Il fenomeno della contrattualizzazione del diritto societario viene sempre più intensificandosi nei diversi ordinamenti, soprattutto con riferimento alle società anonime chiuse quelle costituite nellambito di operazioni di joint ventures e quelle che ricevono investimenti di private equity. In questo scenario, i patti celebrati tra gli azionisti per regolare il loro rapporto societario in maniera complementare e parallela agli atti costitutivi della società (a cui genericamente ci si riferisce col nome di shareholders agreements) costituiscono tratti caratteristici di tale fenomeno. Denominati nel 1942 da GIORGIO OPPO Contratti Parasociali , la loro analisi dottrinaria, in generale, si è incentrata sul rapporto che intercorre tra gli stessi e il contratto o lo statuto societario, approfondendo in particolar modo i patti incidenti sullorganizzazione e il funzionamento della società (specialmente gli accordi per il voto) e i loro effetti societari. Con riferimento ai patti riguardanti i diritti patrimoniali dei soci, il fatto di non produrre effetti diretti sulla società ne ha limitato lesame sotto lottica del diritto societario. La tesi ha come obiettivo iniziale, dunque, quello di caratterizzare questo gruppo di contratt i, mettendone in luce come la loro funzione economica sia quella di modellare il rapporto societario tra le parti. Si dimostra, poi, come le disposizioni dei patti in esame non solo generano vincoli obbligazionari tra i firmatari, ma informano anche lo status di socio di ognuno di questi. In Brasile, lo studio dei patti parasociali è incentrato sullesame degli acordos de acionistas previsti nellart. 118 della Legge 6.404/76, e non sono state trovate opere che considerano i patti parasociali alla stregua di un genere di cui lacordo de acionistas è una specie. Si indagano poco, sotto la prospettiva societaria, i patti con contenuto patrimoniale egli aspet ti generali dei patti parasociali , come la loro interpretazione e i limiti di validità. Lo scopo principale della tesi sarebbe, allora, quello di esaminare come le circostanze peculiari in cui si inseriscono i patti parasociali patrimoniali influiscono sul loro processo di interpretazione e proporre degli elementi affinché considerazioni derivate dalla logica societaria orientino linterprete, al fine di superare argomenti di concezione individualistica legati alla difesa dellampia libertà contrattuale delle parti nellesecuzione di contratti relativi ai loro diritti patrimoniali. Con questo proposito, vengono analizzate regole consacrate di ermeneutica specialmente quelle relative alla necessità di esaminare la funzione economica del contratto e quella della buona-fede oggettiva e gli elementi su cui si fonda la logica societaria, come lo scopo comume, i doveri e diritti dei soci. Si passano al vaglio, , inoltre, i principali elementi che la dottrina individua come limiti allautonomia contrattuale nel diritto societario e, infine, si procede ad una riflessione sul rapporto dei patti parasociali patrimoniali con gli obiettivi di tutela del diritto societario. / O fenômeno da contratualização do direito societário tem se intensificado nos diversos ordenamentos, sobretudo com relação a sociedades anônimas fechadas constituidas no âmbito de joint ventures e aquelas que recebem investimentos de private equity. Nesse cenário, os acordos celebrados entre acionistas para reger seu relacionamento societário de maneira complementar e paralela aos atos constitutivos das sociedades (amplamente designados shareholders agreements) são traços característicos. Designados em 1942 por GIORGIO OPPO como Contratti Parasociali , sua análise doutrinária, em geral, tem se focado no exame de sua relação com o contrato ou estatuto social, ocupando-se principalmente dos acordos incidentes sobre a organização e funcionamento da companhia (notadamente os acordos de voto) e seus efeitos societários. Com relação aos pactos relativos a direitos patrimoniais dos celebrantes, o fato de não produzirem efeitos diretos sobre a companhia reduz seu exame sob a ótica do direito societário. A tese tem como objetivo primário, assim, caracterizar esse grupo de contratos assinalando como sua função econômica a de modelar o relacionamento societário entre as partes. Verifica-se, pois, que as disposições do pactos em exame não apenas geram vínculos obrigacionais entre os signatários, mas também gravam o status de sócio de cada um deles. No Brasil, o estudo dos pactos parassociais é centrado no exame dos acordos de acionistas previstos no art. 118 da Lei 6.404/76, não tendo sido identificadas obras que avaliem os pactos parassociais como gênero de que o acordo de acionistas é espécie. Pouco se explora, sob a perspectiva societária, ajustes com conteúdo patrimonial ou mesmo aspectos gerais dos pactos parassociais, como sua interpretação e limites de validade. O escopo principal da tese seria, então, o de examinar como as peculiares circunstâncias em que se inserem os pactos parassociais patrimoniais influenciam seu processo de interpretação e propor elementos para que considerações derivadas da lógica societária orientem o intérprete, buscando superar argumentos de concepção individualista, ligados a defesa de ampla liberdade contratual das partes na celebração de ajustes relativos a seus direitos patrimonais. Com esse propósito, analisa-se regras consagradas de hermenêutica - notadamente as relativas à necessidade de exame da função econômica do contrato e da boa-fé objetiva - e elementos de sustentação da lógica societária, como o escopo comum, os deveres e direitos dos sócios. Além disso, verifica-se os principais elementos apontados na doutrina como limitadores da autonomia contratual no direito societário e, por fim, reflete-se sobre a relação dos pactos parassociais patrimoniais com os alvos de tutela do direito societário.

Abstract The purpose of this study is to explore the role of relational capital in raising and utilizing venture capital by international new ventures (INVs). This study reviews literature on INVs, venture capital, and social capital theory and defines relational capital as the level of trust developed in the course of interactions between INVs and venture capital firms (VC firms) that leads to positive venture capital decisions and value creation. This empirical study of relational capital formation and utilization is accomplished by the case study method. The study is based on interviews with five case INVs regarding entrepreneurs’ and venture capitalists (VCs)’ experiences with forming and utilizing relational capital for the purpose of new venture internationalization. This study approaches the relationship between INV and VC firm from the relational capital perspective, exploring how INVs can raise venture capital for internationalization as well as how they can use relational capital to improve outcomes of new venture internationalization after venture capital is allocated. The analysis identifies the factors that affect formation of relational capital between INVs and VC firms, the outcomes that result from relational capital formed in the pre-investment stage, and the impact on performance of INVs during post-investment collaboration. This study develops a conceptual model proposing that the financing process for entrepreneurial INVs consists of forming and using relational capital to obtain venture capital investment. The particular characteristics of the INVs and VC firms, as well as behavior-related factors, have been found to be important to forming relational capital between INVs and VC firms. The relational capital formation process creates an atmosphere in which entrepreneurs and VCs provide both tangible and intangible resources to support INV internationalization. This study adds the relational capital viewpoint to the literature pertaining to venture capital and INVs by analyzing the role of relational capital in financing entrepreneurial INVs. Regarding managerial implications, the study shows how entrepreneurs can influence the venture capital investment process, where VC firms should pay attention to while working with INVs, and how policy makers could contribute by providing a positive environment for INV and VC firm collaboration. / Tiivistelmä Tässä tutkimuksessa tarkastellaan kansainvälisiin uusiin yrityksiin tehtyjä pääomasijoitusprosesseja suhdepääoman muotoutumisen ja hyödyntämisen näkökulmasta. Tutkimuksessa aihetta lähestytään sekä yritysten että pääomasijoittajien kannalta ja työn teoreettinen viitekehys rakennetaan kansainvälisten uusien yritysten, pääomasijoitusprosessin, ja sosiaalisen pääoman tutkimusjulkaisujen kautta. Työssä suhdepääoma määritellään luottamukseksi, joka kehittyy vuorovaikutuksen kautta yrityksen ja pääomasijoittajan välille ja johtaa positiiviseen pääomasijoituspäätökseen ja arvonluontiin. Työn empiirisessä osassa suhdepääoman muotoutumista ja hyödyntämistä tutkitaan tapaustutkimusmenetelmällä. Tutkimuksen aineisto on kerätty haastattelemalla viiden kansainvälisen nuoren yrityksen yrittäjiä sekä pääomasijoittajia heidän kokemuksistaan yrityksen kansainvälisen kasvun rahoittamiseksi. Työssä yritysten ja pääomasijoittajien suhdetta lähestytään suhdepääoman kautta, erityisesti kun yritysten tavoitteena on saada pääomasijoitus kansainvälistä kasvua varten ja hyödyntää syntynyttä suhdepääomaa pääomasijoituksen jälkeen yrityksen kansainvälistymisprosessissa. Analyysissä tunnistetaan tekijät, jotka vaikuttavat suhdepääoman kehittymiseen, tulokset, jotka ovat seurausta ennen pääomasijoitusta syntyneestä suhdepääomasta, sekä vaikutukset, jotka yrityksen ja pääomasijoittajan välisellä suhdepääomalla on yrityksen menestymiseen pääomasijoituksen jälkeen. Tutkimuksessa yrityksen ja pääomasijoittajan erityisillä piirteillä, toimintamalleilla ja käyttäytymisellä havaittiin olevan merkitystä suhdepääoman muotoutumisessa ja hyödyntämisessä. Suhdepääoman muotoutumisprosessi luo ilmapiirin, jossa yrittäjät ja pääomasijoittajat voivat tuoda aineellisia ja aineettomia resursseja yrityksen kansainvälistymisen tueksi. Työn teoreettinen kontribuutio on erityisesti sen tuoma suhdenäkökulma pääomasijoitusprosessitutkimukseen. Työssä osoitetaan myös kuinka yrittäjät voivat käytännössä vaikuttaa pääomasijoituksen saamiseen ja päätöksentekoprosessiin ja mihin pääomasijoittajien tulisi kiinnittää huomiota yritysten kanssa työskennellessään.

Globalisation has taken the world by storm by opening opportunities for new markets and easier communication. The general economic climate during the last decade is one reason to this, and the impact has resulted in internationalisation as a key strategy for survival. This has affected many kinds of industries and companies, not least new venture firms. There is today a competitive market climate where companies need to have a strategic advantage to succeed. One advantage could be to increase customer value through the selection of communication channels and sales channels, which has resulted in the following research objective: The purpose of this study is to examine how international market entry decisions based on customer perceived value can affect the choice of communication and sales channel strategies for new venture firms in a B2B context. This study has been of exploratory descriptive kind where a qualitative data collection has been conducted through in-depth interviews with five gemmologists active worldwide. The results of the research were varied since the respondents had different opinions, but some conclusions could still be made. The findings suggest the use of a multiple channel strategy regarding sales channel. The study also highlights the importance of 1) Building and cherishing customer relations, 2) Looking up potential resellers or distributors, 3) Communicating a solution and not a product and finally 4) Focus on internet advertising rather than paper and television. Since this study has been of qualitative kind, one suggestion for future research is to make a quantitative study of the same study to confirm the previously mentioned findings. These findings are due to the nature of the study only implications, but a quantitative study would make them generalizable. / Globalisering är ett område som tagit världen med storm, detta genom att förenkla kommunikation och öppna möjligheter till nya marknader. Det ekonomiska klimatet i skrivande stund är en av faktorerna som har påverkat detta, vilket har resulterat i internationalisering som en viktig strategi för överlevnad. Detta har påverkat många typer av industrier och företag, inte minst startups. Dagens konkurrenskraftiga marknadsklimat medför att företag behöver ha någon slags strategisk fördel för att lyckas. En fördel kan vara att öka kundvärdet genom val av kommunikationskanaler och försäljningskanaler, vilket lett till följande syfte för denna studie: Syftet med denna studie är att undersöka hur marknadsbeslut baserade på kundvärde kan påverka valet av kommunikations- och försäljningskanaler i ett B2B-sammanhang. Denna studie har varit av förklarande och beskrivande slag, där en kvalitativ datainsamling har genomförts genom djupintervjuer med fem gemmologer som är aktiva på en internationell marknad. Resultaten av studien var varierade då respondenternas åsikter skildes, det gick dock trots detta att dra en del slutsatser. Resultaten indikerar att användning av en hybrid försäljningsstrategi vore optimal. Studien belyser också vikten av att 1) Bygga upp och värna om kundrelationer, 2) Söka potentiella återförsäljare eller distributörer, 3) Sälja en lösning istället för en produkt och slutligen 4) Fokusera på internetannonsering i stället för tidningar och tv. Då denna studie har varit av kvalitativt slag är ett förslag till framtida forskning att göra en kvantitativ studie av samma ämne för att bekräfta resultaten. Resultaten är i nuläget endast indikationer medans en kvantitativ studie skulle göra dem generaliserbara.

BACKGROUND. Researcher have identified a relevance for profit-seeking new ventures to implement “Business Sustainability 3.0” standards in order to face current social and environmental challenges, like scarcity of resources. Research, moreover, suggest that new ventures would me more open to implementing the standards of “Business Sustainability 3.0”. The authors of this thesis initiate this field of research in the context of a new venture in the form of a single case study. PURPOSE. The purpose of this study is to explore the implementation process of “Business Sustainability 3.0” standards in a new venture. The aim is to identify challenges in the implementation process and how they can be approached by new ventures. METHODOLOGY. The implementation process of “Business Sustainability 3.0” standards was researched based on a single case study in a new venture striving to achieve the standards. The authors conducted a semi-structure interview with a sustainability manager within the company. The empirical data was analyzed based on the translation process of the Actor-Network Theory. RESULTS. The authors conclude that a new venture cope with “Business Sustainability 3.0” by making use of being a new venture founded with a specific purpose and by addressing challenges that appear during the implementation process. Two measures are suggested to support addressing these challenges: striving for transparency and internalizing the standards for the company’s compartments. The Actor-Network translation process is considered to be a suitable method when analyzing the integration process of “Business Sustainability 3.0”.

M.Tech. (Construction Management) / The aim of the study was to assessment of the critical success factors of joint ventures in the South African construction industry. The study strived to further establish the benefits and sustainability of contractor joint ventures between established contractors and small and medium contractors in the industry. In undertaking the study, primary data relative to contractor joint ventures was obtained by means of an administered questionnaire to one hundred and twelve (112) contractor representatives in the South African construction industry that had partaken or had an involvement in a joint venture project, to both the established and small and medium contractors. The findings indicate that multiple factors lead to the successfulness of contractor joint ventures, among these however, the main factors found to be efficient planning, commitment, trust, communication and comprehension. Other findings included the main benefits of both emerging and established contractor as well as the factors that can be used to measure the success of joint ventures. The research limitations can be said to include the fact that the study focused only on contractors that had previously taken part in a joint ventures project in Gauteng.

This study aims to explore what capabilities that are involved in the formation and early performance of firms that internationalize in an early stage of their development. More specifically, the antecedents of identification and exploitation of business opportunities are explored and linked to specific capabilities. For this purpose, an exploratory-inductive case study is employed to allow for new capabilities to be identified. The analyzed data largely confirms the insights already reached in academic research, in particular the centrality of networking capability in the process of entrepreneurship. As for international business opportunities, the study highlights the importance of creating opportunities to meet with prospective international customers and suggests the importance of absorbing knowledge about these markets so as to reduce cultural distance. The main virtue of this study though, is that it provides a practice-oriented perspective on the process of international entrepreneurship. / Denna studies syfte är att utforska vilka förmågor som bidrar till grundandet av och prestationsförmågan hos företag som söker sig till internationella marknader i ett tidigt skede av sin utveckling. Mer specifikt utforskas vilka händelser som ligger till grund för att affärsmöjligheter identifieras och exploateras; dessa händelser kopplas sedan till specifika förmågor. En induktiv och explorativ studie begagnas i detta syfte för att möjliggöra att ej tidigare upptäckta förmågor kan upptäckas. Analysen av datan bekräftar de insikter som tidigare har nåtts inom forskningsområdet, framförallt betydelsen av ”networking capability” i entreprenörskap. När det gäller internationella affärsmöjligheter betonas vidare vikten av att skapa möjligheter till att träffa presumtiva kunder och det föreslås att det är av vikt att tillägna sig kunskap om dessa marknader i syfte att överbrygga kulturellt betingade kunskapsluckor. Studiens främsta förtjänst är att den ger ett perspektiv på det internationella entreprenörskapet som ligger praktiken nära.

International joint ventures (IJVs), as organisational entities which are formed and controlled by local and foreign firms, are one of the most significant ways of expansion of international firms. IJVs have complex characteristics and the management of IJVs faces many problems. Due to these problems, IJV performance has attracted significant research attention – eventually any strategy has to be evaluated in terms of its success. The aim of this study is to investigate the factors that affect inter-organisational trust and as a result, the performance of IJVs in Iran, a developing country, which is in the early stages of the development of IJVs. According to Abosag and Lee (2012), there are few studies that concentrate on IJVs in developing and Middle Eastern countries and more studies on these areas are required. This empirical study is preceded by a systematic review of the relevant literature that led to the development of a conceptual model. The data were collected from a sample of managers in the industry sector of IJVs in Iran with their Asian partners by using a survey questionnaire, and analysed using the statistical package for social sciences, SPSS V.18. The results from this study show that inter-partner fit factors and relational factors have a strong and positive impact on the level of trust; however, fairness was not found to be positive and significantly related to trust. Religion and country risk were found to have a negative and significant relationship with trust. Moreover, a strong and positive relationship between trust and performance features (satisfaction, goal achievement and learning) and between commitment and performance features (satisfaction, goal achievement and learning) were found. This research provides empirical evidence for inter-organisational trust predictor variables for performance. A key contribution of this research is that it offers a robust framework that explains the antecedents of trust and demonstrates that trust has a definite positive impact on the performance of IJVs. The proposed framework is evaluated and tested against the original criteria of trust in IJVs, exactness and executability. Moreover, this study provides a novel contribution to the growing literature on trust in IJVs, particularly for developing countries such as Iran and the Middle East countries. The results of this research provide us with a meaningful managerial implication for the selection of competitors as IJV partners.

There is no recognised legal structure for social enterprises operating in South Africa and as a result many are running two or more legal entities. This has created confusion and skepticism in the market place, specifically when it comes to funding these enterprises. By using both qualitative and quantitative methods, this research study draws from a small sample to create an understanding of the dynamics that social entrepreneurs are faced with when choosing an appropriate structure. It then draws a correlation between South African social enterprises and those internationally in order to compare the revenue generated from earned income and grant funding. Furthermore, the research compares and discusses the correlations between the forprofit and non-profit social enterprises and how these compare with regards to generating revenue and sustaining their activities. It outlines some important principles of social enterprises which include that they: (1) are mission focused, (2) can access funding in order to scale, (3) earn sufficient income to sustain their operations and (4) provide a social return on investment. The research highlights both similarities and differences between the various entities and suggests an optimal framework for the South African context that guides social entrepreneurs, investors and funders of social enterprises.Copyright / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Social Enterprises face funding challenges. As investors focus too narrowly on risk and return, social enterprises may struggle to compete with commercial enterprises for investment capital. In this context, lending and equity crowdfunding have not been sufficiently examined, and its growing importance for business financing makes it valuable to understand its implications for social enterprises. This study collects qualitative data and uses thematic analysis to identify advantages and disadvantages that social entrepreneurs experience when using lending or equity crowdfunding. By conducting six semi-structured interviews we identified nine major advantages which are Viable funding option, Publicity and marketing, Engagement creation, Access to impact-minded investors, Alignment with company principles, Higher valuation of the company, Tests market viability, Favourable power balance towards investors and Large pool of capital; and five major disadvantages which includes Higher costs, Large number of investors, Inexperienced investors, Public exposure & Efficiency concerns. We discuss that crowdfunding represents values that are attractive for social enterprises. Further, crowdfunding sometimes offer higher valuation or more capital to social enterprises, compared to other funding sources. We see that several advantages are especially important in business’s startup phase. However, crowdfunding can also cause greater stress on the management team, and require time and resources. Entrepreneurs also need to consider factors such as public embarrassment when campaigns fail.

Separate essays on entrepreneurship, joint venturing, and trade comprise this thesis. The emergence of entrepreneurship is common in the real world but relatively less so in classical economic models. If industry incumbents are attributed with full rationality and perfect foresight, then there are few, if any, profitable opportunities left for new entrants (entrepreneurs) to exploit. This essay explains how entrepreneurs can emerge in a dynamic world when firms must choose between a technology strategy that is either statically or dynamically efficient. A model is developed which shows how such opportunities for new entry can occur when incumbents are caught in a Prisoners’ Dilemma game involving technology strategy. A relevance measure and policy implications are then explored. Joint ventures, especially of the R&D type, are becoming increasingly important as a way to gain needed technological and market competencies. Unfortunately, many joint ventures have the characteristics of a Prisoners’ Dilemma. Firms may cooperate or defect in the venture. If contracts, side-payments, and third-party verification of the venture outcome are unavailable, then the dominant solution to the Prisoners’ Dilemma (mutual defection) results. This paper proposes the use of an ex-ante auction to obtain a Pareto-improvement for these ventures. A Pareto-improvement is assured when non-transferable costs and benefits of firms are not conditional on joint venture strategies. When this condition is not met restrictions are required to obtain the Pareto-improvement. The problem of trade between countries that share an international open access resource is becoming significant as the world reaches the limits of critical shared resource stocks. It is modelled as a world with one primary factor, two intermediate goods, one final good (harvested from the open access resource), and two nations where it is assumed that either the trading takes place over one stage (nations are price-takers), or two stages (nations have market power). Imperfect competition and open access generated externalities affect the trading efficiency. To maximize world welfare this essay recommends subsidizing R&D where comparative advantage exists, and creating international agreements to ensure the one-stage game structure is used when trading. / Business, Sauder School of / Graduate