1,720,984 research outputs found
Exploring Firms Value Efficiency: Empirical investigation into intellectual capital of firms and financial parameters
No full textAs the world move towards knowledge based economy, it becomes increasingly important to understand and value intangible assets of a firm. In order to understand these intangible assets, it is important to understand their value generation ability. In other words, one way to know these intangible assets of a firm is to understand their efficiency in value creation. A. Pulic, devised an firm efficiency measurement called value added intellectual coefficient (VAIC). This index looks beyond the traditional accounting method and calculates overall resource utilization efficiency of a firm. This efficiency index in turn, reflects on the intellectual capital of a firm. VAIC as described by A. Pulic, is made on three efficiency components human capital efficiency (HCE), structural capital efficiency (SCE) and capital employed efficiency (CEE). Since the publication of VAIC methodology, researchers have tried to understand whether this efficiency index of VAIC correlates with traditional firm performance like its market valuation (M/B) and return on equity (ROE). A good correlation between VAIC and dependent variables like M/B and ROE will help investors (stakeholders) to understand intellectual capital of a firm. This understanding of firm efficiency can help an investment firm or an investor to make better investment decision. In this thesis, a multilinear regression approach was adopted to investigate correlation between independent variables like (VAIC,HCE, SCE and CEE) and dependent variables like market valuation (M/B) and return on equity (ROE). In addition, two moderating variables (age of firm and size of firm) were also explored. These variables were selected because of learning effect theory ; as firm grows old (age of a firm) or increase in size (market valuation) they undergo learning effect, which should be reflected in their efficiency. In order to empirically investigate, one needs to define the scope of the research to a specific industry and country. The main research question of thesis is " In the context of US biotech firms, what is the relationship between firm value efficiency and traditional financial parameters ?" VAIC, M/B and ROE data from 53 biotech companies was collected for 2011, 2012 and 2013. Results of linear regression analysis did not indicate any relationship between VAIC and M/B. However, it exhibited moderately positive relationship between VAIC and ROE (for year 2011 and 2012). A multilinear regression analysis between components of VAIC (HCE, SCE and CEE) and dependent variables was conducted. Here, only HCE exhibited moderately positive relationship with ROE, while M/B did not exhibit significant relationship with any of the VAIC components. Low positive correlation between ROE and VAIC was due to extreme negative data points which distorted the relationship. Hence, for future research it is important to screen the firms in detail and only include the firms that are beyond start up and development phase. In other words, include firms that have at least one product in the market. Practical relevance of this research is to leverage the knowledge of correlations discovered in this research . A software or mobile app can be designed by using the results discussed in this research to screen and shortlist equities for investment. Hence, an application/software like this can guide people without financial background to make investment decisions.Technology, Policy and ManagementManagement of Technolog
Empirical Examination on Impact of Firm Characterestics on Equity Crowdfunding Success
No full textTechnology, Policy and ManagementValues Technology and Innovatio
Exploring business model innovation in the Polish SME sector
No full textThe business model (BM) and business model innovation (BMI) concepts have been given increasing attention in recent years by both academic researchers and business environment. BMI is seen as essential for company’s survival and growth and is increasingly being used to explain differences in firm performance. Nevertheless, little is known about how SMEs conduct BMI in practice; and what is the role of company’s top management and their leadership in this process. This research explores empirically the BMI process in the context of Polish SMEs. First, the semantic web, which depicts the relationship between the role of management team, its capabilities and leadership; and business model innovation process in SMEs is developed. Subsequently this framework is applied to analyze cases of two Polish SMEs, one start-up and one established small business, which went through BMI process. Findings from this research allow to better understand the nature of the business model innovation process in SMEs and the role of the top management and leadership in it. Therefore, this research helps to further advance the business model innovation theory. In addition, such insights have a practical relevance since they help to define the best managerial practices for stimulating business model innovation in SMEs.Technology, Policy and ManagementEngineering, Systems and Service
Overcoming the capital barrier for energy efficiency: An explorative study on energy efficiency in the industry to unlock its potential
No full textThe Master's programme Industrial Ecology is jointly organised by Leiden University and Delft University of Technology - On a global level, the goal is to limit global warming to well below 2°C to avoid irreversible alterations due to climate change. On European level, 20-20-20 targets are introduced which translate into a 20% reduction in greenhouse gas emissions, 20% increase in energy efficiency and 20% of energy derived from renewable sources. On the national level, The Netherlands has set a national goal of 14% share of renewables by 2020 and 16% by 2023. Currently, the share of renewables is 5.6%. To reach the goals set by the government and to move towards a sustainable society, effective measures are essential. One of the approaches is to improve energy efficiency.Technology, Policy and ManagementIndustrial Ecology Joint degree Leiden & Delf
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Understanding Business Model Innovation Pattern of Small and Medium Enterprises: Analyzing the Changes in Business Model and Operational Area in Response to Firm's External and Internal Factors- A Case Survey Research
No full textThe EU Innovation Union identified that innovations are needed to boost economic growth performance, where SMEs are considered vital for these goals. To achieve this, business model innovation (BMI) is identified as the new area to innovate and also source of future competitive advantage. Furthermore, business model changes as a form of innovation can be seen as a response to the changes of external environment or internal factors of the firm. One of the barriers in changing business model would be the conflict between existing BM and its underlying operation with the new BM. Moreover, by taking account the external and internal factors of the firms, there can be various arrangements in the BM and operational elements that can be modified by the firm, making it a complex and cumbersome process. To overcome these barriers, ontologies or frameworks could be utilized to guide the BMI practice. However, firms are presented with various options of ontologies with different possible changes in both BM and operational elements. Furthermore, while trial-and-error approach could be utilized, firms don't have much time to experiment due to market pressure. Hence, this research found a need to provide SMEs with insights regarding pattern of past BMI practices to help simplify and reduce the time to perform BMI. To achieve this, this research took several steps. First, to have an aggregated learning regarding BMI patterns with a limited time and resources, the author selected the case survey method as the research approach. Case survey method are used because it can provide inexpensive way of tapping the rich insights from various cases in a relatively shorter time than performing individual case studies. Second, the case survey coding scheme was designed by exploring vast amount of literature. Due to the exploratory nature of this research, the case survey coding scheme are made to have open-ended questions. Third step would be the data collection. To collect the BMI cases, the author contacted several researchers in Europe and members of ENVISION project that have done case studies in business model innovation to have a more relevant focus and time-saving (purposive sampling). Fourth, the case survey coding scheme was applied to the BMI cases. To help the coder in assessing the BMI cases, this research included a coding manual that consists of definitions and rules regarding each variables of the coding scheme. Fifth, this research converted the qualitative data into quantitative data by using qualitative content analysis. Quantitative coding was done by counting the frequencies of each answers categories across all cases. Sixth, due to the interpretive nature of the coding, this research used alternative means to measure reliability and validity of the qualitative coding. Reliability of the coding are being measured through dependability (e.g. transparent coding process / coding manual) and confirmability (e.g. member checking). There are several findings regarding the BMI practice done by SMEs. First, the major drivers for SMEs to do BMI would be due to market dynamics, high innovativeness and low business performances. Second, the most BM ontologies used to guide the BMI would be Canvas and STOF, while ArchiMate is found to be the most popular EA framework used. Third, we found that in overall, changes in the BM are mostly related to changes in services, organizational network and target market. And lastly, the changes in BM will create changes in the operational area especially in the process domain, value dependencies and information domain. This research contain many limitations, and the BMI patterns in this research are mainly descriptive insights, which can be improved by using cluster analysis, configuration analysis and network analysis.Management of TechnologyICTTechnology, Policy and Managemen
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Labour Relations, Flexibility, and Management Intensity in Dutch Firms: An Investigation Using the OSA/SCP Labour Panel Database
No full text'High road' Human Resource Management practices (often associated with rigid labour markets) differ from 'low road' practices (flexible labour markets) in terms of employment protection, earnings differentials among employees and amount of direct employees' supervision. Firms employing 'low road' practices tend to rely heavily on supervision, as a consequence of the lack of trust among employees, hence leading to higher management intensity. In earlier research, this phenomenon was observed at country-level. However, the evidence was based on highly aggregated data. The focus of this study is therefore to explore whether the same observation exists at firm level. The 'low road' HRM practice is represented by an external flexibility measure i.e. the intensity of the use of flexible workers. Besides the labour flexibility variable, the influences of various factors associated with firms' internal and external environment are also investigated. The analysis is done using multiple regression analyses on the OSA/SCP database for year 2007-2008. Shares of workers hired from manpower agency are shown to have a small, yet positively significant impact on levels of management intensity in the firm. Firm size, on the other hand, has a significantly negative impact on management intensity. Extent of research and innovation activities in the firm is also found to exert significant influence on management intensity. Firms that are more research intensive and innovative tend to have higher management intensity as compared to non-innovating firms. Lastly, substantial sectoral variations are also observed, which might be explained by firm-level factor such as firm size and level of technical complexity.Economics of InnovationManagement of TechnologyTechnology, Policy and Managemen
Investigating the Relevance of the Pecking Order Theory and the Agency Costs of Free Cash Flow Theory in the Eyes of Investors
No full textNowadays companies hold increased amounts of cash (Dittmar 2008; Schauten, van Dijk and Van der Waal 2008). Literature gives two contradictory theories that may influence the valuation of these cash holdings by investors in the market. The pecking order theory predicts that managers have more information about the state of the firm than outside investors and therefore outside investors require a premium on the money they invest in the firm (Myers and Majluf 1984). This premium is referred to as information costs because it reflects the additional amount of money firms are charged for by investors to compensate for the information gap that exists between investors and the managers of the firm. Contrary to the pecking order theory, the agency cost of free cash flow theory predicts that managers do not always have the intention to maximize shareholder value; they rather use the company’s cash to maximize their own utility (Jensen 1986). The costs that arise from agency problems are referred to as agency costs. Although the pecking order theory itself does not predict how the existence of information asymmetry may affect the market value of cash holdings, it can be argued that because firms have to pay a premium in case of external financing, investors will appraise the capital that is internally available to the firm. Therefore, information costs are likely to have a positive influence on the market value of cash holdings. On the other hand, based on the agency costs of free cash flow theory, it can be argued that when investors believe that a firm experiences agency problems they are likely to have a negative perception on the market value of cash holdings. This study aims to investigate the relevance of these contradicting theories in the eyes of the investor by analyzing the impact of information costs and agency costs on the market value of firms’ cash holdings. In an attempt to answer this issue, a longitudinal quantitative study is performed on a sample of firms traded at NYSE Amsterdam Euronext. We performed an extensive literature review to give a clear and logical presentation of the relevant research work done thus far. Based on literature findings we developed a conceptual model. The conceptual model showed the predicted relationships among variables. The operationalization of the variables was established after careful evaluation of suggestions given in the existing literature. Based on the predicted relationships in the conceptual model we developed seven hypotheses which were statistically tested by the performance of various cross sectional multiple hierarchical linear regression analysis.Management of TechnologyInnovation SystemsTechnology, Policy and Managemen
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