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Open Access
Article
Publication date: 28 June 2023

Viktor Ström, Pontus Braunerhjelm and Saeid Esmaeilzadeh

By providing equal weight to buyers and sellers, the purpose of this paper is to enhance our understanding of the determinants underlying successful mergers and acquisitions…

Abstract

Purpose

By providing equal weight to buyers and sellers, the purpose of this paper is to enhance our understanding of the determinants underlying successful mergers and acquisitions (M&As) involving a specific segment of firms involved in such undertakings, i.e., knowledge-intensive innovative and entrepreneurial (KIE) firms.

Design/methodology/approach

A multiple case study, based on eight semi-structured interviews with CEOs representing acquirers and the acquired firms, investigates the focal phenomenon this study addresses.

Findings

The results suggest that knowledge-intensive, innovative and entrepreneurial firms promote entrepreneurial intentions and allow value creation of M&As through four overarching measures. These are buyer–seller fit, aligned incentives, long-term thinking and perpetual alliance.

Research limitations/implications

The outcomes of this research may have limited generalizable due to the chosen research methodology. Therefore, this study recommends future studies testing the validity of these findings.

Practical implications

The authors have clarified the drawbacks of integration when being involved in M&As with KIE firms. These drawbacks primarily revolved around not eliminating the entrepreneurs’ autonomy and their routines, but it is also partly related to letting them keep their identity (i.e. their brand) as well as retaining employees’ trust in the new owner.

Originality/value

Contrary to most papers, this study has taken an approach giving equal weight to both buyers and sellers. In doing so, this study clarified the drawbacks of integration when it involves M&As with KIE firms.

Details

Journal of Business Strategy, vol. 45 no. 2
Type: Research Article
ISSN: 0275-6668

Keywords

Open Access
Article
Publication date: 3 October 2023

Viktor Ström, Nima Sanandaji, Saeid Esmaeilzadeh and Mouna Esmaeilzadeh

The purpose of this paper is to investigate the potential link between Sweden’s high reliance on equity capital financing among small and medium-sized enterprises (SMEs) and its…

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Abstract

Purpose

The purpose of this paper is to investigate the potential link between Sweden’s high reliance on equity capital financing among small and medium-sized enterprises (SMEs) and its recognition as the most innovative economy in Europe according to the European Innovation Scoreboard (EIS). This paper examines the idea that the high levels of trust within Swedish society can explain why private equity financing is more prevalent among Swedish SMEs.

Design/methodology/approach

To test these ideas, the authors use data from the Survey on Access to Finance for Enterprises to measure the private equity reliance of firms. The authors also use the EIS to measure the innovation capacity of nations and various aspects of SMEs’ innovation activities. Finally, societal levels of trust are measured through the World Value Survey.

Findings

First, the authors find that European countries with a higher proportion of SMEs relying on equity financing tend to be ranked as more innovative by the EIS. Second, the authors find that the correlation between a nation’s share of SMEs relying on equity financing and their level of innovation activities is marginally stronger for product innovations than for business process innovations. Third, the authors find that countries with higher levels of trust tend to have higher equity capital reliance among SMEs.

Originality/value

This study builds upon previous research on equity capital and SMEs’ innovation activity while introducing new insights into the relationship between societal trust and equity financing.

Details

International Journal of Innovation Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-2223

Keywords

Article
Publication date: 18 May 2020

Anna V. Bodiako, Svetlana V. Ponomareva, Tatiana M. Rogulenko, Margarita V. Melnik and Viktor V. Gorlov

The purpose of the research is to develop scientific and methodological recommendations for indicative evaluation and systemic management of the professional and qualification…

Abstract

Purpose

The purpose of the research is to develop scientific and methodological recommendations for indicative evaluation and systemic management of the professional and qualification potential of the digital society and to approbate them by the example of modern Russia.

Design/methodology/approach

The authors use the proprietary algorithm of the creation and implementation of the professional and qualification potential of the digital society. Based on the new algorithm, a proprietary methodology of indicative evaluation of the professional and qualification potential of the digital society is developed.

Findings

The authors offer a complex of recommendations for systemic management of the professional and qualification potential of the digital society and their approbation by the example of Russia in 2020, which allow achieving high effectiveness of this management. The results of approbation of the proprietary methodology and recommendations by the example of Russia in 2020 showed that the professional and qualification potential of the digital society is rather high and well-balanced; it is normal but has perspectives for an increase. There is an imbalance, which is caused by the domination of the development of the education market over the market of labor and entrepreneurship. Based on this, managerial measures are recommended for the development of the professional and qualification potential of the digital society in Russia.

Originality/value

The offered algorithm sets the foundation of an expanded view of the studied process, according to which the professional and qualification potential of the digital society is not only limited by the educational market but also covers the labor market and entrepreneurship. This view is revolutionary for modern Russia. The advantages of the authors’ methodology of indicative evaluation of the professional and qualification potential of the digital society include the usage of the complete set of qualitative and quantitative indicators, delimitation of indicators as to the stages of the algorithm, and the improved matrix for treatment of the results.

Details

International Journal of Sociology and Social Policy, vol. 41 no. 1/2
Type: Research Article
ISSN: 0144-333X

Keywords

Article
Publication date: 2 November 2015

Afonso C.C Lemonge, Helio J.C. Barbosa and Heder S. Bernardino

– The purpose of this paper is to propose variants of an adaptive penalty scheme for steady-state genetic algorithms applied to constrained engineering optimization problems.

Abstract

Purpose

The purpose of this paper is to propose variants of an adaptive penalty scheme for steady-state genetic algorithms applied to constrained engineering optimization problems.

Design/methodology/approach

For each constraint a penalty parameter is adaptively computed along the evolution according to information extracted from the current population such as the existence of feasible individuals and the level of violation of each constraint. The adaptive penalty method (APM), as originally proposed, computes the constraint violations of the initial population, and updates the penalty coefficient of each constraint after a given number of new individuals are inserted in the population. A second variant, called sporadic APM with constraint violation accumulation, works by accumulating the constraint violations during a given insertion of new offspring into the population, updating the penalty coefficients, and fixing the penalty coefficients for the next generations. The APM with monotonic penalty coefficients is the third variation, where the penalty coefficients are calculated as in the original method, but no penalty coefficient is allowed to have its value reduced along the evolutionary process. Finally, the penalty coefficients are defined by using a weighted average between the current value of a coefficient and the new value predicted by the method. This variant is called the APM with damping.

Findings

The paper checks new variants of an APM for evolutionary algorithms; variants of an APM, for a steady-state genetic algorithm based on an APM for a generational genetic algorithm, largely used in the literature previously proposed by two co-authors of this manuscript; good performance of the proposed APM in comparison with other techniques found in the literature; innovative and general strategies to handle constraints in the field of evolutionary computation.

Research limitations/implications

The proposed algorithm has no limitations and can be applied in a large number of evolutionary algorithms used to solve constrained optimization problems.

Practical implications

The proposed algorithm can be used to solve real world problems in engineering as can be viewed in the references, presented in this manuscript, that use the original (APM) strategy. The performance of these variants is examined using benchmark problems of mechanical and structural engineering frequently discussed in the literature.

Originality/value

It is the first extended analysis of the variants of the APM submitted for possible publication in the literature, applied to real world engineering optimization problems.

Details

Engineering Computations, vol. 32 no. 8
Type: Research Article
ISSN: 0264-4401

Keywords

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