Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal.

O presente trabalho estuda as alternativas de financiamento do processo de criação de valor de uma empresa, com ênfase na opção de capital de risco (venture capital). O estudo está dividido em três capítulos. O primeiro apresenta, com base nas teorias de finanças, o processo de tomada de decisão de financiamento, podendo este ser via capital próprio ou dívida, sendo apresentadas as principais opções destas duas modalidades gerais. O segundo capítulo aborda a evolução histórica, a forma de funcionamento e os principais mercados da indústria de capital de risco no mundo. O terceiro capítulo efetua análise de dados para um período de 15 anos de uma gestora privada, onde se avaliou, para uma amostra de 24 empresas de diversos setores, qual é a curva de maturação dos investimentos da gestora. Verificou-se que, principalmente para as pequenas e médias empresas, o processo de financiamento é um elemento de grande dificuldade na construção e crescimento das suas operações, com prazos mais longos de maturação. Ou seja, como principal resultado, o estudo dos dados dos investimentos realizados pela empresa gestora privada no Brasil sugere que o processo de criação de valor destas empresas demanda um tempo adicional ao que tradicionalmente se espera. Diante do crescimento da indústria de capital de risco no mundo, esta modalidade de financiamento pode apresentar maior disseminação e escolha por esta alternativa pelas pequenas e médias empresas, tendo em consideração a questão da curva de maturação mais dilatada. / The present research studies the financing alternatives of the process of creating value to a company, with emphasis on the option of venture capital. The study is divided into three chapters. The first presents, based on the theories of finance, the process of financing decision making, and it may be via equity or debt, presenting the main options of these two general procedures. The second chapter discusses the historical evolution, the form of operation and the main markets of the risk capital industry in the world. The third chapter performs data analysis for a period of 15 years of a private holding company, which evaluated, for a sample of 24 companies in various sectors, what is the maturation curve of the investments of the managing body. It was found that, especially for small and medium sized enterprises, the funding process is a key element of great difficulty in construction and growth of its operations, with longer deadlines of maturation. In other words, as main results, the study of the data of the investments made by the private company in Brazil suggests that the process of creation of value of these companies demand an additional time to which is traditionally expected. Before the growth of the venture capital industry in the world, this modality of financing may present greater dissemination and choice for this alternative by small and medium enterprises, taking into account the issue of maturation curve more dilated.

En 1973, Alain Peyrefitte publiait son livre intitulé : « Quand la Chine s’éveillera…le monde tremblera ! ». Ce titre prémonitoire s’inspirait d’une citation de Napoléon Ier. Aujourd’hui, le monde occidental doit adapter ses idéologies économiques, financières, politiques et sociales aux nouvelles structures émergentes telles que les « CHINDIA » (Chine et Inde), « BRIC » (Brésil, Russie, Inde et Chine), ou « VISTA » (Vietnam, Indonésie, Afrique du Sud, Turquie et Argentine). La cohabitation voire la coopération avec ces pays sont le nouveau défi du 21ème siècle. Cette thèse a pour objectif d’étudier les rapprochements d’entreprises grâce à la création de joint-ventures internationales. La question est de savoir : « Quels sont les déterminants de la performance des joint-ventures internationales entre pays développés et pays émergents, et plus particulièrement le cas de la Turquie ». L’originalité de cette recherche réside dans le fait de recueillir la perception du partenaire local turc sur son allié mais également sur sa structure commune. Le recueil et le traitement statistique de 123 questionnaires nous ont permis de répondre à cette question. En effet, le principal résultat a montré que la joint-venture internationale implantée en Turquie est plus performante lorsque les partenaires étrangers et locaux contribuent conjointement en termes d’objectifs, d’apports et de contrôles. / In 1973, Alain Peyrefitte published his book : « When China will wake up the world will tremble! ». This premonitory title was inspired by a quotation of Napoléon Bonaparte. The Western world may adapt its economic, financial, political and social ideologies to the new emerging structures such as « CHINDIA » (China and India), « BRIC » (Brazil, Russia, India and China), or « VISTA » (Vietnam, Indonesia, South Africa, Turkey and Argentina). Cohabitation and even cooperation between these countries are the new challenge of the 21st century. This thesis aims to study the closeness links between the firms thanks to the creation of international joint ventures. The question is : « What are the determinants of performance in international joint ventures between developed and emerging countries, and more especially in the case of Turkey ». The originality of this research consists in gathering the perception of local Turkish parent about its partner but also about his joint structure. The gathering and the statistical treatment of 123 questionnaires have allowed us to answer this question. In fact, the main result proved that the international joint venture in Turkey is more performant when foreign and local partners contribute jointly to objectives, contributions and controls.

This study presented an empirical analysis of the key market, regulatory, organizational, operational and financial factors associated with hospital entry into joint venture (JV) arrangements with Ambulatory Surgery Centers (ASCs) as examined through the framework of resource dependency theory complimented with neo-institutional theory. This study used a cross sectional design to examine hospitals that entered into a joint venture arrangement with ASCs in 2006 and 2007. The data for this study were drawn from five main sources: the American Hospital Association Annual Survey (AHA), the Area Resource File (ARF), the CMS (Center for Medicare and Medicaid Services) minimum dataset, the National Legislative Assembly Website and the CM case-mix files. Descriptive analysis and multivariate logistic regression were performed to examine the association of various factors in this study. The study found that market factors such as unemployment rate and percentage of elderly were strongly associated with the hospitals decision to joint venture with ASCs. Also organizational size (measured by bed size) was a significant factor in these decisions. Other factors which showed a marginal significance were Herfindahl-Hirschman Index, number of ASCs, certificate of need laws, ownership status, and operating expense per adjusted discharge of the hospital. This research project sheds light on joint venture arrangements between hospitals and ASCs at a very opportune time. In light of the new Health Reform Legislation, studying hospital-ASC joint ventures is very important. For hospitals and ASCs, and their collaborative interests such as joint ventures, Accountable Care Organizations (ACO’s) could either provide incentives to help improve quality of care to patients or stint on needed care by making them focus narrowly on higher margin services (Fisher and Shortell 2010; Shortell and Casalino 2010). Since policy measures should encourage the first and not the second outcome, it is important to have a transparent performance measurement system that can win the confidence of the provider organizations such as hospitals and ASCs. Lacking which, it may discourage joint venture arrangements between hospitals and ASCs in future.

The purpose of the thesis is to provide an empirical study of a Sino-foreign joint venture negotiation model that integrates strategies from western literature into a Chinese environment and cultural context. The findings and recommendations of the study aim to help foreign negotiators penetrate the important Chinese market through a systematic approach emerging from this Sino-foreign joint venture negotiation model. The thesis provides a holistic view on Sino-foreign joint venture negotiation. Case study method was determined as the best methodology. The suitability of the Sino-foreign joint venture negotiation model and the research protocol of this study were demonstrated via 5 in-depth interviews and a pilot test before the actual fieldwork. The major findings of this thesis suggest that foreign negotiators need to manage complex areas such as the Chinese environment, the company requirements of both organisations and the Chinese negotiating process. Besides, the foreign negotiators need to equip themselves with Problem Solving Attitude (PSA) and an understanding of Chinese cultural concepts, such as guanxi, face, renqing, reciprocity and trust so as to make the negotiation effective. Different strategies emerge at different stages of the process and there is no direct relationship between successful negotiation and joint venture outcomes. A model and strategies for joint venture establishment in China are provided, but the model itself has no predictive power on joint venture outcomes such as profit satisfaction. / Doctor of Philosophy (PhD)

<p><strong>Research Problem: </strong>To what extent the corporate culture of an international joint venture resembles the organizational and national culture of its parent firms?</p><p><strong>Purpose: </strong>The purpose of this research is to study and explain the organizational and national culture of the partner companies that are involved in the international joint venture and finds out the extent to which the corporate culture that is embedded in the joint venture possess a resemblance with its parent's culture.</p><p><strong>Method:</strong> Our research is qualitative in nature and is based upon the case study and the secondary information gathered during the research. We have also taken into account some primary information through conducting three semi-structured interviews from each of the company involved in the joint venture. All the information collected during the course of our research has been analyzed in such a manner that has eventually led us to a formidable conclusion.</p><p><strong>Conclusion:</strong> After the analysis of results, both from the interviews and the secondary information, we came to a conclusion that the corporate culture at the joint venture possess some similarities with the national and organizational cultures of its parent firms and this likeness depends upon the location of origin of the joint venture and the employees working in it.   </p>

<p>The aim of this study is to examine the market reaction when information about a company’s foreign direct investment is announced and how that affects the shareholder’s value. Also of interest is whether the market reacts differently depending on which country the investment is established in and which mode of entry is used. This will be achieved by using an event study approach. The selection that was used consisted of 206 companies registered on the Nasdaq OMX Nordic homepage, which had during a time period stretching from 1999 to 2009 established a foreign direct investment in the regions BRIC, Europe or the USA using the mode of organic growth, joint venture or acquisition. The units were submitted to a hypothesis test, this was done to determine if an abnormal return was attained during the event window. The event window consisted of eleven days, five days before the announcement and five days after, which includes the announcement day. The tests were performed on the units as a whole and divided into categories depending on mode of entry, region and country. The event study was accompanied by a questionnaire.</p><p>The result of the study show no statistically significant abnormal return related to the announcement of a foreign direct investment. There were however some indications of a deviation when the units were divided into region, most noticeably between the regions BRIC, which showed a steady negative development, and Europe, which showed a steady positive development. These results were however not significant.</p>

<p> Den här studien integrerar tidigare litteratur om Internationella Joint Ventures (IJV) som belyst variablerna ägarskap/kontroll, trust och performance och undersöker deras samexisterande betydelse för ett bra presterande IJV. Uppsatsen är utformad som en metaanalys som kombinerar kvalitativa och kvantitativa studier och ämnar se huruvida ägarskap/kontroll har betydelse för ett IJVs performance. Detta genom att studera dess indirekta påverkan genom variabeln trust. Resultatet av studien visar att ägarskap/kontroll och trust influerar varandra i ett IJV samt att trust påverkar ett IJVs performance. Slutsatsen blir därmed att ägarskap/kontroll får en indirekt betydande roll för ett IJVs performance.</p>

Social capital resources for the firm can be conceptualized as those executive-to-executive connections held by a firm’s top management team, as well as firm-to-firm relationships that exist fairly independently of particular individuals. This type of resource can compose an important portion of any firm’s overall resource portfolio. The potential benefits associated with social capital include enhanced economic exchange opportunities, improved innovation capabilities and increased firm survival rates, among others. This study adds to the literature stream focusing on the positive consequences of social capital by demonstrating the cross-level influence of social capital on the development of reciprocity within a joint venture network. It also highlights the link between social capital resources and the quality of knowledge available to a firm via its joint venture partnerships. More importantly, though, we specifically investigate the conditions under which a firm’s social capital (firm-to-firm relationships or the social capital held by key executives) can contribute to undesirable firm-level behaviors. One often mentioned, yet rarely explored dimension of social capital is the phenomenon frequently called the ‘dark side’ of social capital. This dark side of social capital is argued to exist whenever the behavioral expectations accompanying social capital limit contribute to undesirable outcomes for the firm. Several hypotheses are tested in the context of joint ventures among S&P 500 firms. The likelihood of a firm having legal action taken against it by federal regulatory agencies or other firms is demonstrated herein to be related to the number and strength of social capital relationships. In general this research supports the view that having a large number of weak ties is beneficial for firms. More specifically, we found that in the wake of the passage of the Sarbanes-Oxley Act of 2002, an inverse relationship exists between the likelihood of firms engaging in the undesirable behaviors investigated and the number of Boards of Directors on which the firms’ respective executives held seats. Conversely, firms were more likely to engage in these undesirable behaviors whenever the firm-to-firm ties within their network of joint ventures were strongest. Furthermore, executive discretion was highly related to the likelihood of firms engaging in undesirable behaviors.

Den här studien integrerar tidigare litteratur om Internationella Joint Ventures (IJV) som belyst variablerna ägarskap/kontroll, trust och performance och undersöker deras samexisterande betydelse för ett bra presterande IJV. Uppsatsen är utformad som en metaanalys som kombinerar kvalitativa och kvantitativa studier och ämnar se huruvida ägarskap/kontroll har betydelse för ett IJVs performance. Detta genom att studera dess indirekta påverkan genom variabeln trust. Resultatet av studien visar att ägarskap/kontroll och trust influerar varandra i ett IJV samt att trust påverkar ett IJVs performance. Slutsatsen blir därmed att ägarskap/kontroll får en indirekt betydande roll för ett IJVs performance.