Managerial Discretion in the Arab World: New National-Level Antecedents

Based on a sample of six Arabian countries, our study examines the effect of cultural practices on CEO discretion. Using a panel of senior consultants, we extend the national-level framework of managerial discretion and find that an encompassing array of cultural practices play a crucial role in shaping the degree of discretion provided to CEOs. We empirically demonstrate that power distance, future and performance orientation along with gender egalitarianism and assertiveness has positive relationships with managerial discretion. However, institutional collectivism, uncertainty avoidance and humane orientation negatively affect the degree of discretion provided to CEOs. As such, our results indicate that executives are able to take idiosyncratic and bold actions to the extent to which the cultural environment allows them to do so. Finally, we find new national-level antecedents of managerial discretion that haven’t been considered in earlier studies.

Cross-National Differences in Managerial Discretion: Insights from the Middle East

Our study examines the effect of cultural practices on CEO discretion across six Middle Eastern countries. Using a panel of senior management consultants, we extend the national-level framework of managerial discretion and find that an encompassing array of cultural practices play a crucial role in shaping the degree of discretion provided to CEOs’ of public firms headquartered in these countries. We empirically demonstrate that power distance, future and performance orientation along with gender egalitarianism and assertiveness have positive relationships with managerial discretion. However, institutional collectivism, uncertainty avoidance and humane orientation negatively affect the degree of discretion provided to CEOs. As such, our results indicate that executives are able to take idiosyncratic and bold actions to the extent to which the cultural environment allows them to do so. As such, we contribute to the strategic leadership literature by finding new national-level antecedents of managerial discretion that haven’t been considered in earlier studies and confirm the context dependency of the discretion construct.

Three essays on the market for CEOs

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Codeship: Financing growth: Case study and Teaching note

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Perspectives and approaches for the internet of things

Dissertação para obtenção do Grau de Mestre em Engenharia Electrotécnica e de Computadores

Firmago S.A. - 2016: A deadline for succession

This paper, “Firmago S.A. - 2016: a deadline for succession”, is a case-based essay on a family business. It aims to provide the necessary tools for readers to best decide upon who should be chosen for the continuity of the family business after July 2016. Along with the case study the reader will have the opportunity to identify two main problems: blurred boundaries and the nonexistence of succession planning. In order to elaborate this case study I conducted several meetings with João Cabral, the current CEO of Firmago, who helped me understand the company’s background and the complexity of the family’s relationships. In order to fulfill the CEO’s requirement, all the real names and surnames of those from Firmago were replaced by fake names.

Shoes closet- Entering the German market

The purpose of this project is to prepare and help ShoesCloset company for international business activity, namely in Germany. After having a careful study on the core foundation of the company I conclude that ShoesCloset has indeed potential to succeed by offering what the target segment is looking for in footwear. Nevertheless, the firm still has to improve in areas such as marketing, management operations, distribution channels and internal structure. In relation to the German market and according to my studies the best mode of entry is through direct exports, which would be under the supervision of the CEO. Moreover, it is imperative to increase the productive capacity in order to satisfy both national and international expected demands

The impact of the Board of Director's composition on companies performance

The impact of the Board of Directors’ composition on companies’ performance This paper studies the impact that the board of directors’ composition has on companies’ performance in the Italian market. The research has been carried out by using a sample of 10 Italian companies, across different market sectors, over a period of 10 years (2005-2014). The characteristics of the BoD taken into consideration are the following: board size, board diversity (% of female directors), board independence and CEO duality. Results from the sample data collected concluded that these factors have a statistically significant impact on the performance of the companies that have been analysed.

Paikallisuus ja alueellisuus osuustoimintayritysten liiketoiminnassa

Työn tarkoituksena on ymmärtää ja kuvata paikallisuuden ja alueellisuuden merkitystä osuustoimintayritysten liiketoiminnassa. Tavoitteena on ymmärtää, mitä ovat alueellisuus ja paikallisuus kohdeyritysten näkökulmasta katsottuna, kuinka ne ilmenevät yritysten toiminnassa ja mikäon niiden merkitys liiketoiminnassa. Tutkimus on luonteeltaan laadullinen tapaustutkimus. Tutkimuksen empiirisenä aineistona toimivat kohdeyritysten toimitusjohtajien sekä yhden OP-ryhmän ja osuustoiminnan asiantuntijan yksilöhaastattelut. Haastattelut tehtiin vuoden 2005 kesällä kohdeyritysten toimitiloissa. Tutkimustulokset osoittavat, että paikallisuudella ja alueellisuudella on merkittävä lisäarvo osuuskuntien liiketoiminnassa. Paikallisuus ja alueellisuus tarjoavat mahdollisuuden osuustoiminnan ominaispiirteiden hyödyntämiseen ja konkretisoimiseen asiakkaiden arvostamalla, ihmisläheisellä liiketoimintatavalla ja edesauttavatnäin ollen liiketoiminnassa menestymistä.

Vies de saints, en français.

Contient : Vie de S. Laurent, en vers. « Maistre, a cest besoing vus dreciez... » ; Assomption Notre-Dame, par Hermann de Valenciennes (attribuée ici à « Willemme »), en vers. « Seignors, or escutez, que Deu vus beneïe... » ; Vision de S. Paul, en vers. « Seignors freres, ore escoutez... » ; Vie de Ste Marie l'Égyptienne, en vers. « Oez, seignors, une raisun. ». ; Vie de S. Alexis, en vers. « Bons fu li siecles al tens ancienor... » ; Vie de S. Jean l'Évangéliste, en prose. « Le secunt travail as Crestiens, après Nerun... » ; Vie de S. Jean-Baptiste, en prose. « Al tens Herode le rei de Judée fu un proveire... » ; « Vie de S. Barthélemy. « Ceo cuntent ceus qui sevent deviser les parties del munde... » ; Passion de S. Pierre et S. Paul, en prose. « Al tens Nerun Cesar esteient a Rome... » ; Du jugement de Dieu, en vers. « Seignors, oez raisun gloriose et saintisme... » ; Sermon, en sixains, sur le jugement de Dieu ; Évangile de Nicodème. « Ceo avint al quinzime an que Tyberie Cesar aveit esté enpereor... » ; Sermon du siècle, de Guichart de Beaulieu, en vers. « Entendez vers mei, les pétiz et les granz... » ; Vie de Ste Marie-Madeleine, en vers, par « Willieme » ; Enseignement sur le Pater, en prose. « A son treschier frere. Mun cher frere, sachez ke home tant cum il entent... » ; De la confession, en prose. « Ki voldra bien e beau vestu aparer devant la face Jhesu... » ; Vie de Notre-Dame, par « Guillame, » en vers ; Dit du besant de Dieu, par « Guillame », en vers. « Pur ceo que jeo ne voil muscier... » ; Des trois ennemis de l'homme, par Guillaume, en vers. « [T]reis moz qui me sont enchargez... » ; Histoire de Tobie, dédiée à « Guillelme... del iglise Sainte Marie de Keneille wourthe en Ardene », en vers. « [C]il qui seme bone semence... » ; Vie de Ste Marguerite, en vers ; Sermons, en prose ; I « Donavit illi nomen quod est super omne nomen, etc. Seint Pol li apostre dit de nostre Salveor... » ; II « Dixit Dominus ad Jesum filium Naue... Dist nostre Seignor a Jesu le fiz Nave, qui ert ministre Moysi... » ; III « Misit Deus exploratores in abscondito... Ceo fait a entendre en romanz que Jesu Nave, enveiad... » ; IVCum autem esset Jesus in agro urbis Jerico... Ceo conte l'estoire de la lei, quand Jesu fud en champ de Jerico... » ; V « Tulit autem unus ex filiis Israel aliquid de anathemate Jerico... Ceo dit l'estoire que uns hoem de la mesnée Israel... » ; La Passion, extraite de la Bible en vers de Hermann de Valenciennes ; Chanson, avec musique notée. « Margot, Margot, greif sunt ly mau d'amer, très duce Margot... »

The effect of governance mechanism and structure on fees and performance of Mutual Funds in Canada

Taking advantage of the unique Canadian setting, this study empirically analyzes the impact of presence of the board of directors, as an internal governance mechanism, on fees and performance of mutual funds. Further, the impact of the board structure on fees and performance of corporate class funds is analyzed. We find that corporate class funds, which have a separate board of directors for the fund, charge higher fees; however, they also provide superior performance than trust funds. Furthermore, we find that for corporate class funds, smaller board, with higher percentage of independent directors, and with the fund CEO acting as the chairman of the board is likely to charge lower fees. Also, more independent boards are strongly associated with superior fee-adjusted performance.

Donald Ziraldo Fonds, 1968-2012, n.d.

Donald J. P. Ziraldo, C.M., BSc., LLD was born in St. Catharines, Ontario on October 13, 1948 to Fredrick and Irma (Schiratti) Ziraldo. He graduated Denis Morris High School in St. Catharines in 1967, and received his B.Sc. in Agriculture at the University of Guelph in 1971. In 1974, Ziraldo was running Ziraldo Nurseries when he met Austrian born schoolteacher, chemist and winemaker Karl J. Kaiser. They realized that there was a gap in the premium varietal wine market and decided to plant a premium traditional European variety of grape vine species, the Vitis vinifera. This was an innovation in the Niagara region because the current wine producers were not using premium European grapes at the time. Ziraldo and Kaiser founded and then formally incorporated Inniskillin Wines Inc. in Niagara-on-the-Lake, Ontario on July 31, 1975. Ziraldo successfully lobbied General George Kitching, CEO of the LCBO, for a winery license. In 1975, Kitching granted him a winery license, the first in Ontario since Prohibition ended. From the beginning, there was a division of labour where Kaiser focused on the winemaking and Ziraldo focused on the marketing and promotion of the wines. Ziraldo also became president of the company. Ziraldo and Kaiser worked on improving their winemaking techniques and promoting their products and company. Ziraldo has been called ‘one of the founding fathers of the Canadian wine industry’, and it is widely acknowledged that both men played a large role in the success and growth of the Canadian wine industry. Together they pioneered the estate winery movement in Canada. A major turning point Inniskillin came in 1984 when Karl Kaiser successfully harvested the first Icewine crop from frozen grapes on the vine and bottled Eiswein Vidal (Icewine). In 1990, Inniskillin received worldwide recognition for this Icewine when their 1989 Vidal Icewine won the most prestigious award in the wine world, the Grand Prix d’Honneur, given at Vinexpo in France. This victory has been called ‘the award heard round the world’ and it launched Inniskillin into the international wine arena. At the same time, this helped lift the profile of Canadian wines in general. Inniskillin not only became Canada’s leading producer of Icewine, but it also became known for producing ‘one of the world’s great wines’. After the 1990 award, Ziraldo began a major public relations campaign to promote Inniskillin and build Icewine into a worldwide brand. He travelled broadly every year to promote the brand and products and networked extensively with politicians, celebrities, chefs, sommeliers, etc. To ensure worldwide and long-term success, Ziraldo introduced Icewine to Asia and the United States which were new markets. He developed a new Icewine glass with George Riedel. Tony Aspler has called Ziraldo ‘Canada’s Wine Ambassador’. Ziraldo was President of Inniskillin Wines Inc. (Niagara) from 1975 to 2006. In 1992, Inniskillin merged with Cartier Wines, and in 1993 Cartier Inniskillin Vintners Inc. merged with T.G. Bright & Co. Limited, forming the new company Vincor International Inc. Inniskillin wines was now a subsidiary of Vincor. Ziraldo became a Director at Vincor International Inc. from 1993 to 2004. From 1989 to the mid 1990s, Ziraldo also became President of Inniskillin Napa, in Napa Valley, California. Inniskillin purchased Napa Valley vineyards and produced wines under the Terra label. In 1994, Ziraldo set up a subsidiary estate winery of Inniskillin in Oliver, British Columbia which was called Inniskillin Okanagan Vineyards Inc. He became President of the winery. This started as a partnership between Inniskillin and the local Inkameep Indian Band in the Okanagan. In 2006, Ziraldo left Inniskillin and since that time he has been involved in other Icewine related ventures such as running Ziraldo Estate Winery and producing Ziraldo Riesling Icewine 2007. He also is in partnership with the Niagara based Equifera Estate Winery to produce Equifera Icewine. His most recent projects include planting Picolit grapes in his parent’s hometown, in a project called Picolit Di Fagagna and becoming Managing Director of the Senhora Do Convento Port Winery in Portugal. Donald Ziraldo was instrumental in the creation of the Vintners Quality Alliance (VQA) in Ontario and was its founding Chair from 1988-1995. The VQA was established as a regulatory and appellation system which secured the quality and origin of Canadian wines made under this system. The VQA designation and bottle label gave the consumer confidence that the wines they were purchasing were 100% local products. The VQA system was set up first in Ontario and then in British Columbia.

Letter - Johnny Lombardi to Donald Ziraldo, 2000

A letter from President and CEO of CHIN radio and television, Johnny Lombardi. Mr. Lombardi thanks Mr. Ziraldo for his "good wishes" as he celebrated his 84th birthday. Lombardi also mentions the CHIN Winter Picnic to happen soon in Acapulco. There is a handwritten note at the bottom that appears to be written in Italian.

Effect of executive compensation on firm performance

The paper finds evidence that the equity-based CEO pay is positively related to firm performance and risk-taking. Both stock price and operating performance as well as firm's riskiness increase in the pay-performance sensitivities (PPS) provided by CEO stock options and stock holdings. PPS can explain stock returns better as an additional factor to the Fama-French 3-factor model. When CEOs are compensated with higher PPS, firms experience higher return on asset (ROA). The higher PPS also leads to the higher risk-taking. While CEO incentive compensation has been perceived mixed on its effectiveness, this study provides support to the equity-based CEO compensation in reducing agency conflicts between CEOs and shareholders.

Le cancer épithélial des ovaires à cellules claires et de type mucineux exprime un niveau élevé de HYAL-1 : corrélation inverse avec l’expression des récepteurs d’estrogène et de progestérone

Le cancer épithélial des ovaires (CEO) est classifié en sous types histopathologiques identifiés tel que séreux, endométrioide, à cellules claires et mucineux. Une analyse génétique réalisée au niveau moléculaire a suggéré un rôle pour des gènes suppresseurs de tumeur localisés sur le bras court du chromosome 3p21.3 dans la pathogénèse du CEO de type séreux. Notre objectif était d’évaluer le profil d’expression de HYAL-1, localisé dans cette même région, dans les différents sous types du CEO, et de vérifier une éventuelle corrélation avec l’expression des récepteurs d’hormones stéroïdiennes. Pour se faire, nous avons analysé par RT-PCR quantitative l’expression de l’ARNm de HYAL-1, des récepteurs d’estrogène (ER-α et ER-β) et du récepteur de progestérone (PR) dans des échantillons de tissus extraits de tumeurs du CEO provenant de deux cohortes indépendantes et dans des lignées cellulaires. Nous avons également réalisé des analyses bioinformatiques à partir de l’expression de ces gènes en ayant recours à une base de données de microarray disponible en ligne et ouverte au public. Par la suite, nous avons mesuré l’activité enzymatique de HYAL-1 dans des lignées cellulaires du CEO et dans des échantillons de plasma. Nos résultats ont montré que l’expression de l’ARNm de HYAL-1 était élevée dans le type à cellules claires et mucineux mais non dans les types séreux et endométrioides, autant dans les échantillons sains que de ceux provenant de tumeurs bénignes. De façon cohérente, le niveau d’ARNm et l’activité enzymatique de HYAL-1 étaient élevés dans les lignées cellulaires à cellules claires et mucineuses. Nous avons aussi démontré qu’il y avait une corrélation inverse entre les niveaux de l’ARNm de HYAL-1 et ceux d’ER-α et PR dans les échantillons de tissus de CEO du type mucineux et à cellules claires. De façon similaire, nous avons noté que l’activité de HYAL-1 était élevée dans le plasma de ces mêmes patients. En conséquence nos travaux proposent HYAL-1 en tant que biomarqueur potentiel dans le cas des CEO de type à cellules claires et mucineux présentant un faible niveau d’expression d’ER-α et PR.