Cette thèse analyse le lien entre la gouvernance d'entreprise et la liquidité par une validation empirique sur un échantillon d'entreprises cotées sur le marché boursier tunisien. Ce choix est motivé par le fait que les différences dans les systèmes de gouvernance entre les pays dans plusieurs aspects (concentration de la propriété, identité des actionnaires…) pourraient avoir des effets différents sur la liquidité des titres. Plus spécifiquement, nous nous proposons d'étudier, l'effet d'un mécanisme de gouvernance interne sur le coût de liquidité pour en déduire l'impact sur le coût du capital et par la suite la performance espérée des firmes. Dans un premier temps, nous appréhendons le concept de liquidité et mesurons son degré. Dans un deuxième temps, nous étudions la relation entre la liquidité et la performance des entreprises. La contribution du coût du service d'immédiateté se traduit par un escompte additionnel sur le coût du capital et la valeur des sociétés. Les résultats trouvés montrent que les fourchettes de prix sont reliées positivement à la rentabilité des fonds propres en valeur de marché. Ces résultats confirment que les entreprises les moins liquides doivent suggérer une rentabilité supérieure aux investisseurs (une prime d'illiquidité) afin de compenser la ponction des coûts de transactions sur la rentabilité de leurs portefeuilles. Enfin, nous constatons que la liquidité est un facteur non négligeable dans le domaine de la gouvernance d'entreprise dans la mesure où les grands actionnaires affectent négativement la liquidité des titres de l'entreprise. Nos résultats concluent à des implications différentes quant à l'identité des actionnaires. Les insiders augmentent les coûts de liquidité en raison de leur accès à l'information privée et pertinente. De même, une participation institutionnelle dans l'entreprise réduit la liquidité de ses titres mesurée par l'impact sur les prix. / This thesis analyzes the link between corporate governance and liquidity by an empirical validation on a sample of companies listed on the Tunisian stock market. We propose in the first chapter an overview of theoretical models and empirical concept of liquidity. In the second chapter, we are a part, an empirical study on stock liquidity in our sample, performing a descriptive analysis of the microstructure of the Tunisian financial market to highlight the degree of liquidity. In a second step, we study the relationship between liquidity and firm performance. We propose in the third chapter a presentation of models operating the link between liquidity and value firm through the ownership structure. We are also interested in this chapter to the impact of liquidity cost on the performance and value of companies. The contribution of the service cost of immediacy translates into an additional discount on the cost of capital and the value of companies. In the fourth chapter, we conduct a comprehensive study of the influence of the liquidity of Tunisian companies on their performance. In a third step, we study the impact of ownership structure on liquidity. This part includes two chapters. The fifth chapter is devoted to the development of assumptions made in explaining the link between ownership concentration and liquidity. In the sixth chapter, we test our research hypotheses on the influence of the characteristics of the structure of corporate ownership on the stock liquidity.

In this thesis the researcher has investigated which of the two concepts: believing before belonging or belonging before believing, is a more accountable perspective in regards to ministry in post-Christendom society. With the final stages of the modern period the power of hegemonic ideologies is coming to an end as people identify less with grand ideologies and more with subcultures related to technology and social and economic networks of different kinds. The post-Christendom phase has begun and is radically challenging Christendom notions of ministry. We have to assume that among post-Christians the familiarity with Christian concepts will fade as the decline of Christendom has meant that Christianity has been losing its status as a lingua franca, only to be understood in the long run, by those who are professing Christians. It is therefore important that the church will anticipate longer journeys towards faith and not move on to disciple new converts too quickly. Post- Christendom evangelization will consequently take longer, start further back and move more slowly. In the context of post-Christendom, knowledge of Christianity is rather limited and people need to come to an understanding of what Christianity entails. For those seekers, exploratory participation at first is safer than making a definite commitment. Postmodern society is also suspicious of institutions and eager to find whether Christian beliefs also work in practice and not only in theory. Therefore is belonging before believing very much necessary for seekers to test whether Christians live out in their communities what they claim to be true? / Christian Spirituality, Church History and Missiology / D. Th. (Missiology)

This dissertation consists of three essays examining the relation between corporate governance and firm performance. The theme of this study is that the widely documented long-term underperformance in equity carve-outs can be partly explained by weak corporate governance. The first essay presented in Chapter 2 explores the effect of shareholder-rights protection on the performance of a sample of firms that initiated a carve-out during the period 1983-2004. Using the Gompers, Ishii, and Metrick (2003) index and Bebchuk, Cohen, and Ferrell (2004) entrenchment index, as proxies for the quality of shareholder-rights protection, I provide evidence that firms with better shareholder rights protection outperform those with weaker rights protection. Results indicate that the weaker the rights protection, the greater the degree of underperformance. Overall, the results are robust to measures of firm performance and to model specification. The second essay presented in Chapter 3 examines the relation between firm performance and board structure. In particular, I study how board size, board independence, and CEO duality influence firm performance. I find that board size for non-financial firms is negatively related to firm performance but positively associated with performance for financial firms. Board independence is positively related to firm performance and CEO duality is negatively associated with performance for both financial and non-financial firms. These results are robust to various measures of firm performance. The conflicting evidence on board size, between financials and non-financials, seems to suggest that the scope and complexity of a firm.s operations drives board size. The third essay presented in Chapter 4 investigates corporate ownership and firm performance. I focus on insider ownership, outside blockholder ownership, and ownership concentration. Results show that insider ownership is negatively related to firm performance even at low levels of insider ownership levels. It is plausible that the combination of parent ownership and management ownership in the subsidiary exacerbate the entrenchment effect thus overwhelming the incentive alignment effects that theory posits. I document a positive relation between outside blockholder ownership and firm performance. And finally, I show that the level of ownership concentration increases (decreases) in anticipation of positive (negative) changes in firm performance.

In this thesis the researcher has investigated which of the two concepts: believing before belonging or belonging before believing, is a more accountable perspective in regards to ministry in post-Christendom society. With the final stages of the modern period the power of hegemonic ideologies is coming to an end as people identify less with grand ideologies and more with subcultures related to technology and social and economic networks of different kinds. The post-Christendom phase has begun and is radically challenging Christendom notions of ministry. We have to assume that among post-Christians the familiarity with Christian concepts will fade as the decline of Christendom has meant that Christianity has been losing its status as a lingua franca, only to be understood in the long run, by those who are professing Christians. It is therefore important that the church will anticipate longer journeys towards faith and not move on to disciple new converts too quickly. Post- Christendom evangelization will consequently take longer, start further back and move more slowly. In the context of post-Christendom, knowledge of Christianity is rather limited and people need to come to an understanding of what Christianity entails. For those seekers, exploratory participation at first is safer than making a definite commitment. Postmodern society is also suspicious of institutions and eager to find whether Christian beliefs also work in practice and not only in theory. Therefore is belonging before believing very much necessary for seekers to test whether Christians live out in their communities what they claim to be true? / Christian Spirituality, Church History and Missiology / D. Th. (Missiology)

La montée en puissance des groupes industriels et des conglomérats basés en Asie, en Amérique latine, en Europe centrale et orientale, au Moyen-Orient ou bien en Afrique, bouscule les agendas de nombreux fleurons mondiaux et ouvre de nouvelles brèches pour la communauté académique. Elle pose la question de la pérennité de la multinationale d´inspiration anglo-saxonne, longtemps présentée comme la quintessence du capitalisme. Il faut désormais compter avec la Périphérie, ce monde composé de pays émergents et de pays en développement. La Périphérie d´hier et d´aujourd´hui sera le Centre de demain et d´après-demain. Les groupes étatiques et privés chinois rebattent les cartes à l´intérieur et à l´extérieur de celui-ci pour faire la course en tête dans l´économie mondialisée des 50-100 prochaines années. Les études empiriques consacrées aux entreprises originaires des pays émergents (EMNE) fleurissent. A ce jour, aucune nouvelle théorie n´a émergé des débats contradictoires, donnant ainsi crédit au courant évolutionniste. Selon Dunning, Kim et Park (2008), l´internationalisation des EMNE serait la version contemporaine de l´expansion des multinationales des pays développés à la fin des années 1970. Leurs stratégies et leurs modes opératoires ressembleraient à du “vieux vin dans de nouvelles bouteilles”. Le contenu serait quasiment le même. Seul le contenant aurait vraiment changé. Notre recherche vise à décrypter les dynamiques stratégiques, transactionnelles et opérationnelles des groupes chinois dans le monde émergent et en développement. Nous cherchons à comprendre comment le fleurons de l´Empire du Milieu s´emparent de territoires a priori imprenables et préemptent le long terme dans les pays de la Périphérie. Notre étude révèle qu´ils jouissent de leviers et d´atouts spécifiques leur permettant de se battre (war-fighting capabilities) et de conquérir des positions de leaders mondiaux (war-winning capabilities). A rebours du courant évolutionniste, nous mettons en évidence l´originalité des dynamiques chinoises. Les stratégies de conquête des groupes chinois sont travaillées par les questions existentielles (les masses critiques chinoises) et la culture multimillénaire (l´art des combinatoires, la dynamique des flux, l´entresoi) de la Chine. Nous montrons que la préemption institutionnelle habilement orchestrée par l´Etat chinois auprès de la gouvernance défaillante ou mitée des pays hôtes constitue le mode d´entrée privilégié des dragons dans les pays émergents et en développement. Les fleurons chinois investissent massivement dans les vides et déploient des stratégies liquides, que nous appelons “stratégies de l´eau”. Face à elles, les stratégies de la pierre des groupes occidentaux et non occidentaux apparaissent vulnérables. L´eau est supérieure à la pierre. Nos travaux réhabilitent le rôle de la culture dans le champ de la stratégie, et identifient un nouveau paradigme, dénommé IFLC (Institutionalize-Fill-Leverage-Combine), qui pourrait ouvrir la voie à de nouveaux agendas dans le domaine du management stratégique / The rising power of industrial firms and conglomerates from Asia, Latin America, Central and Eastern Europe, the Middle East, and Africa, shakes up the agendas of many global companies and opens the door to further academic research. We argue that it challenges the sustainability of the multinational corporations of Anglo-Saxon inspiration. The Periphery of the global economy composed of emerging and developing countries is likely to shift to the Center in the mid- and long-term. Both Chinese State and private enterprises are reshuffling the cards within and outside the Periphery to gain and, ultimately, preserve a strong leadership in the next 50-100 years. Empirical studies dedicated to emerging market multinationals (EMMs) have failed to create a new theory so far, thus providing material for the advocates of evolutionism. Dunning, Kim and Park (2008) viewed the internationalization of EMMs as the contemporary version of the patterns implemented by developed country multinationals in the late 1970s. According to these authors, the strategies of EMMs, and their execution in the host countries, are “an old wine in new bottles”. The content is similar; only the container is different. Our research aims at decoding the strategic, transactional, and operational dynamics at stake in the maneuver warfare waged by Chinese multinational companies in emerging and developing economies. Our five empirical studies strived to shed a new light on how Chinese multinationals conquer new territories, on how they dismantle invincible positions held by historic players, and on how they preempt the long term in countries of the Periphery. Our survey demonstrates that they leverage an unrivalled collection of specific levers and assets that help them wage the war (war-fighting capabilities) and conquer global leadership positions (war-winning capabilities). Unlike the evolutionist trend, we found out that the Chinese expansion strategies and footprint are unique. They are driven by China’s existential questions (critical masses of resources) and long history. The case studies show that the institutional preemption of the flawed, moth-eaten governance of the host countries, skillfully orchestrated by the Chinese State, is the favorite mode of entry of the Chinese dragons in emerging and developing countries. They also show that the latter invest heavily in voids of all natures (1), and that they deploy liquid strategies named ‘water strategies’ as opposed to ‘stone strategies’ (2). Facing water strategies, the ‘stone strategies’ of Western multinationals appear vulnerable. Our research makes it clear that water wins over the stone. Our findings rehabilitate the role of culture in the field of international strategy, and lead to a new theoretical paradigm: IFLC (Institutionalize – Fill – Leverage – Combine). The IFLC model could pave the way to brand new agendas and practices in strategic management.

以往有許多研究從內部人學經歷、性別、平均任期等外生變數去探討內部人與公司租稅規避之關聯性，甚少去藉由內生變數的面向去探討內部人與租稅規避之關聯性。因為個人的納稅資料難以取得，本研究藉由分析財政部訴願決定書的內容去衡量內部人個人是否具備租稅規避的傾向，而其中個人是否具租稅規避傾向的判斷標準是根據所得稅法第66條之8的規定。本研究的實證結果顯示，當內部人個人具租稅規避傾向時，其管理之公司租稅規避程度較高，可以推論其在管理公司時會採行較多租稅規避的政策。 / Many prior studies uses exogenous variables such as insiders’ educational background, gender and average serving year, to discuss the relation between insiders and tax avoidance. It is difficult to attain personal tax information, so this research analyze the administrative appeal decision from Ministry of Finance to measure whether insiders have the characteristic in avoiding tax. This research assume insiders have tax avoiding characteristic if insiders violate income tax law 66-8. The empirical result of this research shows that when insiders incline to avoid personal income tax, the company insiders serve avoid more tax. This research thereby infer insiders with tax avoiding characteristic adopt more tax avoiding policy when managing company.

En écho aux enjeux démographiques des sociétés postmodernes, les générations au travail font l’objet de nombreux écrits dans les médias grand public, la presse managériale et les revues académiques. Dans la majorité de ces travaux, les effets générationnels sont envisagés comme un phénomène de société qui s’impose aux organisations, sommées de s’adapter aux comportements des Générations Y et bientôt Z. Cette vision occulte les effets de la socialisation organisationnelle sur les nouveaux entrants. A partir des travaux de Joshi et al (2010, 2011), notre thèse croise les cadres théoriques des générations et de la socialisation organisationnelle pour explorer empiriquement le thème des générations organisationnelles. En effet, si les générations sont enracinées dans la temporalité, les entreprises ont une temporalité propre, avec des événements fondateurs, des tendances d’évolution et des modes de reproduction sociale. Dans cette thèse CIFRE en recherche-action, nous étudions la situation particulière d’ERDF qui fait face à un renouvellement générationnel massif. Nous combinons un pré-diagnostic qualitatif, une ethnographie de 17 mois dans une base technique renouvelée et un questionnaire (1182 répondants) pour comprendre en profondeur les effets de ce renouvellement massif. D’un point de vue managérial, nous proposons que les conditions particulières expérimentées par les jeunes recrutés à leur entrée dans l’entreprise conduisent à la naissance d’une nouvelle génération organisationnelle. Nous accompagnons l’entreprise dans la prise en compte de la durabilité des effets de cette expérience sur les attitudes au travail, au delà des effets Génération Y. D’un point de vue théorique, nous introduisons le concept d’empreinte générationnelle organisationnelle en tant que marque distinctive d’une génération organisationnelle. Nous définissons ainsi les conditions du travail qui marquent cette empreinte ; les mécanismes par lesquels l’empreinte se forme en soulignant la part des tensions de rôle ; et les antécédents qui engendrent une nouvelle génération organisationnelle. Dans ce cheminement, nous mettons à jour certains effets non anticipés du renouvellement, notamment sur les agents socialisateurs et sur la culture organisationnelle. A travers nos actions, nous contribuons à la reconnaissance de l’effort exigeant que représente l’intégration des jeunes recrutés par le corps social. / Much is written down about generations at work in general media, managerial press and academic journals in connection with demographic stakes in postmodern societies. In most writings, generational effects are considered as a social phenomenon that imposes itself upon organizations, compelling them to adapt to Generation Y (and Z coming up) behaviors. This approach doesn’t take into account organizational socialization effects on newcomers. Building up on Joshi et al (2010, 2011) work, we bring together theoretical frameworks on generations and organizational socialization to empirically investigate organizational generations. Indeed, if generations are rooted in temporality, organizations have their own temporality, including founding events, trends and social reproduction modes. In this PhD dissertation, using action-research, we study the particular situation of ERDF (Electricité Réseau Distribution de France) which faces a massive generational renewal. We combine a qualitative pre-diagnosis, an ethnographic observation during 17 months and a survey (1182 respondents) to deeply understand the effects of this massive arrival. From a managerial point of view, we propose that the particular conditions that newcomers experiment at their entry in the company lead to a new organizational generation. We help the company to understand that this first experience of newcomers durably marks their attitudes at work, beyond Generation Y effects. From a theoretical point of view, we introduce the concept of organizational generational imprint as a distinctive mark of an organizational generation. We define the work conditions which mark the imprint; the mechanisms by which the imprint forms itself, underlying the part of role stress in them; and the antecedents that generate a new organizational generation. On the way, we reveal unanticipated effects of the renewal on insiders and organizational culture. Through our actions, we contribute to recognize the demanding effort required from insiders to integrate newcomers.

Sloan（1996）研究指出，投資人無法完全地分辨出應計項目與現金流量間盈餘持續性的差別，導致對應計項目資訊反應過度，而對現金流量資訊則反應不足，因此公司擁有相對較高（低）的應計項目使用金額，預期會有負（正）的未來股票異常報酬率，此種存在於應計項目與未來來股票異常報酬率間之負向關係，即本文所稱之「應計項目異常現象」。 投資人方面，本研究依資訊取得優勢，區分為內部關係人、機構投資人（外資、投信、自營商）與自然人；投資人持股行為則分別以持股比例與持股比例變動代表。此外，並將應計項目分別以總應計項目與總應計項目組成要素下之個別營運資金應計項目（應收帳款變動數、存貨變動數與應付帳款變動數）作衡量。首先測試應計項目異常現象是否存在於我國，再利用應計項目異常現象建構之套利投資組合，買進最低應計項目金額的投資組合而賣出最高應計項目金額的投資組合，探討應計項目異常現象與投資人持股行為之關聯性。 實證結果顯示，應計項目異常現象存在於我國，亦存在於個別營運資金應計項目。持股比例方面，外資與內部關係人似乎能利用應計項目異常現象形成之套利投資組合；當總應計項目的金額愈低，持股比例會愈高，但在不同應計項目的衡量方法下會有不同的結果。持股比例變動方面，除內部關係人與自然人稍佳之外，本研究設計之迴歸模型並無對應計項目與投資人持股比例變動間之關聯性有足夠的解釋能力。此外，第二年度的內部關係人持股比例變動雖與總應計項目、存貨變動數有負向的關聯性，惟統計結果並不顯著。 關鍵字：應計項目異常現象、投資人、持股行為、應計項目、機構投資人、內 部關係人、自然人、套利投資組合 / Sloan（1996）results indicate investors failing to distinguish fully between the different properties of the accrual and cash flow components of earnings. This leads to overreaction of the information contained in the accrual components of earnings and underreaction of the cash flow components of earnings.Consequently,firms with relatively high (low) levels of accruals experience negative (positive) future abnormal stock returns. The negative relationship between accounting accruals and subsequent stock returns calls the “Accruals anomaly” in this paper. With repect to the investors, I distinguish them from the advantage of obtaining the information into insiders, institution investors (QFII, mutual funds, security dealers), and individual investors; then use the percentage of the investors’ holding and the percentage of the investors’ holding change to represent the investors’ holding behavior. Besides, I use the total accruals and individual working capital accruals（change in accounts receive, change in inventory, and change in minus accounts payable）to measure accruals. Firstly, I test whether the accruals anomaly exists in our country or not, then exploit the hedge portfolio formed by accruals anomaly,by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals generates positive abnormal stock returns to probe into the association between accruals anomaly and investors’ holding behavior. The results suggested that accruals anomaly indeed exists in our country and the individual working capital accruals. With regard to the percentage of the investors holding, QFII and insiders seems to capable of exploiting the hedge portfolio formed by accruals anomaly; when firms with relatively low levels of total accruals experience the percentage of the high investors holding,but there have different results of using dissimilar measurement of accruals. For the percentage of the investors holding change, this paper’s regression model doesn’t have enough capability of explaining the association between accruals and percentage of the investors holding change except insiders and individual investors. Furthermore, although the percentage of the insiders’ holding change in the second year is negatively correlated with total accruals and change in inventory, the empirical results are not significant. Key words: accrual anomaly, investors, holding behavior, accruals, institution investors, insiders, individual investors, hedge portfolio

Several interesting findings emerged from this study. First, strong labour movements still failed to successfully bargain for employment protections due to resistance from employers to encroachments on their institutionalized managerial prerogatives. Second, governments favoured a policy of abstentionism and acquiescence to the collective-laissez-faire tradition until the critical juncture of the 1960s and 1970s. Third, the increasing power resources of trade unions and a deteriorating socio-economic climate created a window of opportunity for bold government action to improve industrial relations, albeit without the consent of employers, and at first, unions. Fourth, contrary to the liberalizing pressures one would expect to find in an archetypical free market economy, the UK has implemented far more statutory protections than deregulatory reforms. Fifth, in contrast to its traditional non-intervention in industrial relations and reputation for worker-protective regulations, Swedish governments have enacted numerous statutes, both restricting and freeing managerial prerogatives in the hiring and firing process. Sixth, statutory employment protections became an independent set of institutional power resources for unions in the long run, serving their organizational and representational interests in important ways. Seventh, unions and left parties consistently defended and advanced the policy preferences of their core constituencies in secure employment by privileging the job security of regular contracts. Eighth, employers and parties on the right of the political spectrum consistently opposed restrictions on the managerial capacity to hire and fire at will, especially for small businesses. Nineth, to increase flexibility without threatening the stability of regular contracts, reforms over the years had to foster atypical forms of work, creating a regulatory gap between permanent and temporary employment, particularly in Sweden. Tenth, differences exist between job security in the statute books and job security in action, particularly in the UK where this gap pervades all aspects of the unfair dismissal system. These findings suggest employment protection legislation has developed in ways far more complex, dynamic and contradictory than is commonly assumed by prominent theories of comparative political economy. / Dissertation / Doctor of Philosophy (PhD) / This thesis examines how and why employment protection legislation developed in the United Kingdom and Sweden in the ways that it did from its early beginnings to the present period. It hopes to offer answers to questions about the initial impetus for statutory regulation, the number, content and impact of significant legislative changes and the preferences of key stakeholders with material interests in the policymaking process. It does this by drawing on a variety of both primary and secondary source materials, including employment protection databases, parliamentary records and research publications. At the same time, it assesses the explanatory merit of dominant theories in the political economy literature by testing them against voluminous empirical evidence and provides a multi-factorial account to fill the gaps in the existing body of knowledge.