Life Sciences Roundtable: Strategy and Financing

In light of the challenges facing the pharmaceutical industry, a distinguished group of pharma executives and strategic and financial advisers discusses the following corporate decisions:

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Who Are Ethnic Entrepreneurs? A Study of Entrepreneursapos; Ethnic Involvement and Business Characteristics

This article proposes that the term "ethnic entrepreneur" should be defined by the levels of personal involvement of the entrepreneur in the ethnic community instead of reported ethnic grouping. It hypothesizes that significant differences in personal and business characteristics will surface between the most community-involved and least community-involved ethnic entrepreneurs. T-tests were done on 112 Asian and Latino entrepreneurs split into top and bottom quartiles on the personal involvement scale. Results showed several significant differences between the two groups on variables relating to the entrepreneurs' background characteristics, business-related goals, cultural values, business strategies, and business performance.     

Diana: a symbol of women entrepreneurs’ hunt for knowledge,money, and the rewards of entrepreneurship

This article discusses the questions and issues that prompted the founding of the Diana Project, a multi-university research program aimed at identifying factors that support and enable high growth in women-led ventures. Despite the fact that women business owners comprise a significant portion of the economy, women face challenges in acquiring the resources needed to expand their businesses. This article details both the myths and realities associated with women’s entrepreneurship in their quest for growth. In particular, we examine the strategies that women entrepreneurs use to position their firms for growth, especially those strategies related to growth capital. Our results show that women seeking venture capital (VC) have degrees, graduate degrees, and experience that should not preclude them from obtaining financing. We also found that even though women-led businesses are frequently clustered in industries less attractive to financiers, women seeking equity funding are in the appropriate industries. Further, women spend a considerable amount of time using both formal and informal networks in their search for capital and in seeking capital. Because of the importance of the VC industry as a provider of growth capital and its reliance on its network for investment referrals, we also examined the participation and role of women as decision-makers in industry. Women’s participation in the VC industry has not kept pace with industry growth, and women have exited the industry at a faster rate than men, thus creating a significant barrier for women entrepreneurs in that it is less likely that their networks will overlap with the financial supplier networks, despite any effort they may expend networking and seeking capital.

The costs and opportunities of doing diversity work in mainstream organisations

This paper provides insights into the impact that the shift from ‘equal opportunities’ to diversity management is having on the people who do diversity work. Equality officers have been largely replaced by diversity specialists, often with mainstream HR or business management backgrounds. They are often supplemented and supported by a new cadre of ‘part‐time’ diversity practitioners – diversity champions, drawn from middle‐senior managers. The study suggests that doing diversity work in the 2000s is a different experience from doing equality work in the 1980s/1990s. The ascendance of the business case and the depoliticisation of equality lend DM greater legitimacy and respectability. This, combined with the changing backgrounds and characteristics of diversity practitioners means that diversity work usually carries lower costs and potentially offers more opportunities than did equality work. The conclusion summarises the costs and opportunities, drawing out the main policy implications for the practitioners themselves and for organisations.     

A Note on Relevant Comparisons of Corporations and Countries

A bstract . Attempts to compare the magnitude of corporations and countries are frequently biased by the use of inconsistent measures. While Gross National Product reflects the output obtained from a nation's land, labor and capital resources, corporate sales reflect not only the firm's output but also that of its suppliers. A more realistic picture can be obtained by comparing corporate value added to national output. While available information permits only an approximation of the former, it appears that the average company is responsible for less than 50 percent of the value of the product it sells. The basic conclusion that some firms are in this sense comparable to Nation-States remains valid. However, the rank of the largest companies relative to countries is reduced substantially.     

PORTFOLIO PERFORMANCE IN RELATION TO QUALITY,EARNINGS, DIVIDENDS,FIRM SIZE,LEVERAGE, AND RETURN ON EQUITY

This paper examines the risk-return performance of portfolios formed from S&P quality rankings over the time period 1970–1979. In addition, the risk-return characteristics of the portfolios are compared with performance as measured by fundamental data regarding earnings, dividends, firm size, leverage, and return on equity. The results suggest that the S&P quality rankings are closely correlated to risk as measured by the variability of returns and earnings changes, but the rankings are not correlated with the variability of dividend changes. The quality rankings are not uniformly correlated with mean portfolio returns or mean dividend changes, nor is the relationship between quality and mean earnings changes strong. Finally, quality rankings are related to firm size and return on equity. However, relationships between quality and leverage are discernible only at the extremes.