Tesis sobre el tema "State-owned enterprise sector"

This thesis is a study of why and how an authority model of managing state-owned enterprises has remained popular in Taiwan through the past two decades. The subject was chosen because it has to date, been a neglected subject in the literature on Taiwan, even though it is significant to any serious examination of Taiwan's continuing political development and the government's approach to governance. Taiwan has experienced three major milestones of political democratisation over the period, each greatly enhancing the democratic characteristics of the state and also reflecting a degree of absorption of global political and economic pressures. Taiwan's political democratisation has been widely discussed in recent years, but not much attention has been paid to the effect of the political changes on its public sector management. The discussions have simply speculated that the Taiwanese government no longer uses the authoritarian way of governing the country, in keeping with its promotion of democratic development. However, this research clearly indicates that the change of political regime from the previous Kuomintang (KMT) to the Democratic Progressive Party (DPP) has not meant any significant change in the way state-owned enterprises are managed. The approach of the DPP government resembles that of the KMT government in that it continues with an authoritarian way of managing state-owned enterprises, despite the party's long established commitment to a democratic way. In other words, this huge change has not meant state-owned enterprises are any better placed than they were previously in terms of having a greater degree of enterprise management autonomy. This research also shows that Taiwanese governments, regardless of which of the two parties is in power, manipulate state-owned enterprise management using the enterprises as a major means of achieving multiple political objectives. In particular, it has become almost endemic in Taiwan's politics that the ruling party manipulates state-owned enterprise management in order to win political elections and protect its political position. In this sense, it has become evident that the democratic way of governance has still not been used within this part of the government yet.

Capital budgeting is one of the most crucial organisational tools for executing operational, business and corporate strategy. Manufacturing companies derive their profits from fixed assets that also deteriorate over time. This requires them to invest large amounts of capital to both maintain and expand their asset base. A number of studies both historic and recent produce conflicting results on the relationship between capital budgeting practices and financial performance.This study sets out to identify the current capital budgeting practices in the manufacturing/capital intensive companies operating in the South African environment, and determine the relationship between the financial performance and capital budgeting practices. The implications of the type of capital expenditure (i.e. maintenance and expansionary) are also discussed.The study was completed using primary and secondary data. Primary data consisted of capital budgeting practices data in some of the private and state-owned enterprises that was source using a survey questionnaire. The secondary data was sourced from financial statements on the McGregor BFA® database.The major finding of this research study was that, given the sufficient sub-sector analysis, there is a positive relationship between capital budgeting practices and financial performance. There were no specific individual practices that yielded significantly returns.<br>Dissertation (MBA)--University of Pretoria, 2012.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted

Mestrado em Economia e Políticas Públicas<br>O objetivo desta dissertação de mestrado é o de analisar as singularidades de governação das empresas públicas (EP) e os objetivos específicos para que foram criadas, e propor um modelo de avaliação e monitorização do desempenho consentâneo com a noção de criação de valor para a sociedade (public value), como forma de promover a sua melhoria. Aprofundamos as vantages da complementaridade de objetivos não-financeiros com financeiros, e notamos que a utilização de objetivos não financeiros adquire especial acuidade no caso de EP que prestam serviços públicos e os preços praticados não decorrem dos mecanismos tradicionais do mercado. Salientamos ainda que a implementação e o funcionamento de um sistema de avaliação de desempenho exige, boas condições de governação, a clarificação do que pretende o acionista em termos de valor para a sociedade (public value), e um adequado processo de planeamento estratégico interno e sistemas de informação de gestão preparados para produzir informação financeira e não financeira para o respetivo acompanhamento e monitorização. Para ilustrar a operacionalização do modelo, tomamos o caso da empresa CARRIS, que presta serviço de transportes públicos coletivos rodoviários urbanos de passageiros na área de Lisboa.<br>This dissertation aims to analyze the singularities of governance of state owned enterprises (SOE) and the specific objectives they pursue, and propose a model of performance evaluation and monitoring consistent with the public value creation notion, in order to promote its improvement. We have explored the advantages of non-financial and financial objectives complementarities, and we note that the use of non-financial objectives acquires special importance in the case of SOE that provide public services and the prices do not fall within the traditional market mechanisms. We also emphasize that the implementation and functioning of a performance appraisal system requires, good governance conditions, clarification of what the public owner intends in terms of value for society (public value), and an adequate process of internal strategic planning and management information systems prepared to produce financial and non-financial information for their monitoring and monitoring.. To illustrate the operation of the model, we present a practical example of application to the company CARRIS, which provides urban public collectives passenger transport services in the area of Lisbon.<br>info:eu-repo/semantics/publishedVersion

This study sought to examine strategic entrepreneurship and issues surrounding this type of activity in a public sector context. The concept of strategic entrepreneurship has received increasing attention in recent years; however, limited studies have focused on strategic entrepreneurship as a distinct construct in public sector context. Consequently, the objective of this study was to address the question of “What is the nature and scope of strategic entrepreneurship in the context of South Africa’s SOEs” through examination of theory and practice. The research question is addressed by first developing a revised framework of strategic entrepreneurship from literature on entrepreneurship, strategy, and public sector context. This revised framework is then examined on activity which is entrepreneurial and strategic within four SOEs operating South Africa as at 2011. Transcripts from a series of interviews, and publicly available documents are analysed thematically. The study identified additional supporting and external factors of strategic entrepreneurship which form a revised conceptual framework of strategic entrepreneurship. The study showed core, supporting, and the external environment elements of strategic entrepreneurship contribute to the increased level of entrepreneurial activity in the public sector context, in particular state-owned enterprises.<br>Dissertation (MBA)--University of Pretoria, 2011.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted

Mestrado em Finanças<br>Este trabalho tem como objectivo proceder a uma análise em torno da questão do governo das sociedades, mais concretamente das empresas privadas e, também, as empresas públicas ou com participação pública. Motivada a temática devido à importância do Corporate Governance, principalmente após os escândalos societários ocorridos com diversas empresas ao longo do século XX, ir-se-á comparar as governações privadas e públicas, em virtude do imperativo de uma cada vez maior necessidade de competitividade das empresas públicas e, assim, de práticas de remuneração mais próximas das sociedades de índole privada que permitam atrair e reter bons profissionais. Assim sendo, a presente oportunidade de investigação irá proceder ao escrutínio sobre hipotéticas diferenças na governação de sociedades públicas e públicas. Para tal, ir-se-á analisar uma amostra composta por 20 sociedades privadas e 20 sociedades públicas, com base nos critérios de presença em bolsa de valores e de maior activo, respectivamente. Para tal estudo empírico, abordar-se-ão um conjunto alargado de métricas, desde a dimensão e desempenho das organizações, até à alavancagem das mesmas, passando, invariavelmente, pela discussão em torno da estrutura e características do conselho de administração e pelas práticas de remuneração. A análise estatística parece demonstrar a existência de diferenças significativas entre os tipos de sociedades, principalmente quando se aborda a questão das práticas ou políticas remuneratórias.<br>This research pretends to carry out an objective analysis concerning the issue of corporate governance, comprehending the privately owned companies and State owned companies. Motivated due to the importance of Corporate Governance thematic, especially after the corporate scandals that took place in several companies throughout the twentieth century, it will be compared the private and public, under the imperative of increasing competition from companies including public thus, the compensation practices closer to the privately organized companies. Therefore, this research opportunity will proceed to vote on hypothetical differences in the governance of public companies and private. To do this, it is analysed a sample of 20 private companies and 20 public companies, based on the criteria of presence in the stock market and highest total assets, respectively. This empirical study will be address a broad set of metrics, comprehending the size and performance of organizations, leverage and specially addressing the discussion on the structure and characteristics of the Board and the remuneration practices. The statistical analysis seems to demonstrate the existence of significant differences between the types of companies, especially when dealing with the issue of remuneration policies and practices.

Corporate governance has gained considerable prominence in the last decade as it has become a much more widely discussed and debated issue. The debate as to which model of corporate governance China should adopt continues as China forges a new era of interaction with the global market, especially since its accession to the World Trade Organization in 2001. The state-owned enterprise (SOE) sector in China is a significant contributing factor in China's endeavour to continue to develop its economy, provide employment and reduce poverty. Therefore, the success of SOE reform is important to China's future economic prosperity and ability to contend with social justice issues. The commencement of the reform process began in the late 1970s and many SOEs have attained significant progress in some important areas. However, all too many SOEs experience poor overall performance. Thus, the consequence of the corporate governance model and corporate structure selected will be considerable, especially as the country's market economy gains momentum. This thesis contributes to the ongoing body of work relating to corporate governance in China, and some clear results have been found. It also reviews the institutional setting in China and elements of the corporate governance literature in detail. As the ownership of firms is considered to be one of the key elements to enhance corporate governance, the empirical study considers issues relating to changes in ownership, concentration and ownership structures. It conducts an empirical study of the ownership and performance of listed corporations in China and based on these analyses, the thesis provides policy recommendations as to which model of corporate governance may best be suited to China during this transitional phase. The findings suggest that the ownership structure is a key element to enhancing corporate governance in China. The wealth affects of changes in listed firm ownership, which for the most part had the effect of reducing state ownership, were found to be positive. Concentration ownership structures per se were not found to enhance listed firm performance. The most significant findings were the following. Firstly, that institutional ownership, through the Legal Person holding companies, have a positive bearing on listed firm performance and thus by implication, upon improving corporate governance. Secondly, medium levels of Legal Person ownership were found to be the most effective. Thirdly, foreign institutions and individual investors were found to be positively correlated to performance. Similar results were found for offshore ownership, but to a lessor extent. Conversely, state ownership was found to be negatively correlated to performance. Other issues that were identified in the empirical analysis are that size does matter, in that large firms were found not to perform as well as smaller firms. Leverage appears to matter also, as highly leveraged firms were found not to perform well. The industry in which a firm operates was also found to have an affect on performance. The policy recommendations are based on the findings and observations of this thesis. The assumption is made that the present gradualist approach and regime will continue. As state ownership is shown to have a negative bearing on listed firm performance, the recommendation is that the state, at its various levels, should divest its holdings. This could be achieved through a privatization program in which the state denationalises a large proportion of its holdings. One of the keys would then be managing the change of ownership. Based on the observations and findings of this study, it is recommended that a privatization program should be instigated that supports blockholders and institutions, and does not focus purely on dispersing large proportions of holdings to diverse small shareholders. In addition, mergers and acquisitions that embrace economic efficiency should be encouraged and supported. The empirical study demonstrates that the ultimate ownership and control of tradeable shares ought to be channelled to pension funds, private institutional investors that should be encouraged to take strong stakes in the firms, to strategic investors, especially minority blockholders, and a proportion to international investors. This strategy would be in China's best interests in its present stage of development.

Corporate governance has gained considerable prominence in the last decade as it has become a much more widely discussed and debated issue. The debate as to which model of corporate governance China should adopt continues as China forges a new era of interaction with the global market, especially since its accession to the World Trade Organization in 2001. The state-owned enterprise (SOE) sector in China is a significant contributing factor in China's endeavour to continue to develop its economy, provide employment and reduce poverty. Therefore, the success of SOE reform is important to China's future economic prosperity and ability to contend with social justice issues. The commencement of the reform process began in the late 1970s and many SOEs have attained significant progress in some important areas. However, all too many SOEs experience poor overall performance. Thus, the consequence of the corporate governance model and corporate structure selected will be considerable, especially as the country's market economy gains momentum. This thesis contributes to the ongoing body of work relating to corporate governance in China, and some clear results have been found. It also reviews the institutional setting in China and elements of the corporate governance literature in detail. As the ownership of firms is considered to be one of the key elements to enhance corporate governance, the empirical study considers issues relating to changes in ownership, concentration and ownership structures. It conducts an empirical study of the ownership and performance of listed corporations in China and based on these analyses, the thesis provides policy recommendations as to which model of corporate governance may best be suited to China during this transitional phase. The findings suggest that the ownership structure is a key element to enhancing corporate governance in China. The wealth affects of changes in listed firm ownership, which for the most part had the effect of reducing state ownership, were found to be positive. Concentration ownership structures per se were not found to enhance listed firm performance. The most significant findings were the following. Firstly, that institutional ownership, through the Legal Person holding companies, have a positive bearing on listed firm performance and thus by implication, upon improving corporate governance. Secondly, medium levels of Legal Person ownership were found to be the most effective. Thirdly, foreign institutions and individual investors were found to be positively correlated to performance. Similar results were found for offshore ownership, but to a lessor extent. Conversely, state ownership was found to be negatively correlated to performance. Other issues that were identified in the empirical analysis are that size does matter, in that large firms were found not to perform as well as smaller firms. Leverage appears to matter also, as highly leveraged firms were found not to perform well. The industry in which a firm operates was also found to have an affect on performance. The policy recommendations are based on the findings and observations of this thesis. The assumption is made that the present gradualist approach and regime will continue. As state ownership is shown to have a negative bearing on listed firm performance, the recommendation is that the state, at its various levels, should divest its holdings. This could be achieved through a privatization program in which the state denationalises a large proportion of its holdings. One of the keys would then be managing the change of ownership. Based on the observations and findings of this study, it is recommended that a privatization program should be instigated that supports blockholders and institutions, and does not focus purely on dispersing large proportions of holdings to diverse small shareholders. In addition, mergers and acquisitions that embrace economic efficiency should be encouraged and supported. The empirical study demonstrates that the ultimate ownership and control of tradeable shares ought to be channelled to pension funds, private institutional investors that should be encouraged to take strong stakes in the firms, to strategic investors, especially minority blockholders, and a proportion to international investors. This strategy would be in China's best interests in its present stage of development.<br>Thesis (PhD Doctorate)<br>Doctor of Philosophy (PhD)<br>Griffith Business School<br>Full Text

Mestrado em Gestão / MBA<br>A investigação visou, passados dez anos, uma avaliação técnica das privatizações em Cabo Verde no sentido de, através de respostas a várias questões, nomeadamente, sobre i) o seu papel na opção estratégica de desenvolvimento do país e a coerência com os objectivos, modefo, programa, ritmo e processo adoptados, ii) a evolução das empresas privatizadas em termos da performance económico - financeira e iii) o impacto dessa evolução na macroeconomia e competitividade do País, se formular uma tese sobre "As privatizações num País pequeno, insular e arquipelágico: o caso de Cabo Verde ". Nesse âmbito, o trabalho apresenta uma parte dedicada às questões de natureza teórica e análise da literatura e outra para as questões de natureza aplicada. Mais especificamente, para cumprir com a formulação do problema, desenvolveu-se, em termos teóricos, i) a análise conceptual prevalecente na dinâmica das privatizações a nível internacional , questionando as diversas lógicas e fins, ii) a revisão da literatura sobre o desempenho económico - financeiro das empresas privatizadas e em tenvos aplicados, iii) a mensuracão dos resultados das privatizações a nível do desenvolvimento económico - social de Cabo Verde, iv) a avaliação dos resultados também a nível das empresas privatizadas para, a partir daí, v) tirar as conclusões, tomando três referências de comparação, a situação da empresa antes da respectiva privatização, estudos da Price Waterhouse sobre as empresas públicas cabo-verdianas antes das Privatizações e estudos internacionais sobre empresas privatizadas. O estudo empírico baseou - se numa amostra de 11 empresas privatizadas entre 1993 e 1999 e conclui que, apesar do pouco tempo decorrido, há evidências claras de i) uma redução significativa do peso do Estado na economia, ii) uma contribuição muito positiva para os indicadores macroeconómicos do país e iii) melhorias significativas no pós - privatização dos indicadores de rendibilidade, eficiência operativa, vendas e endividamento, com poucas excepções como no caso da ELECTRA (empresa de electricidade e água), justificado pelo impacto da profunda reestruturação estratégica de que foi alvo antes da privatização.<br>This dissertation makes a technical assessment of Cape Verde privatizations in order to conclude about "Privatization in a small, insular and archipelago country - the Cape Verde Republic case", by the answer to a lot of questions, namely, i) the role of privatization in the strategic development option of Cape Verde and the coherence of the adopted model, program, cadence and process, ii) the evolution of the economic and financial performance of the privatized firms and iii) the impact of this evolution on the macroeconomic performance and competitiveness of the country. For that, the work is based on one part dedicated to theoretical analysis and literature research and another one to applied questions. Specifically, to find an answer to the proposed problem, it is developed, in a theoretical approach, i) a concept analysis prevailing in the dynamic of the international privatizations, ii) a literature research concerning the result on the privatized firms performance , in the applied questions, iii) the measurement of the privatization impact in the Cape Verde economic development, iv) the measurement of the privatization impact in the firms level and, finally, v) conclusions, using three references, namely, the firm situation before privatization, Price Waterhouse research about Cape Verde State Owned Enterprises before privatizations and international studies about privatized firms. The empirical research was based on a sample of 11 cape - verdeans State Owned Enterprises privatized between 1993 and 1999 and the conclusion is, in spite of the short elapsed time, there are clear evidences of i) meaningful reduction of State weight in the cape -verdean economy, ii) a positive contribution from the privatized enterprises to the macroeconomic ratios of the country and iii) improvements in the post - privatization ratios of profitability, operating efficiency, outputs and leverage, with few exceptions like ELECTRA (water and electricity enterprise), justified by the strategic alteration before privatization.

This thesis examines the disclosure practices of State-Owned Enterprises (SOEs) and the impact of reform programmes in the SOE sector on such practices. The study stems from evidence of poor performance of SOEs attributed to the dearth of information disclosure, hence, the introduction of reform programmes to address these problems. Based on multiple case design with data gathered from three large SOEs and key policy makers in the SOE sector of Ghana, the findings show that the disclosure relationships, objectives, and media are generally the same across all SOEs. There are however some notable variations from the both within-case and cross-case analyses, with respect to the generic sections, volume and disclosure types in their respective annual reports. There are also differences in relation to the processes of producing their disclosure media. With regards to the impact of reform programmes, the study found both sector-wide and industry specific reform programmes, driven and underpinned by institutional forces and tenets of agency theory. These programmes have among other things, increased the numbers of disclosure media, stakeholders or principals that SOEs must disclose to, expanded the nature of disclosure (managerial, program, procedures, and financial) and types of disclosure relationships (diagonal).

The purpose of this thesis was to explore senior managers¿ perceptions of strategic management, with the specific context being the National Oil Corporation in Libya. As such it represents a ground-breaking study at PhD level. An extensive literature identified key themes and models of strategy formulation and strategic management, in particular Karami¿s model of strategic management (Karami, 2007) together with key factors influencing the processes involved. This led to a study of the Libyan NOC based on a two-stage research design, the first a survey involving two hundred and fifty two senior managers of whom seventy returned completed questionnaires and the second conducting twelve semi-structured follow up interviews to deepen the findings from the questionnaire with qualitative data. The findings of this thesis suggest that the Libyan NOC may have relied too heavily in the past on strategy formulation and strategic management as the preserve of a very few individuals at the very top of the organisation, as the role of the great majority of senior managers was limited to monitoring and high level supervision. It was found that although political directives set the strategy for the whole organisation, there was a gap in knowledge and understanding between the senior business managers and the political appointments to the Board. Recommendations for improving practice therefore concerned steps in the strategic management process and senior managers¿ effectiveness especially in the Board as a team. Recommendations for reflecting the Libyan NOC as an example of a state-owned enterprise in Karami¿s model were to include Board effectiveness as the first step, to add medium-term objectives and to include social responsibility in environmental scanning under external factors.

Since 1978, China has gradually reformed its economic system from the traditional planning economy to a more competitive market-oriented economy. After an effort of three decades, China has now become the world's fourth-largest economy behind the US, Japan and Germany. Nevertheless, the continuous national economic reform and entrance of foreign companies have significantly changed China's business status quo, and resulted in increasingly drastic market competition in the domestic market. Faced with this competitive environment and economic pressure, thousands of Chinese companies have implemented Enterprise Resource Planning (ERP) systems in order to improve operational efficiency and enhance core competencies.

Mestrado em Economia e Políticas Públicas<br>A revisão do Sistema Normativo de Contas 95 (SEC 95) e a entrada em vigor do Sistema Europeu de Contas 2010 (SEC2010) originou alterações tanto na composição do Setor Público Empresarial (SPE) , como no Setor Público Administrativo (SPA). Este normativo revisto tornou dinâmica a fronteira entre estas duas realidades, surgindo assim uma realidade totalmente nova, as Entidades Públicas Reclassificas (EPR). As EPR são unidades institucionais que, pertenciam ao Setor Público Empresarial, mas são temporariamente reclassificadas como unidades do SPA, em virtude da aplicação de novos critérios qualitativos definidos pelo SEC2010. O objetivo primordial desta dissertação consiste em analisar as EPR, evidenciando se a reclassificação teve, ou não, um impacto significativo no seu desempenho. Para tal, apresenta-se um caso de estudo sobre o Arsenal do Alfeite, S.A.. A revisão da literatura efetuada mostra que o normativo legal aplicado às EPR torna a sua atuação no mercado menos competitiva e muito dependente do Orçamento de Estado. Por outro lado, e através do estudo ao Arsenal do Alfeite, S.A. foi possível inferir que as EPR apresentaram resultados líquidos piores imediatamente após a sua reclassificação.<br>The revision of the European System of National and Regional Accounts (ESA 95) and emergence of the European System of National and Regional Accounts 2010 (ESA 2010) led to changes in the composition of the Public Business Sector and the Central Goverment Sector. This new and developed regulation has made the boundary, between these two realities, dynamic, leding to the appearance of a new reality, Reclassified State-Owned Enterprises (Reclassified SOEs). The Reclassified SOEs are institutional units that belong to the Public Business Sector, but were temporarily reclassified as Central Government Sector units, due to the application of new qualitative criteria defined by ESA2010. The main purpose of this thesis is to analyze the Reclassified SOEs and reveal whether the reclassification had , or not, a significant impact on its performance. To rich this objective it was used Arsenal do Alfeite, S.A. as a case study. The literature review shows that the legal regulations applied to Reclassified SOEs makes its performance in the market less competitive and more dependent on the State Budget. On the other hand, and through the study of Arsenal do Alfeite, S.A., it was possible to infer that the Reclassified SOE presented worse results immediately after its reclassification.<br>info:eu-repo/semantics/publishedVersion

The purpose of this thesis was to explore senior managers' perceptions of strategic management, with the specific context being the National Oil Corporation in Libya. As such it represents a ground-breaking study at PhD level. An extensive literature identified key themes and models of strategy formulation and strategic management, in particular Karami's model of strategic management (Karami, 2007) together with key factors influencing the processes involved. This led to a study of the Libyan NOC based on a two-stage research design, the first a survey involving two hundred and fifty two senior managers of whom seventy returned completed questionnaires and the second conducting twelve semi-structured follow up interviews to deepen the findings from the questionnaire with qualitative data. The findings of this thesis suggest that the Libyan NOC may have relied too heavily in the past on strategy formulation and strategic management as the preserve of a very few individuals at the very top of the organisation, as the role of the great majority of senior managers was limited to monitoring and high level supervision. It was found that although political directives set the strategy for the whole organisation, there was a gap in knowledge and understanding between the senior business managers and the political appointments to the Board. Recommendations for improving practice therefore concerned steps in the strategic management process and senior managers' effectiveness especially in the Board as a team. Recommendations for reflecting the Libyan NOC as an example of a state-owned enterprise in Karami's model were to include Board effectiveness as the first step, to add medium-term objectives and to include social responsibility in environmental scanning under external factors.

JEL: L11, M11<br>This thesis, taking Luzhou North Chemical Industry Co., Ltd as the case company for extensive research, identifies key determinants for strategic choice of diversification based on theories including enterprise development strategy, industry value chain and diversification strategy. Then based on the determinants identified, it conducts a detailed analysis on the value creation capability of the case company’s SBUs and builds an industry value chain-based diversification framework for state-owned military chemical enterprises. Finally, from two perspectives— natural selection mechanism and learning & adaptation mechanism, the thesis sums up the selection mechanism for industry value chain-based diversification of China’s state-owned military chemical enterprises.<br>A presente tese, que tem a empresa Luzhou North Chemical Industry como estudo de caso de investigação, identifica os determinantes chave da escolha estratégica para diversificação com base no quadro teórico que inclui a estratégia de desenvolvimento da empresa, cadeia de valor industrial e estratégia de diversificação. Então, com base nos determinantes identificados, conduz-se à análise detalhada da capacidade de criação de valor da unidade estratégica de negócio da empresa analisada e constrói uma cadeia de valor com base na estrutura de diversificação para a empresa pública de produtos químicos. Finalmente, a partir de duas perspectivas- o mecanisco de selecção natural e o mecaniscmo de aprendizado e adaptação, a tese soma ao mecanismo de selecção para a cadiea de valor com base na diversificação de empresas estatais Chinesas do sector químico.

The thesis explores puzzling change in Chinese state sector over the past two decades. China’s debt-ridden state-owned enterprises (SOEs) were long seen as the most thorny reform dilemma; however, in the past decade, the surging profitability of large SOEs in the so-called “monopoly sectors” (longduan hangye 垄断行业) have made them lynchpins of an emerging state capitalist system. The main argument is that the state sector’s apparent reversal of fortunes is, in large measure, a legacy of the brief period of neoconservative rule (1989-1992) following the Tiananmen uprising in spring 1989. The fleeting ascendance of Chen Yun’s neoconservative faction provided them the opportunity to redirect the reform course set by Deng Xiaoping and embed a market vision which saw SOEs as pillars of the economy. The neoconservative leadership laid the normative and institutional foundations of a robust SOE-directed industrial policy regime which has gained momentum through the 1990s and into the last decade. The study also sheds lights on the political and economic drivers of China’s unfolding market order through analysis of the industry foundations of China’s emerging state capitalist system. In recent years, state ownership has concentrated in some industries and largely retreated from others. What is driving this process of what Pei (2006) terms the “selective withdrawal” of the state from the economy? To address this question, the nature of ownership change across Chinese industry in recent years is first analyzed. Focus then shifts to comparative analysis of the reform pathway of two industries in which state ownership remains dominant: telecommunications and airlines. Combining insights from the partial reform equilibrium model and historical institutionalism, the study argues that both the particularist interests of “short-term winners” in industry and the neoconservative policy legacy have left an imprint on the process of selective withdrawal.

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2015<br>Os problemas de governance são cada vez mais frequentes. São numerosos os escândalos que envolvem gestores de empresas influentes, a falta de transparência na publicação de relatórios empresariais ou os indícios de promiscuidade entre entidades públicas e privadas. Estes acontecimentos intensificaram o interesse de estudar o tema numa perspetiva empresarial municipal. O corporate governance é uma temática que abrange a forma como as empresas são geridas, o nível de confiança nos relatórios publicados e engloba também a relação da empresa com os seus stakeholders. O conceito é estudado desde há muitos anos, por diferentes investigadores, com o objetivo geral de conseguir determinar o papel do corporate governance. Os stakeholders representam todos os intervenientes que afetam e são afetados pela empresa, estando incluídos neste termo entidades com interesses diferentes como, por exemplo, os fornecedores, colaboradores, clientes e população em geral. Alguns teóricos defendem que o corporate governance é a solução para que os investidores garantam o retorno do capital investido. Outros definem o conceito como sendo um sistema que regula a administração das empresas. Opiniões diferentes sobre o conceito espelham a diversidade do que se entende por corporate governance. Numa perspetiva empírica, existem diversos estudos que pretendem medir o impacto do corporate governance, alguns focados na performance. A avaliação das políticas de governance praticadas utiliza, normalmente, as seguintes dimensões: (1) o conselho de administração, (2) a estrutura de capital, (3) a relação com os stakeholders da empresa, (4) transparência e a accountability e por último (4) plano legal e de regulamentação. O âmbito das diferentes dimensões incluí: i. No que diz respeito ao Conselho de Administração: a. Revisão e controlo da estratégia da empresa; b. Promoção da transparência e da ética dentro da empresa; c. Inclusão ou não de membros independentes; d. Estabelecimento de objetivos; e. Controlo da eficiência do corporate governance. ii. No que diz respeito à estrutura de capital: a. Igualdade entre os acionistas; b. Nível de dispersão do capital; c. Promoção do bom funcionamento da estrutura; d. Atenuar os “conflitos de agência”. iii. No que diz respeito às relações com os stakeholders: a. Respeitar os direitos dos stakeholders; b. Reconhecer a interdependência dos interesses dos stakeholders na empresa; c. Incluir a participação dos colaboradores na estratégia; d. Comunicar atividades ilegais ou imorais. iv. Em relação à transparência e accountability: a. Publicar relatório de contas com informação fiável; b. Promover a fiabilidade da auditoria externa para confirmar a informação publicada; c. Publicar possíveis riscos que possam afetar a empresa; d. Revelar as práticas de corporate governance implementadas na empresa; e. Revelar as políticas de remuneração aplicadas aos órgãos sociais. v. No que diz respeito ao plano legal e de regulamentação: a. Assegurar a regulamentação da atividade das empresas europeias; b. Definir os elementos que devem constar nos estatutos da empresa. A definição das vertentes de cada uma das dimensões permite a correta avaliação das empresas, relativamente às práticas de corporate governance implementadas. O objeto do presente estudo é, no entanto, estudar a governance em empresas municipais. O conceito de corporate governance aplicado à realidade municipal não tem sido objeto de muitos estudos. Embora, a OECD (2011) afirme que o setor público pode beneficiar dos instrumentos aplicados no setor privado, os dois sistemas assumem-se como diferentes. De acordo com a Lei n.º 50/2012 de 31 de agosto, as empresas municipais ou empresas locais, têm como objeto a exploração de atividades de interesse geral ou a promoção do desenvolvimento regional e têm como objetivo garantir uma melhor qualidade de vida aos residentes e alcançar a autossustentabilidade. A diversidade de interesses, entre os vários agentes, geram diferenças entre o corporate governance no setor público e no setor privado. Torna-se, por isso, necessário adaptar as responsabilidades e os indicadores das dimensões anteriormente descritos, à realidade das empresas municipais. Não são conhecidas metodologias de abordagem deste tema em empresas municipais. A relevância deste tema é, no entanto, relevante. As empresas municipais cumprem objetivos muito importantes e, no contexto empresarial do Algarve, são das empresas mais significativas, não só pelas atividades que desenvolvem mas também se as analisarmos pelos critérios ligados à sua dimensão em número de trabalhadores e em ativos. O objeto deste trabalho, ao procurar uma relação entre o corporate governance e performance, pretende responder às seguintes questões: a) Como pode ser medido o corporate governance em empresas municipais? e b) Como podem as diferenças no corporate governance afetar a performance das empresas municipais? Para responder a estas questões, adotaram-se as seguintes opções: (i) O estudo deveria centrar-se em empresas que atuassem nos mesmos setores de atividade, prestassem serviços similares, tivessem dimensões semelhantes mas com diferentes configurações a nível da estrutura capital; (ii) O estudo deveria avaliar as diferenças existentes ao nível das políticas de corporate governance praticadas nas empresas municipais escolhidas; (iii) Deveria ser feita uma análise à performance dessas empresas e analisar os seus resultados tendo em conta a natureza do modelo de governance seguido. No que diz respeito ao primeiro item, optou-se por estudar duas empresas municipais que se dedicam ao abastecimento de água e saneamento de águas residuais domésticas em locais distintos do Algarve, com dimensões idênticas mas uma é totalmente detida pelo Município e outra que, sendo detida maioritariamente pelo Município no qual tem sede, tem uma forte componente de capital privado. No que diz respeito ao segundo item, foi utilizado uma adaptação do modelo desenvolvido por Kaufmann et al. (2010). Finalmente, em relação ao terceiro item, procedeu-se a uma análise comparativa de indicadores chave de performance segundo as metodologias seguidas por Marr (2012) e por Neves (2012). A aplicação desta metodologia permitir compreender melhor a problemática em estudo e através da comparação dos seus resultados, extraíra conclusões sobre as questões supramencionadas. De acordo com a análise efetuada, concluímos que a empresa com capital privado apresenta melhores indicadores de governance do que a que é detida exclusivamente por capitais públicos. A análise comparativa dos indicadores chave de performance evidencia que a empresa com melhores resultados é, novamente, a empresa com capital privado. As conclusões alcançadas não devem ser generalizadas. Os resultados obtidos, refletem que melhores políticas de corporate governance têm um impacto positivo na performance da empresa, o que está de acordo com os estudos e recomendações da OECD.

The study sought to understand the factors that contribute to effective turnaround management of State-owned Enterprises (SOEs), based on the extant determinants of successful private sector turnaround strategies. The purpose was to develop a normative framework for effective turnaround management in SOEs, as well as to provide a conceptual view of the potential cohesions of turnaround strategies in public and private sector management. The study was conducted in two phases. A straw framework was developed based on the literature review, consisting of generic turnaround conceptual themes. This was supplemented by three primary strategies drawn from private sector evidence. The framework was then refined and used as a basis for analysing three published cases of turnaround in SOEs, with a pragmatic view to developing a normative framework for effective turnaround management. The theoretical underpinnings of the resource-based view (RBV) were ruminated throughout the research process, and proved to be a fairly significant enabler for enhancing competitiveness through managerial-orientated competencies, during periods of turnaround. Organisational conditions varied, rendering fluctuating impacts of the ascribed strategies. However, findings indicated that well-conceived adaptions of private sector strategies were broadly effective in improving performance in SOEs.<br>Dissertation (MBA)--University of Pretoria, 2012.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted

The aim of this research is to evaluate the “CEO dominance risk” in the Healthcare sector in Portugal among the institutions belonging to the state – the state-owned enterprises (SOEs). There is no abundant research on Corporate Governance (CG) related to SOEs. One of the reasons is that usually there are very few SOEs by industry, sometimes even just one (v.g. PostOffice, Railroad). To study these entities between several countries, one has to isolate the regulatory, legal, cultural and general business environment factors that are peculiar to each situation. In the Healthcare sector, each country despite being more or less social concerned, will always have a considerable number of public Hospitals. Due to the impact of New Public Management theories that spread all over the world, some of the public Hospitals transformed into corporation form, constituting SOEs. Hospital management has been considered a very complex one due to the clashes between professional values and culture and the hard realities of economic performance and cash constraints. In this environment, clinical professionals may become managers thus constituting a hybrid executive balancing these conflicting demands and not having the formal authority of a typical command and control organization. Previous researchers found that the average performance of firms is not affected by CEO dominance – the possibility to exercise their will despite or removing dissenting. However, they noted that the range of performance was wider when CEO dominance was present. Excellent and poor results would occur more often. In the public sector dominated by the balance of procedures and outcomes, there is a tendency to risk avoidance, thus considering CEO dominance a risk. This research was based in previous models and questionnaires, but adapted to the particular conditions of SOEs and legal framework in Portugal during the analysis period (2011-2015). A practical power index model was developed, and the results demonstrated that some Hospital CEO´s may have a dominant position but also exposes some underpowered situations. Regarding the motivation for Physicians to become CEOs and how they are perceived by their peers, the research confirmed the five groups expected and highlighted that on one side the most senior professionals are supported by their peers, and the younger ones are regarded as not having the required expertise.<br>O objetivo deste estudo é avaliar a existência de “risco de dominância do CEO” (PCA) no setor público empresarial da saúde em Portugal. A investigação científica sobre a Governança Corporativa relacionada com o setor público empresarial não é abundante. Uma das razões deve-se a que normalmente existem poucas empresas públicas por setor de atividade, frequentemente apenas uma (v.g. Correios, Caminhosde-ferro). Para estudar estas entidades em vários países, há que isolar os aspetos regulatórios, legais, culturais e o ambiente de negócios em geral, que são peculiares a cada situação. No setor da Saúde pelo contrário, cada país, tenha maiores ou menores preocupações sociais, possui sempre um conjunto considerável de Hospitais públicos. Um dos impactes das teorias do New Public Management que se espalharam em todo o mundo, foi o da transformação de alguns destes Hospitais em estruturas empresariais, constituindo um setor público empresarial da saúde. A gestão de um hospital tem sido considerada uma das mais complexas devido ao confronto entre os valores e cultura dos profissionais clínicos e as duras realidades dos resultados económicos ou das restrições de tesouraria. Neste ambiente os profissionais clínicos poderão assumir papéis de gestores, tornando-se executivos híbridos que têm de balancear solicitações conflituantes e não têm a autoridade formal típica das organizações reguladas por comando e controlo. Estudos anteriores demonstraram que a média dos resultados das empresas não era afetada pela dominância do CEO – a possibilidade de exercer a sua vontade apesar de ou removendo as opiniões contrárias. Contudo, esses estudos assinalaram que a dispersão dos valores era maior quando em presença de dominância do CEO. Resultados excelentes ou muito fracos ocorriam frequentemente. Como o setor público é dominado pelo equilíbrio entre o procedimento e o resultado, existe uma tendência para evitar riscos, donde podemos considerar que no setor público dominância do CEO é um risco. Este estudo foi baseado em modelos e questionários anteriormente utilizados por investigadores internacionais, mas adaptados às condições do setor público e restrições legais em Portugal durante o período de análise (2011-2015). Um modelo prático de índice de poder foi desenvolvido e os resultados demonstram que em alguns hospitais existe o risco de dominância do CEO, mas também evidenciaram situações de falta de poder dos mesmos. Em relação às motivações dos Médicos para exercerem o cargo de CEO e como são avaliados pelos seus pares, este estudo confirmou os cinco grupos esperados, realçando que os mais seniores têm o apoio dos seus pares e que os mais jovens são percecionados como não tendo a necessária competência