Whether they are renting a neighbor’s used tools, using a bike sharing program to get to work rather than owning a car, or streaming a movie online through Netflix, consumers are forgoing traditional ownership of goods in favor of gaining mere access to them. This behavior reflects a change in the way consumers view possession and ownership. While it is known that consumers become attached to possessions and that possessions mean a great deal to the identities and lives of consumers, it is unclear how consumers feel about goods which they can possess and use but do not own. Specifically, it is unknown whether consumers perceive and become attached to accessed goods in the same way they do owned goods. The answer to this question has strong implications for marketing theory and practice. This study found no significant difference in the perceived value of the good or the perceived value of the possession experience between owned and accessed goods. However, psychological feelings of ownership were found to affect these measures both directly and as a mediating factor between the method of possession and the perceptions of value. This relationship was not found to behave in the same way for both hedonic and utilitarian goods. Utilitarian goods appeared to benefit slightly more than hedonic goods from feelings of ownership. This research has strong implications for theory, including the development of a new conceptual model that ties together disparate research areas, the lack of differences in ownership effects between owned and accessed goods, and the important role played by psychological ownership in shaping consumer perceptions. This research also has strong implications for managers relating to consumer perceptions of owned vs. accessed goods, the importance of generating feelings of psychological ownership within customers, and the differential effect this process has on the perception of utilitarian products.

The purpose of this thesis is to increase the understanding of how senior management executives experience insider ownership. An additional aim is to investigate if there is a difference of the experiences of senior management executives with a Swedish cultural background in comparison to the experiences of senior management executives with other cultural backgrounds, with regards to insider ownership. By distribution of a questionnaire, partly through telephone interviews and in part via email, empirical primary data is gathered. The empirical findings indicate that insider ownership has a broad area of use and that senior management executives experience insider ownership as a source of motivation. Further, the study indicates that insider ownership is experienced as a motivational source regardless of cultural background since the study sees tendencies of that personal characteristics outweigh the cultural permeation. The findings of this study imply tendencies that show many different positive effects of insider ownership. For example, insider ownership could be a motivational source, a governance tool for creating trust among employees and other interlinked stakeholders. This could in turn mean that insider ownership contributes to a more cooperative working environment. Also, insider ownership has been portrayed as a possible catalyst for increased motivation. Thus, insider ownership could be a source for increased individual performance, and thus, company performance. Additionally, one of the major findings of this study is the tendencies that could prove to be of interest for future research, for example; that the feeling of fear might be superior to the feeling of greed

The thesis is a quantitative study examining the correlation between IPO underpricing andinside ownership and whether subgroups' significance has a greater effect on underpricing.The methodology of this study involved employing OLS regression analysis. Literature on IPO underpricing and ownership is primarily focused on the relationship between institutionalinvestors. Furthermore, previous literature on IPOs and ownership have been conducted onthe dilution of inside ownership post-introduction and retention rate concerning the firm's quality. The contribution of the study is to the literature on IPO underpricing and asymmetricinformation due to inside ownership. In addition to previous literature, regarding underpricingof IPOs and the asymmetric information between inside and outside ownership. The resultsindicate that inside ownership increases underpricing of IPOs and that the subgroups CEO andBoard of Directors significantly influence underpricing in the Swedish stock market. Thestudy also investigated whether underpricing was affected by insider holding during uncertainperiods such as the COVID-19 pandemic, but no evidence supporting this hypothesis wasfound.

Master of Science / Department of Agricultural Economics / Michael R. Langemeier / Retained ownership can generally be described as when a producer does not sell his or her calf crop immediately after weaning but keeps the calves for an extended period of time. This is a decision that is made by the cow-calf producer every year and may or may not change from year to year. For some, the decision is based on past practices while others will evaluate the market before making a decision. There are various levels of retained ownership that can be modified to fit a producer’s operation and can range from a preconditioning program to finishing the cattle in the feedlot. This study specified various retained ownership scenarios in order to be able to analyze the situations. Budgets were used to analyze the optimum phase of production at which to sell calves that is most profitable while taking risk into consideration. Specifically, budgets were developed for scenarios of four cow-calf herds, four backgrounding phases, two grazing phases, and six custom feedlot phases. These budgets were used to produce sixteen potential retained ownership scenarios. The scenarios range from selling the calves immediately after weaning to owning the cattle through finishing at the feedlot. Each scenario was then analyzed based on the net returns over a 10-year period. Additionally, the scenarios were analyzed based on net returns over feed costs. Target MOTAD was used to analyze the risk component of the scenarios. Although most of the net returns were negative for all scenarios, retained ownership showed a trend of improving net returns. However, along with the improved returns came a greater variability in returns which is unattractive to a risk adverse producer. Target MOTAD results on a net return basis selected the cow-calf only phase of production in all scenarios.

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I examine the impact of hedge fund managers selling ownership stakes in their firms to outside owners. Funds with outside owners do not subsequently outperform a matched sample of funds but do attract higher flows, suggesting that managers sell stakes to obtain strategic growth partners. The flow impact is greater for i) funds with lower prior flows or performance, ii) smaller funds, and iii) funds with more reputable outside owners. Outsiders also monitor their investments as funds with outside owners reduce their returns management. The reduction in return management is stronger after the 2008 financial crisis when institutions’ reputations are more tarnished. Combined, the results indicate that outside ownership benefits managers, outsiders, and fund investors.

Thesis (MBA)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: Today’s business world is characterised by technological advance, globalisation, and concentrated ownership of productive assets. The result is a dysfunctional economy with income being concentrated with capital owners, and related economic insecurity for a majority of the population. Employee ownership offers a more balanced economy with more distributed capital ownership. This is particularly relevant in South Africa, which faces numerous socio-economic challenges. The South African government has specifically identified employee ownership as a means to facilitate broad-based economic empowerment of previously disadvantaged persons. Employee ownership not only offers benefit at societal level, it also offers a vehicle to provide benefit at personal and organisational levels. Given the benefits of employee ownership, the objectives of this research are to identify the success factors of employee ownership implementation, and assess whether such success factors have been addressed in implementation of employee ownership in South Africa. The research methodology involved performance of a literature review of success factors of employee ownership implementation and a qualitative study involving a discussion framework and semi-structured interviews regarding implementation of employee ownership in South Africa. Interviewees included management of South African companies that have implemented employee ownership, trade union representatives involved with employee ownership, employee ownership scheme fiduciaries, socio-economic development specialists, and employee ownership advisors. The literature review provided the international context to employee ownership and related success factors, and the interviews provided a South African analysis thereof. The research findings identified success factors which relate to education and training of employees; ensuring the initiative is perceived as being fair; delivering meaningful financial benefit to employee participants; establishing an ownership-oriented culture in the business; instilling a commitment to pursuing key business disciplines; implementing sound employee ownership governance; engaging with unions; and employing specialist advisors. The identified success factors were used to develop a success factor framework, which was used in guiding discussions with interviewees, and which was compared to Employee Share Ownership Scheme requirements as set out in the Codes of Good Practice on Broad-based Black Economic Empowerment. The findings included that implementation in South Africa has predominantly been compliance driven, in an attempt to address transformation – specifically ownership by historically disadvantaged South Africans. Management has typically not been focussed on changing business culture or operations, and no success factors in this regard have been addressed. Employee ownership in South Africa has, in general, been considered a failure as few schemes have delivered meaningful financial benefit to participants. The recommendations for businesses implementing employee ownership are regarding awareness of primary objectives, understanding the potential benefits of employee ownership, understanding related success factors, and managing employee expectations. The recommendations for government organisations that wish to promote employee ownership implementation as well as obtain maximum benefit for employees, businesses, and society as a whole are regarding understanding the potential benefits of employee ownership, understanding related success factors, considering past employee ownership successes and/or failures, and consideration of appropriateness of policies and legislation. Further employee ownership research includes study of best practice structuring; challenges faced by businesses; the employee perspective; South African policies and legislation and assessment against recognised success factors; and study of international tax treatment in order to drive South African implementation.

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

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