Abstracts in English, Xhosa and Southern Sotho / This study critically explores the link between internationalisation theories and outward foreign direct investment (FDI) – a linkage which is well documented in the literature. Numerous studies have established that the internationalisation process recognises both firm- and market-specific aspects, which greatly determine the direction of outward FDI in terms of volume and pattern. In this interaction, path dependency is determined by the intensity of overlapping aspects or linkages, from firm-level heterogeneity and host market aspects that direct investment patterns in terms of the latter, to the volumes of firm-level adjustments. Firm-level heterogeneity comprises those traits, which enable an individual firm to make an investment decision, select a market-entry strategy and create the competitive advantages that will sustain its investments. Macro-level or country-specific aspects encompass those traits or characteristics of host markets, which encourage FDI on the part of multinational enterprises (MNEs). Most studies overlook the path dependency of country- and firm-specific aspects, which are crucial to the internationalisation processes of international business, economics and trade. Academic studies either focus on macro- or micro-level aspects, without paying specific attention to the path dependency of expansion strategies. The present study attempts to fill these gaps in the existing body of knowledge, by investigating international business in these contexts. The rationale for undertaking this study was two-fold: first, FDI holds proven benefits for host markets, which include economic growth, industry spillover, human capital development and transitory tacit knowledge. From a firm-level perspective, outward FDI largely enhances the capacity of MNEs, prompting an increase in asset accumulation, market share and human capital development, the more efficient utilisation of resources and return on equity. In this study, an argument is presented for measuring the variables of both firm- and market-specific aspects, since most existing studies in this genre focus either on micro- or macro-level determinants, or totally overlook the importance of linkages. Second, no documented research has investigated the path dependency of expansion strategies, especially in Africa. Crucially, the importance of path dependency of South Africa’s outward investment has not been documented either. Further, existing evidence on the role the path dependency of expansion strategies plays in outward FDI are scarce, with even fewer studies following a sectorial approach. This study attempts to fill these academic research gaps by reflecting both firm- and market-level data from various sources for the period 1995–2015, using panel dynamic regression models. The study found that the linkages between firm heterogeneity (firm-level evidence) and market-level aspects create a path dependency of expansion strategies. MNEs adopt either joint ventures or wholly owned subsidiaries (or both) as market-entry strategies, but the decision is informed by the intensity of those firm heterogeneity aspects that allow them to exploit opportunities and mitigate risk in host markets. Notably, the intensity of path dependency seemingly varies from one industrial segment to the next. The impulse response approach delivered evidence that one standard deviation shock of firm-specific variables led to a moderate improvement in firm-level capacities in the short run, but a significant improvement in the long run. The same result was recorded for market-level aspects, with the intensity of the results varying from one industry to the next. The causality test attempted to explore the causal relationship between the study variables in both firm- and market-level aspects. Empirical evidence from the study indicates that the size of the firm and its capacity to utilise its resources efficiently, influence their investment in host markets. As regards market-specific aspects, the size of the economy, levels of industry and trade openness were found to have a causal effect on the inflow of FDI in host markets. The intensity of causal aspects was also found to vary from one industry to the next, due to variations in firm-level heterogeneity and their linkage in terms of aspects related to the host market. In sum, this study complements existing material on the subject of international business. / Olu phononongo luphicotha ikhonkco phakathi kweengcingane zamazwe ngamazwe kunye notyalo-mali ngokuthe ngqo oluphuma ngaphandle kumazwe asemzini (i-FDI) –indibaniselo ebhalwe kakuhle kwimiqulu yoncwadi. Izifundo ezininzi ezenziweyo ziye zaqinisekisa ukuba inkqubo yamazwe ngamazwe iyazamkela zombini inkampani- kunye nemiba ekhethekileyo yemarike, ezihlola kakhulukazi imikhombandlela (izikhokelo) ye-FDI yangaphandle ngokomthamo kunye nephatheni. Kule ntsebenziswano, indlela yokuxhomekeka ifunyanwa ngobungakanani bezinto ezisebenzelelanayo/ezingenanayo okanye izenzo zokuhlangana, ukusuka kwiintlobo-ntlobo zamanqanaba enkampani kunye neemfuno zabasingathe imicimbi yeendawo zokuthengisa (iimarike) iimpahla ezilawula iiphatheni zotyalo-imali ngokweyokugqibela, kwimilinganiselo yokulungelelaniswa kwenqanaba lwenkampani. Iintlobo-ntlobo zamanqanaba enkampani ziquka ezo mpawu, ezenza inkampani nganye yenze isigqibo sotyalo-mali, ikhethe isicwangciso sokungeniswa kwimarike kwaye siyile amathuba amahle okhuphiswano aya kugcina utyalo-mali. Inqanaba eliphezulu okanye iinkalo ezithile zelizwe zibandakanya ezo zimo okanye iimpawu zeemarike ezamkelekileyo, ezikhuthaza i-FDI kwiinkampani zamazwe ngamazwe (i-MNEs). Uninzi lwezifundo aziyiniki ngqalelo indlela yokuxhomekeka yelizwe kwimicimbi ekhethekileyo nebalulekileyo yenkampani kwiinkqubo zangokwamazwe oshishino lwamazwe ngamazwe, uqoqosho norhwebo. Uphando lwemfundo ephakamileyo lugxininisa kwiinkcukacha ezikwinqanaba eliphezulu okanye eliphantsi ngokunganiki ngqalelo kwindlela yokuxhomekeka yeendlela zokwandisa. Uphononongo lwangoku luzama ukuvala izikhewu/izikroba kulwazi olukhoyo., ngokuphanda ishishini lwamazwe ngamazwe kule meko. Ingqiqo ekwenzeni olu phando yahlulwe kubini: okokuqala, i-FDI inenzuzo eqinisekisiweyo kwabasingethe iimarike, ezibandakanya ukukhula koqoqosho, ukuchuma kwamashishini, ukuphuhliswa kwezakhono zabantu kunye nolwazi oludlulileyo lwezakhono. Ngakwicala lenqanaba lenkampani, i-FDI yangaphandle iphakamisa amandla e-MNE, ikhawulezisa ukunyusa uqokelelo lwempahla, isabelo semarike kunye nophuhliso lwabantu, ukusetyenziswa ngokufanelekileyo kwezixhobo kunye nokubuyela kubulungisa bokulingana. Kolu phononongo, impikiswano inikezelwe ukulinganisa iinguqu zombini yenkampani- kunye nemimiselo ethile yemarike, njengoko olunye uphando oluninzi olwenziweyo kolu hlobo lugxininisa koonobangela abakwizinga elisezantsi okanye eliphezulu, okanye kunganikwa ngqalelo tu kukubaluleka kwezenzo zokudibana / zokunxibelelana. Okwesibini, akukho phando lubhaliweyo oluphande indlela yokuxhomekeka kweendlela zokwandisa, ngakumbi e-Afrika. Ngokusesikweni, ukubaluleka kwendlela yokuxhomekeka yotyalo-mali lwangaphandle eMzantsi Afrika alukaze nalo lubhalwe phantsi. Ukongezelela, ubungqina obukhoyo kwindima yendlela yokuxhomekeka yeendlela zokwandisa kwi-FDI yangaphandle zinqabile, kwakunye nezifundo ezimbalwa ezilandela indlela yamacandelo. Olu phononongo luzama ukuzalisa izikroba zophando zemfundo ephakamileyo ngokuzibonakalisa zombini inkampani- kunye nedatha yamanqanaba emarike avela kwimithombo eyahlukeneyo yexesha lowe-1995-2015, usebenzisa iimodeli zepaneli ezinamandla zokubuy’umva. Uphononongo lufumanise ukuba ukudibana phakathi kweentlobo-ntlobo zenkampani (ubungqina bezinga lenkampani) kunye nemilinganiselo yezinga lemarike zidala indlela yoxhomekeko yeendlela zokukhula. Ii-MNE zamkela intsebenziswano ngokuhlangeneyo okanye bazibambele ngokwabo ngokupheleleyo (okanye zombini) njengeendlela zokungena kwimarike, kodwa isigqibo siphenjelelwa bubungakanani beentlobo-ntlobo zemicimbi yenkampani evumela ukuba baxhaphaze amathuba kwaye banciphise umngcipheko kwiimarike zenkampani. Ngokuphawulekayo, ubukhulu bokuxhomekeka wendlela yokuxhomekeka kukhangeleka kusahluka ukusuka kwicandelo elinye lozoshishino ukuya kwelinye elilandelayo. Indlela yokuphendula ngokungxama inikezele ubungqina bokuba ukuphazamiseka okusesikweni kwizinto eziguquguqukayo zenkampani ezikhethekileyo zikhokelele ekuphuculeni okusezingeni eliphakathi kwinqanaba kubungakanani benqanaba lenkampani ngexeshana, kodwa ukuphuculwa okubonakalayo nokubalulekileyo ekuhambeni kwexesha. Isiphumo esifanayo sabhalwa phantsi kwiinkalo zemarike, nobukhulu beziphumo zohluka ukusuka kwelinye ishishini ukuya kwelinye. Uvavanyo lwamaxesha athile luzame ukuphonononga ubudlelwane bamaxesha athile phakathi kwezifundo zezinto eziguquguqukayo kwiinkalo zombini inkampani –kunye nenqanaba lemarike/ neemeko zemarike. Ubungqina bamava obuvela kuphando lubonisa ukuba ubungakanani benkampani kunye namandla okusebenzisa uvimba wezixhobo ngokufanelekileyo, ziphembelela utyalo-mali kwiimarike zenkampani. Ngokubhekiselele kwimimandla ethile yemarike, ubungakanani boqoqosho, amazinga oshishino kunye nokuvuleka kwezorhwebo kufunyaniswe ukuba kunefuthe elenzekayo ngamaxesha athile ekungeneni kwe-FDI kubasingathi beemarike. Ubungakanani bemicimbi eyenzeka ngamaxesha athile yafunyanwa kwakhona ukuba yohlukile ukusuka kwelinye ishishini ukuya kwelinye, ngenxa yeenguqu kwiintlobo-ntlobo zeamanqanaba enkampani kunye nokudibana kwabo ngokwemiba enxulumene nabasingethe imarike. Kafutshane esi sifundo, sigcwalisa izixhobo ezikhoyo kwisihloko sezoshishino lamazwe ngamazwe. / Dinyakišišo tše di utolla ka tsinkelo kgokagano gareng ga diteori tša peyomaemong a boditšhabatšhaba le peeletšothwii ye e tšwago dinageng tša ka ntle (FDI) – e lego kgokagano yeo go ngwadilwego ka yona kudu ka dingwalweng. Dinyakišišo tše mmalwa di utollotše gore tshepedišo ya go bea maemong a boditšhabatšhaba e lemoga bobedi dilo tša difeme le tše di amanago le difeme, tšeo di laolago kudu fao FDI ya dinaga tša ka ntle e lebilego gona mabapi le bontši le mokgwa. Ka tirišanong ye, go tšea diphetho go ya ka maemo go laolwa ke bontši bja dilo tšeo di dirwago ka nako e tee goba dikamano, go tloga go go farologanya ditšweletšwa ka femeng le dilo tša mmaraka wa ka nageng tšeo di laolago mekgwa ya dipeeletšo mabapi le go ya ka mmaraka wa ka nageng, go ya go mehuta ye mentši ya dipeakanyo tša ka femeng. Go farologanya ditšweletšwa ka femeng go bopilwe ke diphetogo tše, tšeo di kgontšhago feme ye itšego go tšea sephetho sa mabapi le peeletšo, go kgetha maano a go tsena ka mmarakeng le go hlama menyetla ye mekaone yeo e tlago tšwetša pele peeletšo ya yona. Dikokwane tša ekonomi ye kgolo goba tša ka nageng di akaretša diphetogo tšeo goba dipharologantšhi tša mebaraka ya ka nageng, tšeo di hlohleletšago FDI ka karolong ya dikgwebo tša dinaga tša ka ntle (di-MNE). Dinyakišišo tše ntši di hlokomologile go tšea diphetho go ya ka maemo ga naga le ga dilo tša ka femeng ye itšego, tšeo di lego bohlokwa go tshepedišo ya peyomaemong a boditšhabatšhaba ya dikgwebo tša boditšhabatšhaba, diekonomi le kgwebišano. Dinyakišišo tša dirutegi di ka be di lebeletše kudu dilo tša ekonomi ye kgolo goba tša ye nnyane, ka ntle le go lebiša šedi ye kgolo go go tšea diphetho go ya ka maemo a boditšhabatšhaba ga maano a katološo. Dinyakišišo tše di leka go tlatša dikgoba tše ka tsebo ye e lego gona, ka go nyakišiša dikgwebo tša boditšhabatšhaba ka maemong a. Maikemišetšo a go dira dinyakišišo tše e bile a mabedi: sa mathomo, FDI e na le dikholego tšeo di tiišeditšwego go mebaraka ya ka dinageng, tšeo di akaretšago kgolo ya ekonomi, khuetšano ya diintasteri, tlhabollo ya bokgoni bja bašomi le phetišetšo ya tsebo ye e lego nyanyeng. Go ya ka maemong a difeme, FDI ye e tšwago dinageng tša ka ntle e godiša bokgoni bja di- MNE, ya hlohleletša koketšego ya khwetšo ya dithoto, ya kabelano ya mmaraka le ya tlhabollo ya bokgoni bja bašomi, tšhomišo ye kaone kudu ya methopo le go hwetša poelo go dikabelano. Ka mo dinyakišišong tše, go hlagišwa ntlha ya go ela diphapano tša bobedi dilo tša ka femeng le tša ka mmarakeng, ka ge bontši bja dinyakišišo tše di lego gona ka mo lekaleng le la dinyakišišo di lebeletše kudu tšeo di laolago ekonomi ye nnyane goba ye kgolo goba tšeo di hlokomologago ka botlalo bohlokwa bja dikgokagano. Sa bobedi, ga go dinyakišišo tšeo di ngwadilwego tšeo di nyakišišitšego go tšea diphetho go ya ka maemo ga maano a katološo, kudukudu ka Afrika. Se bohlokwa ke gore, bohlokwa bja go tšea diphetho go ya ka maemo ga peeletšo ya Afrika Borwa ya dinaga tša ka ntle ga se gwa ngwalwa le ge go le bjale. Godimo ga fao, bohlatse bjo bo lego gona ka ga mošomo wa go tšea diphetho go ya ka maemo fao go ralokago ka ga maano a katološo ka go FDI ya dinaga tša ka ntle e se bjo bontši, gomme go na le dinyakišišo tše mmalwa go latela mokgwa wo o lebeletšego makala. Dinyakišišo tše di leka go tlatša dikgoba tše tša dinyakišišo tša dirutegi ka go laetša tshedimošo ya bobedi ka maemong a difeme le ka mebarakeng go tšwa methopong ya mehutahuta go tloga ka mengwaga ya 1995–2015, ka go šomiša mekgwa ya kakanyo ya dikamano ye e fetogago. Dinyakišišo di hweditše gore dikamano gareng ga go farologanya ditšweletšwa (bohlatse bja ka maemong a difeme) le dilo tša maemo a ka mmarakeng di hlola go tšea diphetho go ya ka maemo ga maano a katološo. Di-MNE di šomiša masolo a mohlakanelwa goba dikhamphani tša ka fasana tšeo di laolwago ka botlalo (goba ka bobedi) bjalo ka maano a go tsena ka mmarakeng, eupša sephetho se laolwa ke bontši bja dilo tšeo tša go farologanya ditšweletšwa tšeo di di dumelelago go nyaka dibaka le go fokotša kotsi ka mebarakeng ya ka nageng. Seo se lemogilwego ke gore, bontši bja go tšea diphetho go ya ka maemo go bonala go fapane go ya ka karolo ya intasteri go ya go ye nngwe. Mokgwa wa go arabela kgoketšo wo o hlagišitšwego ka bohlatseng bja gore phapogo ya tlwaelo ya diphapano tša ka femeng e feleleditše ka kaonafalo ya magareng ya bokgoni bja difeme lebakeng le lekopana, eupša ka kaonafalo ye kgolo mo lebakeng le letelele. Dipoelo tše di swanago di begilwe ka go dilo tša maemo a ka mmarakeng, gomme bontši bja dipoelo tša fapana go ya ka diintasteri. Teko ya mathata yeo e bego e leka go utolla kamano ya tšeo di bakago se gareng ga phapano ya dinyakišišo ka go bobedi ka dilo tša ka femeng le tša ka mmarakeng. Bohlatse bja maitemogelo go tšwa ka mo dinyakišišong bo laetša gore bogolo bja feme le bokgoni bja yona bja go šomiša methopo ya yona gabotse ntle le mathata, di huetša peeletšo ya yona ka mebarakeng ya ka nageng. Mabapi le dilo tša ka mmarakeng, bogolo bja ekonomi, maemo a intasteri le go hloka sephiri ka kgwebišanong di bonwe di na le seabe sa go baka seemo go tseneng ga FDI ka mebarakeng ya ka nageng. Bontši bja dilo tše di bakago maemo go hweditšwe gape gore go fapana go ya ka diintasteri, ka lebaka la diphapano ka go farologanyo ya ditšweletšwa ka difemeng le kamano ya tšona mabapi le dilo tšeo di amanago le mmaraka wa ka nageng. Bjalo ka kakaretšo, dinyakišišo tše di tlaleletša dingwalwa tšeo di lego gona ka ga hlogotaba ya dikgwebo tša boditšhabatšhaba. / Business Management / D. Phil. (Business Management)

This thesis is dedicated to fundamental analysis of the company ČEZ and tries to assess whether it is appropriate in the circumstances, to invest in the company or not. To determine the intrinsic value of a share in this work the use of dividend discount models, cash flow, profit models and other. Assessing the economic situation is then performed based on various ratios of the company's performance.

Sustainable business has become highly sought after today by stakeholders, which explains the importance of CSR for companies. Companies are required to work sustainably in order to legitimize themselves both in the market and society. This can be done by fulfilling and satisfying the economic, environmental and sustainable, as well as the social frameworks that exist in business society. Despite CSR's central role in companies, researchers have differentiated meanings on whether CSR initiatives really improve corporate profitability in terms of financial performance, and whether it has a positive relationship with corporate value. Regarding this, the report examines CSR's relationship to CFP and company value, through the profitability measures ROA and ROE, as well as the valuation measures market value and P/E ratio. A quantitative method has been applied to examine the companies published on Dagens Industri's sustainability index for the year 2021. Dagens Industri's list includes the largest listed companies in the GICS categories on the Swedish stock market exchange. The study uses regression analysis as a choice of statistical analysis method to examine the variables relationships. From the regressions, a small part of the result showed a weak negative relationship between CSR and ROA. The regressions otherwise mainly showed a non-significant relationship between CSR and a company's profitability and value. The variables do not have a significant relationship with each other, and a neutral relationship between them can thus be demonstrated. The existing research gap is therefore still ambiguous, hence the room for further future studies in the field.

Mergers and acquisitions (M&A) are a popular way of growing a company. This is challenged by previous research that shows that an M&A-transaction generally harms the financial key metrics of the acquiring company. The main focus of this report is to examine if there is an effect on financial ratios for Scandinavian companies partaking in an M&A as an acquirer. The effect is captured by the movements in the key metrics return on equity (ROE), return on assets (ROA), return on invested capital (ROIC), EBIT-margin. In addition, both ESG-ranking and underlying non-financial values, like if the deal was domestic or not, the age of the executives and board gender diversity, are looked at for a better understanding of what differences there are between the performance of M&As.  A database of Scandinavian companies acting within Europe was created containing the specific deal characteristics over a period of three years prior as well as three years after the deal. The statistical methods used to analyze this data were Wilcoxon signed-rank test, bivariate Pearson Correlation and Independent Samples t-test. The generated results in the aggregated dataset showed a negative performance of ROE and ROIC in the period after the deal, compared to the period prior to the deal. This result was also seen in the sub-set of foreign deals with an additional negative performance of ROA for the acquirer while the sub-set of domestic deals did not show any significant negative performance in the period after the deal. We found that it was not possible to analyze the post-period effect on ESG-ranking as the data for our included companies was too scarce. Our findings suggest, when looking at our certain key metrics, that M&A-transactions are not economically justified and that executives might be partially motivated by something other than economic performance when deciding upon an M&A. It is furthermore possible to conclude that the disclosing of ESG data has not been a priority for companies in the past and continues to be ignored by the masses which makes it difficult to progress academically in this field.

本文調查年輕世代 (1988 至 1995 年間出生者) 閩南語的變調範域 (Tone Sandhi Domain)，即調群 (Tone Group)。文中以「傳統調群」表文獻記載的變調範域，以「新調群」表本文重新調查的變調範域。論文的研究立基於音韻句法互動之上，並持間接指涉假設觀點，從韻律音韻學的角度出發，認為句法音韻間存有一韻律介面，且調群為此介面上的韻律單位：音韻詞組 (Phonological Phrase, ϕ)。 本文發現新調群與傳統調群的劃分相異。前人研究指出，調群邊界 (#) 標於音韻詞組右端，音韻詞組為一最大投射 XP，且不可為附加語及附著語。新調群僅部分可以傳統音韻詞組界定，其他則對應至句法上的主要語 X，以及附加語最大投射 XP。此外，新調群的邊界為選擇性地出現，具語言變異。新調群出現四種於傳統調群未見的劃分形式：依調群邊界前的語法單位分為主要語 X 類別：(1) V # NP # (2) V # QP # 及附加語 XP 類別： (3) QP # A # (4) AdvP # V #。 本文提出調群新定義，並以優選理論中的 ROE 模型進行分析，提出三個新制約：Align-R (XP-Fnc, ϕ)、ϕ-min 及 Align-R (X-head, ϕ)。Align-R (XP-Fnc, ϕ) 用以區分功能性投射與詞彙性投射；ϕ-min 限制音韻詞組至少含兩音節；Align-R (X-head, ϕ) 解釋調群邊界標註於主要語 X 右端。分析時著重制約 Align-R (XP-Fnc, ϕ) 、ϕ-min 及 Align-R (X-head, ϕ) 與切分線 | (Critical Cut-Off Line) 的關係。整體制約排序為：Ident-T-Rϕ | Align-R (XP-Fnc, ϕ) >> ϕ-min >> Align-R (X-head, ϕ) >> *T >> Align-R (XP-Lex, ϕ)。除信實性制約 Ident-T-Rϕ 之外，其他標記性制約皆列於切分線之下，預測語言變異。 / The goal of this thesis is to explore the tone sandhi domain, tone group (hereafter, TG), of Taiwan Southern Min of younger generation. A corpus is built and analyzed within the framework of Prosodic Theory, a derived theory from the Phonology-Syntax Interface Theory. In the literature, TG boundary # was marked at the right edge of an XP which is neither an adjunct nor a clitic. However, the TG boundary # of younger generation is marked at the right edges of a maximal XP, an adjunctive XP and an X-head. Moreover, language variation is observed in the TG parsing: the presence of TG boundary # is optional. There are four TG parsings not observed in the literature: (1) V # NP # (2) V # QP # (3) QP # A # (4) AdvP # V #. TG is redefined as a Phonological Phrase which syntactically corresponds to a maximal XP, an adjunct XP, an X-head but not to a clitic XP. The four TG parsings are then analyzed with Rank-Ordering Model of EVAL (ROE), a subtheory within the Optimality Theory domain which particularly addresses language variation. According to ROE, constraints on the right side of critical cut-off line participate in the prediction of variation. Three constraints involving in variation are proposed: Align-R (XP-Fnc, ϕ), ϕ-min and Align-R (X-head, ϕ). Align-R (XP-Fnc, ϕ) distinguishes lexical projection and functional projection, ϕ-min requires a Phonological Phrase to be minimally disyllabic, and Align-R (X-head, ϕ) predicts # to occur at the right edge of an X-head. The analysis centers around the three constraints’ relation with the critical cut-off line. The constraint rankings are: Ident-T-Rϕ | Align-R (XP-Fnc, ϕ) >> ϕ-min >> Align-R (X-head, ϕ) >> *T >> Align-R (XP-Lex, ϕ). Except for the faithfulness constraint Ident-T-Rϕ, the other markedness constraints are arranged at the right side of the cut-off line in order to predict language variation.

銀行獲利能力影響因素的研究上，有以個體觀點出發的市場力量(market power)理論，其中一個假說為結構－行為－績效(S-C-P)假說，其認為整體產業結構之市場集中度愈高，銀行將有較高的獲利率，另一假說為相對市場力量(RMP)假說，該假說認為個別銀行市場占有率較高，獲利能力亦較高；以總體觀點出發的效率結構(efficiency structure)理論，其中一假說為以X-efficiency為出發點之管理效率結構(ESX)假說，其認為公司較佳的管理效率，將提高公司獲利能力，另一假說為規模經濟效率結構(ESS)假說，該假說認為個別銀行藉規模經濟的達成、降低成本提高利潤。 　　本研究根據國內外相關文獻，參考國內金融環境的變化、公民營型態的不同，收集民國70年至83年上市、上櫃及公開發行共34家商業銀行之相關資料，將樣本做不同的分組，觀察金融產業結構及經營效率與獲利能力是否具關聯性。實證結果如下： 　　一、以ROA為獲利能力指標之實證結果 　　1.　70至83年之所有銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、且達顯著水準，與預期不符。 　　2.　70至83年之公營銀：結構－行為－績效(SCP)假說、規模經濟效率結構(ESS)假說成立，管理效率(XEFF)亦有相當影響力。 　　3.　70至83年之民營銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說、管理效率結構(ESX)假說成立。 　　4.　70至80年之所有銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、且達顯著水準，與預期不符。 　　5.　81至83年之所有銀行：無解釋能力。 　　6.　70至80年之公營銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、上達顯著水準，與預期不符。 　　7.　70至80年之民營銀行：相對市場力量(RMP)假說成立，效率值與ROA呈負向關係。 　　8.　81至83年之公營銀行：市場集中度較具解釋力（與ROA為負向關係），但亦未達顯著水準。 　　9.　81至83年之民營銀行：相對市場力量(RMP)假說成立。 　　二、以ROE為獲利能力指標之實證結果 　　1.　70至83年之所有銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說、規模經濟效率結構(ESS)假說成立，管理效率(XEFF)亦有相當影響力。 　　2.　70至83年之公營銀行：管理效率結構(ESX)假說、規模經濟效率結構(ESS)假說成立。 　　3.　70至83年之民營銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說成立。 　　4.　70至80年之所有銀行：無解釋能力。 　　5.　81至83年之所有銀行：相對市場力量(RMP)假說。規模經濟效率結構(ESS)假說成立。 　　6.　70至80年之公營銀行：無解釋能力。 　　7.　70至80年之民營銀行：相對市場力量(RMP)假說、規模經濟效率結構(ESS)假說成立，但管理效率(XEFF)與ROA為負向關係、且達顯著水準，與預期不符。 　　8.　81至83年之公營銀行：市場集中度(CONC)與ROE負向關係、且達顯著水準，與預期不符。 　　9.　81至83年之民營銀行：相對市場力量(RMP)假說。規模經濟效率結構(ESS)假說成立。

有鑒於全球半導體產業已趨成熟，全球半導體通路商之間的競爭也越來越白熱化，越來越多家半導體通路商藉由企業併購，進行所代理產品線的互補、技術整合與併購後的企業資源整合，進而產生併購綜效(Synergy)，以達半導體通路商的經濟規模，才足以持續保有競爭力。 本研究藉由大聯大控股公司的併購策略，持續保持競爭力，以及併購後所產生綜效作為研究對象，針對未來半導體通路商產業的全球佈局之策略參考，在面對全球景氣循環不佳環境下，半導體通路商毛利率越來越低情況下，如何思考通路商的營運策略、通路商的價值與市場定位，尋求全球戰略佈局，發揮企業的核心價值與核心競爭力。在其併購前之充分準備、規劃與決定併購方式，併購後如何持續做好經營管理，組織設計與調整組織..等做完整分析，從中找出『半導體通路商之核心能力、併購戰略與整合佈局』等交互關係。 研究說明併購前應有的考慮事項如：環境評估、競爭策略方向、白地策略、價值鏈加值、併購後之系統整合、資源整合、組織的設計創新、經營管理制度創新..等因素，供相關企業於併購前後可採取之策略參考，圓滿達成併購績效目標，並達到預期併購綜效，符合股東期望。 本案例研究結果歸納出下列重點： 1.併購前首重交易前之準備階段(即評估併購目標公司和制定整併計畫)。 2.挑選併購對象時，相關併購所創造的價值比無相關併購要來得高。 3.周詳的整合計畫與管理機制，是實現併購綜效的主要關鍵。 4.留住關鍵人才是確保企業併購成功的重要基石。 5.併購後，如何消彌兩家企業間文化差異，是合併後經營成敗的關鍵因素。 6.併購後保留雙方的優良企業文化，再循序漸進轉化成新的企業願景、文化。 7.藉由不斷的溝通協調，建立共識，設定目標，資源整合等，才可以提升綜效。 8.設計新組織架構、新的營運與管理模式，讓併購綜效延續，持續保有競爭力。 9.階段性組織調整與經營策略調整，並配合上游供應商策略，是半導體通路商重要成功關鍵因素。 10.依併購對象規模條件決定，小公司由子集團併購，大公司由控股公司併購。 / In view of the mature global semiconductor industry, more and more intense competition between the global semiconductor distributor, a growing number of semiconductor distributors through mergers and acquisitions, product line agent complementary, technology integration, mergers and acquisitions, enterprise resource integration, and thus produce a net synergistic effect (synergy), to achieve the economies of scale of the semiconductor distributor, enough to sustain their competitiveness. By WPG Holdings company's acquisition strategy, the study continued to remain competitive and generate synergies after the acquisition as an object of study for future semiconductor distributors industry's and global distribution strategy reference, the poor in the face of the global business cycle environment, getting lower and lower gross profit margin in the semiconductor distributors, how to think about the operating strategy of the distributor, distributor’s value and market positioning, seeking global strategic layout, play to the company's core values and core competitiveness. Fully prepared in the pre-merger planning and decision mergers and acquisitions, post-merger continued good business management, organizational design and adjust the organization. Do a complete analysis, to find out the core competencies of the semiconductor distributors, M & A strategy and integration layout and other interactive relationship. Study shows that pre-merger due considerations such as: environmental assessment, direction of competitive strategy, Seizing the white space strategy, value chain, value-added, M & A system integration, integration of resources, organization design innovation, management system innovation. And other factors, for related enterprises can be taken before and after the M & A strategy reference, the successful completion of the merger and acquisition performance objectives, and achieve the expected synergistic gains, in line with the expectations of shareholders. This case study results are summarized to the following priorities: 1. Preparation phase before the first heavy trading in the pre-merger (ie, assessment of the M & A target company and the development of the whole and plans). 2. Selection of acquisition targets, the value of mergers and acquisitions are creating related to mergers and acquisitions to come. 3. Comprehensive integration planning and management mechanism, which is the key to achieve synergistic gains. 4. Retain key personnel to ensure that the cornerstone of success of mergers and acquisitions. 5. After the merger, and how to eliminate a key factor in business success of the cultural differences between the two companies merged. 6. After the merger, to retain both excellent corporate culture, and then step-by-step into the new corporate vision, culture. 7. By continuous communication and coordination, consensus-building, goal setting, resource integration, can enhance the synergy. 8. The design of the new organizational structure, the new operation and management mode, make a merger synergy continuation, continued to stay competitive. 9. Phased organizational restructuring and business strategy adjustment, and in line with the strategy of vendor suppliers are the semiconductor distributor important critical success factors. 10. Conditions in accordance with the scale of acquisition targets decided, a small company by the sub-group mergers and acquisitions, and large companies by the holding company mergers and acquisitions.

Submitted by Rafael Sach ferreira (rafaelsach@gmail.com) on 2017-07-03T21:29:08Z No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2017-07-18T13:59:46Z (GMT) No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) / Made available in DSpace on 2017-07-20T20:02:50Z (GMT). No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) Previous issue date: 2017-03-17 / Private Equity investment, which has re-emerged in Brazil in 2005, appears as an alternative to diversify pension fund investments However, for this investment modality to be consolidated, it is necessary to evaluate the performance of the Private Equity industry in the last years. The method used to perform this evaluation was the DuPont System, that acts as a search technique that helps locate the key areas responsible for the company's financial performance. The results showed clear financial and operational differences between the groups of companies that were already disinvested by PEIF and those that are still part of the portfolio. In the first group, approximately 71.42% of the companies had a positive net margin and a stable financial leverage multiplier of around 2.0 times for at least three years before the disinvestment, generating positive impacts on the accumulated results of ROA (Return on Assets) and ROE (Return on Equity) profitability indicators calculated by the System DuPont. From this data analysis it will be possible, for instance, to determine standards that will help managers to satisfactorily complete the divestment process in the companies that are still part of the portfolio. The analysis of the companies already divested in relation to the results obtained and the way they were constructed allows us to conclude that the investment in Private Equity can be an alternative to diversify portfolio of investments, as well as reduce the concentration in segments of variable income and fixed income. / O investimento em Private Equity, que ressurgiu no Brasil em 2005, aparece como uma alternativa para diversificação dos investimentos dos fundos de pensão. No entanto, para que essa modalidade de investimento se consolide, é preciso avaliar o desempenho da indústria de Private Equity nos últimos anos. O método utilizado para realizar esta avaliação foi Sistema DuPont, funcionando como uma técnica de busca que ajuda a localizar as áreas-chaves responsáveis pelo desempenho financeiro da empresa. Os resultados apontaram claras diferenças financeiras e operacionais entre os grupos de empresas que já foram desinvestidas pelos FIP e aquelas que ainda fazem parte da carteira. No primeiro grupo, aproximadamente 71,42% das empresas obtiveram margem líquida positiva e multiplicador de alavancagem financeira estável em torno de 2 vezes durante, pelo menos, três anos antes do desinvestimento, gerando impactos positivos nos resultados acumulados dos indicadores de rentabilidade ROA (Return on Assets, em inglês) e ROE (Return on Equity, em inglês) calculados pelo Sistema DuPont. A partir da análise desses dados, será possível, por exemplo, determinar padrões que auxiliem os gestores a completar de maneira satisfatória o desinvestimento nas empresas que ainda fazem parte da carteira. A análise das empresas já desinvestidas, em relação aos resultados obtidos e a maneira como eles foram construídos nos permite concluir que o investimento em Private Equity pode ser sim uma alternativa para diversificar a carteira de investimentos e reduzir a concentração em segmentos de renda variável e renda fixa.

Government introduced the Broad-based Black Economic Empowerment Act, No. 53 of 2003 and the Broad-based Black Economic Empowerment Codes of Good Practice (‘the Codes’) in 2007 to address the economic inequalities in South Africa by incentivising companies to include black people in economic activities. These incentives relate to implementation of preferential procurement, which is meant to favour companies that are BEE-compliant. Based on the literature and government’s intention with BEE policies, an assumption developed that companies with greater BEE compliance, which is measured through a BEE scorecard as per the Codes, would perform better in terms of market share through their revenue and in terms of profits. The main objective of this study was to carry out an in-depth analysis of the relationship between BEE scores and revenue growth and profitability of JSE-listed companies. This was done to determine whether the efforts by government of incentivising companies to be more BEE compliant are effective. This study was conducted as a two-part model consisting of regression analysis and ttest to determine whether there is a relationship between BEE scores and revenue and profitability. The regression analysis focused on the top 100 most black-empowered companies. The t-test was a comparison of two data sets, which consisted of companies in the top 100 most black-empowered companies and those that do no fall among the top 100 most black-empowered companies. The results showed that, at the time of this research, there were no significant relationships between BEE scores and revenue and profitability. The analysis of the research findings collectively demonstrated that for both the tests (regression and ttest), the relationship between revenue and profitability could not be established. Hence, the results postulate that BEE compliance does not produce the desired results for the companies, which can be translated into better profitability and market share. / Financial Accounting / M. Phil. (Accounting Sciences)

Pour la grande majorité des grands herbivores vivant en régions tempérées, l'hiver est la saison la plus limitante à cause des effets combinés du manque de ressources et de la sévérité des conditions climatiques. Les espèces qui ne développent pas d'adaptations morphologiques ou physiologiques particulières pour faire face à la sévérité de l'hiver doivent mettre en place des mouvements et des tactiques d'utilisation de l'espace appropriés (comme par exemple les migrations). Plus spécifiquement, ces patrons d'utilisation de l'espace peuvent émerger à différentes échelles spatio-temporelles pour permettre aux individus d'accéder aux ressources dont ils ont besoin et d'échapper aux conditions climatiques défavorables. Ainsi, ces patrons d'utilisation de l'espace déterminent le sort des individus et la dynamique des populations. Une compréhension détaillée de la relation entre les facteurs limitants durant l'hiver et la réponse des animaux en termes de mouvements est prépondérante pour préserver et gérer les populations d'ongulés sauvages avec succès, tout spécialement dans le contexte actuel de changements climatiques rapides qui induisent des modifications importantes dans le paysage et la distribution des ressources (par exemple changement de patrons de couverture neigeuse en hiver). La comparaison de tactiques de mouvements sous différents scénarios de conditions environnementales, par exemple au moyen d'analyses à vaste échelle de l'aire de distribution de l'espèce cible, représente une approche pertinente pour mieux comprendre comment les mouvements des animaux répondent aux changements dans le paysage. Le chevreuil (Capreoluscapreolus) est une espèce modèle particulièrement intéressante pour étudier ces questions parce que la distribution de cette espèce couvre la plupart des pays d'Europe, grâce à sa forte plasticité écologique / For the majority of large ungulates living in temperate regions winter is the limiting season, because of the combined effects of lack of resource availability and severity of climatic conditions. Those species that did not develop any particular morphological and physiological adaptation to cope with winter severity may adopt movement and space use tactics instead (like e.g. migration). Specifically, these space use patterns may emerge at different spatiotemporal scales to allow individuals to accede the resources they need and escape unfavourable conditions, thus determining both individual fate and population dynamics. A detailed understanding of the relationship between limiting factors in wintertime, and individual movement response, is remarkable to preserve and manage wildlife successfully, especially in the context of fast-occurring climate change that induces important alterations in landscape and resource distribution (e.g. changes of snow cover patterns). The comparison of movement tactics under different environmental scenarios, e.g. by means of large –scale analysis at the species distribution range, represents a valuable approach to work in that direction and to assess the effects of landscape alteration on individual movement. Roe deer (Capreolus capreolus) is an excellent model species to investigate these issues, because its distribution range covers most of Europe, thanks to its high ecological plasticity. For those populations that live in northern and mountain environments, winter is the limiting season because roe deer lack any morphological and physiological adaptations to cope with winter severity. In spite of the adoption of specific movement tactics such as partial migration from summer to winter ranges, roe deer may still face limiting conditions in some areas of the distribution range exposed to winter severity