Despite widespread research on the internationalization of firms, few integrative studies in relation to the decision-making process before internationalization takes place exist in the literature. This study suggests an integrative model which identifies the influences of competitive environment, economic and socio-political environment, and institutional environment on the firms' internationalization decision-making process. This study, using a logistic model applied to a sample of Colombian small and medium-sized companies, analyzes the key factors in the decision process to internationalize their operations. A low degree of fit between the results and the established hypotheses can be observed. Many interesting findings related to the main streams of internationalization decision-making research about competitive factors have been explained, but this study did not find evidence of a relevant influence of economic, socio-political, and socio-cognitive factors on the decision-making process of internationalizing of Colombian small and medium-sized firms. Two reasons may explain why this study did not find support for that influence: First, the low participation of Colombian firms in social networks and, second, the firms' adaptation to operate in the difficult and lasting economic and socio-political situation of Colombia Future research into the internationalization decision-making field may be oriented toward decisions about the choosing of target countries or decisions about the mechanisms of coordination and control of foreign operations / acase@tulane.edu

Ownership structure has been recognized as an important topic in corporate finance because of the influential relationship between firm managers and shareholders (agency theory). This relationship has an effect on the decision-making process in the firm, which has an impact on firm characteristics such as firm value. Because going public leads to changes in stock ownership structure, which could affect the firm's value and future performance, pre-IPO private firms provide a good case study of ownership structure This study has two objectives. The first is to initiate an inquiry into which firm characteristics are associated with management ownership and the participation of external institutions and corporations---specifically venture capitalists (VCs) and equity alliances (EAs)---in the ownership structure of pre-IPO private firms. My second objective is to examine the impact of ownership structure on the key IPO variables: underpricing, offer price, offer size, revision, turnover, and underwriter reputation The determinants of VC ownership participation, given the pre-IPO firm's characteristics, can be summarized as follows. VC-baked firms tend to be younger, smaller, and high-growth firms. They characteristically have negative earnings and low profitability, low levels of debt, and higher current ratios. VC- and EA-backed firms are similar in age, level of sales, level of debt, profitability, and R&D and S&M expenses. However, the results for EA are less strong than for VC-backed firms, indicating that the profile of firms that receive VC investments is more defined than that in firms that receive EA backing Finally, VC and EA investments have a positive impact on the offering process. The offer size is smaller for VC- and EA-backed firms than for other IPOs. The offer price and underwriter reputation is higher for VC-backed and for EA-backed firms compared with other firms. Revision is higher for VC- and EA-backed firms, suggesting that the information disclosure during the pre-market is high for these firms. Underpricing is larger for VC- and EA-backed firms, suggesting that underpricing is due primarily to market activity / acase@tulane.edu

Aggregate theory is a theory of business ethics that achieves maximum comprehensiveness and usefulness by integrating elements of economic theory, utilitarian theory, human rights theory and social contract theory. It expands basic concepts of economics to measure the aggregate net satisfaction of all individual preferences, not just those involving market transactions Aggregate theory adopts negative human rights as well as Robert Nozick's minimal state, social justice theory, and framework for utopias. It proposes additional justification for initial acquisition of natural resources. It develops a new social metacontract theory that expands the framework for utopias to include supplemental states formed by actual social contracts Aggregate theory uses social metacontract theory and aggregate measurement theory to justify coercive regulation of free markets without violating human rights. It argues that such regulated markets can maximize the aggregate of all individual preference satisfaction. It also argues that such maximization is totally consistent with, even dependent upon, a framework of negative human rights including a right of self-ownership, property rights and a right to enforcement of contracts Another position is that the minimal state, and only the minimal state, is obligated to facilitate such maximization to the extent that it can without violating human rights. No individual agent is obligated to adopt the maximization of the aggregate of individual preference satisfaction as a personal goal. Instead, if each agent pursues his own rational self-interest within the constraints of negative human rights and property rights, properly regulated markets will maximize aggregate preference satisfaction Aggregate theory argues that maximizing the aggregate of individual preference satisfaction is the correct value by defending it against the proposals of traditional utilitarian theory and the communitarian theory of Peter Singer. It also argues that such maximization actually satisfies John Rawls' principle of justice-as-fairness while the means Rawls proposes cannot possibly achieve that goal The theory also argues that each agent, acting from rational self-interest, would explicitly agree to one of the social contracts within the framework for utopias, if only one providing for just a minimal state / acase@tulane.edu

The present study extends previous research on prospect theory to decision-making processes in business settings, proposing a psychological climate model as a frame for decisions. Flawed decision processes have been alternatively explained in the literature by self-interested behaviors, groupthink, and by prospect theory. Relying on the explanation provided by prospect theory, this study proposes a model of psychological climate that integrates both the hierarchical model, PCg, (James & James, 1989) and the strategic climate focus or 'climate for something' (Schneider, 1990) as a decision frame, and posits that individuals' goal-orientation---specifically avoid-goal orientation---will moderate the relationship between climate and individuals' reference points for decisions. Using a quasi-experiment with 122 MBA students from Ecuador, this study manipulated climate conditions: a positive condition perceived as beneficial to the individuals' well-being and conducive to gains, and a negative condition perceived as detrimental to the individuals' well-being and conducive to losses. In the simulated business setting, participants confronting a decision under uncertainty were expected to behave as predicted by prospect theory. In general the results do not support the study hypotheses---not even the hypothesized moderating role for avoid-goal orientation. However, those participants in the positive climate condition behaved as expected, and exploratory analysis indicates that individuals' learning-goal orientation moderated the relationship between climate and reference point. The results are discussed in terms of the decision frame, the interpretation of decision choices, individual differences, and participants' background / acase@tulane.edu

This dissertation provides an investigation of the earnings surprise associated with the quarterly earnings announcement. The examination of a wide variety of forecast models allows insight into the ability of these models to capture the earnings expectations of the market. / The analysis addresses two issues. The first issue is the value of the earnings surprise. Among the forecasts models considered in the examination of forecast accuracy are: (1) a random walk model; (2) the standardized unexpected earnings (SUE) model; (3) three autoregressive integrated moving average (ARIMA) models; (4) an autoregressive conditional heteroskedasticity (ARCH) model; (5) a generalized autoregressive conditional heteroskedasticity (GARCH) model; (6) a price-based model; and (7) four analyst models. / The ARIMA models produce more accurate statistical forecasts than the random walk, SUE, ARCH, GARCH, or price-based models. Further, the analysts' forecasts are more accurate than any statistical alternative. The broader set of information considered by analysts gives them an advantage over statistical models. Further, the ability of the analysts to incorporate recent information gives them a timing advantage. / The second issue is the market response to earnings surprise, where surprise is defined by the different forecast models. The correlation between the forecast errors of the different models and the announcement period response provides evidence of the model that best captures the earnings expectation. The highest correlation is associated with the forecast errors of the most recent analyst forecasts. / Further analysis of the market response forms portfolios based on the most positive and negative earnings surprise securities. This provides insight into the value of the earnings announcement. Positive announcement period abnormal returns are associated with the positive surprise portfolios. In contrast to previous work, the abnormal returns associated with the negative surprise portfolios seldom differ from zero. With respect to the post-announcement period, positive abnormal returns are associated with both the positive and negative earnings surprise portfolios. This anomalous behavior is inconsistent with previous findings. Regardless, the introduction of round-trip transaction costs may eliminate any economic motivation to trade on this information. / Source: Dissertation Abstracts International, Volume: 52-06, Section: A, page: 2230. / Major Professor: Pamela P. Peterson. / Thesis (Ph.D.)--The Florida State University, 1991.

This dissertation is about managing collaborations and conflicts management in new product development. We investigate several theoretical and empirical issues on coordinating and aligning the NPD stakeholders in the context of R&D outsourcing and project management. / The dissertation starts with understanding the firms' motivations driving outsourcing decision. Chapter 2 highlights that an outsourcing decision is driven by multiple, and often conflicting rationales and proposes a "portfolio view" of outsourcing strategy. Chapter 3 examines the six outsourcing motivations (cost, technology, manufacturing, market, organizational, and strategic) driving the outsourcing decisions. / The dissertation also studies the selection of knowledge providers. Chapter 2 argues that the consistency between motivation (strategy), knowledge provider type and implementation process is the key of successful outsourcing. Chapter 3 further develops the concept of "matching" the motivations and providers types and quantifies how the "match" matters. Chapter 3 demonstrates empirically that a necessary condition for successful innovation outsourcing is a close fit between the outsourcer's motivations and the provider's client-specific strengths. / In addition, the dissertation provides insights on the choice of knowledge outsourcing process and contracting design (payment schemes). Chapter 4 compares two commonly applied processes---competitive bidding and sequential contracting and shows that competitive bidding yields good selection but weak contract inefficiency. In contrast, sequential contracting enables outsourcing firms to achieve perfect efficiency but results in poor selection. Specifically, sequential contracting dominates competitive bidding only when provider selection becomes less risky and more costly. Hence choosing a service outsourcing process involves a fundamental trade-off between maximizing the chance of selecting the best provider and the efficiency of contracting with the selected vendor. In addition, Chapter 4 reviews the implications of payment schemes in outsourcing contracting. We show that adding a seemingly bad input-only payment scheme (pay-per-project) can make the outsourcer better off in both processes: it helps to achieve perfect efficiency in a contract 'menu' and intensifies the competition between providers during selection. / The dissertation also studies operational methods in managing the collaborations within a project. First, Chapter 3 proposes a "contingent" framework for applying operational project management methods. Chapter 3 compares five commonly observed provider types (university, component supplier, competitor, customer and start-ups) and summarizes ten operational methods which improve project management effectiveness in collaboration with the provider. Chapter 3 show that some methods should be commonly applied across all types, while others should be applied to only specific provider types. / Second, the dissertation studies how three important managerial levers (signalling preferences, monetary bonus and social status) influence the project abandonment risk. Chapter 5 shows that signalling of preference by the function with less power (the process follower) can reduce the abandonment risk, but only if the more powerful party's ability to insist on its preferred solution is significantly limited. Second, heightening the stakes of the more powerful party (process leader) does not improve decision outcomes; on the contrary, it makes this function even more insistent on its preferred solution and increases the odds of escalation or failure. Finally, awarding status to the less powerful side for "winning" has an "equivalent" effect as heightening the powerful party's stake. The project abandonment risk is increased as the process follower's status concern arises.

<p> A toxic organization is characterized by a narrow focus on bottom line profits and malicious or abusive behaviors go unnoticed or undisciplined (Kusy &amp; Holloway, 2009; Macklem, 2005). It produces a toxic work environment where employees suffer emotional pain generated from damaging behaviors (Samuel, 2010). While some degree of toxicity is unavoidable, the unrelieved intensity of pressures over a prolonged period of time tends to wear people down (Bacal, 2000; Samuel, 2010). </p><p> Much of the academic and popular literature addressing organizational toxicity focuses on bullying and dysfunctional behavior. This research shows that harmful behaviors are symptomatic of more complex systemic problems. The purpose of this study was to uncover the organizational antecedents of toxicity using Bolman and Deal's (2008) Four-Frame Model of holistic analysis addressing the role that structure, human resources management, political systems, and organizational culture in creating or perpetuating organizational toxicity. </p><p> The study was guided by 4 research questions: 1. What role, if any, does the Structural Frame play in creating or perpetuating organizational toxicity? 2. What role, if any, does the Human Resources Frame play in creating or perpetuating organizational toxicity? 3. What role, if any, does the Political Frame play in creating or perpetuating organizational toxicity? 4. What role, if any, does the Cultural Frame play in creating or perpetuating organizational toxicity? </p><p> The researcher used a phenomenological methodology and purposeful sampling strategy. Fifteen working professionals were interviewed to share stories of their experiences working in a toxic organization. Data extracted from the stories were synthesized through a holistic framework to identify the systemic sources of toxicity. The results revealed dysfunctions with organizational hierarchies, strategies, goals, policies, rules, standards, technology; failures in human resources management and political power sources; and the impact of leadership, values, and norms on organizational culture. These dysfunctions culminate in a toxic work environment. </p><p> This study was intended to provide leaders, students, and victims of toxicity with information for early and accurate identification of organizational toxicity. It concludes with suggestions for understanding the organizational antecedents of toxicity and provides a strategy for managing within, and emotional release from, the toxic work environment.</p>

Obesity is now a global problem. Within the U.S., the rise in obesity has been largely driven by the increase in caloric consumption. By specifically observing the practices in the fast food industry, this dissertation examines two factors, portion sizes and bundling, to answer the question, what environmental factors in this context have promoted over consumption. With the first factor, portfolio of portion sizes, I demonstrate how extremeness aversion, the tendency for individuals to avoid the smallest and largest sizes, has gradually led consumers to choosing larger and larger portions. Historically research, as well as a consumption study included in this dissertation, demonstrates that choices of larger portions lead to greater end consumption. In regards to bundling (the common practice of offering an entrée, side item, and drink, often referred to as a "combo meal" or "value meal") this dissertation demonstrates that this practice induces people, who choose the bundled meal (on average) purchase larger quantities of side items and drinks. Though offering a combo meal induces consumers to be more price sensitive, those who choose the bundle, tend to be the least price sensitive individuals. Using Bayesian Estimation, this dissertation estimates the magnitude of these effects for each individual, controlling for any price effect on profits, choice and consumption. From the estimates, I produce a demand function for a fast food firm and run policy experiments. The policy experiments are not only used to understand which factors lead to the greatest caloric consumption, but also to evaluate possible policy actions (e.g. taxes) to reduce overall consumption. These experiments demonstrate that taxation of fast food does decrease consumption, however, at a great expense to firms and consumers. Taxes harm consumers because price increases through taxation reduce consumer surplus, and in this context, hurt the poor the most given the greater proportion of the poor consuming fast food. Thus I conclude, through policy simulations, that standards for portion sizes achieves the same or greater decrease in consumption as taxes with limited decrease in firm profits and no harm to consumers. Concluding this dissertation is an addendum on model comparison. / Dissertation

Three questions regarding the effectiveness of Section 162(m) are addressed by this dissertation: (1) did Section 162(m) target the firms who were paying their executives excessive compensation that was not related to performance? (2) did Section 162(m) achieve its desired result of reducing compensation levels and increasing pay-performance sensitivities? and (3) did stockholders benefit from Section 162(m)? The empirical results indicate that firms subject to Section 162(m) had higher levels of compensation, even after controlling for firm size, performance, industry, growth opportunities and CEO ownership. However, the cash compensation in these firms was more sensitive to firm performance. Therefore, it is questionable whether Section 162(m) affected the intended target. Firms with compensation in excess of 1 million were required to disclose their response to Section 162(m) in their 1994 proxy statements. They had three alternatives: (1) "qualify" compensation in excess of the 1 million by making it contingent on a performance measure, (2) defer excess compensation to a period when it would be deductible, and (3) forego the deduction. Firms were grouped by their response and their compensation levels, pay-performance sensitivities and pay mix were analyzed. Compensation levels increased for all three groups, primarily from the use of more stock options. This also increased the proportion of stock-based compensation (pay mix). Pay-performance sensitivities decreased for qualifying firms which runs counter to the intent of Section 162(m). On the other hand, firms who chose to forego the deduction demonstrate an increase in pay-performance sensitivities. Finally, the evidence indicates a positive market reaction to the announcement that a firm would qualify their compensation or forego the deduction. A negative reaction is documented for deferring firms. This seems to indicate that, overall, stockholders did benefit from Section 162(m).

Over the last fifty years, literacy and its study have moved considerably beyond the ability solely to read and write; it may be now viewed as a centrally mediating factor to interpret the signs engraved into the texts of our experiences and the fulcrum to participate more fully in our public and our private worlds. Among these realms of literacy, the world of work has borne witness to incredible changes in the form and content of professional occupation. With growth in global political, economic and technological interdependency, transfer of knowledge and professionals across borders accelerates and becomes more prevalent. Addressing the professional domains of literacy practices, this is a descriptive study designed to investigate how professionals experience and use literacy, be they literacy skills (technical knowledge or expertise) or literate behaviors (practical knowledge or know how) in transnational contexts of practice. Using an ethnographic methodology and multimethod strategies (informant interviews with professional stakeholders from the regulated, globalized professions in the United States in construction and design, business and finance, allied health, and technology and engineering; published professional development international training program curriculum review; and focus group sessions with accreditation, licensing and certifying body officials addressing the need for guidelines for professionals in transnational practice) data gathering and analysis are focused on input from quality assurance authorities, faculty from professional schools, multinational corporate human resource executives, and the practitioners themselves. In the broadest sense, the study's purpose is to map the relevant dimensions of literacy in transnational professional practice in the regulatory, cultural, linguistic, technological and locational realities of another country. The results of this study indicate that across the affinity groupings mentioned above, professionals in transnational contexts of practice operate within at least five categories of literacy engagement: resources, people, information, systems, technology, with literacy skills and literate behaviors being directed principally toward working with people and within systems overseas. An array of literacy insights are also provided, drawn from thematic congruencies across the three data sets.