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Book part
Publication date: 20 June 2014

Abstract

Details

Evaluating Companies for Mergers and Acquisitions
Type: Book
ISBN: 978-1-78350-622-4

Article
Publication date: 26 May 2023

Anastasia Giakoumelou, Antonio Salvi, Olga Kvasova and Ioannis Rizomyliotis

Access to financing is a key success factor for start-ups. High failure rates, long payback periodse and asymmetries lead to conservative pricing and valuation discounts. The…

Abstract

Purpose

Access to financing is a key success factor for start-ups. High failure rates, long payback periodse and asymmetries lead to conservative pricing and valuation discounts. The authors examine financial marketing and contingent factors, as enablers of a “patent premium” by private equity (PE) investors targeting start-ups in their growth and expansion stages.

Design/methodology/approach

Drawing from the contingency, innovation and signaling theories, the authors collect patent records for Italian start-ups in which a higher than 30% stake was acquired by PE investors during the period 2014–2020. The authors apply a generalized linear model with a logit link and robust clustered error to test the key relationships and control for endogeneity with a Heckman two-stage selection model.

Findings

Findings indicate start-ups’ access to financing is significantly impacted by marketing constructs adopted in the operation. Innovation alone does not suffice to determine a valuation premium, unless contingent on the promotion of its product, the placement -investors targeted-of the equity, brand equity levers of previous ownership and marketing competence backing the deal.

Originality/value

The authors provide new insights in the marketing-finance interface, highlighting levers that reassure investors and enable monetizing innovation in start-ups that are still privately held. The authors bridge a gap in literature that has mainly focused on venture capital and innovation financing in the open market, as well as a significant gap regarding the marketing design of private equity placements.

Details

International Journal of Entrepreneurial Behavior & Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-2554

Keywords

Article
Publication date: 1 April 1950

The estimated population of the City of Madras at the present time is about one million. This fact alone, considered in relation to public health, speaks for itself. The Public…

Abstract

The estimated population of the City of Madras at the present time is about one million. This fact alone, considered in relation to public health, speaks for itself. The Public Analyst for the city, who has drawn up this report, acts under the Madras Prevention of Adulteration Act, 1918. The Act, therefore, has been operative for about thirty years. Two graphs are given in the report. One of these shows the number of samples of foods submitted by, it may be supposed, officials corresponding to our food inspectors, each year from 1931 to 1948. The other shows the percentage of samples returned as adulterated for the years 1931 to 1948. From the first graph it appears that the number of samples submitted was about 750 in 1931. In 1948 the number rose to 4,035. From 1931 to 1946 the rise on the whole was steady. From 1946 it was rapid—2,000 in 1946. The curve which expresses the percentage of samples returned as adulterated seems to bear little relation to the first curve. It is most irregular. During the first three or four years the rate of adulteration kept pace with the number of samples collected for analysis. We may suppose that milk is as necessary a constituent of food in Madras as it is elsewhere. Out of the 4,035 samples of food analysed in 1948, 2,054 were milk samples. Out of these 915 were cows‘ milk. The rest consisted of buffalos’ milk or a mixture of cow and buffalo milk, and a number were unspecified. Added water, in nearly every case, was the offence. This ranged from 2 per cent to 81 per cent. Nearly half the cows‘ milk was reported against; half the buffalos’ milk; and about 45 per cent of the mixed milk. If these figures be a measure of the efficiency of the Act of 1918 so far as it relates to the purity of the milk supply the statute would seem to be almost a dead letter. Admittedly many circumstances, especially at the present time, are responsible for the nature and extent of food adulteration in any given district, and these would lead to the unsatisfactory nature of the results just referred to. However, it is suggested that a powerful contributory cause is the inadequacy of the average fine that is inflicted for the offence of food adulteration. In 1944 this was Rs. 59. In 1948 it was Rs. 43, a drop of nearly 25 per cent. “ Let the punishment fit the crime.” The collection and analysis of samples is plainly in the nature of futility unless it be followed by correspondingly vigorous action on the part of the courts against proved offenders. The report remarks: “ Unless a more serious view of offences under the Food Adulteration Act is taken and the maximum penalties provided under the Act are imposed the good effect of increased sampling will be annulled, and much progress cannot be made of effectively suppressing the evil practice of adulteration in the city.” Other samples of foods were analysed and details of the results are given in the report. These show in many cases deliberate, heavy and unscrupulous adulteration which is, unfortunately, but too evident in the milk supply of the city.

Details

British Food Journal, vol. 52 no. 4
Type: Research Article
ISSN: 0007-070X

Article
Publication date: 17 June 2007

Yang Xia, Yiyun Qiu and Ahmed U. Zafar

Many FDI studies focus on the advantages that businesses can gain through internationalization and internalization. More recent research has indicated that such traditional…

Abstract

Many FDI studies focus on the advantages that businesses can gain through internationalization and internalization. More recent research has indicated that such traditional theories or perspectives may not sufficiently explain the subsequent success or failure of a firm’s operation in a foreign country, because the advantages gained through FDIs could be greatly affected by their strategic management in the host country environment. This study focused on the issue of a firm’s resources on its subsidiary’s competitiveness in a foreign country. A survey was undertaken in China. All companies participating in the study were small and medium‐sized Singapore‐China joint ventures and Singaporean wholly owned enterprises in China. The findings indicated that the variance in a firm’s performance in a foreign country can be largely explained by the six dimensions of firm resources: (1) technological resources, (2) owner/top manager’s managerial skills and capabilities, (3) employee’s Guanxi skills, (4) employee’s professional/technical knowledge, (5) the firm’s internal relationships and, (6) the firm’s external relationships. Among these six dimensions, employees’ professional knowledge and Guanxi skills, as well as a firm’s internal and external relationships, are significant predictors of Singaporean SMEs’ success in China.

Details

Multinational Business Review, vol. 15 no. 2
Type: Research Article
ISSN: 1525-383X

Keywords

Article
Publication date: 26 July 2019

Dong-Young Kim

The purpose of this paper is to investigate whether supplier dependence is related to innovation in supplier firms. Drawing on resource dependence theory, the authors hypothesized…

Abstract

Purpose

The purpose of this paper is to investigate whether supplier dependence is related to innovation in supplier firms. Drawing on resource dependence theory, the authors hypothesized that supplier dependence has both positive and negative relationships to the quantity and quality of innovation.

Design/methodology/approach

The study is based on data collected from US companies. Negative binomial regression analysis was used to test the proposed hypothesis.

Findings

The authors found that the quantity of innovation of a supplier firm initially decreased and then increased with the extent of the dependence upon major customers. This finding supports the idea that the benefits of supplier dependence mitigate the negative outcomes of dependence upon major customers.

Originality/value

This study extends the literature on supplier dependence by empirically examining the relationship between supplier dependence and the quantity and quality of innovation within the context of high-technology industries. The authors provide a holistic understanding of the value of the dependent relationship in boosting innovation in the context of supply chain management.

Details

Journal of Manufacturing Technology Management, vol. 31 no. 2
Type: Research Article
ISSN: 1741-038X

Keywords

Article
Publication date: 14 October 2021

Dong-Young Kim and Bruce Fortado

The importance of supply chain network centrality has been widely recognized in the manufacturing literature. This study extends this literature by investigating the relationship…

Abstract

Purpose

The importance of supply chain network centrality has been widely recognized in the manufacturing literature. This study extends this literature by investigating the relationship between network centrality and innovation value. “Innovation value” refers to an innovation's impact, quality and potential future contribution to technological development in a business community. This study also aims to examine whether the relationship between supplier centrality and innovation value is contingent upon supplier acquisition.

Design/methodology/approach

The study hypotheses are tested with archival data collected from US high-tech manufacturing industries over the 17-year period. Negative binomial regression analysis was used to test the hypotheses.

Findings

The authors found that supplier centrality has a significant positive relationship with innovation value. Moreover, an increase in supplier acquisition activities makes the relationship between supplier centrality and innovation value more positive.

Originality/value

This study contributes to the manufacturing and technology management research by exploring the impact of supplier centrality on innovation value. The results of this study shed light on the importance of a firm's central network position in enhancing the impact and quality of innovation. This study uncovers contingencies that help realize the potential benefits of holding a central network position.

Details

Journal of Manufacturing Technology Management, vol. 33 no. 2
Type: Research Article
ISSN: 1741-038X

Keywords

Book part
Publication date: 22 September 2009

Rosemarie H. Ziedonis

Scholars of business, economics, and law have long recognized that rights to intellectual property (IP) intimately shape innovative activity and the pursuit of profits. More than…

Abstract

Scholars of business, economics, and law have long recognized that rights to intellectual property (IP) intimately shape innovative activity and the pursuit of profits. More than 60 years ago, Michal Polanyi voiced the following concerns about awarding property rights to creations of the “intellect”:The law…aims at a purpose which cannot be rationally achieved. It tries to parcel up a stream of creative thought into a series of distinct claims, each of which is to constitute the basis of a separately owned monopoly. But the growth of human knowledge cannot be divided into such sharply circumscribed phases. Ideas usually develop gradually by shades of emphasis, and even when, from time to time, sparks of discovery flare up and suddenly reveal a new understanding, it usually appears that the new idea has been at least partly foreshadowed in previous speculations. (Polanyi, 1944, pp. 70–71)

Details

Economic Institutions of Strategy
Type: Book
ISBN: 978-1-84855-487-0

Article
Publication date: 22 October 2018

Svante Schriber, David R. King and Florian Bauer

The purpose of this paper is to develop the role of integration flexibility as a mediator of acquisition performance and demonstrate how this capability varies across firms.

Abstract

Purpose

The purpose of this paper is to develop the role of integration flexibility as a mediator of acquisition performance and demonstrate how this capability varies across firms.

Design/methodology/approach

The study develops a conceptual framework of anticipated relationships by building on existing but so far unintegrated acquisition research.

Findings

The study suggests integration flexibility provides an explanation for variance in acquisition performance. The study identifies drivers behind acquisition integration flexibility in acquirer characteristics, deal characteristics and integration management. The authors further specify the positive and negative impact of several key factors commonly discussed in acquisition research.

Research limitations/implications

Integration flexibility stands out as a novel explanation for acquisition performance. Still, the benefits from flexibility are not universal and developed logic suggests it represents a dynamic capability for acquirers. Our framework helps predict which acquirers and deals are more likely demonstrating this capability, thus contributing to predict acquisition performance.

Practical implications

Acquisitions often take place in dynamic environments and reportedly often fail. Predicting and developing acquisition integration flexibility stands out as an important task for acquiring management.

Social implications

Annual global acquisition values are on par with the GDP of large industrial nations (e.g. Germany) and failures for reasons of lacking acquisition integration flexibility contributes to value destruction harming not only firms, but society at large. Improved integration flexibility likely mediates this risk.

Originality/value

Making an acquisition to adapt to environmental change implicitly assumes greater integration that can limit flexibility. While our argument builds on key concepts from acquisition research these so far have remained unconnected in relation to acquisition integration flexibility. The authors develop factors influencing this important capability and show how it mediates acquisition performance. This links acquisition antecedents with integration or phases typically treated separately.

Details

Journal of Strategy and Management, vol. 11 no. 4
Type: Research Article
ISSN: 1755-425X

Keywords

Open Access
Article
Publication date: 26 January 2022

Stefano Franco, Angelo Presenza, Antonio Messeni Petruzzelli and Enzo Peruffo

The purpose of this study is to explore how luxury companies can use knowledge embedded in tradition to set up effective business models.

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Abstract

Purpose

The purpose of this study is to explore how luxury companies can use knowledge embedded in tradition to set up effective business models.

Design/methodology/approach

Given the limited coverage in previous literature regarding the manner in which tradition can be leveraged by companies to create and capture value, this paper adopts a qualitative approach, i.e. the exploratory analysis of a single case study, namely, that of the high-end Italian hotel Borgo Egnazia.

Findings

Within a focus on luxury firms, this paper conceptualizes the tradition-driven business model highlighting activities aimed at creating and capturing value by using knowledge embedded in tradition. Combining value creation and value capture with tacit and codified knowledge, the authors are able to highlight the components of a business model that uses tradition as its main distinctive resource.

Originality/value

To the best of the authors’ knowledge, this is the first study to explore how companies use tradition to create and capture value.

Details

Journal of Knowledge Management, vol. 26 no. 11
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 1 July 1994

Mohamed A. Youssef

Examines the impact of the intensity level of Just‐in‐time (JIT) onquality. The intensity level of JIT is operationalized as a function offour variables: the existence of JIT as a…

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Abstract

Examines the impact of the intensity level of Just‐in‐time (JIT) on quality. The intensity level of JIT is operationalized as a function of four variables: the existence of JIT as a timebased technology; the utilization of JIT to a certain extent; the integration of JIT with other time‐based technologies such as Group Technology (GT), Design for Manufacturability (DFM) and Total Quality Management (TQM); and the percentage of facilities that has been converted to using JIT. The term “quality” in this study is a composite construct of product quality, manufacturing workmanship, design and engineering quality, and vendor quality. This study was based on empirical data collected from 165 manufacturing firms in three industry groups in the USA: industrial machinery equipment, electronic and electric machinery equipment, and transport equipment. The two digit Standard Industrial Classification Codes (SIC) for these industry groups are 35, 36 and 37 respectively. The analysis of the results suggests that statistically significant differences in quality exist among firms with different intensity levels of JIT. The study has many implications for both academicians and practitioners.

Details

International Journal of Quality & Reliability Management, vol. 11 no. 5
Type: Research Article
ISSN: 0265-671X

Keywords

21 – 30 of 61