M.Com. (Accounting) / Please refer to full text to view abstract

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The prevailing capitalist and growth-driven economic system has led to an increase in inequality, resource consumption, and environmental pressure on the earth’s vital support systems. Cities face a number of sustainability challenges, and in view of overconsumption in affluent societies, particularly in the Global North, the question arises how alternative approaches can be implemented at the local level. The “sharing economy” is considered as having the potential to open a “new pathway to sustainability”. To unfold the alleged sustainability potential of the sharing economy, the focus should be on non-profit sharing initiatives rather than for-profit sharing companies. This study analyses different modes of governance applied by local authorities in steering non-profit sharing initiatives, highlights the challenges local authorities face, and draws attention to more general conflicts of interest in developing the non-profit sharing economy. A comparative case study of Gothenburg and Umeå, Sweden, is conducted using qualitative research methods. The results show that some modes of governance applied by local authorities in steering non-profit sharing initiatives are more prominent than others. It becomes clear that the municipal involvement in the non-profit sharing economy as investor and host depends largely on the political will. The challenges for local authorities in developing the non-profit sharing economy are quite diverse, ranging from lack of political support to legal aspects, organisation of administration, local conditions, and structural problems. A conflict of interest between a for-profit and non-profit orientation in the sharing economy becomes evident.

In professional partnerships, partners have to agree how to split their income between each other. Such a profit sharing system (PSS) must be perceived as being fair and motivating to ensure the enduring success of the partnership. Surprisingly, quite different systems are in use today in otherwise comparable firms. The understanding of a “fair share” and how to motivate best varies con-siderably. Existing literature on professional service firms rarely discusses in which circumstances the different PSS types are adequate; non-economic per-spectives are scarce. Using semi-structured interviews with senior partners from large German law firms, this study evaluates their understanding of trust, fairness and motivation, and how that links to their respective PSS’s. It adds the otherwise missing peer-to-peer perspective to existing organisational research on fairness, trust and motivation. The findings include the presence of both extrinsic and intrinsic motivation through money, but also through peer pressure. Different fairness ideals clearly link to PSS types. Mutual trust, based on knowing each other, is key in all but one PSS type. An important, but yet overlooked differentiator between PSS’s is whether profit distribution decisions are made based on algorithms or on human (committee) decisions. A new framework is developed that links the beliefs and values of the partners with the specific characteristics of the PSS, which are systematically assessed for the first time. This framework offers partners from law firms and potentially other professional service firms a methodical approach to identify and discuss their needs and to identify the most appropriate PSS for their specific situation.

In the present thesis we study with-profit policy in life insurance. First we intro- duce general information about profit sharing and basic terms. We shortly look at the life insurance legislation. In the main part of thesis we look at three me- thods of calculation profit sharing and thereafter own method will be suggested. In second part of thesis we describe cash-flow model of life insurance implemented in iWorks Prophet Software. All methods with various economic scenarios and with various parameters settings will be tested in this model. Finally we analyse results of projections, we compare cash-flow for important variables a we describe advantages and disadvantages for every method.

Nous nous proposons de modéliser différents types de mécanismes d'incitation salariale, de déterminer les conditions de leur mise en place et d'analyser leurs effets sur les efforts des salariés, la performance des firmes et le surplus collectif. Ces effets sont étudiés dans des cadres statique et dynamique. Les deux premiers chapitres (2 et 3) s'insèrent dans un cadre d'analyse statique. Dans les trois derniers chapitres (4, 5 et 6), nous intégrons une dimension temporelle dans l'analyse se passant dans un cadre dynamique. Dans le chapitre 2, nous analysons les déterminants de l'actionnariat salarié et évaluons son impact sur le bien être des différents agents économiques. Nous prouvons théoriquement et empiriquement, l'importance de considérer conjointement la désutilité à l'effort des salariés et la taille de l'entreprise pour expliquer l'actionnariat salarié. Nous montrons également que les entreprises assez larges vont distribuer à l'équilibre des parts de capital sous-optimales à leurs salariés. Nous comparons dans le chapitre 3, du point de vue des différents agents économiques, deux scénarios de partage du profit: un premier où la part de profit résulte d'une négociation et un second où cette part est fixée unilatéralement par les capitalistes. Nous montrons que les capitalistes peuvent préférer la négociation alors qu'il est possible pour les salariés de préférer une fixation unilatérale. Nous justifions également la nécessité d'une intervention de l'Etat, les intérêts des deux capitalistes et du planificateur social n'étant jamais convergents. / We aim at modeling various incentive mechanisms, determining the conditions of their implementation and analyzing their effects on employees’ efforts, the firm’s performance and the social welfare. These effects are studied in static and dynamic frameworks. The first two chapters (2 and 3) are parts of the static analysis. In the last three chapters (4, 5 and 6), we take into account a temporal dimension. In the chapter 2, we analyze the factors which determine the employee ownership implementation and estimate its impact on agents’ welfare. We prove the importance to consider jointly the effort disutility and size in the explanation of employee ownership implementation. We also show that large firms are going to distribute sub-optimal capital shares to their employees. We compare in the chapter 3, from the viewpoint of the various economic agents, two scenarios of profit sharing: the first one where the part of profit results from a negotiation and the second where this part is unilaterally fixed by capitalists. We show that those shareholders may prefer bargaining while it is possible for the employees to prefer a unilateral fixing of profit shares. We also justify the necessity of a regulator’s intervention as the interests of both capitalists and social planner never converge. The chapter 4 examines the optimal strategy of divesting actions by the large shareholder in an infinite horizon game where divesting shares allows an increase in the company’s value through its incentive effect on the managers’ efforts.

This research study is concerned with the effects and dynamics of 'integrated' schemes of employee participation, where workers are involved in both work-related decision-making, and also share in the profits of their employer. Prior research and the literature on employee participation has tended to concentrate on the process and effects of either financial participation in isolation, or of decision-making participation, but seldom on situations where both are employed simultaneously. Based on a thorough literature review, this study presents a 'Model of Integrated Employee Participation (incorporating moderating effects)'. The model explicates a process through which both types of worker involvement may operate together, leading to a set of behavioural and performance outcomes. Where the formal participation schemes are operationalised such that, combined, they lead to perceptions equivalent to 'psychological ownership', a substantial goal-congruence and integration of the employee with the organisation occurs. These processes lead, in turn, to influences on individual and organisational outcomes. Antecedent and moderating variables to the operation of such 'integrated' participation schemes are identified in the model. Specifically, the effects of the schemes are postulated to be moderated by employees' biographical and personality factors, by their perceptions of managerial commitment to employee participation, and by their perceptions of aspects of the organisation's managerial system of communication and control. The relevance and implications of the model to the South African gold-mining industry are discussed. Major pillars of this 'Model of Integrated Employee Participation (incorporating moderating effects)' were tested within a detailed investigation of the participation schemes in operation at a profitable South African gold-mining company. This investigation was longitudinal in nature, with two major surveys being performed over a ten-month period. The findings suggested that while the effects of the 'integrated' schemes on employees' job satisfaction, performance and stability were as anticipated, the proposed moderating effects were generally non-existent or insignificant. In order to obtain greater clarity of the dynamics of 'integrated' schemes of employee participation, a path analytic exploration of the interrelationships between the measured variables of the study was then undertaken. A detailed path model was developed and then tested, at three levels of the organisational hierarchy as well as on the entire workforce. The path model was substantially supported for the 'entire workforce', and for the largest stratum of the mine's employees, being the 'unskilled and semi-skilled' workers. Satisfaction with participation was found to be positively and significantly associated with perceived extent of participation. This applied to both the financial and decisional elements of the schemes. Job satisfaction and employee performance were also found to be positively associated with perceived extent of participation and / or satisfaction therewith. Employees' perceptions of managerial commitment to 'integrated participation' predicted their satisfaction therewith. Aspects of the organisation's system of managerial communication and control were found to significantly affect levels of job satisfaction and employee performance in the participative environment of the mine. The model was only partially supported, however, at the more senior levels of 'management' and 'supervisors and artisans'. It thus appeared that 'integrated participation' schemes may not enhance job satisfaction and performance at the higher levels of the organisational hierarchy, and that the schemes' effects may thus be moderated by employee seniority. The empirical findings were supportive of much of the literature on participation programmes. They were particularly consistent with 'affective' and 'contingency' explanatory models of the effects of -participation. The findings did not, however, support 'cognitive' explanatory models of the effects of participation. / Thesis (Ph.D.)-University of Natal, 1995.

The aim of my thesis was to show the influence of legislative changes on the accounting of business corporations. Analyses were performed on actual legislative changes, which to the greatest extent related to the recodification of private law in the Czech Republic and their entry into force of law about and concerning commercial companies and collectives. These factors resulted in adjustments to several provisions of laws regarding accounting and related supplementary regulations. On the basis of these analysed legislative changes, case studies were subsequently developed for a specific business corporation, namely the company STAX Metal Fibers s.r.o. The individual parts of the case studies were developed according to the actual state of the business corporation, and these case studies may be used by the enterprise to enhance its business activities further. The suggestions were concentrated on the area of reserve funds created within the accounting entity, the introduction of common stock, the possibility of advance or down payment in proportion to share of profits and a proposal to use sanctions from outstanding claims. In the conclusion recommendations were made concerning legislation with a special focus on the ambiguity of some terms in different laws.

The present study focuses on the research and evaluation of a profit- and/or result-sharing plan (PRSP) applied during 7 years at the CERTHIL Company. Multi-variable and descriptive analyses were the methods used. The objective of the research was to propose a methodology that would facilitate the implantation and evaluation of future profit-sharing plans at other companies. It is classified as a quantitative study. A questionnaire (Likert scale) was given to directors and collaborators of CERTHIL and directors of the company CERMISSÕES, which intends to implant the PRSP. The evaluation of indicators by the multi-variable analysis allowed for the selection of an ideal group of variables for analysis. The factorial analysis enabled the identification of the degree of importance of each indicator analyzed, facilitating the study of those indicators that have greater and lesser influence in the plan. The analysis of the principal components allowed for the reduction and identification of variables of greater statistical relevance, that better explain the factors to be analyzed and identify those that will maintain greater management control. The methodology proposed proved to be important and highly applicable in the evaluation and implantation of Profit- and/or Result-Sharing plans. This method can be used as a tool to monitor performance indicators applied to the PRSP and contribute to business planning. / O presente estudo concentra-se em uma pesquisa e avaliação do plano de participação nos lucros e resultado PLR aplicado há 7 anos na CERTHIL. Utilizou-se os métodos de análise descritiva e multivariada. O objetivo da pesquisa é avaliar os critérios do PLR por meio dos indicadores de desempenho aplicado aos processos produtivos. Classifica-se como pesquisa quantitativa. Aplicou-se um questionário valendo-se de uma escala Likert onde foi aplicado junto aos gestores e colaboradores da CERTHIL e gestores da CERMISSÕES - que pretende implantar a PLR. A análise descritiva foi útil para fazer o comparativo do entendimento e opinião dos respondentes de ambas as cooperativas sobre a PLR, quanto a sua implantação, influência na qualidade, lucratividade, gestão administrativa, motivação, relacionamento e comprometimento. A avaliação dos indicadores, através da análise multivariada, possibilitou selecionar um grupo ideal de variáveis para análise. A análise fatorial proporcionou a identificação do grau de importância de cada indicador analisado, facilitando o acompanhamento dos indicadores que influenciam em maior e menor importância na composição do plano. A análise de componentes principais possibilita reduzir e identificar as variáveis de maior relevância estatística, que mais expliquem os fatores a serem analisados e identifiquem as que deve manter um maior controle gerencial. Os procedimentos multivariados confirmam sua importância e aplicabilidade na avaliação e implantação de planos de participação nos lucros e resultados nas empresas. Pode-se utilizar,esse método, como ferramenta para monitorar indicadores de desempenho aplicados a PLR e contribuir na gestão administrativa.

L'objectif de cette thèse est de contribuer à la compréhension des enjeux de l'épargne salariale pour les politiques de rémunérations dans les entreprises en France. Une mise en perspective historique et théorique permet d'abord d'identifier les motivations conduisant les entreprises à développer un dispositif alliant l'intéressement et le PEE. Ensuite, nous explicitons à travers une modélisation théorique de type « Principal-Agent » les caractéristiques d'un contrat associant l'intéressement à un PEE. Les prédictions théoriques qui en découlent sont enfin validées par une étude empirique sur des données individuelles d'entreprises et de salariés. A partir d'une estimation par appariement sur le score de propension, les résultats révèlent que les entreprises qui intègrent à leurs politiques de rémunérations un dispositif alliant l'intéressement et le PEE versent en moyenne des salaires de base plus faibles, compensés par le versement d'une prime d'intéressement. Par ailleurs, celui-ci s'accompagne d'un impact positif et significatif sur le profit mais d'un effet non significatif sur la productivité du travail des entreprises. Il existe néanmoins une corrélation positive entre la mise en œuvre du dispositif et la productivité du travail pouvant avoir pour origine un effet de sélection. Ces travaux nous invitent à défendre la thèse selon laquelle l'instauration par les entreprises d'un dispositif alliant le partage du profit et le PEE vise non seulement des effets d'incitation mais aussi des objectifs de maîtrise des coûts salariaux. Au-delà, lorsque le PEE donne lieu à la constitution de l'actionnariat salarié, il permet aux entreprises de poursuivre des objectifs de stabilisation du capital. / This dissertation aims at shedding a new light on the analysis of the effects of profit sharing and employee ownership plan on wages practices in France. We firstly purpose a survey of the theoretical foundations of profit sharing and employee ownership plan. By considering institutional and macroeconomic changes in France since 1980, we secondly develop an historical analysis of the financial participation. In this context, we argue that a system based on both profit sharing and employee ownership plan is not only designed as an effort incentive scheme but also as a risk transfer device. We thirdly develop a Principal-Agent model to determine the optimal characteristics of a contract based on both profit sharing and employee ownership plan. Our hypothesis is then tested on an original matched employer-employee database concerning French firms. Using a Propensity Score Matching method which allows controlling for potential selection bias, we show that such a contract has no significant impact on the labour productivity but a positive one on the firm's benefit. We finally find a negative impact on the employee's base wage but no significant effect on the total earnings.