Economia e Gestão Internacional / Master in International Economics and Management / A performance empresarial tem sido apontada por vários autores como um importante tópico de pesquisa no ramo dos Negócios Internacionais (International Business), principalmente no que diz respeito às empresas multinacionais. As empresas, em geral, coordenam as suas actividades por objectivos e competem para alcançar vantagem competitiva através do desempenho. Esta dissertação investiga se as empresas multinacionais estrangeiras (FO) e as domésticas (DO) diferem em desempenho comparativo. Especificamente, este estudo pretende determinar se há diferenças de performance significativas entre as multinacionais estrangeiras e as suas congéneres domésticas, e se essas diferenças variam consoante as medidas de performance. O enquadramento que subjaz a este estudo baseia-se em teorias de organização industrial (IO) e de negócio internacional (IB), e, na sua aplicação empírica, analisa uma amostra recente (dados para o ano de 2006) que inclui as maiores empresas portuguesas retiradas da base de dados SABI (Sistema de Análise de Balanços Ibéricos/Coface MOPE). Este estudo foi realizado utilizando modelos econométricos estimados por método de mínimos quadrados (OLS) com desvios padrão robustos e por regressão de quantis. Os resultados são inequívocos: as empresas FO têm um impacto positivo e significativo na performance empresarial em ambos os tipos de medidas de desempenho usadas (lucro e produtividade). Os resultados deste estudo sugerem que há uma diferença significativa ao nível do desempenho entre as empresas FO e DO na indústria transformadora em Portugal. Este estudo contribui também para o debate sobre medidas de política pública relevantes, nomeadamente aquelas relacionadas com a promoção de investimento directo estrangeiro (IDE), com externalidades, e com os efeitos do IDE em empresas domésticas. / Firm Performance has been pointed by different authors as an important research matter in International Business, notably in multinational corporations (MNCs). Organisations in general coordinate their activities by objectives and compete to seek competitive advantage via performance. This dissertation investigates if foreign owned (FO) and domestic owned (DO) firms differ in comparative performance. Specifically, this study seeks to determine if there are significant performance gaps between foreign MNCs and their domestic counterparts, and if those differences/gaps vary with different performance measures. This study draws on an underlying theoretical framework based on industrial organisation (IO) and on international business (IB) theories, which is tested by examining a large scale recent sample (for the year 2006) including the Portuguese top largest firms extracted from the SABI database (Sistema de Análise de Balanços Ibéricos/Coface MOPE). This study was done using econometric models estimated by ordinary least squares (OLS) with robust standard errors and by quantile regressions. The results are unequivocal: FO firms have a positive and significant impact in firm performance in both types of performance measures used (profitability and productivity). The findings of this study suggest that there is a significant performance difference between FO and DO firms in the manufacturing industry in Portugal. This study also contributes to the debate about relevant policy measures, notably related to inward investment promotion, performance externalities and effects of inward investments in local economies.

The subject matter of this thesis is governance principles in global management concepts and the application of such principles by managers at a local level. The thesis includes a case study on a foreign-owned Swedish group of companies that has introduced the management concept of High Performance Culture in all of its consolidated group countries.  Global management concepts usually originate from the United States and make use of neo-rational governance principles. High Performance Culture is a management concept that puts increased performance and individualisation in the foreground. In addition, the concept advocates co-determination and self-development. The governance principles further promote employee autonomy orientation and self-development in addition to a leader-centric approach.  The case study results indicate a discrepancy in the requirements of the governance principles of the management concept, highlighting the various dimensions of cultural layers and values to which managers in the same organisation are subject. The same values had an effect in different ways on the managers’ interpretation and handling of the management concept.   This interpretation and handling of the management concept tools led to an implementation that partially opposed what the French management team and management concept advocated.    The managers choosing to oppose the governance principles of the management concept can be seen as an example of modern individualism, according to which people are increasingly questioning rigid and hierarchic authority while showing initiative and assessing one’s own personal work. Hence, the values of modern individualism can act as a counterforce to neo-rational governance principles. / Avhandlingen studerar styrningsprinciper i globala managementkoncept samt hur de översätts av chefer på lokal nivå. En fallstudie har genomförts i ett svenskt utlandsägt företag där managementkonceptet Högpresterande kultur har införts i koncernens samtliga länder. Högpresterande kultur är ett globalt nyrationellt managementkoncept med ökad prestation och individualisering i förgrunden. Men konceptet förordar även medbestämmande och självutveckling. Av resultatet framgår att i kraven från managementkonceptets styrningsprinciper uppstod en krock som synliggjorde olika dimensioner av kulturella lager med värderingar som cheferna omfattades av, i en och samma organisation. Organisatoriska identiteter på skilda nivåer och funktioner, med skillnader i värderingar, påverkade hur cheferna översatte och hanterade managementkonceptet. Även utlandsägandet var av betydelse för genomslaget. Cheferna tog till sig styrningsverktygen då de gav sken av medarbetarorienterade styrningsprinciper. En krock uppstod dock med ledarcentrering inbäddad i konceptets verktyg. Chefernas val att gå emot konceptets styrningsprinciper skulle kunna tolkas i enlighet med en modern individualism. Den säger att människor i allt högre utsträckning ifrågasätter rigida och hierarkiska auktoriteter, samt tar egna initiativ och gör egna bedömningar i arbetet. Den moderna individualismens värderingar skulle således kunna stå som en motkraft till nyrationalistiska styrningsprinciper.

本論文主要由三大研究主題組合而成：第一個主題是依照中國金融體系的現況，針對國有銀行、政策性銀行、股份制商業銀行及城市商業銀行等四種不同類型銀行的獲利績效進行比較實證研究。其中的股份制商銀與城市銀行，其資本組成除少數仍有國務院持股（即中央政府持股）外，股東成員擴及地方政府、國有企業及民間企業，股本結構明顯較國有商業銀行及政策銀行多元化。不同的股本結構，尤其是官股比例（政府持股比例）是否對各家銀行的獲利能力產生影響，是本文主要研究興趣所在。本文採用Bankscope資料庫，涵蓋1997至2004年中國大陸49家銀行的財務及股東資料。結果發現：銀行股權結構中，中央政府持股比例越高，銀行獲利表現越差，地方政府持股的影響則較不明顯；而四類銀行中，股份制商銀與城市商銀的表現遠優於國有銀行及政策銀行。但1999年以後中國國有銀行的財務整頓措施的確使得國有銀行的相對表現有所提升。 鑑於外商銀行大舉進入中國金融市場，勢必對中國銀行帶來更多的競爭壓力，本論文第二個研究主題進一步將研究範圍擴及至世界資產排名前一百大的銀行，企圖比較中國銀行與世界百大銀行經營績效的差異。在這個主題中，延續前一主題「股權結構」的重要性，除了官股比例，同時考慮外資持股及本國人持股，分析三類持股對績效的影響，又鑑於總體面的政府治理因素可能對股權與銀行績效的關係產生變化，本研究也將政府治理變數，包括文獻中經常提到的證券市場內線交易情況、政府政策透明度及政府貪污情況等因素納入考量，比較這些因素對中國銀行與百大銀行影響有何差異。實證結果如下：對中國銀行及世界百大銀行而言，政府持股對銀行獲利的影響是負向的，而外資持股的影響則恰相反，開放程度愈高、銀行自由度愈高越有利於銀行績效提升。中國政府越無貪污情況時，越有助於外資持股對銀行績效的正向影響。對世界百大銀行而言，政府越無貪污情況時，越有助於外資持股對銀行績效的正向影響。而政府政策透明度越高，越有助於政府持股與本國人持股的正向影響。 第三個主題探討我國上市櫃公司不同的對外與大陸投資決策對母公司獲利性的影響。本文將投資決策對公司獲利的影響視為內生，也就是投資決策受公司特性因素的影響。同時，我們進一步假設公司的投資決策是分兩階段完成，第一步會先決定是否進行海外投資，一旦確定後，再決定是否赴大陸投資。因為有兩層的投資決策，本文以延伸的Heckman’s Two Stage Method進行估計。 實證結果顯示，在投資決策的影響因素方面，對第一層赴海外投資而言，規模愈大、國際化程度愈高、愈勞力密集的公司愈傾向赴海外投資；對第二層赴大陸投資的決策，影響因素也類似，只是公司規模不再是重要影響因素。至於獲利的影響因素方面，第一類「赴大陸投資的公司」與第二類「未赴大陸但赴其他國家投資的公司」的利潤型態較類似，長期負債對獲利都有負向顯著影響，總資產也傾向負向影響，至於第三類「未從事任何海外與大陸投資公司」的利潤型態則與前兩類不同，總資產與研發支出都呈現顯著負向影響。而三類公司的績效比較部分，第一類公司的平均預期資產報酬率雖若高於第二類，第二類公司又高於第三類公司，但三類公司兩兩之間平均預期資產報酬率的差距並未達統計上的顯著性。 / This dissertation contains three main parts. The first part studies the effects of government owned share on Chinese banks’ performance. After a series of financial reforms in the 1990s, joint stock commercial banks and city commercial banks started to boom and play an increasingly important role in China’s banking industry which had previously been monopolized by four state-owned commercial banks. These two new bank-types are considerably more diversified in that the primary shareholders include the central government, local governments, state-owned enterprises and private enterprises, not just the central government. Using 49 Chinese banks’ financial data retrieved from Bankscope, this part examines the effect of different ownership structures, in general, and government-owned-shares, central vs. local, in particular, affect the profitability and risk of banks in China. It also compares the profitability of four types of banks, namely state-owned banks, policy banks, joint-stock commercial banks and city commercial banks. We conclude that, without equivocation, the higher the ratio of state-owned shares is, the worse is the profitability of the bank. And we also note the profitability of joint-stock commercial banks and city commercial banks is much better than that of state-owned and policy banks. In light of the ever-growing foreign competition facing Chinese banking industry, the second part expands the sample banks to World’s top 100 banks and studies the differences between Chinese banks and foreign banks from the respects of ownership structure, government governance and bank regulations. Our empirical results reveal that for both Chinese banks and top 100 banks, government owned share has a negative effect on banks’ profitability, while foreign owned share has an opposite effect. For both of them, the more the foreign institutions have access to the banking market and the more freedom the banking industry enjoys, the better the bank performs. For Chinese banks, lesser corruption helps strengthen foreign share’s positive effect on banks’ performance. Furthermore, higher transparency would increase the positive effect of government owned share and domestic owned share. The third part studies the profitability of Taiwan’s listed companies with and without investment in China. Unlike past studies which deal with the decision of investment in overseas and China as exogenous, the decision is endogenous in this paper. That is, the decision making is based on the firm’s characteristic factors. We further assume that there are two hierarchy decisions made by firms when they decide in investing in overseas and China. The first decision is whether it should invest overseas. Once the first decision is made, the next one is whether a firm should invest in China. This two decision model, which allows us to extend Heckman’s two-step method, is referred to as an extended-Heckman method in this paper. Our empirical results regarding the determinants of investing overseas and China are as follows. With respect to the investment in overseas, firm size and export ratio show positive influence on the decision of investment, while capital labor ratio shows negative effect. Next, with respect to the investment in China, determinants are similar except that firm size is no longer significant. Our results regarding the profit performance reveal that for ‘the firms with investment in China’ and ‘the firms without investing in China, only investing other countries’, long term liability ratio has a significantly negative impact on profitability, whereas total asset, R&D expenditure show a negative effect on profitability for ‘the firms without investing overseas, nor investing in China’. As for the performance comparison among firms of these three investment types, the differences are insignificant. This result implies that there are still considerable individual differences among the firms of the same investment type.