Corporate governance in european transition economies: Emerging models

The purpose of this paper is to contribute to the debate on corporate governance models in European transition economies. The paper consists of four parts. After a historic overview of the evolution of corporate governance, the introduction presents various understandings of the corporate governance function and describes current issues in corporate governance. Part two deals with governance systems in the (mainly domestically) privatized former state-owned companies in Central European transition countries, with the main types of company ownership structures, relationships between governing and management functions, and deficiencies in existing governance systems. Part three is dedicated to the analysis of factors that determine the efficiency of the relationship between the corporate governance and management functions in Central European transition economies. It deals with the issue of why the German (continental European) governance model is usually the preferred choice and why the chosen models underperform. In the conclusion the author offers his suggestions on how the Central European transition countries should improve their corporate governance in the future.

Designing a S2-Enterprise (Smart x Sensing) Reference Model

Part 11: Reference and Conceptual Models

Virtual Enterprise Process Management: An Application to Industrial Maintenance

Part 2: Behaviour and Coordination

Corporate governance : value creation and performance in credit unions

In this study, we examine the relationship between good corporate governance practices and the creation of value/performance of credit unions from 2010 to 2012. The objective was to create and validate a corporate governance index for credit unions, and to then analyse the relationship between good governance practices and the creation of value/performance. The problem question is: do good corporate governance practices provide value creation for credit unions? The research started by creating indices from factor analysis to identify latent dependent variables related to value creation and performance; next indices were created from the principal component analysis for the creation of independent latent variables related to corporate governance. Finally, based on panel data from regression models, the influence of the variables and indices related to corporate governance on the indices of value creation and performance was verified. Based on the research, it became evident that the Corporate Governance Index (IGC) is mainly impacted by Executive Management, with 40.31% of the IGC value, followed by the Representation and Participation dimension, with 34.07% of the IGC value. The contribution for academics was the creation of the Corporate Governance Index (IGC) applied for credit unions. As for the contribution to the system of credit unions, the highlight was the effectiveness of the mechanisms for economic-financial and asset management adopted by BACEN, credit unions and OCEMG.

Integração entre frameworks de suporte à gestão e governação das tecnologias de informação : modelação da Norma ISO 9001

A ISO 9001 e Arquiteturas Empresariais (AE), diferentes ferramentas de Governação com diferentes perspetivas, são dominantes entre os seus praticantes. Uma representação de uma ISO 9001 em ArchiMate pode potenciar ainda mais alinhamentos com outras frameworks representadas por AE e pode ajudar na obtenção de melhores resultados na implementação da Qualidade numa organização, obviando os custos e a duplicação de esforços. Esta tese propõe uma abordagem de integração entre a ISO 9001 e AE na perspetiva das AE ao propor um mapeamento de conceitos de ISO 9001 em EA pela definição de uma Arquitetura de Referência da ISO 9001 utilizando a linguagem de modelação do ArchiMate Dois objetivos são endereçados: a demonstração da capacidade de representar todos os requisitos da ISO 9001 em componentes de AE através do desenvolvimento da Arquitetura de Referência e reciprocamente a capacidade de desenvolver uma AE de um Sistema de Gestão da Qualidade (SGQ) teórico baseado na ISO 9001 com as componentes dessa Arquitetura de Referência. Adicionalmente, ao identificar e avaliar a existência das componentes da Arquitetura de Referência numa organização concreta, se estes não estão completamente mapeados, pode-se concluir a existência de um desvio relativamente ao referencial ISO 9001. Por ultimo, uma Arquitetura de Referência ArchiMate da ISO 9001 permite a partilha de conhecimento, a comunicação entre partes interessadas e contribui para a discussão e validação da ISO 9001 entre os utilizadores de Arquiteturas Empresariais.

The impact of culture and corporate governance in dividend policy: evidence from emerging and developed countries

The present research aims to analyse the impact of corporate governance and cultural dimensions in dividend policy. The corporate governance and dividend policy have a close relationship, in that both are evidenced in literature to mitigate agency problems. Cultural factors are also related to agency problems. The existence of agency problems and their solutions differs across countries and it is related to the implementation of the mechanisms of governance. So, cultural factors may have influence on corporate governance and dividend policy. Our sample consists in 1 232 companies belonging to the main indices of 38 countries classified as emerging or developed. To measure the quality of firm level corporate governance, we use the ASSET4 Corporate Governance Performance Index, developed by Thomson Reuters, and as proxy of culture we use three cultural dimensions developed by Geert Hofstede, namely uncertainty avoidance, masculinity and indulgence. We obtained significant empirical evidence that firms with high quality of corporate governance pay higher dividends. With regard to cultural factors, we confirm that in countries with high levels of masculinity and uncertainty avoidance, the dividend payout ratio is lower. On the other hand, countries with high level of indulgence have higher dividend payout ratio. However, we verify that the impact of cultural effects is minimized when the firms have a high quality level of corporate governance. Additionally, we found that the impact of corporate governance and cultural factors in dividend policy differs when dealing with emerging or developed countries.

Holacracy as an alternative to organisations governance

Holacracy as an alternative to organisations governance A *TRS event, Room P1.2 (Fernando Pessoa Hall), University Fernando Pessoa 16th, November, 2016, Luis Borges Gouveia This presentation introduce holacracy and discuss its use as an alternative to organize people within a corporate environment. A holacracy is a governance structure characterized by a distribution of power among self-organizing groups, rather than the top-down authority in the typical hierarchical corporate culture model. A holacracy provides a flat management structure that distributes authority. The goal of a holacracy is to ensure that those responsible for completing the work have the authority to decide how that work should be carried out. Holacracy benefits are the promises to harness agility, transparency, accountability, employee engagement and innovation. It also potentiates greater efficiency. Main critics are that the model do not allow for sufficient lateral communication. Also, it use is still emerging and we do not have sufficient evidence on holacracy advantages to rely on its promises

If we can't have it, then no one should : Shutting down versus selling in family business portfolios

How does a business family manage its business portfolio in times of declining performance to sustain the portfolio's long-term endurance? Drawing on social identity theory and six family business portfolios from Pakistan, we find that business families may prefer to shut down a satellite business rather than sell it, which is primarily driven by identity considerations. In addition, the family's goal to recycle the assets, the aim to restart the business later, and the increasing decline in performance are important contingency factors. This study contributes to the literature on portfolio entrepreneurship, business exit, and the enduring entrepreneurship of family firms.

Informationen verzweifelt gesucht – Enterprise Search in österreichischen Großunternehmen

Die Arbeit geht dem Status quo der unternehmensweiten Suche in österreichischen Großunternehmen nach und beleuchtet Faktoren, die darauf Einfluss haben. Aus der Analyse des Ist-Zustands wird der Bedarf an Enterprise-Search-Software abgeleitet und es werden Rahmenbedingungen für deren erfolgreiche Einführung skizziert. Die Untersuchung stützt sich auf eine im Jahr 2009 durchgeführte Onlinebefragung von 469 österreichischen Großunternehmen (Rücklauf 22 %) und daran anschließende Leitfadeninterviews mit zwölf Teilnehmern der Onlinebefragung. Der theoretische Teil verortet die Arbeit im Kontext des Informations- und Wissensmanagements. Der Fokus liegt auf dem Ansatz der Enterprise Search, ihrer Abgrenzung gegenüber der Suche im Internet und ihrem Leistungsspektrum. Im empirischen Teil wird zunächst aufgezeigt, wie die Unternehmen ihre Informationen organisieren und welche Probleme dabei auftreten. Es folgt eine Analyse des Status quo der Informationssuche im Unternehmen. Abschließend werden Bekanntheit und Einsatz von Enterprise-Search-Software in der Zielgruppe untersucht sowie für die Einführung dieser Software nötige Rahmenbedingungen benannt. Defizite machen die Befragten insbesondere im Hinblick auf die übergreifende Suche im Unternehmen und die Suche nach Kompetenzträgern aus. Hier werden Lücken im Wissensmanagement offenbar. 29 % der Respondenten der Onlinebefragung geben zudem an, dass es in ihren Unternehmen gelegentlich bis häufig zu Fehlentscheidungen infolge defizitärer Informationslagen kommt. Enterprise-Search-Software kommt in 17 % der Unternehmen, die sich an der Onlinebefragung beteiligten, zum Einsatz. Die durch Enterprise-Search-Software bewirkten Veränderungen werden grundsätzlich positiv beurteilt. Alles in allem zeigen die Ergebnisse, dass Enterprise-Search-Strategien nur Erfolg haben können, wenn man sie in umfassende Maßnahmen des Informations- und Wissensmanagements einbettet.

Enterprise longevity in Colombian companies From a perspective of innovation and corporate social responsibility as a strategy

Hoy en día la Innovación y la Responsabilidad Social Empresarial son una herramienta clave para la perdurabilidad de una empresa a través del tiempo. Este es el caso de las organizaciones colombianas donde las decisiones de gerencia son enfocadas en el desarrollo de plataformas que soportan practicas sociales y éticas ya que estas incentivan a los trabajadores ofreciéndoles a sus clientes un mejor servicio y son necesarias para generar una estrategia de reputación, ganar fidelidad y credibilidad por parte de los consumidores. Crepes & Waffles es uno de los restaurantes colombianos más exitosos y que ha logrado mantenerse en el tiempo aún así en tiempos turbulentos. Su éxito se debe al uso de RSE en su estrategia, ellos crean innovación de valor en cada uno de sus platos al hacerlos diferentes, en el servicio al cliente y en los servicios y el buen trato que se le ofrece a los trabajadores. Por otro lado, Procolombia es una organización que promueve las exportaciones no tradicionales, la inversión extranjera y la marca país. Ellos al igual que Crepes & Waffles también se enfocan en la RSE y crea innovación de valor en sus procesos de orientar a las empresas a través de conferencias, seminarios, entrenamientos entre otras.

Las reformas emprendidas en Túnez de la mano del FMI y el BM ¿Precedente para la revolución de los Jazmines?”(1987-2010)

El estallido de la “Revolución de los Jazmines” cuestionó el éxito de un país que por más de dos décadas fue exaltado por el Banco Mundial (BM) y el Fondo Monetario Internacional (FMI) por los logros alcanzados gracias a un programa de restructuración económica. Las exigencias e inconformidades de los manifestantes, que iban más allá de la falta de garantías democráticas, permitieron ver que el país sufría de problemas estructurales relacionados a los altos niveles de desempleo, la precariedad de la situación laboral y la desigualdad. Esta monografía pretende evaluar el papel que tuvieron las reformas económicas y en general el modelo de desarrollo que siguió Túnez de la mano del FMI y el BM, en el surgimiento y consolidación de las condiciones que dieron lugar a la Revolución de los Jazmines a finales del año 2010.

Bank Governance and the Bail-in in the EU. A Law & Finance analysis on the role of bail-inable creditors

This dissertation assesses the impact of the EU Directive on Bank Recovery and Resolution (BRRD) on bank corporate governance and investigates a fundamental question. Can the resolution framework for distressed banks enhance the quality of banks’ decision making? According to the Directive, the Resolution Authority can impose losses on bank’s creditors in case of distress through a bail-in. Bail-inable creditors become residual claimants of the bank, contingent on its distress. The first part of the dissertation establishes an analytical framework for bank governance, starting from the problem of what can be defined as “good governance” in banking. The dissertation hypothesizes that governance regulation represents a necessary link between the incentives of corporate constituencies and the goals of substantive regulation. The second part builds upon this analytical framework and carries out a positive analysis encompassing three channels of debt governance; namely, price internalisation of risk; contractual arrangements and the discrete impact of different type of creditors. The existence of a resolution framework should incentivise bail-inable creditors to better discipline the borrowing bank; yet, the design of both the capital and resolution regulation largely foreclose such possibility to creditors. Against this backdrop, the third part of the dissertation moves to normative considerations. The approach to this normative part combines and complements the study of cash flow rights of the management with the study of the voting rights to bail-inable creditors. On the cash flow side, the dissertation proposes to include bail-inable debt as part of the variable remuneration for bank risk-takers. On the voting right, the proposal is to grant a limited basket of ex-ante governance rights to bail-inable creditors. Such a unified approach is rather uncommon in the literature, where cash flow rights and voting rights are often approached separately whereas those complement each other in the dissertation.

Ethical Perspectives on Big Data in Agri-food: Ownership and Governance for Safety

Big data are reshaping the way we interact with technology, thus fostering new applications to increase the safety-assessment of foods. An extraordinary amount of information is analysed using machine learning approaches aimed at detecting the existence or predicting the likelihood of future risks. Food business operators have to share the results of these analyses when applying to place on the market regulated products, whereas agri-food safety agencies (including the European Food Safety Authority) are exploring new avenues to increase the accuracy of their evaluations by processing Big data. Such an informational endowment brings with it opportunities and risks correlated to the extraction of meaningful inferences from data. However, conflicting interests and tensions among the involved entities - the industry, food safety agencies, and consumers - hinder the finding of shared methods to steer the processing of Big data in a sound, transparent and trustworthy way. A recent reform in the EU sectoral legislation, the lack of trust and the presence of a considerable number of stakeholders highlight the need of ethical contributions aimed at steering the development and the deployment of Big data applications. Moreover, Artificial Intelligence guidelines and charters published by European Union institutions and Member States have to be discussed in light of applied contexts, including the one at stake. This thesis aims to contribute to these goals by discussing what principles should be put forward when processing Big data in the context of agri-food safety-risk assessment. The research focuses on two interviewed topics - data ownership and data governance - by evaluating how the regulatory framework addresses the challenges raised by Big data analysis in these domains. The outcome of the project is a tentative Roadmap aimed to identify the principles to be observed when processing Big data in this domain and their possible implementations.

Comparazione performance di un'applicazione enterprise basata su service mesh

Ultimamente si stanno sviluppando tecnologie per rendere più efficiente la virtualizzazione a livello di sistema operativo, tra cui si cita la suite Docker, che permette di gestire processi come se fossero macchine virtuali. Inoltre i meccanismi di clustering, come Kubernetes, permettono di collegare macchine multiple, farle comunicare tra loro e renderle assimilabili ad un server monolitico per l'utente esterno. Il connubio tra virtualizzazione a livello di sistema operativo e clustering permette di costruire server potenti quanto quelli monolitici ma più economici e possono adattarsi meglio alle richieste esterne. Data l'enorme mole di dati e di potenza di calcolo necessaria per gestire le comunicazioni e le interazioni tra utenti e servizi web, molte imprese non possono permettersi investimenti su un server proprietario e la sua manutenzione, perciò affittano le risorse necessarie che costituiscono il cosiddetto "cloud", cioè l'insieme di server che le aziende mettono a disposizione dei propri clienti. Il trasferimento dei servizi da macchina fisica a cloud ha modificato la visione che si ha dei servizi stessi, infatti non sono più visti come software monolitici ma come microservizi che interagiscono tra di loro. L'infrastruttura di comunicazione che permette ai microservizi di comunicare è chiamata service mesh e la sua suddivisione richiama la tecnologia SDN. È stato studiato il comportamento del software di service mesh Istio installato in un cluster Kubernetes. Sono state raccolte metriche su memoria occupata, CPU utilizzata, pacchetti trasmessi ed eventuali errori e infine latenza per confrontarle a quelle ottenute da un cluster su cui non è stato installato Istio. Lo studio dimostra che, in un cluster rivolto all'uso in produzione, la service mesh offerta da Istio fornisce molti strumenti per il controllo della rete a scapito di una richiesta leggermente più alta di risorse hardware.

Rising China and Internet governance: Multistakeholderism, fragmentation and the Liberal Order in the age of digital sovereignty

In its open and private-based dimension, the Internet is the epitome of the Liberal International Order in its global spatial dimension. Therefore, normative questions arise from the emergence of powerful non-liberal actors such as China in Internet governance. In particular, China has supported a UN-based multilateral Internet governance model based on state sovereignty aimed at replacing the existing ICANN-based multistakeholder model. While persistent, this debate has become less dualistic through time. However, fear of Internet fragmentation has increased as the US-China technological competition grew harsher. This thesis inquires “(To what extent) are Chinese stakeholders reshaping the rules of Global Internet Governance?”. This is further unpacked in three smaller questions: (i) (To what extent) are Chinese stakeholders contributing to increased state influence in multistakeholder fora?; (ii) (how) is China contributing to Internet fragmentation?; and (iii) what are the main drivers of Chinese stakeholders’ stances? To answer these questions, Chinese stakeholders’ actions are observed in the making and management of critical Internet resources at the IETF and ICANN respectively, and in mobile connectivity standard-making at 3GPP. Through the lens of norm entrepreneurship in regime complexes, this thesis interprets changes and persistence in the Internet governance normative order and Chinese attitudes towards it. Three research methods are employed: network analysis, semi-structured expert interviews, and thematic document analysis. While China has enhanced state intervention in several technological fields, fostering debates on digital sovereignty, this research finds that the Chinese government does not exert full control on its domestic private actors and concludes that Chinese stakeholders have increasingly adapted to multistakeholder Internet governance as they grew influential within it. To enhance control over Internet-based activities, the Chinese government resorted to regulatory and technical control domestically rather than establishing a splinternet. This is due to Chinese stakeholders’ interest in retaining the network benefits of global interconnectivity.