Private Equity\u27s Governance Advantage: A Requiem

Private equity’s original purpose was to optimize companies’ governance and operations. Reuniting ownership and control in corporate America, the leveraged buyout (or the mere threat thereof) undoubtedly helped reform management practices in a broad swath of U.S. companies. Due to mounting competitive pressures, however, private equity is finding relatively fewer underperforming companies to fix. This is particularly true of U.S. public companies, which are continuously dogged by activist hedge funds and other empowered shareholders looking for any sign of slack. In response, private equity is shifting its center of gravity away from governance reform, towards a dizzying array of new tactics and new asset classes. Large private equity firms now simultaneously run leveraged buyout funds, credit funds, real estate funds, alternative investments funds, and even hedge funds. The difficulty is that some of the new money-making strategies are less likely to be value increasing than governance and operational improvements. Moreover, they introduce conflicts of interest and complexities that alter private equity’s role in corporate governance. Private equity’s governance advantage has always been to ensure that companies are the servant of only one master. Yet today the master itself may have divided loyalties and attention. With few gains left to be had from governance reforms, private equity is quietly distancing itself from the corporate governance revolution that it helped bring about

Re-viewing industrial energy-efficiency improvement using a widened system boundary

Improved energy efficiency in industry is important for reaching the targets within the EU strategy for increased sustainability. However, energy efficiency is not always prioritised within companies, and the improvement potential remains large. This paradox called an energyefficiency gap is explained by energy-efficiency barriers. The low interest in energy efficiency is also explained by the fact that it is not within companies’ core competences and not perceived as strategic. The public policies aiming at closing the gap have thus far been concentrated on the faster diffusion of energy-efficient technologies. This is not sufficient, and the gap can be extended by including energy management practices. To bridge the extended gap, there is a need to introduce an extended system perspective. The aim of this thesis is to  investigate the industrial energy-efficiency potential and possibilities for reaching this potential using an extended system boundary. In this thesis, the extended gap was quantified by means of classification of the energy data covering the most electricity-intensive Swedish industrial companies. The results show that technology-related measures represent 61% of energy savings, whereas management-related measures account for 38%. Energy efficiency due to management-related measures can be improved with lower costs. The energy-efficiency potentials for different levels of industrial motor systems were quantified, showing that the highest potential is found in the measures that include personal involvement and the optimisation of routines. This proves that the general approaches based on technological diffusion seem to not be sufficient to solve the energy paradox. The evaluation of the Swedish energy audit programme for small and medium-sized enterprises (SMEs) proved that there is a lack of energy-related knowledge among SMEs. The implementation rate of measures proposed in the audits is only 54%, while there is also a need to reach the SMEs not covered by the programme. The international study of energy-efficiency potentials did not indicate energy management to be considered by SMEs at all. To bridge the extended gap, the external experts’ knowledge on how to work with energy efficiency has to stay within companies. For this, there is a need for methods based on longterm orientation as well as a systematic view of complicated processes. The methods should be universal and applied in a particular context. An example of such a method for large industries is presented in this thesis, whereas applying it to SMEs is problematic due to limited resources. Participating in networks for energy efficiency can be a way to initiate energy-efficiency work within SMEs on a continuous basis. Moreover, this thesis shows that there is a need for the development of a common taxonomy for energy data as well as the development of a central portal where energy data can be reported and stored. This would simplify the monitoring of energy end-use, the control of measures implementation and the comparison between processes, companies and sectors.Förbättrad industriell energieffektivitet är viktig för att nå målen i EU:s strategi för ökad hållbarhet. Att energieffektivisera är inte prioriterat inom företagen och potentialen är därför stor. Denna paradox kallas för energieffektiviseringsgapet och förklaras av hinder för energieffektivisering. Det låga intresset för energifråga beror också på att den inte ligger inom företagens kärnkompetens och inte uppfattas som strategisk. De styrmedel som syftar till att överbrygga gapet har hittills handlat om snabbare spridning av energieffektiv teknik. Detta är inte tillräckligt och gapet kan utvidgas genom att inkludera energiledningsåtgärder. För att överbrygga det utvidgade gapet behövs ett utvidgat systemperspektiv. Syftet med denna avhandling är att undersöka den industriella energieffektiviseringspotentialen och möjligheter för att nå den genom att utvidga systemgränsen. I denna avhandling kvantifierades det utvidgade gapet med hjälp av kategorisering av energidata som inkluderar de mest elintensiva svenska industriföretagen. Resultaten visar att teknikrelaterade åtgärder utgör 61% av energibesparingar medan energiledningsrelaterade åtgärder står för 38%. Dessutom kan energieffektivisering genom energiledningsrelaterade åtgärder förbättras med lägre kostnader. Energieffektiviseringspotentialer för olika nivåer av industriella elmotorsystem kvantifierades och det visar sig att den högsta potentialen ligger i de åtgärder som inkluderar personaldeltagandet och optimering av rutiner. Det bevisar att de vanliga metoder som baseras på tekniska lösningar inte till fullo kan lösa energiparadoxen. Utvärderingen av det svenska energikartläggningsprogrammet för små och medelstora företag (SMF) som gjordes i denna avhandling visar en brist på kunskap inom energiområdet bland de företagen. Implementeringsgraden av åtgärder föreslagna i kartläggningar står för endast 54%, medan det också finns ett behov av att nå de SMF som inte omfattas av programmet. En internationell studie av energieffektiviseringspotentialen i SMF indikerade att energiledning inte prioriteras bland dessa överhuvudtaget. För att överbrygga det utvidgade gapet måste externa kunskaper om hur man arbetar med energi stanna inom företagen. För detta behövs metoder som baseras på långsiktighet och systematisk syn på komplicerade industriella processer. Metoderna bör vara universella och tillämpas i en särskild kontext. Ett exempel på en sådan metod för stora företag presenteras i avhandlingen men att tillämpa den på SMF är problematiskt på grund av begränsade resurser. Deltagandet i nätverk för energieffektivisering kan vara ett sätt att initiera energiarbetet inom SMF på en kontinuerlig basis. Dessutom bevisar avhandlingen ett behov av skapandet av en gemensam taxonomi för energidata samt av en central portal där data kan rapporteras och lagras. Detta skulle förenkla övervakning av slutenergianvändning, kontroll av åtgärdsimplementering samt jämförelse mellan processer, företag och branscher

The statics and dynamics of moral consciousness

Abstract. The horizontal dynamics of the value worlds in the stable society. The type of moral consciousness is a detailed characteristics of the personality based on the active, creative essence of the person, on the historical succession of moral, on the prevailing in the moral consciousness of such values as: communitarism, hedonism or pragmatism. The types of moral consciousness -communitarist, pragmatist, hedonist are the measure for the definition of the changeable value world. The horizontal and vertical dynamics create the picture of the change of the institutional forms of the moral consciousness of the society: the system of the value worlds. Keywords: quality changes of moral, cultural step of the generation Introduction Workers, intelligentsia, students and pupils were interrogated. The common and the specific features of the types were revealed on the basis of the social structure of the industrial region in temporal changes. The norm of correlation of the types of moral consciousness in the organic society allows defining the measure of the dynamics of value worlds in the transitional state. In the basis of type of moral consciousness there three features are: what is the Supreme good for a person, active essence of a man, and the attitude of a person towards to another one and to the labor as to the aim or to the tool. The horizontal dynamics gives the comparability of counties, enterprises and establishments by types of moral consciousness. Vertical dynamics presents temporal changes of value worlds

Forced migration from Chechnya in a time of Chechen wars

This master thesis deals with a study of forced migration from the Chechen republic during Chechen wars in 1996-2002. The aim of the paper is to contribute to the study of migration strategies of refugees from Chechnya. This qualitative study attempts to grasp the complexity of forced migration process and to depict it from the perspective of refugees. It explores motives and strategies of mobility of the Chechen refugees now living in Russia and Austria and of those refugees, who have returned to Chechnya after the war was over. The impact of this armed conflict on population mobility was examined with a qualitative research of sixteen refugees, who had left Chechnya because of the war. The results of the research show the link between refugee's age and likelihood of return, differences in decision-making of Chechen and Russian refugees, and the strong influence of the social networks on the decision-making and after arrival at destination. Key words Chechnya, forced migration, reasons for migration, destinations, returns, qualitative approac

Forced migration from Chechnya in a time of Chechen wars

This master thesis deals with a study of forced migration from the Chechen republic during Chechen wars in 1996-2002. The aim of the paper is to contribute to the study of migration strategies of refugees from Chechnya. This qualitative study attempts to grasp the complexity of forced migration process and to depict it from the perspective of refugees. It explores motives and strategies of mobility of the Chechen refugees now living in Russia and Austria and of those refugees, who have returned to Chechnya after the war was over. The impact of this armed conflict on population mobility was examined with a qualitative research of sixteen refugees, who had left Chechnya because of the war. The results of the research show the link between refugee's age and likelihood of return, differences in decision-making of Chechen and Russian refugees, and the strong influence of the social networks on the decision-making and after arrival at destination. Key words Chechnya, forced migration, reasons for migration, destinations, returns, qualitative approachDiplomová práce se zabývá studiem nucené migrace z Čečenska v období dvou čečenských válek v letech 1996-2002. Jejím cílem je přispět ke studiu migračních strategií tehdejších uprchlíků. Tato kvalitativní studie se snaží postihnout proces nucené migrace v celé jeho komplexitě a popsat jej z pozice samotných uprchlíků. Dále se také zaměřuje na zkoumání motivů a strategií migrace čečenských uprchlíků žijících v Rusku a Rakousku a také uprchlíků, kteří se po skončení válek vrátili do Čečenska. Vliv válečného konfliktu na mobilitu obyvatelstva byl zkoumán kvalitativní metodou. Výzkumný vzorek čítal šestnáct uprchlíků, kteří odešli kvůli probíhajícím válkám. Během provedeného výzkumu byl objeven vztah mezi věkem uprchlíka a pravděpodobností návratu, odlišnosti v procesu rozhodování o migraci u čečenských a ruských uprchlíků a také silná role sociálních sítí během rozhodování o emigraci a po příjezdu do destinace. Klíčová slova: Čečensko, vynucená migrace, důvody migrace, cílové destinace migrace, návraty, kvalitativní přístupKatedra sociální geografie a region. rozvojeDepartment of Social Geography and Regional Develop.Faculty of SciencePřírodovědecká fakult

Ex-post impact and process evaluation of the Swedish energy audit policy programme for small and medium-sized enterprises

The industrial sector accounts for 35%-40% of total energy use in Sweden, where 30% of industrial energy use comes from non-energy-intensive small and medium-sized enterprises (SMEs). This sector has not historically received much attention when it comes to improving energy efficiency due to limited resources, lower priority given to energy issues, rather small energy-saving potential for a single company, and great heterogeneity of the SMEs. However, the accumulative energy-saving potential for SMEs can be quite high and achieved at very low costs, partly because most improvements are found in support processes and are relatively easy to implement. Various public policies, such as industrial energy audit programmes, serve as a means for overcoming barriers to energy efficiency in the sector of SMEs. One example is the Swedish Energy Audit Programme (SEAP), a stand-alone audit programme functioning between 2010 and 2014. The aim of this paper is to examine the programme by means of process and impact evaluation. The results show that the programme resulted in annual net energy efficiency savings equivalent to 340 GWh/year or 6% of the 713 participating companies energy end use. The implementation rate in the audit programme was 53%. On average, the public cost of one implemented measure was (sic)700. Derived from the amount of energy saved, the audit programmes annual cost-effectiveness is (sic)7/MWh saved energy. This paper adds a significant scientific contribution due to the method used for evaluation. Multiple company visits and availability of quantitative data from 713 companies gave the possibility to address the additionality effects and estimate net energy savings more precisely. (C) 2016 Elsevier Ltd. All rights reserved.Funding Agencies|Swedish Energy Agency</p

Energy efficiency potentials for different motor system levels – an empirical study of PFE implemented energy efficiency measures

Improved industrial energy efficiency (IEE) is a cornerstone in reducing greenhouse gas emissions. The implementation of Energy-Efficiency Measures (EEMs) is the primary means of improving IEE. However, EEMs are not always stand-alone measures. Rather, they are intertwined in the production and other sub-systems calling for a systems approach to be applied. In industry, nearly 70 percent of the power use emanates from motor systems. Electric motor systems can be categorized into three system levels: motor, core motor system, and total motor system, where the large energy-efficiency potential is to be found in the upper system levels. However, previous research has been scarce in showing on which system levels the highest potential for improved IEE is found. Based on a dataset of electric motor system measures from the Swedish energy policy program for improving energy efficiency in energy-intensive companies (PFE) consisting of about 1250 EEMs saving 900 GWh/year, the aim of this study is to analyze, using an extended version of the system level categorization, on which system levels the implemented measures are to be found.Energieffektiviseringspotential, motorsystem, PFE, energieffektiviseringsåtgärde

Energy efficiency potentials for different motor system levels – an empirical study of PFE implemented energy efficiency measures

Improved industrial energy efficiency (IEE) is a cornerstone in reducing greenhouse gas emissions. The implementation of Energy-Efficiency Measures (EEMs) is the primary means of improving IEE. However, EEMs are not always stand-alone measures. Rather, they are intertwined in the production and other sub-systems calling for a systems approach to be applied. In industry, nearly 70 percent of the power use emanates from motor systems. Electric motor systems can be categorized into three system levels: motor, core motor system, and total motor system, where the large energy-efficiency potential is to be found in the upper system levels. However, previous research has been scarce in showing on which system levels the highest potential for improved IEE is found. Based on a dataset of electric motor system measures from the Swedish energy policy program for improving energy efficiency in energy-intensive companies (PFE) consisting of about 1250 EEMs saving 900 GWh/year, the aim of this study is to analyze, using an extended version of the system level categorization, on which system levels the implemented measures are to be found.Energieffektiviseringspotential, motorsystem, PFE, energieffektiviseringsåtgärde