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Analysis of public sources.

The bank named “Novo Banco” (New Bank in Portuguese) was created because of an emergency intervention by the Bank of Portugal to save the “good” assets of the once great but bankrupt Banco Espírito Santo (BES) on August 4, 2014. The toxic assets remained in BES (dubbed “bad bank”). BES was one of the biggest private banks in Portugal, with origins mounting back to the year 1869. In 2013, it was headed by the founder’s great-grandson, Ricardo Salgado, when an external audit revealed several problems with the bank’s accounting and concluded that BES had a severe financial problem (the risky credit represented 11.1% of the bank’s accounts). The bank underwent a public capital increase (endorsed by several public figures, including the Portuguese President at the time, Cavaco Silva) of €1.045m to reposition itself, which was 100% successful (demand of about 160%, with a significant part of foreign investors). However, continued amounts of suspicions led Ricardo Salgado to be replaced by Vitor Bento (via a settlement between BES’s shareholders and the Bank of Portugal) in July 2014. At the end of that same month, BES announced imparities totaling the amount of €4.2535m. This led the European Central Bank to suspend BES’s access to the financial operations, forcing it to reimburse its credit to the Eurosystem in the value of €10.000m. In two days, the stock prices dropped by 80% to around €0.03 per share. It was later proven that the administration led by Ricardo Salgado had disobeyed the Bank of Portugal 21 times between December 2013 and July 2014, apparently acting against the institution’s best interests. Some carousel schemes with companies within the Espirito Santo Group were also detected in BES’ financial movements to improve the bank’s financial statements.

Finance Valuation, Strategy

This paper aims to examine the characteristics of banks that were the target of intervention in the form of bailout or failure during the financial crisis and, of those subjected to intervention, what characteristics distinguish those that received bailout funds from those that were deemed failures.

The study estimates a series of logit regressions in an effort to identify the causes of regulatory intervention while controlling for bank-level characteristics and the economic and regulatory environment.

The empirical results indicate that many of the same characteristics associated with banks receiving bailout funds are similar to the characteristics associated with failed banks. However, non-performing loans increased the likelihood of failure, but reduced the likelihood of a bank receiving Capital Purchase Program (CPP) funds, suggesting that regulatory authorities discriminated in their use of CPP funds based on the quality of a bank’s asset portfolio. Further, those banks located in states with limits on de novo branching and those banks that are part of a multi-bank holding company structure were less likely to fail but were more likely to receive CPP funds.

This paper provides a comprehensive analysis of regulatory intervention in the banking industry during the late 2000s financial crisis and the impact of different banking organizational structures, economic circumstances, and financial fragility on the likelihood of a bank failing or receiving bailout funds.

This paper aims to examine the impact of charter type (national vs state), holding company structure, and measures of bank fragility on the likelihood of bank failure during the late 2000s financial crisis.

The study estimates a series of logit regressions in an effort to identify the causes of failure and assess the role of the bank‐level characteristics while controlling for the economic and regulatory environment.

The empirical results indicate that established institutions were more likely to fail, dependent upon whether a bank received bailout funds or not, if they were relatively large, had relatively low capital ratios, had relatively low liquidity, relied more heavily on brokered deposits, held a relatively large portfolio of real estate loans, had a relatively large proportion of non performing loans, and had less income diversity. Consistent with being financially fragile, de novo banks and those banks that grew substantially prior to the crisis faced an increased likelihood of failure relative to established banks. However, capital levels were not significantly related to the likelihood of failure in de novo institutions.

This paper provides a comprehensive analysis of the possible business models' impact on the likelihood of failure during the recent financial crisis. It contributes to the ongoing debate regarding appropriate regulatory reform in the banking industry by shedding light on the extent to which the business model decisions made by bank managers have an impact on the stability of the banking system.

The purpose of this research is to study the effect of organizational innovation, in terms of the introduction of both new business practices and new methods of organizing workplaces, on firm growth, along with the moderating role of the firm size in this relationship.

A panel sample of 4,125 Spanish innovative firms taken from the Technological Innovation Panel for the period 2009 to 2014 was analyzed. Two-Step System-Generalized method of moments approach and instrumental variables approach with two-stage least squares have been used.

The findings remark the positive effect of organizational innovation on firm growth in case firms introduce both new business practices and new methods of organizing workplaces. Furthermore, the empirical evidences show that the firm size has a role, although partial, in moderating negatively the effect of introducing both new business practices and new methods of organizing workplaces on firm growth.

The study adds some new theoretical insights and empirical evidences into the literature related to the inertia theory in the perspective of the population ecology, incorporating it with the effect of firm size. Furthermore, the study may represent a further part of the complex literature puzzle that links organizational innovation to firm growth, and the inclusion of the moderating role of the firm size will partially provide a deeper understanding of this link.

El objetivo de este trabajo es estudiar el efecto de la innovación organizativa, en términos de introducción de nuevas prácticas de negocio, nuevos métodos de organización del trabajo, en el crecimiento empresarial, junto con el papel moderador del tamaño de la empresa.

Se analiza un panel de 4.125 empresas innovadoras españolas pertenecientes al Panel de Innovación Tecnológica (PITEC) para el periodo 2009 - 2014. Se estimaron modelos por GMM en dos etapas y mediante modelos de mínimos cuadrados en dos etapas con variables instrumentales.

Los resultados subrayan el efecto positivo de la innovación organizativa en el crecimiento empresarial en el caso en el que la empresa introduzca nuevas prácticas de negocio y de organización del trabajo. Más aún, el tamaño de la empresa también juega un papel, aunque parcial, moderando negativamente los anteriores efectos principales.

El estudio aporta nuevos ideas teóricas y evidencia empírica a la literatura relacionada con la teoría de la inercia en la perspectiva de la ecología de las poblaciones, incorporando el efecto del tamaño de la empresa. Es más, el estudio representa un paso más en la compleja literatura que ha vinculado la innovación organizativa con el crecimiento empresarial. La incorporación del papel moderador del tamaño de la empresa puede ayudar a entender mejor esta última conexión.

Innovación organizativa, Nuevas prácticas de negocio, Nuevos métodos de organización del trabajo, Crecimiento empresarial, Tamaño empresarial, España

Revisión general

O objetivo desta pesquisa é estudar o efeito da inovação organizacional, em termos da introdução de novas práticas de negócios e novos métodos de organização em locais de trabalho, no crescimento da empresa, juntamente com o papel moderador do tamanho da empresa nessa relação.

Se analizou uma amostra de painel de 4.125 empresas inovadoras espanholas retiradas do Painel de Inovação Tecnológica (PITEC) durante o período de 2009 a 2014. Foram usadas a abordagem do Sistema GMM em duas etapas e a abordagem IV com 2SLS.

Os resultados mostram o efeito positivo da inovação organizacional sobre o crescimento da empresa, no caso das empresas introduzirem novas práticas de negócios e novos métodos de organização nos locais de trabalho. Além disso, as evidências empíricas mostram que o tamanho da empresa tem um papel, ainda que parcial, de moderar negativamente o efeito de introduzir novas práticas de negócios e novos métodos de organização dos locais de trabalho no crescimento das empresas.

O estudo acrescenta alguns novos conhecimentos teóricos e evidências empíricas à literatura relacionada à teoria da inércia na perspectiva da ecologia populacional, incorporando-a ao efeito do tamanho da empresa. Além disso, o estudo pode representar mais uma parte do complexo quebra-cabeça da literatura que liga a inovação organizacional ao crescimento da empresa e a inclusão do papel moderador do tamanho da empresa que fornecerá, em parte, uma compreensão mais profunda desse elo.

Inovação organizacional, Novas práticas de negócios, Novos métodos de organização de locais de trabalho, Crescimento da empresa, Tamanho da empresa, Espanha

Revisão geral

Given the lack of theoretical and empirical research on high-growth entrepreneurs in developed and developing economies; this paper aims to answer, what are the main definitions and typologies used to explain the high-growth phenomenon? How could be described the high-growth entrepreneurs’ life cycle? And what are the main findings and limitations in the empirical research of high-growth entrepreneurship?

To advance the study of high-growth entrepreneurship and provide a means through which these advancements can contribute to the understanding of how this phenomenon is defined, the authors organize and review the extant literature based on the foundational definition of entrepreneurship, the typologies used to describe it and the phases of new venture process. The final sample of this methodology consisted of 54 empirical works that explored this issue from 2010 to 2020.

This research develops a roadmap on the current state of high-growth entrepreneurship and provides suggestions to guide future research in extending the understanding of this phenomenon.

The theoretical frameworks developed could be used for both policymakers and entrepreneurs to understand the variables that affect the entrepreneurial life cycle and how they could increase the likelihood of survival of new firms in developed and developing economies.

The research provides evidence about the definitions and entrepreneurial typologies used to describe the high-growth ventures, bridging unconnected theoretical frameworks and proposing an integrated view to exploring the phenomena in a new setting.

Dada la falta de investigación sobre el emprendimiento de alto crecimiento en las economías desarrolladas y en desarrollo, esta investigación responde a (a) ¿Cuáles son las principales definiciones y tipologías utilizadas para explicar el fenómeno del alto crecimiento? (b) ¿Cómo se podría describir el ciclo de vida de los emprendedores de alto crecimiento? y (c) ¿Cuáles son los principales hallazgos y limitaciones en la investigación empírica del emprendimiento de alto crecimiento?

Para avanzar en el estudio del emprendimiento de alto crecimiento organizamos y revisamos la literatura existente basándonos en la definición fundacional, las tipologías utilizadas para describirlo y las fases del proceso de nuevas empresas. La muestra final consistió en 54 trabajos empíricos desde 2010 hasta 2020.

Esta investigación avanza en la exploración del emprendimiento de alto crecimiento y proporciona una visión general compresiva de este fenómeno basada en encuestas globales estandarizadas. Esta investigación ha proporcionado una visión general de los emprendimientos de alto crecimiento, presentando una agenda de investigación basado en los resultados empíricos y las limitaciones.

Los marcos desarrollados podrían ser utilizados por los responsables políticos como por los empresarios para comprender las variables que afectan al ciclo de vida emprendedor y cómo podrían aumentar la probabilidad de supervivencia de las nuevas empresas en las economías desarrolladas y en desarrollo.

La revisión proporciona las definiciones y tipologías empresariales utilizadas para describir el fenómeno del alto crecimiento, tendiendo un puente entre marcos teóricos inconexos y proponiendo una visión integrada para explorar el fenómeno en un nuevo escenario.

Dada a falta de investigação sobre empreendedorismo de alto crescimento nas economias desenvolvidas e em desenvolvimento, esta investigação responde (a) Quais são as principais definições e tipologias utilizadas para explicar o fenómeno de alto crescimento? (b) Como poderia ser descrito o ciclo de vida dos empresários de alto crescimento? e (c) Quais são as principais descobertas e limitações na investigação empírica sobre empreendedorismo de alto crescimento?

Para avançar o estudo do empreendedorismo de alto crescimento organizámos e revimos a literatura existente com base na definição fundacional, nas tipologias utilizadas para o descrever e nas fases do novo processo de empreendimento. A amostra final consistiu em 54 trabalhos empíricos de 2010 a 2020.

Esta investigação faz avançar a exploração do empreendedorismo de alto crescimento e fornece uma visão global abrangente deste fenómeno com base em inquéritos globais normalizados. Esta investigação proporcionou uma visão geral do empreendedorismo de alto crescimento, apresentando uma agenda de investigação baseada em resultados empíricos e limitações.

As estruturas desenvolvidas poderiam ser utilizadas tanto pelos decisores políticos como pelos empresários para compreender as variáveis que afectam o ciclo de vida empresarial e como poderiam aumentar a probabilidade de sobrevivência de novos empreendimentos em economias desenvolvidas e em desenvolvimento.

A revisão fornece definições e tipologias empresariais utilizadas para descrever o fenómeno de alto crescimento, estabelecendo pontes entre quadros teóricos desajustados e propondo uma visão integrada para explorar o fenómeno num novo cenário.

The purpose of this paper is to examine pre-entry resources and capabilities (R&Cs) of de alio and de novo entrants in an emerging industry. Then, the authors investigate how entrants modify their firm boundaries, after entering a new industry, to acquire the R&Cs deemed critical to be competitive and survive in the industry.

The analysis uses the global biofuel industry as a case study. The authors use multiple sets of data, including primary data collected from semi-structured interviews with industry stakeholders and experts across major biofuel-producing countries as well as quantitative data from industry reports.

Firms typically deploy two successive strategies in order to survive and grow. First, they extend vertical boundaries to capitalize on their own pre-entry R&Cs. Then they move quickly to acquire new R&Cs, which are classified as critical in the value chain of the industry. A new taxonomy of pre-entry R&Cs is proposed to distinguish critical and non-critical forms of R&Cs, and to reflect the ease of acquisition of any requisite R&Cs, which are context specific. These strategic moves lead to the bi-directional vertical integration observed in the biofuel industry.

Managers need to be able to assess the opportunities for entry and subsequent strategies to be competitive by assessing their R&Cs in terms of criticality and ease of acquisition in their entry decision making.

A new taxonomy of R&Cs of the firm is proposed which has theoretical significance and practical implications for new entrants.

We examine how the organizational identity of established firms affects their strategic outcomes during the emergence phase of a new market. Drawing on cognitive theories of analogical learning, we build theory about how the established identities of producers influence the fluency with which consumers make sense of novel products, and hence affect valuations. We illustrate this theory through an empirical study of consumer evaluations of de alio entrants during the emergence of the digital camera industry.

The purpose of this paper is to analyse the processes of collecting used non-returnable packaging. The objective is to increase the quality and quantity of recycling material used in the production of new packages.

A reverse logistics network is proposed, nevertheless the focus of the study is addressing the collection routing problem. Specifically a new “profitable visit algorithm” (PVA) based on the well-known Nearest Neighbor is proposed and tested, in both real and simulated scenarios, in order to achieve higher volume of collected material while lowering the cost of collection.

The proposed algorithm is set to compete against the well-known Nearest Neighbor. The “PVA” showed a far better performance than the Nearest Neighbor. The latter was assessed with real data in a real scenario and was also confirmed by a simulation.

Further research should envisage stochastic models and tighter time constraints.

Managers can use the algorithm in similar scenarios to address different routing needs. New business activities could be foreseen by starting a logistics scheme of this type. Additionally, new savings in material procurement processes could be achieved in current operations.

Social responsibility and environmental awareness can be approached by this type of endeavors. While reducing waste disposal, the recovering of these materials yields savings and offer new labor opportunities for people.

The “PVA” introduced in this paper, showed substantial advantages. First it automatically determines the visit frequency for each client. Also, it evaluates whether a visit should be granted or not based on its “profitability.” The latter ensures that even if the routing circuit is broken at any moment, the company will not lose “profit.” Additionally, this research provides performance evaluation in real and simulated scenarios, which is hard to obtain in a single study.

 Reverse logistics, Recycling, Routing algorithm, Non-returnable packages, Real scenarios

 Research type

Objetivo

Este artículo analiza los procesos de recolección deenvases no retornable usados. El objetivo es aumentar la calidad y cantidad de material reciclable usado en la producción de nuevos envasados.

Se propone una red de logística reversa, no obstante el enfoque del estudio es abordar el problema de la ruta de recolección. Específicamente, se propone un nuevo “algoritmo de visita rentable” basado en el bien conocido Vecino Más Próximo y se testea en ambos escenarios reales y simulados, para poder lograr un volumen más alto de material recolectado y a su vez disminuir los costo de recolección.

El algoritmo propuesto está definido para competir contra el bien conocido Vecino Más próximo. El “algoritmo de visita rentable” mostro un rendimiento mucho mejor que el de Vecino Más próximo. Este último se evaluó con datos reales en un escenario real y también se confirmo a través de una simulación.

Investigaciones futuras deberían visualizar modelos estocásticos y restricciones de tiempo más limitadas.

Administradores pueden usar el algoritmo en escenarios similares para dirigir las diferentes necesidades de la ruta. Nuevas actividades de negocios podrían ser previstas iniciando un esquema logístico de este tipo. Adicionalmente, nuevos ahorros en procesos de material de adquisición podría ser logrado en las operaciones actuales.

La responsabilidad social y conciencia ambiental puede ser abarcado con este tipo de actividad. No sólo se reducen los residuos, pero también la recuperación de estos materiales genera ahorros y ofrece nuevas oportunidades de trabajo para las personas.

El “algoritmo visita rentable” introducido en este articulo, mostró ventajas substanciales. Primero, determina automáticamente la frecuencia de visitas para cada cliente. Además, evalúa si una visita basada en su “rentabilidad” debería ser dada o no. Esta última asegura que aunque el circuito de la ruta se quiebra en cualquier momento, la empresa no perderá “ganancias.” Adicionalmente, esta investigación provee evaluaciones de desempeño en escenarios reales y simulados, lo cual es difícil de obtener en un sólo estudio.

Trabajo de investigación

Objetivo

Este artigo analisa o processo de coletade embalagens não retornáveis usadas. O objetivo é aumentar a qualidade e as quantidades de materiais recicláveis utilizados na produção de novas embalagens.

Uma rede de logística reversa é proposta, embora o enfoque da pesquisa é abordar o problema da roteamento da coleta. Especificamente, um novo algoritmo de “Profitable Visit” baseado no conhecido Nearest Neighboré proposto Dois cenários são testados, um real e um simulado, com objetivos deatingimento de um volume maior de material coletado e também de diminuir os custos decoleta.

O algoritmo foi proposto para competir com o conhecido Nearest Neighbor. O algoritmo de “Profitable Visit” mostra um rendimento melhor que o Nearest Neighbor. Este último foi avaliado com dadosreais em um cenário real e também confirmado através de simulação.

Pesquisas futuras deveriam abordar modelos estocásticos e maiores restrições de tempo.

Gerentes podem utilizar o algoritmo em cenários similares para gerenciar diferentes necessidades de roteamento de coleta. Novos processos de negócios poderiam ser previstos com base em projetos logísticos deste tipo. Adicionalmente, ganhos adicionais em processos de compra de materiais poderiam ser obtidosem operações presentes.

A responsabilidade social e a consciência ambiental podem ser abordadas com este tipo de projeto. Junto com a eliminação de resíduos, a recuperação desses materiaistambém gera renda e oferece novas oportunidades de trabalho para as pessoas.

O algoritmo Profitable Visit” apresentadoneste artigo mostra vantagens substanciais. Primeiro, determina automaticamente a freqüência de visitas para cada cliente. Também, avalia se uma visita com base na “rentabilidade” deveria ocorrer ou não. Este aspecto assegura que quando o circuito da rota é modificado em qualquer momento, a empresa não perderá seus “ganhos.” Adicionalmente, esta pesquisa fornece avaliações de desempenho em cenários reais e simulados, o que é difícil de ocorrer em um único estudo.

Trabathos de pesquisa

Although studies of “core competence” appear frequently, the concept lacks a clear definition that allows one to operationalize it and use it to develop falsifiable predictions. We propose a definition based on the phenomenon that core competence is typically applied to – adaptations to different external context. Sourcing insight form the paradigm of organizational ecology, we develop arguments rooted in theories of structural inertia and environmental imprinting. Empirical analyses of failure rates of entrants in the Italian automobile industry confirm our propositions that core competence is a source of competitive advantage when industry entry is based on relevant capabilities and a source of inertia and obsolescence when core competences need to be substantially altered. We conclude that whether core competence materializes as a dynamic capability or exposes the firm to liability to selection and obsolescence is a random process. Its outcome hinges on environmental variation and the resulting firm-environment (mis)alignment and is thus largely beyond managerial control.