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Festel, Gunter, Pablo Breitenmoser, Martin Würmseher, and Jan Kratzer. "Early stage technology investments of pre-seed venture capitalists." International Journal of Entrepreneurial Venturing 7, no. 4 (2015): 370. http://dx.doi.org/10.1504/ijev.2015.073647.
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Herrera-Echeverri, Hernán, Jerry Haar, and Juan Guillermo Salazar-Duque. "Private Equity and Devaluation in Emerging Countries." Global Economy Journal 17, no. 1 (March 2017): 20160048. http://dx.doi.org/10.1515/gej-2016-0048.
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Abstract: Using a comprehensive database with 51 emerging countries studied over a 13 year period, we find that devaluation increases the PE investment. More years of annual devaluation have a higher impact in promoting PE investment. Conclusions are confirmed for total and high technology PE investments, but not for early stage PE investments. Devaluation does not benefit PE investment in firms in the early stages of development. Devaluation itself is not sufficient to encourage the appetite of investors; however, some country-level competitiveness variables are indispensable for making a country more fertile for PE investment when a devaluation occurs – the high relevance of competiveness increasing in the long term.
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Loureiro, Tatiana, Marta Gil, Rachel Desmaris, Annalisa Andaloro, Charikleia Karakosta, and Stefan Plesser. "De-Risking Energy Efficiency Investments through Innovation." Proceedings 65, no. 1 (December 23, 2020): 3. http://dx.doi.org/10.3390/proceedings2020065003.
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Three Horizon 2020 projects, EEnvest, Triple-A and QUEST, are exploring innovative approaches to de-risking energy efficiency investments, focusing on how to render those investments attractive to the financial sector. EEnvest aims to develop a platform in order to contribute to the risk reduction for building energy efficiency investments, Triple-A focuses on enhancing at an early stage the investment value chain of energy efficiency projects and, finally, QUEST wants to improve the quality of management investments in energy efficiency.
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Makushina, Elena. "Identification of Dependence Between Financial Instruments for Structuring a Venture Round of Financing and the Portfolio Company’s Investment Stage of Development." Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika, no. 4 (February 2022): 163–79. http://dx.doi.org/10.15688/ek.jvolsu.2021.4.13.
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The purpose of this article is to identify the financial instruments that a venture capital fund uses when structuring а round of financing and the investment stages of development of a portfolio company. Based on a systematic literature review we investigated the portfolio companies’ investment stages, at which venture capital investments are made: seed stage, start-up stage, early stage, expansion stage. As a result of this study the definition of “venture investments” has been clarified. This article examines the financial instruments that venture capital funds use to structure a deal with portfolio companies’ founders on the venture stages of development. It has been established that the choice of financial instruments is the result of the negotiation process between the venture capital fund and new venture founders and depends on the risk of failure, which is determined by the investment stage of the portfolio company. Moreover, shortcomings of the national legislative regulation system were highlighted, and positive trends were noted in the national rule-making process – the adoption of a federal law that establishes the procedure for using a convertible loan. The possible ways of structuring the transaction between the founders and domestic venture capital funds formed under investment partnership agreements were identified. The results obtained can be used to build a venture infrastructure with operating mechanisms that are understandable for foreign investors.
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Heukamp, Franz H., Heinrich V. Liechtenstein, and Nick Walkeling. "Do Business Angels Alter the Risk-Return Equation in Early Stage Investments?" Journal of Private Equity 10, no. 3 (May 31, 2007): 67–86. http://dx.doi.org/10.3905/jpe.2007.686431.
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Lawryshyn, Yuri. "A practical analytical model for valuing early stage investments using real options." International Journal of Operational Research 25, no. 4 (2016): 475. http://dx.doi.org/10.1504/ijor.2016.075293.
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Nam, Dae-il. "Advancing the Ecosystem of Early Stage Ventures through Equity Crowdfunding: A Focus on Platform Strategy." Academy of Entrepreneurship 4, no. 1 (March 30, 2023): 1–31. http://dx.doi.org/10.22815/jes.2023.4.1.1.
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Five years have passed since equity crowdfunding was introduced in Korea in 2016. In this article, I examine the growth, current states, and limitations of equity crowdfunding. Unlike previous studies that emphasized legal aspects, this study develops a discussion based on platform strategy. If innovative finance that connects individual companies with investors is the essence of crowdfunding, it would be of great significance to suggest academic, policy, and practical implications from the perspective of platform strategy. Furthermore, I believe that equity crowdfunding can provide an educational first step for individual investors who want to learn more about various investments. It is also hoped that investment will become a culture in Korea thereby accelerating the growth of venture ecosystem.
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Perera, Shrimal, Tabita Bertsch, and Jayasinghe Wickremanayake. "Exit market liquidity and venture capitalists’ investment behaviour: Evidence from Australia, Canada and the United Kingdom." Corporate Ownership and Control 8, no. 1 (2010): 743–57. http://dx.doi.org/10.22495/cocv8i1c8p1.
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This study investigates the effect of exit market liquidity on venture capitalists’ (VCs’) investment behaviour. The sample consists of 4,758 investment rounds disbursed by venture capital funds in three selected common law-based OECD countries (Australia, Canada and the United Kingdom) during 1990-2005. The results indicate that investments in early-stage projects by VCs are not related to exit market liquidity conditions after controlling for exogenous factors. Empirical results, however, show that exit market liquidity is positively associated with VCs’ investments in new projects (as opposed to follow-on projects). Put differently, new firms (including start-ups) are more likely to obtain venture capital funding during times of liquid exit market conditions. Arguably, these findings highlight the importance of ‘timing’ of new project launch
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Marič, Miha, Jasmina Žnidaršič, Miha Uhan, Vlado Dimovski, Marko Ferjan, Maja Djurica, Mitja Jeraj, and Matej Janežič. "Country’s Development as a Determinant of Early-Stage Entrepreneurial Activity." Organizacija 46, no. 3 (May 1, 2013): 75–86. http://dx.doi.org/10.2478/orga-2013-0011.
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Our study is built on the dependence of early-stage entrepreneurial activity on GDP per capita, GDP real growth rate, unemployment rate, inflation rate, investments and public debt of different countries. We divide the early-stage entrepreneurial activity into necessity-driven and improvement-driven opportunistic entrepreneurial activity. To establish the dependencies we have conducted the regression analyses. Our three main findings are: (a) early-stage entrepreneurial activity does depend on our predictors; (b) necessity-driven entrepreneurial activity is negatively correlated to country’s development; and (c) improvement-driven opportunistic entrepreneurial activity is positively correlated to country’s development.
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Doty, Aaron. "An examination of the value of the Victorian Government's investment logic map as a tool for front-end evaluation of investment proposals." Evaluation Journal of Australasia 8, no. 1 (March 2008): 26–39. http://dx.doi.org/10.1177/1035719x0800800105.
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This article considers a tool called an ‘investment logic map’ which was developed by the Victorian Government Department of Treasury and Finance to assist in testing the rationale for proceeding with investment proposals (particularly information and communications technology investments) while they are still at an early stage of development. The article views this tool through the lens of evaluation theory and practice, and situates the investment logic map within the practice of front-end evaluation. From this perspective, the article considers some of the drawbacks of the investment logic map as an example of program logic. The article argues that, because of the pivotal role the investment logic map plays in the management and review of investments through their lifecycle (as part of the government's broader Investment Management Standard), it needs to be underpinned by more robust evaluation practice. The article concludes by suggesting a way in which the strengths of the investment logic map can be retained, while reducing the risks inherent in its current use.
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Jaimungal, Sebastian, and Yuri Lawryshyn. "Using managerial revenue and cost estimates to value early stage real option investments." Annals of Operations Research 259, no. 1-2 (October 15, 2016): 173–90. http://dx.doi.org/10.1007/s10479-016-2344-8.
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Pietzsch, Jan B., and M. Elisabeth Paté-Cornell. "Early technology assessment of new medical devices." International Journal of Technology Assessment in Health Care 24, no. 01 (January 2008): 36–44. http://dx.doi.org/10.1017/s0266462307080051.
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Objectives:In the United States, medical devices represent an eighty-billion dollar a year market. The U.S. Food and Drug Administration rejects a significant number of applications of devices that reach the investigational stage. The prospects of improving patient condition, as well as firms' profits, are thus substantial, but fraught with uncertainties at the time when investments and design decisions are made. This study presents a quantitative model focused on the risk aspects of early technology assessment, designed to support the decisions of medical device firms in the investment and development stages.Methods:The model is based on the engineering risk analysis method involving systems analysis and probability. It assumes use of all evidence available (both direct and indirect) and integrates the information through a linear formula of aggregation of probability distributions. The model is illustrated by a schematic version of the case of the AtrialShaper, a device for the reduction of stroke risk that is currently in the preprototype stage.Results:The results of the modeling provide a more complete description of the evidence base available to support early-stage decisions, thus allowing comparison of alternative designs and management alternatives.Conclusions:The model presented here provides early-stage decision-support to industry, but also benefits regulators and payers in their later assessment of new devices and associated procedures.
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Jones, M., and C. Mlambo. "Early-stage venture capital in South Africa: Challenges and prospects." South African Journal of Business Management 44, no. 4 (December 31, 2013): 1–12. http://dx.doi.org/10.4102/sajbm.v44i4.164.
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The aim of this paper is to assess which factors impact the development of early-stage venture capital in South Africa. Factors identified for other markets and countries are explored and their relative importance in South Africa determined from the perspective of market participants. These include venture capital and private equity fund managers, government institutions, intermediaries and university research coordinators. The study used both an online survey, to capture a broad representation of opinion, and interviews, for in-depth responses. There was broad consensus among respondents with regards to the key factors requiring attention, which include the lack of funds targeted at early-stage investments, the lack of specialised fund managers, and the low entrepreneurial skillsets in the country. Through a detailed analysis of the responses, certain measures are proposed that can enhance the development of early-stage venture capital in South Africa such as engaging more with angel investors and improving the cooperation between the different market players in the sector.
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Song, Garrison Hongyu, and Ajeet Jain. "In search of angels: the first bucket of gold for entrepreneurs." Studies in Economics and Finance 38, no. 1 (January 11, 2021): 126–48. http://dx.doi.org/10.1108/sef-04-2020-0091.
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Purpose This paper aims to explore the allocation of the exit value of a start-up company in market equilibrium between an angel investor and an entrepreneur in the very early-stage financing market. Design/methodology/approach The theoretical model is established based on the two-sided random search theory and the model’s ability to match the empirical data is evaluated via simulation. Findings The model indicates that the allocation of the final investment outcome is not proportional to the initial investments by the angel investor and the entrepreneur. The simulation results show that the continued investment by the entrepreneur and the private benefit acquired by the angel investor have a more profoundly negative influence on the angel investor’s share of the exit value of the start-up company. Moreover, the market search structure represented by the matching probability of an angel investor to an entrepreneur has a more significant impact on the angel investor’s share than the other model parameters. Originality/value The importance of market search friction in the very early-stage financing market is emphasized. The concepts of continued investments and private benefits are introduced and quantified for the first time under the framework of angel investment. The impacts of such model parameters as the matching probability of an angel investor to an entrepreneur, the success rate of a start-up company, the bargaining power of an angel investor and the discount rate on the allocation of the exit value of the start-up company are investigated as well.
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Semenov, Alexander, Ivan Rodionov, and Vladimir Seleznev. "Determinants of the Venture Investment Size in Russian IT Companies." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 12, no. 1 (April 3, 2018): 44–49. http://dx.doi.org/10.17323/j.jcfr.2073-0438.12.1.2018.44-49.
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This study investigates the key determinants of the size of investment in Russian IT companies during follow-on rounds starting from the second round. On a sample of 55 deals (2010–2016), which represents the most important deals on Russian market, the research finds out two key factors positively influencing the size of investments: investments in the first round and presence of experienced investor among shareholders. e investor was considered as experienced if she has had success on VC market or has a totally accepted reputation on the same market. Results are consistent with the prior literature including the preliminary results of the authors done on lesser datasets. Additionally, effects of belonging to a particular industry or the time period of investments were proved to be insignificant for Russian VC market for IT companies. New hypothesis proposed by the authors (about impact of the number of founders on the investment in sub-sequent rounds) as well as hypothesis about the impact of target market growth on the investment size are also rejected. The latter is surprising as the target market growth is considered among the most important criteria for the investment decision. The result may be explained by the bias of the dataset as most of the early stage company data is confidential, and the target market growth plays the most significant role at the beginning of investment process.
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De Cleyn, Sven H., and Johan Braet. "The Due Diligence Process— Guiding Principles for Early Stage Innovative Products and Venture Capital Investments." Journal of Private Equity 10, no. 3 (May 31, 2007): 43–51. http://dx.doi.org/10.3905/jpe.2007.686429.
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Aram, John D. "Attitudes and behaviors of informal investors toward early-stage investments, technology-based ventures, and coinvestors." Journal of Business Venturing 4, no. 5 (September 1989): 333–47. http://dx.doi.org/10.1016/0883-9026(89)90005-0.
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Behrman, Jere R., John Hoddinott, and John A. Maluccio. "Nutrition, Adult Cognitive Skills, and Productivity: Results and Influence of the INCAP Longitudinal Study." Food and Nutrition Bulletin 41, no. 1_suppl (June 2020): S41—S49. http://dx.doi.org/10.1177/0379572119898956.
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This article summarizes research based on the INCAP Longitudinal Study that demonstrates the positive effects of the atole intervention on prime-age adult cognitive skills and productivities. The findings are interpreted in the context of a life-cycle stages model in which various factors and investments at each stage of life influence outcomes not only in that stage but in subsequent ones. The results point to the likely importance of improvements in adult cognitive skills due to better early-life nutrition on adult male labor market outcomes as well as on women’s “home productivity” in terms of anthropometrics for the next generation. Possible mechanisms are also explored, including the impacts of early-life exposure to atole on children’s height when starting school, on grades of schooling attainment, and on the extent of experience with higher-skilled jobs, as well as the impacts of improved cognitive skills on wages. Not only are investments in early-life nutrition important for immediate welfare but also they have significant productivity payoffs in adulthood.
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Budish, Eric, Benjamin N. Roin, and Heidi Williams. "Do Firms Underinvest in Long-Term Research? Evidence from Cancer Clinical Trials." American Economic Review 105, no. 7 (July 1, 2015): 2044–85. http://dx.doi.org/10.1257/aer.20131176.
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We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials—and hence, project durations—are shorter for late-stage cancer treatments relative to early-stage treatments or cancer prevention. Using newly constructed data, we document several sources of evidence that together show private research investments are distorted away from long-term projects. The value of life-years at stake appears large. We analyze three potential policy responses: surrogate (non-mortality) clinical-trial endpoints, targeted R&D subsidies, and patent design. (JEL D92, G31, I11, L65, O31, O34)
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Plotnikov, A. N., and M. V. Volkova. "Prospects of Venture Investment Development in Russia." Izvestiya of Saratov University. Economics. Management. Law 13, no. 2 (2013): 144–48. http://dx.doi.org/10.18500/1994-2540-2013-13-2-144-148.
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Introduction. At the Russian economy’s transition to innovative development, the question of its investment mechanism is very important. Venture investment is most promising in this case. For Russia, venture investment is a rather new tool and, therefore, market mechanisms are introduced with great difficulties. Tasks and methods. To observe the current situation and the causes thereof; to detect the existence of a link between innovative development and the usage of the venture investment mechanism. Theoretical methods (analysis, synthesis, modeling, logical and system approaches, deduction, and induction) and empirical methods (observation, measurement, and comparison) were used. Results: the causes of the slow introduction of venture investment into the Russian economy were recognized; an idea of strengthening the links between innovative development and market investment mechanisms was developed. In particular, a conclusion was made that using venture investment would allow implementing developer projects as well as innovative ones. Such investments would allow companies to develop much quicker. It has impact on the regional and national development, on the increase of well-being, and on the unemployment rate decrease. Conclusion. Thus, the use of venture funds would allow turning to the innovative model of development, but the state support is necessary at the early stages of venture financing. For increasing the Russian economy’s competitiveness at this stage, it is recommended to address venture investments to a limited number of critical technologies.
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Fadhil, I., M. Alkuwari, F. Al Tahan, K. Alsaleh, and D. Alsaadoon. "Early Detection of Breast Cancer in Gulf Cooperation Council Countries: Case Studies." Journal of Global Oncology 4, Supplement 2 (October 1, 2018): 50s. http://dx.doi.org/10.1200/jgo.18.64800.
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Background: Breast cancer is the most frequently diagnosed cancer among women in Gulf countries. Although breast cancer incidence rates in the Gulf are substantially lower than rates in developed countries, yet an increasing trend is evident. Most breast cancers are diagnosed at an advanced stage, only 23.3% of patients presented with localized tumors and less than 2% with in situ, making improvements to early detection of breast cancer a priority. There has been good progress and investment in early detection of breast cancer program in Gulf countries based on augmenting breast cancer awareness through public education, investing in mammographic based screening and improving infrastructure. Nevertheless, development of breast cancer early detection programs in most of the Gulf countries has been based on sporadic investments and actions rather than on a planned, approved and resource-linked national control plan. In many instances the scientific evidence-base for such investments has not been obtained and the evaluation of implemented programs is lacking. Aim: To review breast cancer screening, early detection practices in Gulf region, outlines enablers and identifies priorities for scaling up early detection programs in Gulf countries. Methods: The study relies heavily on review of published literature and data gathered through interview and discussion with key informants from government and nongovernment institutions at the studied countries. Results: Four case studies will be discussed from Bahrain, UAE, Kuwait and Saudi Arabia. Conclusion: Breast cancer is a major and increasing problem in Gulf countries, but it is still largely diagnosed at an advanced stage. While mammography based screening programs have been initiated in Gulf countries, however they generally have limited uptake, with very little evidence to support their effectiveness, largely because their attempts at education on the curability of breast cancer, and their endeavors to dispel the prevalent myths on breast cancer, have not been sufficiently successful. Thus, it is essential that the highest priority in each country should be improving awareness, early diagnosis of breast cancer, by public and professional education. This will require considerable investment in training primary care professionals, organizing referral mechanisms and setting up multidisciplinary breast cancer diagnosis and treatment facilities across the countries. While population-level screening for breast cancer is feasible in Gulf countries, yet careful consideration for available resources is critical for success. Moreover, it is important to pilot any screening programs prior to national roll-out.
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Karpa, Waldemar, and Antonio Grginović. "Long-term perspective on venture capital investments in early stage life-science projects related to health care." Economic Research-Ekonomska Istraživanja 33, no. 1 (July 2, 2019): 2526–40. http://dx.doi.org/10.1080/1331677x.2019.1629326.
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Irvine, Paul J., Shawn Saeyeul Park, and Çelim Yıldızhan. "Customer-Base Concentration, Profitability, and the Relationship Life Cycle." Accounting Review 91, no. 3 (August 1, 2015): 883–906. http://dx.doi.org/10.2308/accr-51246.
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ABSTRACT Using a recently expanded dataset on supplier-customer links, we introduce a dynamic relationship life-cycle hypothesis. We hypothesize that the relation between customer-base concentration and profitability is significantly negative in the early years of the relationship, but becomes positive as the relationship matures. The key driver of this dynamic is the customer-specific investments that the relationship entails. These investments result in larger fixed costs, greater operating leverage, and a higher probability of losses early in the relationship, but can significantly benefit the firm as the relationship matures. Although many of these money-losing firms in early-stage relationships were not studied in Patatoukas (2012), we find a market reaction to increases in customer concentration similar to that in his paper. This result provides powerful confirmatory evidence of the value of customer concentration. We document one of the intangible benefits of customer concentration, technology sharing, and show how this benefit increases as the relationship matures. JEL Classifications: L25; M41; G31; G33.
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Carlos Nunes, José, Elisabete Gomes Santana Félix, and Cesaltina Pacheco Pires. "Which criteria matter most in the evaluation of venture capital investments?" Journal of Small Business and Enterprise Development 21, no. 3 (August 12, 2014): 505–27. http://dx.doi.org/10.1108/jsbed-10-2013-0165.
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Purpose – The purpose of this paper is to identify the importance assigned to the various criteria used by the Portuguese venture capitalists (VCs) to evaluate and select early stage venture capital (VC) projects. Design/methodology/approach – The data were collected through a questionnaire answered by 20 Portuguese VCs. The authors use descriptive statistics techniques and non-parametric tests to identify the most valued criteria and test differences in the importance assigned to the criteria of several types of VCs and investments. Findings – The study reveals that personality and experience of the entrepreneur and of the management team are the most valued groups of criteria. VCs with a majority of private share capital value more the personality of the entrepreneur and management team than the companies with a majority of public share capital. Additionally, the VCs that did not yet internationalize consider the personality of the entrepreneur and management team and the financial aspects, to be more important than the VCs that have already expanded abroad. Originality/value – It provides evidence on the VCs behavior in a small VC market. Since most of the existing literature on this area refer to large VC markets, the present study is important to investigate whether the conclusions reached by the previous studies can be extended to a small VC market. Also, this study is a contribution to the literature on the internationalization of VCs and it is the first study that explores the impact of the VCs being internationalized on the value given to the various selection criteria of early stage VC projects.
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MOZA, Miruna Diana, and Dana Teodora MIERLUȚ. "INVESTMENTS WITH PROMOTION. INFLUENCES IN TOURISM 2019-2021." Annals of the University of Oradea. Economic Sciences 31, no. 31(1) (July 15, 2022): 69–76. http://dx.doi.org/10.47535/1991auoes31(1)007.
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Investments, those expenditures made at an early stage, in order to obtain subsequent effects, have been a point of interest of economists, who seek to reproduce more and more aspects and links of cause and effect between investments made in various fields and their effects. The present paper is meant to analyze the investments with the promotion made by the states in the field of tourism. We chose 2019 and 2021 as reference years because these were the years that determined sudden changes in what represents the G.D.P of a country and the global G.D.P as well as its way of accomplishment. This article represents a review of existing studies on this topic and outlines and validates a number of objectives. The existing statistical data on the promotional budgets of the states are analyzed from a quantitative point of view and a small case study on Germany was carried out.
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Murray, Gordon. "A Synthesis of Six Exploratory, European Case Studies of Successfully Exited, Venture Capital-Financed, New Technology-Based Firms." Entrepreneurship Theory and Practice 20, no. 4 (July 1996): 41–60. http://dx.doi.org/10.1177/104225879602000404.
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This research presents the summary findings on six case studies of successful, venture capital investments in new technology-based firms in four European countries. In all cases, the enterprises had been financed by specialist, early-stage, and technology-focused venture funds which had exited the investments at a significant economic return. The exceptional competence and track records of the founder managers, and their defensible product position in growing markets, each appeared to be a common feature across the individual case studies. The paper also questions the unitary nature of the entrepreneurial process, arguing for entrepreneurial resources to be seen as an eclectically sourced stock.
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Needles, Belverd E. "Graeber Companies, Inc.: Examining Impairment of Equity-Owned Investments." Issues in Accounting Education 27, no. 4 (June 1, 2012): 1215–41. http://dx.doi.org/10.2308/iace-50234.
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ABSTRACT The Graeber Companies, Inc. case illustrates the implications of the Fair Value Measurements Standard (FASB ASC 820 or IFRS 13) and the Fair Value Option for Financial Assets and Financial Liabilities (FASB ASC 825 or IAS 39) on the accounting and auditing issues regarding fair value accounting. Based on an actual company's experience, the case provides an application of the new standards on fair value measurement, which is one major achievement of the FASB/IASB convergence project. Graeber Companies, Inc. is a 100-year-old financial boutique firm that, through its wholly owned and partially owned subsidiaries, is engaged in financial service activities. One of Graeber's proprietary investments is an equity investment in Advisor Group, Inc. (AGI)—an early stage development company. Students evaluate AGI's financial performance and strategic activities, including operating losses, issuance of preferred stock and proposed acquisitions by another investor company relative to its materiality, and potential impairment of Graeber Companies' equity-owned investment. The case study requires a determination of materiality of the equity investment and introduces students to the different valuation techniques such as Discounted Cash Flow Analysis, Public Market Analysis, Precedent Transaction Analysis, and the waterfall schedule method. The usefulness of these methods is then analyzed in determining the fair value of an investment in the situation where there have been no recent market transactions. Through analysis of the financial statements, relevant footnotes, and obtaining/obtained fair market value using different valuation approaches, students make a recommendation on materiality and on the fairness of the Graeber Companies management conclusion that no impairment of its investment in Advisor Group has taken place.
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Karsai, Judit. "Venture capital and private equity industry in Hungary." Acta Oeconomica 63, no. 1 (March 1, 2013): 23–42. http://dx.doi.org/10.1556/aoecon.63.2013.1.2.
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Hungary represents the second most developed venture capital and private equity (VC&PE) market in Central and Eastern Europe. This article is based on a detailed survey of the entire VC industry between 1989–2010. It demonstrates that while there was a relatively strong correlation between the allocation of capital to VC&PE funds and the capital flow into the Budapest Stock Exchange, the changes in investment activities were closely related to election years. Investments had been hampered primarily not by the shortage of capital, but by a lack of demand and attractive business plans. The article illustrates the different roles and approaches of global, regional and country VC&PE funds in Hungary. It points out that VC investments hardly satisfied their principal function or mission, namely to support innovative start-up and small businesses. Government interventions in the VC market proved to be ineffective as well. Similarly to the whole region, the Hungarian market profited from a transitory situation in the case of high-value PE transactions between 2007 and 2008, at the beginning of the crisis, when the investment problems in Western Europe had yet not extended to the CEE region. From 2009 onward, however, the crisis has resulted in a drop in investments despite the significant amount of uninvested capital accumulated in recent years. As to the prospects for 2013, the early-stage VC segment in Hungary is expected to flourish owing to the Jeremie funds, while the high-value buyout segment of the market will suffer from both the euro zone debt crisis and the loss of transparency in economic policy.
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Ogle, Vanessa. "‘Funk Money’: The End of Empires, The Expansion of Tax Havens, and Decolonization as an Economic and Financial Event*." Past & Present 249, no. 1 (August 23, 2020): 213–49. http://dx.doi.org/10.1093/pastj/gtaa001.
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Abstract This article explores the question of what happened to European assets in the process of decolonization. It argues that decolonization created a money panic of sorts that led white settlers, businessmen, and officials to seek to liquidate assets they owned and move funds out of the colonial world. Instead of being repatriated to metropolitan countries with high tax rates and exchange controls, money moved to tax havens. Decolonization thus provided an important share of early postwar tax haven business in a period when tax havens and offshore finance expanded during the 1950s and 1960s. In turn, the withdrawal of Euro-American investments from the decolonizing world set the stage for the politics of development and modernization in the coming decades. Ironically, the outflow of funds during decolonization and the subsequent return of some funds in restructured form as investments by multinational and other companies soon caused difficulties in newly independent developing countries. Companies soon found ways to rebook profits to have occurred in a tax haven rather than in the developing world, thus depriving low-income countries from tax revenue. The withdrawal of Euro-American investments from the colonial world during decolonization moreover had implications for the growth of portfolio investment, as funds removed from colonies were often invested through a tax haven onwards in US securities. All in all, decolonization was an economic and financial event that is only beginning to emerge in full detail.
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Lomаtenkov, D. A., and J. V. Gnezdova. "The innovation transformation of telecom industry." Voprosy regionalnoj ekonomiki 38, no. 1 (March 30, 2019): 75–79. http://dx.doi.org/10.21499/2078-4023-2019-38-1-75-79.
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In article is considered investments into development of telecom industry on the basis of digital technologies, contrary to popular belief which optional should be long-term. At the same time adaptation of organizational model and development of the corporate culture oriented to innovations – one of the most important conditions of success. At the same time the Russian telecommunication sector is at an early stage of development in all directions of digital conversions.
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Innocenti, Niccolò, and Vincenzo Zampi. "What does a start-up need to grow? An empirical approach for Italian innovative start-ups." International Journal of Entrepreneurial Behavior & Research 25, no. 2 (February 21, 2019): 376–93. http://dx.doi.org/10.1108/ijebr-04-2018-0194.
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PurposeThe purpose of this paper is to capture the role of internal and external characteristics in favouring the growth of innovative start-ups at an early stage of their life.Design/methodology/approachThe empirical approach of this paper is based on an econometric analysis applied to all Italian innovative start-ups with four and five years of life. Growth is analysed after four and five years from the constitution, depending on internal investments in research and development (R&D), in tangible assets and on characteristics external to the firm (110 Italian provinces) related to industrial variety, specialisation, public investments in R&D, etc.FindingsThe results achieved in this study reveal the importance of internal R&D investment even though there is missing evidence on the relevance of general and government specific R&D investment in the area. Other interesting results concern the importance of the firm’s involvement in the technological specialisation of the area and the need for general variety in technological diversification in the area to favour the growth of start-ups.Practical implicationsThe results imply that entrepreneurs should evaluate carefully their strategic choices in terms of the location of the start-up and the investment in R&D as these could be important factors for the firm’s growth.Originality/valueThis paper is an original attempt to measure the importance of both internal and external characteristics for the growth of start-ups. Moreover, the analysis covers the overall population of a new interesting category of firm, the innovative start-up.
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Roundy, Philip, Hunter Holzhauer, and Ye Dai. "Finance or philanthropy? Exploring the motivations and criteria of impact investors." Social Responsibility Journal 13, no. 3 (August 7, 2017): 491–512. http://dx.doi.org/10.1108/srj-08-2016-0135.
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Purpose The growing prevalence of social entrepreneurship has been coupled with an increasing number of so-called “impact investors”. However, much remains to be learned about this nascent class of investors. To address the dearth of scholarly attention to impact investing, this study seeks to answer four questions that are central to understanding the phenomenon. What are the defining characteristics of impact investing? Do impact investors differ from traditional classes of investors and, if so, how? What are the motivations that drive impact investment? And, what criteria do impact investors use when evaluating potential investments? Design/methodology/approach A partially inductive study based on semi-structured interviews with 31 investors and ethnographic observation was conducted to explore how impact investors differ from other classes of investors in their motivations and unique criteria used to evaluate ventures seeking investment. Findings This study reveals that impact investors represent a unique class of investors that differs from socially responsible investing, from other types of for-profit investors, such as venture capitalists and angel investors, and from traditional philanthropists. The varied motivations of impact investors and the criteria they use to evaluate investments are identified. Originality/value Despite the growing practitioner and media attention to impact investing, several foundational issues remain unaddressed. This study takes the first steps toward shedding light on this new realm of early-stage venture investing and clarifying its role in larger efforts of social responsibility.
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Lierman, Bruce C. "Lesson Prototyping in Multinational Computer-Based Training Program Development." Proceedings of the Human Factors Society Annual Meeting 33, no. 12 (October 1989): 761–64. http://dx.doi.org/10.1177/154193128903301203.
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Many training projects seek to obtain the maximum return from investment in computer based training (CBT) by adapting the training materials to all potential trainees in diverse nations and settings. Lesson prototyping, especially modeling of the interactivity between the trainee and the program, provides a means to confirm the effectiveness of the program before investments are made in preparing multi-cultural presentation materials. The interactivity model enables program designers to gather data on trainee interaction at the earliest possible stage of development. Data collected from trainee and expert interaction with the interactivity model is used to modify the structure of the presentation and insure that all training requirements have been addressed. Data collection from an interactivity model is particularly valuable in determining assistance requirements and cultural factors in the program structure early in the development process. This methodology may help to reduce overall training development costs and lead time.
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Hermawan, Wiwit, and Kin Tjendrasa. "Evaluation Of Investment In IoT Startup at PT TMI." Jurnal Ilmu Sosial Politik dan Humaniora 3, no. 2 (October 15, 2020): 22–31. http://dx.doi.org/10.36624/jisora.v3i2.75.
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Smartphone revolution, the rise of OTT (Over the Top) technology, and growth of mobile application drive explosion in data demand and erosion of legacy service, which voice and SMS (Short Messaging Service) revenue. It forces mobile telecommunication operators to explore new revenue sources through new business development by taking the opportunity across technology, media, and telecommunication (TMT). Telkomsel Mitra Inovasi (TMI), Telkomsel Corporate Venture Capital (CVC), conducts non-organic business development through investment in an early-stage startup from TMT sectors. January 2020, TMI followed in Series B1 funding of the Internet of Things (IoT) startup. The investment evaluation utilizes two factors which capital gain and incremental revenue to existing Telkomsel business. There is uncertainty in financial return on high-risk investments in a new startup company, and existing Telkomsel IoT provides smart connectivity services. However, connectivity will become increasingly commoditized, declining from 9% of total IoT revenue in 2018 to 5% in 2025. Consequently, Telkomsel IoT should expand its role to seize the incremental revenue opportunities. This research project uses discounted cash flow (DCF), secondary data to predict expected financial return after capturing possible risk investment for sound management decisions.
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Hermawan, Wiwit, and Kin Tjendrasa. "Evaluation Of Investment In IoT Startup at PT TMI." Jurnal Ilmu Sosial Politik dan Humaniora 3, no. 2 (October 15, 2020): 22–31. http://dx.doi.org/10.36624/jisora.v3i2.46.
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Smartphone revolution, the rise of OTT (Over the Top) technology, and growth of mobile application drive explosion in data demand and erosion of legacy service, which voice and SMS (Short Messaging Service) revenue. It forces mobile telecommunication operators to explore new revenue sources through new business development by taking the opportunity across technology, media, and telecommunication (TMT). Telkomsel Mitra Inovasi (TMI), Telkomsel Corporate Venture Capital (CVC), conducts non-organic business development through investment in an early-stage startup from TMT sectors. January 2020, TMI followed in Series B1 funding of the Internet of Things (IoT) startup. The investment evaluation utilizes two factors which capital gain and incremental revenue to existing Telkomsel business. There is uncertainty in financial return on high-risk investments in a new startup company, and existing Telkomsel IoT provides smart connectivity services. However, connectivity will become increasingly commoditized, declining from 9% of total IoT revenue in 2018 to 5% in 2025. Consequently, Telkomsel IoT should expand its role to seize the incremental revenue opportunities. This research project uses discounted cash flow (DCF), secondary data to predict expected financial return after capturing possible risk investment for sound management decisions.
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Lee, Charles M. C., Kevin K. Li, and Ran Zhang. "Shell Games: The Long-Term Performance of Chinese Reverse-Merger Firms." Accounting Review 90, no. 4 (October 1, 2014): 1547–89. http://dx.doi.org/10.2308/accr-50960.
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ABSTRACT We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85 percent of all foreign RMs). As a group, RMs are early-stage companies that typically trade over the counter. However, Chinese RMs (CRMs) tend to be more mature and less speculative than either their U.S. counterparts or a group of exchange-industry-size-matched firms. As a group, CRMs outperformed their matched peers from inception through the end of 2013, even after including most of the firms accused of accounting fraud. CRMs that receive private investment in public equity (PIPE) financing from sophisticated investors perform particularly well. Overall, despite the negative publicity, we find little evidence that CRMs are inherently toxic investments. Our results shed light on the risk-performance trade-off for CRMs, as well as the delicate balance between credibility and access in well-functioning markets. JEL Classifications: G34; M41; N20
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Bocharova, Yu H. "VENTURE BUSINESS: STATE AND FEATURES OF DEVELOPMENT." Visnyk of Donetsk National University of Economics and Trade named after Mykhailo Tugan-Baranovsky, no. 2 (73) 2020 (2020): 60–66. http://dx.doi.org/10.33274/2079-4819-2020-73-2-60-66.
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Objective. The objective of the research is to identify the state and features of the world venture business development. Methods. Following methods and techniques of knowledge are used in the process of the study: theoretical generalization and comparison, analysis and synthesis, induction and deduction, grouping, and classification. Results. According to the results of the study, it is found that the number of venture funds in the world is increasing; the largest number of venture funds operates in America, including the USA; the most famous and reputable venture funds are: Intel Capital, Google Ventures, Salesforce Ventures, Comcast Ventures, Qualcomm Ventures, Cisco Investments, Santander InnoVentures, Ascension Ventures, CyberAgent Ventures, SBIInvestment, SMBC Venture Capital etc.; the volume of venture investments in the world in 2012-2019 increased significantly — almost in 6 times; venture investments are not equally distributed by stages of development of innovative entrepre- neurship — the largest volumes of venture investments in 2012-2019 are attracted to «Seed stage» and «Early stage»; it is recorded not only an increase in total venture capital, but also the average size of venture capital per project; the most attractive for venture investors are startups operating in such areas as: software, fintech, pharmaceuticals and biotechnology, consumer goods and recreation; the world leader in terms of venture capital is the United States; the most attractive countries for venture investors are the United States, the United Kingdom, Canada, Hong Kong, Japan, Singapore, Australia, Germany, New Zealand and Denmark; since 2014, large companies have been venturing mainly not through their own venture funds, but by joining global venture funds — an average 30 % of the total number of projects supported by venture funds. The practical significance of the results obtained is in the possibility of their use in designing a development strategy and increasing the competitiveness of Ukraine's innovation infrastructure.
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Khatibi, Rahman, Dave Jackson, John Curtin, Chris Whitlow, Adri Verwey, and Paul Samuels. "Vision statement on open architecture for hydraulic modelling software tools." Journal of Hydroinformatics 6, no. 1 (January 1, 2004): 57–74. http://dx.doi.org/10.2166/hydro.2004.0005.
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This paper identifies the philosophy of open architecture as a feasible vision capable of transforming modelling software packages into living products. This vision, invoked within the specific context of software production in the field of flood forecasting within the Environment Agency, promotes the emerging requirements and consensus of users, academics and software producers. In the past, the philosophy of closed architecture dominated the use, development resources and investment in modelling systems by producers and users. As closed architecture encourages the development of monolithic software products with limited scope for innovation by third parties, investments often do not return the value of their full potential. A consensus is emerging that this is no longer tenable. The time is right: for the producers of hydraulic and hydrologic software tools to move from the culture of ‘doing things better’ to ‘doing things better and doing better things’; for users to design their own systems through assembling off-the-shelf software products; and for academics to have a less restrictive environment in which to innovate. The consensus view is rendered viable in a partnering culture undoing many barriers and restructuring many concepts. The paper postulates that software development is a paradigm and shifts through the forming, proliferating, norming and performing stages. This postulate is substantiated by citing evidence for the following associations:The forming stage is associated with the development of early computer programs.The proliferating stage is associated with closed architecture.The norming stage is associated with open architecture to create interoperability.The performing stage is associated with open source to freely share and improve source codes.
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Kiva, Anastasia, and Tetiana Moiseienko. "DOMESTIC STARTUPS FINANCIAL ASSISTANCE IMPROVEMENT IN THE CONDITIONS OF INTERNATIONAL INTEGRATION." Збірник наукових праць Університету державної фіскальної служби України, no. 1-2 (December 4, 2020): 255–70. http://dx.doi.org/10.33244/2617-5940.1-2.2020.255-270.
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The authors presented in the publication reflect the directions of startups financial assistance improving, that are applicable to domestic startups and relevant in terms of international integration. The article singled out the main stages of the startups formation and systematized stages of their development. Emphasized the fact that each stage of development involves a startup investments that have certain characteristics, depending on the stage, allowing authors to create sources of funding for the development stages of such projects. Attention is paid to each of the startups financing approaches. Based on the selected authors for ways to improve, the algorithm of financial assistance startups at early stages of development and during scaling. Singled out a number of features, following which allows Ukrainian startups to integrate into the international business ecosystem successfully.
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Kerr, Stephen G. "Service Science And Accounting." Journal of Service Science (JSS) 1, no. 2 (October 1, 2008): 17–26. http://dx.doi.org/10.19030/jss.v1i2.4292.
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The evolution of a new discipline of service science will creatively disturb the relationship between more established business disciplines. Each discipline is not an independent silo. As a result the purpose of this paper was to explore, at this early stage, how the new discipline may create opportunities for interdisciplinary scholarship. The specific purpose of this paper was to explore how service science might interact with the scholarly and professional practice of accounting. Accounting practice is dominated by a stewardship proposition. The stewardship proposition is a problem because typical service science investments will receive unfavorable treatment. Accountings other major proposition is valuation. Areas of opportunity for positive contributions from a service science approach are discussed. Service science, as viewed through an accounting lens, will have to find ways to overcome measurement and reporting methods that will not afford service science investments the full benefit of their strategic potential. Several avenues for research into ways service science can improve accounting scholarship are suggested.
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Chaturvedi, Jagdish, and Gunda Srinivas. "Grants, Funding, Awards and Recognition in Healthcare Innovation." Karnataka Pediatric Journal 36 (September 6, 2021): 76–81. http://dx.doi.org/10.25259/kpj_15_2021.
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For an idea to be validated, prototyped and tested, adequate financial planning plays a major role in the long journey of the idea from the brains to the market. There are various ways of getting funds for the startup. The founders usually start with their own money from their savings or some borrowings from family and friends which is called bootstrapping and is very common and crucial, akin to doctors starting their own clinics and small nursing homes. As they start to grow, large funds are needed in the early stage to set the foot firm with the help of an angel investor/ seed investor which is like starting a full-fledged hospital. The Venture capitalist comes in at a stage when the idea is proven and started with operations, early-stage customers and has a major potential to expand, just like when more branches of hospitals are planned. Private equity companies and investment banks are those who are keen to invest in companies who have proved themselves beyond doubt with strong leadership in the market and are looking for a major return on investment by making the company bigger, which is like planning a pan India network of the hospital chain. These investments happen multiple times or rounds at various stages of the company usually termed series A to series D or E and ultimately leading to the Initial Public Offering when it goes public from private holding. This funding journey is a well-planned effort quite specific to the investment stage, investor type, and their preferences. The recognition of the startups and their ideas plays a major role in them reaching to market and access to funding opportunities. The funding and national recognition from various govt. and private agencies such as BIRAC, FICCI, NASSCOM, Wellcome trust, and Villgro and international agencies such as CAMTech, Bill and Melinda gates foundation, Grand Challenges Canada, Stanford, and Harvard gives the much needed attention from the potential investors and is a major advantage which should be utilized well. Social media recognition plays a major role in recent times which has the potential to make an innovation “viral” and reach millions of customers and make relevant investors and govt. agencies notice, which can be a huge breakthrough for the company if the innovation has a social impact. We would like to make this article more practical, experiential, and contextual for better connect with pediatrician colleagues.
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Restelli, Enrico Rino. "Shaped by the Rules. How Inducement Regulation Will Change the Investment Service Industry." European Company and Financial Law Review 18, no. 4 (August 1, 2021): 640–68. http://dx.doi.org/10.1515/ecfr-2021-0025.
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Abstract Inducement regulation is intended to target the conflict of interests between financial advisors and their clients. Nonetheless, it may also represent a ‘public policy device’ meant to conform the activity of European distributors with investor protection goals; indeed, by selecting the conditions under which distributors can freely collect inducements, the European regulator simultaneously shapes the market for financial services. Accordingly, ‘spot advice’ (which poorly performed in the past) is indirectly banned by the quality-enhancement provision set forth in art. 24 MiFID II, and the acknowledged importance of on-going monitoring of the portfolio opens up the collection of inducements linked to the provision of ‘periodic advice’. Since this new regime will probably increase the overall costs of investment advice enlarging the ‘advice gap’, the European regulator tries also to foster the development of FinTech permitting the collection of inducements even outside the strict provision of investment advice. Nevertheless, the concerns regarding investor protection raised by FinTech services (which allow only a mere ‘self-assessment’ of the investor’s profile) suggest a broader interpretation of inducement regulation, with the purpose of enabling investment firms to provide low-cost financial advice capable of effectively encompassing every stage of the investment relationship, from the early assessment of clients’ characteristics and objectives to the on-going management of the investments (‘simplified advice’).
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Melnyk, Olha, Marta Adamiv, and A. Omelianchuk. "Technology of establishing cooperation between venture investor and innovative enterprise." Management and Entrepreneurship in Ukraine: the stages of formation and problems of development 2021, no. 1 (June 1, 2021): 167–76. http://dx.doi.org/10.23939/smeu2021.01.167.
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In the article it is established that today in Ukraine the development of venture investment of innovative enterprises is at an early stage and is characterized by a number of problems. The dynamics of venture capital in Ukraine shows that their number and capitalization have been growing rapidly during the research period 2011-2019, and this growth continued even after the crisis. It is worth noting that venture investments in Ukraine are made in points, in particular they are more concentrated in Kyiv and Lviv. The largest share of venture capital is international capital. The most attractive sectors for venture investment in Ukraine are software, online services and IT equipment. According to the results of studying domestic and foreign experience of venture investment, a number of obstacles in the development of venture business in Ukraine have been identified: instability of the external environment; underdeveloped venture infrastructure; low level of efficiency of regulation of venture investment at the legislative level; low liquidity of venture capital due to the low level of stock market development; the predominance of foreign origin of venture capital and the shortage of domestic investment resources; underestimation of the role of small and medium business in the innovative development of the economy; low level of quality of venture fund management; weak information support and insufficient transparency of venture business. Based on the best foreign experience of venture business and existing problems in the field of venture investment in Ukraine, a technology for attracting venture capital at the stage of negotiating and concluding a venture investment agreement has been developed. The proposed technology will provide an opportunity to form a unified and clear basis for concluding a venture investment agreement between foreign venture investors and domestic innovative enterprises. The use of the proposed technology in the domestic practice of venture investment will increase the attractiveness of cooperation with Ukrainian innovation organizations in the eyes of foreign investors. This, in turn, will intensify the attraction of foreign investment in the development of the innovative sector of the national economy.
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Lodefalk, Magnus, and Fredrik W. Andersson. "Business angels and firm performance: First evidence from population data." PLOS ONE 18, no. 3 (March 30, 2023): e0283690. http://dx.doi.org/10.1371/journal.pone.0283690.
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Business angels dominate early-stage investment in firms, but research on their effects on firms is scarce and limited by sample selection. To address sample selection, we propose using population data and we develop an algorithm for identifying business angel investments in such data. We illustrate this novel approach by applying it to detailed and longitudinal total population data for individuals and firms in Sweden. In our application, we focus on a subset of business angels—active business angels who are themselves successful entrepreneurs with a profitable exit. We then study active business angels’ effects on firm performance, using population data. Employing a quasi-experimental estimator, we find that the business angels invest in firms that already perform above par. There is also a positive effect on subsequent growth compared with control firms. However, contrary to previous research on business angels, we cannot find any impact on firm survival. Overall, the paper underlines the need to address sample selection when studying business angels and suggests using population data for identification.
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Kuda, František, and Eva Wernerova Berankova. "Extending the Life Cycle of Buildings Using Project and Facility Managements." Applied Mechanics and Materials 584-586 (July 2014): 2291–96. http://dx.doi.org/10.4028/www.scientific.net/amm.584-586.2291.
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By connecting Project and Facility managements, the facility acquires a new method during the process management as early as in the initial stage of its life cycle. If a facility manager is engaged in these initial stages, in which parameters of a future facility are defined, he can use his experience and a different point of view to help architects, designers, investor and other participants in the building project avoid errors in design and operation collisions that would come out in implementation or exploitation stages. The aim of the paper is to refer to areas in which it could be possible to influence making decision on properties and parameters of a future facility in conceptual and designing stages and thereby ensure the improvement of the properties that will come out in the exploitation stage as a saving in uselessly expended investments due to errors in project preparation.
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Khvorostyanaya, A. S., I. V. Rozhdestvensky, and A. V. Filimonov. "STRATEGIC POTENTIAL OF DIGITAL PLATFORMS FOR THE DEVELOPMENT OF INDUSTRIAL ACCELERATION AND VENTURE INVESTMENTS." Intelligence. Innovations. Investment, no. 3 (2022): 38–47. http://dx.doi.org/10.25198/2077-7175-2022-3-38.
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Abstract. One of the strategic priorities for the development of large companies is the growth of innovation, as they provide companies with long-term competitive advantages. Working with third-party developers allows corporations to get the development they need at a relatively mature stage, when the main technical risks have already been removed. At the same time, corporations are not ready to finance early-stage developments, while venture investors in Russia mainly finance projects already at the revenue stage. In this regard, the main purpose of this article is to consider a possible mechanism for solving this problem using digital platforms based on distributed ledger technology in the part that relates to smart contracts, as well as a platform for semi-automatic examination of projects using the technology readiness assessment methodology. The creation of digital platforms is due not only to the growth of corporate interests, but also to the increased development of the global and regional trend — digitalization. The article presents and summarizes various digital platforms that can be used by companies to develop a funnel of innovative proposals, that is, industrial acceleration. For this purpose, the methods of analysis and synthesis, deduction and induction are used in the article. The key result of this article is the identified tools of digital platforms, which can reduce the systemic and non-systemic risks of strategic investment. The platform for accelerating projects based on distributed ledger technology makes it possible to achieve transparency of transactional operations by fixing the client path, and the platform for assessing the level of readiness and auditing projects based on the methodology for assessing technological readiness solves the problem of balancing the interests of different market actors and optimizes the process of building tactical tasks. These models of digital platforms can be practically implemented in the activities of various market actors and make it easier for them to determine strategic goals and select quantitative and qualitative tasks for their implementation. Further research may be devoted to the analysis of the best practices for the creation and development of such digital platforms, strategic typology, and the study of industry effects of the use of digital platforms.
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Buvik, Arnt, Otto Andersen, and Kjell Gronhaug. "Buyer control in domestic and international supplier-buyer relationships." European Journal of Marketing 48, no. 3/4 (April 8, 2014): 722–41. http://dx.doi.org/10.1108/ejm-03-2011-0181.
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Purpose – The aim of this paper is to investigate the effect of the prior relationship length and employments of supplier specific investments on buyers' control, and compare this effect across international and domestic business-to-business relationships. Design/methodology/approach – The sampling frame consisted of members of a National Association Purchasing and Logistics, and the respondents were asked to select one major supplier that would serve as a referent in answering the questions. In total, 156 purchasing firms responded to the questionnaire, and multiple regression analysis was used to test the hypotheses. Findings – Under condition with substantial supplier specific investments, buyers' control relaxes significantly as the length of the relationship increases in international supplier-buyer relationships, while such change in governance pattern is completely absent in domestic relationships. Research limitations/implications – This study is based on a cross-sectional design and does not fully capture the dynamics of business-to-business relationships. Future research should use different methodologies such as longitudinal studies to examine dynamic relationships among the constructs in the study. Practical implications – When strong inter-firm dependency is present, the level of buyer control in relationships with foreign suppliers is typically high in the early stage of the relationships in order to handle the problems of information asymmetry and prospective opportunistic behavior, and decline as the buyer's experiential knowledge with the foreign supplier increases with successive lower performance ambiguity. This governance pattern is less evident in domestic business-to-business relationships due to the potential effect of stronger reputation effects and stronger familiarity with current standards of trade. Originality/value – The paper contributes to the understanding that the changes in governance form over time will be highly contingent on the level of information asymmetry and inter-firm dependency in the early stage of the exchange relationship.
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Theiselmann, Rüediger. "Aussenwirtschaftsrecht and corporate investments in Germany – new hurdles for foreign investors." German Law Journal 10, no. 11 (November 1, 2009): 1495–503. http://dx.doi.org/10.1017/s2071832200018344.
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The newAussenwirtschaftsrechtgenerates new insecurity with regards to M&A transactions: On the one hand every industry may be affected by a prohibition, whereas certain sectors (telecommunications, energy incl. oil or natural gas, universal postal services, railway nets, banks, pharmaceutical industry or chemicals industry) are presumably of special importance. On the other hand, vendors should preventively ask any potential buyers from abroad but also German based prospects (given the fact that external investors could be one of their main shareholders) for a written declaration that they comply with the new law or that they have received anUnbedenklichkeitsbescheinigungfrom the BMWi. Additionally, investors from outside the EU or EFTA seeking to purchase of at least 25 percent of a German enterprise should consider anUnbedenklichkeitsbescheinigungat an early stage, ideally in combination with passing on the complete transaction files to the BMWi. Only in this way is a high level of legal and transaction safety possibly achieved. Conversely, investors prepared to risk of prohibtion and considering the intended purchase as unproblematic should desist from an announcement to the BMWi but bear in mind that theBaFinor theBundeskartellamtcould inform the BMWi, thereby triggering an assessment.Due to the new law, the BMWi will get an improved overview of planned or ongoing M&A transactions in Germany, given that many investors or vendors will apply for anUnbedenklichkeitsbescheinigungas a precaution. But the German state gains this increased level of regulation only through significant administrative efforts.
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Hasan, Rashedul, Abu Umar Faruq Ahmad, and Tamiza Parveen. "Sukukrisks – a structured review of theoretical research." Journal of Islamic Accounting and Business Research 10, no. 1 (January 7, 2019): 35–49. http://dx.doi.org/10.1108/jiabr-06-2015-0026.
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PurposeThe key purpose of this study is to make awareness for faithful Muslims who are interested to invest in Islamic capital markets so as to enable them making right decision while considering investment inSukukover conventional interest-bearing bonds.Design/methodology/approachThis study reviews past literature to analyse contemporarySukukrisks and discusses several mechanisms to mitigate those risks.FindingsThe study shows thatSukukcan be good alternatives to conventional bonds.Sukukstructures need to be further developed to fulfil theSharīʿahcompliance requirements.Research limitations/implicationsThis study is exploratory in nature, and as such, it seeks to identify the risks related toSukukissuance. Given this limitation, it did not provide empirical evidences relating to any specific category ofSukukrisks.Practical implicationsAn in-depth knowledge ofSukukrisks would help both academicians and investors understand the potential problems related toSukukstructures and take precautions in the early stage to prevent causes of being defaulted or bankrupt.Originality/valueThe risks related toSukukhave been explored in all potential roots. This study has offered some significant techniques to prevent the relevant risks for investors’ benefits. Information being provided throughout this study is expected to serve potential investors inSukukas a guide to make right decisions and enable them to minimise the risk to secure healthy returns on their investments.
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Luthy, Richard G., and David L. Sedlak. "Urban Water-Supply Reinvention." Daedalus 144, no. 3 (July 2015): 72–82. http://dx.doi.org/10.1162/daed_a_00343.
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Cities in drought-prone regions of the American West and Australia provide examples of innovative approaches to utilizing local water resources to achieve more resilient water supplies. Geographical realities, population growth, and favorable economic conditions can create the impetus for investments in new technologies, while support by activist groups and NGOs can encourage more sustainable approaches using locally sourced water. New approaches–whether desalination, stormwater use, water recycling, or potable reuse–share a common path to mass adoption. After a period of piloting and demonstration-scale projects, water providers with few options become early adopters of new technologies. And after the early adopters have gained experience and have used it to support the new approaches, the costs and risks of failure decrease for other providers. Thus, a wider cross section can adopt the new approach. The pioneering projects described herein are the first stage of the reinvention of our urban water systems.