Thesis (MBA.) -- University of Limpopo, 2016 / This paper evaluated the relationship between the Chief Executive Officer’s gender and firm performance. This study was conducted by evaluating the differential effect of CEO’s gender and sales turnover, share price and net profit. The study was deemed necessary because related researches in South Africa did not address the relationship between gender and variables such as turnover, share price and net profit. Hence this research focuses on the evaluation of the differential effect between CEO's gender and the corporate turnover, share price and net profit. The methodological approach used in this study was the quantitative approach. Data were collected from the archives of Socially Responsible Investing Index companies in the JSE. The T-test of difference was applied for data analysis of sixteen (16) selected companies. Three specific objectives were examined as follows: (1) To evaluate the relationship between the CEO's gender and company turnover (2) To assess the relationship, the CEO's gender and share price (3) To examine the relationship between the CEO's gender and net profit. Findings from the statistical analysis revealed that there is no significant relationship between CEO gender and sales turnover. It was further identified that no relationship exists between CEO gender and share price. It was also discovered that there is no differential effect between CEO gender and net profit. Findings from statistical analysis revealed that P-Value was greater than 5 percent indicating that there was no significant relationship between CEO gender and sales turnover, share price and net profit. This means that within the companies examined, CEO gender had no influence on sales turnover, share price and net profit. Based on the findings above, women CEOs can perform as well as the men CEOs. Therefore, women should be afforded the CEO’s positions as their presence have no negative effect on firm performance. Key words: CEO gender, firm performance, sales turnover, share price, net profit, JSE listed companies, corporate profitability, shareholder value and gender stereotyping.

Medicaid Disproportionate Share Hospital (DSH) payment is one of the major funds supporting health care providers as they treat low-income patients. However, Medicaid DSH payments have been targeted for major budget cuts in many health policy reforms. This study examines the association between the changes in Medicaid DSH payments resulting from the BBA policy changes and hospital outcomes, in terms of hospital provision of uncompensated care and quality of care. Economic theory of non-profit hospital behavior is used as a conceptual framework, and longitudinal data for California short-term, non-federal general acute care hospitals for 1996-2003 are examined. California was especially affected by DSH changes because it is one of the states with highly concentrated DSH payments and high uninsured rate. Economic theory suggests that hospitals would change their uncompensated care provision as well as quality of care when confronted with a reduction in public payments. Hospital uncompensated care costs and percent of operating costs devoted to uncompensated care are used to measure the provision of hospital uncompensated care. Six AHRQ’s Patient safety indicators (PSIs) and one composite measure are selected to measure hospital quality of care provided for Medicaid and uninsured patients as well as privately insured patients. The key independent variable is Medicaid DSH payments received by individual hospitals. This study also includes control variables such as other governmental financial subsidies, market characteristics, and hospital characteristics. The primary data sources include the detailed hospital annual financial data and Medicaid annual report data at the county level from California Office of Statewide Health Planning and Development, Healthcare Cost and Utilization Project (HCUP) state inpatient data (SID), American Hospital Association Annual Survey, Area Resource File, Interstudy HMO Data and Medicare cost report data. After controlling for different factors, the study findings suggest that not-for-profit hospitals may reduce their provision of uncompensated care in response to reductions of Medicaid DSH payments. The results, however, do not support the hypotheses that for-profit hospitals may reduce uncompensated care by a smaller degree than not-for-profit hospitals for a comparable DSH decline. With respect to quality of care model, the overall study findings do not strongly support there is an association between net Medicaid DSH payments and patient adverse events for both Medicaid/uninsured and privately insured.

Initial public offering (IPO) underpricing is a costly practice that decreases the IPO proceeds accruing to the issuing firms and can derail a firm's growth objectives. The purpose of this correlational study was to determine the relationship between share retention, underwriter reputation, and IPO underpricing among a population of IPOs issued in Jamaica. The efficient market hypothesis served as the theoretical framework for this study. Archived data for 52 IPOs issued in Jamaica from 1986 to 2018 were collected and Spearman's correlation matrix and heteroscedasticity-consistent standard errors regression analysis were applied. The outcomes of this study indicated no significant relationship between share retention and IPO underpricing, α = .1 and α = .05, r = .059, p = .35; however, there was partial acceptance of the alternative hypothesis that underwriter reputation is related to IPO underpricing at α = .1, r = .234, p = .055, but not α = .05. Additionally, underpricing was higher for IPOs supported by the high reputation underwriters, and share retention was a slightly better predictor of IPO underpricing for this group of IPOs, R2 = .02, p = .31 versus R2 = .01, p = .75. Finally, the overall model indicated that the independent variables did not jointly explain IPO underpricing, F(2, 45) = .78, p = .455, R2 = .032. The results of this study might contribute to social change because successful IPOs can increase employment opportunities as well as improve income distribution and socioeconomic indicators for the communities served by IPO firms.

More than 35% of the U.S. workforce is composed of Baby Boomers who are eligible to retire within the next 5 years. Despite the potential loss of critical expertise, a gap in knowledge retention exists in small consulting businesses. The purpose of this case study was to explore effective strategies for retaining the tacit and explicit knowledge of retiring employees, to avoid operational knowledge drain. Exploration ensued through semistructured interviews at 2 small consulting businesses in the Washington, DC metropolitan area that are adept at innovatively retaining requisite knowledge. The conceptual frameworks of Bass' transformational leadership and Nonaka's knowledge creation led to the identification of strategies to retain tacit and explicit knowledge of retiring Baby Boomers. Seven small business leaders addressed questions on knowledge types, knowledge stimulation and sharing methods, and retention strategies to provide meaningful responses to the knowledge retention phenomenon. Data analysis included the Colaizzi and modified van Kaam methods of mining, categorizing, organizing, and describing participants' statements. Subsequently, the themes that emerged during the analysis identified reward, communication, and motivation as strategies for knowledge-share and transfer. Succession planning, mentoring, documentation, training, and knowledge sharing also emerged as effective methods for knowledge retention. The findings will contribute to social change by illuminating the roles effective leaders practice to influence and foster knowledge management, offering insight to other small businesses having difficulties remaining sustainable as the operational knowledge of Baby Boomers becomes unavailable as they retire.

長期性資料(longitudinal data)，是指對同一個觀察個體(subject)或實驗單位(experiment unit)，在不同時間點上重複觀察或測量一個或多個變數。雖然觀察個體之間互相獨立，但就同一個個體而言，不同時間的觀察或測量常常是有相關性的。且觀察的個體之間可能由於一些無法測量的環境因素造成個體之間有差異，因此在傳統橫斷面分析中，假設其有相同迴歸係數的邊際模型可能不合理。隨機效果模型可以解決長期資料分析的相關，並假設每個個體的迴歸係數不同；此模型不但可以說明橫斷面資料的cohort效果，也可直接解釋長期資料的age效果；更可以區分個體之間與個體之內的變異。 本研究以1995年至2000年台灣11個產業中的100家公司之每股盈餘與各財務比率，作為實證分析的資料；分別配適每股盈餘與時間、產業別、時間產業別交互作用及財務比率及排除每股盈餘有異常值後之邊際效果模型(一般迴歸分析)及隨機效果模型，並比較其參數估計之異同。實證結果顯示，一般迴歸分析與假設誤差不相關且等變異下的隨機效果模型參數估計相似，但後者能區分變異為個體之間(between-subjects)與個體之內(within-subject)的變異。而假設誤差不相關且不等變異與假設誤差服從AR(1)且不等變異下的隨機效果模型估計相近。實證結果並顯示，在排除異常值後的模型參數估計，一般迴歸分析不論是估計值及顯著性大多沒有很大差別；而隨機效果模型的估計在排除異常值前後較有差別。特別是現金流量比率(CFR)原本為不顯著變數，在排除異常值後的模型配適全部變顯著性變數。 / The defining characteristic of a longitudinal study is that individuals are measured repeatedly through time. Although it is independent between subjects, the set of observations on one subject tends to be inter-correlated. Because there is some natural heterogeneity due to unmeasured factors between subjects, it is not corrected to assume they have the same regression coefficients. A random effect model is a reasonable description about the different regression coefficients, and it can resolve the inter-correlation of the observations on one subject. The major advantages of the random effect model are its capacity to separate what in the context of population studies are called cohort and age effects, and it can distinguish the variations between subjects and within subjects. This study describes the marginal model and random effect model, and shows their difference by real data analysis. We apply these models to the earnings per share (EPS) and other financial ratios of one hundred companies in Taiwan, which are distributed in eleven industries. The results show that the parameter estimates of the marginal model and random effect model are similar when error structure is independent and of equal variance. Furthermore, the latter can distinguish the variations between subjects and within subjects. However, the residual analysis reveals that the error structure may not be constant. Therefore, we consider heteroscedasticity error in random effect model. We also assume that error follows an autoregressive process (e.g. AR(1) model), which leads to the optimum among our results in terms of residual analysis. There are some observations that appear to be outlying from the majority of data. The results show little difference in the marginal models no matter whether those outliers are included. However, we obtain different results in the random effect models. Especially, the variable of “cash flow ratio” becomes significant once those potential outliers have been excluded, while it is not significant when all cases are fitted in the model.

The classical corporation, as described by Berle and Means (1932), was characterized by ownership that is dispersed between many small shareholders, yet control was concentrated in the hands of managers. This ownership structure created the conflict of interest between managers and dispersed shareholders. More recent empirical work (see, e.g., La Porta et al. (1999) and Barca and Becht (2001)) has shown that ownership in many countries around the world is typically concentrated in the hands of a small number of large shareholders. As a result, an equally important agency conflict arises between large controlling shareholders and minority shareholders. On the one hand, large shareholders can benefit minority shareholders by monitoring managers (Shleifer and Vishny, 1986, 1997). On the other hand, large shareholders can be harmful if they pursue private goals that differ from profit maximization or if they reduce valuable managerial incentives (Shleifer and Vishny, 1997; and Burkart et al., 1997). In the presence of several large shareholders, a conflict of interest may arise between these controlling shareholders (see, e.g., Zwiebel (1995), Pagano and Röell (1998), and Bennedsen and Wolfenzon (2000)). They can compete for control, monitor each other, or form controlling coalitions to share private benefits. The question arises as to what determines the role of controlling shareholders in various firm policies and performance. Previous literature has noted that the incentives to expropriate minority shareholders are often exacerbated by the fact that the capital invested by the controlling shareholders is relatively lower than the voting control they achieve through the use of dual class shares (i.e., shares with differential voting rights) or stock pyramids (e.g., Claessens et al., 2002). Moreover, the identity of the shareholder (e.g., family vs. financial institution) is important for understanding the role of controlling shareholders (see, e.g., Holderness and Sheehan (1988), Volpin (2002), Claessens et al. (2002), and Burkart et al. (2003)). Using Swedish data, Cronqvist and Nilsson (2003) show that the agency costs of family owners are larger than the agency costs of other controlling owners. The role of controlling shareholders in transition countries is exacerbated by the fact that the legal and general institutional environment remains underdeveloped. In such an environment, strong owners may be the second best option to weak legal protection of investors (La Porta et al., 1997, 1998). The transition countries of central and eastern Europe are experiencing increasingly concentrated control structures, typically with the controlling owner actively involved in the management of the firm (Berglöf and Pajuste, 2003). Moreover, experience from transition countries suggests that foreign direct investment, where investors take controlling positions, have been critical to the successful restructuring of privatized firms. This thesis consists of four self-contained chapters that empirically examine various corporate governance issues. The common theme throughout the thesis is the focus on large shareholders, their identity, as well as to whether they deviate from the principle of one share-one vote. In particular, I examine the effect of large shareholders on firm value (in the first and third chapters), dividend policies (in the second chapter), and stock returns (in the final chapter). The first two chapters employ the data from Finland, the third looks at companies in seven European countries where deviations from one share-one vote are common, and the final one explores the evidence from transition countries. / Diss. Stockholm : Handelshögskolan, 2004

The harmonization within EC Company Law has been relativley successful. Despite its relative success; important differences still remains in European company law. The freedom of establishment itself, and the ECJ’s interpretation of the freedom provides European companies with a substantial cross-border mobility. As a consequence of this mobility, together with the differences in national legislation; mandatory rules in company law can be easily evaded. A typical example of this is that a Swedish enterprise, by running their business through a British private limited company, can escape the Swedish legislation on capital contributions when forming a company with limited liability for its members. These rules are thereby undermined. The fact that these, otherwise mandatory, rules can be evaded should result in a questioning of their existence. The main purpose of rules on minimal capital contributions is to safeguard the interests of the creditors of the company. The analysis in this thesis shows that the Swedish legal capital regime is very unlikley to fulfill its purpose. The alternative, English company law, can in various aspects be seen as more efficient. / Den gemenskapsrättsliga harmoniseringsprocessen har på bolagsrättens område varit relativt framgångsrik. Trots detta går det i dagsläget inte att tala om någon konform europeisk bolagsrätt. Betydande skillnader kvarstår mellan de nationella bolagsrättsliga regelverken. Den EG-rättsliga etableringsfriheten, och EG-domstolens tolkning av densamma, innebär att de europeiska företagen ges ett relativt stort mått av gränsöverskridande rörelsefrihet. En följd av denna mobilitet tillsammans med skillnaderna i de nationella regelverken är att tvingande nationell bolagsrättslig lagstiftning relativt enkelt kan kringgås. Ett typexempel på detta är att svenska företagare, genom att bedriva sin verksamhet i ett engelskt aktiebolag, kan undgå det svenska kravet på tillskjutande av ett minsta aktiekapital vid bildandet av ett privat aktiebolag. Det svenska kapitalkravet kan därmed sägas vara underminerat. Blott det faktum att det svenska kapitalkravet underminerats innebär att dess existens bör ifrågasättas. Syftet med kapitalkravet är främst att skydda borgenärernas intressen i bolagen. Mot bakgrund av vad som framkommer i denna uppsats kan det svenska kapitalkravets effektivitet betvivlas. Alternativet, den engelska bolagsrätten, kan ur en rad aspekter sägas vara mer ändamålsenlig.

L'autore contesta la classificazione degli strumenti finanziari partecipativi e non partecipativi nella categoria concettuale degli ibridi finanziari (o strumenti finanziari ibridi ). Rimarca le differenze tra l' investimento nella società e il finanziamento della società. dimostra che gli strumenti finanziari partecipativi (art. 2346 ult. comma c.c.) possano esser emessi solo a fronte di apporti di patrimonio non imputati a capitale sociale e che gli strumenti finanziari non partecipativi (quasi obbligazioni ex art. 2411 ult. comma c.c.) non possano esser dotati di diritti amministrativi.

<p>Can a country function without a legislative framework able to inform decisionmaking processes taken at different spheres of government? To what extent would actions conducted at various&nbsp / spheres of government be efficiently coordinated and informed by appropriate channels of constitutional provisions and legislative amendments to consolidate financial and intergovernmental&nbsp / fiscal relations policy-making tools for the realization of an efficient local developmental state? Answers to the above mentioned two questions refer to normative fiscal policy principles and&nbsp / prescriptive instruments of intergovernmental fiscal transfer design, whose orientation suggests better ways of framing sound and coherent programs and interventions that strengthen&nbsp / cooperative synergy and transfer knowledge of experience gained in empirical investigations and various South African environments of higher academic learning. Growing evidence&nbsp / acknowledges South Africa as one of the young democratic countries that has been going through a period of transition over the past three years as it changes its system of public finance from&nbsp / a structure suited to the old apartheid system to one consistent with the new South African Constitutional dispensation. While the former system was highly centralized, the newconstitution makes a clear commitment to municipal governments as important providers of government services, with greater tax and spending powers. Even as local autonomy has been substantially increased,&nbsp / there remains uncertainty as to the most appropriate design of a system of intergovernmental fiscal grants to metropolitan areas and townships. This study analyses this situation and further&nbsp / develops a generic design for intergovernmental transfers and its suitability to the realities of South African municipalities on the ground within the framework of Cooperative Government. This&nbsp / study concludes that fiscal&nbsp / management, as a cross-cutting discipline, is a&nbsp / powerful instrument for government&rsquo / s revenue sources at the national, provincial and local government levels.&nbsp / Financial management should be regarded as a co-coordinating mechanism managing government&rsquo / s expenditure and catalyzing sound financial relationship for an efficient management in the&nbsp / country, thus allowing government to budget effectively for the delivery of goods and services in order to attain the constitutional mandate of a developmental state.</p>

Objective: The study will investigate whether cash liquidity have a negative affect on profitability and share value of companies, listed on Nasdaq OMX Stockholm 2008-2011. Part of the purpose is also to show if the industry risk is of importance for treasury management of these companies. Method: The methodology for the study is key analysis through hypothesis testing and regression analysis Conclusion: The liquidity ratio affects profitability in a negative direction on the entire sample. No other conclusion can be drawn. / Syfte: Studiens syfte är att undersöka om kassalikviditeten har en negativ påverkan på lönsamhet och aktievärde, hos företag noterade på Nasdaq OMX Nordic Stockholm mellan åren 2008 till 2011. Delsyftet är att undersöka om branschrisken har ett positivt samband med kassalikviditeten för dessa företag. Metod: Metoden för studien är nyckeltalsanalys med hjälp av hypotesprövning och regressionsanalys, för företag på Nasdaq OMX Nordic Stockholm. Slutsats: Kassalikviditeten påverkar lönsamheten i negativ riktning på hela urvalet. Inga andra slutsatser kan dras.