With the arising digital disruption and global market pressures, several manufacturing companies have recognized the strategic integration of services as a way to competitive advantage and corporate profitability, they therefore have the desire to differentiate themselves by creating new service-oriented strategies, namely Product-Service Systems (PSS). While transforming towards a PSS provider there are a number of barriers that the organization has to overcome. After an extensive literature review the authors identified 34 such barriers. Tukker (2015) argues that the number of successful adoptions of PSS among manufacturing firms is surprisingly low, despite an increased literature awareness and focus on the barriers. The identified barriers are most often seen through the manufacturers’ perspective and little is mentioned about the customers’ perspective on barriers. The gap that was identified in the literature was the lack of customers’ perspective upon these barriers. This thesis aims to investigate the perceived barriers from both the customers’- and the provider’s perspective, and to examine which barriers the provider should emphasize to have the highest potential to successfully transform into a PSS provider. We used Bosch Rexroth as a focal firm and conducted in total 29 interviews with them and their customers and a workshop with 11 participants from the provider. The data from the provider and the customers were separately analysed until the last step, where it generated a barrier spheres. The spheres were used as a foundation for the emerging framework. The framework’s step wise approach is a guideline for manufacturing firms in their efforts to overcome the barriers in order to successfully adopt PSS. This thesis is a first contribution towards shredding light upon the customers’ perspective of barriers towards PSS. Our research shows that one perspective of these barriers is insufficient, since PSS involves both the provider and the customers it should thereby include both perspectives. The managerial implications of this thesis is partly the framework but also the importance for a provider to work closely to their customers and build strong relationships in order to overcome to barriers towards PSS together.

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A wide variety of studies analyzed firms’ CSR disclosures through the lens of legitimacy theory.Arguing that CSR disclosure is a communicative tool to legitimize a company’s position in society.The aim of this study was to explore themes that Swedish heavy industrials disclose regardingCSR. To do so, this paper examined CSR reports and press releases of Swedish heavy industrialsfor 2002, 2009 and 2016, through quantitative content analysis. Our paper finds empirical evidencethat there is a convergence of CSR disclosure among Swedish heavy industrials, in terms of contentand quantity. Moreover, this study shows that Swedish heavy industrials use strategies in their CSRdisclosure that deflect attention from- or lower expectations of their business practices. In addition,we found that Swedish heavy industrials are increasingly linking CSR practices to value creation.

Background: The increasing presence of globalization in our everyday life makes it apparent that internationalization is no longer a topic relevant only for a few multinational companies, but for essentially every company that wishes to expand or even survive in their domestic market as well as in foreign markets. In light of this, research on how firm chooses FMEM has surged, and it is evident that it is an important topic. Numerous theories and factors have been examined in order to explain what motivates the choice of FMEM, but there is notable absence in connecting the business model to the FMEM. Despite the increasing attention and prominence of the business model, to date, there is little research that looks at FMEM decisions through a business model perspective.   Purpose: The purpose of this study is to answer the calls for new aspects and theories on the FMEM research field by exploring the role that the business model has on the choice of FMEM. This study will be executed through mapping a company’s business model and FMEM choice by collecting qualitative data through interviews to find links between the business model and the entry mode.   Method: This research is conducted through a qualitative single case study, using in-depth interviews for primary data collection.   Conclusion: The results of the analysis that was based on the empirical findings derived from the data collection, led to several conclusions being drawn. Firstly, the business model of the case company has had a great impact on the choice of FMEM of that company. Secondly, apart from influencing the choice of FMEM, the company’s business model has also contributed to the company further committing to their existing FMEM. Thirdly, as long as the case company intends to operate the same business model, with the same value drivers, it is likely to continue its commitment towards its existing FMEM.

The purpose of this thesis is to examine how the outcome of mergers and acquisitions are perceived from different managerial positions in the acquiring firm and how managerial expectations can affect the perception of the outcome. Empirical data were gathered through an explorative multiple case study of five acquisitions at three companies by interviewing eight managers at different positions as well as reviewing secondary data. The data was analyzed and cross-case compared in order to detect possible differences between managers at different positions. The findings shows that financial and non-financial aspects are deemed important for how the outcome is perceived by different managers. The findings further indicate that financial aspects are more prominent for managers occupying a position with financial responsibility. The non-financial aspects are on the other hand perceived as important regardless of managerial position. Lastly, the empirical findings indicate that expectations held by individual managers are more dependent on the organizational motive of the acquisition rather than the position held by the manager and that not all expectations have to be fulfilled in order for the acquisition to be perceived as successful.

Esta pesquisa avalia a percepção dos cooperados em relação às ações de cocriação de valor oferecidas pela cooperativa e se as características do cooperado e da cooperativa impactam na percepção. Para avaliação, desenvolveu-se um modelo de mensuração da percepção da cocriação de valor das atividades desenvolvidas pela cooperativa e as características do cooperado. O método de pesquisa usado foi a aplicação de um questionário aos membros de uma cooperativa agropecuária de café e, para testar o modelo proposto, usou-se o método Partial Least Square (PLS). As ações de cocriação de valor, profissionalização da gestão, satisfação e fidelidade e orientação temporal de longo prazo dos cooperados foram medidos tendo como base a percepção dos cooperados. A amostra teve 204 respostas válidas. Os resultados da análise descritiva indicam que os cooperados percebem mais valor nas atividades do processo produtivo de café, operados pela cooperativa aos seus cooperados em forma de ações operacionais, do que nas atividades fim. Os resultados do modelo demonstram uma associação significativa entre satisfação e fidelidade e percepção das ações de cocriação de valor e uma associação positiva entre orientação temporal de longo prazo dos cooperados e percepção das ações de cocriação de valor, ou seja, a percepção dos benefícios gerados pela organização com ações de cocriação de valor pode ser influenciada pelo horizonte temporal do cooperado e pelo nível de satisfação e fidelidade. Os dados também indicam que a variável latente profissionalização da gestão apresentou uma relação positiva com a satisfação e fidelidade e também com a orientação temporal de longo prazo do cooperado. Também foi feita uma análise complementar de sensibilidade para verificar se as características dos cooperados tornam o grupo homogêneo ou heterogêneo. Foi possível observar que há heterogeneidade na percepção dos cooperados em relação às características de tamanho da propriedade rural, nível de escolaridade, tempo de associação e endividamento. As principais contribuições deste trabalho foram o desenvolvimento de um instrumento para mensuração do nível de percepção das ações de cocriação de valor, bem como a investigação empírica sobre a relação desta com as demais variáveis. Como implicações práticas tem-se que os resultados das ações de criação de valor com características de inovação (cocriação de valor) tendem a ser percebidos no longo prazo e influenciados pelas características específicas dos cooperados. / This research evaluates the perception of the members in relation to the actions of value co-creation offered by the cooperative and if the characteristics of the cooperative and the members impact on the perception. For evaluation, a model was developed for measuring the perception of value co-creation of the activities developed by the cooperative and analyzed the relationship between the perception of value co-creation actions developed by the cooperative and the characteristics of the members. The research method was the application of a questionnaire to the members of an agricultural coffee cooperative and, to test the proposed model, the Partial Least Square (PLS) method was used. The actions of value co-creation, professionalization of management, satisfaction and loyalty and temporal orientation of the members were measured based on the perception of the members. The sample had 204 valid answers. The results of the descriptive analysis indicate that the cooperative members perceive more value in the activities of the coffee production process, operated by the cooperative to its members in the form of operational actions, than in the end activities. The results of the model demonstrate a significant association between satisfaction and loyalty and perception of value co-creation actions and a positive association between the member\'s time orientation and perception of value-co-creation actions, that is, the perception of the benefits generated by the organization with actions of value co-creation can be influenced by the time horizon of the member and by the level of satisfaction and loyalty. The data also indicate that the latent variable professionalization of management presented satisfaction and loyalty as the main indicator. A complementary sensitivity analysis was also made to verify if the characteristics of the member make the group homogeneous or heterogeneous. It was possible to observe that there is heterogeneity in the perception of the member in relation to the characteristics of rural property size, level of schooling, time of association and indebtedness. The main contributions of this research were the development of an instrument to measure the level of perception of value co-creation actions, as well as the empirical investigation about its relation with the other variables. As practical implications, the results of value co-creation actions with innovation characteristics (value co-creation) tend to be perceived in the long term and influenced by the specific characteristics of the member.

Partindo da premissa de que o objetivo maior da empresa e de seus administradores consiste na maximização do capital nela investido, observa-se que os administradores devem se preocupar com a geração de riqueza dentro da empresa, buscando continuamente incrementar e otimizar a criação de valor pela organização e também mensurá-la. Outro forte motivo para mensuração do valor da empresa consiste no crescente aumento do número de fusões e aquisições entre empresas ocorridas no país, incluindo o setor sucroalcooleiro, o que torna sua avaliação necessária a fim de se determinar o valor de transação do negócio. Esta mensuração pode ser realizada a partir da análise do valor da empresa, que, por sua vez, pode ser obtido através do uso de modelos de avaliação de empresas. Por outro lado, nota-se que a importância e a participação dos ativos intangíveis dentro deste processo de criação de valor tem crescido ao longo dos anos. Neste contexto, e considerando a importância do setor sucroalcooleiro dentro da economia nacional, este trabalho apresenta um estudo exploratório realizado em dez usinas sucroalcooleiras instaladas no Estado de São Paulo, com o objetivo de investigar a presença, os inter-relacionamentos e a importância dos ativos intangíveis, agrupados e estruturados sob o conceito de capital intelectual, no processo de criação de valor dentro destas empresas, assim como as decisões e atitudes dos gestores acerca destes elementos que constituem o capital intelectual da organização. Também é investigada a prática dos princípios delineadores do conceito de avaliação de empresas baseado no modelo de fluxo de caixa descontado pelos administradores na gestão das usinas, buscando-se identificar o conhecimento dos gestores acerca deste conceito e seu preparo para utilização desta ferramenta. Verificou-se, a partir da constatação da importância dos elementos formadores do capital intelectual para a criação de valor dentro das empresas, que, de forma geral, o nível do capital humano e estrutural das usinas pesquisadas se encontra aquém do necessário para um melhor desempenho destas, enquanto que seu capital de relacionamentos, ou seja, a qualidade de seus relacionamentos se encontra em um nível elevado e bastante próximo do adequado. Observou-se também que, embora não conheçam a fundo e nem se utilizem da prática de determinar o valor do negócio, os administradores praticam os princípios delineadores do conceito de avaliação de empresas na gestão das usinas, o que os prepara e credencia para a utilização do conceito tanto como ferramenta para a mensuração do desempenho econômico-financeiro da organização, como também por outros motivos tais como a participação em processos de fusões e aquisições entre usinas e uma futura participação destas em bolsas de valores / Based on the premise that the main objective of the company and its administrators consists in the maximization of the capital invested, it can be observed that the administrators should worry about the wealth generation inside the company, continually aiming to increase and improve the value creation inside the organization and also measuring it. Another great reason for measuring of company's value consists in the growing increase of the number of mergers and acquisitions among companies happened in the Brazil, including the sugarcane sector, what turns necessary the valuation to determine the transaction's value of the business. This measurement can be accomplished starting from the analysis of the company's value that, for its turn, can be obtained through the use of models of companies' valuation. On the other hand, it is noticed that the importance and the participation of the intangible assets inside of this process of value creation has been growing along the years. In this context and considering the importance of the sugarcane sector for the national economy, this work presents an exploratory study accomplished in ten sugarcane companies located in São Paulo State with the objective of investigating the presence, the inter-relationships and the importance of the intangible assets, contained and structured under the concept of intellectual capital, in the process of value creation inside of these companies. The decisions and the managers' attitudes concerning these elements that constitute the intellectual capital of the organization are also analysed. The principles of the concept of companies' valuation based on the cash flow model discounted practice by the administrators in the organization management is also investigated, seeking to identify the managers' knowledge concerning this concept and yours prepares for use this tool. It was verified, starting from the verification of the importance of the intellectual capital elements for the value creation inside of the organizations, that, in a general way, the level of the human and structural capital of the researched companies is below of the necessary for a better performance, while its relationships capital, that is to say, the quality of its relationships see in a high and quite close of the appropriate level. Although they do not thoroughly know and are not used of the practice of determining the business' value, it was also observed that the administrators practice the principles of the concept of valuation in the management of the companies, what prepares them for the utilization of the concept as tool for the measuring of the economic-financial organization performance, as well as for other reasons as the participation in processes of mergers and acquisitions or a future participation of the company in stocks exchange

Nos últimos anos o setor privado foi obtendo presença majoritária no ensino superior brasileiro, chegando a atender 74% dos alunos matriculados, no ano de 2009. O segmento experimentou um período de forte expansão, após a promulgação da Lei de Diretrizes e Bases da Educação LDB (entre 1997 e 2002), e com o lançamento, pelo Governo Federal, de medidas que incentivaram o investimento privado no setor de ensino superior. Esse crescimento vivido pelo segmento está se esgotando e a competitividade no setor está aumentando. Nessa realidade competitiva em que as empresas estão imersas, os gestores devem buscar continuamente tornar suas empresas capazes de, no curto prazo, produzir resultados financeiros para garantir sua sobrevivência e que sejam compensadores a ponto de atrair o interesse e o capital de investidores; e ainda, no longo prazo, garantir a capacidade de renovação e adaptação do negócio às novas exigências do mercado. Neste contexto, a gestão baseada no valor surge como um instrumento gerencial para garantir a criação de valor para os acionistas e stakeholders. O objetivo deste trabalho é identificar e analisar a criação de valor econômico no segmento de instituições privadas de ensino superior de capital aberto no Brasil. Para medir se há criação/destruição de valor foi usado o modelo de GTV Geração Total de Valor, desenvolvido pelo Prof. Dr. Alberto Borges Matias (2007), que separa a geração de valor no capital de giro (curto prazo) e no longo prazo. O estudo desenvolvido conclui que as instituições privadas de ensino superior de capital aberto no Brasil geram valor no curto prazo, mas destroem no longo prazo. / In recent years, the private sector gained a dominant share of Brazilian college education market, encompassing 74% of students enrolled in the year 2009. The industry experienced a period of strong expansion, after the promulgation of the Law of Directives and Basis of Education - LDB - (between 1997 and 2002) and with the launch by the Federal Government of measures that encouraged private investment in college education. The growth experienced by this industry is reaching its limit and competition is increasing. In this competitive reality in which companies are immersed, managers must continually seek to make their companies, in the short term, produce financial results to ensure their survival and be worth enough to attract the interest and capital of investors. As well, in the long term, managers must ensure the capacity for renewal and adaptation of the business to new market demands. In this context, value-based management emerged as a management tool to ensure value creation for shareholders and stakeholders. The main aim of this study is to identify and analyze the creation of economic value by private college education companies that are publicly-traded in Brazil. To measure whether there is creation / destruction of value, it was used the GTV model - Total Value Generation, developed by Prof. Dr. Alberto Borges Matias (2007), which separates the generation of value in two components: working capital (short term) and long term. The study conclude that the private college education companies that are publicly-traded in Brazil create value in the short term, but they destroy in the long term.

Os elementos intangíveis no processo de criação de valor dentro das empresas vêm ganhando crescente importância nas discussões acadêmicas. Neste sentido, é importante que os administradores identifiquem e gerenciem estes elementos, que são agrupados sob o conceito de capital intelectual (CI) da organização. Este trabalho apresenta um survey realizado com cento e onze hotéis do estado de São Paulo, o qual evidenciou a presença dos elementos do CI conforme os portes dos hotéis (pequeno, médio e grande) e analisou as atitudes dos gestores acerca destes elementos. As informações e os dados foram coletados a partir da aplicação de um questionário estruturado disponível em um site. Os dados foram tratados e analisados estatisticamente e os resultados obtidos evidenciaram como principal diferença de gestão dos hotéis o fato dos hotéis de pequeno porte sustentarem o capital humano como componente de sua estrutura de CI mais consistente, enquanto que nos hotéis de médio porte toda a estrutura está em formação, ao contrário dos hotéis de grande porte, que possuem uma estrutura consistente. / The intangible elements in the process of organizational value creation are gaining increasing importance in the academic quarrels. In this direction, it is important that the administrators identify and manage these elements, which are classified under the concept of intellectual capital (IC) of the organization. This work presents a survey carried through with one hundred and eleven paulistans hotels, which evidenced the presence of the elements of the IC as the size of the hotels (small, medium and large) and to analyzed the attitudes of the managers about of these elements. The information and data had been collected from the application of a structuralized questionnaire available in a website. The data had been treated and analyzed statistically and the results found evidenced as main difference the fact of the small hotels support the capital human as component of its structure of IC more consistent, while that in the medium hotels have carried all the structure is in formation, in contrast of the great hotels, that keep a consistent structure.

Com o crescimento da economia brasileira as operações de Fusões e Aquisições tem vivenciado um franco crescimento. Segundo trabalhos recentes sobre o tema, esse tipo de operação tem um componente estratégico muito superior ao simples ganho imediato de valor, tese que se justifica com os trabalhos empíricos atuais, que encontram fortes evidências que a empresa adquirente, frequentemente, perde valor de mercado, através da queda no preço das suas ações, nos dias seguintes à combinação empresarial. No entanto, a maioria dos trabalhos sobre o tema versam sobre operações de Fusões e Aquisições no mercado norte-americano e europeu, onde estruturas regulatórias e cultura de proteção aos acionistas minoritários divergem muito das situações encontradas no Brasil. Por outro lado, a economia brasileira após a implantação do Plano Real é relativamente recente, mas sendo permeada por crises internacionais e nacionais na década de 1990, além de um período de intenso programa de privatizações que fez surgir grandes grupos econômicos nacionais, tornando esse período um intervalo temporal único, e que as evidências encontradas nesse período possam não ter muita aderência à atual realidade brasileira. Através de um estudo de caso com 121 empresas listadas na BOVESPA, foi analisado a criação de valor para o acionista da empresa adquirente através de uma janela temporal de 20 dias antes e 20 dias após o anúncio do fato relevante que dá início a combinação empresarial. Foram utilizados dois métodos para observar a criação ou destruição de valor para o acionista, o método do retorno de mercado e o método do modelo de mercado ajustado, que demonstraram ser idênticos para a análise proposta. Analisando operações de combinação empresarial de 2001 a 2011, as empresas adquirentes foram agrupadas através da Classificação Nacional de Atividades Econômicas (CNAE) e submetidas a critérios de seleção da amostra que reduziu o grupo estudado a três setores econômicos, o da Indústria de Transformação, o de Informação e Comunicação e por fim o de Serviços Financeiros. Os resultados sugerem que os investidores tem informações sobre a operação de Fusão e Aquisição antes da divulgação do Fato Relevante pelas empresas, fazendo com que as ações experimentem altas em seus preços dias antes do anúncio, assim como foram encontradas evidências que o Setor Financeiro tem um comportamento que rejeita a hipótese de eficiência de mercado em sua forma semiforte. / In the past few years, with the growth of the Brazilian economy, operations of Mergers and Acquisitions had experienced significant growth. According to recent papers, this type of operation has a strategic component far superior to the simple gain of immediate value, a thesis justified with empirical work showing strong evidence that the acquiring company often loses market value, noticed by the falling prices of its shares in the days following the merger announcement. However, most studies on the subject deal with operations of Mergers and Acquisitions in the U.S. market and Europe, where regulatory structures and culture of protection of minority shareholders are much different from the situations we find in Brazil. On the other hand, the stability of the Brazilian economy, after the Real Plan, is relatively recent, being permeated by national and international crises in the 1990s. Through a case study with 121 companies listed on the BOVESPA, we analyzed the creation or value for shareholders of the acquiring company through a time window of 20 days before and 20 days after the announcement of the merger. Two methods were used to observe the creation or destruction of shareholder value, the method of the market return and the method of adjusted market model, which proved to be identical to the proposed analysis. Analyzing business combination transactions from 2001 to 2011, the acquiring companies were grouped by the National Classification of Economic Activities (CNAE) and subjected to a selection criteria that reduced the sample group to three economic sectors, the Manufacturing Industry, the Information and Communication and finally the Financial Services. The results suggest that investors have information about the operation of Merger and Acquisition before the announcement, causing stocks to experience increases in their prices days before the announcement, and evidence was found that the financial sector has a behavior that rejects the hypothesis of market efficiency in its semi-strong form.