[by] James W. C. Tomlinson. / Bibliography: p. 209-215.

Submitted by Luciana Ferreira (lucgeral@gmail.com) on 2016-09-30T15:51:45Z No. of bitstreams: 2 Dissertação - Maíra Jéssika Fernandes Silva - 2016.pdf: 1716551 bytes, checksum: d82edc90ee5c578bca1cfdbdc57ddcfa (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2016-09-30T15:51:57Z (GMT) No. of bitstreams: 2 Dissertação - Maíra Jéssika Fernandes Silva - 2016.pdf: 1716551 bytes, checksum: d82edc90ee5c578bca1cfdbdc57ddcfa (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2016-09-30T15:51:57Z (GMT). No. of bitstreams: 2 Dissertação - Maíra Jéssika Fernandes Silva - 2016.pdf: 1716551 bytes, checksum: d82edc90ee5c578bca1cfdbdc57ddcfa (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2016-04-29 / External Corporate Venturing is one of the dimensions of corporate entrepreneurship, entrepreneurship practiced by existing companies. Through external corporate venturing companies seek survival, consolidation in the market in which they operate, explore new markets and obtain better financial returns. For the practice of external corporate venturing companies can make acquisitions, joint ventures, licensing, mergers and corporate venture capital transactions. This study focused on acquisitions and joint ventures as external corporate venturing practices. The impact of these practices on business performance is still inconclusive, so the aim of this study was to assess the impact of external corporate venturing in the performance of large companies. For this, we used secondary data disclosed by companies in the consumer discretionary sector and non-cyclical listed on the Bolsa de Valores de São Paulo (Bovespa). We analyzed the relevant facts disclosed in Comissão de Valores Mobiliários (CVM) for the collection of data on the ad acquisitions and joint ventures undertaken by those companies during the years 2010-2014, and the financial statements on the Bovespa for the collection financial data for performance measurement. The data were analyzed by regression data into fixed effect and random effect panel. Regression models were estimated with the performance variables return on assets (ROA) and return on equity (ROE). The results indicate that the realization of acquisition and joint venture operations have no statistically significant impact on ROA and ROE of large companies listed on the Bovespa. Although the results are not consistent with some previous studies on the topic, present contributions to the theory and practice, especially regarding the aspect of time that can be decisive in the relationship between acquisitions and joint venture operations and performance. For future studies recommended a bigger time horizon and verification of goals and strategies that companies have to invest in acquisitions and joint venture operations, because if adopted for the purpose of short-term financial returns may not be the most suitable . / O corporate venturing externo é uma das dimensões do empreendedorismo corporativo, o empreendedorismo praticado por empresas já existentes. Por meio do corporate venturing externo as empresas buscam a sobrevivência, consolidação no mercado em que atuam, exploração de novos mercados e obtenção de melhores retornos financeiros. Para a prática do corporate venturing externo as empresas podem realizar operações de aquisições, joint ventures, licenciamentos, fusões e corporate venture capital. Este estudo enfocou as aquisições e joint ventures como práticas de corporate venturing externo. O impacto destas práticas no desempenho das empresas ainda é inconclusivo, assim o objetivo deste estudo foi verificar qual o impacto do corporate venturing externo no desempenho das grandes empresas. Para isso, foram utilizados dados secundários divulgados pelas empresas dos setores de consumo cíclico e não cíclico listadas na Bolsa de Valores de São Paulo (Bovespa). Analisou-se os fatos relevantes divulgados na Comissão de Valores Mobiliários (CVM) para a coleta de dados referentes aos anúncios de aquisições e joint ventures realizados por essas empresas durante os anos de 2010 a 2014, e os demonstrativos contábeis na Bovespa para a coleta de dados financeiros para a mensuração do desempenho. Os dados foram analisados por meio de regressão com dados em painel de efeitos fixos e efeitos aleatórios. Os modelos de regressão foram estimados com as variáveis de desempenho retorno sobre o ativo (ROA) e retorno sobre o patrimônio líquido (ROE). Os resultados indicam que a realizaçao de operações de aquisição e joint ventures não apresentam impactos significativos estatisticamente no ROA e no ROE das grandes empresas listadas na Bovespa. Apesar dos resultados não serem condizentes com alguns estudos realizados anteriormente sobre o tema, apresentam contribuições para a teoria e para a prática, principalmente em relação ao aspecto do tempo que pode ser determinante na relação entre operações de aquisições e joint ventures e desempenho. Para estudos futuros recomenda-se um horizonte temporal maior e a verificação dos objetivos e estratégias que as empresas possuem ao investir em operações de aquisições e joint ventures, pois se forem adotadas com o objetivo de retornos financeiros a curto prazo podem não ser as mais indicadas.

Det finns det goda argument för internationell portföljdiversifiering: marknader rör sig inte synkroniserat och genom att exponera mot olika marknader minskar den totala risken i portföljen. Mogna kapitalmarknader, där stora institutionella investerare har ett strukturellt överutbud av kapital, kan välja att förflytta en del kapitalöverskottet utomlands. Genom att flytta kapital till andra tillväxt- eller utvecklingsstäder, kan lika eller bättre avkastning erhållas samtidigt som risken i portföljen diversifieras. Internationell diversifiering medför även en del hinder och risker, men många av dessa har idag minskat i betydelse. En framgångsrik strategi syftar därför till att maximera fördelarna, samtidigt som man försöker undvika eventuella risker och hinder.I tidningen fastighetsvärden skrevs hösten 2016 att ”Svenska fastighetsbolag förvärvar utomlands i en takt som vi inte upplevt sedan i slutet av 1980-talet. Fastigheter för 250 miljarder i 25 länder kontrolleras av 40 svenska bolag”. Medan svenska pensionsinstitut direkt eller via dotterbolag eller delägda bolag redan är stora aktörer på den svenska fastighetsmarknaden, kan man i efterdyningen av finanskrisen 2008, se mer av diversifiering mot såväl den internationella fastighetsmarknaden. Uppsatsen tar upp frågor kring hur och om man idag gör fastighetsförvärv utomlands med mindre risk och vilka förutsättningarna är för att genomföra en sådan övergång. Resultatet av den kvalitativa studien har därefter berikat till svar för huvudsyftet med den här uppsatsen; att ta reda på orsaken till det växande intresset för internationell diversifiering bland svenska pensionsinstitutioner. Den växande internationella diversifiering, har visat att man hittat en gynnsam strategi för att överkomma många av de hinder och risker en sådan övergång medför. Varför man väljer att investera utomlands kan således förklaras i två steg: den underliggande anledningen och den underliggande orsaken. Anledningen är att man vill diversifiera den totala portföljrisken och finna en stabil långsiktig avkastning. Orsaken är att Sverige har haft en lång och god tillväxt som inte är säkrad för framtiden, att det råder stor konkurens på en liten marknad som Sverige och att pensionsinstituten har ett kapitalöverskott.  Alternativet är därför att söka sig utomlands, och då Sverige redan genererar god avkastning, har det mer handlat om att diversifiera genom olika sektorer på liknande ekonomiskt stabila marknader. Det innebär marknader som Finland, Tyskland och England genom att ingå partnerskap med lokala managers, vilket i en sådan internationell övergång verkar riskminimerande. / There are good arguments in favor of international portfolio diversification: markets do not move in a synchronized way and thus by exposing to different markets, the overall portfolio risk reduces. In mature capital markets where large institutional investors have a structural surplus of capital, one can choose to move a portion abroad. By moving part of the capital to other emerging or developed markets, equal or better returns can be earned while at the same time the risk in the portfolio is diversifies. However International diversification implies some obstacles and risks, though many of these have today diminished in importance. A successful strategy therefore aims to maximize the benefits while trying to avoid possible risks and obstacles. In autumn of 2016 the Swedish newspaper Fastighetsvärden published an article stating that "Swedish real estate companies acquire abroad in a way we have not experienced since the late 1980s; Real estate for a value of 250 billion is controlled by 40 Swedish companies in 25 countries". While Swedish intuitions direct or through subsidiaries or joint ventures are at present major players in the Swedish real estate market; in the aftermath of the 2008 financial crisis, one can see the reappearance of diversification towards the international real estate market. The thesis addresses questions concerning if and how to make real estate acquisition abroad with less risk and what the conditions are for implementing such a transition. The result of the qualitative study enriched the response to the main purpose of this essay; to validate the reason for the growing interest in international diversification among Swedish pension institutions. The increase in international diversification implies that a favorable strategy has been found to overcome many of the obstacles and risks entailed by such transition. Why one chooses to invest abroad can be explained in two steps: the underlying reason and the underlying cause. The reason is to diversify the overall portfolio risk and find a stable long-term return. However, the underlying cause for today’s investments are based on the good long-term growth Sweden has had, which is not secured for the future. Moreover there is capital surplus and big competition on a small market like Sweden. The alternative is therefore to go abroad, and as Sweden already generates good returns, it has been more about trying to diversify through different segments in similar economically stable markets. It means entering in markets such as Finland, Germany and England by joint ventures with local managers, which in such an international transition minimizes risk.

The thesis investigates how FDI intra-industry spillovers are affected by MNE ownership modes and sub-national locations. A conceptual framework is developed which utilises IB theories to propose how MNE ownership modes and sub-national locations are likely to matter for FDI spillovers. The research propositions are explored quantitatively using an unbalanced firm-level panel dataset of 1624 Indian manufacturing firms (1991-2008) with 5203 firm-year observations. The model estimation is carried out in STATA 13.0 in two stages; firstly, by using semi-parametric (Levinsohn-Petrin) method to derive the dependent variable (TFP of domestic firms); and secondly, by using fixed effects model estimated in first-differences to relate TFP of domestic firms' with different measures of foreign presence. Results from the first model reveal that WOSs and MAJVs have positive spillover effects whereas MIJVs have negative spillover effects in the Indian manufacturing sector. The second model finds that the net spillover effect in non-metropolitan regions is higher than in metropolitan regions. The thesis discusses the possible major policy implications of the results and considers possible reasons for the differences in the spillovers for different ownership modes and sub-national locations. / PhD Studentship, University of Bradford

There have been many megaprojects done by project-based international joint ventures ( PBIJVs ) in Asia with Western expatriate project managers leading the way. However, the management style expected at a local level in Asia on construction projects is unique, and for many observers appeared to be unstructured, un-systemized and autocratic. Moreover, the varying strains of Chinese-based ethics and beliefs, including networking, trust, face and avoidance of confrontation heavily influenced management practices. This research investigated how a PBIJV should approach a complex construction megaproject in Asia and how experienced Western expatriate project managers actually managed and lead these projects to achieve overall project success. The aim of this research was to propose a framework for Western expatriate project managers to be used as a guide in the project management of PBIJVs in complex construction megaprojects in Asia, with East-West multi-cultural dispersed project teams, in a holistic way with a clear focus on good e-teaming communication and flexibility of project manager thought so that the multi-cultural teams can work more effectively and efficiently, better enabling project success. The thesis begins with an extensive review of published literature related to construction, Asia, culture, total quality management ( TQM ), IJVs, project management and megaprojects. A conceptual framework of work practices and styles required of Western expatriate project managers in the management of PBIJVs in construction on complex megaprojects in Asia, with East-West multi-cultural dispersed project teams, was established from this literature review. This conceptual framework was explored and developed based upon questionnaire responses and interviews with Western project managers with related and extensive work experience in Asia. This research followed a qualitative strategy for the research design and methodology, and adopted a multiple-case study approach. This research followed a combination of questionnaires and an exploratory semi-structured face to face interview approach with manual data analysis. The first stage of the research process involved screening interviews of the short-listed project managers, which comprised of questionnaires and semi-structured interviews with an interview guide. The second stage studied three selected cases and comprised of the second stage interviews, direct observations and documentation as the main methods of data collection. The third stage involved the validation of the intermediate framework developed from the multiple-case study conducted during the second stage via a questionnaire with nine people comprising of the project managers of the selected case study projects, screening process project managers and other selected construction industry experts all with extensive working experience in Korea. The findings of this research were presented in the form of a final framework to assist in improving project manager performance and skills on complex PBIJV construction megaprojects in Asia and it was concluded that such a framework would be of benefit to Western project managers as a guideline to manage construction megaprojects in Asia in a more effective and efficient way with the ultimate goal of achieving project success.

As German organisations expand their businesses into China, the potential risks associated with a lack of fit in management styles among International Joint Venture (IJV) partner-firms have become increasingly obvious to academic researchers, human resource professionals and partner-firm managers themselves. The general consensus among researchers and practitioners is that cultural differences in management styles are a major deterrent to the success of IJVs. Limited research has been undertaken to specifically examine and identify how partner-firm managers can overcome this barrier in Sino-German IJVs.

published_or_final_version / Social Work / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration