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.     

Performance Implications of MNEs' Diversification Strategies and Institutional Distance

By proposing a conceptual outline for a general model that explains the link between multinational enterprises' (MNEs') diversification and their performance, this study tests the moderating effects of institutional distance empirically. Integrating literature from a strategic perspective within international business research, the proposed integrated, multidimensional framework can analyze MNEs' product diversification, international diversification, and institutional distance, as well as the impacts of these elements on firm performance. A sample of Fortune Global 500 companies confirms this moderation and extends prior research by establishing the importance of relationships among MNEs' product and international diversification, institutional distance, and performance. © 2012 Wiley Periodicals, Inc.     

The importance of employment status in determining exit rates from nursing

To mitigate nurse shortages, health care decision makers tend to employ retention strategies that assume nurses employed in full-time, part-time, or casual positions and working in different sectors have similar preferences for work. However, this assumption has not been validated in the literature. The relationship between a nurse's propensity to exit the nurse profession in Ontario and employment status was explored by building an extended Cox Proportional Hazards Regression Model using a counting process technique. The differential exit patterns between part-time and casual nurses suggest that the common practice of treating part-time and casual nurses as equivalent is misleading. Health care decision makers should consider nurse retention strategies specifically targeting casual nurses because this segment of the profession is at the greatest risk of leaving. Nurse executives and nurse managers should investigate the different work preferences of part-time and casual nurses to devise tailored rather than "one-size fits all" nurse retention strategies to retain casual nurses.     

Partnership with and without trade unions in the UK financial services: filling or fuelling the representation gap?

Partnership theory proposes that an appropriate integration of direct and indirect employee participation mutually benefits the workers and the company. This study explores the putative employee voice gains and the risks for union effectiveness by comparing employees' evaluation of partnership practices at two financial service companies with non‐union and union employee representation, respectively.     

Actuarial Surplus Management in United Kingdom Life Insurance Firms

This study uses 1991–99 data gathered from the United Kingdom's life insurance industry to test empirically the notion that the reported annual surplus of a life insurer may be influenced by four firm‐specific characteristics: namely, reinsurance, output mix, organizational form and firm size. Consistent with expectations, the results indicate that the annual reported surplus is positively related to reinsurance and firm size and negatively related to the degree of product diversification. Contrary to our expectations, however, we find no evidence that proprietary (stock) life insurers tend to report higher annual surpluses than mutual life insurers.     

Firm Size and Growth in the United Kingdom Life Insurance Industry

This study tests whether the organic growth rates of United Kingdom (UK) life insurance firms are independent of size, as predicted by Gibrat's (1931) Law of Proportionate Effects. Using data for 1987–1996 and the three subperiods, 1987–1990, 1990–1993, and 1993–1996, we find that smaller life insurance firms tended to grow faster than larger ones in the 1987–1990 period and that larger life insurers tended to grow faster than smaller ones in the 1990–1993 and 1993–1996 periods. But over the ten‐year period, we find no significant difference between the growth rates of small and large firms, thus supporting Gibrat's Law as a long‐run tendency in the UK life insurance industry. When we examine firm‐specific determinants of asset growth, we find evidence in 1987–1996 and 1987–1990 that more diversified life insurance firms experienced higher growth rates on average than more specialized life insurers. We also find that the growth of life insurance firms was related to input costs during the 1990–1993 and 1993–1996 subperiods.