The major difference between venture capital-firms and other financiers is that their business idea is not only providing capital but also knowledge in business development. The ownership structure of an venture capital-firm can be private as well as public. The Swedish government is today one of the major actors in the Swedish venture capital-industry. The purpose of this study is to shed light on how venture capital-firms involve itself in its portfolio firm and if this contributes to an increased value of the portfolio firm. We also try to shed light on differences in how a public and a private venture capital-firm gets involved in its portfolio firm and if there is any difference in how they can contribute to added value. We have chosen to interview two public and two private venture capital-firms and one of their portfolio firms. To answer the essay’s purpose we used qualitative case studies with semi-structured interviews. The theoretical framework consists of principal-agent theory, knowledge-based view of the firm and social capital and previous studies of venture capital-firms involvement and value-added in their portfolio firms. This essay is limited only to venture capital-firms and portfolio firms located in Stockholm. It is the perceptions of the Venture capital-firm and the portfolio firm we are interested in, regarding the venture capital-firms involvement and value-added. Our study shows that venture capital-firm’s level of involvement in their portfolio firms varies depending on the development stage in the portfolio firm. The portfolio firm’s network increases with the venture capital firm’s entry and it also provides knowledge in business development. The study did not find any difference in the way which the public or private venture capital-firm involve itself in its portfolio firm. Nor is there any difference in how they contribute to value-added in their portfolio firm. / Skillnaden mellan venture capital-företagen och andra finansiärer är att de har som affärsidé att förutom tillförandet av kapital även tillföra kunskaper i affärsutveckling till de företag de investerar i. Venture capital-företag investerar i onoterade företag som befinner sig i ett tidigt utvecklingsskede med tillväxtpotential. Venture capital-företagens ägarstruktur kan vara såväl privat som statlig. I dagsläget är den svenska staten en stor aktör på den svenska venture capital-marknaden. Syftet med uppsatsen är att belysa hur venture capital-företag involverar sig samt hur det kan bidra till ett ökat värde i sitt portföljföretag. Vi försöker även belysa om det finns skillnad i hur ett statligt och ett privat venture capital-företag involverar sig i sitt portföljföretag samt om det finns en skillnad i hur de kan bidra till ett ökat värde i sitt portföljföretag. Undersökningsobjekten för vår studie är två privata och två statliga VC-företag och ett av deras respektive portföljföretag. Vi har använt oss av kvalitativa fallstudier med semistrukturerade intervjuer för att kunna besvara våra frågeställningar. Den teoretiska referensramen består av principal-agent teorin, ”knowledge-based view of the firm” och socialt kapital, samt tidigare studier om venture capital-företagens involvering och värdetillförsel. Vi har avgränsat oss till venture capital-företag och dess respektive portföljföretag belägna i Stockholm. Uppsatsen har sin utgångpunkt i venture capital-företagets och portföljföretagets uppfattningar avseende involvering och värdetillförsel. Vår studie visar att venture capital-företagens involveringsgrad i sina portföljföretag varierar beroende av portföljföretagets utvecklingsfas. Portföljföretagets nätverk ökar i samband med venture capital-företagets inträde och de tillför även deras kunskap i affärsutveckling. Studien visar också att det inte finns en skillnad i hur det statliga och det privata venture capital-företaget involverar sig i sitt portföljföretag. Det finns inte heller någon skillnad i hur de bidrar till ett ökat värde i sitt portföljföretag.

This research extends the knowledge-based view of the firm as it relates to organizational structure. In particular, this research provides evidence that fundamental classifications of knowledge are measurable, in relative terms, as factors of production. It then relates differences in relative quantities of these classifications of knowledge to the presence or absence of inter-firm boundaries. Finally, this study provides evidence that financial performance may be related to the alignment of organizational structure with knowledge-based factors of production. This study contributes to strategic management theory by offering a potential solution to the difficulties of measuring knowledge as a factor of production. The research was motivated by the belief that it is the cost and value of knowledge that determines economic efficiency (Simon, 1999). By surveying professionals in the mutual fund industry for their relative reliance on three classifications of knowledge, this study suggests a set of measures of knowledge-based factors of production. These measures in turn support the testing of hypotheses related to the vertical integration (or de-integration) of adjacent stages of production. Researchers have typically categorized organizational knowledge as either tacit or explicit. This research develops the concept of encapsulated knowledge as a fundamental classification of knowledge. Encapsulated knowledge is neither tacit nor explicit, because it is externalized and implicit. Progress in measuring knowledge is made by distinguishing between knowledge that resides in human minds (tacit), knowledge that is codified as information (codified), and knowledge that is embodied in the design and functionality of physical artefacts (encapsulated). Relative reliance on the fundamentally different knowledge-based factors of production was found to vary between adjacent stages of production, despite the essential overlap of jointly held substantive knowledge. Portfolio managers are generally less (more) reliant on tacit (encapsulated) knowledge than other investment management professionals in the mutual fund complex. In addition, portfolio managers whose firms are de-integrated from the mutual fund management firms were found to be more (less) reliant on tacit (encapsulated) knowledge than their integrated counterparts. Finally, alignment between mutual fund structure and reliance on knowledge-based factors of production was found to affect performance of mutual funds.

This research extends the knowledge-based view of the firm as it relates to organizational structure. In particular, this research provides evidence that fundamental classifications of knowledge are measurable, in relative terms, as factors of production. It then relates differences in relative quantities of these classifications of knowledge to the presence or absence of inter-firm boundaries. Finally, this study provides evidence that financial performance may be related to the alignment of organizational structure with knowledge-based factors of production. This study contributes to strategic management theory by offering a potential solution to the difficulties of measuring knowledge as a factor of production. The research was motivated by the belief that it is the cost and value of knowledge that determines economic efficiency (Simon, 1999). By surveying professionals in the mutual fund industry for their relative reliance on three classifications of knowledge, this study suggests a set of measures of knowledge-based factors of production. These measures in turn support the testing of hypotheses related to the vertical integration (or de-integration) of adjacent stages of production. Researchers have typically categorized organizational knowledge as either tacit or explicit. This research develops the concept of encapsulated knowledge as a fundamental classification of knowledge. Encapsulated knowledge is neither tacit nor explicit, because it is externalized and implicit. Progress in measuring knowledge is made by distinguishing between knowledge that resides in human minds (tacit), knowledge that is codified as information (codified), and knowledge that is embodied in the design and functionality of physical artefacts (encapsulated). Relative reliance on the fundamentally different knowledge-based factors of production was found to vary between adjacent stages of production, despite the essential overlap of jointly held substantive knowledge. Portfolio managers are generally less (more) reliant on tacit (encapsulated) knowledge than other investment management professionals in the mutual fund complex. In addition, portfolio managers whose firms are de-integrated from the mutual fund management firms were found to be more (less) reliant on tacit (encapsulated) knowledge than their integrated counterparts. Finally, alignment between mutual fund structure and reliance on knowledge-based factors of production was found to affect performance of mutual funds.

Made available in DSpace on 2010-04-20T20:14:39Z (GMT). No. of bitstreams: 1 61080100004.pdf: 593587 bytes, checksum: 030afcd109be1e0d7328ca64d03cb45b (MD5) Previous issue date: 2010-02-24T00:00:00Z / O sistema de franquia tem sido objeto de muitos estudos acadêmicos nos últimos anos pela sua crescente adoção como estratégia de expansão da empresa. Resumidamente, franquia é o sistema pelo qual a franqueadora cede ao franqueado a licença de uso de sua marca e concede o direito ao franqueado de acessar seu conhecimento no negócio. A transferência de conhecimento nesse processo é desejada e cultivada pelos agentes como mecanismo para alcançar o sucesso da parceria. O presente estudo exploratório de caso buscou analisar de que forma essa transferência ocorre nas marcas brasileiras, identificando os principais desafios enfrentados pelo franqueador e pelo franqueado nessa ação. Além disso, o trabalho procurou mostrar as habilidades principais que os agentes devem possuir para a efetiva sedimentação do aprendizado. As teorias de apoio à análise foram a RBV-Resource Based View, Capacidades Dinâmicas, Teoria da Agência, além de estudos sobre Gestão do Conhecimento e de Franquias. A pesquisa foi feita através de entrevistas com executivos e franqueados de três empresas franqueadoras brasileiras dos segmentos de escola de idiomas, de acessórios femininos e de produtos naturais. Como principais resultados, podem ser apontados: (a) os motivadores para a entrada no sistema são a expansão de qualidade, por parte do franqueador, e o suporte oferecido, por parte do franqueado; (b) o conhecimento da operacionalização do elemento-chave do sucesso da marca torna-se explícito com mais facilidade que o conhecimento dos elementos de gestão da unidade franqueada; (c) apesar de manuais e do treinamento em classe serem meios usuais de transferência de conhecimento explícito, sua sedimentação se dá através do treinamento em campo; (d) geralmente o conhecimento explícito é passado em grande quantidade, em pouco tempo e em um momento de maior ansiedade do franqueado, prejudicando o aprendizado; (e) os meios mais relevantes para transferência de conhecimento tácito são o contato diário com o franqueador, os encontros entre franqueados e as visitas do franqueador à unidade, porém o bom resultado desta depende do perfil e da capacitação do visitante; (f) não foi identificado um processo-padrão para a transferência do conhecimento tácito; (g) apesar da disposição de compartilhar conhecimento entre os agentes, há uma frustração quanto à sua adoção efetiva; (h) o perfil ideal dos agentes da transferência de conhecimento contém características intangíveis, tornando mais complexa a tarefa de sua seleção. O presente trabalho contribui também como base para novos estudos referentes à transferência de conhecimento em franquias, como, por exemplo, a sugestão de pesquisas que relacionem os resultados obtidos com o desempenho do franqueador, da unidade franqueada ou mesmo do sistema de franquia de uma determinada marca.

This thesis focuses on returnee entrepreneurs in a large industrial cluster, Zhongguancun Science Park in Beijing, based on a combined quantitative and qualitative method. Using a hand-collected dataset of returnee entrepreneur-owned 353 SMEs (small and medium enterprises) and local entrepreneur-owned 358 SMEs from Zhongguancun Science Park, the author empirically investigates the role of returnee-firms in technology transfer and knowledge spillovers. The findings suggest returnee entrepreneurs play a significant role in technology transfer and act as a new channel for international knowledge spillovers. It also examines the relationship between the characteristics of returnees and their firms' performance in comparison with non-returnee firms. The results also show that returnee-firms have gained competitive advantage in high-tech industries and perform better than non-returnee firms. Based on eight case studies, the author also compares and contrasts differences and similarities in term of internationalisation process of these two types of firms. It is found that returnee entrepreneurs are the early adopters of internationalisation due to their international background and international networks.

This research sought to establish the nexus between the two management disciplines of strategic management and knowledge management. Through a study of the life cycle of knowledge assets within the Australian Public Sector, this nexus has been established. Over the last three decades, there has been a growing interest in the nascent discipline of knowledge management (Wiig 1997). However, discussion regarding knowledge, knowledge workers and knowledge management started much earlier when Chester Barnard’s management classic The Functions of the Executive (1938) included suggestions made on how to manage knowledge workers. The 1960s saw management authors and researchers such as Peter Drucker (1993; 1994; 1995; 1997a; 1997b), Machlup (1962), and Michael Polanyi (1967) discussing topics such as knowledge work, knowledge workers, and tacit and explicit knowledge. During much the same period, strategic management was also being researched and discussed, with Alfred D. Chandler being among the first scholars to study strategic management. His book Strategy and Structure (1962) described the development of organisations, and showed that the practice of strategic management predated its study as a management discipline. Chandler was followed by other researchers including Igor Ansoff (1965) and Learned, Christensen, Andrews and Guth (1965), Henry Mintzberg (1979; 1985; 1990; 1996a; 1996b; 1999), and Michael E. Porter (1980; 1985). Research continues in both disciplines; however, research on the interface between these two important disciplines is rare, particularly in Australia.The Australian Public Sector was selected as the target industry for this research, and case study as the research strategy. The research strategy combined a variety of methods including interviews, questionnaires and surveys. The approach taken with data analysis was to employ aspects of the approach used in grounded theory. In addition, action research was used as a meta-methodology, in that periods of review and reflection were undertaken that generated improvements to the research methodology. This research has found that there is a marked interdependence between strategic management and the management of knowledge assets. The strategic management process requires skills and capabilities (knowledge assets) for its execution. Moreover, the resultant strategies require the exploitation of knowledge assets to ensure effective implementation. The life cycle of knowledge assets starts and ends when their need or otherwise is identified directly or indirectly by strategic plans. Knowledge assets are acquired, deployed, utilised and maintained until they are no longer needed. They are then disposed of by outsourcing or atrophy when people are redeployed or retrained. This research has focused on the disciplines of strategic management and knowledge management; however, its contribution lies largely in the area of capability management. Corporate strategy theorists, from the RBV (Resource Based View) and KBV (Knowledge Based View) schools, see organisations as a body of knowledge (Spender 1996). From the perspective of knowledge assets, used as the theme of this research, an organisation is a body of capabilities, and to achieve corporate objectives, the capabilities must match the strategies.

This study uses academic literature from peer-reviewed journals to assess the literary consensus of the three perspectives. The literature has been found by using specific keywords and an assortment of scholarly databases. The analysis of the literature is structured according to explanations for alliance formation, the attainment of advantages, and disadvantages according to the perspectives. The study is written in article format. Conclusions: The perspectives both overlap and differ from one another but focus on different aspects and incentives. There are, however, more similarities between the resource-based and knowledge-based views. Transaction cost theory and the knowledge-based view are narrow explanatory models, whereas the resource-based view offers a broader view on alliances.

Internationalization is one of the most complicated elements in Small- and Medium-sized Enterprise (SME) expansion. Researchers seem to agree more and more that none of the theories in this field can solely explain the dynamics of the internationalization of Small and Medium-sized Enterprises particularly small knowledge- and service-intensive firms. There are different theories and approaches toward the SMEs‘ internationalization; however there is one predictor in common among them: Firm‟s knowledge resources (Yli-Renko, Autio, & Tontti, 2002).Since the value-adding processes of firms are increasingly based on the creation and exploitation of knowledge, the natural focus of attention shifts from the control of static, firm-specific resources to the acquisition, assimilation, and exploitation of firm-specific knowledge (Bettis & Hitt, 1995; Grant, 1996; J.Nahapiet & Ghoshal, 1998). In today‘s global competitive landscape, firms succeed not because they have control over scarce resources, but because they have the ability to gain the knowledge, learn and use this learning more efficiently than others. In comparison with big companies SMEs have relatively less resources, which make knowledge very vital for their survival and growth. (Mejri & Umemoto, 2010)There has not been much empirical research on knowledge resources and capabilities although the importance of knowledge-related process is widely acknowledged. There is a notable limitation in SME literature on influence of knowledge that can only offer limited insight into firm‘s foreign market operations. In other words, there is a gap in the literature about the different types of knowledge and their role in the internationalization process and therefor this research has set it goal to answer the aforementioned issues.This research has used qualitative approach and case study research design, and six semistructured interviews were conducted with small Swedish firms that involved in international activities. Since this is an exploratory study, the data from the six cases was quite managable. Analysis was conducted by coding the interviews and categorization of the codes. The codes were interpreted and three types of knowledge were extracted based on both the data and theories; Technological Knowledge, Business Knowledge and Market-specific Knowledge. The main characteristics of each company were put together with regard to the three types of knowledge. The next step in analysis was to find out if there were any differences or similarities between the companies when it came to internationalization process. By using the aforementioned results a farmework was developed. The framework presents the role of each Knowledge in the internationalization process and is the key finding of this research.The results from this study indicate the significant role of different types of knowledge as the main source of competitive advantage for SMEs to go to international markets. However the result of this study also designates that the role of knowledge in the internationalization process must be understood in the context of the industry, the company and the people involved.

This research sought to establish the nexus between the two management disciplines of strategic management and knowledge management. Through a study of the life cycle of knowledge assets within the Australian Public Sector, this nexus has been established. Over the last three decades, there has been a growing interest in the nascent discipline of knowledge management (Wiig 1997). However, discussion regarding knowledge, knowledge workers and knowledge management started much earlier when Chester Barnard’s management classic The Functions of the Executive (1938) included suggestions made on how to manage knowledge workers. The 1960s saw management authors and researchers such as Peter Drucker (1993; 1994; 1995; 1997a; 1997b), Machlup (1962), and Michael Polanyi (1967) discussing topics such as knowledge work, knowledge workers, and tacit and explicit knowledge. During much the same period, strategic management was also being researched and discussed, with Alfred D. Chandler being among the first scholars to study strategic management. His book Strategy and Structure (1962) described the development of organisations, and showed that the practice of strategic management predated its study as a management discipline. Chandler was followed by other researchers including Igor Ansoff (1965) and Learned, Christensen, Andrews and Guth (1965), Henry Mintzberg (1979; 1985; 1990; 1996a; 1996b; 1999), and Michael E. Porter (1980; 1985). Research continues in both disciplines; however, research on the interface between these two important disciplines is rare, particularly in Australia.The Australian Public Sector was selected as the target industry for this research, and case study as the research strategy. The research strategy combined a variety of methods including interviews, questionnaires and surveys. The approach taken with data analysis was to employ aspects of the approach used in grounded theory. In addition, action research was used as a meta-methodology, in that periods of review and reflection were undertaken that generated improvements to the research methodology. This research has found that there is a marked interdependence between strategic management and the management of knowledge assets. The strategic management process requires skills and capabilities (knowledge assets) for its execution. Moreover, the resultant strategies require the exploitation of knowledge assets to ensure effective implementation. The life cycle of knowledge assets starts and ends when their need or otherwise is identified directly or indirectly by strategic plans. Knowledge assets are acquired, deployed, utilised and maintained until they are no longer needed. They are then disposed of by outsourcing or atrophy when people are redeployed or retrained. This research has focused on the disciplines of strategic management and knowledge management; however, its contribution lies largely in the area of capability management. Corporate strategy theorists, from the RBV (Resource Based View) and KBV (Knowledge Based View) schools, see organisations as a body of knowledge (Spender 1996). From the perspective of knowledge assets, used as the theme of this research, an organisation is a body of capabilities, and to achieve corporate objectives, the capabilities must match the strategies.

This research sought to establish the nexus between the two management disciplines of strategic management and knowledge management. Through a study of the life cycle of knowledge assets within the Australian Public Sector, this nexus has been established. Over the last three decades, there has been a growing interest in the nascent discipline of knowledge management (Wiig 1997). However, discussion regarding knowledge, knowledge workers and knowledge management started much earlier when Chester Barnard’s management classic The Functions of the Executive (1938) included suggestions made on how to manage knowledge workers. The 1960s saw management authors and researchers such as Peter Drucker (1993; 1994; 1995; 1997a; 1997b), Machlup (1962), and Michael Polanyi (1967) discussing topics such as knowledge work, knowledge workers, and tacit and explicit knowledge. During much the same period, strategic management was also being researched and discussed, with Alfred D. Chandler being among the first scholars to study strategic management. His book Strategy and Structure (1962) described the development of organisations, and showed that the practice of strategic management predated its study as a management discipline. Chandler was followed by other researchers including Igor Ansoff (1965) and Learned, Christensen, Andrews and Guth (1965), Henry Mintzberg (1979; 1985; 1990; 1996a; 1996b; 1999), and Michael E. Porter (1980; 1985). Research continues in both disciplines; however, research on the interface between these two important disciplines is rare, particularly in Australia.The Australian Public Sector was selected as the target industry for this research, and case study as the research strategy. The research strategy combined a variety of methods including interviews, questionnaires and surveys. The approach taken with data analysis was to employ aspects of the approach used in grounded theory. In addition, action research was used as a meta-methodology, in that periods of review and reflection were undertaken that generated improvements to the research methodology. This research has found that there is a marked interdependence between strategic management and the management of knowledge assets. The strategic management process requires skills and capabilities (knowledge assets) for its execution. Moreover, the resultant strategies require the exploitation of knowledge assets to ensure effective implementation. The life cycle of knowledge assets starts and ends when their need or otherwise is identified directly or indirectly by strategic plans. Knowledge assets are acquired, deployed, utilised and maintained until they are no longer needed. They are then disposed of by outsourcing or atrophy when people are redeployed or retrained. This research has focused on the disciplines of strategic management and knowledge management; however, its contribution lies largely in the area of capability management. Corporate strategy theorists, from the RBV (Resource Based View) and KBV (Knowledge Based View) schools, see organisations as a body of knowledge (Spender 1996). From the perspective of knowledge assets, used as the theme of this research, an organisation is a body of capabilities, and to achieve corporate objectives, the capabilities must match the strategies.