Leadership in Organizational Knowledge Creation: A Review and Framework

Organizational knowledge creation integrates context, knowledge assets, and knowledge creation processes throughout the organization. Using organizational knowledge creation theory as an organizing framework, we conduct a literature review that shows prior work has focused on the role of central, upper‐echelon, leadership in knowledge creation processes, without devoting much attention to context and knowledge assets. To remedy these weaknesses, we develop a new framework for situational leadership in organizational knowledge creation. The framework is based on a continuum that ranges from centralized to distributed leadership at three layers of activity: a core layer of local knowledge creation; a conditional layer that provides the resources and context for knowledge creation; and a structural layer that forms the overall frame and direction for knowledge creation in the organization. We discuss the implications of this framework for theory and practice.     

The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed Firms

This study examines the relevance of financial and non-financial information for the valuation of venture capital (VC) investments. Based on a hand-collected data set on venture-backed start-ups in Germany, we investigate the internal due diligence documents of over 200 investment rounds. We document that balance sheet and income statement items capture as much economic content as verifiable non-financial information (e.g. team experience or the number of patents) while controlling for several deal characteristics (e.g. industry, investment round, or yearly VC fund inflows). In addition, we show that valuations based on accounting and non-accounting information yield a level of valuation accuracy that is comparable to that of publicly traded firms. Further analyses show that the industry-specific total asset multiples outperform the popular revenue multiples but lead to significantly less accurate results than those obtained from the more comprehensive valuation models. Overall, our findings might inform researchers and standard-setters of the usefulness of accounting information for investment companies and provide additional evidence to gauge the overall valuation accuracy in VC settings.     

中国游客赴欧旅游组织机构的发展与未来任务

本文试图从全新思维角度阐明全球背景下中国出境旅游,特别是赴欧洲的出境旅游的特征.通过系统分析中国游客在不同文化情境下的旅游行为、中国游客赴欧旅游的动机和不同游客群体、中国和欧洲游客之间的知识鸿沟以及跨文化差异等基础上,提出中国与欧洲旅游组织机构的未来发展任务,并进一步指出从事中国出境游的经销商和企业应以顾客为定向,发展适合中国游客市场的旅游产品和营销战略.     

Clean technology — Innovation and environmental regulation

The development and diffusion of clean technologies has an important role to play in preventing pollution. Government must address the issue of how firms can be given the necessary incentive to develop environmentally sound production techniques and products. This paper focus on how subsidies can — under certain restrictive conditions — stimulate innovation. Subsidization is usually assumed to involve unit subsidies for pollution reduction. Unit subsidies have little to do with the subsidy schemes in actual use. Our focus is on subsidy schemes specifically designed to promote the development of clean technologies through the use of grants/financial aid. Based on data from the development projects initiated through The Danish Clean Technology Programme we analyze how environmental innovations take place when the polluters, their suppliers and consultants are actively engaged in the development processes. The main merit of subsidy schemes like the Danish one is its direct focus on the innovation processes and the active incorporation of the network of firms surrounding the polluters. Our findings lead us to conclude that when it comes to subsidization, the role of government should be redefined. Government can act as a matchmaker by providing firms with informative incentives and necessary contacts for finding more efficient technological solutions to specific environmental problems.     

Restricted interest deductibility and multinationals’ use of internal debt finance

This paper reconsiders the role of interest deductibility for internal debt financing of multinational corporations (MNCs). We provide quasi-experimental evidence using restrictions on interest deductibility through thin-capitalization rules. Explicitly distinguishing between firms subject to a binding restriction and unrestricted firms, a panel data sample selection model is used to explore the tax sensitivity of the capital structure of foreign subsidiaries of MNCs. Our results confirm that the tax incentive for using internal loans is effectively removed for restricted subsidiaries. While internal debt financing of unrestricted subsidiaries positively responds to taxes, the effects are relatively small.