This dissertation studies the impact of business relations on firms' financing decisions. The goal is to understand the determinants of business relations and how they interact with firms' capital structure. In the first chapter, I present a model which studies the role of customer risk in suppliers' financing choice. The base model predicts that when faced with a high-risk customer, suppliers with significant continuation values prefer equity over debt. The extended model allows for analyzing the supplier's decision to concentrate on a single major customer or diversify into multiple customers. The model shows that by decreasing the risk of premature liquidation, diversification allows for the supplier to take advantage of the bargaining benefits of debt. The second chapter empirically investigates the impact of customer risk on suppliers' capital structure. Consistent with the model presented in the first chapter, both cross-sectional and time-series regression results show that customer risk has a negative impact on suppliers' debt financing. Customer risk is an important determinant of suppliers' method of financing as well. During the first two years of the relationship, suppliers with high-risk customers are more likely to raise equity. Comparing the impact of customer risk on different supplier groups shows that firms that operate in concentrated industries and younger firms are more sensitive to changes in customer risk. In further analyses I find that the risk is transferred from customers to suppliers: There is a lead-lag relationship between customer and supplier credit rating changes. Also, suppliers experience an increase in volatility of their stock returns after they start a new relationship with a risky customer. Results from further analyses are suggestive of customer risk affecting capital structure through its impact on supplier risk. / text

Thesis (M.B.A)--Boston University

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The graduation theses deals with economics relations between Czech Republic and Russian Federation. The aim of the theses is to analyze business relations between these two countries and their potential, considering economic recession. The first chapter gives basic information on the territory. The second chapter describes Russian economy, its history and present condition. The following chapter deals with bilateral economics relations of the countries. The fourth part of the theses describes government support of Czech exporters and investors. The last chapter focuses on entrepreneurial environment in Russia.

<p>Service thinking and the transition from a product-logic-perspective to a process-perspective are catchwords in current management research (e.g. Grönroos 2000, Kowalksowski 2006, Söderström 2003, Stremersch et al. 2001, Oliva & Kallenberg 2003, Lele 1986) While the product-logic is based on value distribution via the transition of a ready-made product or service, the service-process logic focuses on value-in-use that is created together with the customer. (Grönroos 2007) In the current service management view, value creation is regarded as the result of exchange with network partners in the perception of the customer (Normann & Ramirez 1998). This is why service thinking includes that a company seeks for co-operation with suppliers and customers through activated relationships, networks (Syson & Perks 2004).</p><p>Coming from a product-delivery-perspective on doing business can challenge a service provider to adapt to a service-process view. Legally and historically founded prerequisites, as well as for example corporate culture and financial resources, can be obstacles on the way to a service-process business approach. The purpose of this study is to gain insight into how these obstacles influence the possibility of a service operator to adapt to the service logic with customer- and supplier-interaction.</p><p>To gain deeper insight into the service thinking of a company in a network environment, a qualitative single case study on the public transport organisation “County Transport” has been used. Based on three personal interviews and literature study, this case explores how a public service organisation deals with its service mission. It also identifies and describes hinders on the way to a service logic approach.</p><p>The organisation of County Transport was found to be steered a lot on the basis of numbers and material parts of the service offering such as the bus itself and different support tools on the busses. County Transport follows the rules of the Public Procurement Act which gives the public transport operation a contract framework of a tendering based choice of operators for the time of 8-10 years. The relationship between County Transport and its operator “The Operator” can be seen as comparatively secure relationship without an introduction phase in which trust and adaptations to each other can be developed. With this quite formal relationship under economic pressure it was found that the cooperation between The PTA of County Transport and The Operator was worse than desired. Especially the influence of the brut contract on tender basis seemed to be hindering a good cooperation in a long-term perspective. It might be that a steering by costs and numbers on one side does not help to create a value-creating relationship based on adaptations and soft factors on the other side.</p>

Service thinking and the transition from a product-logic-perspective to a process-perspective are catchwords in current management research (e.g. Grönroos 2000, Kowalksowski 2006, Söderström 2003, Stremersch et al. 2001, Oliva &amp; Kallenberg 2003, Lele 1986) While the product-logic is based on value distribution via the transition of a ready-made product or service, the service-process logic focuses on value-in-use that is created together with the customer. (Grönroos 2007) In the current service management view, value creation is regarded as the result of exchange with network partners in the perception of the customer (Normann &amp; Ramirez 1998). This is why service thinking includes that a company seeks for co-operation with suppliers and customers through activated relationships, networks (Syson &amp; Perks 2004). Coming from a product-delivery-perspective on doing business can challenge a service provider to adapt to a service-process view. Legally and historically founded prerequisites, as well as for example corporate culture and financial resources, can be obstacles on the way to a service-process business approach. The purpose of this study is to gain insight into how these obstacles influence the possibility of a service operator to adapt to the service logic with customer- and supplier-interaction. To gain deeper insight into the service thinking of a company in a network environment, a qualitative single case study on the public transport organisation “County Transport” has been used. Based on three personal interviews and literature study, this case explores how a public service organisation deals with its service mission. It also identifies and describes hinders on the way to a service logic approach. The organisation of County Transport was found to be steered a lot on the basis of numbers and material parts of the service offering such as the bus itself and different support tools on the busses. County Transport follows the rules of the Public Procurement Act which gives the public transport operation a contract framework of a tendering based choice of operators for the time of 8-10 years. The relationship between County Transport and its operator “The Operator” can be seen as comparatively secure relationship without an introduction phase in which trust and adaptations to each other can be developed. With this quite formal relationship under economic pressure it was found that the cooperation between The PTA of County Transport and The Operator was worse than desired. Especially the influence of the brut contract on tender basis seemed to be hindering a good cooperation in a long-term perspective. It might be that a steering by costs and numbers on one side does not help to create a value-creating relationship based on adaptations and soft factors on the other side.

Title: Interorganizational accounting in close relations – A case study of the relation between a big purchasing company and two of their most important cooperation partners Course: Master thesis in Business and Administration within Accounting, 30 ECTS Advisor: Gun Abrahamsson Theoretical framework: This thesis uses theories of business relationships, management information systems and interorganizational accounting. Conclusions: Despite a difference in the relations the interorganizational accounting is designed and used in a similar way. The interorganizational accounting that exists in the two relations has a medium scope, fast timeline, high aggregation and high integration. The information is mainly used for attention directing and for decision making. Keywords: interorganizational accounting, business relations, cooperation partners Research methodology: This thesis is based on a qualitative method. Interviews has been implemented on four respondents who are highly involved in each specific relation. Purpose: The purpose of this study is to describe the design and use of interorganizational accounting in the relationship between a big purchasing company and two of their most important cooperation partners. The thesis will aim particular focus on integration. Authors: Rikard Magnusson and Jesper Petersson Date of seminar: 2011-01-14

Authoritative period, party-state are integrative relation, the government has enough resources to control the society, political personages do not need to depend on the entrepreneur under the control of party-state. With the gradual transitions of ' the political structure ' and ' economic structure ', the Kuomintang government must transfer to obtain legitimacy of dominion by electing and economic development, the opposition party also can develop under this kind of environment, so government-business relations has changed. In brief, research of this thesis is to study government-business relations of Taiwan whether has the new appearance behind the transition of ruling Parties and under the changes of the Cross-Straits relations. Research of this thesis is to analysis concrete change of government-business relations under the different presidents head the administration' period. Finding in this thesis that the policy government-business relations of Taiwan appear type of ' big government and small enterprise ' in authoritative period (before 1987), and government have high independence to control the society in one party authoritarian, among the government and enterprise build and construct out an ' unequal government-business relations '. After martial law(1987- 2000), government-business relations appear type of' middle government and small enterprise ', enterprises no longer receive government's comprehensive control under the challenge of the opposition, government-business relations is changed into a kind of ' unequal ally's relation '. government-business relations appear type of 'middle government middle enterprise ' after transition of ruling parties(2000- 2004),the politician helps the entrepreneur to try or influence the policy, but the entrepreneur offers campaign financing for politician , therefore t government-business relations is turned into ' the relation of the equality and mutual benefit '. With the promotion of the trading tie between Taiwan and China, ' the Cross-Straits relations 'become the important key influencing government-business relations of Taiwan to change gradually. In the theory meaning, this means capitalist physique of Taiwan, already from the bureaucracy capitalist and leading systems of authoritative times make the transition for the system with leading folk capital gradually, the independence of state apparatus relative to folk capital of is reducing day by day, and the influence power of the folk capital to the decision-making process of state apparatus rises day by day. Meanwhile , the Cross-Straits relations become the enough factor influencing government-business relations inside Taiwan, therefore Chinese Government make state apparatus pass the operation of trading ties of the Cross-Straits gradually to influence government-business relations of Taiwan and decision-making process of the g state apparatus of Taiwan inside Taiwan, even weaken the state apparatus independence of Taiwan, thus state apparatus of Taiwan face the double crisis coming from native folk capital and Chinese state apparatus .

<p>When firms are doing business it is important to meet the customer’s expectations. It is often in the first impression (the first time the parties meet in a sales encounter) that the seller fails to do this, sometimes resulting in the prospective customer dropping the whole thought of a business deal and no further relationship is established. The first impression results from the first image and understanding a seller creates in a potential customer: here the latter gets a brief insight into the former’s organization, credibility and overall quality. Each encounter or meeting is an opportunity to achieve trust and build a relationship, but also contains the risk of reducing credibility and losing all chances of a relationship. The purpose of this thesis is to describe and analyse the importance of the first impression when creating and building a business to business relationship and to describe the factors which influence this process. The theoretical framework is based on theories regarding the concept of first impression and the implications of two-way communication during the first encounter. These include the seller’s preparation and categorisation of the customer before each encounter. Other variations of communication concerns verbal and non-verbal communication, generalizations, cultural differences and circumstances where a failure can turn into an advantage. The present qualitative case study is based on interviews with five highly competent respondents with long experience of business relationships. They were chosen after discussions with Walter Carvajal, owner and MD of City Guest Service. The results showed that the first impression was very important in creating a business relationship. Some variables, e.g. gender, had less significance. Generally, the first impression included the small things a person perceived and interpreted during the first encounter. Combined, they determined whether a person chose to do business with the counterpart in question. All aspects of verbal and non-verbal commu-nication formed a basis for judging the other person. Cultural differences increased the acceptance level, reducing the risk of failure, when the parties were from differ-ent cultures.</p>

When firms are doing business it is important to meet the customer’s expectations. It is often in the first impression (the first time the parties meet in a sales encounter) that the seller fails to do this, sometimes resulting in the prospective customer dropping the whole thought of a business deal and no further relationship is established. The first impression results from the first image and understanding a seller creates in a potential customer: here the latter gets a brief insight into the former’s organization, credibility and overall quality. Each encounter or meeting is an opportunity to achieve trust and build a relationship, but also contains the risk of reducing credibility and losing all chances of a relationship. The purpose of this thesis is to describe and analyse the importance of the first impression when creating and building a business to business relationship and to describe the factors which influence this process. The theoretical framework is based on theories regarding the concept of first impression and the implications of two-way communication during the first encounter. These include the seller’s preparation and categorisation of the customer before each encounter. Other variations of communication concerns verbal and non-verbal communication, generalizations, cultural differences and circumstances where a failure can turn into an advantage. The present qualitative case study is based on interviews with five highly competent respondents with long experience of business relationships. They were chosen after discussions with Walter Carvajal, owner and MD of City Guest Service. The results showed that the first impression was very important in creating a business relationship. Some variables, e.g. gender, had less significance. Generally, the first impression included the small things a person perceived and interpreted during the first encounter. Combined, they determined whether a person chose to do business with the counterpart in question. All aspects of verbal and non-verbal commu-nication formed a basis for judging the other person. Cultural differences increased the acceptance level, reducing the risk of failure, when the parties were from differ-ent cultures.