About 70% of mergers and acquisitions (M&As) involving small and medium-sized enterprises (SMEs) in emerging economies fail because the strategies employed do not integrate all the critical success elements, leaving SMEs without the needed capital to take advantage of strategic and market opportunities. The purpose of this multiple case study was to explore the M&A strategies SME owners in Ghana employed to raise capital. Seth's value creation theory was the conceptual framework adopted for this study. The population consisted of 5 SME owners in Ghana who had successfully raised financial resources through inbound M&As within the past 10 years. Data were collected through semistructured interviews and review of corporate annual reports and M&A documents. The data were organized and analyzed using Yin's 5-step data analysis and cross-case synthesis techniques to identify patterns and emergent themes. The 6 themes that emerged from the analysis were value creation, control and autonomy, entrepreneurial quality, leadership, trustworthiness, and effective negotiation. SME owners can integrate entrepreneurial quality and effective negotiations to achieve successful closure of M&A deals. The findings of this study might facilitate SME access to capital for expansion and growth that will contribute to positive social change through job creation and increased youth employment in emerging economies.

This dissertation includes two chapters that investigate the role venture capitalists (VCs) play in the underpricing and in the long-run performance of IPOs. The first chapter focuses on the underpricing of IPOs and attempts to determine the role that VCs play in this underpricing process. The evidence is consistent with a view that VCs agree to underpricing to ascertain benefits from both "grandstanding" and "spinning." The second chapter examines the long-run performance of IPOs and tries to determine the role that VCs play in the development of IPOs. Here, the evidence suggests that VC-backed IPOs appear to have better access to capital than non-VC-backed IPOs, but the long-run performance of VC-backed IPOs is generally mixed.

Sammanfattning Titel: CSR-prestations påverkan på tillgång till kapital Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Erika Sörell och Johanna Svarfvar Handledare: Jan Svanberg Datum: 2020 – juni  Syfte: Företags sociala ansvarstagande (CSR) blir en allt viktigare fråga i samhället och olika intressenter ställer högre krav på företagen. Det finns olika åsikter om CSR-aktiviteter är en onödig kostnad för företag. Att ha tillgång till kapital är dock av stort värde för alla sorters företag och påverkas av huruvida företag upplever kapitalbegränsningar eller inte, vilket kan mätas på olika sätt. Syftet med den här studien är att undersöka om CSR-prestationer kan påverka företags tillgång till kapital, med avseende på kapitalbegränsningar inom EU. Metod: Studien utgår från en positivistisk forskningsfilosofi med en hypotetisk-deduktiv ansats. Studien har en kvantitativ design med sekundärdata inhämtad från databasen Thomson Reuters Eikon. Urvalet består av 272 publika bolag inom EU med data för åren 2010–2019. Data har analyserats genom multipla regressionsanalyser i statistikprogrammet SPSS. Resultat och Slutsats: Resultatet påvisar inga tydliga samband mellan CSR-prestationer och de tre undersökta måtten på kapitalbegränsningar: KZ-index, WW-index och SA-index. Gemensamt för dessa är dock att sambanden är svaga. Det finns därmed inga bevis för att bra CSR-prestation skulle ha en positiv påverkan på företags tillgång till kapital, utan kapitalbegränsningar verkar yttra sig olika i olika företag och är därför svårt att mäta.  Examensarbetets bidrag: Studien bidrar till att utöka forskningen kring CSR-prestation och tillgång till kapital, och signalerar att kapitalbegränsningar är ett komplext mått och att det finns brister i hur kapitalbegränsningar mäts. Studien ger också ett praktiskt bidrag i form av stöd för företag i att engagera sig i CSR eftersom det kan ge positiva effekter för företaget.  Förslag till framtida forskning: Ett förslag till framtida forskning är att utöka studien till att omfatta andra delar av världen men också att undersöka andra mått på CSR-prestation, eller att dela upp ESG-måttet och studera de olika dimensionerna var för sig.  Nyckelord: CSR, ESG, tillgång till kapital, kapitalbegränsningar, KZ-index, WW-index, SA-index / Abstract Title: CSR performance affect on access to capital Level: Student thesis, final assignment for Bachelor Degree in Business Administration  Author: Erika Sörell and Johanna Svarfvar Supervisor: Jan Svanberg Date: 2020 – June  Aim: Corporate social responsibility (CSR) is becoming an increasingly important issue in the society and various stakeholders place higher demands on companies. There are different opinions about whether CSR activities are an unnecessary expense. Having access to capital is of great value to all kinds of companies and is affected of whether or not the company experiences capital constraints, which can be measured in different ways. The aim of this thesis is to investigate if CSR performance can affect companies’ access to capital, with regard to capital constraints within the EU. Method: The study applies a positivistic research philosophy with a hypothetical-deductible approach. The study has a quantitative research design with secondary data retrieved from the database Thomson Reuters Eikon. The sample consists of 272 public companies within the EU with data for the years 2010–2019. Data has been analyzed in the SPSS statistics program. Result och Conclusion: The results show no obvious relationship between CSR performance and the three measures of capital constraints examined: KZ-index, WW-index and SA-index. A shared characteristic is that the relationship is weak. There is thus no evidence that a good CSR performance would have a positive impact on companies’ access to capital. Capital constraints appear different in all companies and are therefore difficult to measure. Contribution of the thesis: The study contributes to expanding the research on CSR performance and access to capital, and signals that capital constraints are a complex measure and that there are shortcomings in how they are measured. The study also makes a practical contribution in form of support for companies in engaging in CSR as it can have positive effects. Suggestion for future research: One suggestion for future research is to extend the study to other parts of the world but also to study other ways of measuring CSR performance, or to split the examined ESG Score and study the different dimensions of CSR separately. Keywords: CSR, ESG, access to capital, capital constraints, KZ-index, WW-index, SA-index

Submitted by Marco Tulio Padilha (tuliopadilha@hotmail.com) on 2014-12-23T14:36:38Z No. of bitstreams: 1 financas-Padilha-Projeto Entrega Final.pdf: 7936589 bytes, checksum: a4bbbf04a100d02d45ab1f91e604b6a4 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2014-12-23T14:38:49Z (GMT) No. of bitstreams: 1 financas-Padilha-Projeto Entrega Final.pdf: 7936589 bytes, checksum: a4bbbf04a100d02d45ab1f91e604b6a4 (MD5) / Made available in DSpace on 2014-12-23T15:32:09Z (GMT). No. of bitstreams: 1 financas-Padilha-Projeto Entrega Final.pdf: 7936589 bytes, checksum: a4bbbf04a100d02d45ab1f91e604b6a4 (MD5) Previous issue date: 2014-11-28 / Based on a sample of 119 companies that voluntarily delisted between 1999-2013, we investigated agency problems and access to capital as possible determinants to the delisting, controlling for cost to maintain the company listed, undervaluation, size, and stock liquidity. Proxies related to agency problems, such as higher ownership concentration, combined to lower return on assets, have strong influence on the stock delisting, as well as free cash flow and dividend payout. Regarding the use of capital markets to access follow on, as well as access to debt, we find that companies that delisted have less need to access the debt market, controlling for companies with the same profile. To the matter of control, we do not find evidence that cost to maintain the company listed nor the liquidity are determinant. / A partir de uma amostra de 119 empresas que deslistaram voluntariamente no período de 1999 a 2013, investigamos problemas de agência e acesso a capital como possíveis determinantes no fechamento de capital, controlando para custo de manter a empresa listada, sub-avaliação, tamanho e liquidez na bolsa. Proxies relacionadas a problemas de agência, tais como maior concentração de propriedade, combinado com menor retorno sobre ativos, possuem forte influência na deslistagem das ações, além de fluxo de caixa livre e distribuição de dividendos. Quanto ao uso de mercado de capitais para acesso a follow on, bem como acesso a dívida, encontramos que as empresas que deslistam possuem menor necessidade de acesso ao mercado de dívida, controlando para empresas com mesmo perfil. Para efeito de controle, não encontramos evidência de que custo de se manter listada nem que a liquidez sejam determinantes.

Purpose -- Given the enduring COVID-19 pandemic, this thesis set out to reveal an updated perspective of the service-oriented small business experience, particularly in their access and choice of financial resources to fund operations and adapt marketing strategy. By the time this study started, it was clear which businesses had been rising with the new tides of swelled categorical demand vs. those that were persevering like embers in a 'slow burn' state of low income against persistent expenses. Therefore, the research sought to compare the results of marketing experimentation with current plans for increasing resiliency, or enabling robust growth, coming out of the pandemic.  Methodology / Design / Approach -- As the quantitative understanding of the business impacts had been generalized, a closer look was needed into what entrepreneurs and small business leaders were thinking about in the present moment, by reflecting on factors for survival / thriving, until this point and going forward. To capture this wide range of perspectives and strategies in formulation, qualitative methods with a diverse set of businesses were selected. Theoretically, customer-centric marketing principles were employed, focusing on three intangible firm resources (of the resource-based view): 1) Stakeholder Relationships; 2) Brand Equity and 3) Knowledge / Capabilities. Findings -- With the realization that adequate financing is inaccessible and government support perceivably unreliable, small businesses naturally tested several emergent strategies within the limits of their available resources. During times of crisis and radical change, as entire industry ecosystems are reassuming their fundamentals, companies have the opportunity to maximize and develop their resources, in alignment with differing and changing customer demands.  Practical Implications -- While the recommendations are tailored for small business and optimistically many, cities are also suggested to take a resource-based VRIO (Value, Rarity, Imitability and Organizability) approach to supporting the economic value and potential of their retail, restaurant and service-oriented business communities.  Originality / Value -- Applying a modern customer-centric view for the small business resources most potentially valuable and developable, this research contributes a unique crisis-borne framework, which may be conceptually used as a hotbed -- by both internal and external (i.e. municipalities, partners and customers) stakeholders -- for ideating novel marketing strategies and supporting business growth / resilience.  Keywords: Adaptation, Crisis Management, Financial Liquidity, Access to Capital, Government Aid, Alternative Finance, Marketing Strategy, Resource-based View (RBV), Customer-Centric, Stakeholder View, Brand, Authenticity, Knowledge, Capabilities, Marketing Management, Marketing-Finance Interface, Paid Marketing, Organic Marketing, Customer Loyalty, Community and Decision-Making