The closing price first day of trading has historically been found to exceed the offer price set in IPOs, implying that many issuing firms tend to leave money on the table in their IPO. This thesis examines the level of IPO underpricing in Sweden using unique data of IPO transactions on the largest Swedish stock exchanges during 2010-2016. It further discusses the valuation difficulties using the most common valuation methods for firms exhibiting characteristics commonly shared by technological firms. Univariate and multivariate tests confirm the existence of underpricing on Swedish stock exchanges during the period of study. Firms in the technological sector are found to experience both high average levels of underpricing and great variance in initial returns, suggesting potential difficulties valuing technological firms. Robust univariate tests do however not yield a significant result of greater variance in initial returns compared to rest of the sample. By using regression analysis, I find capital raised relative to market capitalization to have significant negative effect on initial returns.

This study examines revenue recognition methods used by high technology firms for sales to distributors. Revenue is either recognized when products are delivered to distributors (sell-in) or when distributors resell products to end-users (sell-through). This is the first empirical study to examine the firms that use these revenue recognition methods and the quality of financial information reported under the methods. I use a logistic regression to compare 479 firm-year observations in the computer and electronic equipment industries that use either the sell-in method or the sell-through method. I find that firms with higher growth opportunities and strong corporate governance are less likely to use the sell-in method. In addition, corporate governance strength moderates the association between use of the sell-in method and both capital requirements and management incentive compensation. Using ordinary least squares regression, I also examine two proxies for financial information quality: the ability of accounting information to predict future cash flows and the association between accounting information and stock returns. Results of these regressions suggest that financial information quality is higher under a deferred revenue recognition method (sell-through). Specifically, the ability of accounting information to predict future cash flows and the association between accounting information and returns are both higher for sell-through firms than for sell-in firms. The results of this study suggest that systematic differences exist between sell-in firms and sell-through firms and financial information quality differs between the two revenue recognition methods.

As pequenas empresas vêm ganhando destaque no contexto econômico brasileiro dado o importante papel que desempenham. Dentre estas empresas, destacam-se as pequenas empresas de base tecnológica (PEBTs), as quais são caracterizadas por focalizar a estratégia competitiva na inovação, participar ativamente das mudanças tecnológicas e atuar como fornecedores em diferentes cadeias produtivas. O processo de desenvolvimento de produtos (PDP) representa o conjunto de atividades pela qual as informações sobre o mercado são transformadas em requisitos de produto. É um processo complexo e com um elevado grau de incertezas. Grande parte da literatura sobre o tema está relacionada com o contexto das grandes empresas, entretanto, uma série de particularidades torna a realidade das pequenas empresas bastante diferente. Sendo assim, o objetivo deste trabalho é explorar as particularidades do PDP das PEBTs. Foi conduzido um levantamento dos fatores críticos de sucesso de PEBTs através de uma pesquisa qualitativa. Na sequência, foi realizado um mapeamento de artigos publicados em periódicos internacionais, entre os anos de 2002 e 2011, sobre a velocidade do PDP. Por fim, foi efetuado um estudo quantitativo para identificar associações entre as melhores práticas de gestão e os problemas mais frequentes encontrado no PDP destas empresas. / Small businesses are gaining prominence in the brazilian economic context given the important role they play. Among these firms, there are the small high technology companies, which are characterized by the competitive strategy focused on innovation, by the actively participation in technological changes and as suppliers in different production chains. The new product development (NPD) is a set of activities in which information about the market are transformed into product requirements. It is a complex process with a high degree of uncertainty. Most part of the literature on the topic is related to the large companies context, however, a variety of particularities makes the reality of small firms quite different. Therefore, the aim of this work is to explore the particularities of the NPD small high technology firms. It was conducted a survey of critical success factors through qualitative research. Further, a research mapping the articles published in international journals, between the years of 2002 and 2011, about the speed of the NPD. Finally, a quantitative study was conducted to identify associations between best management practices and most common problems found in the NPD of these companies.

As pequenas empresas vêm ganhando destaque no contexto econômico brasileiro dado o importante papel que desempenham. Dentre estas empresas, destacam-se as pequenas empresas de base tecnológica (PEBTs), as quais são caracterizadas por focalizar a estratégia competitiva na inovação, participar ativamente das mudanças tecnológicas e atuar como fornecedores em diferentes cadeias produtivas. O processo de desenvolvimento de produtos (PDP) representa o conjunto de atividades pela qual as informações sobre o mercado são transformadas em requisitos de produto. É um processo complexo e com um elevado grau de incertezas. Grande parte da literatura sobre o tema está relacionada com o contexto das grandes empresas, entretanto, uma série de particularidades torna a realidade das pequenas empresas bastante diferente. Sendo assim, o objetivo deste trabalho é explorar as particularidades do PDP das PEBTs. Foi conduzido um levantamento dos fatores críticos de sucesso de PEBTs através de uma pesquisa qualitativa. Na sequência, foi realizado um mapeamento de artigos publicados em periódicos internacionais, entre os anos de 2002 e 2011, sobre a velocidade do PDP. Por fim, foi efetuado um estudo quantitativo para identificar associações entre as melhores práticas de gestão e os problemas mais frequentes encontrado no PDP destas empresas. / Small businesses are gaining prominence in the brazilian economic context given the important role they play. Among these firms, there are the small high technology companies, which are characterized by the competitive strategy focused on innovation, by the actively participation in technological changes and as suppliers in different production chains. The new product development (NPD) is a set of activities in which information about the market are transformed into product requirements. It is a complex process with a high degree of uncertainty. Most part of the literature on the topic is related to the large companies context, however, a variety of particularities makes the reality of small firms quite different. Therefore, the aim of this work is to explore the particularities of the NPD small high technology firms. It was conducted a survey of critical success factors through qualitative research. Further, a research mapping the articles published in international journals, between the years of 2002 and 2011, about the speed of the NPD. Finally, a quantitative study was conducted to identify associations between best management practices and most common problems found in the NPD of these companies.

As pequenas empresas vêm ganhando destaque no contexto econômico brasileiro dado o importante papel que desempenham. Dentre estas empresas, destacam-se as pequenas empresas de base tecnológica (PEBTs), as quais são caracterizadas por focalizar a estratégia competitiva na inovação, participar ativamente das mudanças tecnológicas e atuar como fornecedores em diferentes cadeias produtivas. O processo de desenvolvimento de produtos (PDP) representa o conjunto de atividades pela qual as informações sobre o mercado são transformadas em requisitos de produto. É um processo complexo e com um elevado grau de incertezas. Grande parte da literatura sobre o tema está relacionada com o contexto das grandes empresas, entretanto, uma série de particularidades torna a realidade das pequenas empresas bastante diferente. Sendo assim, o objetivo deste trabalho é explorar as particularidades do PDP das PEBTs. Foi conduzido um levantamento dos fatores críticos de sucesso de PEBTs através de uma pesquisa qualitativa. Na sequência, foi realizado um mapeamento de artigos publicados em periódicos internacionais, entre os anos de 2002 e 2011, sobre a velocidade do PDP. Por fim, foi efetuado um estudo quantitativo para identificar associações entre as melhores práticas de gestão e os problemas mais frequentes encontrado no PDP destas empresas. / Small businesses are gaining prominence in the brazilian economic context given the important role they play. Among these firms, there are the small high technology companies, which are characterized by the competitive strategy focused on innovation, by the actively participation in technological changes and as suppliers in different production chains. The new product development (NPD) is a set of activities in which information about the market are transformed into product requirements. It is a complex process with a high degree of uncertainty. Most part of the literature on the topic is related to the large companies context, however, a variety of particularities makes the reality of small firms quite different. Therefore, the aim of this work is to explore the particularities of the NPD small high technology firms. It was conducted a survey of critical success factors through qualitative research. Further, a research mapping the articles published in international journals, between the years of 2002 and 2011, about the speed of the NPD. Finally, a quantitative study was conducted to identify associations between best management practices and most common problems found in the NPD of these companies.

Made available in DSpace on 2016-04-26T20:48:58Z (GMT). No. of bitstreams: 1 Daiane Ramon de Alcantara.pdf: 1580752 bytes, checksum: b24b5e39eb3d6d9364aeb2d1cc88265e (MD5) Previous issue date: 2009-10-26 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The purpose of this dissertation is to investigate the greatest financial barriers faced by Small Technology - Based Firms of CIETEC in Sao Paulo. In particular, this work aims to analyze which of these derives from the absence of adequate sources of funding. In order to achieve this objective we opted for an empirical study with a group of residents and graduated enterprises at the Incubator Center for Technological Companies from USP São Paulo. Mobilizing resources for Small Technology - Based Firms includes the study of financial environment, the institutional arrangements and mechanisms for state action and the actors in the credit and capital market. Additionally, the determinants of funding supply and demand must be understood considering the distinguishing features of this type of company. When we consider these aspects it is possible to find certain facilitator factors, such as the center infrastructure and the capabilities of entrepreneurs. Among the obstacles are mainly the products and services nature and maturation cycles and the academic profile of the founding partners. The conclusion is that the Small Technology - Based Firms of CIETEC even though with difficulties are able to do a better quest for public funding when compared to private ones made in credit and capital markets - particularly in the seed and venture capital modalities. The intense usage of public funds by these companies is sometimes a discouraging factor for market entrance, since these companies are used to survive with public funds. It seems to be a common fear among companies to have their projects rejected in the context of some agencies. In fact, when it occurs, they are obligated to stop the research and development of products and services, slowing the development process. In the field research with investors we found two possible solutions to the problem: i) the free providing, by CIETEC, of a TBCs management course in the same structure of the course made by Fundação Dom Cabral, Belo Horizonte, MG, ii) the development of tools for supporting the preparation of projects, such as courses or consultancy, to promote the reduction of mistakes made by companies during the preparation of funding requests for technology projects / O propósito desta dissertação é investigar quais são os maiores obstáculos financeiros enfrentados por Empresas de Base Tecnológica do CIETEC em São Paulo. Em especial, o trabalho objetiva analisar quais desses obstáculos são derivados da ausência de fontes adequadas de financiamento. Para tanto, optou-se pelo estudo empírico com um grupo de empresas residentes e graduadas no Centro Incubador de Empresas Tecnológicas, da USP São Paulo. A mobilização de recursos para EBTs engloba o estudo do ambiente financeiro, do arranjo institucional e dos mecanismos de atuação do Estado e dos atores no mercado de crédito e capitais. Adicionalmente, os fatores determinantes da oferta e demanda de financiamento devem ser compreendidos à luz das características distintivas desse tipo de empresa. Considerando esses aspectos, é possível encontrar certos fatores facilitadores, como a infraestrutura do Centro Incubador e as capacidades dos empreendedores. Entre os obstáculos enfrentados estão, principalmente, a natureza e o ciclo de maturação dos produtos/ serviços, além do perfil acadêmico dos sócios fundadores. A conclusão do estudo é que as empresas de base tecnológica do CIETEC têm mais facilidade -- embora também enfrentem dificuldades -- na busca por financiamento público do que por financiamento no mercado privado de crédito e capitais especialmente seed e venture capital. A intensa utilização de financiamento público por essas empresas é, por vezes, fator desestimulante para a inserção no mercado, uma vez que as empresas ficam acostumadas a sobreviver com recursos públicos. Parece comum o medo das empresas em ter seus projetos recusados no âmbito de algum órgão de fomento. De fato, quando isso ocorre, elas são obrigadas a parar a pesquisa e o desenvolvimento dos produtos/serviços, retardando o processo de desenvolvimento. Na pesquisa de campo realizada com investidores foram encontradas duas possíveis soluções para o problema: i) o fornecimento gratuito, pelo CIETEC, de um curso de gestão de EBTs, nos moldes do realizado pela Fundação Dom Cabral, em Belo Horizonte- MG; ii) a elaboração de instrumentos de apoio à elaboração de projetos, como cursos ou consultoria, que possibilitem a redução dos erros cometidos pelas empresas durante a elaboração de pedidos de financiamento para projetos tecnológicos

我國關係人交易普遍且具重要性，而過去研究顯示關係人交易會對公司產生負面效果，且關係人交易之查核具有困難度，因此本研究以關係人交易較多且查核風險較高之高科技公司為研究對象，將關係人交易分為關係人銷貨交易、關係人進貨交易、關係人應收款與關係人應付款等四項類別，探討關係人交易與審計品質的關係。進一步探討當關係人交易分為發行公司與關係人皆受相同會計師查核與受不同會計師查核兩類型，對發行公司財務報表審計品質的影響。實證結果發現：關係人銷貨交易、關係人進貨交易與審計品質呈負向關係；關係人銷貨交易、關係人進貨交易與關係人應收款兩造受不同會計師查核者，對其發行公司財務報表審計品質之負面影響較兩造受相同會計師查核者強。 / Related party transactions are common and important in Taiwan, and empirical studies in Taiwan show that related party transactions have negative impact on earnings management and company performance. Based on auditing standards and literature, related party transactions are difficult to audit, and high technology firms have more related party transactions which may result in higher audit risk than other industry. Therefore, we investigate the association between related party transactions (including sales to related parties, purchases from related parties, accounts receivable from related parties and payable to related parties) and audit quality (proxied by accrual quality) in high technology firms, and find that sales to related parties and purchases from related parties have negative impact on audit quality. Next, we investigate the impact of related party transactions audited by the same auditor or different auditors. Empirical results show that sales to related parties, purchases from related parties and accounts receivable from related parties audited by different auditors show stronger negative impacts on audit quality than those audited by same auditors.

Made available in DSpace on 2016-06-02T19:52:08Z (GMT). No. of bitstreams: 1 DissMCLS.pdf: 1955685 bytes, checksum: e2f13501a937d4fae150d83eddc67c5a (MD5) Previous issue date: 2004-06-28 / This work aims to characterize the product development process (PDP) in three technology based companies established in the city of Sao Carlos, Brazil. It also identifies and analyses management practices used in this process, as well as main problems and trends related to PDP management. In the technology based context, same as others, PDP is a very important process for competitive improvement, mainly when aspects as globalization, product diversification, product life cycle reduction and the need to adapt to innovation. The dissertation includes a literature review about PDP, a discussion on technology based companies and its innovation process, and a report of a field research conduct in three technology based companies in the city of Sao Carlos. The results are presented by a characterization of each case studied, and also by a comparison between cases. / Este trabalho tem como objetivo principal caracterizar o processo de desenvolvimento de produtos (PDP) em três empresas de base tecnológica (EBT) da cidade de São Carlos. O trabalho também identifica e analisa práticas correntes de gestão deste processo nessas empresas, bem como relata as principais tendências e problemas relacionados à gestão desse processo identificados na pesquisa. Dentro do contexto das empresas de base tecnológica, assim como em outras, pode-se dizer que o desenvolvimento de produto é um processo cada vez mais importante e crítico para a capacidade competitiva das empresas, principalmente considerando-se tendências tais como a crescente globalização, aumento da diversidade de produtos, redução do ciclo de vida dos produtos no mercado e a necessidade de adaptar-se às inovações. O trabalho compreende um estudo da bibliografia sobre gestão do desenvolvimento de produto, uma discussão sobre as empresas de base tecnológica e seu processo de inovação e o relato de uma pesquisa de campo, com característica descritiva e exploratória do tipo estudo de caso, realizada junto a três empresas de base tecnológica de São Carlos. Os resultados são apresentados por meio de uma caracterização de cada caso realizado e uma comparação entre os casos, destacando as principais práticas, problemas e tendências.

Malaysia is a transition economic country that aims to be a developed country by 2020. In realising this mission (Vision 2020), the cluster concept has been an interest and adopted by the central authorities. There are few years ahead to reach the targeted year and it interest of this study to investigate the relevant development on its own engineered cluster of the Multimedia Super Corridor (MSC) that was put forward on the success of Silicon Valley in the US. This thesis focuses on the development of the MSC cluster in the Malaysia context. It examines and measures the state of the cluster, the role played by its core actors (from Triple Helix perspective) and their relationship in the MSC. The role of collaboration has been used to measure the relationship among actors with the key determinants of cluster formation. A mixed data collection method was used to answer the research question and objectives involved. A conceptual model for analysing the MSC cluster is proposed, bringing together insights from the literature on clusters, role of actors, collaborative relationship and the complex systems of innovation approach. This conceptual model uncover the weaknesses of social dimension (social infrastructure) in Porter’s diamond model and the general approach of Triple Helix model in the cluster development. The cluster lifecycle model is used to add the depth to the analysis on the condition of cluster development.