Bakgrund: Skatteplanering är ett aktuellt och omdebatterat ämne. I USA har ett Under-sheltering Puzzle kunnat påvisas då vissa företag avstår från att skatteplanera. Vi frågar oss om fenomenet förekommer i Sverige och i så fall varför vissa företag ej skatteplanerar.  Syfte: Studien avser att förklara förekomsten av The Under-sheltering Puzzle i Sverige. Med hjälp av ett företags olika strategier vill vi påvisa fenomenet och förklara omfattningen av börsföretagens skatteplanering.  Metod: En deduktiv ansats genomförs där teorier testas genom hypotesprövning. Teorierna behandlar ett företags olika strategier samt teorin om Upper Echelon. Datan är insamlad mellan åren 2011 och 2015. Slutsatser: Vi kan i studien påvisa att The Under-sheltering Puzzle förekommer i Sverige då vissa grupper av företag tenderar att betala mer skatt än andra. Företagens marknadsstrategi kan anses mest betydelsefull för att förklara varför ett företag väljer eller avstår från att skatteplanera. / Background: Tax sheltering is a subject of debates and a current issue in society. In the USA however, results have demonstrated that some companies exhibit a phenomenon called The Under-sheltering Puzzle and avoid tax sheltering. We raise the question if the phenomenon also is present in Sweden and if that is the case, why some companies avoid taxes.  Purpose: The thesis pertains to explain The Under-sheltering Puzzle in Sweden. By applying theories which cover the different strategies in a company, we intend to proof the existence of the phenomenon and explain the magnitude of tax sheltering in public corporations. Method: A deductive research approach has been used and theories constitutes the basis for our hypotheses. The theories discuss the different strategies in a corporation and the impact of Upper Echelons. The data is collected between the years of 2011 and 2015.  Conclusions: In this thesis we can proof that The Under-sheltering Puzzle is present in Sweden and that some groups of companies tend to pay higher taxes than others. We believe that the market strategy is the most primal factor in explaining why a company choose or avoid tax sheltering.

本研究以策略群組（strategic groups）之觀念為核心，檢視我國主機板製造廠商是否存在不同之策略群組，同時並探討不同策略群組在經營績效上之表現。 本研究採用Hofer and Schendel（1978）之「領域」、「資源投入」、「競爭優勢」三個構面發展出24項競爭策略變數，經由因素分析萃取出二個因素構面，再利用層次式集群法對樣本廠商在二項因素構面進行分群。本研究經由上述分析過程得到3個策略群組，並以三者在策略因素構面上的表現分別命名為「前瞻者策略群」、「分析者策略群」及「防禦者策略群」。確認三個策略群組後，接著以無母數統計檢定三策略群組在市場、生產力、財務結構、償債能力、經營能力、獲利能力、現金流量、槓桿度與成長機會等九個經營績效構面上是否有顯著差異，實證結果發現三群組在大多數經營績效變數中均有顯著差異。 由於主機板製造廠商環境變動快速，且其客戶重視產品品質勝於價格，因此強調「外部導向」、顧客滿意度的前瞻者策略群在市場、經營能力與獲利能力等構面之績效最佳，兼具穩定與變化特質的分析者策略群次之，重視成本控制而專注維持穩定產品市場的防禦者策略群則最差。此外，由於前瞻者的理財態度多趨向保守，因而在財務結構、償債能力、現金流量與財務槓桿方面的表現顯得穩健。至於防禦者較佳的固定資產週轉率正好與其較低之營運槓桿相呼應，映證其為維持成本領先地位所作的成本控管。從應收款項週轉率、存貨週轉率與淨營業週期可以得知，防禦者利用與金融機構間的短期融資，並取得較寬鬆的應付帳款支付期限，壓低利息費用，因而產生較低之財務槓桿。 整體而言，前瞻者策略群在九項經營績效構面上表現最佳，因此，在主機板製造廠商中，採行前瞻者策略群的差異化策略，似乎能獲致較佳之經營績效表現。 / Based on the literature on strategic groups, this thesis first investigates the existence of strategic typology among twelve motherboard manufacturers in Taiwan, and then examines the differences in operating performance across strategic groups. Appeal to three strategic dimensions－scope, resources commitment and competitive advantage, proposed by Hofer and Schendel (1978), twenty-four strategy variables are developed. Employing a factor analysis approach first to extract two factor dimensions, and a hierarchical cluster method followed, three strategic groups are identified. The three strategic groups are named accordingly based upon their features shown on the common factor dimensions: Prospector, Analyzer and Defender respectively. Using a nonparametric statistical method, this thesis empirically tests the cross-group differences in operating performance. The empirical results indicate that there are significant cross-group differences in most of the operating performance dimensions examined in this thesis. Prospectors, with emphases on external orientation and customer satisfaction, outperform Analyzers and Defenders in the dimensions of market share, activity, and profitability. Defenders, with foci on cost control and stable product market have the lowest performance with aforementioned performance dimensions. Analyzers who put mixed emphasis on both external orientation and stable product market earn the second place in the related performance. With respect to dimensions of financial structure, liquidity, cash flow adequacy, and financial leverage, the findings indicate that Prospectors exhibit a more conservative attitude toward financing activities than Analyzers and Defenders. The results also show that in concert with their strategy in cost leadership, Defenders have higher fixed asset turnover accompanied with lower operating leverage. Defenders are also found to have lower financial leverage through obtaining an extended period of paying their account payables, which in turn reduce their interest expense. 　Operating in a turbulent environment, manufacturers in the motherboard industry face customers who value quality more than prices. The empirical results found in this thesis thus suggest that it may be beneficial for participants in the industry to adopt a Prospectors strategy that seems to be able to reap from the product differentiation.

Submitted by Maria Suzana Diniz (msuzanad@hotmail.com) on 2015-05-25T14:56:12Z No. of bitstreams: 1 arquivototal.pdf: 15495830 bytes, checksum: 1e59cf183d56f9e00ca98eb2d9c0d7c8 (MD5) / Made available in DSpace on 2015-05-25T14:56:12Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 15495830 bytes, checksum: 1e59cf183d56f9e00ca98eb2d9c0d7c8 (MD5) Previous issue date: 2011-10-10 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / This research aims at analyzing the work reality of kaolin prospectors in the town of Junco do Seridó. The world of prospecting is well known for its informality and precariousness. Workers undergo excessively long working hours and constant unsafety conditions, being an easy target of labor accidents, most of the times the fatal ones. Not only does this problem affect the prospector but also his family as well, which becomes forsaken and are not entitled to any social benefit. This project was developed from June 2010 to September 2011. Its first step was a vast bibliographical research collect related to the topic. Its second step corresponded to entering the field of work in order to, from that point on, know deeply the work reality in the mines of the town. To achieve this, semi-structured interviews and informal talks with prospectors, local businessmen, residents and politicians from the town of Junco were held. The mentioned instruments aimed at understanding how the prospectors see themselves in their job and how they analyze their work universe. / Esta pesquisa tem como finalidade analisar a realidade do trabalho de garimpeiros de caulim no município de Junco do Seridó. O mundo da garimpagem é marcado pelas relações de informalidade e precariedade. Os trabalhadores são submetidos a uma longa jornada de trabalho e a constantes condições de insegurança, sendo alvos fáceis de acidentes muitas vezes fatais. Esse problema, afeta, além dos próprios garimpeiros as suas famílias, que muitas vezes ficam desamparadas, sem qualquer tipo de benefício social. O espaço temporal da realização deste estudo corresponde ao período de junho de 2010 a setembro de 2011. Sua primeira etapa foi marcada pela coleta de uma vasta pesquisa bibliográfica relacionada ao tema. A segunda etapa correspondeu à entrada no campo para que, a partir daí, fosse possível conhecer de forma mais aprofundada a realidade do trabalho dos garimpos na cidade. Para isso, foram realizadas entrevistas semiestruturadas e conversas informais com garimpeiros, comerciantes, moradores e autoridades políticas de Junco. Os instrumentos utilizados tiveram a finalidade central de compreender como os próprios garimpeiros se veem na sua profissão e como analisam o seu universo de trabalho.

International Telemetering Conference Proceedings / October 26-29, 1998 / Town & Country Resort Hotel and Convention Center, San Diego, California / The Near Earth Asteroid Prospector (NEAP) has a scheduled launch date between mid- 1999 and mid-2000, and will encounter a yet to be determined near Earth asteroid (1.1 - 2.2 AU distance from Earth) some ten months later [2]. The purpose of this mission is not only to collect valuable scientific and geological data, but to also determine the value of the asteroid’s materials for possible mining and exploitation [2], [3]. The purpose of this paper is to detail frequency allocation issues and to determine possible return (space to Earth) data rates associated with deep space communications with the NEAP spacecraft.

International Telemetering Conference Proceedings / October 27-30, 1997 / Riviera Hotel and Convention Center, Las Vegas, Nevada / Lunar Prospector’s project engineering staff selected a Windows PC platform as the RF test console for the Lunar Prospector spacecraft. The spacecraft test team chose the PCbased RF test console because the PC provides a low-cost, common platform with a graphical user interface. The PC provides point-and-click, menu-driven windows that are common throughout the satellite factory. The PC RF test console is being used to exercise the Lunar Prospector spacecraft RF link for RF commanding, telemetry, and ranging signals during factory test, including thermal vacuum chamber testing. For spacecraft command and control at the factory, the PC-based RF test console is networked to a UNIX workstation over RS-422. The PC RF test console and spacecraft interface are controlled through a coax switch residing in a test rack next to the workstation. The PC RF test console is connected directly to the Lunar Prospector spacecraft using coax cable through the spacecraft Telemetry, Commanding, & Ranging (TC&R) RF antenna hat for both transmit and receive functions. The PC RF test console is also connected hard-line to the spacecraft transponder through the transponder RS-422 connection. This connection provides the ability for spacecraft telemetry to be received at the PC at RF or baseband. The same hard-line spacecraft telemetry data is provided to the UNIX workstation for comparison. NASA’s Lunar Prospector project is the first of the Discovery series of “faster, better, cheaper” missions to be competitively awarded. Lunar Prospector project funding was capped by NASA to ensure that no overruns would occur. The mission was funded to support the scientific community’s desire to verify the presence of ice on the moon and collect environmental data to understand the dynamics that may have led to polar ice deposits. The Lunar Prospector mission received funding in 1996 with a launch planned for September 1997