Are family ownership and control in large firms good,bad, or irrelevant?

Family ownership and control play an important role in large firms in Asia. There is a puzzle regarding the relationship between concentrated family ownership and control on the one hand and firm performance on the other hand. Three positions suggest that such concentration may be good, bad, or irrelevant for firm performance. This article reports two studies to shed further light on this puzzle. Study 1 uses 744 publicly listed large family firms in eight Asian countries (Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand) to test competing hypotheses on the impact of family ownership and control on firm performance. On a country-by-country basis, our findings support all three positions. On an aggregate, pooled sample basis, the results support the “irrelevant” position. Using 688 firms in the same eight countries, Study 2 endeavors to answer why Study 1 obtains different results for different countries. We theorize and document that Study 1 findings may be systematically associated with the level of (minority) shareholder protection afforded by legal and regulatory institutions. Study 2 thus provides critical insights on a cross-country, institution-based theory of corporate governance.     

The influence of experiential,inherited and external knowledge on the internationalization of venture capital firms

This paper examines the effect of different types of international knowledge accumulation on the internationalization of venture capital firms, as a particular type of professional service firms. We distinguish between experiential knowledge acquired through previous activities, inherited knowledge through the management team and external knowledge through network partners. Hypotheses are developed for both the likelihood and the number of cross-border investments. The hand collected dataset comprises a combination of survey and archival data on a unique sample of 110 venture capital firms from five different European countries. Analyses indicate a positive effect of experiential and inherited knowledge on internationalization, but external knowledge has limited impact. Intense international contacts even decrease international activities. Together, these results highlight the importance of experiential and inherited knowledge to overcome information asymmetries inherent in the internationalization of professional service firms, and of venture capital firms in particular.     

Employee ownership in enterprises in Africa and Asia

This paper examines wider employee share ownership in developing and newly industrializing countries with particular emphasis on Africa and Asia. The first section reviews the available evidence on the extent of wider employee share ownership. The second identifies the key issues relating to the implementation of wider employee share ownership: the objectives for employee ownership, the financing of employees' stakes, the role of trade unions, employee participation in decisions and the life-cycle of employee ownership. It is suggested that attempts to develop employee ownership face similar, but more intense, problems as in advanced industrialized nations. A wide-ranging research agenda is identified.     

A longitudinal study of habitual entrepreneurs: starters and acquirers

This study provides insights into the characteristics and behaviour of habitual starter entrepreneurs (i.e. individuals who have established more than one business) and habitual acquirer entrepreneurs (i.e. individuals who have purchased/acquired more than one business). A human capital perspective is utilized to illustrate that the human capital accumulated by a habitual entrepreneur may influence their subsequent behaviour. Prior business ownership experience is discussed in relation to an entrepreneur's human capital accumulation, as well as their search and business opportunity identification behaviour. A case study approach is used to develop propositions that highlight the similarities and differences between habitual starter and acquirer entrepreneurs. Implications for researchers and practitioners are discussed.     

Private equity portfolio company performance during the global recession

We assess the recent economic and financial performance of U.K. private equity (PE) backed buyouts. Our empirical evidence, which is based on thousands of transactions, reveals that PE-backed buyouts achieved superior economic and financial performance in the period before and during the recent global recession, relative to comparable firms that did not experience such transactions. Our regression results imply positive differentials of 5–15% in productivity and approximately 3–5% in profitability for buyout firms, relative to non-buyout firms. Another key finding is that revenue and employment growth for PE- backed firms were positive during the sample period.     

The extent and nature of heterogeneity of venture capital selection behaviour in new technology‐based firms

The success of technology transfer depends in part on new technology‐based firms (NTBFs) accessing venture capital (VC). Yet, little is known about venture capitalists' selection processes in this context. We examine the heterogeneity in the selection behaviour of VCs using a unique hand‐collected dataset comprising 68 European early‐stage high‐tech VC investors. We follow an inductive research design and use a conjoint analysis to decompose the investment decisions of VC investors. We identify three different clusters of VC investors: those who focus on technology (technology investors), those who focus on finance (financial investors) and those who focus on human capital (people investors). Technology investors attach more importance to the appropriability of the technology and contact with the entrepreneur than the other groups of VCs. For people investors, the human factors such as leadership capacities of the entrepreneur and the quality of the team are most important. Financial investors make their investment decision based on a limited set of factors such as ROI, growth and team completeness. Our results have important implications for NTBFs, venture capitalists and universities involved in technology transfer through spin‐off companies.     

港口城市长期战略的经济回弹力、可居住性和城市规划

全球化,城市间竞争与港口城市的未来城市间的竞争在全球范围加剧,这使城市面对新的两难局面,即在保持经济回弹力同时也要为其居民创造一个可以居住的城市。大多数的城市让步于短期的压力,用公共的资源通过国外的投资换取经济增长,而忽略了环境和幸福生活空间所必需的设施。本文     

Insurance and ownership structure in India’s corporate sector

In this study we examine the effect of ownership structure on the decision of Indian firms to purchase property insurance. We find that firms with a high degree of managerial ownership and leverage, plus firms with high growth options, high asset tangibility, and public listing status are more likely to insure their assets than other entities. We also observe that different factors determine the amount of property insurance purchased, in particular, the higher the degree of managerial ownership and indebtedness the less indemnity coverage acquired. Additionally, the younger the firm the greater the amount of insurance purchased. We contend that our results shed light into the strategic risk management behavior of Indian firms and that such insights could be of relevance to various parties, including international and domestic business investors.