What Does Board Capital Really Bring to the Table? Exploring the Effect of Directors’ Human and Social Capital on Effective Governance During International Expansion

What constitutes effective corporate governance? Which director characteristics render boards effective at positively influencing firm-level performance outcomes? This dissertation examines these questions by taking a multilevel, multidisciplinary approach to corporate governance. I explore the individual-, team-, and firm- level factors that enable directors to serve effectively as strategic resources during international expansion. I argue that directors’ international experience improves their ability to serve as effective strategic consultants and resource providers to firms during the complex internationalization process. However, unlike prior research, which tends to assume that directors with the potential to provide important resources uniformly do so, I acknowledge contextual factors (i.e. board cohesiveness, strategic relevance of directors’ experience) that affect their propensity to actually influence outcomes. I explore these issues in three essays: one review essay and two empirical essays. In the first empirical essay, I integrate resource dependence theory with insights from social-psychological research to explore the influence of board capital on firms’ cross-border M&A performance. Using a sample of cross-border M&As completed by S&P 500 firms from 2004-2009, I find evidence that directors’ depth of international experience is associated with superior pre-deal outcomes. This suggests that boards’ deep, market-specific knowledge is valuable during the target selection phase. I further find that directors’ breadth of international experience is associated with superior post-deal performance, suggesting that these directors’ global mindset helps firms in the post-M&A integration phase. I also find that these relationships are positively moderated by board cohesiveness, measured by boards’ internal social ties. In the second empirical essay, I explore the boundary conditions of international board capital by examining how the characteristics of firms’ internationalization strategy moderate the relationship between board capital and firm performance. Using a panel of 377 S&P 500 firms observed from 2004-2011, I find that boards’ depth of international experience and social capital are more important during early stages of internationalization, when firms tend to lack market knowledge and legitimacy in the host markets. On the other hand, I find that breadth of international experience has a stronger relationship with performance when firms’ have higher scope of internationalization, when information-processing demands are higher.

Consumer protection in Turkey: law, informality and the role of the media. Monash University, Workplace and Corporate Law Research Group, Working Paper No. 21

This report is part of a University of Oxford John Fell funded collaborative project: Informality and the Media in Consumer Protection in Emerging Economies. This pilot project seeks to shed light upon consumer complaint behaviour through social media in emerging economies.

El movimiento social de 1995 en Francia contra el neoliberalismo

Las movilizaciones de noviembre-diciembre de 1995 en Francia contra el Plan Juppé fueron la primera gran revuelta en un país europeo contra el neoliberalismo. Con los trabajadores del sector público como eje de la protesta el movimiento se desplegó en base a la articulación combinada de huelgas y manifestaciones. Las reivindicaciones sectoriales se articularon en un discurso más general de defensa del servicio público y el interés general. Noviembre-diciembre de 1995 marcó el inicio de un ciclo de movilizaciones contra el neoliberalismo en Francia que testimonió su creciente pérdida de legitimidad.

The effectiveness of corporate Web in small and médiumsized business: an analysis of Web Usability

Internet and the Web have changed the way that companies communicate with their publics, improving relations between them. Also providing substantial benefits for organizations. This has led to small and medium enterprises (SMEs) to develop corporate sites to establish relationships with their audiences. This paper, applying the methodology of content analysis, analyzes the main factors and tools that make the Websites usable and intuitive sites that promote better relations between SMEs and their audiences. Also, it has developed an index to measure the effectiveness of Webs from the perspective of usability. The results indicate that the Websites have, in general, appropriate levels of usability.

The corporate regimen of labour companies in the New Act 44/2015, on 14th October, of labour and investee companies

Act 44/2015, on 14th October, of labour and investee companies, aims to accommodate the different instruments, limits and requirements with which the legal regime of the labour companies is set, to the current economic and legal context where they must develop their economic activity. The purpose of the law is to preserve their special status, while it seeks to modernize its legal structure to ensure the economic solvency of the business plan, without weakening the social profile that is required. The new law includes two organisational figures, ‘labour companies’ and the calling ‘investee companies’, of the last one, only leaving evidence of what is to be understood by them referring its regulation to a subsequent regulatory development. Until the publication of the regulation, our work has focused on the corporate aspect of the labour companies by analysing the modifications made on the typological elements and legal regime of these organisational figures to determine whether the law is the necessary and sufficient instrument to achieve the challenge proposed.

Resistance is futile: the borg, the hive, and corporate hegemony

The Borg, a collective of humanoid cyborgs linked together in a hive-mind and modeled on the earthly superorganisms of ant colonies and beehives, has been the most feared alien race in the Star Trek universe. The formidable success of the Borg in assimilating their foes corresponds to the astounding success of superorganisms in our own biosphere. Yet the Borg also serves as a metaphor for another collective of biological entities known as the corporation. In the Anthropocene epoch, corporations have become the most powerful force on the planet; their influence on the social world and the environment exceeds any government and may determine the continued sustainability of human life. Corporations have been described as people and as machines, but neither metaphor accurately describes their essence or contributes to an understanding that might resist their power. This paper reframes our understanding of the corporation by examining the metaphors that are used to describe it, and by suggesting an entirely new metaphor viewing the Borg and the corporation through the lens of sociobiology. I will argue that the corporation is a new form of superorganism that has become the dominant species on the planet and that the immense, intractable power of a globalized, corporate hive-mind has become the principal obstacle to addressing the planetary emergency of climate change. Reframing our metaphoric understanding of corporations as biological entities in the planetary biosphere may enable us to imagine ways to resist their increasing dominance and create a sustainable future. 

Merging Paradigms: A framework for meeting the goals of sustainable development and corporate sustainability for cruise industry firms

Thesis (Master's)--University of Washington, 2016-06

Integrating corporate responsbility into investor relations. Sustainability report as a part of investor relations.

Corporate responsibility is a question that many stakeholders are interested in. These stakeholders can be e.g. company’s employees, partners, clients, media or investors. Especially for listed companies, investors are one of the most important stakeholders. It is essential for a company to maintain the trust of current investors and gain the trust of potential investors. Investors cannot be divided only into two groups, individual and institutional investors. Investors differ a lot, especially when it comes to investment decisions. Investors can make their investment decisions based on many things, and strong financial performance is not necessarily good enough a reason. Socially responsible investors value responsibility and sustainability related factors when making investment decisions. These things can be divided into three dimensions: environmental, social and economic responsibility. Many companies disclose a sustainability report in order to be able to answer to the needs of different stakeholders, including investors. The purpose of this thesis was to study how companies integrate corporate responsibility into investor relations, and how sustainability report can be used in investor relations. Furthermore, this thesis examined the key elements of sustainability reports. The research was made by a qualitative study in two phases. In the first phase five representatives of two Finnish listed companies, KONE and Kesko were interviewed. The interviewees are professionals within investor relations and corporate responsibility communications. In the second phase of the study the sustainability reports of these two companies were analyzed with content analysis. The existing theory and the interviews created the base for the content analysis. This study suggests that there is a connection between corporate responsibility and investor relations, and those should be integrated. Socially responsible investors are an important target group for companies, and companies should be able to respond to their and other stakeholders’ needs. Sustainability report can be used as a tool both within the company and in external communication for these purposes.

Diseño de una guía de marketing social basado en la responsabilidad social para locales comerciales del centro histórico de la ciudad de Cuenca

La elaboración de este trabajo de investigación tiene como finalidad el diseño de una Guía de Marketing Social basado en la Responsabilidad Social para locales comerciales del centro histórico de la ciudad de Cuenca, mediante la cual pretendemos aportar estrategias que beneficien a los emprendedores cuencanos en especial, del centro histórico de la ciudad. Este trabajo se estructuró de la siguiente manera: Primerose ha visto fundamentalla investigación de las Bases Teorías de Responsabilidad Social y Marketing Social, antecedentes, definiciones, conceptos, diferencias, semejanzas y el avance de estas a través de organizaciones e instituciones nacionales e internacionales. También se ha valorado los conocimientos de los emprendedores del centro histórico, para este importante aspecto seclasificó a los locales en tres tipos o variables que corresponden: Servicio, Alimentación y Bebidas, y Comercio; posteriormente setrabajó con 266 encuestasque se dividieron de acuerdo a los resultados de la muestra. Finalmente se elaboró la guía de Marketing Social la misma que se basa en la Responsabilidad Social, allí se consideran pilares fundamentales a:Políticas de Responsabilidad Social; Aplicación del Marketing Social; Medición de impacto de Responsabilidad Social; Posicionamiento de marca desde el Marketing Social; Formación de la Reputación Corporativa; Construcción del Personal Branding; y Fidelización de clientes desde la Web 2.0.

Controle social e transparência : avaliação do modelo de acesso à informação no Brasil

O objetivo principal deste estudo é avaliar se as medidas e ações implementadas pelos governantes para aperfeiçoar o modelo de governança pública brasileiro estão contribuindo para elevar o nível de controle social e de transparência na administração pública. Pressupomos que a promoção da transparência e do acesso à informação é uma medida essencial para o fortalecimento do controle social e da democracia, e por decorrência, para a melhoria da qualidade da gestão pública. Trata-se de um artigo teóricoempírico e bibliográfico, apoiado nas abordagens das teorias da governança, neoinstitucional e da agência. A partir da literatura, relatórios e das normas legais, buscamos identificar inicialmente as motivações que levaram à adaptação e transferência das experiências da governança corporativa para o setor público. Realizou-se, ainda, uma pesquisa de campo para avaliar a qualidades das informações das despesas públicas disponibilizadas pelos portais de transparência dos 200 municípios mais populosos do país. Conclui-se, por fim, que ainda existem inúmeros desafios e obstáculos a serem superados nos âmbitos sociocultural e institucional. Essas dificuldades são agravadas por deficiências de competência e de valores éticos e morais dos governantes e políticos, essenciais para viabilizar uma boa governança pública, elevar a transparência e aumentar o controle social no Brasil. _______________________________________________________________________________________ ABSTRACT

Prostituição masculina em Belo Horizonte : evidências da questão social

Este artigo resulta de pesquisa com homens que praticam a prostituição, também conhecidos como garotos de programa, em Belo Horizonte. Estudos sobre o tema e a utilização de entrevistas com enfoque qualitativo contribuíram para a compreensão desta dinâmica societária presente nos diversos territórios e espaços da vida social. A partir das entrevistas foi possível conhecer de forma aproximativa como vivem e sobrevivem estes indivíduos, que possuem histórias, atribuem significados às suas vidas e criam cotidianamente formas de sobrevivência num cenário marcado por preconceito, estigma, discriminação, opressão, exploração e violência. __________________________________________________________________________________________________________________ ABSTRACT

Corporate community responsibility as an outcome of individual embeddedness

Purpose: The purpose of this article is to improve our understanding of the nature of social responsibility in actual practices and, specifically, the influence of individuals on these processes.  Design/methodology/approach: An abductive approach is applied (Alvesson and Sköldberg 1994), i.e. theory is developed by moving between theory and four empirical cases. The storeis highlight the importance of the individual and closeness to local stakeholders and the presence of overlapping rationales. Findings: The individuals’ simultaneous roles – as owners, managers, and community members – influence how they are held or see themselves as accountable and how they account for the firms’ engagement in the community. The activities are conducted in the name of the firm but originate from private as well as business-oriented concerns. Our conclusions encourage an extension of the CSR construct to approach it as an entangled phenomenon resulting from the firm and the individual embeddedness in internal and external cultures. Originality/value: This study brings the individual managers and owner-managers into focus and how their interplay with the surrounding context can create additional dimensions of accountability, which impact on the decisions taken in regard to CSR. A micro-perspective is applied. Corporate community responsibility, particularly in smaller and rural communities, contributes to recognize and understand how individuals influence, and are influenced by CSR.

Estrategias para la mejora de la reputación organizacional de Ecosistec S.A.S

Al interior de la empresa ECOSISTEC S.A.S. existe un problema que está erosionando la rentabilidad y está comprometiendo la perdurabilidad de esta empresa, con el planteamiento de este proyecto aplicado se podrá resolver el problema de reputación que tiene a la empresa en un estado crítico y que ha limitado considerablemente su desempeño a través de los últimos años. A través de un análisis externo e interno, y de la aplicación de diferentes metodologías al interior de esta empresa se espera poder conocer la situación actual de la misma y del mercado colombiano, lo que a la final permitirá encontrar una solución óptima que mejore el estado actual de esta organización mejorando la cuota de mercado y la imagen que tienen los potenciales clientes de ECOSISTEC S.A.S.

Essays on risk-taking in corporate finance

This thesis consists of three independent essays on risk-taking in corporate finance. The first essay explores how community-level social capital (CSC), framed as a cultural characteristic of individuals born in different provinces of Italy, affects investment behavior in equity crowdfunding. Results show that investors born in high-CSC provinces invest more money in ventures characterized by an enhanced risk profile. Observed risk-taking is theoretically linked to higher generalized trust endowed to people born in high-CSC areas. The second essay focuses on how convexity of Chief Financial Officers’ stock options affects their hedging decisions in the oil and gas industry. Highly convex CFOs hedge less commodity price risk, even if the Chief Executive Officer’s incentives are consistent with a more conservative hedging strategy. Finally, the third essay is a systematic literature review on how different sources of compensation-based risk-taking incentives of Chief Executive Officers affect decision-making in corporate finance.