Distribution by Scientific Domains
Distribution within Business, Economics, Finance and Accounting

Kinds of Ventures

  • business venture
  • collaborative venture
  • entrepreneurial venture
  • equity joint venture
  • international joint venture
  • joint venture
  • new venture

  • Terms modified by Ventures

  • venture capital
  • venture capital firm
  • venture capitalist
  • venture creation
  • venture development
  • venture internationalization
  • venture performance

  • Selected Abstracts


    This study measures the effects of the Marathon/Ashland Petroleum (MAP) joint venture on rack and retail reformulated (RFG) gasoline prices in the four cities where both firms sold RFG before the joint venture. MAP was an early transaction in the recent era of petroleum mergers and resulted in large regional increases in concentration. While wholesale (rack) prices increased in the two cities experiencing the largest change in market structure in the year following the transaction, retail prices did not increase. Our results also highlight the importance of identifying the marginal source of supply in correctly identifying merger effects. [source]


    Patrick Greenlee
    Research sharing is an important objective of many research joint ventures. When partners share R&D but do not maximize joint profits, large consortia are more profitable than small ones, and joint ventures prefer dispersed rivals. For much of the spillover space, a coalition formation game that permits limited membership predicts that at most, three joint ventures form. Research-sharing joint ventures improve welfare when spillovers are low, and banning research sharing joint ventures is beneficial for high spillovers. With imperfect research sharing and low spillovers, allowing only research sharing is the best industry-wide joint venture alternative for consumer surplus. [source]

    Tapovan-Vishnugad hydroelectric power project , experience with TBM excavation under high rock cover / . Tapovan-Vishnugad Wasserkraftwerk , Erfahrungen mit TBM-Vortrieb bei hoher Überlagerung

    Johann Brandl
    Mechanised tunnelling - Maschineller Vortrieb; Hydro power plants - Wasserkraftanlagen Abstract NTPC Ltd. of India is presently constructing the 520 MW (4 x 30 MW) Tapovan-Vishnugad hydroelectric power plant in Uttarakhand in the Himalayas. As part of this project, an approximately 12.1 km head race tunnel (HRT) is to be constructed, of which approximately 8.6 km are being excavated by DS-TBM with an excavation diameter of 6.575 m. Construction of this HRT has been awarded to a Joint Venture (JV) of Larsen, Toubro Ltd., India, and Alpine, Austria. Geoconsult ZT GmbH is acting as a Consultant to NTPC Ltd. for the TBM part of the HRT. The overburden above the tunnel is up to 1, 100 m with the result that knowledge of the geology along the HRT alignment could only be based on projections made from surface exposures available in the area. Basically, the ground consists of jointed quartzite, gneiss and schist. Excavation of the HRT started in October 2008 and excavation rates of over 500 m per month were achieved in November 2009. However, in December 2009 the TBM encountered a fault zone along with high-pressure water inflow and became trapped. This paper outlines the present status of HRT construction and describes in particular the difficulties encountered during TBM excavation in fault zones with large high-pressure water inflows and how these problems are being dealt with. Die indische Firma NTPC Ltd. errichtet derzeit das 520 MW (4 x 130 MW) Tapovan-Vishnugad Wasserkraftwerk in Uttarakhand, Himalaya. Als Teil dieses Projekts wird ein ungefähr 12,1 km langer Triebwasserstollen (TWS) errichtet, wobei rund 8,6 km davon mittels einer DS-TBM mit einem Ausbruchdurchmesser von 6.575 m aufgefahren werden. Der Bau dieses Triebwasserstollens wurde an die Arbeitsgemeinschaft Larsen, Toubro Ltd., Indien, und Alpine, Österreich vergeben. Geoconsult ZT GmbH fungiert als Berater von NTPC Ltd. für den TBM-Teil des TWS. Aufgrund der Überlagerung des Tunnels von bis zu 1,100 m konnte die Geologie entlang des Triebwasserstollens nur durch Projektion von vorhandenen Oberflächenaufschlüssen aus der Umgebung bestimmt werden. Das Gebirge besteht hauptsächlich aus geklüftetem Quarzit, Gneis und Schiefer. Der Ausbruch des TWS begann im Oktober 2008. Im November 2009 wurde eine Vortriebsgeschwindigkeit von über 500 m pro Monat erreicht. Im Dezember 2009 jedoch fuhr die TBM eine Störzone mit einem Hochdruckwassereinbruch an, wodurch die TBM stecken blieb. Dieser Artikel skizziert den derzeitigen Stand des TWS und legt besonderes Augenmerk auf die Schwierigkeiten beim Auffahren der Störzone inklusive Hochdruckwassereinbruch mit einer TBM. Darüber hinaus wird gezeigt, wie sich die auftretenden Probleme lösen lassen. [source]

    Each Venture Is a New Beginning

    Marc K. Drezner M.D. Editor-in-Chief
    No abstract is available for this article. [source]

    Kierkegaard's Socrates: a Venture in Evolutionary Theory

    MODERN THEOLOGY, Issue 4 2001
    Mary-Jane Rubenstein
    This essay explores the shifts in Kierkegaard's conceptions of Socrates, looking to produce a more nuanced reading of Kierkegaardian indirect communication, faith, and subjectivity. Entirely bound up with his increasingly troubled view of Hegel and Hegelianism, Kierkegaard's relationship to Socrates can be traced through three of his major texts: The Concept of Irony, Philosophical Fragments, and The Concluding Unscientific Postscript. By examining these three works, this essay charts a path from a critique of the Socratic as un -speculative, through a deep resentment of the Socratic as proto -speculative, to admiration and imitation of the Socratic as anti -speculative. Ultimately, it is argued, Kierkegaard and the pseudonyms rely upon Socrates to rehabilitate subjectivity out of the undifferentiated totality of nineteenth century idealism. [source]

    Use of Restored Small Wetlands by Breeding Waterfowl in Prince Edward Island, Canada

    C. E. Stevens
    Abstract Since 1990 under the Eastern Habitat Joint Venture over 100 small wetlands have been restored in Prince Edward Island, Canada. Wetlands were restored by means of dredging accumulated sediment from erosion to emulate pre-disturbance conditions (i.e., open water and extended hydroperiod). In 1998 and 1999 we compared waterfowl pair and brood use on 22 restored and 24 reference wetlands. More pairs and broods of Ring-necked Ducks, Gadwall, Green-winged Teal, and American Black Ducks used restored versus reference wetlands. In restored wetlands waterfowl pair density and species richness were positively correlated with wetland/cattail area, percent cattail cover, and close proximity to freshwater rivers. In addition, a waterfowl reproductive index was positively correlated with percent cattail cover. Green-winged Teal pair occurrence in restored wetlands was positively correlated with greater amounts of open water and water depths. American Black Duck pairs occurred on most (86%) restored wetlands. Restored small wetlands likely served as stopover points for American Black Duck broods during overland or stream movements, whereas they likely served as a final brood-rearing destination for Green-winged Teal broods. We suggest that wetland restoration is a good management tool for increasing populations of Green-winged Teal and American Black Ducks in Prince Edward Island. [source]

    Planung für das Schiffshebewerk am Drei-Schluchten-Staudamm in China

    BAUTECHNIK, Issue 2 2006
    Geschäftsführende Gesellschafterin Dorothea Krebs Dipl.-Ing.
    Zur Beförderung von Passagierschiffen am Drei-Schluchten-Staudamm am Yangtze ist in der Nähe der Stadt Yichang ein Senkrecht-Schiffshebewerk nach dem Gegengewichtsprinzip vorgesehen, das derzeit durch die China Yangtze Three Gorges Project Corporation, Bauherr und Betreiber des Drei-Schluchten-Staudamms, geplant wird. Mit der Ausschreibungsplanung ist die "German Design Group", ein deutsches Joint Venture, bestehend aus Krebs und Kiefer International und Lahmeyer International, beauftragt. Berater des Bauherrn im Sinne eines "Panel of Experts" ist die Bundesanstalt für Wasserbau. Design of the ship lift at the Three Gorges Dam in China. A vertical ship lift based on the counterweight principle is to be built to allow passenger ships passing the Three Gorges Dam at the Yangtze River near Yichang. This project is realized by the China Yangtze Three Gorges Project Corporation, building and operating company of the Three Gorges Dam. The German joint venture, "German Design Group", incorporating the two companies Krebs und Kiefer International and Lahmeyer International has been entrusted with the general layout, intermediate and final design. As part of the "Panel of Experts" the German Bundesanstalt für Wasserbau (Federal Waterways Engineering and Research Institute) provides consulting support to the building company. [source]

    Community Ventures and Access to Markets: The Role of Intermediaries in Marketing Rural Tourism Products

    Kathrin Forstner
    Many community-based tourism ventures face marketing problems similar to those of other rural producers. They depend on intermediaries, such as private companies, membership organisations, public sector institutions and non-governmental organisations, to facilitate market access. The article analyses the strengths and weaknesses of each type of intermediary, based on different levels of marketing support. Reflecting discussions about marketing assistance in other rural sectors, it argues that intermediary institutions have different areas of expertise and experience different constraints in terms of capacity-building, marketing know-how, financial resources and overall livelihood impacts. Instead of pursuing individual support strategies, it is therefore necessary to develop combined approaches of marketing assistance, depending on location, tourism resources and existing organisational structures. [source]

    A Contingent Model of Network Utilization in Early Financing of Technology Ventures

    Jing Zhang
    Most of the entrepreneurship literature has addressed the benefits and necessity of using social network ties as opposed to market methods in early venture finance, but it has largely understated the potential limitations and costs of doing so. Specifically, very sparse research has examined the factors that influence entrepreneurs' choice between using networks versus market methods. In this study, we propose a contingent model of network utilization when approaching initial investors, based on the dimensions of human capital of the entrepreneurs. We test this model with primary field survey data from 226 new high-tech ventures in Singapore and Beijing. The results show that high occupational status and relevant industrial work experience are positively associated with the entrepreneurs' propensity to utilize existing networks by enhancing the resourcefulness of their network ties (social capital); however, such influences are alleviated by entrepreneurs' marketing or managerial experience, which increases the entrepreneurs' ability to interact with strangers (an aspect of social competence). [source]

    Accounting for Joint Ventures and Associates in Canada, UK, and US: Do US Rules Hide Information?

    Kazbi Soonawalla
    Abstract: Unlike US GAAP, accounting principles in Canada and the UK require disclosure of disaggregated components of joint ventures and associates. Using comparative analysis of Canadian, UK and US data, this study investigates the potential loss of forecasting and valuation relevant information from aggregating joint venture and associate accounting amounts. Findings show that aggregating joint venture and associate investment numbers, and aggregating joint venture revenues and expenses, each leads to loss of forecasting and valuation relevant information. Thus, current US accounting principles likely mask information that financial statement users could use to predict future earnings and explain share prices. [source]

    The Dynamic Influence of Social Capital on the International Growth of New Ventures

    Shameen Prashantham
    abstract This paper explores the origin, evolution, and appropriation of social capital by new ventures seeking international growth. Using longitudinal case studies in the software industry, we model the dynamic influence of social capital on new venture internationalization. We theorize that new ventures of founders from a globally-connected environment, such as with return migration or MNC experience, have higher stocks of initial social capital than others. We provide a nuanced analysis of the dynamic processes involved in the evolution of social capital, and highlight the mechanisms of decay and replenishment over time. Network learning plays a critical role in new ventures' ability to realize the potential contribution of social capital to international growth. [source]

    Industry Event Participation and Network Brokerage among Entrepreneurial Ventures

    Wouter Stam
    abstract Despite the recognition that network brokerage is beneficial for entrepreneurial ventures, little is known about its antecedents. This study examines how participation in industry events (e.g. conferences) relates to entrepreneurs' brokerage positions in informal industry networks and how these positions, in turn, impact new venture performance. Using a unique dataset of 45 events and subsequent network relations among entrepreneurs from 90 firms in the open source software industry, results indicate that: (1) entrepreneurs who participated in heterogeneous events or who bridged between events with few common participants were more likely to be brokers; (2) the relationship between event bridging and brokerage was stronger for entrepreneurs with broader prior career experiences; and (3) network brokerage mediated the event participation,performance link. It appears that events may limit structural opportunities for brokerage and that individual differences matter for exploiting these opportunities. Overall, this study increases understanding of how and when particular networking behaviours are beneficial for entrepreneurs. [source]

    Post-Formation Processes in Eastern and Western European Joint Ventures*

    Keith D. Brouthers
    abstract This study examines the post-formation processes that firms use to create successful international joint ventures (IJVs). Scholars have suggested that IJV performance is dependent on the post-formation processes firms institute to overcome barriers to success created by differences in national culture, trust, ownership positions and control mechanisms. Based on a longitudinal study of eight eastern/western European IJVs, our study provides insights into these post-formation processes, how these processes relate to each other, and how they relate to managers' evaluations of IJV success. [source]

    Predicting the Performance of International Joint Ventures: An Investigation in China*

    John Child
    ABSTRACT Organizational learning, resourcing and control have been identified in the literature as potential firm-level influences on the performance of international joint ventures (IJVs). The study reported here examines the impact of these factors on the performance of Sino-foreign IJVs. Their performance is assessed in terms of both ,goal' and ,system' criteria. The hypothesized performance determinants are found to be more strongly associated with variance in system performance than in goal performance. The main performance predictors are the parent companies' experience with international business and joint ventures, and the quality of resources they provide to the joint ventures in respect of capital investment, new facilities and operational inputs. When good quality resourcing is provided, the sharing of control with local partners also predicts higher IJV performance. The performance effects of these factors appears to be cumulative, implying that further research should examine them together rather than singularly. [source]

    Defining the Relationship among Founding Resources, Strategies, and Performance in Technology-Intensive New Ventures: Evidence from the Semiconductor Silicon Industry,

    Scott L. Newbert
    The degree to which a firm's performance is dependent on its resources and strategies is widely debated in the literature. We examine this issue by analyzing historical data on the entire population of new independent firms started worldwide in the semiconductor silicon industry for the first 50 years of its existence. We measure resources (managerial capabilities and technological competencies) and strategies (emphasis on demand pull or technology push) at the time of founding and test their relationship with each other as well as with multiple measures of performance (lifespan and best year's sales). We find that firms founded on managerial capabilities emphasize demand-pull strategies at founding, whereas firms founded upon technological competencies emphasize technology-push strategies at founding. We also find that firms emphasizing technology-push strategies perform better than firms emphasizing demand-pull strategies. Lastly, we find that though managerial capabilities are related to a firm's best year's sales, this relationship is mediated by the firm's founding strategy. [source]

    Relationships among Strategic Capabilities and the Performance of Women-Owned Small Ventures

    Miri Lerner
    This study of small, life-style ventures owned by women focuses on the strategic, firm-level factors related to business performance. A theoretical model drawing on the resource-based theory is developed and tested empirically. The model includes strategic capabilities, management styles, and their relation to performance. It is tested empirically on a sample of 220 Israeli female business owners. Analysis reveals that life-style venture performance is highly correlated with certain aspects of the business owner's skills as well as the venture&apops;s resources. Paradoxically, the owner/managers in the sample rate their skills and their venture's resources as being weak in precisely those areas that correlate positively with business performance. These findings suggest that performance of life-style ventures owned by women depends more on marketing, financial, and managerial skills than on innovation. [source]

    Digital Scholarship, Economics, and the American Literary Canon

    Kenneth M. Price
    This article explores the nature of the newly emerging digital canon of American literature, a canon that is developing partly by design and partly by chance. Whether in mass-digitization projects or in electronic scholarly editing, there is a strong predominance of electronic projects devoted to the study of literatures and cultures from the nineteenth century or earlier (copyright restrictions limit work on later periods). In addition, though some of the material needed for American literary study is publicly accessible, a significant amount of material is available only via subscription. Yet only some libraries can afford electronic access and only some users have university affiliations , thus the availability of information is limited significantly. Problems are especially acute for independent scholars and those at smaller or under-funded institutions who often lack access to fee-based resources. Ventures like Google Book Search admirably make massive numbers of books widely available to readers, but such projects lack the structures useful for advanced work. When scholars attempt to create a digital scholarly edition (sometimes called an ,archive' or a ,digital thematic research collection'), and insist on rigor and a full critical apparatus, we trade Google's equalizing treatment of texts for a highly specialized and inevitably expensive treatment of a limited number of texts. [source]

    Information and Control in Ventures and Alliances

    THE JOURNAL OF FINANCE, Issue 5 2005
    ABSTRACT This paper develops a theory of control as a signal of congruence of objectives, and applies it to financial contracting between an investor and a privately informed entrepreneur. We show that formal investor control is (i) increasing in the information asymmetries ex ante, (ii) increasing in the uncertainty surrounding the venture ex post, (iii) decreasing in the entrepreneur's resources, and (iv) increasing in the entrepreneur's incentive conflict. In contrast, real investor control,that is, actual investor interference,is decreasing in information asymmetries. Control rights are further such that control shifts to the investor in bad states of nature. [source]

    Exploring Correlates of Product Launch in Collaborative Ventures: An Empirical Investigation of Pharmaceutical Alliances

    M. Berk Talay
    This paper examines collaborative ventures leading toward the launch of new products in the pharmaceutical industry. These collaborative ventures are one of the most underresearched areas in the new product literature, yet the preponderance of these collaborative ventures makes it an area of great importance for scholars and practitioners alike. As such, the purpose of the study is to examine why some collaborative projects produce a favorable outcome (the launch of a product) whereas others do not. That is, what characteristics of partner firms in the collaborative ventures and what characteristics of the partnership lead to a successful launch of a new product in the pharmaceutical industry? Secondary data from the pharmaceutical industry are employed in a multinomial logit model. Data from 128 collaborative ventures from 1980 to 2004 are used in the analysis. The partner firms in the collaborative ventures are from various industries ranging from malt beverages to pharmaceutical preparations to electronic and other equipment among others. Of the 128 collaborative ventures, 66 were successful in leading to a new product launch, whereas 62 did not result in the launch of a new product. The results from the multinomial logit analysis suggest that combined marketing resources of parent companies, combined technological intensity of parent companies, and combined asset bases of parent companies contribute to the likelihood of an eventual product launch in a collaborative venture. However, the results of the analysis show that contrary to expectations, technological complementarity of partners in the collaborative venture is not a significant predictor of successful new product launch. The results of the study suggest certain aspects for managers to consider when establishing collaborative ventures. To maximize the possibilities of the collaborative venture leading to the successful launching of a new product, managers should be concerned with the resources potentially available to partners in the collaborative venture from parent firms. These resources are not only of financial nature but also of technological nature. The existence of these resources does not ensure provision of resources to the collaborative venture; however, without the possibility of these resources it appears that successful launch of a product is less likely. [source]

    Success Factors in New Ventures: A Meta-analysis,

    Michael Song
    Technology entrepreneurship is key to economic development. New technology ventures (NTVs) can have positive effects on employment and could rejuvenate industries with disruptive technologies. However, NTVs have a limited survival rate. In our most recent empirical study of 11,259 NTVs established between 1991 and 2000 in the United States, we found that after four years only 36 percent, or 4,062, of companies with more than five full-time employees, had survived. After five years, the survival rate fell to 21.9 percent, leaving only 2,471 firms still in operation with more than five full-time employees. Thus, it is important to examine how new technology ventures can better survive. In the academic literature, a number of studies focus on success factors for NTVs. Unfortunately, empirical results are often controversial and fragmented. To get a more integrated picture of what factors lead to the success or failure of new technology ventures, we conducted a meta-analysis to examine the success factors in NTVs. We culled the academic literature to collect data from existing empirical studies. Using Pearson correlations as effect size statistics, we conducted a meta-analysis to analyze the findings of 31 studies and identified the 24 most widely researched success factors for NTVs. After correcting for artifacts and sample size effects, we found that among the 24 possible success factors identified in the literature, 8 are homogeneous significant success factors for NTVs (i.e., they are homogeneous positive significant metafactors that are correlated to venture performance): (1) supply chain integration; (2) market scope; (3) firm age; (4) size of founding team; (5) financial resources; (6) founders' marketing experience; (7) founders' industry experience; and (8) existence of patent protection. Of the original 24 success factors, 5 were not significant: (1) founders' research and development (R&D) experience; (2) founders' experience with start-ups; (3) environmental dynamism; (4) environmental heterogeneity; and (5) competition intensity. The remaining 11 success factors are heterogeneous. For those heterogeneous success factors, we conducted a moderator analysis. Of this set, three appeared to be success factors, and two were failure factors for subgroups within the NTVs' population. To facilitate the development of a body of knowledge in technology entrepreneurship, this study also identifies high-quality measurement scales for future research. The article concludes with future research directions. [source]

    Controlling International Joint Ventures: An Investigation of Australian Parent Partners

    Francesco Giacobbe
    International joint ventures (IJVs) are an important modern organisational form, with their complexity presenting significant management and control issues. Our research uses a cross-sectional survey of Australian parent partners of IJVs to provide insights into the characteristics of Australian companies and their IJVs, performance outcomes and choices of parent partners management control systems (MCS) design in terms of operational areas they seek to control (focus), the extent to which they exercise control (extent) and the mechanisms of control used (formal and informal). Australian parent partners of IJVs generally are, partnering in countries close to Australia in the Asia-Pacific, in activities similar to those they undertake in Australia, contributing a significant amount of resources, but overall have only limited IJV experience. Australian parent partners focus on a limited set of controls, often with tighter formalised control structures. Finally, overall they are satisfied with the performance of their IJVs, with higher satisfaction for organisational learning and product/customer dimensions than financial performance. [source]

    Top Management Teams, Business Models, and Performance of Biotechnology Ventures: An Upper Echelon Perspective,

    Holger Patzelt
    In this paper we introduce a new contingency variable that moderates the effect of top management team composition on organizational performance , the organization's business model. Arguing from an upper echelon perspective and drawing on data from 99 German biotechnology ventures, we show that founder-based firm-specific experience of management team members can have either a positive or a negative effect on performance, depending on whether the venture pursues a platform or a therapeutics business model, respectively. Our results also show that managers' experience collected in the pharmaceutical industry has a positive effect on performance, and that this effect is more positive for therapeutics than for platform ventures. We discuss the implications of these findings for the literature on upper echelons and entrepreneurial founding teams. [source]

    Decision-making Autonomy in UK International Equity Joint Ventures

    Keith W. Glaister
    This paper investigates approaches to decision making in international joint ventures (IJVs) from the perspectives of the transactions cost and resource-based theories of the firm. In particular, the concept of autonomy in decision-making in a sample of UK-European equity joint ventures is examined. The study adopts a multi-method personal interview and self-administered questionnaire approach to examine managerial perceptions of decision-making and autonomy in the parent firms and the joint venture. The findings show that there are differences in the perception of autonomy between each of the parent firms, and between the parent firms and the IJV management. When we unpack the nature of autonomy in detail, it is found that IJV managers have greater degrees of operational autonomy than strategic autonomy and that decision making by IJV managers takes place within the context of constraints set within the IJV's business plan. This confirms the transaction cost theory which posits that key internal markets (for management, technology and capital) will be under parent control and also supports the resource based view that key capabilities are protected under the business plan established by the parent firms. The influence on IJV autonomy of the moderating variables IJV performance and IJV duration are also examined. [source]

    An Analysis of Strategic Determinants, Learning and Decision-Making in Sino-British Joint Ventures

    Yanni Yan
    This paper examines how partners' strategic objectives, inputs and competencies affect the learning they achieve in joint ventures and their ability to influence decision-making in such ventures. Quantitative and qualitative research in 20 Sino-British joint ventures permits an investigation of these factors for both British and Chinese joint venture partners. Findings indicate that the transfer by British partners of technology and managerial expertise to joint ventures enhances their ability to achieve their strategic objectives by influencing decisions in such ventures. The learning achieved by British partners depends on their commitment of strategic inputs to joint ventures and is therefore associated with their influence. The case of Chinese partners is different, because they look to learn from the knowledge and resource inputs provided by the British partners. They therefore rely more on legal ownership rights to retain an influence over joint venture decision-making. The achievement of Chinese partners' strategic objectives depends more critically on the quality of the partnership itself. [source]

    Revisiting Shareholder Value Creation via International Joint Ventures: Examining Interactions Among Firm- and Context-Specific Variables

    Hemant Merchant
    This study attempts to empirically reconcile the prevalent mixed findings regarding reactions of capital markets to announcements of American firms' participation in international joint ventures (IJVs). It does so by first admitting salient contextual variables into the portfolio of firm-specific variables,heretofore mostly considered in isolation,and then modeling their collective impact on these parents' shareholder value. A cluster analysis of more than 700 equity IJVs yields findings that highlight important interactions between the two sets of variables, which better inform creation and destruction of shareholder value for IJV parents. These findings facilitate development of a conceptual framework for assessing how parents can exploit the inter-connectedness between their firm-specific and contextual domains. Thus, this study lays a foundation for generating more refined predictions about shareholder value creation via IJVs. Résumé La présente étude essaie de concilier, de façon empirique, les conclusions contradictoires, révélées par l'étude des réactions des marchés de capitaux aux annonces par les firmes américaines de leur participation aux coentreprises internationales. Elle y parvient en deux temps: premièrement, par la reconnaissance des variables contextuelles fondamentales, jusque-là surtout considérées de façon isolée, dans le portfolio des variables spécifiques aux firmes; deuxièmement, par la modélisation de leur impact collectif sur la création des valeurs pour les actionnaires des firmes impliquées dans ces coentreprises. Les conclusions tirées de l'analyse par segments de plus de 700 coentreprises boursières internationales mettent en évidence d'importantes interactions (entre les deux groupes de variables) dans la création et la destruction des valeurs pour les actionnaires des coentreprises internationales. De façon incidente, les conclusions de l'étude tracent les contours d'un cadre conceptuel permettant de montrer comment les partenaires peuvent exploiter l'interrelation entre leurs secteurs spécifiques et les domaines contextuels. En somme, l'étude jette les bases d'une meilleure capacité de prédiction dans la création des valeurs par les actionnaires, via les coentreprises internationales. [source]

    The Role of the Venture Capitalist as Monitor of the Company: a corporate governance perspective

    L.A.A. Van den Berghe
    The monitoring and stewardship role of the owner is an important corporate governance issue that deserves far more attention. Our analysis focuses on the role of the venture capitalist (VC) as monitor of high,tech venture,backed companies. We provide evidence from the literature as well as a qualitative descriptive view of the experiences of Belgian VCs. The position of the VC sheds more light on the plenitude of roles an active owner can play. Furthermore, our findings highlight the need for a better understanding of the governance structure and processes of high,tech companies. [source]

    Understanding the Advantages of Open Innovation Practices in Corporate Venturing in Terms of Real Options

    Wim Vanhaverbeke
    Part of the advantages of using open innovation (compared to closed innovation) in corporate venturing can be explained by applying the real options approach. Open innovation in risk-laden activities such as corporate venturing has the following advantages: (i) benefits from early involvement in new technologies or business opportunities; (ii) delayed financial commitment; (iii) early exits reducing the downward losses; and (iv) delayed exit in case it spins off a venture. We furthermore argue that these benefits do not automatically materialize. Innovative firms have to learn new skills and routines to develop the full ,real option' potential of open innovation practices. [source]

    Evaluation of a Pediatric-sedation Service for Common Diagnostic Procedures

    Wendalyn K. King MD
    Abstract Background: Pediatric patients often require sedation for diagnostic procedures such as magnetic resonance imaging and computed tomography scanning. In October 2002, a dedicated sedation service was started at a tertiary care pediatric facility as a joint venture between pediatric emergency medicine and pediatric critical care medicine. Before this service, sedation was provided by the department of radiology by using a standard protocol, with high-risk patients and failed sedations referred for general anesthesia. Objectives: To describe the initial experience with a dedicated pediatric-sedation service. Methods: This was a retrospective analysis of quality-assurance data collected on all sedations in the radiology department for 23-month periods before and after sedation-service implementation. Study variables were number and reasons for canceled or incomplete procedures, rates of referral for general anesthesia, rates of hypoxia, prolonged sedation, need for assisted ventilation, apnea, emesis, and paradoxical reaction to medication. Results are reported in odds ratios (OR) with 95% confidence intervals (95% CI). Results: Data from 5,444 sedations were analyzed; 2,148 before and 3,296 after sedation-service activation. Incomplete studies secondary to inadequate sedation decreased, from 2.7% before the service was created to 0.8% in the post,sedation-service period (OR, 0.29; 95% CI = 0.18 to 0.47). There also were decreases in cancellations caused by patient illness (3.8% vs. 0.6%; OR, 0.16; 95% CI = 0.10 to 0.27) and rates of hypoxia (8.8% vs. 4.6%; OR, 0.50; 95% CI = 0.40 to 0.63). There were no significant differences between the groups in rates of apnea, need for assisted ventilation, emesis, or prolonged sedation. The implementation of the sedation service also was associated with a decrease in both the number of patients referred to general anesthesia without a trial of sedation (from 2.1% to 0.1%; OR, 0.33; 95% CI = 0.06 to 1.46) and the total number of general anesthesia cases in the radiology department (from 7.5% to 4.4% of all patients requiring either sedation or anesthesia; OR, 0.56; 95% CI = 0.45 to 0.71). Conclusions: The implementation of a dedicated pediatric-sedation service resulted in fewer incomplete studies related to inadequate sedation, in fewer canceled studies secondary to patient illness, in fewer referrals for general anesthesia, and in fewer recorded instances of sedation-associated hypoxia. These findings have important implications in terms of patient safety and resource utilization. [source]

    The Strategic Localization of Transnational Retailers: The Case of Samsung-Tesco in South Korea

    ECONOMIC GEOGRAPHY, Issue 1 2006
    Neil M. Coe
    Abstract: This article contributes to the small but growing geographic literature on the internationalization of retailing by exploring the strategic localization of transnational retailers. While it has long been recognized that firms in many different sectors localize their activities to meet the requirements of different national and local markets, the imperative is particularly strong for retail transnational corporations (TNCs) because of the extremely high territorial embeddedness of their activities. This embeddedness can be seen through the ways in which retailers seek to establish and maintain extensive store networks, adapt their offerings to various cultures of consumption, and manage the proliferation of connections to the local supply base. We illustrate these conceptual arguments through a case study of the Samsung-Tesco joint venture in South Korea, profiling three particular aspects of Samsung-Tesco's strategic localization: the localization of products, the localization of sourcing, and the localization of staffing and strategic decision making. In conclusion, we argue that the strategic localization of transnational retailers needs to be conceptualized as a dynamic that evolves over time after initial inward investment and that localization should be seen as a two-way dynamic that has the potential to have a wider impact on the parent corporation. [source]

    Debt v. Foreign Direct Investment: The Impact of Sovereign Risk on the Structure of International Capital Flows

    ECONOMICA, Issue 273 2002
    Monika Schnitzer
    The paper compares the two standard forms of international investment in developing countries, debt and foreign direct investment (FDI), from a finance perspective. The sovereign risks associated with debt finance are shown to be generally less severe than the ones that come with FDI. FDI is chosen only if the foreign investor is more efficient in running the project, if the project is risky, and if the foreign investor has a good outside option which deters creeping expropriation. The sovereign risk problem of FDI can be alleviated if the host country and the foreign investor form a joint venture. [source]