SEW refers to the stock of affect-related values that an owning family derives from its family business. As a promising theoretical concept, the SEW has been used widely to explain the diverse strategic choices of family firms compared to non-family firms. However, little study has been done to measure SEW directly and to measure the effect of SEW on family firms’ strategic choices.     Within the context of family-owned Hidden Champions, this thesis study replicates the five-dimension model proposed by Berrone et al. in an empirical study to verify the psychometric measurement on the degree of SEW. Furthermore, internationalization has been chosen as an example to demonstrate the effects of SEW on family firms’ strategic choices and outcomes.   This study has verified the reliability and validity of the SEW scale and SEW’s five subscales constructed. Furthermore, the measurement on SEW and its five dimensions has been applied to examine the effects of SEW and its five dimensions on the internationalization of family firms. The findings reveal that SEW has a negative effect on the internationalization of family firms, which is mainly due to the negative effect of Family Control and Influence.

This paper investigates the spread of aggressive corporate tax reporting by modeling a firm's decision to adopt the corporate-owned life insurance (COLI) shelter. I use a sample of known COLI participants to examine whether certain firm characteristics are associated with the decision to adopt a COLI shelter. I find some evidence that firms with higher performance-matched discretionary accruals are more likely to adopt a COLI shelter, suggesting a positive relation between aggressive financial reporting and aggressive tax reporting. I also find that firms with greater capital market visibility are less likely to adopt a COLI shelter, consistent with a potential reputational cost for being associated with aggressive tax avoidance activities. Further, my results suggest that COLI adopters are generally R&D intensive firms with low leverage and few foreign operations. In addition to firm specific characteristics, I consider two explanations for the spread of COLI adoption motivated by theory on diffusion of innovations and institutional isomorphism. I investigate whether firms imitate prior COLI adopters and whether COLI adoption spreads through common auditors. My results are not consistent with an imitation explanation. Further, my results suggest that having the same auditor as a prior COLI adopter does not increase the likelihood that a firm will adopt COLI. / text

The aim of this study is to determine the extent to which Quality Management Practices has been effectively adopted and implemented by Pakistani manufacturing companies and to identify best practices for adoption by the companies. The study employed primary and secondary data sources to determine the relationship between QM and Productivity. The study used quantitative methodology for data collection and analysis. The survey responses were categorised into foreign owned companies (FOC's) and local owned companies (LOC's). The outcome of the descriptive and statistical analysis of the survey responses and secondary data of the companies found that, although most of the companies were aware of the significance of the QM practices and Productivity, FOC's were found to have performed highly better in the adoption and implementation of QM practices in their companies compared to locally owned companies. The study also revealed that there is positive relationship between quality and productivity of the manufacturing companies. The evidence deduced from the study shows that foreign owned companies have performed better compared to local owned companies in terms of quality and productivity. Furthermore, the evidence from this study also points out that, automobile sector of Pakistan performed well in the adoption and implementation of QM practices. Strong positive link between quality and productivity was found in the case of automobile companies. This study therefore recommends for manufacturing companies in Pakistan to effectively adopt and implement Quality management practices that encapsulate the study's framework for adoption of QM practices (see figure 7.1).

This study has sought to probe the origin of Korean chaebols by employing theories that have been developed to account for the rise of American business organizations. By examining the top four chaebols qualitatively through detailed case analyses and 143 business groups quantitatively through statistical analyses, this study tests hypotheses raised by the three theoretical perspectives. The major findings of this study indicate that the political economy has been the dominant factor that contributed to transforming mediocre business groups into large chaebol groups. In particular, an organization's relationship with the state was of utmost significance. This study also indicates that the institutional isomorphism approach can complement politically motivated or efficiency-oriented theories. One of the major findings of this study is that Chandler's theory accounting for the rise of Korean chaebols is weak. However, its weakness does not stem from its main proposition that strategy calls for structural reform, but from its premise that growth strategy and structure presuppose economic and technological development. Williamson's transaction cost economics has a limited capability to account for the rise of the Korean chaebol. It is argued that the relative weakness of this theory may be inherent in its "universal" nature, which makes little provision for societal and cultural differences between the United States and Korea.

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Bakgrund Ordet kundägt används av både ömsesidiga och kooperativa bolag men vad är ett kundägt bolag för något och vad gör ett kundägt bolag speciellt? I förhållande till sina marknadsandelar är kundägda bolag understuderade vilket motiverar en explorativ studie för att öka kunskapen kring den här typen av bolag. Syfte Genom att göra en explorativ kvalitativ fallstudie i ett kundägt företag vill vi driva fram akademiska undersökningsområden för att främja den företagsekonomiska forskningen i området. Metod Studien gjordes genom en explorativ kvalitativ fallstudie på Länsförsäkringar Östgöta på grund av att det är ett framgångsrikt kundägt bolag. Fyra personer från ledningsgruppen på Länsförsäkringar Östgöta och en person från dotterbolaget Länsförsäkringar AB intervjuades. Parallellt så inhämtades information även från deltagande observationer och dokument för att förstärka empirin som genererades vid intervjutillfällena. Slutsats Studien bidrar med att visa att kundägda bolag fortfarande spelar en viktig roll på marknaden och visar på ett antal områden som bör studeras närmare. En av de främsta punkterna är den lokala aspekten som verkar samverka med det kundägda för att skapa en organisation med hög trovärdighet bland kunderna. Hur konceptet med ett kundägt lokalt bolag påverkas av digitaliseringen är en annan punkt som bör väcka ett intresse bland forskarna att studera vidare. / Background The word customer-owned is used by both mutuals and cooperatives but what is a customer-owned company and what makes it special? Customer-owned companies are in relation to their market shares less studied which motivates an explorative study to increase the knowledge about this type of companies. Aim We want to develop academic research areas to advance the theory in the field of business by doing an explorative qualitative case-study in a customer-owned company. Methodology The study was made by an explorative qualitative case-study on Länsförsäkringar Östgöta as it is a successful customer-owned company. Four people from the Länsförsäkringar Östgöta management team and one person from the subsidiary Länsförsäkringar AB was interviewed. Data was gathered parallel to the interviews by participatory observations and documents to enhance the empiricism. Conclusion The study contributes by showing that customer-owned companies still plays an important role in the market and the study also shows areas were future research should be conducted. One of the main conclusions is that it seems like the local aspect have synergies with the customer-owned to create a company that have a high level of trustworthiness. How the concept with a local and customer-owned company will fare in a more digitalized world is another area that should have a high interest among researchers.

Mokslinio darbo objektas – valstybei nuosavybės teise priklausantis turtas. Darbo tikslas – įvertinti valstybės turto potencialo būklę, pagrįsti jo vertinimo instrumentus ir numatyti būtinus valstybės turto aktyviosios dalies valdymo modelio pokyčius. Moksliniame darbe atlikta sisteminė valstybės turto sampratos, klasifikavimo, apskaitos ir valdymo analizė ir numatytos valstybės įmonių disponuojamo turto (svarbaus valstybės komercinio turto) valdymo strategijos transformacijos prielaidos. / Object of the research – state-owned property. Purpose of the research – to assess the condition of state property’s potential, to substantiate its valuation instruments and to suggest necessary changes to the active part of the state property management model. In the study a systemic analysis of state property concepts, classification, accounting and management was conducted and provisions for the transformation of the management strategy for property disposed of by state enterprises (important state commercial property) have been suggested.

Object of the research – state-owned property. Purpose of the research – to assess the condition of state property’s potential, to substantiate its valuation instruments and to suggest necessary changes to the active part of the state property management model. In the study a systemic analysis of state property concepts, classification, accounting and management was conducted and provisions for the transformation of the management strategy for property disposed of by state enterprises (important state commercial property) have been suggested. / Mokslinio darbo objektas – valstybei nuosavybės teise priklausantis turtas. Darbo tikslas – įvertinti valstybės turto potencialo būklę, pagrįsti jo vertinimo instrumentus ir numatyti būtinus valstybės turto aktyviosios dalies valdymo modelio pokyčius. Moksliniame darbe atlikta sisteminė valstybės turto sampratos, klasifikavimo, apskaitos ir valdymo analizė ir numatytos valstybės įmonių disponuojamo turto (svarbaus valstybės komercinio turto) valdymo strategijos transformacijos prielaidos.

The objective of this study is to investigate management succession in black–owned family businesses in South Africa. The study was conducted in two Provinces, namely Limpopo and the North–West. In the Limpopo province, the study was conducted in the Vhembe District. The Vhembe district is consists of four municipalities, i.e. Thulamela, Mutale, Musina and Makhado. In the North–West province, the study was conducted in the Bojanala District. The Bojanala district has three municipalities, namely Phokeng, Marikana and Tlhabane. Family businesses are one of the driving forces behind economic growth in the developed and developing countries. Their general lack of longevity is a cause for concern. Their lack of longevity has mostly been attributed to poor succession management processes which hinder the transfer of the family businesses from one generation to the next generation. It is because of this concern that the research was undertaken in order to provide possible suggestions that the family businesses can adopt and implement in order to ensure a successful transfer of the family business to the next generation family members. The research was conducted by means of a literature and empirical study. The purpose of the literature study was to attain in–dept knowledge of family businesses and management succession. The literature study formed the basis of understanding family businesses and the unique challenges facing such businesses. The literature review has focused on issues such as: the definition of a family business, unique characteristics of family businesses, the advantages and disadvantages of family businesses, challenges to the continuity of family businesses, the definition of succession and succession planning, the importance of management succession, the nature of the succession process, the selection of a successor, mentoring and preparing a successor as well as the complete transfer of management to the successor. The empirical study indicated that successful management succession in family businesses is hindered by a lack of or poor management succession planning, estate and retirement planning, the selection of the successor, the prevention and management of conflict as well as the establishment of family forums which enable effective communication within the family business. Therefore, an investigation of management succession in black–owned family businesses was undertaken due to their lack of longevity as presented in findings from the empirical study. Practical recommendations were suggested to support the family and the business to effectively manage the management succession process in the family businesses. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.

Business valuations have been an integral part of business for many years, and will stay an important part of business, as valuations are required for multiple reasons. The majority of businesses in South Africa (and the rest of the world) consist of privately-owned companies. A business valuation in general is a complex exercise that can be described as an inexact science. When the business valuation of a privately-owned company is added to the equation, the level of uncertainty is increased with another notch. The valuations of privately-owned companies are therefore a relevant topic. As unsystematic risk in privately-owned companies is difficult to eliminate or mitigate by diversification, this study sets the goal to determine if the advisory departments of the big four audit, tax and advisory firms in South Africa (Ernst & Young, PwC, KPMG and Deloitte & Touch) consider and incorporate unsystematic risk into valuations of privately-owned companies and if it is taken into account, whether it is done objectively. This study firstly focussed on the literature of privately-owned company valuations. The most frequently used approaches are found to be the market approach and the income approach. The asset approach is used to determine the minimum value of a company (the liquidation value). The topic of unsystematic risk is perceived as very much subjective and therefore receptive of manipulation. The second part of the study uses the mixed method approach to collect empirical data, using survey questionnaires and follow-up interviews (which are based on the literature review). It was found that the preferred valuation approaches used by the participants are indeed the income approach followed by the market approach. It seems that these two approaches are used in conjunction with one another. Incorporating unsystematic risk is done in line with what the literature proposes, but as professional judgement is needed, the process is never entirely objective. Participants tend to agree that the identification and quantification of unsystematic risk are not entirely objective and that it is possible to use unsystematic risk as a device to bring the final results of a valuation in line with the clients‟ objective. This study recommends that a professional valuation body should be formed to regulate valuations in South Africa. This body should set valuation standards. It is furthermore recommended that the asset approach is used as a reasonableness test when going concern companies are valued, and to consider the use of CAPM variants (e.g. modified CAPM, the local CAPM, the Build-up method etc.) and non-CAPM variants (Estrada model and the EHV model) to determine the cost of equity when the income approach is followed, as is suggested by the literature. The practical implication of the study is that the research can be used as starting point by role-players in the valuations sector to open the discussion on the topic formally so that valuation practitioners can engage with one another and work towards a professional valuation body and valuation standards. The limitations of the study are that only top-level employees were used as the representatives of firms and the population only includes the big four audit, advisory and taxation firms. Areas for further research include extending the population to three strata, viz. big four firms, medium-sized firms and small-sized firms. Comparative valuations on a case study can be performed by the different approaches of each stratum using unsystematic risk as the only variable (if themes are identified in strata). Conclusions can be made based on the outcomes of the valuations to determine the impact when different approaches are followed. / Thesis (M.Com. (Management Accountancy))--North-West University, Potchefstroom Campus, 2012.