Submitted by Hellen Luz (hellencrisluz@gmail.com) on 2017-09-04T16:05:06Z No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Dissertacao_AnaliseAcaoEficiencia.pdf: 8849521 bytes, checksum: 856b5a5ccc7c04435978c821e01ebbe0 (MD5) / Approved for entry into archive by Irvana Coutinho (irvana@ufpa.br) on 2017-09-12T16:29:04Z (GMT) No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Dissertacao_AnaliseAcaoEficiencia.pdf: 8849521 bytes, checksum: 856b5a5ccc7c04435978c821e01ebbe0 (MD5) / Made available in DSpace on 2017-09-12T16:29:04Z (GMT). No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Dissertacao_AnaliseAcaoEficiencia.pdf: 8849521 bytes, checksum: 856b5a5ccc7c04435978c821e01ebbe0 (MD5) Previous issue date: 2017-04-28 / A matriz energética mundial é bastante dependente das fontes não renováveis de energia, assim, a adoção de novas tecnologias e estratégias que visem à eficiência energética são ações fundamentais, face às mudanças climáticas, escassez dos recursos naturais e demanda crescente de energia. Nesse sentido, o progresso autônomo da tecnologia dos LEDs, do inglês “Light-Emitting Diode”, e o progresso induzido, praticado pelo governo brasileiro, em eficiência energética são alavancas propulsoras para o crescimento das medidas de conservação de energia em todos os setores da economia. Nesse contexto, o presente trabalho vem propor uma metodologia que busca reduzir o consumo de energia elétrica na Administração Pública. O método proposto é aplicado em um estudo de caso na Superintendência do Desenvolvimento da Amazônia (SUDAM), uma Autarquia Federal, utilizando-se, em um primeiro momento, de um pré-diagnóstico energético capaz de embasar a implementação de Ações de Eficiência Energética (AEE) por meio de medidas técnico-administrativas e, em um segundo momento, amparado por um diagnóstico energético aprofundado no sistema de iluminação artificial, sugere e emprega o LED na iluminação artificial de alguns ambientes da SUDAM. Para subsidiar a metodologia proposta é utilizado o software RETScreen® e a metodologia do Guia de M&V (Medição e Verificação) da Agência Nacional de Energia Elétrica (ANEEL) tendo como premissas, respectivamente, analisar a oportunidade percebida no diagnóstico energético e quantificar os resultados obtidos admitindo a substituição de todas as lâmpadas antigas por lâmpadas LED. O trabalho apresenta os resultados, satisfatórios, provenientes das Ações de Eficiência Energética e conclui também que a utilização do LED na iluminação artificial da SUDAM possui viabilidade de aplicação com recursos próprios da Instituição, configura-se como uma proposta de projeto válida para Chamadas Públicas, que devem ser ofertadas pela concessionária de energia local, no âmbito do Programa de Eficiência Energética (PEE) regulado pela ANEEL, possibilidade de obter a Etiqueta Nacional de Conservação de Energia (ENCE) parcial para o sistema de iluminação e ainda servir como parâmetro e motivação para os demais Órgãos do Setor Público. / The world energy matrix is a lot dependent of non-renewable energy source, thus, the adoption of new technologies and strategies that aim the Energy Efficiency are actions fundamental, against climate changes, scarcity of natural resources and increase energy demand. This form, an autonomous progress of Lights-Emitting Diodes (LED) technology and an induction progress, practiced for Brasilian Government, in Energy Efficiency are levers to growth action energy conservation in all sectors of the economy. With that intent, this work comes to propose an methodology that search reduce the energy consumption in Public Administration. The method proposed is applied in case study in Amazon Development Superintendence (SUDAM), an Autarchy the Federal, using, in a first moment, of a pre-diagnosis capable of to base the implementation of energy efficiency action by means of steps technical-administrative and, in a second moment, supported by an deep energy diagnosis in artificial lighting system, it suggests and employs the LED in lighting some SUDAM environments. To subsidize the proposed methodology is used the software RETScreen® and the methodology of Measure and Verification Guide of the National Electrical Energy Agency (ANEEL), by having like premise, respectively, an analyze of an opportunity perceived in energy diagnostic and results quantify obtained admitting the renewal of all old lamps for LED lamps. The work presents results, satisfactory, from of energy efficiency actions and it concludes also that use of LED in artificial lighting of SUDAM it has viability application with own resource Institution’s, sets up like a propose valid of project to Calls Public, that must be offered by electrical utility, in ambit of the Efficient Energy Program regulated by the ANEEL, possibility of get National Energy Conservation Label, partial, to lighting system and still serve like parameter and motivation to the other Agencies of Public Sector.

<p>Changes in sectors and industries have brought new challenges to corporations as well as been important driving forces for the dynamics in strategy at the corporate level. With the dramatic developments of the 1990’s in mind, such as multilateral free-trade agreements, liberalization, privatization, sharp industry growth/decline, increased competition and globalization, in particular within the telecom and the construction industry, this study contributes to describing and understanding strategic change at the corporate level as well as changes in the division of work within value chains. Strategy is defined as intentions, decisions and actions that relate to bundling and unbundling at different strategic levels, aiming to establish and reestablish a value chain position. Thus, outsourcing, M&As, modularization and systems development and sales are important strategic components which are examined from a value chain perspective. From a value chain perspective, the purpose of this study is to describe and understand strategic change at the corporate level in the telecom and construction industries during the 1990’s. More specifically this study shall contribute to describing and understanding (i) the dynamics of and between M&As, outsourcing, modularization and systemization, as well as (ii) industrial and financial drivers to strategic change.</p><p>The conclusions describe strategic change from a value chain perspective using three descriptive patterns, including an increasing degree of specialization and need for interorganizational coordination across the value chain. In addition, outsourcing and modularization of systems and an increased scope of offering through systemization and BOT-projects, result in the fact that due to M&As the horizontal boundary of the firm sometimes goes beyond the industry scope while the vertical scope is often narrowed through outsourcing. The conclusions also focus on understanding the content of strategic change, that is to say the dynamics of and between mergers and acquisitions, outsourcing, modularization and system sales. These findings are summarized in nine explanatory patterns. These patterns show that the strategic decisions of bundling and unbundling at the corporate and functional level through mergers and acquisitions, outsourcing, systemization and modularization are guided by an industrial as well as a financial logic. By considering the descriptive and explanatory patterns found this study, the conclusions also include what to expect during the next decade with regard to corporate strategy from a value chain perspective in five predictive patterns.</p>

Changes in sectors and industries have brought new challenges to corporations as well as been important driving forces for the dynamics in strategy at the corporate level. With the dramatic developments of the 1990’s in mind, such as multilateral free-trade agreements, liberalization, privatization, sharp industry growth/decline, increased competition and globalization, in particular within the telecom and the construction industry, this study contributes to describing and understanding strategic change at the corporate level as well as changes in the division of work within value chains. Strategy is defined as intentions, decisions and actions that relate to bundling and unbundling at different strategic levels, aiming to establish and reestablish a value chain position. Thus, outsourcing, M&amp;As, modularization and systems development and sales are important strategic components which are examined from a value chain perspective. From a value chain perspective, the purpose of this study is to describe and understand strategic change at the corporate level in the telecom and construction industries during the 1990’s. More specifically this study shall contribute to describing and understanding (i) the dynamics of and between M&amp;As, outsourcing, modularization and systemization, as well as (ii) industrial and financial drivers to strategic change. The conclusions describe strategic change from a value chain perspective using three descriptive patterns, including an increasing degree of specialization and need for interorganizational coordination across the value chain. In addition, outsourcing and modularization of systems and an increased scope of offering through systemization and BOT-projects, result in the fact that due to M&amp;As the horizontal boundary of the firm sometimes goes beyond the industry scope while the vertical scope is often narrowed through outsourcing. The conclusions also focus on understanding the content of strategic change, that is to say the dynamics of and between mergers and acquisitions, outsourcing, modularization and system sales. These findings are summarized in nine explanatory patterns. These patterns show that the strategic decisions of bundling and unbundling at the corporate and functional level through mergers and acquisitions, outsourcing, systemization and modularization are guided by an industrial as well as a financial logic. By considering the descriptive and explanatory patterns found this study, the conclusions also include what to expect during the next decade with regard to corporate strategy from a value chain perspective in five predictive patterns.

本文主要探討公司治理體系下控制權市場所發揮之功能，內容大致上分為四個部分。第一部分先就公司治理理論以及不同體系加以介紹，從Ronald H. Coase交易成本理論、Berle & Means五種公司類型，以及代理理論說明公司治理的理論基礎，再分別介紹OECD以及World Bank的公司治理架構，而控制權市場則是公司治理體系下，外部治理機制的一項重要工具，最後就美國、日本與我國的公司治理體系加以介紹。 第二部分則是說明企業併購促使控制權市場發揮治理成效之主要活動，因此，分別就美國、日本與我國企業併購之概況加以闡述。美國歷經了五次併購風潮，有其經濟、文化等結構性因素，而日本與我國過去並未發生併購風潮，然而隨著結構性因素的改變，再加上全球化的浪潮，日本與我國併購活動有逐漸加溫之趨勢。 視敵意併購為控制權市場之主要利器，這是因為企業雖然有可能因為善意併購後，改善效率進而增加股東權益，有助於公司治理，但敵意併購活動更兼具威嚇現任經營者之效果，因此，敵意併購活動於公司治理體系上，一方面可汰換不適任經營者，另一方面亦可對現任經營者造成威嚇使其不敢進行有礙於股東權益之情事。而主併者進行敵意併購，主要可行的途徑有二：一為收購股權，另一為委託書徵求。就法制面而言，則見諸公開收購以及委託書管理相關規定。 第三部分開始探討敵意併購法制，本文分別介紹了美國、日本以及我國公開收購制度，目前我國已從事先核准制修正為事先申報制，與美國、日本之申報制相近。但對於公開收購定義則大相逕庭，美國採八項要素判斷，日本與我國則加以明確定義。另外股東平等原則部份，美國、日本與我國同採「比例分配制」，關於禁止變更收購條件的範圍，則是美國最寬鬆因此有利於主併者，而日本最嚴格。至於美國州法下的反併購條款在我國與日本並未出現。而關於我國引進強制公開收購制度，本文分別引述支持與反對者之意見，並基於促進併購活動發生有利於公司治理此一面向，說明強制公開收購制度可能之影響。 第四部份探討美國、日本與我國關於委託書徵求相關制度，就資訊公開的內容而言，美國、日本與我國相關規定大同小異，但徵求人資格限制以及徵求股份總數限制為我國獨有，況且因公司派掌握紀念品的製作權以及發放權，加上相關規定使投信事業必須支持符合持股成數之之公司董事會提出之議案或董事、監察人候選人，且又就使用股東名冊的難易程度而言，我國委託書徵求相關規定實對現任經營者較有利。 而關於委託書價購與否之爭論，本文分別就正反兩方之理由加以介紹，後從公司治理之角度出發，認為收購委託書可能使管理者有更多經濟上誘因進行舞弊，有礙於公司治理，故應禁止之。 最後比較公開收購制度與委託書徵求制度二者，分別從所需資金、成本風險控制、實施之便宜性以及公司治理角度，希冀我國未來公開收購制度能善加運用，發揮公司治理之功效。文末並提出相關建議，以供將來之研究或主管機關作為參考。 / This dissertation mainly discusses the role of control market in the framework of corporate governance. It is composed of four parts. The first part introduces relevant theories of corporate governance, including Ronald H. Coase’s “transaction cost theory”, Berle & Means’ “five types of corporation”, and agency theory. Then the diverse frameworks of corporate governance including OECD, World Bank, in which control market is indicated as a significant external mechanism, are illustrated. At last, the U.S., Japan, and Taiwan's frameworks of corporate governance are introduced respectively. The second part explains that the merges & acquisitions (M&A) is one of the major activities that make control market operate effectively. Then the general situations of the M&A in the U.S., Japan, and Taiwan are introduced. Taken as a main mechanism of control market, hostile takeover not only strikes inefficient managers but menaces the incumbent from fraud. Two major feasible approaches of hostile takeover are purchasing stocks and soliciting proxies. The rules of tender offer and proxy contest are relevant. The third part discusses the legal institution of hostile takeover. The rules of tender offer of U.S., Japan, and Taiwan are introduced. Then the similarities and dissimilarities between the rules from the definitions of tender offer, equal treatment to shareholders, and anti-takeover strategies are detailed. At the end of this part, different points of view about mandatory tender offer and its relation with corporate governance are discussed. The fourth part explores (investigates) the rules of proxy contest of the U.S., Japan, and Taiwan. They are similar in the disclosure principle, but only Taiwan set limitations on the qualification of solicitors and the amount of proxies. In addition, the incumbent in Taiwan have the control over the manufacturing and delivery of the tokens for shareholders in annual meetings. What’s more, regulations force the institute-investors to support the incumbent. In conclusion, the proxy rules in Taiwan favor the incumbent. Also, the arguments over proxy purchase and its relation with corporate governance is mentioned. At last, this paper compares tender offer with proxy soliciting in several aspects: the fund needed, risk control, convenience, and corporate governance. In the end, the conclusion provides some suggestions for legislators and future studies.

在現今競爭激烈且日益趨向全球化的市場上，企業追求成長的壓力不斷的增加，企業若是無法持續成長，就可能隨時被市場淘汰，而併購是企業追求成長的重要方式之一，企業併購通常被認為可以帶給企業獲利、加速發展、提升市場占有率、實現規模經濟、掌握上下游資源、取得專利技術等諸多好處，但看似美好的背後往往潛藏著許多看不見的危機，嚴重的話更可能帶來併購失敗的災難性後果。而企業合併後馬上面臨許多整合問題，包含人事安排、組織改造、市場整合以及品牌定位等重要項目。跨國的企業併購更需要考量不同的國情文化、法律以及政治問題，併購成功與否的關鍵也更加複雜。 本研究欲探討的是國際併購的動機、併購整合的關鍵成功因素，有鑑於全球半導體產業已趨成熟，競爭也越來越白熱化，特別以半導體產業的國際併購為研究的主題，採用深入訪問，重視研究中的第一手資料，解析個案公司如何從併購初期評估到併購後管理的決策與執行過程，如何以尊重和執行力來重新組織被併公司的制度並保存優良的原有企業文化、增加生產力，讓併購後組織能快速提升運作效率與維持彈性，併購後資源的共享、技術及智財的交流，持續提升研發創新能力、增加員工歸屬感及信賴感都是重要的因素，巧妙融合人性化管理，才是真正戰力升級的關鍵，此個案值得作為國際企業併購決策者對於併購評估與提升經營效率之學習標竿。 / Nowadays, due to the highly competitive and gradually-globalized market, the pressure on enterprises to pursue growth increases continually. If enterprises failed to continue to grow in the market, they would be eliminated through competition. M&A (merger and acquisition), as one of the most important ways to pursue business growth, is generally thought to bring corporate profits, accelerated development, increased market share and achieve economies of scale, master upstream and downstream resources, patented technology and many other benefits. However, there are also many invisible crises that can bring enterprises catastrophic consequences. Once the M&A is decided, the enterprise will immediately face lots of issues, including personnel arrangements, reconstruction of organization, market integration and brand positioning. When it comes to cross-border M&A, the key to the success is much more complex, as the different national cultures, legal and political issues need to be considered by the enterprise at the same time. In this study, the motivation of international M&A, and the critical factors of successful merger integration were explored. In view of the global semiconductor industry has matured and the competition has become increasingly intense, the research topic was focused on the international M&A in the semiconductor industry. By using in-depth interviews as the first-hand research data, the case company’s early acquisition evaluations and post-merger management decisions were resolved in detail. In conclusion, the keys to upgrading a company’s competitiveness are how to reorganize and keep the acquired company's system and original excellent culture through a respectful way, how to quickly improve operational efficiency and increase productivity of the merged corporation without sacrificing organization flexibility, continuing to enhance research and innovation capacity by sharing and exchanging technologies and intellectual property resources, and increasing employees’ sense of belonging and trust via integrating humane management. This case is worth as an important reference to international M&A decision makers for evaluation and enhancing the operational efficiency in the future.

本研究以2002年至2013年台灣主併公司為上市公司的併購案件為樣本，探討專家意見評價結果和品質對主併公司短期股價影響。本研究結果有兩項發現： 1. 於意見書揭露日時，若專家意見書評估價格高於雙方約定交易價格愈多時，即評價溢酬愈大，主併公司會有負向的累積異常報酬率。 2. 於意見書揭露日時，若併購溢酬越大、或是併購溢酬大與評價品質高，主併公司會有負向的累積異常報酬率。 故本研究認為，台灣獨立專家制度相較歐美國家仍不成熟，相關配套措施及規範未規畫周詳，對於獨立專家的獨立性、專業性之確保，以及出具意見時評價方法的選擇標準、意見書應記載事項等規範過少，使得專家意見書於揭露時評價結果易受到市場及投資人懷疑。另外評價品質與主併公司異常報酬的關聯性在少數的樣本下無法表現出顯著性，市場及投資人較傾向以併購溢酬做為交易出價是否過高之依據。 / This study analyses the relation between target firm appraisal outcome and quality disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2013. We find that the stock price reactions to the public disclosure of fairness opinions are negatively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price. In addition, the greater the acquisition premium for or acquisition or high acquisition premium with high appraisal quality would result in negative stock price reactions as well. Under these conditions, this study suggests that Taiwan's independent expert system in Taiwan still appeared to be immature, including that related supplementary measures are not careful planned, the independence of the independent expert, the professionalism of independent expert, and the criteria of valuation methods are not carefully regulated by the government. Therefore, the outcome and the quality of the fairness opinion may not to be trusted by the market and investors. Also, the association between appraisal quality and abnormal unable to be significant could result from the lack of number of samples.

本研究以2002年至2012年已開發國家食品產業跨國購併案為樣本，以事件研究法，比較已開發國家食品產業跨國購併已開發國家及開發中國家企業的購併宣告效果，去看在跨國購併的文獻議題上和實證結果是否相符。並以雀巢集團為收購公司之案例，比較其進軍已開發國家(美國惠氏營養品)及開發中國家(中國徐福記)的策略及收購後營運與財務績效，可否套用於產業研究結果，希望為後續食品產業購併提供研究參考。 本研究有以下三點發現：1.食品產業自已開發國家購併已開發國家對收購公司的股價宣告效果，較購併開發中國家對收購公司的股價宣告效果佳。2.已開發國家之食品產業收購與該產業相關性越高的企業，對其收購公司的股價宣告效果並無重大顯著之影響。3.無法將雀巢集團收購惠氏營養品之個案套用於產業研究結果，收購徐福記之個案則與實證結果相似，無正向顯著的宣告效果。此二個案皆著重搶攻新興國家市場，並以水平整合及策略互補方式，擴大市佔率及強化產品線，近五年之財務狀況，與同業相比有較佳之獲利表現，且繼續經營之價值。 已開發國家食品產業在選擇跨國購併對象時，可以已開發國家企業為主要收購對象，降低文化及地理距離帶來的資訊不對稱問題及取得策略性資產，投資人對其有較佳的預期，在選擇向前垂直整合策略時需留意，因零售通路需較大規模之經營整合，對於該市場需有更深入之了解，才適合投入至通路端。 / This paper treated cross-border Mergers and Acquisitions (M&A) cases of developed countries’ food industry over the period of 2002 to 2012 with event study. We compared the announcement effects of acquired companies following developed or developing countries M&A and to confirm that whether the empirical results are consistent with the literature. We used Nestle S.A. as acquiring company to compare its M&A’s strategies and performance when acquiring Wyeth Nutrition and Hsu Fu Chi. Hope to be the reference for the following food industry M&A research. The major research finding as follows. First, the announcement effects of developed countries’ food industry following developed countries M&A are better than developing countries M&A. Second, the results demonstrated that the announcement effect had no significant difference among different industrial relevance of target companies. Third, the case of Hsu Fu Chi acquisition is similar with the empirical results but Wyeth Nutrition acquisition cannot. Furthermore, both cases were focused on the emerging markets and complementary strategies. Developed countries’ food industry can chooses the developed countries’ firms as target companies to decrease asymmetric information which caused by cultural, economic and geographic distance and to acquire strategic assets. They also should have enough acquaintance of the markets before they invest in the channel.

本研究主要目的為探討產業過去之購併活動，對公司的研發投入的影響。產業的購併活動活躍與否，可視為此產業中資產的流動性衡量，根據Phillips and Zhdanov （2012）所使用之方式，利用產業過去的購併交易所計算出變數，可用以解釋公司的研發投入。本文有別於傳統之樣本分類法，而是採用不同的變數來衡量產業分類，藉以分析同業購併、異業購併以及產業整體購併對公司研發投入的影響。從實證結果發現，當過去的同業內購併活動越盛行時，公司的研發投入越高。而公司的研發投入，又與公司之規模大小有關，隨著公司規模大小不同，購併活動對研發投入的影響程度也隨之改變，隨著公司規模越大，受到的影響則越小，具有規模效應。本研究同時考量產業需求變動以及競爭程度對公司研發投入的影響，實證發現公司研發投入與產業需求及競爭程度為正向關係，且同樣具有規模效應。 / The objective of this study is to analyze how an active acquisition market affects Taiwan firms’ incentives to conduct R&D. It follows Phillips and Zhdanov（2012）that using the value of past M&A activity in the firm’s industry to captures the historical liquidity of an industry’s assets. Different from other studies which usually split sample into different groups to examine inside- and outside-industry, this study use three variables to measure how M&A activity in inside-, outside- and whole-industry affect firms on conducting R&D in different ways. According to the empirical results of the regression analyses, we find that firms’ incentives to conduct R&D increase with inside industry M&A activity and the effect is stronger for small firms than large firms. We also find that firms’ R&D are positively correlated with industry demand and competition, and both of these effects are also stronger for small firms than for large firms.

L’obiettivo del presente elaborato è verificare se le caratteristiche della struttura proprietaria delle società quotate italiane hanno contribuito a incrementare la creazione di valore per tutti gli azionisti nelle operazioni di fusione e acquisizione effettuate dalle stesse società nel periodo dal 1999 al 2006. In particolare si verifica se, in un contesto che era caratterizzato da un basso livello di corporate governance, con elevata concentrazione della proprietà, con presenza di strutture proprietarie piramidali e azioni senza diritti di voto, esiste una relazione tra la profittabilità delle operazioni di acquisizione per tutti gli azionisti e la struttura proprietaria della società bidder. A tal fine è stato considerato un campione iniziale di 319 eventi di fusione e di acquisizione relativo alle operazioni annunciate dal 1999 al 2006 da società italiane quotate; è stato quindi effettuato uno standard event study per stimarne la profittabilità e sono state inoltre raccolte e classificate le informazioni relative alla struttura proprietaria e all’azionariato della società bidder. / The aim of the paper is to verify if the ownership structure of Italian listed firms was able to increase all the shareholders’ wealth in the M&A activity from 1999 to 2006. In particular, notwithstanding the characteristics of the Italian contest (weak level of corporate governance, high ownership concentration, pyramidal structures and the presence of non-voting shares), I investigate the relation between the M&A activity performance for all the shareholders and the ownership structure of the bidders. I consider a sample of 319 M&A operations made by Italian bidders from 1999 until 2006. I use the standard event study approach to estimate the performance which has been investigated in relation to ownership information of the bidder.

In the lead up to the Year 2000 dot.com crash of publicly traded high-technology equities, Information Communication Technology (ICT) Companies proudly displayed inter-firm allegiances on their newly created websites. These collaborative relationships were in reality licensing agreements to develop or market new products internationally. Phenomena associated with ICT product development - collaboration, innovation, and internationalisation - are the core tenets of the accompanying dissertation. Leading scholars have suggested these phenomena challenge conventional economic theories of the firm. This study commences with tracing the evolution of trade and production theories from absolute advantage through to competitive advantage and introduces the concepts of non-adversarial collaborative advantage. Within the framework of the technology cycle, this dissertation then seeks to answer why firms engage in international collaborative innovation. The cycle of technological innovation is investigated and this leads to postulating a period of technological overlap and its implications for collaboration. One of the shortcomings acknowledged in the literature is the generic application of the term collaboration to cover a wide scope of inter-firm agreements. Within the literature this is referred to as a problem of multidimensionality. A model is developed in this dissertation that identifies the choices available to the firm and addresses the problem of defining collaboration. The choices provided in the developed model are more complex than simply choosing between external and internal intermediate markets. As a separable form of industry organisation, the success rates of alliance collaboration are compared to Mergers and Acquisitions (M&As) to validate issues of sustainability before examining the impact of location on innovation and collaboration. Again, theory is tested by recent events that require explanation. These events include the relocation of early stage foreign R&D to both developed and lesser-developed nations. The final chapter assesses the findings throughout this study and identifies separate and distinct roles for large and small firms in the international and collaborative commercialisation of new innovations. This central conclusion requires empirical validation and suggests the need investigate how firms shape the cycle of innovation from a reflected vantage point to the evolutionary perspective taken in this study. Further research is warranted because the literature on international innovation and collaboration is at an early stage and gaps in understanding remain.