Transition into adulthood : the impact of the great recession in schooling and financial choices of young adults

Mestrado em Finanças

PK-yrityksen omistajanvaihdos tietojohtamisen näkökulmasta – tiedon jakaminen ja absorptiivinen kapasiteetti

PK-yritysten omistajanvaihdokset koskettavat vuoteen 2020 mennessä Suomessa noin 250000 ihmistä. Yhteiskunnan kannalta on tärkeää, että vaihdokset onnistuvat ja yritykset säilyttävät kilpailukykynsä, pystyvät kehittymään, kasvamaan kannattavasti ja työllistämään lisää henkilökuntaa. Työn tavoitteena on ymmärtää ja selittää PK-yrityksen omistajanvaihdosta tietojohtamisen näkökulmasta. Tutkimus toteutettiin vertailevana tapaustutkimuksena. Aineisto kerättiin puolistrukturoiduilla teemahaastatteluilla. Luopujan hiljaisen tiedon ja jatkajan yritykseen tuoman uuden tiedon onnistunut hyödyntäminen on oleellista PK-yritysten omistajanvaihdosten onnistumisessa. Luopujan hiljaisen tiedon siirtäminen jatkajalle ylläpitää yrityksen kilpailukykyä. Jatkajan yritykseen tuoma uusi tieto puolestaan voi laukaista tiedon hankinnan, sulattamisen, muokkaamisen ja hyödyntämisen prosessin, jonka kautta yrityksen kilpailukykyä voidaan parantaa tehostamalla prosesseja tai parantamalla tuotteita ja palveluita. Yksilöiden välinen tiedon jakaminen, siirtäminen ja rakentaminen ovat prosesseja, jotka kasvattavat yrityksen absorptiivistä kapasiteettiä tehostamalla tiedon sulattamista ja muuntamista. Tätä kautta voidaan osaltaan selittää omistajanvaihdokseen liittyviä riskejä ja mahdollisuuksia.

Aportes teóricos sobre el rol de la propiedad comunal en la transición al capitalismo

En el presente trabajo se propone un abordaje del rol de la propiedad comunal en la transición del feudalismo al capitalismo europeo a partir de la dinámica de desestructuración del modo de producción dominante. Partimos de la idea que la transición no implica la eliminación de los elementos que componen el modo de producción anterior, sino su permanencia y aún su fortalecimiento sobre bases modificadas. Este es el caso de la pervivencia de las formas campesinas de producción, dentro de las cuales la propiedad colectiva es una de sus bases de sostenimiento material más importantes. Sin embargo, este proceso es complejo y no está excento de ambigüedades. La corrupción interna de la comunidad aldeana, con la consiguiente proletarización parcial de su mano de obra se halla en estrecha relación con la ofensiva sobre los campos comunes. Sin embargo, en el período estudiado, el fenómeno no es absoluto, ya que al mismo tiempo que se da una progresiva pérdida de tierras por parte de los productores aldeanos, se refuerzan las relaciones feudales dentro de las cuales se ponen en explotación los suelos. Las contradicciones del desarrollo histórico obliga al historiador a una aproximación dialéctica que dé cuenta de esta particularidad. El diálogo crítico con los aportes teóricos de la sociología agraria y de la antropología rural sirven de estímulo para esta contribución.

Aportes teóricos sobre el rol de la propiedad comunal en la transición al capitalismo

En el presente trabajo se propone un abordaje del rol de la propiedad comunal en la transición del feudalismo al capitalismo europeo a partir de la dinámica de desestructuración del modo de producción dominante. Partimos de la idea que la transición no implica la eliminación de los elementos que componen el modo de producción anterior, sino su permanencia y aún su fortalecimiento sobre bases modificadas. Este es el caso de la pervivencia de las formas campesinas de producción, dentro de las cuales la propiedad colectiva es una de sus bases de sostenimiento material más importantes. Sin embargo, este proceso es complejo y no está excento de ambigüedades. La corrupción interna de la comunidad aldeana, con la consiguiente proletarización parcial de su mano de obra se halla en estrecha relación con la ofensiva sobre los campos comunes. Sin embargo, en el período estudiado, el fenómeno no es absoluto, ya que al mismo tiempo que se da una progresiva pérdida de tierras por parte de los productores aldeanos, se refuerzan las relaciones feudales dentro de las cuales se ponen en explotación los suelos. Las contradicciones del desarrollo histórico obliga al historiador a una aproximación dialéctica que dé cuenta de esta particularidad. El diálogo crítico con los aportes teóricos de la sociología agraria y de la antropología rural sirven de estímulo para esta contribución.

Aportes teóricos sobre el rol de la propiedad comunal en la transición al capitalismo

En el presente trabajo se propone un abordaje del rol de la propiedad comunal en la transición del feudalismo al capitalismo europeo a partir de la dinámica de desestructuración del modo de producción dominante. Partimos de la idea que la transición no implica la eliminación de los elementos que componen el modo de producción anterior, sino su permanencia y aún su fortalecimiento sobre bases modificadas. Este es el caso de la pervivencia de las formas campesinas de producción, dentro de las cuales la propiedad colectiva es una de sus bases de sostenimiento material más importantes. Sin embargo, este proceso es complejo y no está excento de ambigüedades. La corrupción interna de la comunidad aldeana, con la consiguiente proletarización parcial de su mano de obra se halla en estrecha relación con la ofensiva sobre los campos comunes. Sin embargo, en el período estudiado, el fenómeno no es absoluto, ya que al mismo tiempo que se da una progresiva pérdida de tierras por parte de los productores aldeanos, se refuerzan las relaciones feudales dentro de las cuales se ponen en explotación los suelos. Las contradicciones del desarrollo histórico obliga al historiador a una aproximación dialéctica que dé cuenta de esta particularidad. El diálogo crítico con los aportes teóricos de la sociología agraria y de la antropología rural sirven de estímulo para esta contribución.

Association of car ownership and physical activity across the spectrum of human development : Modeling the Epidemiologic Transition Study (METS).

BACKGROUND: Variations in physical activity (PA) across nations may be driven by socioeconomic position. As national incomes increase, car ownership becomes within reach of more individuals. This report characterizes associations between car ownership and PA in African-origin populations across 5 sites at different levels of economic development and with different transportation infrastructures: US, Seychelles, Jamaica, South Africa, and Ghana. METHODS: Twenty-five hundred adults, ages 25-45, were enrolled in the study. A total of 2,101 subjects had valid accelerometer-based PA measures (reported as average daily duration of moderate to vigorous PA, MVPA) and complete socioeconomic information. Our primary exposure of interest was whether the household owned a car. We adjusted for socioeconomic position using household income and ownership of common goods. RESULTS: Overall, PA levels did not vary largely between sites, with highest levels in South Africa, lowest in the US. Across all sites, greater PA was consistently associated with male gender, fewer years of education, manual occupations, lower income, and owning fewer material goods. We found heterogeneity across sites in car ownership: after adjustment for confounders, car owners in the US had 24.3 fewer minutes of MVPA compared to non-car owners in the US (20.7 vs. 45.1 minutes/day of MVPA); in the non-US sites, car-owners had an average of 9.7 fewer minutes of MVPA than non-car owners (24.9 vs. 34.6 minutes/day of MVPA). CONCLUSIONS: PA levels are similar across all study sites except Jamaica, despite very different levels of socioeconomic development. Not owning a car in the US is associated with especially high levels of MVPA. As car ownership becomes prevalent in the developing world, strategies to promote alternative forms of active transit may become important.

Separation of Ownership from Control and Discretionary Managerial Behaviour in a Transition Economy

This study was the final stage of a four-year study of managerial behaviour and company performance in Bulgaria and examined the influence of changing ownership and control structures of companies on managerial behaviour and initiative. It provides a theoretical summary of the specific types of ownership, control, governance structures and managerial strategies in the Bulgarian transitional economy during 1992-1996. It combines two theoretical approaches, the property-rights approach to show concentrated property-rights structure and private and majority types of control as determinants of efficient enterprise risk bearing and constrained managerial discretion, and the agency theory approach to reveal the efficient role of direct non-market governance mechanisms over managers. Mr. Peev also used empirical information collected from the Central Statistical office in Bulgaria, three different enterprise investigations of corporatised state-owned enterprises between 1992 and 1994, and his own data base of privatised and private de novo industrial companies in 1996-1996. The project gives a detailed description of the main property-rights structures in Bulgaria at the present time and of the various control structures related to these. It found that there is a strong owner type of control in private and privatised firms, although, contrary to expectations, 100% state -owned enterprises tended to be characterised by a separation of ownership from control, leaving scope for managerial discretion. Mr. Peev predicts that after the forthcoming mass privatisation, many companies will acquire a dispersed ownership structure and there will be a greater separation of ownership from control and potential or inefficient managerial behaviour. The next aspect considered in detail was governance structures and the influence of the generally unstable macroeconomic environment in the country during the period in question. In examining managerial strategies, Mr. Peev divided the years since 1990 into 3 periods. Even in the first period (1990-1992) there were some signs of a more efficient role for managers and between 1992 and 1994 the picture of control structures and different managerial behaviour in state-owned companies became more diversified. Managerial strategies identified included managerial initiatives for privatisation, where managers took initiative in resolving problems of property rights and introducing restructuring measures and privatisation proposals, managerial initiatives for restructuring without privatisation, and passive adjustment and passive management, where managers seek outside services for marketing, finance management, etc. in order to adjust to the new environment. During 1995-1996 some similarities and differences between the managerial behaviour of privatised and state-owned firms emerged. Firstly, the former have undergone many changes in investment and technology, while managers of state-owned companies have changed little in this field, indicating that the private property-rights structure is more efficient for the long-term adaptation of enterprises. In the area of strategies relating to product quality, marketing, and pricing policy there was little difference between managers of private, privatised and state-owned firms. The most passive managerial behaviour was found in non-incorporated state-owned firms, although these have only an insignificant stake in the economy.

Ownership and Investment Behaviour in Transition Countries: A Case Study of Collective and Corporate Farms in the Czech Republic. Factor Markets Working Paper No. 17, February 2012

Cooperative and corporate farms have retained an important role for agricultural production in many transition countries of Central and Eastern Europe. Despite this importance, these farms' ownership structure, and particularly the ownership's effect on their investment activity, which is vital for efficient restructuring and the sector's future development, are still not well understood. This paper explores the ownership-investment relationship using data on Czech farms from 1997 to 2008. We allow for ownership-specific variability in farm investment behaviour analyzed by utilizing an error-correction accelerator model. Empirical results suggest significant differences in the level of investment activity, responsiveness to market signals, investment lumpiness, as well as investment sensitivity to financial variables among farms with different ownership characteristics. These differences imply that the internal structure of the Czech cooperative and corporate farms will be developing in the direction of a decreasing number of owners and an increasing ownership concentration.

Ownership structure and investment finance in transition economies:a survey of evidence from large firms in Hungary and Poland

Using survey data on 157 large private Hungarian and Polish companies this paper investigates links between ownership structures and CEOs’ expectations with regard to sources of finance for investment. The Bayesian estimation is used to deal with the small sample restrictions, while classical methods provide robustness checks. We found a hump-shaped relationship between ownership concentration and expectations of relying on public equity. The latter is most likely for firms where the largest investor owns between 25 percent and 49 percent of shares, just below the legal control threshold. More profitable firms rely on retained earnings for their investment finance, consistent with the ‘pecking order’ theory of financing. Finally, firms for which the largest shareholder is a domestic institutional investor are more likely to borrow from domestic banks.

Moving on from nascent entrepreneurship:measuring cross-national differences in the transition to new business ownership

Nascent entrepreneurship and new business ownership are subsequent stages in the entrepreneurial process. We illustrate how information from the largest internationally harmonized database on entrepreneurship, the Global Entrepreneurship Monitor project, can be used to approximate the entrepreneurial process. We make a methodological contribution by computing the ratio of new business ownership to nascent entrepreneurship in a way that reflects the transition from nascent to new business ownership and provides cross-nationally comparable information on the efficiency of the entrepreneurial process for 48 countries. We report evidence for the validity of the transition ratio by benchmarking it against transition rates obtained from longitudinal studies and by correlating it with commonly used entrepreneurship indicators and macro-level economic indices. The transition ratio enables future cross-national research on the entrepreneurial process by providing a reliable and valid indicator for one key transition in this process. © 2012 Springer Science+Business Media New York.

Diversity and change in Australia's rangelands: a post-productivist transition with a difference?

Australia's rangelands are experiencing a post-productivist transition at a tempo comparable to Western Europe's, but in contexts that ensure marked divergence in impulses, actors, processes and outcomes. In Australia's most marginal lands, a flimsy mode of pastoral occupance is being displaced by renewed indigenous occupance, conservation and tourism, with significant changes in land ownership, property rights, investment sources and power relations, but also with structural problems arising from fugitive income streams. The sharp delineation between structurally coherent commodity-oriented regions and emerging amenity-oriented regions can provisionally be mapped at a national scale. A comparison of Australia with Western Europe indicates that three distinct but interconnected driving forces are propelling the rural transition, namely: agricultural overcapacity; the emergence of amenity-oriented uses; and changing societal values.

Pervasive transition of the Brazilian land-use system

Agriculture, deforestation, greenhouse gas emissions and local/regional climate change have been closely intertwined in Brazil. Recent studies show that this relationship has been changing since the mid 2000s, with the burgeoning intensification and commoditization of Brazilian agriculture. On one hand, this accrues considerable environmental dividends including a pronounced reduction in deforestation (which is becoming decoupled from agricultural production), resulting in a decrease of similar to 40% in nationwide greenhouse gas emissions since 2005, and a potential cooling of the climate at the local scale. On the other hand, these changes in the land-use system further reinforce the long-established inequality in land ownership, contributing to rural-urban migration that ultimately fuels haphazard expansion of urban areas. We argue that strong enforcement of sector-oriented policies and solving long-standing land tenure problems, rather than simply waiting for market self-regulation, are key steps to buffer the detrimental effects of agricultural intensification at the forefront of a sustainable pathway for land use in Brazil.

Post-Crisis Economic Reform in Indonesia:Policy for Intervening in Ownership in Historical Perspective

Introduction : Economic reform in Indonesia after the Asian currency crisis is often discussed in parallel with Thailand and South Korea, which were alike hit by the crisis. It should however be noted that what happened in Indonesia was a change of political regime from authoritarianism to democracy, not just a change of government as seen in Thailand and South Korea. Indonesia’s post-crisis reform should be understood in the context of dismantling of the Soeharto regime to seek a new democratic state system. 　　　In the political sphere, dramatic institutional changes have occurred since the downfall of the Soeharto government in May 1998. In comparison, changes in the economic sphere are more complex than the political changes, as the former involve at least three aspects. The first is the continuity in the basic framework of capitalist system with policy orientation toward economic liberalization. In this framework, the policies to overcome the crisis are continued from the last period of the Soeharto rule, under the support system of IMF and CGI (Consultative Group on Indonesia). The second aspect is the impact of the political regime change on the economic structure. It is considered that the structure of economic vested interests of the Soeharto regime is being disintegrated as the regime breaks down. The third aspect is the impact of the political regime change on economic policy-making process. The process of formulating and implementing policies has changed drastically from the Soeharto time. With these three aspects simultaneously at work, it is not so easy to identify which of them is the main cause for a given specific economic phenomenon emerging in Indonesia today. 　　　Keeping this difficulty in mind, this paper attempts to situate the post-crisis economic reform in the broader context of the historical development of Indonesian economic policies and their achievements. We focus in particular on the reform policies for banking and corporate sectors and resulting structural changes in these sectors. This paper aims at understanding the significance of the changes in the economic ownership structure that are occurring in the post-Soeharto Indonesia. Economic policies here do not mean macro economic policies, such as fiscal, financial and trade policies, but refer to micro economic policies whereby the government intervenes in the economic ownership structure. In Section 1, we clarify why economic policies for intervening in the ownership structure are important in understanding Indonesia. Section 2 follows the historical development of Indonesia’s economic policies as specified above, throughout the four successive periods since Indonesia’s independence, namely, the parliamentary democracy period, the Guided Democracy period under Soekarno, the Soeharto-regime consolidation period, and the Soeharto-regime transfiguration period2. Then we observe what economic ownership structure was at work in the pre-crisis last days of the Soeharto rule as an outcome of the economic policies. In Section 3, we examine what structural changes have taken place in the banking and corporate sectors due to the reform policies in the post-crisis and post-Soeharto Indonesia. Lastly in Section 4, we interpret the current reorganization of the economic ownership in the context of the historical transition of the ownership structure, taking account of the changes in the policy-making processes under democratization.

Chapter 5 Industrial Policy, Structure, and Locations during the Transition toward a Market-oriented Economy in Myanmar

This paper examines Myanmar's industrial policy, structure, and locations during the transition from a centrally planned economy to a market-oriented one throughout the 1990s and up to the present. After the military government assumed power in 1988, it abandoned the socialist centrally planned economic system and began instituting a market-oriented one through a series of liberalization and deregulation measures, although most of which have stalled since 1997 and remain half-way implemented. Against this background, it is rather surprising that the impact of these new policies of international trade, finance, regulations, licensing and ownership requirements on industrial structure and location in Myanmar has been poorly documented and examined to date. Some key issues to understanding the impact and effectiveness of the market-oriented policies during the last two decades in Myanmar remain to be answered: Have the new trade and industrial policies changed the industrial structure and organizational behavior in Myanmar? Have they improved the performance of Myanmar's industrial sector? Have they had any impact on industry location in Myanmar? This paper reviews the series of liberalization programs implemented under the military government?the State Law and Order Restoration Council (SLORC) and the State Peace and Development Council (SPDC)?and assesses their impact on industrial structure and its spatial distribution.

How does ownership structure affect capital structure and firm value?:Recent evidence from East Asia

The present paper examines the effects of ownership structures on capital structure and firm valuation. It argues that the effects of separation of control from cash flow rights on capital structure and firm value also depend on the separation of control from management as well as on legal rules and enforcement defining investors' protection. We obtain firm-level panel data (three stage least squares, 3SLS) estimates from four of the East Asian countries worst affected by the last crisis. There is evidence that the general wisdom that higher control than cash flow rights may lower firm value may be reversed among owner-managed family firms in the sample countries. © 2007 The Authors Journal compilation © 2007 The European Bank for Reconstruction and Development.