The thesis investigates the nature and regulation of the international practices of large commercial law firms. The overseas work of City solicitors, German commercial lawyers and US corporate lawyers is examined; almost seventy interviews were undertaken with lawyers and regulators based within the jurisdictions of England and Wales and Germany. A wide variety of literature, ranging from the fields of globalisation and regulation to the sociology of the professions, contextualises the empirical research. It is argued that the processes of globalisation have intensified within the last quarter of this century. The heightened internationalisation of business has impacted upon the worlds of many professionals, including those of lawyers in large law firms. Many of the largest law firms are moving to more commercialised forms of practice, where entrepreneurship is highly valued. Indeed, one of the reasons why foreign offices are opened is to take advantage of "green-field" sites abroad. However, law firms' strategies do vary; the thesis aims to tease out some of the differences in the international practices of the law firms investigated. In so doing, it cautions against over-generalising when discussing the overseas strategies and experience of "mega-law firms". Nevertheless, international developments do test the limits of current regulation. Large law firms often operate beyond the regulatory concerns of professional associations yet several features of their practice are worrying. For instance, the tendency of commercial lawyers not to consider anything other than their clients' immediate interests (to act as "hired guns") calls into question the legitimacy of regulatory systems. The thesis proposes a programme of reform to address such concerns.

This thesis presents an approach which the small and medium size firms can use in-house to introduce manufacturing information systems. The approach developed is generic and employs information system design and analysis techniques to guide Small and Medium size Enterprises (SME's) from specification of their need, right through to the implementation of an appropriate solution. Although there are various tools and methodologies that are available for large organisations needs, none are available for SME's. Therefore, the approach presented in this thesis provides original and significant improvements on current practice. The approach emphasises the importance of taking a company wide approach to analyse systems throughout its various departments to establish bad practices and system flaws which may impinge on the performance of the manufacturing operations. The research involved three independent stages. The first stage was the identification of the problem which was realised from two sources: literature survey and interviews with case study company managers. The second stage was the development of a novel approach. The final stage included the validation of the approach by implementing it in five different SMEs in the Devon and Cornwall region. Through the use of this work, company's are encouraged to improve ownership and commitment to the manufacturing information systems by fully involving the relevant company personnel in identifying and resolving various problems. The approach proposed also helps managers understand how the various processes work in other areas of company, and can subsequently lead to improvements in other departments.

This thesis describes the research which has been undertaken into a particular area of policy making in the UK, that of the process of designing and implementing programmes aimed at helping industrial firms to become more competitive. Investigations have focused on how the design process is conducted within the Department of Trade and Industry (DTI), which has lead responsibility for industry in Whitehall. The research had Uvo primary aims. First was to provide a detailed description of the process of designing programmes. Based on the research findings it is proposed that the process comprises the components of'Issue Identification', 'Programme Implementation', and 'Evaluation and Feedback'. The thesis discusses the private nature of the work involved in programme design, and that consequently researchers are often unable to directly observe the activities comprising the process. It is suggested that the veil of secrecy surrounding the development of programmes has prevented substantial debate of this research topic. As a civil servant employed in the DTI, the author has been able to review the activities involved 'first hand', and uncover numerous aspects of the process previously not investigated. Based on the analysis of five case study examples, a systems model has been developed which provides a detailed description o f the structure of the design process, and the mechanisms that are employed. The second aim of the research was to develop proposals for improving current arrangements, towards achieving better value for money in the design and operation of support programmes. The thesis describes how a Business Process Re-engineering approach was adopted to exploit the detailed knowledge of the design system which had been gained, with the aim of discovering deficiencies in the current process and developing proposals for. overcoming problems. Investigations showed that the current guidance provided to officials employed in programme design is inadequate in fully supporting them in the task. It is suggested that this deficiency can be overcome through the introduction of a new set of comprehensive guidance, to be contained in an alternative document referred to as the Handbook for Programme Design and Operation. The handbook, it is proposed, would comprise good practice advice across the broad range of activities involved in programme design. Proposals for further improving the design process through the introduction of effective knowledge management were also developed, and these are again set out in the thesis.

No description available.

Innovation and commercialization are crucial for the competitiveness and economic well-being of countries. Despite the importance of innovation, recent studies have showed that Canada is lagging behind other countries in terms of its innovation and commercialization performance. The claim is often made that Canada performs well in generating the knowledge needed for innovation; however, the problem lies in transforming this knowledge into commercial success. Thus, a major preoccupation is how to turnaround this weak commercialization performance. Despite the wide range of programs, policies and regulations implemented by the Canadian Government along with its provincial counterparts to engender a turnaround, little has changed in Canada’s commercialization performance. Therefore, the search for solutions continues. Given that commercialization takes place at the firm-level, this study will explore the relationship between firm-size and commercialization. Several existing studies have examined the link between innovation and firm size, but few have examined the link between commercialization and firm size. Despite the arguments supporting medium-sized firms’ ability to commercialize innovations, there is a weak empirical base that explores the position of Canadian medium-sized firms and their innovation and commercialization capabilities. This study will contribute to the existing knowledge by covering the gap in the literature concerning the role of medium-sized firms in commercialization, compared to small and large firms. This study provides evidence suggesting that small and medium-sized firms should be considered differently.

Despite the volume of literature examining the role of producer amenities (e.g., highways and airports) in firms’ selection of a location, almost no quantitative studies regard the impact of consumer amenities (e.g., theatres and cafes) in attracting firms, as they are hypothesized to attract residents rather than firms or companies. Since the Information and Communication Technology (ICT) sector is regarded as a significant driver and an increasingly important part of the economy in North American and European countries, this research aims to provide insight into the importance of consumer amenities in the location pattern of companies in this sector. Consumer amenities are stated to be important factors in the lifestyle of creative and talented workers such as employees of high-tech industries (Florida, 2003); therefore, this study hypothesizes that ICT firms tend to locate near consumer amenities as they are assumed to be attractive to the talented and highly educated workers that those firms want to employ. ICT firms, because of their size and use, can also be integrated into existing land use, such as downtown where there are lots of amenities. Industrial uses would be more likely to locate near highways because of their land requirements. This thesis looks at a broad pattern as an exploratory study to see if there is a location pattern between consumer amenities and ICT firms’ location. Using census data from Canadian industries, this thesis focuses on exploring a spatial pattern for distribution of ICT companies, both with regards to amenities and the location of firms in other industries. In doing so, information of 66,078 firms that operate in Vancouver and their associated data were obtained from Statistics Canada and the Canadian Business Database. A walkability index is also developed that represents the amenity variable. The findings of this study suggest that ICT firms are more likely to be found in areas with a high concentration of consumer amenities. However, the result shows that there is statistically weak relationship between location of ICT firms and existence of consumer amenities, but this relationship is generally not detected for firms in other sectors. Moreover, the most significant finding of this thesis is that there is a tendency for ICT firms to locate close to and concentrated in downtown cores. As a result, the findings demonstrate that the agglomeration factor in ICT firms’ location decision is more important than the existence of consumer amenities in the place. This study concludes by suggesting that municipalities and their local economic development specialists wanting to attract regional economic growth to better understand and focus on the determinant elements of location decision by ICT firms.

The study examines knowledge transfer between firms by using the concept of stickiness to conceptualise problems with knowledge transfer. The concept of stickiness is sub-divided into “macro” and “micro” levels stickiness. As for “macro” level stickiness, the study uses literature in the field of innovation studies, in which governments have been identified as major contributors to macro level stickiness. The study uses literature in the economics of knowledge and evolutionary economics to develop the concept of “micro” level stickiness, which refers to firms’ contributions to stickiness. Four factors are used to examine micro stickiness: transfer mechanisms, types of transfer, knowledge barriers, and transfer contexts. After explaining the concept of stickiness and providing a background to technology parks policy, the study examines the perceptions of a variety of informants of stickiness in knowledge transfer among ICT firms in Malaysian technology parks. The study approached seven (out of eleven) Malaysian technology parks, over a period of three months in 2005 (May-July 2005) and a month in 2007 (August 2007). It interviewed fifty (50) informants, who included policy makers, government officers, and executives of ICT firms in Malaysian technology parks. With respect to “macro” level stickiness, policy makers and government confirmed that the government cannot exclude previous policy documents that contained three major elements: national unity, foreign direct investment and sound economic growth to formulate policy for Malaysian technology parks, which does not solely encourage knowledge transfer because the policy documents permitted short term profit taking by ICT firms. With respect to “micro” level stickiness, the results suggest that transfer mechanisms, types of transfer, knowledge barriers, and transfer contexts are costly; thus, impede ICT firms from participating actively in knowledge transfer between ICT firms. This study suggests that the government and ICT firms should work closely to facilitate knowledge transfer between ICT firms in Malaysian technology parks.

In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.

In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.

Thesis (Ph. D.)--University of New South Wales, 1999. / Also available online.