Cooperative R&D ventures: Strategic behavior versus transactional efficiency

This paper examines a sample of 48 cooperative R&D ventures announced in the period 1983–1990 to determine their impact on the stock price of the announcing firms. It finds that the venturing firms earn statistically significant positive abnormal returns over periods surrounding the announcement date. These gains are greater than those that result from announcements of increases in expenditures on in-house R&D. The cross-sectional analysis reveals that abnormal returns to the venturing firms are independent of industry concentration, larger in international ventures than in domestic ventures, and equal in cooperative agreements and equity joint ventures. These results support the transactional efficiency perspective of cooperative R&D ventures and suggest that the relaxation of antitrust laws as they apply to cooperative R&D ventures in 1984 is a welfare-improving policy.     

HRM practices in China-Western joint ventures: MNC standardization versus localization

In recent years, multinational corporations have become increasingly ascendant in the world economy. The HRM strategies that these corporations adopt may blend global integration with local responsiveness. This paper examines the compatibility between MNC standardization and localization of different HRM practices in a sample of Sino-Western joint ventures. The findings indicate that various HRM practices have different responses to MNC standaridization and localization.     

A comparison of corporate versus government bond funds

We examine four separate classifications (high quality corporate, general corporate, government Treasury, and general government) of investment grade bond funds over the 1994–2009 period. We verify that distinct differences exist in investment styles across the classifications. We also document significant differences in performance as corporate funds outperform government funds by a risk adjusted average of 8 to 53 basis points on an annual basis depending on the model used. The performance differences are not strictly a function of expenses and are robust to alternative evaluation metrics. An examination of cash flows to the funds indicates that investment dollars are driven by the differences in risk adjusted performance.     

Trade credit versus bank credit: Evidence from corporate inventory financing

In this study, I introduce capital market imperfections into a structure framework of inventory investments and investigate impacts of trade credit on firms’ inventory dynamics and analyze the relationship between trade credit and bank loans. As a result, firms end up using a mix of trade credit and bank loans. I find that the use of trade credit and bank credit can be either complements or substitutes. During tight monetary periods, trade credit operates mainly as a substitute for bank borrowing while during looser monetary episodes even when the economy is weak, trade credit and bank loans are dominated by a complementary effect.     

The analysis of corporate governance policy and corporate financial performance

The main purpose of this study is to investigate the relationship between the quality of corporate governance policy and the firm financial performance and. Data were collected from Corporate Library. A sample of 3,068 firms from the database of 2010 Corporate Library was analyzed. Logistic regression models were employed and SPSS statistical package was utilized to perform the analysis. Our results show that when firms have better corporate governance policies, they are more likely to perform better. Specifically, when firms have a better board rating, compensation policy, takeover defense strategy, accounting practice, and a formal governance policy, they are more likely to perform better than their counterparts without such quality corporate governance policies.     

Collectively created opportunities in emerging ecosystems: The case of solar service ventures

This study suggests that in the entrepreneurial communities of emerging industries, individual entrepreneurs may simultaneously create opportunities that spill over to others and discover opportunities already created by others. Extant opportunity literature, focused on single actors and their personal networks or on the information function of market prices, is largely mute on the role of opportunities in value networks with distributed entrepreneurial efforts. Ecosystem theory, a literature stream that seldom intersects opportunity literature, contributes with a conceptual framework to study the question. The paper seeks to shed light on how opportunities are created or discovered by new ventures as they are involved in the interlinked endeavor of forming a new ecosystem.The study examines five case studies of US ventures in the early phase of the solar service industry, an industry in which entrepreneurs offer customers access to solar panels as a service rather than as a product. These ventures inadvertently created an industry ecosystem together, as they could not protect the value created by their business partners׳ new knowledge, or by the emerging social webs between partners. They shaped opportunities together, passing value back and forth amongst themselves. This paper offers fundamental observations on how opportunity creation and discovery is distributed among a community of entrepreneurs as a business ecosystem grows.     

Defensive acquisitions in the banking industry: The takeover premium hypothesis

We define defensive acquisitions as takeovers made by a firm so as to become so large that it becomes an unattractive target itself. A sample of defensive acquisitions in the banking industry is used to test the takeover premium hypothesis. Under this hypothesis, the defensive acquirers lose because a takeover premium that previously existed in their prices is deflated while the takeover premium increases for smaller competitors because they become more likely targets. We find that the defensive acquirers experience significant negative abnormal returns on the announcement day, and that smaller competitors have positive abnormal returns on the announcements of defensive acquisitions. In contrast, larger competitors do not react to the announcements. The results are consistent with the takeover premium hypothesis.     

The retention of CEOs that make poor acquisitions

Does the failure to replace CEOs following a bad takeover represent a cost-effective strategy or a failure of boards of directors and the market? We study 104 white knight contests to examine why poorly performing firms retain their CEOs. We find the majority are poor performers before they enter the control contest (q?相似文献   

Co-development ventures: Optimal time of entry and profit-sharing

We find the optimal time for entering a joint venture by two firms, and the optimal linear contract for sharing the profits. We consider risk-sharing, timing-incentive and asymmetric decisions contract designs. If the firms are risk-neutral and the cash payments are allowed, all three designs are equivalent. With risk aversion, the optimal contract parameters may vary significantly across the three designs and across varying levels of risk aversion. We also analyze a dataset of joint biomedical ventures, in which, in agreement with our theoretical predictions, both royalty and cash payments are mostly increasing in the smaller firm's experience, and the time of entry happens sooner for more experienced small firms.     

Knowledge transfer: analysis of three Internet acquisitions

The importance of knowledge as the fundamental resource from the strategic viewpoint is widely recognized. Acquisitions are a means of complementing and renewing the knowledge base of the firm. In this study we analyse different variables of the implementation process (autonomy, retention, interaction, cultural similarity) in three acquisitions. We observe that the degree of autonomy granted to the acquired firm is influenced by the nature of the knowledge to be transferred, whereas retention and the means of interaction are not. The results with regard to cultural similarity are not conclusive.     

R公司多元化经营研究

文章以R公司为研究对象,在介绍公司基本情况的基础上,分析公司多元化经营存在的问题。最后,结合理论知识,提出针对R公司多元化经营的改进建议。     

The importance of surrogate entrepreneurship for incubated Swedish technology ventures

Universities and incubators that are more experienced in venture creation have been found to appoint surrogate entrepreneurs as one way to improve entrepreneurial team formation. However, it is not known how such intervention into the core of a venture affects performance. This article investigates the impact of surrogate entrepreneurs on technology ventures stemming from leading Swedish university incubators. From a total of 170 ventures incorporated 1995–2005, belonging to 16 incubators, 59 ventures (35%) have received incubator help to recruit a surrogate entrepreneur. Swedish surrogate ventures perform significantly better in terms of growth and revenue compared to non-surrogates. Significantly higher performance of surrogates is also found in the subgroup academic technology ventures as well as the largest technology subgroup of information and communication technology (ICT) ventures. These findings in combination with a case study of the most productive incubation environment are used to propose future research and policy regarding university incubators intervening into entrepreneurial team formation in different ways.     

Determinants of corporate borrowing: Some evidence from the Indian corporate structure

In contrast to previous empirical work on capital structure, which is mainly confined to the United States and a few other advanced countries, this paper attempts to study the capital structure choice of developing countries through a case study of the Indian corporate sector. The paper shows that the optimal capital structure choice is influenced by factors such as growth, cash flow, size, and product and industry characteristics.     

R公司多元化经营研究

文章以R公司为研究对象,在介绍公司基本情况的基础上,分析公司多元化经营存在的问题。最后,结合理论知识,提出针对R公司多元化经营的改进建议。     

The legitimacy of corporate entrepreneurship: a structured literature review

Management Review Quarterly - Corporate entrepreneurship (CE) is essential for today’s firms and currently a topic of considerable interest within the business community. Although the...     

对促进我国企业跨地区收购的思考--欧盟内跨国兼并的启示

文章讨论了跨地区兼并对打破我国行政区经济的垄断和建设具有国际化大企业的作用,通过分析欧盟在上个世纪90年代出现跨国兼并浪潮的原因、障碍和措施,尝试提出了促进我国跨地区收购的措施与建议.