1,720,982 research outputs found
Acquisitions Of Non-Controlling Equity Stakes: Agency Conflicts And Profitability
Full text linkWhile past research on minority acquisitions has ignored how agency conflicts could prevent acquirers from realizing value creation opportunities, this study investigates whether principal–agent and principal–principal conflicts with the target’s managers and controlling shareholder hinder acquirers’ ability to capture value from acquisitions of non-controlling equity stakes. Using archival data from a global sample of 443 minority acquisitions announced between 2011 and 2019, we found that cumulative abnormal returns are positively associated to minority shareholder protection and negatively associated to the presence of a strong controlling shareholder in the target firm. We also found that acquisitions of small non-controlling equity stakes amplify the negative effect of the strong controlling shareholder, which instead weakens if acquirers purchase large non-controlling equity stakes. This study contributes to the development of our understanding of the conditions that expose acquirers to value losses from minority acquisitions by examining the intricate bundle of agency conflicts with the target’s managers and controlling shareholder. In so doing, this study also provides useful insights to business practice
Mapping “public” business model in the GMES services: stakeholder analysis and organizational structure
No full textWhen birds of a feather don't flock together: Diversity and innovation outcomes in international R&D collaborations
No full textCollaboration is a key to success. Nonetheless, collaboration dynamics are affected by partner compatibility, which, in turn, is strongly affected by team member diversity. Studies on team diversity have shown significant variation in the magnitude, significance, and causal direction of the correlations. We examine how international R&D teams collaborate, investigating the impact of team diversity on innovation. We focus on institutional diversity to analyze how, together with the duration of the collaboration, it affects innovation outcomes. We argue that institutional diversity hampers effective knowledge sharing and negatively affects innovation outcomes. However, this negative effect is mitigated by the duration of the R&D collaboration. The longer the diverse actors collaborate, the more likely they are to overcome the barriers of institutional diversity and find effective modes of collaboration for knowledge transfer and innovation. We test our hypotheses in the context of 3658 clinical trial projects conducted between 2001 and 2015
Systemic Approach to the Internationalization of Firms: the Role of Knowledge, Innovation, and Social Capital
No full text
Green manufacturing for sustainable development: The positive effects of green activities, green investments, and non-green products on economic performance
No full textThis article explores the impact of green manufacturing practices, disentangled in green activities, green investments, and the type of product made, on the economic performance of firms. Using survey data collected by European Commission from European small- and medium-sized enterprises (SMEs), we adopt the self-determination theory to investigate the extent to which the number of green activities, green investments, and type of product made affects a firm's economic performance. We argue that consumers are affected by firms' green manufacturing practices in response to the pressing environmental issues affecting our era. Our results reveal that while the number of green activities has a positive effect on economic performance, the amount of green manufacturing investments has an inverted U-shaped relationship to economic performance and that this effect is positively moderated if a company also sells non-green products. Our study contributes to the literature on green manufacturing by dissecting the effect of green manufacturing practices on a company's economic performance. Our findings also provide managers with advice on the right balance of green practices that most benefit their companies
Too much of two good things: Effects of Founders’ Educational Level and Heterogeneity on Start-Up Funds Raised
No full textThe success of early-stage start-ups is strongly dependent on founders’ education. Yet, while scholars maintain that investors should consider founders' education an important signal of start-ups' prospects, mixed empirical findings suggest that more education does not always trigger positive investor reactions. Scholars have thus urged the development of new theoretical insights that may explain why and when education is beneficial to start-ups' emergence. Based on cognitive and social psychology literature, in this article, we evidence that different configurations of founders' education affect the ability of founding teams to obtain funding. The empirical support that we obtained from a sample of 1078 start-ups helps reconcile the contradictory findings of past research through a joint examination of two dimensions of founders' education that were previously only investigated separately—the level of education and the heterogeneity of educational backgrounds. Our focus on the group dynamics founding teams advances our understanding of the contribution of founders’ education onto early-stage start-ups' fund raising. In greater detail, educational level and educational heterogeneity positively affect the amount of funds raised, but their joint presence negatively moderates such a relationship. In doing so, we also provide start-uppers and policymakers with important information regarding how cofounders should group together when launching a start-up
Le decisioni di outsourcing oggi
No full textIl fenomeno dell’esternalizzazione delle attività di impresa (outsourcing) ha conosciuto diverse ondate di popolarità come pratica strategica e organizzativa nelle ultime decadi e appare come multiforme e complesso. Sul piano teorico, nonostante molteplici contributi abbiano esplorato il fenomeno da diverse prospettive e abbiano alimentato un crescente bagaglio di conoscenza, il dibattito sull’outsourcing appare ancora non esaurito e permangono alcune interessanti domande di ricerca poco e affatto esplorate. Anche alla luce del recente downturn economico, l’outsourcing potrebbe essere una risposta strategica o piuttosto un errore da non commettere. Il presente articolo si pone l’obiettivo di fornire una sistematizzazione della letteratura in merito all’impatto dell’outsourcing sul piano strategico e organizzativo. In questo modo, emergono possibili nuovi filoni di ricerca, in grado di assicurare una maggiore comprensione dell’outsourcing e supportare le strategie aziendali e dei policy makers. In secondo luogo, il paper presenta i risultati relativi ad un’indagine empirica che ha per oggetto i principali indicatori riconducibili alle operazioni di outsourcing effettuate. In tal modo è possibile ottenere un quadro delle recenti pratiche di outsourcing e degli impatti strategici e organizzativi, che possono essere analizzati attraverso le lenti teoriche definite in precedenza.Over the last decades the phenomenon of outsourcing has known several waves of popularity. Despite many theoretical contributions have explored the topic from different perspectives while fuelling a growing body of knowledge, the debate is still open. This article aims to provide a review of the literature on outsourcing decision-making. We enlighten emerging areas of research, which can possibly provide a greater understanding of the issue. Also, the paper presents the results of an empirical analysis on a sample of outsourcing agreements signed during the last 15 years. The analysis focuses the main indicators related to outsourcing in order to get an overview of recent practices and their strategic and organizational impact
Revealing consumption behaviors in the sharing economy: what leads consumers to replace traditional channels?
No full textPurpose: Advances in information technology and the increasing digitalization of the general public have favored the growth of the sharing economy. The sharing economy is based on transactions of idle resources between individuals to satisfy cogent needs. Notwithstanding the great interest in this emerging phenomenon, it is still not clear which factors are driving the shift in consumer consumption behavior from the traditional economy toward this new economic model. Grounded in self-determination theory, we contend that what is needed is a holistic approach that considers the three elements involved in sharing economy transactions, namely (1) consumer motivations, (2) web-based platforms and (3) types of assets exchanged. Design/methodology/approach: To conduct our study, we used the Flash Eurobarometer 467 database titled “The Use of the Collaborative Economy,” collected by the European Union with Flash Eurobarometer datasets and openly available to the public. Consequently, our study aims to provide results based on a large-scale quantitative analysis involving a large number of individuals and multiple sectors. Findings: Our findings provide empirical evidence of the positive effects of the shift in consumption behavior toward the sharing economy brought about by (1) consumers’ intrinsic motivations, (2) the quality of the platform and (3) the human asset-based categories of products offered. Originality/value: This research seeks to advance understanding of the factors that facilitate the adoption of the sharing economy, and we provide managers and policymakers with suggestions regarding the factors they may leverage to further favor the spread of this economic model
- …
