The role and responsibility of the CEO of an organisation is an extensively researched field. This research project investigates the drivers of CEO turnover and the factors affecting the resultant post turnover corporate performance. An event study methodology, based on share price data from the JSE (Johannesburg Stock Exchange) was used to evaluate relative corporate performance. A pre event window of 250 trading days was used to establish corporate performance prior to the CEO turnover event, and a post event window of 500 trading days was used to evaluate the performance of the newly installed CEO. A sample of 143 CEO turnover events was examined, gathered during the period 1 April 2007 to 31 May 2012. 58% of the corporations undergoing CEO turnover were under performing their peers for one year prior to the turnover event, indicating that poor corporate performance was a major driver of CEO turnover. However, on further analysis, dissecting the data by corporation size yielded differing results, with 75% of small corporations undergoing CEO turnover in the ambit of under-performance, whereas in respect of large corporations, most CEO turnover was conducted in the circumstance of out-performance. Overall, CEO turnover yielded a statistically relevant improvement of 13.6% in post event corporate performance. However, if a corporation was significantly underperforming its peers prior to the turnover event, the new CEO was likely to improve corporate results by 96%, whereas, if a new CEO took over a significantly out-performing corporation, the post turnover corporate performance would reduce by 66%. A statistically relevant linear equation was formulated, predicting the level of post event corporate performance in relation to the pre event corporate performance. The variables of CEO tenure, CEO age, internal versus external CEO placements, and company size were also investigated, yielding interesting observations. / Dissertation (MBA)--University of Pretoria, 2014. / zkgibs2015 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Orientation: The level of CEO compensation and its relationship with organisational performance has generated considerable interest worldwide. In light of compromised mining productivity as a result of the recent labour unrest in South African, some commentators have questioned the justification of certain CEO compensation in the country’s mining industry. Research purpose: The primary purpose of this study was to describe the relationship between CEO compensation and organisation performance in the South African mining industry. Motivation for the study: A deeper understanding of the relationship would enhance knowledge when developing optimal CEO reward systems to ensure sustainability of the mining industry within the South African context. Research design, approach and method: The research was a quantitative, archival study involving 30 mining companies over a five year period. The statistical analysis techniques used in the study included analysis of normality variance and multivariate regression. Main findings/results: The main finding of the research was that there was a moderate to strong relationship between CEO compensation and organisational performance in the South African mining industry. However, operating expenses have progressively increased, putting performance under pressure. Furthermore, it was also found that company size plays an influential role in CEO compensation levels. Practical/managerial implications: While the CEO compensation appears to be generally aligned with the organisational performance, the findings suggest that boards of directors should focus on structuring reward systems more optimally to mitigate managerial rent seeking in large companies and unsustainability in smaller companies. Contribution/value-add: This study has contributed to the body of existing knowledge on executive pay for performance in the context of the South African mining industry. In addition, the study has demonstrated that the other non-performance related measures need to be considered in executive compensation design. / Dissertation (MBA)--University of Pretoria, 2014. / lmgibs2015 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

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This thesis provides an empirical investigation on how different public listing locations affect the CEO (chief executive officer)’s pay of Chinese SOEs (State Owned Enterprises) and whether such a pay differential would in turn affect the listing location choice by those firms, which have not received much attention in the current literature. In particular, we focus on two stock markets, the mainland (including Shenzhen and Shanghai) A-share market and Hong Kong H-share market. Unlike what have been found in many other markets, where firms listed in the foreign markets can normally enjoy a price premium, Chinese firms listed in the Hong Kong market (H-share) usually face a discount in prices comparing to what they can get in the domestic stock markets (A-share). So it is a real puzzle why they are eager to be listed in Hong Kong. Explanations have been sought in the past regarding to access to international capital markets and reputation or image effects for the Chinese firms. Our study contributes to the current oversea-listing literature by examining CEOs’ personal factors that affect listing location choice of SOEs in China. In this thesis, we aim to examine the association between CEO’s pay and different listing locations. Our sample covers all the Chinese listed SOEs in both A-share and H-share over the period of 1990-2009. First, we examined the effect of different listing locations on CEO’s pay and found that a positive CEO’s pay differential exists for H-share listing other things being equal, which means a wage premium for H-share CEOs. Furthermore, our evidences also support the hypothesis that such a wage premium does provide an incentive for CEOs to choose to list in Hong Kong.

This thesis includes estimating the probability of informed trading, PIN, developed by Easley, Kiefer and O’Hara (1996, 1997a, 1997b), for a large sample of listed firms in China from 2002 to 2008, and I use PIN to explore two independent research questions in corporate finance. First, the probability of informed trading is applied to explain the discount in value for firms with diversified business operations. Although aiming to increase firm value, the corporate diversification decision usually results in a firm value discount, for a variety of reasons, one of which is the transparency problem. My study directly tests the relation between the information asymmetry revealed from the stock market and the firm value discount due to diversification decision. The results show that the corporate diversification decisions result in a lower firm value in China, mainly because the diversified firms suffer from a higher level of information asymmetry or a lower level of transparency. After controlling for the measure of information asymmetry, the strategy of diversification itself does not reduce firm value. Second, the probability of informed trading is applied to explain the payperformance sensitivity of CEO compensation in Chinese listed firms. The payperformance sensitivity measures the change in managerial compensation based on the change in shareholder wealth. A higher information asymmetry helps and encourages shareholders to spend more on incentivizing the management team. My results show that higher level information asymmetry is associated with higher payperformance sensitivity of CEOs in China. The result also holds if information asymmetry is approximated by analysts’ forecast errors. According to the estimates of PIN in this thesis, Chinese firms are shown to exhibit a higher level of information asymmetry than what has been found in the U.S. market. The thesis ends with a brief discussion of the results and what future research could follow.

Les protectores diuini lateris Augusti, soldats de haut rang attestés dans l’armée romaine entre le IIIe siècle et le VIe siècle, ont été considérés tour à tour par les historiens comme des gardes du corps impériaux, des officiers d’état-major, ou les successeurs des centurions. Mais ces interprétations soulèvent bien des contradictions que cette étude d’histoire militaire et sociale, appuyée sur un corpus prosopographique, vise à résoudre. Les évolutions du recrutement, des carrières et des fonctions des protectores sont révélatrices des recompositions du commandement de l’armée romaine tardive. L’analyse ouvre également une fenêtre sur l’environnement social et culturel de ces soldats privilégiés, amenés à fréquenter tant les champs de bataille que la cour impériale. Enfin, en plaçant au centre de la réflexion la relation de ces soldats avec l’empereur, à la fois chef de l’armée et garant de l’ordre social et symbolique du monde de l’Antiquité tardive, on comprend comment les protectores s’inscrivaient, aux yeux des Romains, au sein d’un ordre terrestre des dignités reflétant la hiérarchie céleste. / The protectores diuini lateris Augusti, high-ranking soldiers attested in the Roman army from the 3rd c. to the 6th c. AD, have been alternately defined by historians as imperial bodyguards, staff officers, or centurions under a new name. This study, based on a prosopography, aims to resolve the contradictions raised by these interpretations, from a military and social point of view. The evolutions of these soldiers’ recruitment, careers and functions, reflect deep changes in the command structure of the Late Roman army. The analysis also sheds light on the social and cultural background of these privileged soldiers, who were familiar with both the battlefield and the imperial court. By focusing on their privileged relationship with the emperor, who was at the same time general in chief and responsible for the social and symbolic order of the Late Antique world, we can finally understand how the protectores were part, in the eyes of the Romans, of an earthly order of dignities reflecting the celestial hierarchy.

La souscription d’une assurance responsabilité civile des dirigeants sociaux apparaît aujourd’hui comme indispensable au bon fonctionnement et développement des sociétés.Mais se pose nécessairement la question de la réelle efficacité de cette assurance, souscrite par la société, pour protéger ses dirigeants en cas de mise en cause de leur responsabilité personnelle. / Underwriting a civil liability insurance for social executives appears today as essential to the proper functioning and development of companies.But the question of the real effectiveness of this insurance, subscribed by the company, necessarily arises to protect its leaders in the event of their personal liability being questioned.

In the course of time, the Egyptian army has developed a complicated network of economic interests as a privileged establishment, and independent from civilian oversight or political surveillance. This dissertation argues that; the well-established and long lasting independent economic interests may turn the military establishment to an independent stakeholder and closed, conservative group within the society seeks to preserve its own privileges by controlling over the political power and resist any external oversight including the democratic reforms that may create a threat to these privileges. Such military establishment is a direct threat to any democratic transition. In this case, the armies securitize the political sphere raising the democratic reforms as foreign conspiracy and an existential threat to its privileges and raise the nationalism and xenophobic rhetoric as it needs to create a political justification for their security practices that aim to crush the opposition and secure the political power. I suppose that the Egyptian case shows causal relations between the economic interests of the military establishment and the nationalism as a dominant ideology. Such military is leaning to not only control the political power, but it aims to militarize the societal values and control over the...

Die Justizvollzugsanstalten befinden sich in einem ständigen institutionellen Wandel, der von umfangreichen Entwicklungsprozessen geprägt ist. Gegenstand der vorliegenden Arbeit ist die Untersuchung dieser Entwicklungsprozesse in ausgewählten, vorzugsweise in den sächsischen Justizvollzugsanstalten, für die geeignete Strategien der Organisations- und Personalentwicklung erforderlich sind. In diesem Zusammenhang nimmt der Bereich der beruflichen Weiterbildung einen besonderen Stellenwert ein, wobei dieser sich vordergründig auf die arbeitsbezogene Weiterbildung der Bediensteten der JVA stützen sollte. Nach Meinung der Autorin wird diesem Aspekt weitestgehend noch eine zu geringe Aufmerksamkeit geschenkt, obwohl dieser Bereich ein erhebliches Potenzial zur erfolgreichen Umsetzung von Entwicklungsprozessen besitzt. Eine wirksame Organisations- und Personalentwicklung verlangt einen ganzheitlichen Ansatz und umfasst aus diesem Grund alle Struktureinheiten und Hierarchieebenen der JVA in der Implementierung von Entwicklungsprozessen. In diesem Kontext bedeutet arbeitsbezogenes Lernen eine konzeptionelle, an allen Hierarchiegruppen der Bediensteten im Justizvollzug ausgerichtete Entwicklung, die sich an aktuellen Arbeitsproblemen sowie an überschaubaren, mittelfristigen Anforderungen und deren Lösung orientiert.