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1
Yawson, A. "Corporate restructuring strategies." Thesis, Queen's University Belfast, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.269148.
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Silva, Vinicius Augusto Brunassi. "Essays on corporate restructuring." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/15057.
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Previous issue date: 2015-12-14<br>This thesis examines the characteristics of the decision-making process of creditors with respect to either pursuing court reorganization or bankruptcy. It is divided into four chapters, which have been written as stand-alone papers. The second chapter provides a general review of the theoretical and empirical papers on reorganization and bankruptcy. It also describes three case studies to show the complexity of each case in terms of the concentration of claims, disparities of interest among the three classes of creditors and the final decision regarding the approval or rejection of the reorganization plan. The third chapter studies the determinants of delay in corporate reorganizations. It empirically investigates delays in voting on reorganization plans between 2005 and 2014, suggesting that (i) a high concentration of debt among classes of claimholders is related to shorter delays; (ii) a higher number of banks holding claims is related to longer delays; (iii) the average delay decreases considerably when only one class is voting on the plan; (iv) labor and secured creditors demand a delay when the level of collateral is higher; (v) the average delay is longer when the performance of the debtor’s sector is lower and the delay is demanded by secured or unsecured classes; and (vi) a divestment proposal is the main topic discussed by claimholders in cases with longer delays. The fourth chapter presents evidence on the approval of the reorganization plan. To the best of our knowledge, this is the first study to analyze the likelihood of approval based on reorganization plans for creditors that require approval by employees and secure and unsecure debtholders. We find that (i) the labor class of creditors is likely to approve the reorganization plan even when the plan is rejected, (ii) plans with more heterogeneous payment for classes are less likely to be accepted, (iii) plans are less likely to be accepted when there are more unsecure creditors and (iv) plans with divestment proposals are more likely to be accepted. Finally, as expected given the seniority position of secured debt, plans are less likely to be accepted when the portion of secured debt is higher, and the reverse is true for unsecured debt.<br>Esta tese tem por objetivo examinar as características do processo de decisão em que credores optam pela recuperação judicial ou liquidação da empresa em dificuldade financeira. O trabalho está dividido em quatro capítulos. No segundo capítulo, apresenta-se, de forma sistematizada, referencial teórico e evidências empíricas para apontar resultados importantes sobre estudos desenvolvidos nas áreas de recuperação de empresas e falência. O capítulo também apresenta três estudos de caso com o propósito de mostrar a complexidade de cada caso no que diz respeito à concentração de recursos, conflito de interesse entre as classes de credores e a decisão final sobre a aprovação ou rejeição do plano de recuperação judicial. No terceiro capítulo, analisam-se os determinantes do atraso pertinente à votação do plano de recuperação judicial. O trabalho propõe um estudo empírico dos atrasos entre 2005 e 2014. Os resultados sugerem que: (i) maior concentração da dívida entre as classes de credores possui relação com atrasos menores; (ii) maior quantidade de bancos para votar o plano de recuperação judicial possui relação com maiores atrasos; (iii) o atraso médio na votação diminui quando apenas uma classe de credores participa da votação do plano; (iv) credores trabalhistas e com garantia real atrasam a votação quando o valor dos ativos para garantir a dívida em caso de liquidação é maior; (v) o atraso médio na votação é maior em casos de pior desempenho do setor de atuação do devedor, sendo solicitado pelas classes quirografária e com garantia real; e (vi) a proposta de venda de ativos é o principal tópico discutido nas reuniões de votação do plano nos casos em que o atraso na votação é maior. Por fim, no quarto capítulo, apresenta-se evidência sobre a votação dos credores e a probabilidade de aprovação do plano de recuperação judicial. Os resultados sugerem que: (i) credores trabalhistas estão propensos a aprovar o plano de recuperação mesmo quando o plano é rejeitado pelas demais classes; (ii) planos com propostas de pagamento mais heterogêneas para as três classes de credores possuem menor chance de serem aceitos; (iii) a chance de aprovação do plano diminui nos casos em que mais credores quirografários participam da recuperação; e (iv) planos com proposta de venda de ativos possuem maior chance de serem aprovados. Finalmente, maior concentração da dívida na classe com garantia real diminui a chance de aprovação do plano, e o contrário ocorre na classe quirografária.
3
Pham, Dung Anh. "Two essays on Corporate Restructuring." Scholar Commons, 2012. http://scholarcommons.usf.edu/etd/4380.
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In the first essay titled "Divestitures and Acquisition Probability", I examine the relationship between a firm's divestiture activities and the likelihood that the firm will become an acquisition target. Using a logit model comparing a sample of target firms matched with a sample of non-target firms from 1986 to 2010, we find that a firm is 27 percent more likely to be acquired within three years of a divestiture activity than if there was no previous divestiture, and the effect is stronger for firms with fewer numbers of segments. Our finding is robust to modifications of control variables, to managerial entrenchment, as well as to alternative diagnoses. Consistent with the literature, we find the market reacts positively to a divestiture announcement. However, cross-sectionally we find the market reaction is positively related to whether or not the divesting firm adopts a golden parachute feature and negatively on the firm's number of segments which is related to the probability of future acquisition.
In the second essay titled "The Choice of Divestiture and Long-run Performance: Asset Sell-off versus Equity Carve-out," I examine the post-divestiture long-run performance of two different choices of corporate divestiture, asset sell-offs versus equity carve-outs, and find that the choice of divestiture method has important implications for post-divestiture long-run performance. My findings show that the sell-off parents' long-run abnormal returns are significantly higher than those of the carve-out parents. I also find evidence that the long-term abnormal performance improves with a reduction in the diversification discount. The effect of the diversification discount is weaker for divesting parents with higher levels of R&D. My results further show that a firm's pre-divestiture number of segments and level of asymmetric information are positively related to the probability of an asset sell-off.
4
Li, Xiao. "Corporate governance in the context of corporate restructuring." Thesis, Connect to e-thesis, 2008. http://theses.gla.ac.uk/60/.
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Thesis (Ph.D.) - University of Glasgow, 2008.<br>Ph.D. thesis submitted to the Faculty of Law, Business and Social Sciences, School of Law, University of Glasgow, 2008. Includes bibliographical references. Print version also available.
5
Gibbs, Philip Archel. "The role of corporate governance in corporate restructuring." Thesis, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/12544.
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Thorburn, Karin S. "Cash auction bankruptcy and corporate restructuring." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://www.hhs.se/efi/summary/475.
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Pranckh, Rupprecht. "Corporate Financial Distress and Financial Restructuring Solutions." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01666007002/$FILE/01666007002.pdf.
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Lindgren, Urban. "Corporate spatial restructuring within forest-based industries." Licentiate thesis, Umeå universitet, Kulturgeografiska institutionen, 1994. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-54471.
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Polo, Andrea. "Essays in corporate restructuring, reputation and law." Thesis, University of Oxford, 2012. http://ora.ox.ac.uk/objects/uuid:7785081d-93c5-4453-9cbf-021306430f17.
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This dissertation consists of three essays which examine topics at the intersection of law and finance. The first essay investigates the role of regulatory sanctions and reputational damage in financial markets. We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s financial regulators on the market price of penalized firms. We find that reputational sanctions are very real: their stock price impact is on average almost 9 times larger than the financial penalties imposed. Furthermore, reputational losses are confined to misconduct that directly affects parties who trade with the firm (such as customers and investors). In the second essay we analyze the costs and benefits associated with secured creditor control in bankruptcy. We do it by studying the highly contested practice of UK pre-packs, where a deal to sell the business is agreed before publicly entering into bankruptcy. Contrary to widespread criticism that this procedure leads to collusion, we find no evidence of exploitation of conflict of interests and we find that it preserves the value of the business and maximizes recovery in circumstances in which a public announcement of bankruptcy would destroy value. In small businesses where secured creditors are concentrated the benefits of their control seem to outweigh the costs. Finally, in the last essay we examine whether mandatory shareholder voting prevents wealth destruction in corporate acquisitions. We study the UK setting where all large transactions must have shareholder approval. We observe that such Class 1 transactions always get consent. Nevertheless, there is a striking difference between the performance of acquirers between Class 1 and other transactions. The finding is most pronounced for transactions in a narrow neighbourhood of the size threshold, and is robust to a large set of controls for confounding effects.
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Kanungo, Rama P. "Corporate restructuring : empirical evidence from the UK." Thesis, Aston University, 2010. http://publications.aston.ac.uk/11938/.
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Corporate restructuring is perceived as a challenge to research. Prior studies do not provide conclusive evidence regarding the effects of restructuring. Since there are discernible findings, this research attempts to examine the effects of restructuring events amongst the UK listed firms. The sample firms are listed in the LSE and London AIM stock exchange. Only completed restructuring transactions are included in the study. The time horizon extends from year 1999 to 2003. A three-year floating window is assigned to examine the sample firms. The key enquiry is to scrutinise the ex post effects of restructuring on performance and value measures of firms with contrast to a matched criteria non-restructured sample. A cross sectional study employing logit estimate is undertaken to examine firm characteristics of restructuring samples. Further, additional parameters, i.e. Conditional Volatility and Asymmetry are generated under the GJR-GARCH estimate and reiterated in logit models to capture time-varying heteroscedasticity of the samples. This research incorporates most forms of restructurings, while prior studies have examined certain forms of restructuring. Particularly, these studies have made limited attempts to examine different restructuring events simultaneously. In addition to logit analysis, an event study is adopted to evaluate the announcement effect of restructuring under both the OLS and GJR-GARCH estimate supplementing our prior results. By engaging a composite empirical framework, our estimation method validates a full appreciation of restructuring effect. The study provides evidence that restructurings indicate non-trivial significant positive effect. There are some evidences that the response differs because of the types of restructuring, particularly while event study is applied. The results establish that performance measures, i.e. Operating Profit Margin, Return on Equity, Return on Assets, Growth, Size, Profit Margin and Shareholders' Ownership indicate consistent and significant increase. However, Leverage and Asset Turn Over suggest reasonable influence on restructuring across the sample period. Similarly, value measures, i.e. Abnormal Returns, Return on Equity and Cash Flow Margin suggest sizeable improvement. A notable characteristic seen coherently throughout the analysis is the decreasing proportion of Systematic Risk. Consistent with these findings, Conditional Volatility and Asymmetry exhibit similar trend. The event study analysis suggests that on an average market perceives restructuring favourably and shareholders experience significant and systematic positive gain.
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Kirchmaier, Thomas. "Mergers, demergers and corporate performance." Thesis, London School of Economics and Political Science (University of London), 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.395938.
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Lai, Chee Chuen. "Corporate restructuring and turnaround : an exploratory study of the determinants and effectiveness of corporate restructuring strategies by troubled UK firms." Thesis, City University London, 1997. http://openaccess.city.ac.uk/8274/.
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In spite of decades of research into corporate turnaround strategies, corporate failures persist. Knowledge of remedies appears to be a necessary but insufficient condition for turnaround. There exists yet a serious gap in extant knowledge on what motivates managers to choose or avoid well-documented restructuring strategies. Further, extant research has focused predominantly on severely distressed firms. Though contributing immensely to corporate management out of a crisis, it throws little light in the direction of management to avoid a crisis, and thus avoidance of economic value destruction. Also, no large sample analysis has properly tested the general effectiveness of prescribed turnaround strategies. This research attempts to fill these empirical gaps by exploring three key research questions: I. What are the determinants of restructuring strategy choice in response to performance decline 2. How effective are the prescribed turnaround strategies in contributing to corporate turnaround from performance decline? 3. Are the turnaround strategies equally applicable and effective to both poorly performing and financially distressed firms? We integrate the disparate studies to date and devise a coherent framework for performance decline research and corporate restructuring. We also design a comprehensive strategy determinants framework for explaining the firm strategy selection process corporating the impact of lenders, owners, corporate governance structure and control factors. We employ the standard event study methodology to examine effectiveness of strategies. We then separate implementation success from other sources of strategy effectiveness- choice, timing and intensity of restructuring strategies. We also explore differences in the determinants and effectiveness of strategies between two samples comprising nearly 300 poorly performing and 200 financially distressed firms, as a function of the extent of firms' performance decline. Our results show that turnaround strategy choices are significantly influenced by the complex interplay of the ownership structure, corporate governance and lender monitoring of the firms in decline. While there is agreement among stakeholders on certain strategies there is also evidence of conflict of interests. The results also show the somewhat detrimental effects of dominance by certain stakeholder groups. However, no support for managerial inaction as a contributor to non-recovery from performance decline iss found. Instead of being paralysed by inertia, managers of on recovery firms appear to take vigorous and intensive restructuring actions. Our results suggest the root cause of non-recovery is bad implementation of restructuring strategies. Although pursuing similar strategies, non-recovery firms' managers are perceivedb y the markett o be far lesse ffective in their implementationst han those of recovery fin-ns. Comparative analysis of poorly performing and financially distressed firms reveals a striking similarity in determinants of strategy choice but some differencesi n the impact of restructurings trategieso n corporatet urnaround.
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Walker, Isabella Sheila Frances. "Corporate restructuring and its articulation in rural Ireland." Thesis, University of Cambridge, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.315831.
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Werema, Samwel Marwa. "An analysis of corporate restructuring in the UK." Thesis, University of Strathclyde, 2005. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21616.
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This thesis examines the operating performance of a sample of UK non-financial firms that announced different forms of corporate restructuring during 1990-2000. Several issues related to restructuring and corporate governance have been examined and empirically tested around the year of restructuring. The findings of this thesis suggest that poor firm performance, high financial leverage and excessive diversification are the main determinants of corporate restructuring. Poor management, agency problems, competition and economic recession are the main causes of these problems. In addition, new evidence is provided on the role of internal and external control systems. It is apparent that these systems work together to ensure that managerial behaviour is consistent with the maximization of shareholder wealth. The findings show that following restructuring there is an improvement in operating performance, financial leverage, labour productivity and firms are more focused. This suggests that restructuring is likely to result in the rectification of inadequate governance patterns, which in turn will create a more focused diversification strategy, increase strategic control, reduce reliance on bureaucratic control through reduced corporate staff, and increase the performance of the firm and shareholder wealth. In addition, a decision to refocus on core businesses may reflect management's termination of negative NPV projects. However, this increase in efficiency is not homogenous to all firms. With reference to the market reaction to announcements of corporate restructuring, the findings show that the market reacts negatively to announcements of corporate layoffs, dividend cuts, and CEO turnover, but reacts positively to asset sales. Further analysis shows that, in general, it is difficult to generalize about whether restructuring is associated witli positive or negative stock prices. This is because restructuring is a complex and multidimensional phenomenon and involves a lot of activities, some of which are interdependent and occur in tandem (Hall, 1994; and Peel, 1995). Secondly, with information disclosure, managers face the challenge of disclosing useful information to investors and analysts that they can use to value restructuring more accurately. However, managers are often limited in what they can disclose publicly because some of the information could benefit their firm's competitors. Information problems arise when corporate managers have private information about their firm's investment opportunities (Nfyers and Nlajluf, 1984), and either cannot credibly convey that information to dispersed investors or can do so only by disclosing proprietary information to competitors (Healy and Palepu, 1995).
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Lati, Lindita. "The causes and consequences of corporate restructuring in Albania." Thesis, Staffordshire University, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.343383.
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Li, Feng. "The 'IT revolution' and the geography of corporate restructuring." Thesis, University of Newcastle Upon Tyne, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.357557.
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Traseira, Manuel. "A case study in corporate restructuring Trans World Airlines." Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/49936.
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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Aeronautics and Astronautics, 1994, and Thesis (M.S.)--Massachusetts Institute of Technology, Sloan School of Management, 1994.<br>Includes bibliographical references.<br>by Manuel Traseira.<br>M.S.
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Barbey, Dawn Henrichs. "The facilitation and hindrance of personal adaptation to corporate restructuring." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/NQ56500.pdf.
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Iverson, Benjamin Charles. "Essays in Corporate and Consumer Finance." Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:10835.
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The first essay tests whether Chapter 11 restructuring outcomes are affected by time constraints in busy bankruptcy courts. Using the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005 as an exogenous shock to court caseloads, I estimate the impact of bankruptcy caseload changes on the outcomes of firms in Chapter 11. I find that as bankruptcy judges become busier they tend to allow more firms to reorganize. Firms that reorganize in busy courts spend longer in bankruptcy, while firms that are dismissed from busy courts are more likely to re-file for bankruptcy within three years of their original filing. In addition, busy courts impose costs on local banks, which report higher charge-offs on business lending when caseload increases. Using novel data that has complete coverage of claims for 136 Chapter 11 bankruptcy protection filings and that includes detailed information on claims transfers, in the second essay we provide the first empirical insight on how a firm's ownership changes during the bankruptcy process and how these changes impact bankruptcy outcomes. Pre-bankruptcy ownership concentration is important for the coordination of a prearranged bankruptcy filing and is associated with a faster bankruptcy resolution and a higher likelihood of a successful reorganization. However, as the trading of claims in bankruptcy concentrates ownership further, the probability of liquidation increases and recovery rates decrease. The third essay studies whether prize-linked savings (PLS) accounts, which offer random, lottery-like payouts to account holders in lieu of risk-free interest, can aid individuals in increasing savings levels by adding the chance to "win big." Using micro-level data, we show that PLS is attractive to a broad group of individuals across all age, race, and income levels. We find that financially constrained individuals and those with no other deposit accounts are particularly likely to open a PLS account. Participants in the PLS program increased their total savings on average by 1.1% of annual income, a 31% increase form the mean level of savings. Deposits in PLS do not cannibalize savings in standard savings products. Instead, PLS appears to act as a substitute for lottery gambling.
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Erwee, Andries. "Influence of restructuring on surviving employees." Thesis, Stellenbosch : Stellenbosch University, 2007. http://hdl.handle.net/10019.1/18150.
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Thesis (MBA)--Stellenbosch University, 2007.<br>ENGLISH ABSTRACT: Restructuring is a fact of modem day life and has a huge impact on the employees of
organisations who follow such strategies. It is critical that the change process as well
as the surviving employees are managed effectively to ensure a committed and
productive workforce. The purpose of the research study was the measure employee
perception on the change process and the current environment in the organisation.
Background to the organisation was provided to give perspective to the reader.
Led by literature a unique questionnaire using a five-point scale was developed to
measure employee perception in terms of the change process and current conditions in
the organisation. The final questionnaire consisted of 59 items and was analysed
according to different aspects of the change process and working environment
identified. The arithmetic mean and standard deviation were determined for questions,
the aspect identified as well as different demographic groups.
The results showed that employees have a positive perception on the need for change,
have confidence in the abilities of top management and are positive about the
organisation's future prosperity. Employees are divided on the subject of loyalty
towards the organisation. Results further show that employees have a negative
perception on how the organisation managed the change process and the surviving
employees, feel negative about their current working environment, have a negative
attitude and commitment towards the organisation, feel insecure about their jobs and
do not believe that the organisation is assisting them in their career development. It
was lastly found that the majority of employees have not developed an internal drive to
take responsibility for their won career development.
Conclusions were made based on the results, focus areas were identified and
recommendations were made on possible interventions to address the problems
identified.<br>AFRIKAANSE OPSOMMING: Herstrukturering is deel van die hedendaagse lewe en het 'n massiewe invloed op die
lewens van werknemers wat vir organisasies werk wat die besiheidsstrategie volg. Dit
is krities dat die veranderingsproses en die oorblywende werknemers effektief bestuur
word om 'n toegewyde en produktiewe werksmag te verseker. Die doel van die studie
was om werknemer persepsie te meet ten opsigte van die herstrukturerings proses
sowel as die huidige omstandighede in die organisasie. Agtergrond tot die organisasie
was verskaf om perspektief by die leser te wek.
Gegewe die literatuur, is 'n unieke vraelys met 'n vyf-punt skaal opgestel om
werknemerpersepsie te meet in terme van die herstruktureringsproses en die huidige
omstandighede in die organisasie. Die finale vraelys van 59 vrae is geanaliseer
volgens verskillende aspekte van die herstruktureringsproses en werksomstandighede
wat geïndetifiseer is. Die wiskundige gemiddeld en standaard afwyking van vrae en
aspekte is bepaal sowel as vir verskillende demografiese groepe.
Die resultate toon dat werknemers positief is oor die behoefte vir verandering, vertroue
in topbestuur het en positief is oor die organisasie se finansiele vooruitsigte in die
toekoms. Werknemers is verdeeld op die onderwerp van lojaliteit teenoor die
organisasie. Resultate wys verder dat werknemers 'n negatiewe persepsie het oor die
wyse waarop die organisasie die hersrtruktureringsproses en oorblywende werknemers
bestuur is, voel negatief oor hulle werksomstandighede, het 'n negatiewe houding
teenoor die organisasie, voel onseker oor hulle werk en glo nie die organisasie
ondersteun werknemers in hulle loopbaanbeplanning nie. Dit is laastens bevind dat die
meerderheid van werknemers nog nie 'n interne dryf ontwikkel het om
verantwoordelikheid te neem vir hulle eie loopbaan ontwikkeling nie.
Gevolgtrekkings was gebaseer op die resultate behaal, fokus areas is geïdentifiseer en
aanbevelings is gemaak op moontlike stappe om die geïdentifiseerde probleme op te
los.
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Zhu, Jiang, and 朱江. "Stock market behavior in China: evidence fromrights issue and corporate restructuring." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31246357.
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Tobin, Damian. "Corporate restructuring, governance reform and international listing in China's leading corporations." Thesis, SOAS, University of London, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.433227.
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This thesis seeks to examme how the mechanism of international listing facilitates the adoption of better corporate governance practices in China's large state enterprises (SOEs). It argues that the causes of poor corporate governance in China's large SOEs are rooted in the discretion of policy makers to re-optimise policy decisions and the consequent opportunistic behaviour of management. Distinguishing itself from the popular view in recent literature, which suggests that in order to facilitate capital market development emerging economies should adopt governance systems that offer strong legal protection for investors, this thesis presents a historical review of the emergence of the joint stock company in the US and UK, which indicates that the absence of formal legal protection did not overly hinder the development of capital markets, or prevent large firms from raising significant sums of external equity. To better understand how international listing works in China, this thesis suggests an analytical paradigm which integrates the property rights perspective in economics and the resource-dependence perspective in management. An application of this integrated paradigm to the Chinese context shows that the ability of firms to overcome institutional constraints are to be sought, not just in the firm's ability to adapt to changes in its property rights configuration, but the interplay between changes in property rights and the firm-specific resources that enable it to respond innovatively to changes in its environment. The studies of the banking, telecommunication, and oil industries indicates that international listing can provide an effective mechanism to mitigate weak governance practices, provided enterprises are prepared to bond themselves, install more credible monitoring controls, and meet higher standards of corporate governance. Listing imposes a set of consistent rules on state enterprises, induces corporate restructuring and subjects enterprise management to external monitoring by international capital markets. By changing the institutional rules and incentives for management, it also provided management with the incentives to identify areas where they can legitimately pursue commercial activities. The findings suggest that a more immediate constraint for management in these industries is a lack of familiarity with the market mechanism.
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Nali, Nicola <1997>. "Strumenti e misure a supporto del corporate restructuring: un caso aziendale." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/20308.
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Il profondo cambiamento del sistema produttivo iniziato con la crisi finanziaria del 2008 e
successivamente acuitosi a causa della pandemia di COVID-19 ha portato una progressiva
attenzione al fenomeno del corporate restructuring. In particolare, gli studiosi vedono il
cambiamento strategico come inevitabile momento della vita aziendale a cui spesso segue la
fine delle attività aziendali, ma concentrano l’attenzione sulla fase del declino, sulle modalità
di anticipazione delle sue cause e sulle possibilità di intervenire per garantire il rilancio
aziendale.
L’obiettivo specifico del lavoro è quindi quello di affrontare il tema del corporate
restructuring con una prospettiva strategica, offrendo strumenti di analisi delle cause e
costruzione delle soluzioni alla radice delle esigenze di ristrutturazione. La tesi vuole
pertanto proporre soluzioni che possano aiutare a comprendere le premesse economiche e
strategiche alla base del piano e la fattibilità delle azioni proposte. In questa prospettiva il
lavoro ha una dimensione prettamente economico-aziendale, non affrontando il tema
complesso della ristrutturazione aziendale in una prospettiva giuridico normativa.
La prima parte tratterà l’aspetto teorico economico-aziendale del processo di corporate
restructuring, rispettivamente, passando in rassegna l’analisi dell’ambiente, l’analisi del
business model e l’analisi del financial model. La seconda parte della tesi tratterà il caso aziendale che, come verrà spiegato nel capitolo dedicato alla metodologia utilizzata per l’analisi, è stato scelto perché interessante vista l’efficacia con cui spiega il fenomeno descritto nell’intera tesi.
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Curran, John P. Jr (John Patrick). "Corporate restructuring costs : a statistical view of legal and capital markets determinants." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/59135.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2010.<br>Cataloged from PDF version of thesis.<br>Includes bibliographical references.<br>Prior authors have concluded that case-specific determinants, such as the number of professionals involved in a given case or the lead attorney's hourly rate, are the principal determinants of variance in professional fees and expenses in US corporate restructurings. The implication has been that less proximate variables, such as the availability of credit, the cost of capital or coincident economic conditions, are not relevant to predictive models. While we do not question the relevance of case-specific factors we question the practicality of models that rely exclusively on such factors in order to predict future fees and expenses. Our hypothesis is that both case-specific and less proximate variables are relevant to the determination of professional costs in bankruptcy, since we believe that variables belonging to each of these categories can act as frictions to the refinancing process or otherwise inform the court's determination as to the efficacy of refinancing, thereby impacting the complexity and duration of the restructuring process. Our results are less than conclusive, since our data is limited. However, the data that we have gives us reason to believe that the addition of non-case predictors may improve the accuracy of case-specific models; in some instances, these non-case-specific predictors even displace case specific predictors (via a screen for statistical significance). Our analysis indicates that this improvement is more pronounced when the data is sorted for Section 364 financing. Our goal is to complement the on-going analysis of professional fees and expenses so that it might better account for the potential impact of non-case factors and thereby yield a more accurate and practical predictive model.<br>by John P. Curran, Jr.<br>S.M.
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Xu, Wen. "Deals happen where deal opportunities are investigating the economic rationality of corporate restructuring activities in China /." Click to view the E-thesis via HKUTO, 2007. http://sunzi.lib.hku.hk/hkuto/record/B38903155.
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Starkov, Vladimir V. "Essays on the restructuring of the electricity industry in the United States." Morgantown, W. Va. : [West Virginia University Libraries], 2001. http://etd.wvu.edu/templates/showETD.cfm?recnum=1953.
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Thesis (Ph. D.)--West Virginia University, 2001.<br>Title from document title page. Document formatted into pages; contains vii, 109 p. : ill., map. Includes abstract. Includes bibliographical references (p. 105-109).
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Paul, Donna. "Internal governance and the correction of managerial error : evidence from corporate restructuring following bad acquisition bids /." view abstract or download file of text, 2001. http://wwwlib.umi.com/cr/uoregon/fullcit?p3018386.
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Thesis (Ph. D.)--University of Oregon, 2001.<br>Typescript. Includes vita and abstract. Includes bibliographical references (leaves 73-75). Also available for download via the World Wide Web; free to University of Oregon users.
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Robbie, Ken. "The contribution of management buy-ins to corporate restructuring : concepts, characteristics and performance." Thesis, University of Nottingham, 1993. http://eprints.nottingham.ac.uk/11034/.
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From the mid-1980s many UK venture capitalists, as an extension to their involvement in management buy-outs, made investments in management buy-ins where they backed new managers to purchase equity stakes in an existing company. This Thesis analyses the corporate restructuring and entrepreneurial influences behind buy-ins taking note of turnaround and venture capital influences. It draws on general buy-in characteristics from a database of 750 management buy-ins and the results of a representative questionnaire survey of 59 management buy-ins (mailed in February 1990) and backed by individual case studies. It is hypothesised that management buy-ins are a distinctive corporate restructuring form and have major differences with management buy-outs. Buy-ins are shown to be significantly different from buy-outs in terms of source, activity and realisation; they are more likely to be bought from a private source and to end up in receivership. Financing structures are more conservative but not on a statistically significant basis. Buy-in teams are smaller than in buy-outs, frequently have initial skills gaps, and in a minority of cases are led by second time entrepreneurs. The target company is normally identified through informal networks. Buy-ins are followed by a significantly higher degree of action in financial, product and marketing areas than Buy-outs and other restructuring processes such as turnarounds. Compared to US LBOs more attention is paid to working asset management with little unbundling of fixed assets and higher capital expenditure. Team Leaders are shown to be mainly opportunist in terms of entrepreneurial typology with a minority craftsmen and, unexpectedly, a few mainly motivated by push factors. This is in contrast to buy-outs where a typology is developed showing a preponderance of craftsmen. Overall performance after buy-in was below original Business Plan but heavily influenced by adverse economic and financial conditions. Different types of Team Leaders were not associated with significant differences in performance although opportunists were more likely to be acquisitive. Contrary to the principles of corporate restructuring, discriminant analysis showed equity ratchets and higher rates of leverage being negative influences on profitability. Case studies showed ineffective monitoring and control by some venture capitalists. Buy-ins of privately owned companies where there are particular problems of information assymetery and those bought in the late 1980s where unrealistically high prices may have been paid for the target company were poor performers. Among entrepreneur related variables, the team's knowledge of each other was an important positive influence but education was negative.
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Wood, Steven Michael. "Corporate restructuring, regulation and competitive space : the US department store in the 1990s." Thesis, University of Southampton, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.343013.
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Powers, Eric A. (Eric Allen) 1964. "Corporate restructuring : an analysis of spin-offs, sell-offs and equity carve-outs." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/95547.
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Thesis (Ph.D.)--Massachusetts Institute of Technology, Sloan School of Management, February 1999.<br>"September 1998."<br>Includes bibliographical references (leaves 148-157).<br>by Eric A. Powers.<br>Ph.D.
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Simek, Patrick Oliver. "A stakeholder view on the restructuring process and corporate governance of German railways." Thesis, University of Cambridge, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.614297.
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Erxleben, Ulrich [Verfasser]. "Value Creation of Corporate Restructuring : A Market Cycle and Industry View / Ulrich Erxleben." Frankfurt : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2015. http://d-nb.info/1081320702/34.
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Lau, Kwendy. "Examining Tracking Stock Restructuring and Their Effect on Short - Run Excess Returns." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/237.
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This paper examines tracking stock issuances, a relatively uncommon method of equity restructuring. I utilize likely the entire population of tracking stock issuances on US exchanges – from the first ever in October 1984 to the most recent one in November 2009 – in order to analyze the effect that they have on the shortrun excess returns of issuing companies. I analyze the excess returns of companies that issue tracking stock that trade in the US, one year before and one year after completion of their restructuring. The results of this paper indicate that companies perform worse relative to a benchmark market index in the year following their tracking stock restructuring. However, it is important to note that the number of observations studied is relatively small, as there have been only 41 issuances of tracking stock since the first recorded case. This suggests that more data and greater research are necessary in order to more accurately measure the effects of tracking stock restructurings. With the limited data available, I find that there is a statistically significant decrease in excess stock returns following tracking stock issuances.
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Kurnas, Martin. "Corporate Turnaround in SME - case studies from CEE." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113809.
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The presented master thesis is intended to serve as a guide to the corporate turnarounds for small and medium enterprises. In the first part, the theoretical background related to corporate turnaround is outlined complemented with specific aspects of the CEE region and the Czech Republic. In the next part, a comprehensive turnaround framework based on theoretical research is developed. The final part presents a case study of a small Czech company that went through a turnaround and evaluates the company's turnaround actions from the perspective of suggested theoretical framework.
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Tompkins, Lindsay. "Capital Structure in Corporate Carve-outs." Honors in the Major Thesis, University of Central Florida, 2006. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/1006.
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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.<br>Bachelors<br>Business Administration<br>Finance
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Riordan, Christine A. (Christine Ann). "Restructuring in corporate law firms : implications of a changing division of labor for organizational inequality." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/105075.
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Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2016.<br>Cataloged from PDF version of thesis.<br>Includes bibliographical references (pages 38-42).<br>How do organizations contribute to inequality? An organization's division of labor is posited to codify inequality through the allocation of work tasks and matching of workers to given jobs. To explore this argument, I employ an actor- and task-based analytical framework to a recent wave of restructuring among corporate law firm associateships. Drawing from an interview study in the Boston and New York legal markets, I argue that restructuring the division of labor in this context generates nuanced, textured forms of inequality that reach beyond compensation. Such forms of inequality are borne out of the precise tasks allocated to workers, and include unequal distribution of opportunities to engage in upskilling, demonstrate competence and autonomy in the work process, and access and utilize valuable social relationships in the upper echelons of firm hierarchy - all shown to be crucial for advancement within firms and the profession. In the context of corporate law, these outcomes are associated with the sorting of lawyers into hierarchal strata of associateships based on law school affiliation, representing a new use of a known sorting mechanism in the legal labor market.<br>by Christine A. Riordan.<br>S.M. in Management Research
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GENTILI, SARA. "Divestitures as Retrenchment Strategies: a Corporate Governance Perspective." Doctoral thesis, Luiss Guido Carli, 2012. http://hdl.handle.net/11385/200804.
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How Is Divestiture Mode Choice Related To Value Creation? A Review and Research Agenda. Overlapping Directors and Underpricing of Divested Firms. Value Creation Through Equity Carve Outs: Board Composition Insights.
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Gethin-Jones, Rachel. "The impact of employee perceptions and organisation-related employee attributes on employee outcomes after restructuring /." St. Lucia, Qld, 2004. http://www.library.uq.edu.au/pdfserve.php?image=thesisabs/absthe17814.pdf.
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Emm, Ekaterina E. "Efficiency Implications of Corporate Diversification: Evidence from Micro Data." restricted, 2005. http://etd.gsu.edu/theses/available/etd-12172005-172429/.
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Thesis (Ph. D.)--Georgia State University, 2005.<br>Title from title screen. Jayant R. Kale, committee chair; Richard D. Phillips, Martin F. Grace, James E. Owers, committee members. Electronic text (98 p. : charts (some col.)) : digital, PDF file. Description based on contents viewed June 7, 2007. Includes bibliographical references (p. 71-75).
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Richter, Ansgar. "Corporate restructuring in the United Kingdom and West Germany : recent developments in large non-financial companies." Thesis, London School of Economics and Political Science (University of London), 1998. http://etheses.lse.ac.uk/1502/.
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This thesis investigates recent corporate restructuring trends among large non-financial companies from the UK and West Germany. Following an introduction in chapter 1, chapter 2 examines the structure of firms, both historically, and from a transaction cost economic perspective. In chapters 3 to 5, empirical evidence on corporate restructuring in large non-financial companies in the UK and West Germany is provided. Chapter 3 reports on the results of a questionnaire survey in which a total of 116 UK and West German companies took part. It is found that, from 1986 to 1996, companies from both countries have engaged in restructuring, but that corporate restructuring has started earlier, and has been taken further, among the respondents from the UK than among the respondents from West Germany. Chapter 4 focuses on changes in the degree of diversification of companies. The measurement of diversification is discussed. Two data sets are used to calculate diversification indices for companies from the two countries. Evidence is found that companies from the UK have decreased their degree of diversification between 1988 and 1995. West German companies have started to reduce diversification only after 1992. In chapter 5, a comparative case study of two large chemical companies, ICI pic in the UK and Hoechst AG in West Germany, is presented. It is found that corporate restructuring has started earlier at ICI than at Hoechst. Various reasons for the difference in the onset of corporate restructuring are discussed. In Chapter 6, an interpretative approach to the cross-national differences in the timing and the extent of corporate restructuring in the two countries is developed. It is argued that country-specific institutional and economic factors account for these differences, and four sets of these factors are explored. Finally, the findings of the investigation are evaluated and future directions of research outlined.
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Martinolich, Mary Zukor. "Case study of the impact of corporate restructuring on the nurses at Holmes Regional Medical Center." Honors in the Major Thesis, University of Central Florida, 2000. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/201.
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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.<br>Bachelors<br>Business Administration<br>Management
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Rozeik, Helena. "Changes in ownership structures, their determinants and role in the restructuring of enterprises during transition : evidence from Estonia /." Tartu : Tartu Univ. Press, 2008. http://www.gbv.de/dms/zbw/601339894.pdf.
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Boehm, Josefine [Verfasser], Henning [Gutachter] Zülch, and Tobias [Gutachter] Dauth. "Restructuring under distress : Essays on corporate finance and financial reporting / Josefine Boehm ; Gutachter: Henning Zülch, Tobias Dauth." Dresden : Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden (SLUB), 2017. http://d-nb.info/1153635658/34.
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Blechschmidt, Florian Alexander [Verfasser], and Matthias [Akademischer Betreuer] Brauer. "Three Essays on Corporate Restructuring : how to effectively reverse declining firm performance / Florian Alexander Blechschmidt ; Betreuer: Matthias Brauer." Mannheim : Universitätsbibliothek Mannheim, 2018. http://d-nb.info/1162840625/34.
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BEYDA, TANIA TISSER. "CORPORATE RESTRUCTURING IN FAMILY BUSINESS: THE IMPACT OF THE IPO (INITIAL PUBLIC OFFERING) ON ORGANIZATIONAL IDENTITY AND IDENTIFICATION." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2012. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=20428@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO<br>COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR<br>FUNDAÇÃO DE APOIO À PESQUISA DO ESTADO DO RIO DE JANEIRO<br>PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO<br>Esta tese teve por objetivo investigar os impactos percebidos e as implicações da abertura de capital de empresas familiares na identidade organizacional e na identificação dos indivíduos. A abertura de capital tem sido um instrumento utilizado pelas empresas, e, em especial, pelas brasileiras, como fonte de financiamento para seus projetos de expansão, inseridos no contexto da adoção de estratégias de valorização e crescimento. Embora a mudança organizacional seja, em linhas gerais, objeto de muitas investigações, o tipo de mudança foco deste estudo sobre o qual nos debruçamos, a saber, o processo de abertura de capital, tem sido pouco abordado pelos estudos organizacionais. Ainda que o tema seja frequentemente estudado sob as perspectivas financeira e econômica, ele parece provocar, nas organizações, implicações ainda pouco conhecidas. Este estudo adotou o paradigma interpretativo (Burrell e Morgan, 1979), por meio de uma pesquisa qualitativa de caráter exploratório (Gil, 1989), com base em um estudo de caso instrumental (Stake, 1995; 2000). As evidências foram coletadas por meio de (a) levantamento bibliográfico sobre a empresa; (b) investigação de base documental; (c) análise de documentos internos disponibilizados pela empresa, e (d) entrevistas com gestores. Os resultados indicaram que a abertura de capital é um evento organizacional que pode suscitar mudanças mais profundas nas organizações de forma similar às cisões e fusões, já tão presentes na literatura por meio de pesquisas empíricas. As conclusões permitiram identificar um grupo de implicações teóricas e práticas, que podem suportar tanto pesquisadores estudiosos do tema como executivos e gestores responsáveis por processos de abertura de capital nas organizações.<br>This thesis aimed to investigate the perceived impacts and implications of the initial public offering in a family-owned business for the organizational identity and identification of its members. The IPO is considered as a source of financing for expansion projects, within the context of the adoption of value growth strategies, used by companies - especially by the Brazilian companies. Although organizational change is a recurrent subject of investigations in the academic literature, this study investigates a specific type of change that has been poorly addressed by the organizational studies. Even though there is vast empirical literature addressing IPO s, they often investigate the issue from the financial and economic perspectives, and yet little is known about the implications from the organizational perspective. This study adopted the interpretive paradigm (Burrell and Morgan, 1979), through an exploratory qualitative research (Gil, 1989), based on an instrumental case study (Stake, 1995, 2000). Evidence was collected through (a) media and literature review about the company, (b) public documents research, (c) analysis of internal documents provided by the company, and (d) interviews with managers. The results of this case study revealed that the IPO is an organizational event that can raise the most profound changes in organizations similar to spin-offs and mergers that have already been addressed through empirical research. The findings of this research lead to a group of theoretical and practical implications that can support both academics interested in this issue and executives and managers responsible for preparing the IPO process in organizations.
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Waiengnier, Maëlys. "The shifting metropolitan geographies of advanced producer services: Agglomeration processes, professional networks and corporate restructuring in world city Brussels." Doctoral thesis, Universite Libre de Bruxelles, 2021. https://dipot.ulb.ac.be/dspace/bitstream/2013/318865/4/these_mw.pdf.
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Les services avancés à la production (APS) dans les domaines de la comptabilité, de la publicité, de la finance, des services juridiques et du conseil en gestion, ainsi que de l'informatique aident leurs clients à développer des stratégies d'accumulation financière et assurent la coordination et la gouvernance des réseaux de production mondiaux. Néanmoins, alors que les réseaux mondiaux ont été richement documentés par la recherche sur les villes mondiales, cette thèse tente de comprendre les processus moins étudiés qui structurent la géographie des APS dans la ville mondiale de Bruxelles. Pour ce faire, je réexamine deux hypothèses qui restent peu étudiées et implicites. D'une part, il est supposé que les firmes APS s'agglomèrent et constituent des réseaux de collaboration de firmes APS au sein des villes, un complexe APS. D'autre part, alors que les réseaux mondiaux de firmes APS ont été minutieusement documentés, le rôle de commandement et de contrôle attribué aux villes mondiales reste souvent supposé découler directement de ces réseaux. Pour explorer ces hypothèses, j'ai développé trois types d'analyses appliqués au cas de Bruxelles, une ville dont l'internationalisation est basée sur sa fonction politique et sa forte insertion dans les réseaux APS :une analyse géographique des processus d’agglomération des APS, une enquête auprès des professionnels APS pour caractériser les interactions au sein et entre les secteurs APS et une étude de cas sur les collaborations concrètes entre les entreprises APS dans le cas de processus de restructurations bancaires. Les résultats conjoints des trois analyses m'amènent à soutenir que la notion de complexe APS doit être nuancée avec l'idée que la finance fonctionne comme l'élément central dans les relations entre les APS avec des secteurs auxiliaires autour de la finance. Comme cette explication n'éclaire pas complètement la notion de contrôle et de commandement de l'économie, je recommande de prendre en compte la recherche constante de la rentabilité qui fait pression sur l'organisation des entreprises. Je plaide donc pour une meilleure articulation entre les réseaux mondiaux des APS et le capitalisme financiarisé. Pour conclure, je montre que Bruxelles occupe une position intermédiaire dans la division internationale du travail et que ce rôle se limite de plus en plus à la seule coordination du marché national.<br>Option Géographie du Doctorat en Sciences<br>info:eu-repo/semantics/nonPublished
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Hakkala, Katariina. "Essays on restructuring and production decisions in multi-plant firms." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-555.
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This thesis consists of four self-contained essays. The common theme of the essays is the behavior of multi-plant firms. An underlying idea in all four of them is that firms possess intangible assets such as management skills and organizational expertise, technological knowledge, marketing know-how and better access to finance capital or natural resources. These assets are typically specific to the respective firm. Due to market imperfections and failures, firms tend to internalize the advantages of firm-specific assets and exploit them themselves rather than sell or lease them to other firms. For instance, intangible assets are often joint inputs in the sense that knowledge developed by one unit can be transferred to another unit within the same firm at a low cost and without diminishing the amount of knowledge available to the first unit. Furthermore, the assets are typically only partly appropriable by their owner, and the market transactions of the assets are hampered due to information asymmetries between a potential buyer and seller. The literature on multinational firms emphasizes the role of intangible firm-specific assets in creating ownership advantages that, together with location and internalization advantages, explain the pattern of foreign direct investments. The essays in this thesis are based on the view that the ownership advantages created by firm-specific assets are the "raison d'etre" of large multi-plant firms. The existence of such assets is assumed to create multi-plant economies of scale and give incentives to make better use of capacity or overheads to gain advantage in size, economies of interdependent activities, integration and/or diversification. Rather than studying the international aspects of firms with intangible assets, the first three essays empirically explore different aspects of multi-plant firm behavior in domestic markets. This analysis has been made possible by the access to unique plant-level data on the thirty largest multinational manufacturing corporations in Sweden. The sample corporations play an important role in the Swedish economy. For instance, the thirty corporations account for about 70 percent of aggregate industrial R&D in 1999. This should be compared with their share of total manufacturing employment, which was about 30 percent during the period of study. The first essay examines the sources of productivity growth within multi-plant firms and particularly emphasizes the role of external restructuring and ownership changes in explaining why multi-plant firms may sustain higher productivity growth as compared to single-plant firms. The second and the third essay explore the idea that large multi-plant corporations exploit their ownership advantages when acquiring partial- and full-firm assets. The second essay analyzes whether technological intangible assets may explain transfers of productive capacity from acquiring corporations to their target. The third essay explores the idea that multi-plant corporations search for targets matching their firm-specific organizational capabilities when acquiring corporate assets. Uncertainty about the matching outcome explains why some acquisitions end in divestitures. However, the likelihood of a "good" match is expected to increase in the buyer's organizational capabilities. The fourth essay, coauthored with Karolina Ekholm, extends the analysis to encompass the international aspects of multinational firms. In this essay, we develop a theoretical model analyzing the localization decisions of multi-plant firms beyond the national borders. More specifically, we develop a two-country model where firms can choose to separate their innovative activities generating an intangible asset from the production of the final good. In our model, there are two agglomeration forces: knowledge spillovers associated with R&D and backward and forward linkages associated with high-tech production. We analyze how the interplay of these forces affects the localization decisions of the firms.<br>Diss. Stockholm : Handelshögsk., 2003
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Ross, Peter, and n/a. "Organisational and Workforce Restructuring in a Deregulated Environment: A Comparative Study of The Telecom Corporation of New Zealand (TCNZ) and Telstra." Griffith University. Graduate School of Management, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20030930.155125.
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In the late 1980s, governments in New Zealand and Australia began to deregulate their telecommunications markets. This process included the corporatisation and privatisation of former state owned telecommunications monopolies and the introduction of competition. The Telecom Corporation of New Zealand (TCNZ) was corporatised in 1987 and privatised in 1990. Its Australian counterpart, Telstra, was corporatised in 1989 and partially privatised in 1997. This thesis examines and compares TCNZ and Telstra's changing organisational and workforce restructuring strategies, as they responded to these changes. It further examines how these strategies influenced the firms' employment relations (ER) policies. Strategic human resource management (SHRM) and transaction costs economics (TCE) theories assist in this analyse. TCE links organisational restructuring to the make/buy decisions of firms and the asset-specificity of their employees. It suggests that firms will retain workers that have developed a high degree of firm-specific skills, and outsource more generic and semi-skilled work. Firm strategies are also influenced by national, contextual, factors. From a TCE perspective, these external factors alter relative transaction costs. Hence, different ownership structures, ER legislation and union power help to explain differences in TCNZ and Telstra's organisational restructuring and ER strategies. During the decade from 1990 to 2000, TCNZ and Telstra cut labour costs through large-scale downsizing programs. Job cuts were supported by outsourcing, work intensification and the introduction of new technologies. These initial downsizing programs were carried out through voluntary redundancies, across most sections of the firms. In many instances workers simply self-selected themselves for redundancies. TCNZ and Telstra's downsizing strategies then became more strategic, as they targeted generic and semi-skilled work for outsourcing. These strategies accorded with a TCE analysis. But TCNZ and Telstra engaged in other practices that did not accord with a TCE analysis. For example, both firms outsourced higher skilled technical work. TCNZ and Telstra's continued market domination and the emphasis that modern markets place on short term profits, provided possible reasons for these latter strategies. This thesis suggests, therefore, that while TCE may help to predict broad trends in 'rational organisations', it may be less effective in predicting the behaviour of more politically and ideologically driven organisations aiming for short term profit maximisation. Some TCNZ and Telstra workers were shifted to subsidiaries and strategic alliances, which now assumed responsibility for work that had previously been performed in-house. Many of these external firms re-employed these workers under more 'flexible' employment conditions. TCNZ and Telstra shifted to more unitarist ER strategies with their core workers and reduced union influence in the workplace. Unions at Telstra were relatively more successful in retaining members than their counterparts at TCNZ. By 2002, TCNZ and Telstra had changed from stand-alone public sector organisations, into 'leaner' commercially driven firms, linked to subsidiaries, subcontractors and strategic alliances.
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Ross, Peter. "Organisational and Workforce Restructuring in a Deregulated Environment: A Comparative Study of The Telecom Corporation of New Zealand (TCNZ) and Telstra." Thesis, Griffith University, 2003. http://hdl.handle.net/10072/367438.
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In the late 1980s, governments in New Zealand and Australia began to deregulate their telecommunications markets. This process included the corporatisation and privatisation of former state owned telecommunications monopolies and the introduction of competition. The Telecom Corporation of New Zealand (TCNZ) was corporatised in 1987 and privatised in 1990. Its Australian counterpart, Telstra, was corporatised in 1989 and partially privatised in 1997. This thesis examines and compares TCNZ and Telstra's changing organisational and workforce restructuring strategies, as they responded to these changes. It further examines how these strategies influenced the firms' employment relations (ER) policies. Strategic human resource management (SHRM) and transaction costs economics (TCE) theories assist in this analyse. TCE links organisational restructuring to the make/buy decisions of firms and the asset-specificity of their employees. It suggests that firms will retain workers that have developed a high degree of firm-specific skills, and outsource more generic and semi-skilled work. Firm strategies are also influenced by national, contextual, factors. From a TCE perspective, these external factors alter relative transaction costs. Hence, different ownership structures, ER legislation and union power help to explain differences in TCNZ and Telstra's organisational restructuring and ER strategies. During the decade from 1990 to 2000, TCNZ and Telstra cut labour costs through large-scale downsizing programs. Job cuts were supported by outsourcing, work intensification and the introduction of new technologies. These initial downsizing programs were carried out through voluntary redundancies, across most sections of the firms. In many instances workers simply self-selected themselves for redundancies. TCNZ and Telstra's downsizing strategies then became more strategic, as they targeted generic and semi-skilled work for outsourcing. These strategies accorded with a TCE analysis. But TCNZ and Telstra engaged in other practices that did not accord with a TCE analysis. For example, both firms outsourced higher skilled technical work. TCNZ and Telstra's continued market domination and the emphasis that modern markets place on short term profits, provided possible reasons for these latter strategies. This thesis suggests, therefore, that while TCE may help to predict broad trends in 'rational organisations', it may be less effective in predicting the behaviour of more politically and ideologically driven organisations aiming for short term profit maximisation. Some TCNZ and Telstra workers were shifted to subsidiaries and strategic alliances, which now assumed responsibility for work that had previously been performed in-house. Many of these external firms re-employed these workers under more 'flexible' employment conditions. TCNZ and Telstra shifted to more unitarist ER strategies with their core workers and reduced union influence in the workplace. Unions at Telstra were relatively more successful in retaining members than their counterparts at TCNZ. By 2002, TCNZ and Telstra had changed from stand-alone public sector organisations, into 'leaner' commercially driven firms, linked to subsidiaries, subcontractors and strategic alliances.<br>Thesis (PhD Doctorate)<br>Doctor of Philosophy (PhD)<br>Graduate School of Management<br>Full Text
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Wan, Qun. "A legal perspective on the disposition of non-performing loans and bank restructuring : a study of China's state-owned commercial banks /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B35082690.
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