O sucesso alcançado pela indústria de Private Equity e Venture Capital (PE/VC) no fomento ao empreendedorismo e na dinamização do setor empresarial norte-americano encorajou diversos países a importar este modelo vencedor de intermediação financeira. Entretanto, a atividade de PE/VC foi criada para desempenhar sob o ambiente institucional norte-americano, fazendo com que estudiosos tais como Gompers e Lerner (1999) levantassem dúvida sobre o sucesso na implantação deste modelo em outros países. Para verificar como a atividade de PE/VC se molda segundo o ambiente, este trabalho conduz um estudo empírico com todas as 65 organizações gestoras de PE/VC com escritórios no Brasil. A pesquisa foi realizada ao final de 2004 e obteve 100% de resposta. A análise foca no tamanho e a na macroestrutura da indústria. Os resultados são plenamente representativos e revelam um setor de PE/VC com tamanho modesto, bastante limitado pelo ambiente econômico-institucional, que prejudica a realização de negócios, embora ofereça oportunidades de investimento que supram as insuficiências do país em termos de infra-estrutura, segurança etc. Como principal resultado, o trabalho identifica similaridades e diferenças do modelo brasileiro de PE/VC em relação ao modelo vigente nos EUA. Os principais pontos em comum são: (i) predominam as organizações independentes que gerenciam recursos de investidores institucionais; (ii) o capital é concentrado regionalmente e em poucas organizações gestoras; (iii) os investimentos tendem a ser feitos próximos às organizações gestoras; (iv) os setores de software e TI são os mais procurados; (v) a qualificação dos gestores é similar a de seus pares internacionais. Por sua vez, as diferenças sugerem que o modelo tenha se adaptado ao novo ambiente institucional: (i) há tendência de investimento em empresas mais maduras, o que é compatível com o baixo nível de empreendedorismo de crescimento e elevada informalidade das pequenas empresas; (ii) O baixo numero de LBOs é compatível com a escassez e o alto custo do crédito; (iii) baixo grau de especialização dos gestores sugere poucas oportunidades de investimento em cada setor; (iv) concentração das organizações no centro financeiro do país sugere a busca de parceiros comerciais e compradores estratégicos para as empresas do portfolio (IPO é um mecanismo raramente utilizado); (v) a regulamentação reconhece o baixo grau de proteção dos investidores e obriga a utilização da arbitragem. Entre as diferenças encontradas, a pouca confiança que os investidores depositam nos gestores tende a se alterar conforme o setor adquire experiência e os gestores adquirem reputação. / The outstanding success attained by Private Equity and Venture Capital (PE/VC) in fostering the U.S. entrepreneurial sector has encouraged several countries to import it. However, PE/VC was tailored to perform in the American institutional environment. As Gompers and Lerner (1999) state, the degree to which the U.S. venture model will - or can - be successfully adapted to other countries is a particularly interesting question. To answer this question we conduct an empirical study with all the 65 PE/VC management firms with offices in Brazil. The survey was conducted at the end of 2004 and attained a response rate of 100%. For this reason the results are fully representative. The analysis aims at the industry's size and structure. Relates them to institutional factors. It reveals a PE/VC industry whose size is heavily limited by the Brazilian institutional idiosyncrasies. At the same time, Brazil's lack of transportation, energy and telecommunications' infrastructure and security provides opportunities for PE/VC type of investments. As a main finding, this work identifies differences and similarities between the American and the Brazilian PE/VC models. The similarities are: (i) PE/VC firms are mainly independent and manage capital from institutional investors; (ii) capital is heavily concentrated regionally as well as in few management firms; (iii) investments are made within a close range from management firms; (iv) software and IT are the preferred sectors; and (v) managers are highly qualified. The main differences suggest that the model has adapted to the new environment: (i) in line with a lack of high-expectation entrepreneurship, there is a tendency to invest in more advanced stages; (ii) since credit is scarce, few LBOs take place; (iii) lack of sector specialization suggests few opportunities within each sector; (iv) management firms concentration in the financial cluster suggest a quest for commercial partners and strategic buyers for portfolio companies (IPO is a quite rare exit mechanism); and (v) Brazilian PE/VC regulation recognizes the inefficiency of the legal system and obliges the use of arbitration. Among the differences, the lack of trust between investors and managers should change as the industry evolves and managers gain reputation.

In this thesis we examine the issue of growth in emerging markets and in specific how MNCs can achieve growth by understanding the customer and building a solid distributor network on the example of EPLSG in the Russian market. In this context we investigate the correlation of the growth potential with institutional environment, customer behaviour, distributorship and brand equity. But let us briefly examine the structure of the thesis chapter by chapter. Chapter one explains the five main themes that structure our thesis from a theoretical and an empirical point of view. Chapter two is an account of the methodology used for the conducting of the empirical research as well as of the whole thesis. Chapter three outlines the theoretical background of the thesis while chapter four is a description of the empirical data found on the field. Chapter five is the analysis of the empirical findings and in chapter six the reader can see the conclusions and recommendations for the case company. Finally, chapter seven gives directions for further research. Overall, the authors of this thesis purport that in emerging markets an MNC can grow if it can effectively gather and analyze customer and market data as well as build appropriately a distributor network that can deliver the product to the customer and fully capture the market potential. What differentiates this thesis from other studies is the holistic appreciation of the problems that an MNC faces in an emerging market. The building of theory was based on this perspective as well as the recommendations for the case company. That is why, in chapter seven the recommendations for the case company should be read not as individual ones but as set of interconnected tactics that can allow an MNC to grow.

State multinationals were investigated in the 1980s. Since then, little work on the state multinational has been done because of the dramatic changes in the world in terms of both politics and economics, such as the waves of liberalization, deregulation and privatization. However, in the current global environment, we see the increase in the number of state multinationals, and thus initiate research of this study. This study investigates two sets of research questions. First, is the state multinational the overlap of two organizational forms (the state owned enterprise (SOE) and the multinational enterprise (MNE))? If so, what are the key characteristics and implications of the state multinational? Second, can the state multinational be considered a hybrid organizational form, which is different from that of its parents? Propositions are set forth to examine the first set of research questions. After clarifying the unit of analysis for this study, the second set of questions asks how state ownership influences the state multinational‘s international diversification and firm performance, and what is the impact of institutional ownership on the state ownership—international diversification relationship, and how home country institutional environments influence the proposed relationships. Hypotheses are proposed to investigate the second set of research questions and are tested with a three-year sample (2004-2007) and a seven year sample (2000-2007) of the state multinational. Results of hierarchical linear models indicate that the state multinational, first, does have characteristics that are different from its parents (i.e., the SOE and the MNE) and thus is considered a hybrid organizational form. Second, state ownership may improve the level of the state multinational‘s international diversification, but reaches a threshold, after which the positive influence diminishes due to the prominent agency costs. Third, institutional ownership has been verified as a useful mechanism to improve the effectiveness of corporate governance in the case of the state multinational. Fourth, home country institutional environments matter in the studied relationships. The state multinational in developed countries with an established institutional environment may not depend on state ownership as much as those in developing and emerging countries. Results also show the influence of state ownership on the state multinational‘s firm performance. The state ownership—performance relationship is also non-linear (inverted U-shaped). Moreover, in the case of the state multinational, the higher the level of international diversification, the higher the firm performance. In addition, international strategies of the state multinational function as a mediator for the relationship between state ownership and firm performance.

Abstract An important milestone in the history of management thought to consider how managers control the organization's relationship with its external environment in the 1960s late. Historically, management theory has used a narrow and parochial concept of environment that emphasizes political, economic, social, and technological aspects to the virtual exclusion of the natural environment. Therefore, the history of scholarship focusing on the management of organizations in the natural environment is relatively brief, compared to that in other environment-oriented academic fields. The researches on business and green issues have sprouted since the middle of 1990s. However, these researches only discuss the responding strategies adopted by businesses sector because of stricter regulations. The specialties of the researches conducted were based on understanding ¡§What companies do¡¨ rather than ¡§Why do they do it¡¨? Base on the explanations above, this study tries to answer the three research topics: 1. Organization response to the environmental issues what is the green management to be adopted? 2. What are the factors to influence the green management? 3. How does green management impact on organizational performance? By structural equation modeling, the purpose of this study, therefore, attempts to present a framework that synthesizes the factors of institutional environment, technical environment, stakeholders, organizational structure and environmental performance and then explore these relationships with four industries in Taiwan's manufacturers. In 235 valid samples, this study finds that, in respect of green management, clean product operation is higher than proactive administrative management and green marketing activities. Green management has apparently positive correlation with the factors of institutional environment, technical environment and stakeholders. This study also finds that, the factor of organizational structure apparently positive effect managerial and operational performance. Green management apparently positive effect managerial and operational performance. Managerial performance has apparently positive influence on operational performance.

China has been a popular place for investment since it opened market in 1980¡¦s. Firms need to consider how to use inner and outer factors to gain competitiveness in this furious competition. This research is using a qualitative approach and case details were collected from firms which operate in China for years. This research aims to discover the relationship between firms¡¦ inner factors which are organizational capital types, strategic human capital management practices, and corporate entrepreneurship capability, and how they affect organizational competitiveness. Besides, this research also adds in the effect of institutional environment to find out how it influences those inner resources. Findings reveal that environmental factors are influencing firms¡¦ corporate entrepreneurship capability, but the effect is different in different industries and ownerships. For foreign investment, the effect is weak and negative; for local high-tech firms, the effect is strong and positive; for local service firms, the effect is huge and negative. Moreover, organizational capital types and strategic human capital management practices are influenced by institutional environment. Organizational capital is positively influencing corporate entrepreneurship and influencing selection of strategic human capital management practices, and even positively affecting organizational competitiveness. However, corporate entrepreneurship capability is influenced by organizational capital types and strategic human capital management practices and further affecting organizational competitive ability.

The main purpose of the present study was to investigate the relationship among three important factors of the life of elderly who accommodates in an institution / institutional environment, older individuals&rsquo / attachment to place, and theirs life satisfaction. This research aimed to examine how different aspects of institutional environment determine the level of elders&rsquo / place attachment, and respectively to examine the significance of the place attachment in determining degree of older individuals&rsquo / satisfaction with their life. Institutional environment was assessed under three headlines / design, social and institutional aspects. It was also aimed to analyze the way those three aspects are interacted with each other to conclude with place attachment. The sample consisted of 120 older individuals who were from two different institutions / Seyranbaglari Rest Home and Year of 75 Resting and Caring Home of Retired Organization. The data were gathered via applying the following measures / measures of design aspect, social aspect and institutional aspect / place attachment scale, life satisfaction scale and demographic information form. A set of exploratory and confirmatory factor analyses were conducted on the data, to determine whether the items are reliable indicators of latent variables. In this study, structural equation modeling technique was used to analyze the data by using LISREL. Investigating structural relationships among same variables in the light of the related literature, two different models were specified. The results of the study indicate that, the hypotheses of the first model, saying that / there is relationship between environmental variables of an institution and the life satisfaction of the elderly, and this relation is mediated by the place attachment, were supported except for the one assuming the direct relationship between design aspect and place attachment. The second model specifies the design aspect as the predictor of the social and institutional aspects of the institutional environment. The rest of the model specifies the same structural relationships with the first model. The second model was supported completely, and was confirmed all of the relationships specified by it. In the light of the related literature, the findings of the study were discussed. Additionally, limitations of the study and suggestions for further research were investigated.

<p>In this thesis we examine the issue of growth in emerging markets and in specific how MNCs can achieve growth by understanding the customer and building a solid distributor network on the example of EPLSG in the Russian market. In this context we investigate the correlation of the growth potential with institutional environment, customer behaviour, distributorship and brand equity. But let us briefly examine the structure of the thesis chapter by chapter.</p><p>Chapter one explains the five main themes that structure our thesis from a theoretical and an empirical point of view. Chapter two is an account of the methodology used for the conducting of the empirical research as well as of the whole thesis. Chapter three outlines the theoretical background of the thesis while chapter four is a description of the empirical data found on the field. Chapter five is the analysis of the empirical findings and in chapter six the reader can see the conclusions and recommendations for the case company. Finally, chapter seven gives directions for further research.</p><p>Overall, the authors of this thesis purport that in emerging markets an MNC can grow if it can effectively gather and analyze customer and market data as well as build appropriately a distributor network that can deliver the product to the customer and fully capture the market potential. What differentiates this thesis from other studies is the holistic appreciation of the problems that an MNC faces in an emerging market. The building of theory was based on this perspective as well as the recommendations for the case company. That is why, in chapter seven the recommendations for the case company should be read not as individual ones but as set of interconnected tactics that can allow an MNC to grow.</p>

A construção dessa dissertação partiu das reflexões acerca das mudanças restritivas ao consumo e as implicações socioeconômicas sobre a cadeia agroindustrial do tabaco. Em vigência desde 2005 no Brasil, a Convenção-Quadro de Controle do Tabaco (CQCT) agrava os atritos e a disputa entre os diversos agentes interessados, tanto na promoção quanto no combate através de diversas medidas restritivas suscitando, desse modo, incertezas quanto ao rumo das regiões produtoras. O país é o segundo maior produtor mundial e o maior exportador de tabaco em folhas. O Rio Grande do Sul, objeto desse estudo, é o estado brasileiro com maior produção e envolve 84 mil famílias no cultivo, em 274 municípios. Dada a importância do setor, esse estudo tem como objetivo analisar a cadeia agroindustrial do tabaco no RS, a partir das mudanças institucionais derivadas da CQCT. A pesquisa tem caráter qualitativo e os dados primários foram coletados através de entrevistas, com o auxílio de roteiros semiestruturados e questionários junto a instituições formais, organizações formais e setores de apoio ligados à cadeia, sob o recorte do RS. A seleção, caracterizada por critério de conveniência, buscou a pluralidade de discursos sobre as possíveis mudanças na cadeia agroindustrial do tabaco no RS, a partir da adesão ao tratado pelo país. Em termos conceituais, este trabalho fundamenta-se em torno de dois eixos centrais, que apresentam relevância no estudo: Cadeias Agroindustriais, sob o ponto de vista de suporte analítico e, pelo aporte teórico, a Nova Economia Institucional (NEI), com ênfase em Instituições Formais. As instituições estão presentes no ambiente interferindo no comportamento dos agentes através das regras formais para a manutenção da ordem e do desenvolvimento da sociedade. O que se pode constar é que o país vem se destacando com suas medidas de controle e combate ao tabagismo. Não obstante, merecem destaque os avanços das políticas públicas para a agricultura familiar, subsidiando o processo de diversificação da produção e renda. Ainda assim, diante das mudanças no ambiente institucional formal, constata-se que as corporações revelam força e habilidade nas suas relações com os governos nacionais, regionais e locais, como é o caso do RS, onde se concentram as principais subsidiárias das transnacionais tabaqueiras. O apoio governamental, a associação com governos locais e a corroboração de diversas representações constituem um fator crítico para as iniciativas que buscam implantar as medidas propostas pela CQCT. Os investimentos e incentivos consolidados no setor nos últimos anos evidenciam que a cadeia do fumo não está fadada a extinguir-se e isso não implicará numa grande desaceleração da produção a curto e médio prazos. Atrelado a isso, está o aumento da demanda de consumo nos países emergentes, esforços das corporações nos mercados de baixa e média rendas e legislações de controle ao tabaco brandas ou inexistentes. Os interesses entre a cadeia e as políticas de saúde são irreconciliáveis e suas prioridades conflitantes, o que torna o trabalho da implementação da CQCT ainda um caminho bastante árduo e desafiador. / The construction of this dissertation started from the reflections on the restrictive changes to consumption and socioeconomic implications on tobacco agroindustrial chain. Since 2005, in Brazil, the Framework Convention on Tobacco Control (FCTC) aggravates the attrition and the dispute between the various agents interested, in promoting as much in the conflict, through several restrictive measures raising, thus, uncertainties about the direction of the producing regions. The country is the second largest global producer and the largest exporter leaves. Rio Grande do Sul, object of this study, is the Brazilian state with the largest production; it involves 84 thousand families in cultivation, in 274 municipalities. Given the importance of the sector, this study aims to analyze the tobacco agroindustrial chain in RS, from the institutional changes brought about by the FCTC. The research is qualitative and primary data were collected through interviews, with the help of semi structured itineraries and questionnaires, along the formal organizations and chain sector supporting, under the focus of the RS. The selection, characterized as a criterion of convenience, sought the plurality of views on possible changes in the tobacco agroindustrial chain in the RS, from the country's accession to the treaty. This work, in conceptual terms, is based around two central axes, which are relevant in the study: Agroindustrial Chains (AC), from the point of view analytical support and theoretical framework and the New Institutional Economics (NIE), focusing on Formal Institutions. The institutions are present in the environment interfering with the behavior of agents through the formal rules for maintaining the society order and development. What can be evident is that the country has stood out with their control measures and the fight against smoking. Nevertheless, particular emphasis should also be given to, the advances of public policies for family agriculture, subsidizing the diversification process of production and income. Still, given the changes in the formal institutional environment governed by laws, rules and public policies, it appears that corporations reveal strength and skill in its relations with national, regional and local governments, as is the case of the RS, where concentrate the main subsidiaries of transnational tobacco companies. Government support, the association with local governments and corroboration of several representations are a critical factor for initiatives that seek to implement the measures proposed by the FCTC. The investment and incentives in the sector in recent years, shows that the tobacco chain is not doomed to disappear and this will not involve a major slowdown in production in the short and medium term. Coupled to this, is the increase in consumer demand in emerging countries, efforts of corporations on low and middle-income markets and inexistent or mild tobacco control legislation. The interests between the chain and health policies are irreconcilable and their conflicting priorities, which make the work of the implementation of the FCTC still, a pretty hard and challenging way.

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No. of bitstreams: 1 martinelli_rr_me_tupa.pdf: 2080717 bytes, checksum: 8a8192e8fcb9605527ad9ec85d498df8 (MD5) Previous issue date: 2016-03-24 / Item merged in doublecheck by Bruna Campos Cunha (brunacamposcunha@gmail.com) on 2016-05-11T14:36:33Z Item was identical to item(s): 137307, 137640 at handle(s): http://hdl.handle.net/11449/137953, http://hdl.handle.net/11449/138229 / Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP) / A demanda mundial de pescados tem aumentado a cada ano, servindo de incentivo à aquicultura, atividade com grande potencial para aumento da produção, já que trata-se do cultivo previamente planejado de organismos aquáticos. No Brasil, uma modalidade da aquicultura que se encontra em expansão é a piscicultura em tanques-rede, tendo a tilápia-do-nilo (Oreochromis niloticus) como principal espécie cultivada. No Sudeste do País, especialmente em São Paulo, a expansão da tilapicultura está ocorrendo principalmente com o uso de tanques-rede nos grandes reservatórios de usinas hidrelétricas (UHE). Dentre os reservatórios do estado, encontra-se o da UHE Canoas I que está localizado no rio Paranapanema e abrange os municípios de Cândido Mota - SP e Itambaracá - PR. Visto que ambos os municípios apresentam dados expressivos no que diz respeito à piscicultura em geral e em tanques- rede, esta região foi definida como foco de estudo da presente pesquisa, para a qual foi proposto como objetivo geral analisar a competitividade dos agentes envolvidos na produção de tilápia em tanques-rede no reservatório hidrelétrico da Usina Hidrelétrica de Canoas I e sua inserção em redes sociais. Além disso, um dos objetivos específicos seria analisar a relação entre nível de inserção em rede social e nível de competitividade. Para responder aos objetivos da pesquisa, o trabalho contou com pesquisa bibliográfica sobre as duas vertentes teóricas em questão (Redes Sociais e Competitividade) e pesquisa de campo, onde os piscicultores inseridos no reservatório da UHE Canoas I foram identificados, contatados e entrevistados, respondendo questões de caracterização, de ordem relacional e sobre competitividade. As análises de redes sociais foram feitas a partir do tratamento das respostas às questões relacionais e sua submissão ao software UCINET®. Os resultados mostraram que os piscicultores de maior destaque na rede estão à margem paranaense do reservatório e trabalham há bastante tempo com a produção de tilápias em tanques-rede. A análise de competitividade, por sua vez, foi realizada a partir de sete direcionadores: tecnologia e inovação, insumos e infraestrutura, estrutura de mercado, gestão interna, ambiente institucional, relações de mercado e questões ambientais. De modo geral, os maiores impasses encontrados para aumento do nível de competitividade estão ligados ao ambiente institucional e à discrepância sobre a relevância das questões ambientais entre os piscicultores de São Paulo e do Paraná. Os cálculos de competitividade individual para cada piscicultor mostraram que os quatro piscicultores com maiores níveis de competitividade estão à margem paranaense do reservatório da UHE Canoas I e são experientes na atividade piscícola. Três desses piscicultores são os mesmos três que apresentaram maior inserção em redes sociais. Apesar disso, essa relação entre nível de inserção em redes sociais e nível de competitividade não pôde ser completamente comprovada, já que o mesmo não foi observado para outros piscicultores. / The global demand for fisheries has increased every year, serving to encourage aquaculture activity with great potential of raising production, since it is the previously planned cultivation of aquatic organisms. In Brazil, aquaculture modality that is booming is fish farming in cages, and the Nile tilapia (Oreochromis niloticus) is the main cultivated species. In the Southeast of the country, especially in São Paulo, the expansion of tilapia culture is taking place mainly through the use of cages in the large reservoirs of hydroelectric power plants (HPP). Among the state's reservoirs, it is the HPP Canoas I which is located on the Paranapanema River and covers the municipalities of Cândido Mota - SP and Itambaracá - PR. Since both municipalities have significant data regarding fish farming in general and in fishnet tanks, this region was defined as the study focus of this research, for which it was proposed as a general objective to analyze the competitiveness of the agents involved in the production of tilapia in cages in the hydroelectric reservoir of the Hydroelectric Plant of Canoas I and their inclusion in social networks. In addition, one of the specific objectives would be to analyze the relationship between the level of integration into social network and level of competitiveness. In order to meet the research objectives, the work included literature on two theoretical aspects involved (Social Networks and Competitiveness) and field research, where fish farmers inserted in the HPP Canoas I reservoir were identified, contacted and interviewed, answering characterization questions of relative order and on competitiveness. The analysis of social network has been made from the treatment of the answers to relational issues and their submission to UCINET® software. The results showed that the most prominent fish farmers on the network are in Paraná bank of the reservoir and work for a long time with the production of tilapia in cages. The competitiveness analysis, in turn, was held from seven drivers: technology and innovation, input and infrastructure, market structure, internal management, institutional environment, market relations and environmental issues. In general, the greatest impasses found to increase the level of competitiveness are linked to the institutional environment and the discrepancy about the importance of environmental issues among the fish farmers of Sao Paulo and Parana. The individual competitiveness of calculations for each fish farmer showed that four fish farmers with higher levels of competitiveness are in Paraná bank of HPP reservoir Canoas I and are experienced in fish activity. Three of these fish farmers are the same three that had greater inclusion in social network. Nevertheless, the relationship between the level of integration in social network and level of competitiveness could not be completely proven, since the same was not observed for other fish farmers. / FAPESP: 2014/16075-2

Rise of offshoring services to developing countries has led to the participation of small offshoring services providers in the global value chains. Many inter-disciplinary researches have understood whether participation in global value chains (GVCs) leads to beneficial outcomes for small suppliers. However, the institutional dynamics that may hamper or support small supplier upgrading has not received much attention. This is especially true for small offshoring services providers (OSPs) who are operating in an adverse institutional environment represented by low quality institutions, political instability, and political conflicts. Taking an offshoring service provider’s (OSP) perspective, this paper aims to understand the how Pakistani OSPs bypass/address the challenges of upgrading and move to significant positions in global value chains. Anchoring this work in the relational economic geography, global value chain, and international business, an analytical framework is developed based upon three conceptual building blocks: Upgrading challenges, strategic responses, and upgrading. The thesis adopts qualitative interview technique to collect data from seventeen Pakistani OSPs. The textual data which is interpreted using template analysis technique shows that some Pakistani OSPs demonstrate ‘resilient’ strategies to upgrade in GVCs. The differences in the resilience of OSPs are dependent upon a) level of responsiveness of OSPs to cope with all or some of the upgrading challenges, b) to adapt the changing demands of GVCs. It is understood that OSPs showing high level of responsiveness and adaptation are able to truly upgrade in global value chain by gaining legitimacy in GVCs for their ability to successfully meet GVC conventions and legitimise operation in an adverse economy.