Rozprawy doktorskie na temat „Business deregulation”

Thesis (MBA (Business Management))-- University of Stellenbosch, 2009.
ENGLISH ABSTRACT: The South African health care industry is fragmented between the private and public sector. The disparity of resources between the private and public sectors as well as the escalating cost of health care services is threatening the sustainability of the private health sector and interferes with the national health policy objectives. Optometry shares the same concerns as the wider South African health industry with regards to accessibility, affordability, quality and equity of services. Deregulation of optometry has been suggested to address these concerns to the benefit of the consumer. But it seems to contradict the proposed higher regulatory environment of the greater private health sector. The objective of the research is to assess whether deregulation is the best way forward for the optometry industry. It also intends to get a more diverse perspective from service providers on the possible effects that deregulation might have on the industry. The study is conducted in three phases. The first two phases involves secondary data and includes an industry analysis and an assessment of the current regulatory framework of the optometry industry. The international deregulation trends in optometry are investigated as well as the deregulation trends of similar industries in South Africa. The third phase of the research includes an online questionnaire and approximately 2000 service providers were invited to participate. The 229 responses was analysed to assess the overall perception of deregulation. The skewed distribution of optometrists between the private and public sectors illustrates the need for more accessible and affordable eye care. Service providers are reluctant to get involved in community service and are not optimistic about the positive effect of deregulation. Professionalism and profitability are feared to be negatively influenced while trends in deregulation suggest that it is beneficial to consumers at least in the short term. Alternative options to deregulation should be investigated. But until the optometry industry increases their contribution to address industry issues, deregulation is the best alternative to improve accessibility, affordability, quality and equity of eye care services. AFRIKAANSE OPSOMMING: Die Suid-Afrikaanse gesondheidsorg industrie is gefragmenteer tussen die private en publieke sektor. Die verskil in verspreiding van hulpbronne tussen die private en publieke sektore sowel as die stygende koste van gesondheidsorgdienste dreig die volhoubaarheid van die private sektor en belemmer die doelwitte van die nasionale gesondheidsbeleid. Oogkunde deel dieselfde bekommernisse as die groter Suid-Afrikaanse gesondheidsorg industrie in terme van toeganglikheid, bekostigbaarheid, kwaliteit en gelykheid van dienste. Deregulasie van oogkunde is voorgestel om die kwessies aan te spreek tot voordeel van die verbruiker. Maar dit lyk teenstrydig te wees met die voorgestelde strenger regulasie van die groter private gesondheid sektor. Die doel van die navorsing is om te bepaal of deregulasie die beste weg vorentoe is vir die oogkunde industrie. Dit beoog ook om ‘n meer diverse perspektief van diensverskaffers te verkry rakende die moontlike effek wat deregulasie op die industrie mag hê. Die studie word gedoen in drie fases. Die eerste twee fases behels sekondêre data en sluit ‘n industrie analise en ‘n assessering van die huidige regulatoriese raamwerk van die industrie in. Die internasionale deregulasie neigings in oogkunde word ondersoek sowel as die deregulasie neiging van soortgelyke industrieë in Suid-Afrika. Die derde fase van die navorsing behels ‘n aanlyn vraelys en ongeveer 2000 diensverskaffers is uitgenooi om deel te neem. Die 229 responsies is geanaliseer om die oorsigtelike persepsie van deregulasie te bepaal. Die skewe verspreiding van oogkundiges tussen die private en publieke sektore illustreer die nodigheid van meer toegangklike en bekostigbare oogsorg. Diensverskaffers is huiwerig om betrokke te raak by gemeenskapsdiens en is nie optimisties oor die positiewe effek van deregulasie nie. Daar word gevrees dat professionalisme en winsgewendheid negatief beïnvloed sal word, terwyl neigings in deregulasie wys dat dit tot voordeel van die verbruikers is, ten minste in die korttermyn. Alternatiewe opsies tot deregulasie moet ondersoek word. Maar totdat die oogkunde industrie hulle bydrae verhoog om die kwessies van die industrie aan te spreek, is deregulasie die beste alternatief om toeganglikheid, bekostigbaarheid, kwaliteit en gelykheid van oogsorgdienste te verbeter.

Thesis (MBA)--Stellenbosch University, 2003.
ENGLISH ABSTRACT: The South African citrus industry was deregulated in 1997. Before deregulation only Outspan could export citrus from South Africa and no other export company was allowed to do so. The deregulation process was not gradual, but came suddenly and the industry changed from fully regulated to deregulated in a very short time. This sudden deregulation created a lot of uncertainty in the industry. More than one hundred new fruit export companies were established within a year after deregulation. Most of these new entrants had very little experience in exporting citrus. Many of them went bankrupt within a year or two and many citrus producers suffered considerable financial losses as a result. Producers had no experience in exports themselves and many were not qualified to choose reputable export companies to export their fruit. The face of the industry has been changed unrecognisably. In the past there was one big company exporting all the citrus from South Africa. After deregulation a lot of small to medium fruit export companies were established. These companies playa very important role in the industry as it stands today. Deregulation also opened the door for big international fruit marketing and distribution companies to enter the South African fruit business. After some years of chaos and very little reliable information available in the industry in terms of volumes produced and exported, the industry is stabilising. A number of industry bodies like the Citrus Exporters Forum (CEF) and Citrus South Africa (CSA) have been formed to represent the exporters and the producers. These bodies have formed the Joint Marketing Forum (JMF) that meets every month to discuss marketing and industry-related issues jointly. The debate with regards to deregulation rages on. Most industry role players are supportive of less regulation and free market principles. However, deregulation could have been more gradually phased in. This would have given more people, especially producers, the chance to adapt to the new environment. Most role players are of the opinion that the citrus industry is more market driven and more competitive after deregulation than before. Taking a look at the South African citrus industry in the future, there will be increased competition due to increased volume of citrus produced world wide. Producers can therefore no longer produce unwanted varieties or produce in marginal areas where the yields are low. Producers must take their destiny in their own hands and must educate themselves in the export process so that they can make the right decisions about production and exports. As a result of increased competition and lower margins the distribution chain must be as short as possible with as few middle men as possible. As a result of this producer exporters are on the increase.
AFRIKAANSE OPSOMMING: Die Suid Afrikaanse sitrusbedryf is in 1997 gedereguleer. Voor deregulering kon slegs Outspan sitrus uit Suid Afrika uitvoer en geen ander maatskappy is toegelaat om dit te doen nie. Die dereguleringsprosess was nie geleidelik nie, maar die industrie het van ten volle gereguleerd tot gedureguleer verander in 'n baie kort tyd. Die skielike deregulering het gelei tot groot onsekerheid in die industrie. Meer as eenhonderd nuwe vrugte uitvoermaatskappy is binne 'n jaar na deregulering gevorm. Meeste van die nuwe rolspelers het baie min ondervinding in die uitvoer van sitrus gehad. Baie het dan ook bankrot gespeel binne 'n jaar of twee en baie sitrusprodusente het groot finansiële verliese gelei as gevolg daarvan. Meeste produsente het ook geen ondervinding in uitvoere gehad nie 'en was dus nie gekwalifiseerd om betroubare uitvoermaatskappye te kies om hulle sitrus uit te voer nie. Die gesig van die industry is onherkenbaar verander. Tydens regularing was daar slegs een groot maatskappy wat alle sitrus van Suid Afrika af uitgevoer het. Na deregulering is 'n groot aantal klein tot medium vrugte uitvoermaatskappye gevorm. Hierdie maatskappye speel 'n baie belangrike rol in die industrie soos dit tans lyk. Deregulering het ook die deur vir groot internasionale vrugtebemarkings en distribusiemaatskappye oopgemaak om die Suid Afrikaanse industrie te betree. Na 'n aantal jare van chaos en baie min betroubare informasie wat beskikbaar was in terme van volume geproduseer en uitgevoer, is die industrie besig om te stabiliseer. Daar is ook 'n aantal industrieliggame soos die Sitrus Uitvoerders Forum en Sitrus Suid Afrika gevorm om die belange van uitvoerders en produsente te verteenwoordig. Hierdie liggame het die Gesamentlike Bemarkings Forum gevorm wat elke maand vergader om bemarking en ander industrie aangeleenthede gesaamentlik te bespreek. Die debad met betrekking tot deregularing is steeds aan die gang. Meeste industrierolspelers ondersteun minder regulering en vryemark beginsels. Hulle stem egter saam dat die dereguleringsproses meer geleidelik ingefaseer moes word. Dit sou produsente meer tyd gegee het om aan te pas by die nuwe omgewing. Meeste rolspelers is van die opinie dat die sitrusindustrie in Suid Afrika meer markgerig en ook meer kompeterend geword het na deregulering. In die toekoms kan verwag word dat daar meer kompetisie in die sitrusbedryf sal wees as gevolg van 'n toename in sitrusproduksie wêreldwyd in sitrusproduserende lande. Produsente kan dus nie meer ongewenste variëteite produseer of sitrus produseer in marginale areas waar opbrengste laag is nie. Produsente moet hulle toekoms in hulle eie hande neem en moet die uitvoerproses leer ken sodat hulle die regte besluite kan neem oor produksie en uitvoere. As gevolg van toenemende kompetisie en kleiner marges moet die logistiekeketting so kort en koste effektief as moontlik gehou word. As gevolg hiervan is produsente uitvoermaatskappye aan die toeneem.

Modern macroeconomic models with a Keynesian flavour usually involve nominal rigidities in wages and goods prices. A typical model is static and combines wage bargaining in the labour markets and monopolistic competition in the goods markets. As central policy implication it follows that deregulating labour and/or goods markets increases equilibrium employment. We reassess the consequences of deregulation in a dynamic model. It still increases employment at the fixed point, which corresponds to the static equilibrium solution. However, deregulation may also lead to stability loss and endogenous fluctuations.
Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

The 1980s can easily be qualified as the most important decade in the history of Canadian commercial aviation as it was witness to two important phenomena. To begin with, after six decades of stringent regulation and control, the State finally realized that international trends and domestic needs dictated a drastic reduction in the role it played in the economic affairs of its airlines. Airline deregulation thus became a reality in Canada and as such, a detailed review of the process leading to the adoption of the National Transportation Act, 1987, as well as an extensive legal analysis of the legislation itself are warranted.
The second major development was the extremely rapid process of consolidation, precipitated mainly by deregulation, into an industry dominated by two airlines; a duopoly. The implications arising from this situation for present and future competition in the Canadian air transport industry, as viewed from a market contestability perspective, need to be assessed.

Background:

In Sweden, air traffic control is currently performed in a mo-nopoly with the state owned Luftfartsverket as the only sup-plier. A deregulation process has been initiated with the ration-ale of cost reductions, both for airports and airline passengers.

Problem and purpose:

Economic arguments have been predominant for this potential deregulation and the underlying assumptions are that private al-ternatives would improve efficiency and reduce costs. This has lead the authors to identify what private alternatives would do differently than the current public operator in order to offer these benefits.

Method:

To fulfill the purpose the authors have used a qualitative ap-proach based on interviews with the current public operator as well as a new potential private alternative. In addition to this, interest organizations and regulative agencies have been con-tacted and secondary data incorporated to provide a holistic perspective.

Conclusion:

The authors have identified differences in activities between a public and private alternative that would create an advantageous effect on the market. They are: a different management of re-tirement funds, prolonged retirement age, new compensation system, altered recruitment policy, a full utilization of staff and a seizing of non-value adding activities.

This research examines competing theories based on the strategic choice and organizational ecology perspectives by investigating strategic change in the banking industry precedLng and following interest rate and product deregulation of financial institutions in the early 1980's. Adaptation theory suggests that the largest, oldest, and most powerful organizations have superior capacities for adapting to environmental circumstances and that organizational variability reflects changes in the strategy and structure of a firm in response to environmental changes. The organizational ecology perspective hypothesizes that a firm's ability to change is inversely related to organizational age and size and that organizations become inert as they grow and age. The propositions and hypotheses in this research examine the relationship between organizational age and size on both absolute and relative inertia. The association between strategic change on firm survival is also explored. Findings demonstrate partial support for both theories. An explanation for the mixed findings is offered which suggests that both adaptation and organizational ecology theories explain continuous change, while the deregulation period under study represented a period of discontinuous change. A third model of strategic change, proposed by Meyers, Brooks, and Goes (1990) is offered as a better explanation of strategic change among U.S. banks during the decade following deregulation.
Ph. D.

The Swedish bus and railway sectors have been recognised as important early cases of regulatory reforms that led to both vertical and horizontal disintegration as well as market-opening. This thesis investigates the origin and evolution of these reforms from 1979 to 2009, focussing on the markets for passenger services. The aim is to improve our understanding of the background, resulting nature, and consequences of these regulatory reforms. A combination of qualitative and quantitative analyses has been applied; e.g. the thesis makes use of a unique database of longitudinal industry statistics. This thesis shows that the origins of the Swedish reform process were internal and largely unrelated to any objectives of deregulated market-opening. However, a combination of the nature of the initial reforms, the behaviour of market actors, and certain key events accidentally sparked a trend towards deregulation, which has had profound effects on market structure and performance. The step-by-step evolution, in particular the introduction and expansion of competitive tendering, is shown to have had path-dependent characteristics. Swedish competitive tendering of bus and railway services has had important effects on costs and subsidies, but has also generated the problematic behaviour of strategic bidding. Included within are detailed articles which make additional contributions to relevant theories and offer normative advice concerning the design and implementation of regulatory reforms in these as well as other sectors.

The dynamics of business contexts influence the way firms act in their industry. These changes can have effects in several areas within a company. Entrepreneurship and Innovation are two areas that are affected when a change in firm’s environment occurs, like Schumpeter, Shane and Drucker point. Changes in the deregulatory framework are a specific type of change that can occur. According to Entrepreneurship theories, the removal of regulatory barriers creates opportunities to different reallocation of resources that can lead to changes in market equilibrium. This study addresses this relation between deregulation and entrepreneurship-innovation in the European airline industry. With the removal of regulatory barriers, companies like SAS and Ryanair, saw opportunities to do something new and at the same time had to adapt to these “doing something new” behavior of other companies. Entrepreneurship and innovation were the answer to theses changes and the weapon to fight answers to others with this change. Considering this, our statement problem is the following:

How did the deregulation of air transportation in Europe foster entrepreneurial behavior and innovation in the European airline industry over the last twenty years? The case of SAS and Ryanair.

Our goal is to describe the process of deregulation and how firms reacted to it and to give explanations behind the relation deregulation-entrepreneurship, identifying the direct and indirect influence of deregulation in the studied companies. Furthermore, based on this investigation, we will trace possible ways on how future deregulation in Europe can foster further entrepreneurial behavior and innovation.

This thesis was conducted with a positivism scientific ideal and a deductive approach. We used a qualitative method to collect empirical data that could match with the theories we had chosen beforehand. We conducted three interviews with people inside the industry – from airlines (SAS Braathens and SAS) and from airports (LFV). The first two were used as main sources to SAS case study and the third to have a perspective of airline industry. Since we could not get any interview with Ryanair, Ryanair story book was used as main source for this case study.

Our theoretical framework consists of four different broad areas that are interrelated to each other. These areas and the respective theories integrated in them are: institutions and regulation, changes in context and strategic position.

Our study shows that EU deregulation altered the five competitive forces in European airline industry and in turn this fostered entrepreneurship and innovation, as a reaction of firms to adapt to the change in their context. The reaction of Ryanair and SAS through entrepreneurial and innovative behaviour was different due to the differences in their business model. We argue that the removal of barriers to new entrants and the increased rivalry between firms were the main forces that fostered entrepreneurship and innovation. We predict that if further EU deregulation comes (as it is the trend) this will generate more opportunities to entrepreneurship and innovation like it generated in the past.

Thesis (MBA)--Stellenbosch University, 2002.
ENGLISH ABSTRACT: The energy sector of the South African economy is poised to change in extraordinary ways. In just a few short years from now, the days will be gone when generators are guaranteed of their income and where regional distributors have the monopoly in the regions that they are servicing. Other energy markets in the world, such as oil and gas, have been free of regulation for many years. More recently, local policymakers have been focussing on increasing competition in the electricity sector and in so doing, liberate electric utilities from government's long established control. The shift away from government regulation of energy will lead to something even more important than placing downward pressure on the price of a MWh. It will instigate the development of multiple trading centres and platforms that are dedicated to competition in the free trade of electricity and related products. With the deregulation of the electricity supply industry and the inevitable introduction of competition, the real risks of energy trading will be faced by generators and distributors alike. This research investigates the changes that are set to occur within the next few years, based on developments that have unfolded in countries where electricity supply industries have been privatised and utilities and distributors are managing their risks in this new competitive environment. It explains how the South African Electricity Supply Industry may change with respect to the develop of markets which provide risk cover to industry players, the practices assumed by utilities in international electricity supply industries to minimise their risk exposure, and how industry players can use derivative instruments to manage their risks better.
AFRIKAANSE OPSOMMING: Die elektrisiteitsvoorsieningssektor is gereed om groot veranderings te maak. Binne 'n paar jaar, sal ons die einde sien van die dae waar kragstasies gewaarborg is van hulle inkomste en waar streeksvoorsieners die monopolie het in die streke waarin hulle verskaf. Ander energie markte in die wêreld, soos die van olie en natuurlike gas, is al sonder regulering vir baie jare. Meer onlangs het beleidsrade hul tyd toegewy aan die instelling van kompetisie in die elektrisiteitsvoorsieningssektor om utiliteitsmaatskappye vry te maak van staatsbeheer. Hierdie beweging weg van staatsbeheer sal lei na iets meer as net die afwaardse druk op die prys van 'n MWh. Dit sal die begin merk van die ontwikkeling van veelvoudige verhoë wat toegewyd is aan kompetisie in die vrye handel van elektrisiteit en soortgelyke produkte. Met die deregulering en die onvermydelike indiening van kompetisie, sal die ware risikos van energie handel aanvaar word deur voortbrengers en verskaffers van elektrisiteit. Hierdie navorsing stel ondersoek in die veranderings wat van plan is om te gebeur in die volgende paar jaar en is gebaseer op die ontwikkelinge wat in lande afgespeel het waar elektrisiteitsvoorsieningsnywerhede geprivatiseer is en waar voortbrengers en verskaffers van elektrisiteit hulle risikos bestuur in hierdie nuwe mededingende sektor. Dit verduidelik hoe die Suid-Afrikaanse elektrisiteitsvoorsieningsnywerheid mag verander teen opsigte van die ontwikkeling van markte wat risiko versekering aanbied vir utiliteitsmaatskappye, die praktyke wat deur hierdie spelers toegepas word om hulle blootstelling aan risikos te verminder, en ook hoe hulle afgeleide instrumente gebruik om hulle risikos beter te bestuur.

This thesis investigates the deregulation of the audit industry in Sweden, the changing competitive environment and innovativeness, a research gap that has not yet been bridged. This paper raises the question of how the innovativeness of firms within the audit industry have changed after deregulation. The ambition of this research is to have both theoretical and practical knowledge contribution. The theoretical framework constructed for this research is rooted in the literature review of three areas: strategy and competition, deregulation, and organizational innovativeness. These three streams of research are used in order to examine the expectations that the industry has on the changing strategic landscape. Four perspectives and schools of thought in strategy and competition literature are reviewed: the competitive forces, strategic conflict school, resource-based school, and dynamic school. These schools are then put into two categories that are substantial opposites of one another; market power and efficiency. The need to consider these perspectives are addressed as follows: the perspective of competitive forces allows for understanding the industry structure, the strategic conflict school – to analyze the moves and interactions between competitors, the resource-based school – to understand firms resources, and finally, the dynamic school – to understand firms processes and capabilities. Summarizing and integrating these perspectives formed a hypothesized understanding that reflected the effects of deregulation and organizational innovativeness. In order to avoid modest pattern of deregulatory effects that could emerge by observations made in the early stage of deregulation, a methodological point of departure that is socially constructed and the production of knowledge that is based on interpretations and narratives were argued for. The research is furthermore based on a mix of deductive and inductive approach. The discussion with an industry member led to an interesting research context chosen as unit of analysis, which included the emerging tension between auditors and accounting-consultants. While the auditors’ believed in negative effects from the deregulation, the accounting-consultants had the opposite perception. Case-study approach with semi-structured and open-ended interviews were conducted on representatives from six firms, half of which represented the auditors and the rest the accounting-consultants.  The presentation of results followed the structure of market power, efficiency, and organizational innovativeness. The analysis of the results shows how firms within the audit industry had changed during the transition towards post-deregulation era. It shows how the previous construction of the audit-industry, characterized by homogeneity, has been decomposed and transformed to become more heterogeneous, by the new attractions and alternatives that now exist on the market. These attractions and alternatives creates incitement for decreased interaction between competitors that causes firms to engage in conflicts, and to redistribute their resources in order to imitate each others processes, which in turn creates new organizational innovativeness. The findings of this research also shows how the resources that were possessed by the firm before the deregulation tend to determine how the firm utilize the innovativeness in relation to the market after the deregulation.

Den 1 januari 1996 infördes ett nytt regelverk på den svenska elmarknaden. En marknad som sedan 1902 varit kontrollerad av staten avreglerades, och fri konkurrens för handel med elektricitet. Regeringen skriver i ett direktiv 2003 att ”den ökade konkurrensen och den nya regleringen på elmarknaden har inneburit stora strukturförändringar”. Intresset växte för hur dessa strukturförändringar påverkade aktörernas strategiska agerande. Hur hanterar en monopolist en avreglering och hur skapas en position på ”en ny marknad”?

Syftet med vår uppsats är att beskriva de strukturförändringar som skett på den svenska elmarknaden i samband med avregleringen, samt att i denna kontext analysera elhandelsföretagens strategiska agerande. Vidare syftar uppsatsen till att identifiera strategiska aspekter viktiga i ett sådant förändringsarbete.Genomförande: Uppsatsen kan i viss mån liknas vid en fallstudie där vi genom sex olika elhandelsföretag tittar närmare på de effekter avregleringen av den svenska elmarknaden fått på marknadens aktörer och deras strategier. Empirin grundastill största delen på 14 personliga intervjuer, men utöver detta har även sekundärdata i form av statliga utredningar, övriga undersökningar samt tryckt företagsmaterial använts.

Resultat: Vad gäller marknaden är de tydligaste strukturförändringarna en ökad konkurrens, sjunkande marginaler och ett skifte i fokus från teknik- till marknadstänkande. Avseende de strategiska förändringarna hos de enskilda företagen är dessa markanta. Skillnader mellan aktörerna är små, främst på grund av homogeniteten i produkten, och de skillnader som kan ses finns mellan stora och små aktörer. Viktiga aspekter för att hantera en avreglering på ett bra sätt är bland annat att kunna hantera risker, påbörja omorganisationen i tid, ha koll på omvärlden, samt tänka på att storleken spelar roll och att samarbete lönar sig.

Bakgrund: Den statliga utredningen En framtida spelreglering presenterades under december 2008. Ett förslag i utredningen är att delar av monopolet på den svenska spelmarknaden i framtiden kan komma att konkurrensutsättas.

Syfte: Denna studie syftar till att undersöka hur det sociala ansvarstagandet påverkas och i vilken omfattning CSR kan utgöra en konkurrensfördel på en avreglerad marknad.

Genomförande: Vi har använt oss av en kvalitativ undersökningsmetod där Svenska Spel, Ladbrokes och Betssons CSR - arbete studeras. Utöver sekundärdata har det empiriska materialet kompletterats genom intervjuer med varje företag.

Resultat: En avreglerad marknad behöver inte innebära att företagens sociala ansvarstagande minskar i samhället. Att integrera CSR i företagsstrategin är ett viktigt led i att nå acceptans bland intressenterna på marknaden. För ett lyckat CSR – arbete menar vi att företagens interna resurser måste användas med hänsyn till flertalet faktorer i den omgivande miljön.

Background: During the end of 2008 the Swedish government published a submission for comment regarding the future legislation of the Swedish gambling industry. The investigation suggests that new entrants may be allowed to enter the Swedish market.

Aim: The purpose of this thesis is to determine if and how the social responsibility is affected when a market is deregulated, and if CSR is a possible tool for creating competitive advantage.

Completion: The study is based on a qualitative method and examines the gambling companies Svenska Spel, Ladbrokes and Betsson. We conducted questionnaire studies among the examined gambling companies to enhance the secondary data.

Findings: Our findings suggest that there is a good possibility for social responsibility to maintain a strong position in a deregulated market. CSR integration with the corporate strategy is an important step concerning acceptance among the company’s stakeholders.

Date: 2008-06-05

Level: Master Thesis in Business Administration, 15 ECTS

Authors: Amina Ahmed Ibrahim Beatrice Yola Konlaan Carol Nakajugo Basudde

Tutor: Sigvard Herber

Title: Are competitors ready to take on a deregulated Apoteket AB? Problem: With the oncoming deregulation of the monopoly, Apoteket AB appears to have a competitive advantage over incoming competition therefore the problem is to find out:

 What competitive advantage Apoteket AB has over its competitors.

 If the competitors have the tools to successfully compete with Apoteket AB.

Purpose: The purpose of this thesis is to find out whether competitors in Sweden are able to compete successfully with Apoteket AB for the market of non prescription medicine.

Method: Qualitative and quantitative methods have been used in this thesis. In order to achieve the desired result of this research it is appropriate to choose this approach since it enables the researcher to be able to explore all areas of the subject at hand and also give an in-depth discussion and analysis.

Conclusion: Apoteket AB has several competitive advantages over its competitors. It has a strong brand name that is known and trusted by customers. While all three competing companies see themselves as complements to Apoteket AB, we think that the competitors have what it takes to successfully compete with Apoteket. Judging from previous cases such as Norway and Denmark which showed different outcomes of deregulation in the retail pharmaceutical industry, the competitors in both cases have not been on the losing side. Supermarkets, petrol stations and grocery stores in Denmark and Norway were also competing with their respective pharmacies based mainly on price, accessibility and convenience. In conclusion this is an indication that the competitors in Sweden have more than enough tools to successfully compete with Apoteket AB.

Keywords: Deregulation, Pharmaceutical retail, Apoteket AB, Monopoly, Competition.

Datum: 2008-06-05

Nivå: Magister Uppsats i Företagsekonomi, 15 Högskolepoäng Författare: Amina Ahmed Ibrahim Beatrice Yola Konlaan Carol Nakajugo Basudde

Handledare: Sigvard Herber

Titel: Är konkurrenter beredda att konkurrera med Apoteket AB i en avreglerad marknad?

Problem: I samband med den kommande avregleringen av monopolet, Apoteket AB verkar ha konkurrensfördel gentemot konkurrenterna. Problemformuleringen lyder:

 Vilka konkurrensfördelar har Apoteket AB över sina konkurrenter?

 Har konkurrenterna de rätta verktygen för att framgångsrikt konkurrera med Apoteket AB?

Syfte: Uppsatsens syfte är att ta reda på om konkurrenterna i Sverige kan framgångsrikt konkurrera med Apoteket AB i den receptfria marknaden.

Metod: En kvalitativ och kvantitativ metod har använts i denna uppsats. För att uppnå det önskade resultat är det nödvändigt att använda sig av både en kvalitativ och kvantitativ metod, dels för att utförligt kunna utforska ämnet och ge en djupgående diskussion och analys.

Slutsats: Apoteket AB har en mängd konkurrensfördelar över sina konkurrenter. Företaget har ett starkt märke som kunderna känner till och litar på. De tre konkurrerande företag ser sig själva som ett komplement till Apoteket AB dock anser vi att konkurrenterna har vad som krävs för att framgångsrikt kunna konkurrera med Apoteket. Apotekets avreglering i Norge och Danmark har visat olika resultat, däremot har inte konkurrenterna i båda fall inte varit på den förlorande sidan. Matbutiker och bensin stationer i Danmark och Norge har konkurrerat med huvudsakligen pris, bekvämlighet och tillgänglighet med sina respektive Apotek. Detta är en indikation på att konkurrenterna i Sverige har tillräckligt med verktyg för att framgångsrikt kunna konkurrera med Apoteket AB.

Nyckelord: Avreglering, Apoteket AB, Monopol, Konkurrens.

Den här studien handlar om varför små företag väljer att inte anlita en revisor och vad somskulle få dem att göra det. Revisionsplikten avskaffades i november 2010 och detta gjorde attsmå aktiebolag som omfattas av revisionspliktens avskaffande får välja om de vill behålla sinrevisor eller inte. Efter revisionspliktens avskaffande uppstod det både positiva och negativaeffekter för de företag som är inblandade samt deras intressenter. Syftet med vårt arbete är att identifiera vilka faktorer som påverkar valet att anlita en revisoreller inte. Tidigare studier visar att det är en kostnadsfråga då kostnaden varit högre än denupplevda nyttan. De företag vi ska analysera är företag som aktivt har gjort ett val att väljabort revision. Det vill säga företag som fanns innan revisionspliktens avskaffande och haromfattats av revisionsplikten tidigare. Studien behandlar små aktiebolag i Västernorrland och har genomförts med enkäter. Urvaletgjordes utifrån en lista från Bolagsverket över alla små företags organisationsnummer iVästernorrland som inte anlitar en revisor och som berörs av revisionspliktens avskaffande.Totalt uppfyllde 877 företag våra krav och efter en genomgång av 754 företag fann vi 200giltiga e-postadresser. Detta berodde på att många av företagen inte hade någon e-postadressoch att många inte längre var i bruk. Av dessa 200 företag var det 39 stycken (19 %) somsvarade på enkäten. Studien visar att det inte enbart är en kostnadsfråga för företagen när det gäller att anlita enrevisor eller inte. Generellt anses det att företagen inte får ut något mervärde av revisionen, dåden anses överflödig, eftersom de flesta av företagen redan anlitar en redovisningsfirma somgör årsredovisningen åt dem. I vissa andra fall beror det på att företaget redan besitterkunskap inom redovisning vilket gör att revisionen även då anses överflödig. De störstaanledningarna till att företagen skulle kunna tänka sig anlita en revisor var att intressenternakan kräva det eller för att känna trygghet inför myndigheter.
This study looks at why small companies choose not to hire an auditor and what would makethem do it. The audit deregulation was abolished in November 2010 which allowed smallcompanies to choose whether or not to hire an auditor. After the audit deregulation arose bothpositive and negative effects for the companies involved and their interest. The aim of our work is to identify the factors that influence the choice to hire an auditor ornot. Previously studies show that there is a cost issue when the cost was higher than theperceived benefits. The companies we shall analyze are the companies who have activelymade a choice to opt out audit. That is, companies that existed before the audit deregulationand has been subject to audit requirement before. The study deals with small companies in Västernorrland and has been conducted withquestionnaires. The sample was selected from a list from Bolagsverket of all small businessorganizations in Västernorrland who do not hire an auditor and who is affected by the auditderegulation. A total of 877 businesses met our requirements and after a review of 754businesses we found 200 valid e-mail addresses. This was because many of the companieshad no e-mail address and that many were no longer in use. Out of these 200 companies wegot 39 replies on our survey (19 %). The study shows that it is not explicit a matter of cost whether or not to hire an auditor.Generally, it is considered that the companies do not receive any added value of the audit, asit is considered redundant, since most of the companies already employ an accounting firmthat makes the annual accounts for them. In some other cases it is because the companyalready possesses expertise in accounting, which means that the audit would be consideredredundant. The main reasons why companies would consider hiring an auditor was becausethe interested parties would demand it or to feel secure with the authorities.

Den här studien handlar om varför små företag väljer att inte anlita en revisor och vad som skulle få dem att göra det. Revisionsplikten avskaffades i november 2010 och detta gjorde att små aktiebolag som omfattas av revisionspliktens avskaffande får välja om de vill behålla sin revisor eller inte. Efter revisionspliktens avskaffande uppstod det både positiva och negativa effekter för de företag som är inblandade samt deras intressenter.Syftet med vårt arbete är att identifiera vilka faktorer som påverkar valet att anlita en revisor eller inte. Tidigare studier visar att det är en kostnadsfråga då kostnaden varit högre än den upplevda nyttan. De företag vi ska analysera är företag som aktivt har gjort ett val att välja bort revision. Det vill säga företag som fanns innan revisionspliktens avskaffande och har omfattats av revisionsplikten tidigare.Studien behandlar små aktiebolag i Västernorrland och har genomförts med enkäter. Urvalet gjordes utifrån en lista från Bolagsverket över alla små företags organisationsnummer i Västernorrland som inte anlitar en revisor och som berörs av revisionspliktens avskaffande. Totalt uppfyllde 877 företag våra krav och efter en genomgång av 754 företag fann vi 200 giltiga e-postadresser. Detta berodde på att många av företagen inte hade någon e-postadress och att många inte längre var i bruk. Av dessa 200 företag var det 39 stycken (19 %) som svarade på enkäten.Studien visar att det inte enbart är en kostnadsfråga för företagen när det gäller att anlita en revisor eller inte. Generellt anses det att företagen inte får ut något mervärde av revisionen, då den anses överflödig, eftersom de flesta av företagen redan anlitar en redovisningsfirma som gör årsredovis-ningen åt dem. I vissa andra fall beror det på att företaget redan besitterkunskap inom redovisning vilket gör att revisionen även då anses överflödig. De största anledningarna till att företagen skulle kunna tänka sig anlita en revisor var att intressenterna kan kräva det eller för att känna trygghet inför myndigheter.
This study looks at why small companies choose not to hire an auditor and what would make them do it. The audit deregulation was abolished in November 2010 which allowed small companies to choose whether or not to hire an auditor. After the audit deregulation arose both positive and negative effects for the companies involved and their interest.The aim of our work is to identify the factors that influence the choice to hire an auditor or not. Previously studies show that there is a cost issue when the cost was higher than the perceived benefits. The companies we shall analyze are the companies who have actively made a choice to opt out audit. That is, companies that existed before the audit deregulation and has been subject to audit requirement before.The study deals with small companies in Västernorrland and has been conducted with questionnaires. The sample was selected from a list from Bolagsverket of all small business organizations in Västernorrland who do not hire an auditor and who is affected by the audit deregulation. A total of 877 businesses met our requirements and after a review of 754 businesses we found 200 valid e-mail addresses. This was because many of the companieshad no e-mail address and that many were no longer in use. Out of these 200 companies we got 39 replies on our survey (19 %).The study shows that it is not explicit a matter of cost whether or not to hire an auditor. Generally, it is considered that the companies do not receive any added value of the audit, as it is considered redundant, since most of the companies already employ an accounting firm that makes the annual accounts for them. In some other cases it is because the company already possesses expertise in accounting, which means that the audit would be considered redundant. The main reasons why companies would consider hiring an auditor was because the interested parties would demand it or to feel secure with the authorities.

I början av 1990-talet så genomförde den borgerliga regeringen friskolereformen vilket in-nebar att det statliga monopolet upplöstes och att fristående skolor kunde konkurrera på samma villkor som kommunala skolor. Detta medförde att det ekonomiska ansvaret för gymnasieskolan övertogs av respektive kommun och att skolpengen infördes. Reformen har inneburit ökat antal skolor och hårdare konkurrens. Detta tillsammans med minskat elevan-tal har pressat skolorna till att optimera sin marknadsföring för att attrahera elever. Syftet med uppsatsen är att beskriva och analysera om det finns någon skillnad i hur kommunala respektive fristående gymnasieskolor arbetar med marknadsföring. Samt att undersöka hur deras syn på dagens skolmarknad ser ut. För att ta reda på detta har vi intervjuat företrädare för fyra stycken kommunala och fyra fristående skolor i Stockholms län. Vi har även valt att göra observationer på Gymnasiemässan 2010. Undersökningen har visat att Öppet hus och gymnasiemässan är viktiga mötesplatser för att skapa långsiktiga relationer till eleverna. Det har även visat sig att skillnaden mellan vad skolorna kommunicerar inte beror på vilken huvudman skolan tillhör. Två av de kommunala skolorna hade problem med att anpassa sig till nyare teknologi och nyare kommunikationskanaler jämfört med två av de fristående sko-lorna som var i framkant när det gäller kommunikationskanaler. De fristående skolorna var alla överens om att det var viktigt att skydda sig mot konkurrensen genom att differentiera sig på dagens marknad.
In the beginning of the 1990’s, the Swedish government changed the rules on the school mar-ket by implementing a school reform. The reform made it possible for private actors to com-pete on the market along with the municipal schools on equal terms. The economic responsi-bility for the schools was held by the county. The reform made entry to the market easy which has led to hardened competition. By present time it is clear that the number of pupils is de-creasing. As a result, this forces the schools into optimising their marketing to attract pupils. The purpose of this paper is to describe and analyse whether there is any difference in how municipal schools and independent schools conduct their marketing, and how their perception of the schoolmarket is. To study this we have made four interviews with municipal schools and four interviews with independent schools in the county of Stockholm. We have also made an observation on Gymnasiemässan (high school fair at the event hall “Stockholmsmässan”). The conclusion of the study is that to create a long term relationship with the pupils it is nec-essary to use Öppet hus (when schools invite parents and pupils to experience the school) at the schools and to attend on the High school fair. The message communicated by the schools does not differentiate depending if the school is independent or municipal. Two of the munic-ipal schools were having a problem with adapting to newer technology and newer channels of communication, compared to two of the independent schools who were in a leading position in ways of channel communication. All of the independent schools did agree upon the neces-sity to differentiate on today’s market to be protected from the competition.

In the late 1980s, governments in New Zealand and Australia began to deregulate their telecommunications markets. This process included the corporatisation and privatisation of former state owned telecommunications monopolies and the introduction of competition. The Telecom Corporation of New Zealand (TCNZ) was corporatised in 1987 and privatised in 1990. Its Australian counterpart, Telstra, was corporatised in 1989 and partially privatised in 1997. This thesis examines and compares TCNZ and Telstra's changing organisational and workforce restructuring strategies, as they responded to these changes. It further examines how these strategies influenced the firms' employment relations (ER) policies. Strategic human resource management (SHRM) and transaction costs economics (TCE) theories assist in this analyse. TCE links organisational restructuring to the make/buy decisions of firms and the asset-specificity of their employees. It suggests that firms will retain workers that have developed a high degree of firm-specific skills, and outsource more generic and semi-skilled work. Firm strategies are also influenced by national, contextual, factors. From a TCE perspective, these external factors alter relative transaction costs. Hence, different ownership structures, ER legislation and union power help to explain differences in TCNZ and Telstra's organisational restructuring and ER strategies. During the decade from 1990 to 2000, TCNZ and Telstra cut labour costs through large-scale downsizing programs. Job cuts were supported by outsourcing, work intensification and the introduction of new technologies. These initial downsizing programs were carried out through voluntary redundancies, across most sections of the firms. In many instances workers simply self-selected themselves for redundancies. TCNZ and Telstra's downsizing strategies then became more strategic, as they targeted generic and semi-skilled work for outsourcing. These strategies accorded with a TCE analysis. But TCNZ and Telstra engaged in other practices that did not accord with a TCE analysis. For example, both firms outsourced higher skilled technical work. TCNZ and Telstra's continued market domination and the emphasis that modern markets place on short term profits, provided possible reasons for these latter strategies. This thesis suggests, therefore, that while TCE may help to predict broad trends in 'rational organisations', it may be less effective in predicting the behaviour of more politically and ideologically driven organisations aiming for short term profit maximisation. Some TCNZ and Telstra workers were shifted to subsidiaries and strategic alliances, which now assumed responsibility for work that had previously been performed in-house. Many of these external firms re-employed these workers under more 'flexible' employment conditions. TCNZ and Telstra shifted to more unitarist ER strategies with their core workers and reduced union influence in the workplace. Unions at Telstra were relatively more successful in retaining members than their counterparts at TCNZ. By 2002, TCNZ and Telstra had changed from stand-alone public sector organisations, into 'leaner' commercially driven firms, linked to subsidiaries, subcontractors and strategic alliances.

In the late 1980s, governments in New Zealand and Australia began to deregulate their telecommunications markets. This process included the corporatisation and privatisation of former state owned telecommunications monopolies and the introduction of competition. The Telecom Corporation of New Zealand (TCNZ) was corporatised in 1987 and privatised in 1990. Its Australian counterpart, Telstra, was corporatised in 1989 and partially privatised in 1997. This thesis examines and compares TCNZ and Telstra's changing organisational and workforce restructuring strategies, as they responded to these changes. It further examines how these strategies influenced the firms' employment relations (ER) policies. Strategic human resource management (SHRM) and transaction costs economics (TCE) theories assist in this analyse. TCE links organisational restructuring to the make/buy decisions of firms and the asset-specificity of their employees. It suggests that firms will retain workers that have developed a high degree of firm-specific skills, and outsource more generic and semi-skilled work. Firm strategies are also influenced by national, contextual, factors. From a TCE perspective, these external factors alter relative transaction costs. Hence, different ownership structures, ER legislation and union power help to explain differences in TCNZ and Telstra's organisational restructuring and ER strategies. During the decade from 1990 to 2000, TCNZ and Telstra cut labour costs through large-scale downsizing programs. Job cuts were supported by outsourcing, work intensification and the introduction of new technologies. These initial downsizing programs were carried out through voluntary redundancies, across most sections of the firms. In many instances workers simply self-selected themselves for redundancies. TCNZ and Telstra's downsizing strategies then became more strategic, as they targeted generic and semi-skilled work for outsourcing. These strategies accorded with a TCE analysis. But TCNZ and Telstra engaged in other practices that did not accord with a TCE analysis. For example, both firms outsourced higher skilled technical work. TCNZ and Telstra's continued market domination and the emphasis that modern markets place on short term profits, provided possible reasons for these latter strategies. This thesis suggests, therefore, that while TCE may help to predict broad trends in 'rational organisations', it may be less effective in predicting the behaviour of more politically and ideologically driven organisations aiming for short term profit maximisation. Some TCNZ and Telstra workers were shifted to subsidiaries and strategic alliances, which now assumed responsibility for work that had previously been performed in-house. Many of these external firms re-employed these workers under more 'flexible' employment conditions. TCNZ and Telstra shifted to more unitarist ER strategies with their core workers and reduced union influence in the workplace. Unions at Telstra were relatively more successful in retaining members than their counterparts at TCNZ. By 2002, TCNZ and Telstra had changed from stand-alone public sector organisations, into 'leaner' commercially driven firms, linked to subsidiaries, subcontractors and strategic alliances.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Graduate School of Management
Full Text

Syfte: Syftet med denna uppsats är att undersöka förändringar i pris och tillgänglighet på OTC-läkemedel före och efter avregleringen av det svenska apoteksmonopolet ur ett konsumentperspektiv. Metod: Kvantitativ undersökning med abduktiv forskningsansats, där datainsamling sker via telefonkontakt och observation av hemsidor Teori: Marknadsformer, Avregleringar, Marknadsmixen, Prissättningsstrategier, Öppettider Resultat: Uppgång skedde kontinuerligt i pris på OTC-läkemedel före avregleringen av apoteksmonopolet och öppettiderna var då begränsade. Undersökningen visar att pris på OTC-läkemedel marginellt gått upp och en ökning skett i antal timmars öppethållande per vecka bland samtliga återförsäljare. Avregleringen har bidragit till stora variationer i priser och öppettider bland olika återförsäljare. Det finns ett mycket svagt positivt samband mellan pris på OTC-läkemedel och öppettider. Starkast är sambandet för Bensinstationer och Kiosker och närbutiker där undersökningen visar på både ett högt pris och flexibelt öppethållande.
The purpose of this thesis is to examine the changes in price and availability for OTC-pharmaceuticals before and after the deregulation of the Swedish pharmacy monopoly. In order to carry out the examination a quantitative approach is used and data has been collected by phone calls and observations. The framework is theories on the subject of market structure, deregulation, the marketing mix, price strategies and availability. The thesis has concluded that before the deregulation the price continually increased but the opening hours were limited. After the monopoly ceased the price has marginally increased and the number of opening hours per week has extended. Different retailers are after the deregulation able to sell OTC-pharmaceuticals and there is a variety among them regarding price and opening hours, which enables the customers to make choices between them. The study found a weak positive correlation between price and opening hours. The strongest correlation was found among Petrol stations and Convenience stores, which showed high price and flexible opening hours.

The aim of this thesis is, from a business perspective, to examine how the pharmacy chain Medstop is working with their positioning in order to achieve competitiveness in the re-regulated pharmacy market. This is studied through a theoretical framework that demonstrates five forces that affects the competitiveness in an industry, the five-force model by Michael Porter.

The thesis is a qualitative case study where data collection was done through interviews, literature, articles, websites and internal information from Medstop. The data was then complied into the theoretical perspective the authors have chosen for this paper, the five-force model by Michael Porter. This model was chosen because it gives a broad description of the competition a company faces by describing five different forces that affect the competition within a branch. The fact was collected on the basis of the marketing strategy positioning, and the essay is written from a business perspective.

Our cunclusions are that the pharmacy chain Medstop are in their initial positioning and has chosen to position itself on the basis of their core values; credibility, safety and security. The company believes that their customers will base their choice of pharmacy based on the geographical location and the customer experience. Customer experience is based on service and customer relations. Medstop also wants to be perceived as available to the customers and want to target customers who value a small pharmacy with good advice.

Tidigare studier har identifierat två olika typer av information som kreditgivarna tar del av för att avgöra om kredittagaren är kapabel att betala sina skulder och fullfölja sina förpliktelser, transaktionsorienterad och relationsorienterad information (Rad et al., 2013; Gray et al., 2006). Dessa två huvudgrupper av information delas upp i olika bedömningsgrunder somSvensson (2003) presenterar i en analysmodell som används som grund för denna studies föreställningsram. Kreditbedömningen baseras till stor del på den finansiella informationen som ingår i den transaktionsorienterade informationen och som finns att tillgå i årsredovisningen. Årsredovisningen är dock en statisk presentation av företaget (Svensson, 2003) och bör därför kompletteras med ytterligare information.Kreditvärdighetsbedömningen sker utifrån företagets fortlevnad, företagets säkerheter och dess framtida värde, där säkerheter är tillgångar ställda som garantier under kredittiden. Dessa ställda säkerheter får ett säkrare värde om företaget har revisor. Med lagändringen som trädde i kraft i november 2010, som resulterade i en avreglering för revisionsplikten för mindre bolag i Sverige, har drygt 40 % av dagens ca 400 000 aktiebolag ingen revisor (Spängs, 2014).Syftet med uppsatsen var att utvärdera och beskriva vilken betydelse hård och mjuk information har för institutionella kreditgivare vid kreditbedömning av små och medelstora företag i Sverige. Vidare var syftet att utvärdera av vilken vikt det är att den transaktionsorienterade informationen är kvalitetssäkrad genom revision. För att uppfylla syftet med studien har en kvantitativ metod med deduktiv ansats använts, där primärdatainsamlats med hjälp av en webbaserad enkät riktad till företagsrådgivare inom bankväsendet som ligger till grund för empirin i denna studie. Det empiriska materialet har sedan analyserats mot sekundärdata som insamlats från vetenskapliga artiklar, litteratur och svenska lagar.Resultatet visar att kreditbedömningen av små och medelstora företag utifrån studiens urval styrker tidigare studier inom området och resultatet tyder på att revision för att kvalitetssäkra den finansiella informationen inte har avgörande roll för kreditbedömningen. Relationsorienterad information används vid kreditbedömning, men nyttjas inte i samma utsträckning som den transaktionsorienterade. (Rad et al., 2013; Gómez-Guillamón, 2003)
Previous studies have identified two different types of information that lenders uses to decide if the borrower is able to pay its debts and fulfil their obligations, transaction-oriented and relationship-oriented information (Rad et al., 2013; Gray et al., 2006). These two main groups of information is divided into different assessment bases, Svensson (2003) presents ananalysis model that is used as the base for this study. Credit assessment is based on the financial information included in the transactional information that is available in the annual report. The annual report is, according to Svensson (2003), a static presentation of the company and should therefore be supplemented with additional information.Creditworthiness is based on the chance of going concern, the company's assets and its future value, where the collateral assets are pledged as guarantees during the credit period. These collateral assets get a more curtain value by the company's auditor. With the amendment which came into force in November 2010, which resulted in a settlement of audit requirementfor smaller companies in Sweden, has just over 40% of today's 400 000 incorporated companies no auditor (Spängs, 2014).The purpose of this paper was to evaluate and describe the significance that accountant information and relations has for institutional lenders in credit rating of SME’s in Sweden. A further purpose was to evaluate the importance of the assurance that the auditing of the transactional information provides. To fulfil the purpose of the study a quantitative method of deductive approach was used, where primary data collected through a web-based surveyaimed at business advisers within the banking system as the basis for empirical data in this study. The empirical data were then analyzed against secondary data collected from scientific articles, literature and Swedish laws.The result shows that the credit assessment of SME’s based on the study sample, evidence of previous studies in the subject and the results indicate that the auditing in ensuring the quality of the financial information not is crucial in the credit assessment. Relationship-oriented information is also used in the credit rating, but is not utilized to the extent as the transactionoriented information. (Rad et al., 2013; Gómez-Guillamón, 2003)

The intention of this document is to discuss the deregulation of the telecommunications environment in South Africa, focusing specifically on the introduction of the Second Network Operator and its relationship with Telkom and the market. The aims of this research include an evaluation of whether or not competition can occur when Telkom is the provider of a portion of the fixed line equipment as well as a competitor to the Second Network Operator. In addition to this an evaluation will also be undertaken of whether or not the consumer will ultimately benefit from increased service levels, as well as decreased cost once the Second Network Operator is offering services to the consumer. The research methodology employed is that of Case Study Analysis. The reason being that this method allows for a large amount of relative data to be chosen for the study (using Purposive sampling techniques), and this can then be analysed on a subjective basis, using comparisons as well as models such as the PEST, and Porter's Five Forces. Ultimately the study recommends that without a strong regulator, deregulation is pointless as the incumbent provider is exceptionally powerful both financially and politically and will not hesitate to engage in unfair practices should it feel that those practices may benefit their position. To this end it is recommended that ICASA play an active role in the pricing of the local loop access as well as the pricing of interconnections between the parties. It further recommends that Neotel follow a strategy of strong customer focus as well as strong technological focus.
Thesis (MBA)-University of KwaZulu-Natal, 2006.

碩士
東吳大學
法律學系
102
Since the Offshore Banking Act (the Act) was amended in 2013, securities firms in Taiwan are able to conduct international securities business in accordance with the Act in the same manner as banks. The purpose of the Act is to establish a regional financial center, which makes it a policy act to facilitate a government policy. The objective of this study is to explore potential problems arising from firms being governed by the Act and related laws as well as administrative orders. The focus of the study is the adequacy of the laws and regulations in practice. The study compares domestic and foreign laws in terms of legislative background and explores the Act from the aspects of financial regulations and regulatory trends. It also analyzes the advantages and disadvantages of the clauses through direct comparison. Financial laws need to complement the financial environment. As the scope of financial services and the number of institutions grow, administrative orders are needed at times to provide supplemental information regarding the laws. Hence, certain principles of administrative law are also applied in the study. The Act does not differentiate between the characteristics of banks and those of securities firms. Adding international securities business to the Offshore Banking Act, which formerly applied only to banks, is similar to imposing regulations on entities with different attributes and may cause controversy over the issue of fairness. In addition, the range of international securities business made available to onshore investors is not significantly different from the existing domestic range. Most of the counterparts of the international securities business under the Act in Japan, Korea, Hong Kong and Singapore have been deregulasted with respect to foreign exchange controls. These countries also allow securities firms to conduct omnibus account management services, affording the firms a broader range of business. Onshore and offshore investors will be able to choose better investment vehicles as capital flows freely across borders. Government agencies’ failure to take aggressive action and imposing too much interference in economic activities, combined with an unclear scope of the applicability of the law, are preventing the Act from achieving effective results. Financially developed countries such as the United Kingdom and the United States do not reject financial innovation despite the recent financial crises, and are continuing with financial reform regardless. They are also putting more emphasis on coordination and communication among regulators. In addition, an approach to financial reform that moves away from direct controls to indirect controls can provide a basis of jurisprudence for legislative changes in Taiwan. Under the current legislative and administrative frameworks in Taiwan, most of the laws are devised narrowly for specific issues, and it is difficult to establish a set of complete and systematic financial regulations. Furthermore, the Act is jointly regulated by the Financial Supervisory Commission and the Central Bank of the Republic of China, which can cause inconsistency in communication or regulatory objectives. There is a need to create a market-based, risk-oriented regulatory system in Taiwan, which will “impose differentiated regulatory measures based on size, relevance and complexity” on financial institutions. This study recommends that regulators establish a clearly defined hierarchy of authority, reclassify professional investors, and reinforce functions of self regulatory organizations. Reducing government interference is the only effective way to achieve financial deregulation. Key words: Financial Regulations, Financial Supervision, Offshore Banking Act, Offshore Financial Center, International Securities Business

Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management
Throughout the last century, severe financial crises hit the financial markets, whose effects then spread all over the world. Taking the recent example of the 2008 subprime crisis, it is now clear it had its main drivers in excess credit supply and record household debt, which had been spiking since the 80’s and 90’s decades. Allied to weak risk management policies and the deregulation in financial markets, along with subprime credit concession and speculation regarding complex financial products, the households’ debt levels rose to a point that helped generate one of the greatest financial crises in history, whose effects were felt around the globe. From the moment these crises happened, various authors studied and analyzed the reasons behind the events leading to them, and how they reached the magnitude to cause such an impact. Several studies concerning households’ indebtedness and credit supply were made regarding many countries and provide a closer look at how these indicators are related and how they react in periods marked by financial crises as the ones described above. Some of them were able to prove that, indeed, there is a connection not only between them, but also with financial markets liberalization and weak risk management policies. After establishing a relationship between credit supply and household debt, and connecting both to business cycles, the core goal of this study is to evaluate the evolution of household debt in Portugal since the introduction of the Euro and which factors contributed with the most impact to that same evolution. Our work will start with a literature review to explain the credit-driven household demand channel concept and the dynamics implied and proceed with a statistical analysis of key indicators focusing on explaining the behavior of household debt in Portugal. These will include a time-adjusted correlations analysis and a linear regression model. Finally, we will present the conclusions reached through these methods, which resulted in a good performing model composed of five independent variables explaining the evolution of household debt to GDP in Portugal in different moments in time, and present future study possibilities to enhance the knowledge on this topic.

Against a background of declining macro-economic conditions in Zimbabwe, significant challenges confront management in changing the financial performance of debt-ridden parastatals or public corporations. Chronic budget deficits, poor economic policies and mismanagement have ensured that these under capitalised companies post successive losses thus increasing the burden on the tax payer who must pay for their survival. The research study seeks to establish the strategies which management can implement to raise revenue and improve cash flows in preparation for privatisation. If the companies are to be competitive in a deregulated sector, the chosen strategies must offer quick and sustainable solutions. The shareholder's intention is to place these companies in a profitable position in order to gain maximum value from prospective investors. The recommended strategies are intended to improve financial performance of a telecommunications company confronted by a myriad of problems, which include: - • Critical shortages of foreign currency required to implement network development and maintenance programmes as well as payment of traffic handling obligations. • Competition from new entrants, • Government intention to privatise a company weighed down by a huge local and foreign debt. • An economy experiencing negative growth, high unemployment and chronic inflation. MBA-Strategic Financial Management • A population on the verge of starvation resulting from food shortages created by badly implemented land policy and drought conditions afflicting Zimbabwe and Southern Africa in general. The study focuses on key processes that create improvements in revenue and cash flow generation in the short to medium term. The processes are considered against a background of declining macro economic conditions and telecommunications sector deregulation. Experiences on deregulation of telecommunications sector in other countries are considered, and in Zimbabwe, the work done by BT consultants during restructuring and commercialization of the Post and Telecommunications Corporation is assessed. The study shall consider and recommend changes necessary to improve revenues and cash flows. In particular, the study shall: - • Critically review service provision for new customers, line transfers, reallocation of recovered lines, the delayed billing of connected customers and meter reading timetable for statement generation. • Consider and develop improvements in international traffic and accounting rates management in order to increase revenues, which contribute half of the company's profits. MBA-Strategic Financial Management • Assess and develop debt management strategies in order to improve cash flow and profitability. • Assess the company's cash handling procedures and recommend process improvements in order to realise the computed servings in overdraft interest or earnings arising from timely investments. • Develop a system of continuous improvement through tracking, feedback and training.
Thesis (MBA)-University of Natal, 2003.

Text in Afrikaans, abstract in Afrikaans and English
In the case of an economical activity such as a distribution system, the distribution depot normally forms the nucleus of the network. The market place that is being served is not static and with the passing of time, due to the change in demand together with the change in the product range which is being offered, a tendency develops for the distribution point to move away from the nucleus of the network, thereby not representing the optimal location anymore. There is therefore a constant need for companies to determine whether their distribution system is suitable for their present, as well as their future trading circumstances. This factor together with the normal endeavour to minimise physical distribution costs, results in the need for a sophisticated approach to the whole problem of relocating distribution networks. The aim of this study is therefore to develop a basic model which will set out guidelines for the relocation of distribution centres. With the above mentioned in mind, the first step is a study of the theory to highlight and analyse applicable techniques and methods that could possibly be used in this model. The accent throughout this section is placed on well known and proven theories and techniques. The second part of this research focuses on the empirical study that forms the basis for the building of a relocation model. With the help of practical examples it is shown how to apply the model and each step is being highlighted and illustrated. The model that has been designed in this study clearly outlines the steps that enable the user to undertake and optimally apply a relocation study. Its application does not necessarily require highly trained personnel or complicated programming. It is therefore recommended that this model be applied in the case of the relocation of distribution centres.
In die geval van ekonomiese aktiwiteite soos 'n distribusiesisteem, vorm die verspreidingsdepot gewoonlik die kernpunt van die netwerk. Die markplek wat bedien word is egter nie staties nie en met die verloop van tyd, as gevolg van die verandering in die aanvraag tesame met die verandering in die produkreeks wat aangebied word, ontstaan daar 'n neiging dat die oorsponklike verspreidingspunt weg beweeg vanaf die kernpunt van die netwerk en dus nie meer die optimale liggging verteenwoordig nie. Daar is dus 'n konstante behoefte by maatskappye om te bepaal of hulle distribusiesisteme geskik is vir hulle huidige, sowel as toekomstige handelsomstandighede. Hierdie faktor, tesame met die normale strewe na minimalisering van fisiese distribusiekoste, het tot gevolg dat daar 'n behoefte bestaan aan 'n gesofistikeerde benadering tot die hele problematiek van vestiging van verspreidingsnetwerke. Die studie het dus ten doel die ontwikkeling van 'n basiese model wat riglyne daarstel vir die hervestiging van verspreidingsentra. Met bogenoemde in gedagte, is daar in die eerste plek 'n teoretiese studie onderneem wat toepaslike tegnieke en metodes wat moonlik in hierdie model opgeneem kon word, uitgelig en geanaliseer het. In hierdie gedeelte word die aksent deurentyd op bekende en bewese teoriee geplaas. Die tweede gedeelte van die navorsing fokus op die empiriese studie wat met die bou van 'n hervestigingsmodel gepaard gaan. Daar word aangetoon hoe om die model toe te pas en elke stap word met behulp van praktiese voorbeelde toegelig en verduidelik. Die model wat hier ontwikkel is le duidelike riglyne neer wat die verbruiker in staat stel om 'n hervestigingstudie aan te pak en optimaal toe te pas. Die toepassing daarvan vereis nie noodwendig hoogsopgeleide personeel of ingewikkelde programering nie en word daar gevolglik aanbeveel dat hierdie model toegepas word in die geval van die hervestiging van verspreidingsentra.
Business Management
D. Comm.

This study attempted to establish the travel behaviours and choice criteria of the South African domestic air passenger and how they differed between low-cost carriers (LCCs) and full-service carriers (FSCs). The study was quantitative and used structured questionnaires to collect data via personal interviews. Descriptive and inferential techniques were used to analyse the data, including a binomial logistic regression to identify predictors of model choice. Analysis This study attempted to establish the travel behaviours and choice criteria of the South African domestic air passenger and how they differed between low-cost carriers (LCCs) and full-service carriers (FSCs). The study was quantitative and used structured questionnaires to collect data via personal interviews. Descriptive and inferential techniques were used to analyse the data, including a binomial logistic regression to identify predictors of model choice. Analysis showed that passengers had a limited understanding of the functioning of the models. This results in consumer perceptions and expectations being discordant with the true differences. In distinguishing between models, LCC passengers rate LCCs more favourably than FSC passengers, but both rate FSCs higher than LCCs. This shows the need of consumers to have the features and services of the FSCs. Amongst the key findings was the absolute importance of price to the passengers on both models when purchasing the ticket. The analysis showed that LCC passengers are highly price sensitive and show loyalty to the lowest price (not airline model). It was apparent that frequent flyer programmes (FFP), or linkages to 3rd party loyalty programmes, for LCCs need to be reconsidered. Younger LCC passengers especially, indicated a need for a simple FFP to receive some form of ‘reward’, as well as benefits traditionally only offered by FSCs. FSC passengers show a greater degree of loyalty and less fare sensitivity. This provides the FSCs with a degree of fare flexibility and the opportunity to move their loyal, less price-sensitive consumers up the price curve to maximise revenue. It was shown that, in distinguishing themselves from FSCs, it is important that LCCs are perceived as being more affordable than FSCs and are offering a value-for-money service. In essence, LCCs have to defend their positioning by (i) ensuring that their fares are not perceived to be as high as a FSCs and (ii) watching that the FSC fares are not declining to a level where FSCs are perceived as being as cheap as a LCC. For LCCs, brand building strategies around issues other than fare need to be devised, with attention paid to identifying determinant factors.
Business Management
D. Com (Business Management)

The last two decades have been a critical period for Thailand's development. From the mid 1980s to the beginning of the 1990s, the Thai economy performed remarkably well and was a showcase for the world economy. Having achieved a double-digit growth rate for a brief period, Thailand in the late 1980s was regarded as the fastest growing economy in the world by the World Bank and the IMF. With prospects of further rapid economic growth, the Thai government accepted Article VIII of the IMF, which required Thailand to liberalise and deregulate its financial system. Accordingly, Thailand removed most regulations on its financial system from 1989 to early 1994. Consequently, the country enjoyed further economic growth and large volumes of capital began to flow into Thailand's financial market. Unfortunately, the story of Thailand's success was short lived and soon ended, after the financial liberalisation was completed. Finally, economic growth came to a sudden stop and the crisis erupted in July 1997. This thesis investigates the contribution of financial liberalisation to the crisis in Thailand by focusing on four main issues: the sequence of financial liberalisation, capital controls, exchange rate policy and asymmetric information. In addition, this study also examines time-series data and other information to explore the consequences of financial liberalisation for the crisis in Thailand.

碩士
中國文化大學
財務金融學系
102
To promote cross-strait trade and financial cooperation, the currency regulatory institutions on both sides of the strait (Taiwan’s Central Bank of the Republic of China and mainland China’s People’s Bank of China) signed a memorandum on cross-strait currency clearing cooperation on August 31, 2012.The memorandum empowered each side to agree to a settlement institution to provide services on the other side of the strait. The Bank of Taiwan’s Shanghai branch is currently the settlement institution for NTD in mainland China, while the Bank of China’s Taipei branch serves as its counterpart for RMB settlement in Taiwan. Thanks to the memorandum, the two currencies can now be mutually exchanged as payment for cross-strait trade.The RMB business grow into a bottleneck for current operations domestic financial institutions, created a new oppor-tunity, as an offshore RMB center is where the long-term goal. In this study, using event study to investigate the effects of open renminbi busi-ness to publicly traded bank stocks of its shareholders’ wealth effect, and test whether the abnormal returns generated before and after the relevant events. By empirical results and analysis, the study concluded that: Empirical data show that due to the Deregulat-ing Renminbi Business, for publicly traded bank stocks generate significant excess re-turns. Especially in the days before and after the opening of capital markets have a sig-nificant positive abnormal returns; And in the two days before the Deregulating Renminbi Business, excess returns have significantly positive returns.

碩士
中原大學
國際經營與貿易研究所
100
For special historical background between Taiwan and China, economic communication of Cross-Strait was banned by laws or regulations. As time passed, the trading, investments and finances between Taiwan and China have become frequently and the relative restrictions were loosened step by step. China is vast and rich in resources, the investment costs are relatively lower than in Taiwan. To reduce operating costs and expand production scale, Taiwanese businessmen started to set up factories one after another in Mainland China. In the past, the financial channel of Renmibi (RMB) to Taiwanese businessmen in China was limited. Due to the financial crisis happened in 2008, the fluctuation of exchange rate caused serious problems to import and export enterprises. RMB is relatively stable than other currency and being preferred by Taiwanese business for their financial risk controlling. Hence, the dependence of Taiwanese businessmen on RMB had increased. 　　On July 21 2011, Taiwan Financial Supervisory Commission announced that banks in Taiwan can serve their customers RMB’s business on the service of their offshore banking unit (OBU). After that, Taiwanese businessman in China can financing RMB from OBU account and operate by OBU’s RMB’s business, which is a RMB finance channel for Taiwanese businessman. 　　The main purpose of this study is to survey the impact of such policy deregulation and try to know will Taiwanese businessman change their financing behavior after the deregulating of OBU’s RMB business. This study finds, when doing business in China, in case of different financing purposes, Taiwanese businessmen will have different willingness to finance via OBU in Taiwan after the approval by the Financial Supervisory Commission of OBU to implement RMB-related financial businesses. When the financing purpose of the Taiwanese businessmen is capital expenditure or trade financing, it will have a significant impact on the willingness to finance via OBU in Taiwan. After the deregulation of providing RMB-related services to OBU by the Financial Supervisory Commission, different investment time and trading patterns of Taiwanese businessmen in China will significantly affect the willingness to use OBU for financing. Taiwanese businessmen who invest in China more lately and complex trading pattern will have stronger willingness to finance via OBU.

Emerging markets such as India have witnessed waves of domestic and cross-border mergers and acquisitions. This historical analysis, which consists of two parts, tests central tenets of resource dependence theory. The first part entails an analysis of the transition in public policy governing corporations between 1991 and 2005. The second part tests hypotheses derived from resource dependence theory relating to a firm’s decision to acquire. The analysis explores the factors that explain why firms engage in mergers and acquisitions by examining three specific policy periods (i.e., 1991-1996, 1997-2001 and 2002-2005). The findings from the historical analysis suggest that firms did not merely react to the conditions (i.e., constraints on capital) in their environment by undertaking merger and acquisition activity, but attempted to alter them as resource dependence theory suggests. Findings from the event history logit model also support resource dependence theory. Overall, the study shows that merger and acquisition activity increased during a period of intense deregulation (i.e., 1991-2005) brought about by the adoption of neo-liberal reforms, change to the multilayer subsidiary form, deregulation of the banking and financial sectors’ and reforms in foreign direct investment and equity markets. During this period of uncertainty, firms controlling more resources in terms of earnings, efficiency and number of subsidiaries were more likely to undertake acquisition activity as they have leverage in organization-environment relationships. The effect of number of subsidiaries on acquisition activity was the most consistent across policy periods’. This dissertation is organized in the following manner: Following the introductory chapter, Chapter II is a historical examination of the three policy periods and includes an analysis of the effect of the political-legal environment on mergers and acquisitions between 1991 and 2005. Chapter III reviews the propositions of resource dependence theory that pertain to organizational change and presents research hypotheses related to mergers and acquisitions. Chapter IV describes the data, measurement and methodology employed in the quantitative analysis. Chapter V presents the findings from the quantitative analysis and discusses the results. The concluding chapter (Chapter VI) includes a presentation of the theoretical findings and discussion of the limitations and scope of the study.