors to economic wealth. An increased focus from both researchers and practitioners can therefore be seen in various forms such as research institutes and conferences. Furthermore, family firms are often treated as a group of similar kind while inherent differences are played down. From a theoretical perspective, organisations look at the behaviour of others that face similar complex situations, such as succession. Information can be found in institutional carriers who connect groups of firms. By imitating what is perceived as successful practices, family firms face the risk of employing inefficient procedures in times of succession. The purpose of this thesis was to investigate what kind of ideas Dagens Industri as institutional carrier communicates about succession in family firms. To fulfil the purpose, data was retrieved in the form of Dagens Industri articles concerning family businesses and succession. Interpretations were based on theoretical constructs on family firms as well as institutional theory. From our findings, it was observed that family firms differ on the basis of industry presence and ownership structure. Furthermore, importance of time and communication was stressed in Dagens Industri.