Railways, Airports and Sea Container Operators as Publicly Listed Companies – Financial Performance and Shareholder Value Creation Perspective

Logistics infrastructure and transportation services have been the liability of countries and governments for decades, or these have been under strict regulation policies. One of the first branches opened for competition in EU as well as in other continents, has been air transports (operators, like passenger and freight) and road transports. These have resulted on lower costs, better connectivity and in most of the cases higher service quality. However, quite large amount of other logistics related activities are still directly (or indirectly) under governmental influence, e.g. railway infrastructure, road infrastructure, railway operations, airports, and sea ports. Due to the globalization, governmental influence is not that necessary in this sector, since transportation needs have increased with much more significant phase as compared to economic growth. Also freight transportation needs do not correlate with passenger side, due to the reason that only small number of areas in the world have specialized in the production of particular goods. Therefore, in number of cases public-private partnership, or even privately owned companies operating in these sub-branches have been identified as beneficial for countries, customers and further economic growth. The objective of this research work is to shed more light on these kinds of experiments, especially in the relatively unknown sub-branches of logistics like railways, airports and sea container transports. In this research work we have selected companies having public listed status in some stock exchange, and have needed amount of financial scale to be considered as serious company rather than start-up phase venture. Our research results show that railways and airports usually need high fixed investments, but have showed in the last five years generally good financial performance, both in terms of profitability and cash flow. In contrary to common belief of prosperity in globally growing container transports, sea vessel operators of containers have not shown that impressive financial performance. Generally margins in this business are thin, and profitability has been sacrificed in front of high growth – this also concerns cash flow performance, which has been lower too. However, as we examine these three logistics sub-branches through shareholder value development angle during time period of 2002-2007, we were surprised to find out that all of these three have outperformed general stock market indexes in this period. More surprising is the result that financially a bit less performing sea container transportation sector shows highest shareholder value gain in the examination period. Thus, it should be remembered that provided analysis shows only limited picture, since e.g. dividends were not taken into consideration in this research work. Therefore, e.g. US railway operators have disadvantage to other in the analysis, since they have been able to provide dividends for shareholders in long period of time. Based on this research work we argue that investment on transportation/logistics sector seems to be safe alternative, which yields with relatively low risk high gain. Although global economy would face smaller growth period, this sector seems to provide opportunities in more demanding situation as well.

Strategic management of value networks: how to create value in cross-sector collaboration and partnerships

Cross-sector collaboration and partnerships have become an emerging and desired strategy in addressing huge social and environmental challenges. Despite its popularity, cross-sector collaboration management has proven to be very challenging. Even though cross-sector collaboration and partnership management have been widely studied and discussed in recent years, their effectiveness as well as their ability to create value with respect to the problems they address has remained very challenging. There is little or no evidence of their ability to create value. Regarding all these challenges, this study aims to explore how to manage cross-sector collaborations and partnerships to be able to improve their effectiveness and to create more value for all partners involved in collaboration as well as for customers. The thesis is divided into two parts. The first part comprises an overview of relevant literature (including strategic management, value networks and value creation theories), followed by presenting the results of the whole thesis and the contribution made by the study. The second part consists of six research publications, including both quantitative and qualitative studies. The chosen research strategy is triangulation, as the study includes four types of triangulation: (1) theoretical triangulation, (2) methodological triangulation, (3) data triangulation and (4) researcher triangulation. Two publications represent conceptual development, which are based on secondary data research. One publication is a quantitative study, carried out through a survey. The other three publications represent qualitative studies, based on case studies, where data was collected through interviews and workshops, with participation of managers from all three sectors: public, private and the third (nonprofit). The study consolidates the field of “strategic management of value networks,” which is proposed to be applied in the context of cross-sector collaboration and partnerships, with the aim of increasing their effectiveness and the process of value creation. Furthermore, the study proposes a first definition for the strategic management of value networks. The study also proposes and develops two strategy tools that are recommended to be used for the strategic management of value networks in cross-sector collaboration and partnerships. Taking a step forward, the study implements the strategy tools in practice, aiming to show and to demonstrate how new value can be created by using the developed strategy tools for the strategic management of value networks. This study makes four main contributions. (1) First, it brings a theoretical contribution by providing new insights and consolidating the field of strategic management of value networks, also proposing a first definition for the strategic management of value networks. (2) Second, the study makes a methodical contribution by proposing and developing two strategy tools for value networks of cross-sector collaboration: (a) value network mapping, a method that allows us to assess the current and the potential value network and (b) the Value Network Scorecard, a method of performance measurement and performance prediction in cross-sector collaboration. (3) Third, the study has managerial implications, offering new solutions and empirical evidence on how to increase the effectiveness of cross-sector collaboration and also allow managers to understand how new value can be created in cross-sector partnerships and how to get the full potential of collaboration. (4) And fourth, the study also has practical implications, allowing managers to understand how to use in practice the strategy tools developed in this study, providing discussions on the limitations regarding the proposed tools as well as general limitations involved in the study.

Diferentes padrões de políticas salariais nos estados brasileiros: uma análise a partir do diferencial de salários público-privado

Public servant wages represent a significant part of Brazilian state governments' current expenses. Based on the literature, this paper has tried to identify which states practice efficient, compensatory or appropriation wage politics through the estimation of public-private wage differentials. The differential of salaries was calculated between 1995 and 2004 following the Oaxaca's technique. The results show that the wage policy of an important number of states has had efficiency and a numerous part of the North and the Northeast states have developed compensatory politics. The Federal District and Roraima practiced a wage policy characterized by explicit appropriation.

Infraestrutura e produtividade no Brasil

Infrastructure and productivity in Brazil. This article analyses the relationship between infrastructure and total factor productivity (TFP) in Brazil during the second half of the twenty century. Public capital is used as a proxy for infrastructure capital. The hypothesis to be tested is that an increase in infrastructure - more than than a rise in the private capital stock - has a positive effect on productivity on the long run. In that sense, it was used the Johansen methodology for testing the cointegration between TFP and the public/private capital ratio. In fact, it was found that this complementary relation (public-private) helps in explanning TFP's path from 1950 to 2000. The results were robust to different measures of productivity and the public/private ratio. In addition, the short (medium) run analysis has indicated that shocks in this ratio have a significant effect over the TFP, but the opposite is not true. Therefore, the cuts in infrastructure investment could be a possible explanation for the TFP's fall during the 70's and 80's.

Helsinki hub – new traffic flows and business networks

This thesis is the Logistics Development Forum's assignment and the work dealing with the development of the Port of Helsinki as part of Helsinki hub. The Forum aims to develop logistics efficiency through public-private co-operation and development of the port is clearly dependent on both factors. Freight volumes in the Port of Helsinki are the biggest single factor in hub and, therefore, the role of the port of the entire hub development is strong. The aim is to look at how the port will develop as a result of changes in the foreign trade of Finland and the Northern European logistics trends in 25 years time period. Work includes the current state analysis and scenario work. The analyses are intended to find out, which trends are the most important in the port volume development. The change and effect of trends is examined through scenarios based on current state. Based on the work, the structure of Finnish export industry and international demand are in the key role in the port volume development. There is significant difference between demands of Finnish exporting products in different export markets and the development between the markets has different impacts on the port volumes by mass and cargo type. On the other hand, the Finnish economy is stuck in a prolonged recession and competition between ports has become a significant factor in the individual port's volume development. Ecological valuesand regulations have changed the competitive landscape and maritime transport emissions reductions has become an important competitive factor for short routes in the Baltic Sea, such as in the link between Helsinki and Tallinn.

Caseflow management and the politics of professionalism : lawyers and independent paralegals

Caseflow Management is a public sector program designed to promote effective management of cases through the resolution process in the public court system. Given its public nature caseflow management policy is ultimately an exercise in political will. To date that political will has been dominated by the legal profession which has influenced the Ministry of the Attorney General to limit the term~ of reference for caseflow management and its application to a narrow range of alternatives which are primarily in the interest of the legal profession. This thesis will explain the nature and extent of the politics within the legal profession that impact on caseflow management and demonstrate the potential for better serving the public interest by eXl~anding its terms of reference to incorporate independent paralegals and public / private sector partnerships in the Ontario Provincial Court System for highway traffic offences and other matters of a summary conviction nature.

Les sources d'incohérences des initiatives de financement du logement social au Nicaragua

Le Nicaragua connaît un déficit en logement très préoccupant. Celui-ci est du en grande partie à l’incapacité du secteur financier à satisfaire la demande des familles à faible revenu. De nombreuses initiatives ont été mises en place par des organismes provenant des trois sphères sociétales pour pallier ce problème. Certains l’ont fait avec succès d’autres sans. Aujourd’hui bien que ces initiatives aient comme objectif de répondre au problème existant, le déficit continu de se creuser. Ce mémoire propose une analyse des causes du problème afin de comprendre pourquoi les initiatives mises en place ne fonctionnent pas comme elles le devraient. Il met en avant le manque de coordination qui existe enter les acteurs et démontre que l’ensemble du secteur fonctionne selon une organisation « en silo » révélatrice d’un manque de cohérence des politiques de financement du logement. Enfin il analyse les origines possibles d’une telle organisation et des incohérences politiques qui l’ont amenée. Par cette analyse, il tente de déterminer la part de responsabilité relative imputable à l’État nicaraguayen et à l’Aide Publique au Développement qui est la principale source de fonds de tous ces programmes.

La expresión del deseo en la literatura femenina como respuesta a la opresión dictatorial y patriarcal en la obra de Luisa Valenzuela

Ce mémoire de maîtrise a pour visée d’étudier la spécificité antiautoritaire du discours narratif de l’écrivaine argentine Luisa Valenzuela. Le corpus étudié comprend des nouvelles publiées dans les livres Cambio de armas (1982) et Simetrías (1993), écrites respectivement durant la dictature militaire (1976-1983) et dix ans après le retour à la démocratie. L’analyse des nouvelles dialogue avec l’essai de l’écrivaine, Peligrosas palabras (2001), et avec les différentes perspectives théoriques que nous adoptons dans chacun des chapitres (sociolinguistique, théorie féministe et critique culturelle). Cette recherche fera ressortir comment l’expression du désir dans les textes de Luisa Valenzuela critique les relations de domination présentes dans la dictature et dans la société patriarcale. Les textes étudiés 1) dénoncent les effets de la politique répressive sur le sujet en exposant la sexualité et en rejetant la séparation entre les sphères publique et privée; 2) ils soulignent la matérialité du corps, qui est marqué par les relations sociales et les rapports de pouvoir, à partir de laquelle il est possible de construire une objectivité féminine hors de l’opposition entre corps et esprit; 3) ils créent de nouvelles formes de représentation de la mémoire qui permettent de redéfinir la relation à l’histoire et à l’Autre. Dans le langage de Valenzuela, le désir se présente alors comme une revendication de relations sociales justes et d’une vision alternative du langage, de la subjectivité et de la mémoire.

L'accomplissement de l'intimité en présence d'autrui

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

Les limites des mécanismes de coordination de l’aide à la santé : une analyse à partir des images politiques

L’agenda de la coordination apparu au tournant des années 2000 repose sur l’idée que plus les actions des donneurs sont harmonisées et transparentes, plus grande est l’efficacité de l’action collective. C’est du moins l’esprit porté par les différentes déclarations sur l’efficacité de l’aide (Accra en 2008, Paris en 2005, Rome en 2003) qui ont mis en avant la coordination. C’est pourquoi, depuis une décennie nous assistons à l’élaboration de dispositifs communs « optimaux » de coordination (mécanismes de coordination) qui peuvent aller des plans d’action stratégique des partenariats public-privés (PPP) aux documents de stratégies de réduction de la pauvreté en passant par l’aide programme. Partant du secteur de la santé, nous essayons de montrer dans cet article que les images politiques, combinées au caractère contractuel de ces mécanismes de coordination, font qu’ils remplissent difficilement les conditions d’une coordination efficace.

Perceptions par divers acteurs d'une politique éventuelle de promotion de santé nutritionnelle en milieu scolaire libanais

Thesis (French) including 3 main articles (English)

La culture comme ressource : des groupes musicaux populaires au sein du processus de réaménagement urbain à Rio de Janeiro

Ce projet de maîtrise porte sur l’interaction entre les acteurs locaux liés à la musique populaire et l’administration publique dans le cadre du projet public-privé de réaménagement du port de Rio de Janeiro intitulé Porto Maravilha. Le travail de recherche s’est axé sur l’idée que cette interaction serait essentiellement fondée sur la façon dont la “culture” est comprise et utilisée comme ressource capable d’ajouter de la valeur à l’espace urbain, différencier les groupes entre eux et apporter une sustentation au processus d’autonomisation et de légitimation des acteurs. De nouveaux paradigmes urbanistiques, tel celui de “ville créative” (Landry, 2005), proposent d’intégrer la culture locale dans l’élaboration et l’exécution des projets avec la participation d’artistes qui sont perçus comme une source de créativité fondamentale pour rendre la ville plus compétitive dans un monde devenu de plus en plus urbain. Dans cette veine, le projet Porto Maravilha s’inspire franchement des cas de succès de rénovation urbaine créative, stimulant la culture locale et idéalisant le port de Rio comme une “nouvelle carte postale du Brésil”. En partant de la constatation que les acteurs sociaux locaux identifient le potentiel de leurs activités culturelles comme une ressource importante dans ce contexte, nous analysons tout autant les stratégies et les discours élaborés que les ressources dont ils disposent afin d’affirmer leur agentivité. Au-delà de l’action intentionnelle, nous effectuons également des analyses de leurs pratiques culturelles au quotidien en recherchant les éléments qui les constituent. Nous questionnons, par ailleurs, la manière avec laquelle les administrateurs du projet comprennent ces activités musicales et comment ils gèrent les demandes sociales et les contributions créatives de ces groupes.

De la confiance trahie à la faute, n’y a-t-il qu’un pas ? Une réponse à Laliberté

Commentaire / Commentary

Lutte aux botnets : les politiques de prévention s'avèrent-elles efficaces?

Les alertes que nos logiciels antivirus nous envoient ou encore les différents reportages diffusés dans les médias nous font prendre conscience de l'existence des menaces dans le cyberespace. Que ce soit les pourriels, les attaques par déni de service ou les virus, le cyberespace regorge de menaces qui persistent malgré les efforts qui sont déployés dans leur lutte. Est-ce que cela a à voir avec l'efficacité des politiques en place actuellement pour lutter contre ce phénomène? Pour y répondre, l'objectif général du présent mémoire est de vérifier quelles sont les politiques de prévention (lois anti-pourriel, partenariats publics-privés et démantèlements de botnets) qui influencent le plus fortement le taux de menaces informatiques détectées, tout en s'attardant également à l'effet de différents facteurs socio-économiques sur cette variable. Les données collectées par le logiciel antivirus de la compagnie ESET ont été utilisées. Les résultats suggèrent que les partenariats publics-privés offrant une assistance personnalisée aux internautes s'avèrent être la politique de prévention la plus efficace. Les démantèlements de botnets peuvent également s'avérer efficaces, mais seulement lorsque plusieurs acteurs/serveurs importants du réseau sont mis hors d'état de nuire. Le démantèlement du botnet Mariposa en est un bon exemple. Les résultats de ce mémoire suggèrent que la formule partenariats-démantèlements serait le choix le plus judicieux pour lutter contre les cybermenaces. Ces politiques de prévention possèdent toutes deux des méthodes efficaces pour lutter contre les menaces informatiques et c'est pourquoi elles devraient être mises en commun pour assurer une meilleure défense contre ce phénomène.

Emotional Intelligence As A Determinant Of Conflict Style Adoption Of Managers: A Theoretical Perspective

Successful management is dependent heavily on the manager’s ability to handle conflict effectively. The workforce has been increasingly becoming diversified vis-à-vis the gender, culture and ethnicity. The present work environment has in itself contributed to sowing seeds of conflict with greater diversity, hostility, complexity and newer business competencies in the work context.The classic study of Mintzberg’s Managerial roles approach (1973) also says that a manager has to spend sufficient time and energy in solving conflict as he has to take roles as a negotiator, and dispute handler. An understanding of the conflict and role that it plays in influencing employee behavior constructively or destructively is immense. Therefore conflict when left unmanaged can lead to diminished cohesiveness amongst employees, productivity and reduced organizational fitness. To manage conflict effective conflict resolution strategies that have constructive outcomes is called for. Conflict resolution style theorists opine that collaborative or integrative style, where there is high concern for task and people is considered to give positive individual and organizational outcomes, while the withdrawing /avoidance style and forcing / dominating style are considered to be ineffective in managing conflict. Though managers have typical preferences in the styles followed it need not necessarily be the typical response as it depends on the context, power relationships, emotions etc. The adoption of conflict styles of managers however is dependent on variables like gender orientation, cultural values, personality orientation, underlying relationships – public/private. The paper attempts to draw the importance of managing conflicts at workplace positively and the need for effective conflict resolution strategies. The conflict style adopted and the variables that affect the adoption of each style are discussed and possible interventions at the workplace are suggested