Bachelor-Arbeit Univ. St. Gallen, 2005.

Submitted by Giancarlo Bruno Gentiluomo (giancarlo.bg@gmail.com) on 2015-02-27T14:51:00Z No. of bitstreams: 1 Versão_Protocolo_Final_Giancarlo_Bruno_Gentiluomo.pdf: 761525 bytes, checksum: 89e2731935d029f363b73e796c4e8932 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-02-27T14:53:47Z (GMT) No. of bitstreams: 1 Versão_Protocolo_Final_Giancarlo_Bruno_Gentiluomo.pdf: 761525 bytes, checksum: 89e2731935d029f363b73e796c4e8932 (MD5) / Made available in DSpace on 2015-02-27T15:14:27Z (GMT). No. of bitstreams: 1 Versão_Protocolo_Final_Giancarlo_Bruno_Gentiluomo.pdf: 761525 bytes, checksum: 89e2731935d029f363b73e796c4e8932 (MD5) Previous issue date: 2015-01-27 / This study analyzes how managers select between corporate restructuring implementation alternatives. This paper argues that the diversification strategy results in information asymmetries, which can be mitigated through one of the two most common forms of corporate restructuring: spin-offs and sell-offs. The best way to restructure assets that reside in primary and related business lines is through spin-offs, since external agents have less information on the asset to be restructured than managers. Conversely, assets outside the main business lines tend to be restructured more efficiently by sell-offs, in which case the asymmetry of information would be favorable to outside investors and not to managers. Additionally, this study argues that in Brazil regulatory activity exerts influence on how managers select between the two corporate restructuring alternatives: companies under a stricter regulatory framework tend to restructure their assets via spin-offs in order to increase transparency and raise market value. The hypotheses were tested using logistic regression with four samples of respectively 113, 129, 278 and 312 observations. The results gave support to the third hypothesis regarding the influence of regulatory activity in the choice of corporate restructuring alternatives, but not to the other hypotheses that make up the central thesis of this study. / Este estudo analisa como os administradores de empresas escolhem a forma de reestruturar os ativos das mesmas. Argumenta-se que a estratégia de diversificação das empresas resulta no surgimento de assimetrias de informação, que podem ser mitigadas através de uma das duas formas mais comuns de reestruturação de ativos: cisão (spin-off) ou pela venda de ativos. No caso dos ativos a serem restruturados pertencerem às principais linhas de negócio da empresa, a medida mais eficaz de reestruturação seria via adoção de um spin-off, pois o conhecimento que agentes externos tem sobre o ativo a ser reestruturado é menor do que adquirido pelos administradores com o passar do tempo. Já ativos que ficam fora das principais linhas de negócio tendem a ser reestruturados de forma mais eficiente pela venda dos mesmos, pois neste caso a assimetria de informação seria favorável aos investidores externos e não aos administradores. Adicionalmente, argumenta-se que no Brasil a atividade regulatória exerce influência na escolha entre uma forma ou outra de reestruturação: empresas sob um arcabouço regulatório mais rígido tendem a realizar a reestruturação via spin-offs a fim de aumentar a clareza das informações e elevar o seu valor de mercado. A metodologia utilizada foi uma regressão logística com quatro amostras de respectivamente 113, 129, 278 e 312 observações. Os resultados encontrados deram suporte à terceira hipótese que se refere à influência da atividade regulatória na propensão das empresas a adotar um spin-off, mas não foram suficientes para sustentar as demais hipóteses que compõem a tese central deste estudo.

Submitted by Débora Horn (debora@relataeditorial.com) on 2018-09-11T21:25:03Z No. of bitstreams: 1 MPGC_Sustentabilidade_TA_Debora Horn_2.pdf: 1050196 bytes, checksum: eefdf687b803eb3de83e8c396aa37301 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-09-12T17:30:56Z (GMT) No. of bitstreams: 1 MPGC_Sustentabilidade_TA_Debora Horn_2.pdf: 1050196 bytes, checksum: eefdf687b803eb3de83e8c396aa37301 (MD5) / Rejected by Isabele Garcia (isabele.garcia@fgv.br), reason: Prezada Débora, Sua submissão foi rejeitada, pois o nome que consta na ficha catalográfica está diferente do nome enviado na solicitação da ficha feito à biblioteca. Pedimos que entre em contato com a equipe da Biblioteca Digital, através do telefone (11) 3799-7732, para maiores esclarecimentos. Att., Isabele Garcia on 2018-09-12T18:15:17Z (GMT) / Submitted by Débora Horn (debora@relataeditorial.com) on 2018-09-13T12:50:23Z No. of bitstreams: 1 MPGC_Sustentabilidade_TA_Debora Horn_2.pdf: 1074278 bytes, checksum: fe9e1dc163c888882e695c3422339269 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-09-13T20:04:09Z (GMT) No. of bitstreams: 1 MPGC_Sustentabilidade_TA_Debora Horn_2.pdf: 1074278 bytes, checksum: fe9e1dc163c888882e695c3422339269 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-14T12:25:11Z (GMT) No. of bitstreams: 1 MPGC_Sustentabilidade_TA_Debora Horn_2.pdf: 1074278 bytes, checksum: fe9e1dc163c888882e695c3422339269 (MD5) / Made available in DSpace on 2018-09-14T12:25:11Z (GMT). No. of bitstreams: 1 MPGC_Sustentabilidade_TA_Debora Horn_2.pdf: 1074278 bytes, checksum: fe9e1dc163c888882e695c3422339269 (MD5) Previous issue date: 2018-08-16 / Este Trabalho Aplicado se dedica a identificar aspectos fundamentais de sustentabilidade a serem inseridos na estratégia competitiva de uma organização nascente, caracterizada como uma spin-off acadêmica do setor de agronegócios. Como resultado de uma pesquisa-ação, ancorada em métodos qualitativos, foi desenvolvida uma proposta de intervenção que, considerando o contexto organizacional e o contexto de sustentabilidade, definiu seis aspectos fundamentais a serem inseridos no planejamento estratégico da organização em foco, dos quais derivam uma série de ações a executar e indicadores de desempenho a monitorar. A fim de superar os desafios relacionados à maturidade do negócio quanto ao tema, a pesquisa sugere um método alternativo à identificação dos aspectos fundamentais, que busca conectar a percepção dos gestores e a cultura organizacional já existente à agenda global de sustentabilidade. Embora restritos ao contexto de uma única organização, os resultados da pesquisa podem contribuir para processos similares em outras empresas nascentes, ampliando a reflexão sobre meios e métodos que assegurem o equilíbrio entre aspectos econômicos, sociais e ambientais na estratégia competitiva. / This Term Paper consists of identifying the fundamental sustainability aspects to be inserted in the competitive strategy of an incipient organization, herein defined as an academic spin-off company in the agribusiness sector. A qualitative action research was executed, and an intervention proposal was developed. The intervention proposal defined six fundamental aspects, considering organizational and sustainability contexts, to be inserted in the strategic planning of said organization, resulting in a series of actions and performance indicators to be executed and monitored. Aiming to overcome business maturity challenges of such matters, the research suggests an alternative method to identify fundamental aspects, seeking to connect management perception and current organizational culture with the global sustainability agenda. Although the research was restricted to the context of a single organization, the results may contribute to similar processes in other incipient companies, broadening the reflection on means and methods that can help ensure a balance between the economic, social and environmental aspects of a competitive strategy.

This thesis deals with accounting and taxation aspects of transformations of business corporations. Specifically, it deals with division of business corporations, using the method of the classical division and spin-off. The firts part describes the theoretical basis for accounting, tax and legal issues of division. In the second part of the work the company is practically performed in two ways, which are compared in the final part of the work and a variant for the implementation is recommended

The Graduation Theses is targeted at mergers and their accounting and tax aspects. The Graduation Theses solve mergers in clearly law point of view, i.e. merger by acquisition, merger by the formation of a new company, spin-off by acquisition and spin-off split by acquisition. In the text you can find not only solution of mergers from the accounting point of view (from IAS/IFRS as well as from the czech accounting law point of view) but also from the tax point of view (from corporate income tax as well as from the tax administration point of view).

<p>The 21st century would be a nightmare for Don Quijote: thousands of windmills are installed all over the globe and the number will increase tremendously over the next years. If climate change was an issue in the early 17th century, Don Quijote might have specialized in fighting nuclear or fossil fuel power plants.</p><p>The change in power production is clearly pronounced, and it inspires the market to respond immediately. Numerous wind turbine manufacturers emerge, developing one technological innovation after another. The trend clearly goes in one direction: horizontal axis wind turbines in all possible variations. However, there are a few companies that do not follow the mainstream – they swim against the current and introduce new concepts, with the potential to set new standards in the industry.</p><p>Nevertheless, the question whether these companies can establish operations and survive in an industry dominated by large multinational corporations arises. If these companies want to become recognized, they need to compete on an international scale from the outset – they become born globals.</p><p>This master’s thesis investigates the preconditions under which an innovative start-up company can become born global in the wind turbine industry. For that, distinctive resources and capabilities of such companies, as well as key success factors for the industry are defined. Furthermore, enhancing or restricting parameters lying within company’s environment – in particular, within its networks – are discovered. These findings are based on and supported by the case study of an innovative vertical axis wind turbine manufacturer. In addition, the influence of this company’s university spin-off origin is investigated.</p>

Seit 1998 unterstützt dresden|exists Gründungsinteressierte aus den Dresdner Hochschulen und Forschungseinrichtungen. In dieser Zeit besuchten mehr als 6.800 Studierende die Vorlesungen zu Gründungsthemen und über 2.800 Geschäftsideen wurden an dresden|exists herangetragen. Doch was ist aus den vielen Ideen geworden? Wir haben bei 20 dieser Gründungen konkret nachgefragt. In der Broschüre zum 15. Jubiläum geben Gründer Einblicke in ihre Geschäftskonzepte und teilen einige ihrer Erfahrungen aus der Gründungsphase.

La variété des situations auxquelles sont confrontés les acteurs de la vie des affaires, et l’importance des sommes en jeu, constituent un aiguillon particulièrement stimulant pour la réflexion des spécialistes dans le domaine financier et juridique. Un engouement s’enracine également dans la tendance des marchés financiers à exiger une plus grande transparence dans la gestion des groupes diversifiés, dont la lisibilité financière est souvent réduite. Une telle exigence de lisibilité est au cœur de la définition des actions traçantes. Apparues outre-Atlantique au début des années 80, elles ont bénéficié, avec l’avènement de la nouvelle économie, d’un regain d’intérêt notable et d’un volume d’émission élevé sur le marché financier américain depuis les années 90. L’émission d’actions traçantes, mis à part leur nature hybride, constitue une mesure de restructuration assez particulière qui vient compléter la base d’études déjà constituée sur le thème de la restructuration de capitaux. Cette recherche a pour ambition de montrer comment introduire les actions traçantes sur le marché financier français et plus particulièrement, elle permettra d’élargir le choix des formes de restructuration qui seront présentés pour des entreprises souhaitant chercher de nouvelles sources de financement, se procurer de nouveaux moyens d’acquisition et atteindre l’objectif fondamental qui est celui de la création de valeur. De ce fait, l’émission d’actions traçantes se trouvera en concurrence avec d’autres formes de restructuration (scission et apport partiel d’actif). Par conséquent, on présentera les facteurs dont les entreprises devront tenir compte dans le choix des restructurations envisagées. / The variety of situations faced by actors of the business concerning their field, and the importance of the amount of money involved, is considered as a mind moving element particularly for specialists in financial and legal matters. Enthusiasm is also rooted in the financial markets which tend to require greater transparency from groups, including financial visibility that is often reduced. Such a requirement is highly recommended in the definition of tracking stock. Emerged across the Atlantic in the early 80s, they have benefited, with the advent of the new economy, a noticeable income of interest and have increased since the early '90s until now through a large number of issuances on the U.S. financial market. The issuance of tracking stock, apart from its hybrid nature, contains a certain measure of restructuring rather special that completes the basis of studies already made on the subject of capital restructuring. This research also aims to show how to introduce tracking stock on the French financial market, and more particularly to expand the choice of forms of restructuring that will be presented to companies in hope to seek new funding sources, to obtain new ways of acquisition and achieve a fundamental objective which is the creation of value. Therefore, the issuing of tracking stock will have to compete with other forms of restructuring (spin-off, equity carve-out). Thus, we present the factors that companies should deem when choosing the restructuring proposed.

The 21st century would be a nightmare for Don Quijote: thousands of windmills are installed all over the globe and the number will increase tremendously over the next years. If climate change was an issue in the early 17th century, Don Quijote might have specialized in fighting nuclear or fossil fuel power plants. The change in power production is clearly pronounced, and it inspires the market to respond immediately. Numerous wind turbine manufacturers emerge, developing one technological innovation after another. The trend clearly goes in one direction: horizontal axis wind turbines in all possible variations. However, there are a few companies that do not follow the mainstream – they swim against the current and introduce new concepts, with the potential to set new standards in the industry. Nevertheless, the question whether these companies can establish operations and survive in an industry dominated by large multinational corporations arises. If these companies want to become recognized, they need to compete on an international scale from the outset – they become born globals. This master’s thesis investigates the preconditions under which an innovative start-up company can become born global in the wind turbine industry. For that, distinctive resources and capabilities of such companies, as well as key success factors for the industry are defined. Furthermore, enhancing or restricting parameters lying within company’s environment – in particular, within its networks – are discovered. These findings are based on and supported by the case study of an innovative vertical axis wind turbine manufacturer. In addition, the influence of this company’s university spin-off origin is investigated.

As tecnologias radicalmente novas geram lucros por meio da conversão eficiente em processos, produtos e serviços. Entretanto, para esta conversão, empresas necessitam desenvolver novas capacidades e aprimorar as existentes para tornarem-se empresas aptas ao desenvolvimento e comercialização de novos produtos. Esta tese apresenta uma sistemática para a avaliação da evolução e (re)configuração das capacidades para a gestão do Processo de Conversão de Tecnologia em Produtos e Serviços (PCTPS). Este tipo de avaliação adequa-se no contexto de projetos de desenvolvimento radicais, como o que ocorre em novas empresas de base tecnológica, com destaque às empresas do tipo spin-off acadêmico. A sistemática foi representada por meio de um framework de forma a atender as premissas identificadas a partir da literatura. Para fins de avaliação das capacidades, foram elaborados constructos de níveis de desenvolvimento e de ajuste de capacidades e, a partir destes, foram propostas métricas para avaliação. A sistemática e seus componentes foram validados através da avaliação junto a especialistas, análise experimental e simulação e aplicação em um estudo de caso de um empreendimento liderado por uma spin-off acadêmica para análise de usabilidade. Para operacionalizar a sistemática proposta, métodos, formulários e índices foram incorporados em uma ferramenta. Esta ferramenta apresenta-se como um método de decisão multicriterial, com uma estrutura de combinação dos índices e de elaboração de relatórios. A sistemática auxilia as empresas a avaliarem suas capacidades e identificar como combiná-las e desenvolve-las para criar uma estrutura organizacional com políticas e rotinas definidas para coordenar e (re)configurar suas capacidades na condução do PCTPS. / Radically new technologies only generate returns by their efficient conversion into processes, products and services. However, enterprises need to develop new capabilities and improve the existing ones to become able to the development and commercialization of new products. This thesis presents, in the context of process of technology conversion to products and services, a model for performance measurement through the capabilities evolution and (re)configuration. This kind of evaluation is adequate in the context of radical development projects, as ones occurring in new technology based companies, with distinction to academic spin-off companies. The model was initially composed by a framework that incorporated and attended the promises identified from the literature. This framework was then embodied with tools and practices. To enable the capabilities evaluation, were defined the constructs for measurement of capabilities adjustment and development levels. From these constructs, the metrics for evaluation were proposed. The model was validated by evaluation with specialists, experimental and simulation analysis and usability test in a case. Methods, forms, and indexes were incorporated in a tool to enable the model operationalization. This tool was designed as a multi-criteria decision method that presents a structure for index combining and for report elaboration. The model supports the companies to evaluate their capabilities and identify how to combine them and develop them to create an organizational structure. This evaluation is understood as a guide for policies and routines definition in the process of coordination and (re)configuration of capabilities during the conduction of the new technologies conversion into processes, products and services.