Doctoral Theses (Management & Languages)

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Accession countries' path to the Euro in light of Argentina's financial crisis
(Heriot-Watt University, 2004) Gurtner, Francois J. Gurtner
Accountability and governance in Pakistan : the case of educational NGOs
(Management and Languages, 2019-10) Farrukh, Anees; Kamla, Professor Rania
The aim of this study is to critically explore the partnership/relationship between the civil society organisations, government and international development agencies to reveal how different sources of funds construct power relations that require discharge of accounts through particular accounting technologies. Based on interview narratives with local educational NGOs activists in Pakistan, and critical analysis of discourses and documents vis-à-vis education, this study explore power dynamics shaping governance and accountability relations between local and foreign-funded educational NGOs in Pakistan, where 25 million children are out of school. Using the multiple theoretical viewpoints, including postcolonial studies, literature on governmentality and theories on education, the study demonstrates the ways how the framework of dependency is created between the international development organisations and the Foreign Funded NGOs (FFNs), who are governed from a distance through formal mechanisms of accountability that are largely based on calculative accounting techniques. The study argues that FFNs become mediators of neoliberal discourse when they are embedded within the ‘accounting-based-accountability’ arrangements that are enforced by their funders at a distance. On the contrary, Locally Funded NGOs (LFNs) have increased legitimacy as they uphold their organisational values, with the ability to resist oppressive modes of neoliberal governance as they are not entirely dependent on foreign resources, with the potential to facilitate ‘accountability-based-accounting’ structures. The study also demonstrate the issue of mistrust embedded within the socio-economic, political and historical conflicts between the NGOs/actors (re)-enforcing scepticism and suspicion between agents, further hindering emancipatory potentials to development and education. This leads to serious queries about the effectiveness of aid and the ways these educational NGOs are governed and held to account. As the consequence of scepticism is oppressive education, new forms of imperialism and developmentalities, embedded within the oppressive neoliberal modes of governance.
Accounting in eighteenth century Scotland. Vol. 1-3
(Heriot-Watt University, 1986) Mepham, Michael James
The adaptation of supply chains to climate change
(Heriot-Watt University, 2013-10) Andre, Kreie; McKinnon, Professor Alan; Rutherford, Doctor Christine
Today, more and more organisations recognise that climate change is happening and have already begun to suffer from the impacts of this change. However, the predominant response to this challenge has been one of mitigation, not necessarily to protect companies and supply chains from the impacts of climate change, but rather to reduce the impact of business and logistics on the environment. In order to prepare organisations and their supply networks for the projected impacts, the concept of adaptation to climate change has recently attracted increasing attention amongst scientists and practitioners. As most research has been conducted in the public sector, this thesis aims to determine how supply networks in the private sector can adapt to climate change and its related risk factors. The field research is designed as a single large case study and investigates a global coffee supply network. As the coffee industry is very sensitive to climate change it has already taken actions to make the supply network more resilient and can therefore offer valuable insights into the concept of adaptation to climate change. Multiple interviews were conducted and the information received was analysed using two developed a priori models concluded from literature. This research contributes to the literature in supply chain risk management by adding supply chain climate risk (SCCR) as a new sub category of external supply chain risk and extends the literature in ‘learning’ by proposing a process model of network learning as a solution to enable supply networks to adapt to climate change. This thesis also offers a number of mechanisms to provide decision makers with practical recommendations that should be implemented throughout the coffee supply network. Therefore, for the first time, this research addresses the contemporary problem of climate change by taking a supply network perspective and proposing a network learning process that enables an adaptation to the identified and location-specific climate risk. Besides its contribution to theory, this thesis is also highly relevant for practitioners as it offers clear managerial guidance of how the researched coffee supply network can become more resilient to climate change.
An analysis of CEO equity compensation in an incomplete contracting framework
(Heriot-Watt University, 2015-05) Kiefer, Matthias
I investigate whether equity grants increase the costs of CEO dismissal or departure (Oyer, 2004; Almazan and Suarez, 2003). I argue that costs of dismissal are increased because equity grants become exercisable upon forced departure. Equity grants can increase the costs of leaving because voluntarily departing CEOs forfeit equity compensation upon departure. I follow Rajgopal, Shevlin and Zamora (2006) in linking CEO equity compensation to a measure of labor market competition in a sample of S&P1500 companies from 1996 to 2010. I find that the intensity of labor market competition measured by a Herfindahl-Hirschman Index across industries and states affects equity grants and that the correlation is reversed in the penultimate year of forced CEO departure. This is consistent with the view that CEOs are concerned about being replaced in competitive labor markets and therefore demand more compensation that converts into severance pay. Conversely, when a dismissal is anticipated, I argue that CEOs are concerned about finding new employment and are then insured against a lack of outside opportunities. In addition, I conduct an empirical investigation of the relationship between stock options, restricted stock grants and other long-term compensation between 2001 and 2006. I argue that the Sarbanes-Oxley Act did not increase managerial accountability (see for example Cohen, Dey and Lys, 2005) and that new accounting rules did not increase accounting costs of stock options (see for example Hayes, Lemmon and Qiu, 2012). Instead, I suggest that the effective prohibition of executive loans from firms and brokers made it prohibitively costly for CEOs to exercise stock options. I find that stock options began to be replaced with other long-term compensation as early as 2004. CEOs began to accumulate vested but unexercised stock options. I do not find evidence that CEOs sold vested stock to raise funds.In the final empirical chapter, I consider whether a Herfindahl-Hirschman Index across industries and states can be interpreted as a proxy for labor market competition. Aggarwal and Samwick (1999) argue that it is product market competition that affects CEO equity grants. My results are consistent with Rajgopal, Shevlin and Zamora (2006) who do not find evidence that product market competition has any significant impact on equity grants. Instead, I find that labor market competition retains a significant and positive impact in our tests, and notably holds for the largest single product market. The principal limitations of the project were found to be the difficulty of collecting data of intended turnover and classifying it into forced and voluntary turnover. With respect to loans to executives, loans by brokers are usually not disclosed. This study is the first to analyze equity compensation as severance arrangement. CEO cash constraints in exercising options is an unexplored explanation for their disappearance.
An analysis of Kazakhstan and its energy sector using SAM and CGE modeling
(Heriot-Watt University, 2009-07) Naumov, Alexander; Hare, Paul
The primary focus of this thesis is the contribution of the oil and gas industry to Kazakhstan’s recent economic development. This industry is analyzed in a broader context with the help of the economy-wide modeling tools such as Computable General Equilibrium (CGE) model, Social Accounting Matrices (SAM) and Input-Output models. Such approach allows taking into account all possible linkages the oil and gas industry has with the rest of the economy. The first chapter presents a literature review of CGE studies with an emphasis on applications to energy and transition economies. The thesis proceeds with a description of building a CGE model for Kazakhstan and construction of the SAM. Subsequently, using the above mentioned tools Chapter Four analyses a spillover impact of the oil and gas sector on the rest of the economy. The study establishes that the sector accounted directly and indirectly for about forty percent of economic growth between 2001 and 2005. The final chapter develops an analytical framework to correct representation of the oil and gas sector in the national accounts distorted by the transfer pricing. When adjusted for transfer pricing, the GDP share of the oil and gas sector in 2001 increases to 16.1 percent compared to the officially reported 8.6 percent.
Analysis of long-term freight transport, logistics and related CO2 trends on a business-as-usual basis
(Heriot-Watt University, 2010-05) Piecyk, Maja Izabela; McKinnon, Professor Alan
Freight transport is the life-blood of today’s economy. Raw materials, components and finished products flow in vast quantities through complex supply chain systems to satisfy the demands of the ultimate customers. Although vital to ensure economic prosperity, freight transport also poses a large burden on the environment and society. Road remains a dominant mode of freight transport in the UK, with 65% of the total tonne-kms moved and 82% of tonnes lifted in 2008. Most of the externalities associated with road freight transport have already been subject to legal environmental controls. CO2 emissions are the only externality that still remains unregulated. In order to evaluate the effects of potential regulations or other policy options, decision makers need a reliable forecast of the future course of the road freight transport- related CO2 emissions in the absence of such new initiatives and interventions. Most currently available forecasts relate to road transport as a whole and focus on the passenger vehicle activity. Forecasts of road freight volumes and related externalities are typically linked to trends in economic activity, ignoring changes in the nature of logistics and supply chain systems. Hence, the aim of this thesis is to produce a forecast of road freight transport – related CO2 emissions up to 2020 on a business-as-usual (BAU) basis by incorporating the projections on future trends in a number of logistics and road freight transport variables and the driving forces behind them. The theoretical foundations of the logistics and supply chain management discipline continuously evolve, allowing researchers to view real-world problems from an array of philosophical perspectives, leading to scientific advancement and enrichment of the body of knowledge. This thesis is rooted in the critical realist paradigm and employs methodological triangulation involving focus group research, a Delphi questionnaire survey and spreadsheet modelling to produce a reliable BAU forecast of future CO2 emissions from road freight transport. In addition to the forecast of future CO2 emissions from Heavy Goods Vehicles, this research also elicits forecasts of changes in key logistics and freight transport variables such as handling factor, average length of haul, modal split, empty running, lading factor and fuel efficiency up to 2020. The main structural, commercial, operational, functional, external and product-related factors behind future trends in these variables are also investigated. The BAU scenario is assessed in the light of the UK greenhouse gas reduction target and additional scenarios offering CO2 savings greater than that predicted by the BAU case modelled. The thesis concludes with a review of potential policy measures that could help to reduce the future CO2 emissions from road freight transport.
An analysis of physical distribution service quality in the online retail market
(Heriot-Watt University, 2007) Xing, Yuan
Abstract unavailable please refer to PDF
The application of International Financial Reporting Standard 8 Operating Segments: evidence from UK companies
(Heriot-Watt University, 2015-04) Marton, Gizella; Marston, Professor Claire; Abraham, Doctor Santhosh
On 30 November 2006, the International Accounting Standard Board (IASB) released International Financial Reporting Standard (IFRS) 8 Operating Segments which replaced the revised International Accounting Standard (IAS) 14 Segmental reporting. This study consists of four main projects covering the empirical analysis of the non-financial FTSE 350 constituents’ first segmental disclosures under IFRS 8. The new standard is a result of the joint short term project between the IASB and the Financial Accounting Standards Board (FASB) and it is almost identical to its US counterpart. The first part of this study analyses the level of compliance (measured by compliance indices) with the requirements of IFRS 8 and examines the factors that might provide some explanation of the variances in the compliance levels of the companies. The results suggest that there is substantial non-compliance with the entity-wide disclosure requirements of IFRS 8. There is evidence that the companies are withholding sensitive information (such as reliance on major customers; non-current assets and external revenue attributed to the entity’s country of domicile and material foreign countries) which provides support for the proprietary cost theory. The results also indicate that the extent of compliance varies significantly. The evidences suggest that the identity of the auditor is one of the most important company characteristics in explaining the overall level of compliance with the segmental reporting requirements of IFRS 8. Thus, the audit quality provided by the BIG 4 audit companies seems to be different. Additionally, the findings reveal that the overall level of compliance and the level of compliance with the entity-wide requirements of the standard is significantly greater for companies organised around different products and services (business reportable segments) or a combination of different products, services and geographical areas (mixed reportable segments) compared to companies organised around different geographic areas (geographic reportable segments). It raises the question whether the companies use their organisational structure to conceal / reveal information. The relatively high level of non-compliance with the entity-wide requirements of the standard and the considerable variance between the levels of compliance of the individual companies questions the success of the convergence of the accounting standards and the quality and the comparability of the financial statements. It is no doubt that geographic disclosures provide useful information on assessing internationally diversified companies’ risks and prospects and on making economic decisions. The second part of this study analyses the impact of IFRS 8 on the quality of the geographic disclosures of the sample companies and tries to provide some explanation for better understanding the diversity of the preparers’ geographic disclosure practice and their possible incentives to conceal / reveal geographic information. The findings suggest that the introduction of IFRS 8 has both positive and negative impacts on the geographic disclosure quality of the companies. The results reinforce previous research findings and indicate that the companies’ geographic disclosure quality cannot be described by only one quality measure. Considerable variation was found in the companies’ geographic disclosure quality. However, none of the studied company characteristics had significant effect on all of the quality measures. Additionally, the research results seem to indicate that it is not in the interest of a relatively high percentage of the sample companies to change their geographic disclosure practice. The companies stick with their disclosure practice even under the new standard. Geographic information disaggregated to country-level results in greater accountability and transparency and provides financial information that is more useful and relevant for financial statement users than information provided for geographic regions. However, IFRS 8 only requires the separate disclosure of individually material countries and it does not provide guidance on how to set the materiality level. The third part of the study provides some insight into (1) how the companies apply the materiality concept in defining their individually material countries and (2) how different company characteristics affect the companies’ materiality decisions. The quantitative materiality threshold applied by the sample companies (estimated by the method developed by Doupnik and Seese, 2001) varies considerably which indicates that the companies do not follow a general quantitative benchmark. However, with the exception of early adoption none of the studied company characteristics had significant effect on the materiality threshold applied by the companies. The results suggest that there could be both quantitative and qualitative factors, not studied in this research that might be more important in the preparers’ materiality decisions. However, only the preparers know what is behind their materiality decision. Only a few companies disclosed information about the quantitative materiality threshold applied and none of them disclosed information about the qualitative factors considered in assessing the materiality of an individual country. The empirical findings provide evidence that the companies use both the flexibility provided by IFRS 8 and the shield of the materiality concept when they make materiality decisions about their individually material, therefore reportable countries. Greater transparency and detail about the companies’ materiality decision would reduce the uncertainty and could enhance the understandability of the companies’ segmental notes. The IASB has recently announced plans to consider a project on materiality (IASB, 2013a). The findings of this study could present relevant information to the IASB’s work on providing guidance on the application of the materiality concept. In the last decade there have been calls from civil societies, regulatory bodies and international economic organisations to require multinational companies (MNCs) to disclose information about their activities in those countries where they have operation. The fourth part of the study provides a summary of the impact of the introduction of IFRS 8 on the sample UK listed companies’ country-level disclosures and critically evaluates whether the existing geographic disclosure requirements through IFRS 8 provide sufficient financial information and transparency for the different financial statement users. The results indicate that (1) the fact that IFRS 8 only requires the disclosure of the revenue and non-current assets for the country of domicile and for the material foreign countries, (2) the way the MNCs apply the materiality concept to define countries that need to be individually disclosed and (3) the companies preference to keep geographic information at minimum level result in a relatively poor level of audited country-level information even among the largest listed companies. Therefore, what is disclosed in the companies’ audited financial statements is very far from the idea of full country-by-country reporting (CBCR). The IASB decided not to undertake proactive work in this area and preparers argue that enough information and transparency is provided under the requirements of IFRS 8. However, the findings of this study and the fact that legislative bodies in the US and in the EU had to bypass the IASB and issue CBCR related new regulations indicate that the country-level requirements of IFRS 8 and the country-level information provided by the companies in their segmental notes are not sufficient and transparent enough. To ensure the same reporting requirement for entities worldwide and to increase transparency and the availability of important geographic financial information, to enhance consistency and to help the comparison CBCR should be considered by the IASB and addressed in international accounting standard(s).
Art versus commerce? : the works of musicians in the field of cultural production
(Heriot-Watt University, 2016-03) Maclean, Gavin; Marks, Professor Abigail; Richards, Doctor James
Labour process theory has been a key resource for the sociological study of work for over four decades. Yet, labour process theory has been conspicuous by its absence from research into cultural labour (Banks, 2007; Dean and Jones, 2003; Hesmondhalgh and Baker et al., 2011). This thesis firstly examines value production and the dynamics of managerial control and creative autonomy within the recorded music industry. Acknowledging the weaknesses identified with “critical theory” approaches in failing to consider the “content” of cultural work (Banks, 2007; McKinlay and Smith, 2009), this thesis considers the art-commerce relation in terms of the interaction between identity, interests and habitus. The thesis draws on data collected from research participants active within the recorded music industry. The data collected consists of forty participants through thirty-one semi-structured interviews and secondary data from four group interviews. The original contribution to knowledge made by this thesis is to conceptualise the art-commerce relation in the recorded music industry as a conflict over potential exchange-value in terms of Bourdieu’s forms of capital. Empirical findings from this research show forms of managerial control consistent with responsible autonomy, simple control and bureaucratic control (Edwards, 1979; Friedman, 1977). Rather than control based on maximising economic surplus value, music companies seek to reduce uncertainties of converting objectified cultural capital produced in the labour process into forms of economic or symbolic capital. Control within the recorded labour process depends on forms of legitimate authority in terms of economic control of the labour process and “artistic authority” (Ryan, 1992) based on Bourdieu’s notions of cultural and symbolic capitals. The relationship between art and commerce is also considered through the interaction between artistic identity, conflicts of interests and a musical habitus. Artistic identity exists as an acted identity where musicians’ social identities are managed based on the levels of capital. The pursuit or possession of large amounts of economic capital acts as a stigma for which musicians engage in repair work (Goffman, 1968; Jenkins, 2014). Similarly, lack of cultural capital leads to impression management over how musicians identify themselves. Economic inequality of the musicians’ employment relationship is not seen as a key determinant of conflict. Rather it is compromise and a lack of autonomy that leads musicians to resist creative control. Musicians’ sense of self, and motivation to put up with low pay and poor conditions, is reflected by the internal drive to make music characteristic of an artistic habitus.
An assessment of the sustainability of E-fulfilment models for the delivery of fast moving consumer goods to the home
(Heriot-Watt University, 2013-10) van Loon, Patricia Petronella Johanna Cornelia; McKinnon, Professor Alan; Rutherford, Doctor Christine
Online retail sales are growing rapidly and have captured a significant proportion of the retail market in many countries. Although companies are under mounting pressure to reduce their environmental impact, the environmental effect of the different online distribution strategies remains unclear. Most previous studies of this subject have only included partial effects and consequences. To enable a more holistic understanding, this study proposes a more inclusive framework of environmental assessment based on life cycle analysis. This was applied to fast moving consumer goods (FMCG). Previous studies have shown that the last mile delivery contributes significantly to the environmental impact of online retailing, mainly because of the nature of the home delivery operations, including narrow time windows and short order lead times. If consumers were to buy products online on a subscription basis and give the supplier more control over the replenishment process there might be less need for fast deliveries, creating opportunities to improve the efficiency of home deliveries and reduce their environmental impact. The study classified different forms of subscription arrangement, assessed their relative attractiveness to consumers and examined their likely impact on the supply chain. Consumer views on subscriptions were surveyed by means of focus group discussions and interviews. To assess the likely supply chain impacts of subscriptions, the literature on vendor-managed inventory was consulted. A Life-Cycle Assessment (LCA) model was built to quantify and compare the environmental impact of various e-fulfilment models for FMCG products in the United Kingdom. This study reveals that the method of execution have a large influence on the environmental impact. In store-based retailing, the energy consumption within the supermarket is a significant contributor to the total greenhouse gas emissions. On the other hand, some forms of home delivery, involving for example the use of parcel networks with no pre-agreed time-slots and relatively high rates of delivery failure and customer collection, are also carbon-intensive. This contribution of consumer trips to the total footprint is much smaller in case of van-based deliveries where pre-agreed time-windows are used. Regardless of the business model, the total carbon footprint per item depends heavily on the number of items per delivery. Consequently, companies or consumers looking to decrease the environmental impact of online shopping should maximise the number of items per delivery. The study concludes with an assessment of the strengths, weaknesses and possible environmental improvements of each of the efulfilment methods, taking account of the possible role of subscriptions.
Asset prices and monetary policy
(Heriot-Watt University, 2015-09) Cosgrove, Paul John; Cobham, Professor David; Christev, Doctor Atanas
This thesis investigates the effects of monetary policy on asset prices. In Chapters 2 and 3 a model is developed and evaluated, which can be used to examine the effects of a policymaker reacting to an asset price bubble. The model supports the idea that a policymaker reacting to asset prices, going beyond what would be required by policy consistent with the Taylor Rule, can achieve better economic outcomes than the policymaker who does not react to asset prices. These outcomes are in terms of the level and volatility of the bubble, output and inflation. In Chapter 4 propensity score matching is implemented to estimate the effects of inflation targeting on the growth and volatility of both house prices and stock prices. This thesis finds that there is a significant effect of IT on house price growth but not volatility and a significant effect of IT on stock price volatility and in some cases stock price growth.
Audience design in interpreted press conferences (Chinese-English) : face management and information management
(Heriot-Watt University, 2010-03) Liu, Hui; Mason, Professor Ian; Boser, Professor Ursula
The aim of this study is to investigate the potential influence of audience design on interpreters’ behaviour in the genre of interpreted government press conferences. The interpreters of these government press conferences are required to follow the principle of ‘faithfulness, accuracy and completeness’ but casual observation suggests that the interpreters do depart from this principle. The hypothesis on which the present study is founded is that audience design, that is the adjustment of a speaker’s output to suit a particular participation framework, is involved in interpreters’ performance. In order to test this hypothesis, the theoretical framework of the study draws upon theories from interpreting studies, sociolinguistics and pragmatics. The investigation is carried out through a study of participation frameworks, face management strategies and information management strategies in an authentic corpus constructed by the author, comprising three interpreted and televised press conferences held by the Chinese Prime Minister and the Foreign Minister. Both quantitative and qualitative methods are chosen to analyze the selected parameters in order that recurrent patterns can be identified. The study confirms the hypothesis that the interpreters’ behaviour varies in accordance with the particular audience (i.e. the primary intended receiver) that they have in mind to serve at any given moment. This study shows that human factors are involved and challenges the public perception that interpreters are mere sounding machines with little or no personal agency.
Audience design in literary translations from Romanian into English : a corpus-based analysis of deixis and presupposition
(Heriot-Watt University, 2003) Serban, Adriana
Abstract unavailable please refer to PDF
Changes of footing and attention to face in English-Greek interpreted dialogues
(Heriot-Watt University, 2005) Seferlis, Georgios
Climate change and GHG emissions reporting in Russia : practice and perceptions
(Heriot-Watt University, 2016-09) Sagitova, Roza; Haslam, Professor Jim; Paterson, Doctor Audrey; Yonekura, Doctor Akira
Global climate change is one of the biggest environmental problems the planet is facing, which is thought be a result of greenhouse gas (GHG) emissions. This study investigates climate change and GHG emissions reporting in Russia, one of the biggest GHG emitters in the world. The study draws from neo-institutional theory. The empirical analysis was carried out in several stages: analysis of the Russian context; quantitative content analysis of GHG emissions; qualitative content analysis of climate change related disclosures; followed by in-depth analysis of managers’ and accountants’ perceptions of climate change issues. Contradictory logics imposed by the institutional and market context lead organizations to seek the “win-win” approach to climate change issue, where the company can be profitable and environmentally friendly. The findings also show the difference in the approach to climate change problem across different sectors, suggesting that industries diffuse appropriate templates within a sector. At the same time, results demonstrate the variations within sectors. The results of also demonstrate that the change in practice takes place if a new practice is supported by a powerful group, for example by the board of directors. The findings show direct relationship between companies’ size and GHG disclosures. The results also demonstrate that financial resources play important role in changing the practice. These findings support Greenwood and Hinings’ (1996) suggestion that companies need a capacity for change to be able to manage the process of change to a new disclosure practice. The originality of the study is in its focus on a developing/transitional economy, with the in-depth analysis of Russia’s context. It is suggested that application of a neo-institutional perspective in the analysis of the accounting practice within a transitional/developing economy is particularly useful. Application of a mixed methods approach allows understanding climate change related disclosures among Russian companies and appreciating the reasons behind those (non-)disclosures.
Coherence in simultaneous interpreting : an idealized cognitive model perspective
(Heriot-Watt University, 2011-11) Gao, Wei; Turner, Professor Graham; Perez, Professor Isabelle
This study aims to explore the two questions: 1) Does the interpreter’s relevant bodily experience help her to achieve coherence in the source text (ST) and the target text (TT)? 2) How does the interpreter’s mental effort expended in achieving coherence reflect the textual structure of the ST? The findings of this study contribute to the general understanding of how coherence is achieved in simultaneous interpreting (SI). The theoretical framework is based on the concept of the Idealized Cognitive Model (ICM), which emphasizes the role of bodily experience in organizing and understanding knowledge. A bodily experience based experiment was conducted with two contrastive groups: experimental group and control group, involving thirty subjects from a China-based university, who had Chinese as their first language and English as their second language. The data collected was recordings of English to Chinese simultaneous interpretations. Coherence in SI was analyzed on the basis of both quantitative and qualitative approaches by virtue of coherence clues. The analysis shows that the interpreter’s bodily experience helped her to achieve coherence and distribute her mental effort in both the ST and TT. As the term ICM suggests, the cognitive model is idealized on the grounds that the ICM does not fit into the real specifics of a textual structure perfectly or all the time. The ICM is an open-ended model in terms of the analysis of understanding abstract concepts especially in this SI discourse and needs more research. This study can contribute to SI research and training, suggesting that specialization is a trend in interpreting education.
Company investment decisions and the market value of the firm
(Heriot-Watt University, 2002) Jones, Edward Anthony Eton
This thesis examines the stock market reaction to 563 company investment announcements by UK companies during the 1991-1996 period. The market-adjusted abnormal returns are generally positive but small. Investment announcements are classified according to functional categories, and the level of abnormal returns is found to vary according to the type of capital investment being announced. In particular, the market is found to react more favourably to investments which ‘create’ future investment opportunities, than to investments which can be categorised as ‘exercising’ investment opportunities. The market reaction also varies with firm size, with large companies tending to experience smaller responses to announcements than do smaller firms. Further examination of the category of Research and Development announcements on the market value of UK listed companies reveals that companies with a large proportion of their common stock held by institutional investors experience reduced levels of abnormal return. A significant negative relationship is found to exist between a dummy variable representing large institutional ownership and abnormal returns suggesting that institutions react less favourably to R&D projects than other types of investors. This thesis also examines the impact of joint venture announcements on the market value of UK listed companies. Using the market-adjusted returns method, a significant positive abnormal return of 1.2% was detected on the announcement date. A cross-sectional analysis revealed significant negative relationship between abnormal returns and market capitalisation. A positive and significant relationship was detected for market-adjusted returns with relative project size and domestic projects.
A comparative analysis of the wealth effects to target and bidding company shareholders from domestic and cross-border acquisitions into the United Kingdom (1986-1991)
(Heriot-Watt University, 1996-08) Danbolt, Johan Bernt Heiberg; Hirst, Professor Ian R. C.
This thesis contains an analysis of the impact on shareholder wealth of domestic and cross-border takeover bids for UK listed companies. The study covers the calendar years from 1986 to 1991 inclusive. For the cross-border acquisitions, data is available for an analysis of 143 targets, 71 bidders, and 55 matched pairs of targets and bidders. For domestic acquisitions, data was available for 568 targets, 414 bidders and 356 pairs of targets and bidders. Three different event study methodologies are applied; the capital asset pricing model, the market model, and the index model. UK target companies gained significantly from both domestic and cross-border takeover bids. Over the period from eight months prior, to one month after, the month of the bid announcement (t-8, t+1), cumulative abnormal returns exceeded +20.2% in cross-border and +16.6% in domestic acquisitions. Both domestic and overseas bidders underperformed during the five month period following the bid announcement. However, over the whole analysis period (t-8, t+5), UK bidders performed significantly better than overseas bidders. Analysis of joint abnormal returns to pairs of targets and bidders reveals that both cross-border and domestic acquisitions in the UK during the 1986-1991 period created significant shareholder wealth. However, the gains to target shareholders exceed the total gain, thus resulting in a transfer of wealth from bidders to targets.
The competitiveness of logistics service providers : an investigation in China and the UK
(Heriot-Watt University, 2008) Liu, Xiaohong Lu
Abstract unavailable please refer to PDF