The Duty of Fair Dealing: Board Judgment in Management Led Buyouts

This paper investigates board judgment in response to management led buyouts (MLBs). Board response is suggested to be guided by the business judgment rule and its dual duties of care and loyalty. The duty of loyalty is seen to be evolving into a specification of fair dealing. With this trend, the current interpretation of the business judgment rule emphasizes the role of care and relies on the market to insure fairness. Possible failures in the MLB market which limit its effectiveness in assuring fairness are discussed. Recommendations to counteract these failures are suggested.     

Managerial Buyouts, Incentives And Performance

The managerial buyout (MBO) is a means of motivating senior managers and institutional investors to increase their monitoring efforts and so raise the performance of the firm. This paper suggests that the typical MBO contains a mix of incentives which motivate managers by raising the rewards for success and increasing the penalties for failure. At the same time, the relationship between the new company and its institutional backers encourage the latter to monitor the efforts and achievements of the management team. Such a structure appears useful in raising the performance of divested divisions, particularly in mature industries.     

Buyouts,information asymmetry and the family management dyad

Management buyouts (MBOs) and buyins (MBIs) are an alternative solution to the private family firm ownership succession issue. It is typically assumed that MBO/MBIs of private family firms progress more smoothly than other types of MBO/MBI, due to fewer information asymmetries and closer relationships between the parties involved. This study provides novel evidence from eight private family firms that had selected an MBO or an MBI. The myths surrounding the succession issues of family firms who have selected an MBO/MBI are specifically explored. The MBO/MBI process is examined within an agency theory framework with particular emphasis on the balance of information and the relationships between vendors and purchasers. Complementary theoretical frameworks relating to trust and negotiation behavior are utilized. Interviews were held with former family owners as well as the current members of the MBO/MBI teams. Triangulation of opinions was considered, thus strengthening the validity of presented results. The case studies confirmed that information asymmetries were widespread, providing opportunities for the parties with more information to negotiate a price and structure the deal to their advantage. Good relationships and trust between the vendor and MBO/MBI team mitigated information asymmetries. Where the MBO/MBI was part of the family firm's long-term strategy, there were fewer information asymmetries, and knowledge transfer was facilitated.     

营建区域创新体系 推动我国资源型城市(地区)转型

营建创新体系是解决我国资源型城市(地区)转型所面临问题的有效途径。区域创新体系可以从转型的力量和转型的基础两个角度,资源流入环境、企业发展、产业结构、资源利用率、资源型城市(地区)发展周期等五个侧面,有效推动我国资源型城市(地区)的转型。     

外国直接投资与我国二元就业结构转型

外国直接投资(FDI)对我国经济发展的积极作用之一是促进我国二元就业结构的转型。作用的发挥依赖于FDI与进出口贸易一体化的格局。本文以长江三角洲地区为案例实证检验了FDI促进我国二元就业结构转型的力度。农业劳动力跨区域转移是我国二元就业结构转型的特有轨迹,本文揭示了FDI区域集中与这一特有轨迹的关系。     

浅析中国经济增长模式的转变

在高储蓄率和高投资率的情况下,中国传统的经济增长模式是依靠低成本的出口导向型发展战略。但是,由于中国面临越来越多的贸易摩擦,以及中国廉价劳动力优势会逐步削弱,这种传统的增长模式遇到的困难会越来越大。在这种情况下,中国的经济增长模式需要转变,转为更多依赖于中国自身的自主创新、技术进步以及附加值的提高。     

中国建材物流业态变革分析

建材产业是建筑业和装饰装修业的上游产业,它是建筑及建筑工程作业的基础和前提。建材物流的畅通与否,直接影响建材占用资金量和施工效率,建材物流已经成为建筑业的第三利润源。     

需求选择与企业经营策略的转变

随着科技、经济的发展，商品出现了供过于求的局面。企业如何创造需求，调整经营策略，将是摆在每个企业经营者面前的重大问题。试就企业经营策略的转变以及如何培育“创造需求” 的经营环境，进行初步探讨。     

Foreign Manufacturing Multinationals and the Transformation of the Chinese Economy

I.The argument in brief China became the world's largest destination for foreign direct investment (FDI),almost all of which is FDI in manufacturing and assembly,in 2003,before falling back into a solid second place.These FDI flows have revolutionized China's industrial base and shifted the composition of Chinese exports     

中式快餐标准化经营与管理研究

标准化经营将是未来很长一段时间内的重要发展方向,对于各个行业十分重要。针对于中式快餐标准化经营和管理工作方面的情况做全面细致的研究,积极提出一些有效经营和发展策略,将能够为中式快餐的良好发展,提供一定的参考依据。本文主要是从中式快餐的发展现实情况入手,针对中式快餐标准化经营和管理有效方式和手段进行全面细致的分析和研究。     

中国民营企业转型“九拷问”

中国民营企业要想从根本上解决生存和发展问题,必须解决目前制约企业生存和发展的三大基本瓶颈问题,即企业家素质、专业化管理和产业化战略。转型是民企持续发展的瓶颈,是必须要迈的一道坎,是在未来的发展中,必经的痛苦历程。"改变民营企业是找死,不改变民营企业是等死"。而企业主的素养是民企转型的关键。     

预应力拱板施工管理

预应力拱板施工采用先张法施工，构件体积大、壁薄、刚度差，加强拱板的监控，直接关系到工程质量、造价和安全。     

South African Women in Business and Management: Transformation in Progress

This study identifies three conceptual and theoretical frameworks (free market, social engineering, and social transformation) within which the significance of gender and race to entrepreneurship and business are examined, particularly within the South African context. There are no comprehensive data sets on ownership patterns by gender and race for salaried workers or the millions of micro- and small-scale entrepreneurs in the “second” (informal) economy during and after the apartheid era in South Africa, but most agree there has been little change. However, due to government compliance programs, such as Black Economic Empowerment in the 2000s, and good monitoring of its fulfillment, there have been advances for women and blacks in formal-sector private companies and state-owned enterprises, as illustrative data given here show. The conclusion is that the social transformation (political economy) approach best captures the complex interplay of these factors, especially on gender issues and entrepreneurship, where fundamental social change becomes a possibility.     

服务业转换成本的形成机理与管理策略

随着服务业的竞争加剧和顾客争夺成本的提高 ,转换成本对企业保持顾客的功能已经引起理论界和实践界的广泛关注。基于国外最新的理论研究成果 ,本文对转换成本的形成机理、维度及其特征进行了分析和概括 ,指出转换成本在顾客满意与顾客忠诚关系中所具有的调节功能 ,最后探讨了转换成本管理策略。     

中国纺织业在后危机时代的转型与升级

国际金融危机不仅充分暴露了中国纺织业长期以来依靠低成本扩张的粗放型发展模式,也给中国纺织业带来了一些新的困难;同时,这次国际金融危机也为中国纺织工业抢占新的制高点提供了难得的历史机遇。面对重重困境,加快产业的转型和升级成为后危机时代中国纺织业的必然选择。     

电子商务驱动的供应链管理变革

随着经济全球化和信息网络化的快速发展,市场需求的不确定性正在不断上升,企业之间的竞争正在日益加剧。在纷繁复杂的市场竞争中,越来越多的企业开始意识到,企业之间的竞争已经突破了单个企业的界限,实质上已上升到供应链与供应链之间的竞争。广大企业为了创造更大的股东利益,确立起长期、可持续发展的市场竞争地位,必须建立起高效、灵活、并富有竞争力的供应链系统。     

知识经济时代企业管理模式的转变

知识在知识经济中作为生产要素已获得了独立化和资本化的功能.知识经济时代,企业管理模式主要发生了以下变化:组织结构扁平化、企业运作虚拟化、商品营销网络化、管理方式柔性化、管理手段信息化、竞争模式合作化、办公方式分散化、管理重心知识化.     

Foreign Manufacturing Multinationals and the Transformation of the Chinese Econom,

1 The argument in brief China became the world＇s largest destination for foreign direct investment （FDI）, almost all of which is FDI in manufacturing and assembly, in 2003, before falling back into a...     

我国A股上市公司董事会治理结构演进与变革的实证研究

本文旨在研究我国A股上市公司的董事会治理结构演进及独立董事制度变革的政策效果,结果发现,1999-2006年我国上市公司董事会治理合规性表现日趋明显.进一步按照独立董事治理变革意愿,将2000年底1059家上市公司分为"业已调整组"、"积极调整组"、"较积极调整组"、"勉强达标组"、"拒不调整组"等5组并对比其绩效,实证结果表明:积极实行独立董事制度变革的公司其董事薪酬更高;从流通市场的平均收益率、资产收益率和市值与面值比等3个绩效指标的综合表现来看,不同样本组的市场表现差异导致了独立董事制度变革的遵循意愿选择,而变革本身并没有带来相应的绩效显著改善.