There has been considerable debate concerning the contribution of venture capitalists (VCs) to their investee companies (Sapienza, Manigart, & Vermeir, 1996). This…
There has been considerable debate concerning the contribution of venture capitalists (VCs) to their investee companies (Sapienza, Manigart, & Vermeir, 1996). This research has shown that VCs can add value and impact the strategic direction of their investee firms through their skills and knowledge. These skills lie in two distinct areas: financial (monitoring) and non-financial (strategic and operational involvement) skills (Pruthi, Wright, & Lockett, 2003). The monitoring and involvement of VC firms in their investees have been shown to vary according to their needs (Lerner, 1995). On balance, the evidence suggests greater involvement during the more uncertain earlier stages than during the later stages when the firm is more established (Sapienza, Amason, & Manigart, 1994; Elango, Fried, Hisrich, & Polonchek, 1995). This suggests that the VC's ability to bring about change will be mediated by the impact of the history of the firm via path dependency (Teece, Pisano, & Shuen, 1997).
This exploratory study aims to provide fresh insights into the ownership transfer of private family firms through internal management buy‐out (MBO) and external management…
This exploratory study aims to provide fresh insights into the ownership transfer of private family firms through internal management buy‐out (MBO) and external management buy‐in (MBI) succession routes. The paper aims to explore if flows of information impact the succession planning process and if the nature of succession planning impacts the business sale negotiation process relating to family firms that select MBO/MBI succession routes.
Guided by insights from agency theory and theories relating to information asymmetries and negotiation behaviour six hypotheses were derived. Private family firms that had received venture capital and the MBO/I deals had been completed between 1994 and 2003 were identified. A structured survey was administered to 117 senior members of acquiring MBO/I management teams after the deal had been completed in several European countries. Non‐parametric chi‐square tests and Mann‐Whitney “U” tests were used to test the presented hypotheses.
Evidence highlights the importance of information sharing and that the family owner(s) may not always be in the strongest position. MBOs reported lower information asymmetry. Also, lower information asymmetry was reported when vendors and management were involved in succession planning. Internal managers with greater access to information were found to influence the negotiation process and determine who is more likely to benefit from the price to be paid for the firm. A mutually agreed price was less likely when management controlled information and when personal equity providers (PEP) were involved in the process supporting the interests of the MBO/I team.
Family firm owners need to plan for succession planning. Vendors of family firms need to leverage external professional advice when negotiating the sale of their ventures to ensure “family agendas” are protected.
This study has extended the conceptual work of Howorth et al. surrounding the succession of family firms through MBOs and MBIs. Rather than relying on case study evidence alone, cross‐sectional survey evidence was explored within a univariate statistical framework to explore gaps in the knowledge base relating to succession planning and business sale negotiation behaviour.
This eighth volume in the series Advances in Entrepreneurship, Firm Emergence and Growth focuses on international entrepreneurship. We are fortunate to draw on scholars…
This eighth volume in the series Advances in Entrepreneurship, Firm Emergence and Growth focuses on international entrepreneurship. We are fortunate to draw on scholars both new to the field as well as some of those who founded this unique specialty. International entrepreneurship, perhaps more than any subfield of entrepreneurship, is a product of our particular zeitgeist. The last quarter of the 20th Century brought about one of the periods of the greatest internationalization in all phases of business.
This study describes a multiplex polymerase chain reaction (PCR) detection system combined with enrichment growth conditions for simultaneous detection and identification…
This study describes a multiplex polymerase chain reaction (PCR) detection system combined with enrichment growth conditions for simultaneous detection and identification of C. jejuni, C. coli and thermotolerant Campylobacter in poultry pack rinses. The PCR primers were tested against a range of Campylobacter and non‐Campylobacter species, and PCR products were only amplified from target organisms. The sensitivity of the method was similar to that obtained by conventional plating procedures, but when used in combination with the MPN method of enumeration could detect levels down to 6 MPN/100 ml of rinse. The validation of 50 samples of chicken pack rinses demonstrated the versatility of this approach in microbiological surveys to yield data for risk assessments.
Recently, there has been much progress in developing Markov switching stochastic volatility (MSSV) models for financial time series. Several studies consider various MSSV…
Recently, there has been much progress in developing Markov switching stochastic volatility (MSSV) models for financial time series. Several studies consider various MSSV specifications and document superior forecasting power for volatility compared to the popular generalized autoregressive heteroscedasticity (GARCH) models. However, their application to option pricing remains limited, partially due to the lack of convenient closed-form option pricing formulas which integrate MSSV volatility estimates. We develop such a closed-form option pricing formula and the corresponding hedging strategy for a broad class of MSSV models. We then present an example of application to two of the most popular MSSV models: Markov switching multifractal (MSM) and component-driven regime switching (CDRS) models. Our results establish that these models perform well in one-day-ahead forecasts of option prices.
The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III…
The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.
The placement of warning labels on alcoholic beverages is a policy area with renewed interest, yet a strong evidence base regarding the efficacy of text-based or pictorial…
The placement of warning labels on alcoholic beverages is a policy area with renewed interest, yet a strong evidence base regarding the efficacy of text-based or pictorial warning labels has still to emerge. Increased interest by policymakers has spurred research into potential alcohol warning label designs and messages. The purpose of this article is to draw together recearch in the alcohol warnings literature.
The current study seeks to review research that has sought to examine the effectiveness of alcohol warning labels. Searches for English-language articles (since 2000) using the terms “alcohol” and “warning label*” were conducted in 2015 across four databases (Web of Science, PubMed, PsycInfo and Cochrane). Articles were included if they empirically assessed the effectiveness and/or design of alcohol warning labels. Only studies that addressed the targeted individual consumer (consistent with downstream social marketing) were included. A narrative analysis approach was used for the 15 articles identified.
Findings are reported on five themes covering the design of the warning, starting with the use of imagery or recommendations, followed by a focus on the warning messages and whether they are specific, use signal words and are based on qualitative or quantitative information.
Overall, there was little consistency in approach and measures, with very limited research having explored the potential of pictorial warning labels. Numerous research gaps are identified; thus, much more research is needed in this area. The evidence base is weak and caution is needed by policymakers regarding the introduction and implementation of alcohol warning labels. Limitations are discussed.
The review provides a timely up-to-date evaluation of the alcohol warning labels literature that has seen a recent resurgence but has not been critically reviewed.
This volume includes two major explanations of the meltdown that I critically discuss. The first is a “normal accident theory” arguing that the complexity and coupling of the financial system caused the failure. Although these structural characteristics were evident, I argue that the case does not fit the theory because the cause was not the system, but behavior by key agents who were aware of the great risks they were exposing their firms, clients, and society to. The second interpretation is a neoinstitutional one, emphasizing that ideologies, worldviews, cognitive frames, mimicry, and norms were the source of behaviors that turned out to be disastrous for the elites and others. The implication is that elites were victims, not perpetrators. I argue that while ideologies, etc., can have real effects on the behavior of many firm members and society in general, in this case financial elites, to serve personal ends, crafted the ideologies and changed institutions, fully aware that this could harm their firms, clients, and the public. Complexity and coupling only made deception easier and the consequences more extensive. For anecdotal evidence I examine a decade of deregulation, examples of elected representative, regulatory officials, firms, and the plentiful warnings.