none

O presente estudo tem como tema a análise da trajetória de inovação para spin-offs acadêmicas, enfocando o estudo de caso da SOLINOVA, empresa que busca inovar na área de energia com soluções aplicadas ao agronegócio. O problema de pesquisa pode ser sintetizado na questão: Como uma spin-off acadêmica inova e financia seu processo de nascimento, sobrevivência e crescimento a partir de capital de inovação? Em síntese, pretende-se buscar um aprofundamento sobre o sistema de inovação existente no país, além de verificar as oportunidades de financiamento à inovação disponível para empresas desta natureza no Brasil. Basicamente, foram dois os procedimentos metodológicos adotados: em um primeiro momento, foi realizada a pesquisa bibliográfica sobre a temática abordada e, em momento posterior, o estudo de caso por meio de observação direta e entrevistas semiestruturadas da empresa SOLINOVA Inovação Tecnológica e Empresarial, que nasceu de um spin-off do Laboratório de Eficiência Energética e Simulação de Processos (LEESP) na Incubadora de Empresas Inovadoras do Agronegócio de Pirassununga (UNICETec) da Universidade de São Paulo, localizado na Faculdade de Zootecnia e Engenharia de Alimentos, Campus de Pirassununga - SP. O contato direto foi realizado com os envolvidos na área de gestão e análise de documentos, visando traçar a trajetória de inovação com base nos históricos da empresa e assim atingir os objetivos propostos com o suporte teórico adquirido. O estudo relatou, ao final, as trajetórias de inovação da SOLINOVA e recursos alavancados por estratégia para acionar capital de inovação públicos e privados, que foram decisivos para a sobrevivência e desenvolvimento das tecnologias internalizadas pela empresa no país. / The present study has as its theme the analysis of the innovation trajectory for academic spin-offs, focusing on the case study of SOLINOVA, a company that seeks to innovate in the area of energy with solutions applied to agribusiness. The research problem can be summed up in the question: How does an academic spin-off innovate and thereby finance its birth, growth and survival process from capital to innovation? In summary, it intends to seek a deepening of the existing system of innovation in the country, as well as to verify the opportunities for financing innovation available to companies of this nature in Brazil. Basically, two methodological procedures were adopted: firstly, a bibliographical research on the subject was carried out and, at a later time, the case study by means of direct observation and semi-structured interviews of the company SOLINOVA Technological and Business Innovation, which was born from a spin-off of the Laboratory of Energy Efficiency and Process Simulation (LEESP) at the Agribusiness Innovation Incubator of Pirassununga (UNICETec) of the University of São Paulo, located at the Faculty of Animal Science and Food Engineering, Pirassununga Campus - SP. The direct contact was made with those involved in the area of document management and analysis, aiming at tracing the innovation trajectory based on company history and thus achieving the proposed objectives with the theoretical support acquired. In the end, the study reported the SOLINOVA innovation trajectories and resources leveraged by strategy to drive public and private innovation capital, which were decisive for the survival of the development of technologies internalized by the company in the country.

O presente estudo tem como tema a análise da trajetória de inovação para spin-offs acadêmicas, enfocando o estudo de caso da SOLINOVA, empresa que busca inovar na área de energia com soluções aplicadas ao agronegócio. O problema de pesquisa pode ser sintetizado na questão: Como uma spin-off acadêmica inova e financia seu processo de nascimento, sobrevivência e crescimento a partir de capital de inovação? Em síntese, pretende-se buscar um aprofundamento sobre o sistema de inovação existente no país, além de verificar as oportunidades de financiamento à inovação disponível para empresas desta natureza no Brasil. Basicamente, foram dois os procedimentos metodológicos adotados: em um primeiro momento, foi realizada a pesquisa bibliográfica sobre a temática abordada e, em momento posterior, o estudo de caso por meio de observação direta e entrevistas semiestruturadas da empresa SOLINOVA Inovação Tecnológica e Empresarial, que nasceu de um spin-off do Laboratório de Eficiência Energética e Simulação de Processos (LEESP) na Incubadora de Empresas Inovadoras do Agronegócio de Pirassununga (UNICETec) da Universidade de São Paulo, localizado na Faculdade de Zootecnia e Engenharia de Alimentos, Campus de Pirassununga - SP. O contato direto foi realizado com os envolvidos na área de gestão e análise de documentos, visando traçar a trajetória de inovação com base nos históricos da empresa e assim atingir os objetivos propostos com o suporte teórico adquirido. O estudo relatou, ao final, as trajetórias de inovação da SOLINOVA e recursos alavancados por estratégia para acionar capital de inovação públicos e privados, que foram decisivos para a sobrevivência e desenvolvimento das tecnologias internalizadas pela empresa no país. / The present study has as its theme the analysis of the innovation trajectory for academic spin-offs, focusing on the case study of SOLINOVA, a company that seeks to innovate in the area of energy with solutions applied to agribusiness. The research problem can be summed up in the question: How does an academic spin-off innovate and thereby finance its birth, growth and survival process from capital to innovation? In summary, it intends to seek a deepening of the existing system of innovation in the country, as well as to verify the opportunities for financing innovation available to companies of this nature in Brazil. Basically, two methodological procedures were adopted: firstly, a bibliographical research on the subject was carried out and, at a later time, the case study by means of direct observation and semi-structured interviews of the company SOLINOVA Technological and Business Innovation, which was born from a spin-off of the Laboratory of Energy Efficiency and Process Simulation (LEESP) at the Agribusiness Innovation Incubator of Pirassununga (UNICETec) of the University of São Paulo, located at the Faculty of Animal Science and Food Engineering, Pirassununga Campus - SP. The direct contact was made with those involved in the area of document management and analysis, aiming at tracing the innovation trajectory based on company history and thus achieving the proposed objectives with the theoretical support acquired. In the end, the study reported the SOLINOVA innovation trajectories and resources leveraged by strategy to drive public and private innovation capital, which were decisive for the survival of the development of technologies internalized by the company in the country.

Este trabalho se propõe a realizar uma análise da mudança recente no ecossistema de inovação e seus reflexos no movimento de incubação de empresas no estado de São Paulo. Foi realizado estudo do cenário das incubadoras de empresas no Estado de São Paulo analisando, quantitativamente, dois momentos de comparação intertemporal e os efeitos que essas mudanças representaram no desenvolvimento de empresas que se utilizaram da inovação como estratégia competitiva. As informações quantitativas relativas às incubadoras e suas empresas foram tratadas com a aplicação de métodos estatísticos multivariados tais como a técnica Fatorial em Componentes Principais e a de Agrupamento (cluster). Ao final, busca-se contribuir para a discussão do estado da arte neste campo de conhecimento, frente às mudanças de ambiente negocial que ocasionaram um novo paradigma de funcionamento para as incubadoras e empresas, em função das ameaças e oportunidades experimentadas no passado recente. / The present work aims at analyzing recent changes in the innovation ecosystem and how these changes affected business incubators in the State of São Paulo. Studies were made to analyze, quantitatively, two time periods that were compared to check the effects of these changes in the development of companies that used innovation as a competitive strategy. The quantitative data related to the business incubators were be dealt with applying multivariate statistical methods, like Fatorial and Cluster techniques. Concisely, the goal of this work is contributing to the discussion about the state of the art in this knowledge field, considering changes in the business environment that resulted in a new paradigm of work for the business incubators because of threats and opportunities experienced in the recent past.

Este trabalho se propõe a realizar uma análise da mudança recente no ecossistema de inovação e seus reflexos no movimento de incubação de empresas no estado de São Paulo. Foi realizado estudo do cenário das incubadoras de empresas no Estado de São Paulo analisando, quantitativamente, dois momentos de comparação intertemporal e os efeitos que essas mudanças representaram no desenvolvimento de empresas que se utilizaram da inovação como estratégia competitiva. As informações quantitativas relativas às incubadoras e suas empresas foram tratadas com a aplicação de métodos estatísticos multivariados tais como a técnica Fatorial em Componentes Principais e a de Agrupamento (cluster). Ao final, busca-se contribuir para a discussão do estado da arte neste campo de conhecimento, frente às mudanças de ambiente negocial que ocasionaram um novo paradigma de funcionamento para as incubadoras e empresas, em função das ameaças e oportunidades experimentadas no passado recente. / The present work aims at analyzing recent changes in the innovation ecosystem and how these changes affected business incubators in the State of São Paulo. Studies were made to analyze, quantitatively, two time periods that were compared to check the effects of these changes in the development of companies that used innovation as a competitive strategy. The quantitative data related to the business incubators were be dealt with applying multivariate statistical methods, like Fatorial and Cluster techniques. Concisely, the goal of this work is contributing to the discussion about the state of the art in this knowledge field, considering changes in the business environment that resulted in a new paradigm of work for the business incubators because of threats and opportunities experienced in the recent past.

<p>Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market.</p><p>Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations.</p><p>Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance.</p><p>Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event.</p><p>Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.</p>

Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market. Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations. Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance. Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event. Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.

Executive compensation and its potential importance in aligning shareholder and management interests has been an extensively researched area within corporate finance. We study executive compensation while addressing several unresolved issues in the literature. In essay one, we examine CEO compensation following spin-offs. We find that CEOs are rewarded for undertaking a spin-off. Change in compensation for CEOs of spin-off firms following spin-offs is significantly higher than that for matching firms. We also find that the increase in compensation following spin-off is negatively associated with the change in firm size following the spin-off. Unlike mergers and acquisitions through which increases in executive compensation seem to be more related to size than performance, we show that CEO compensation increases following spin-offs even though spin-offs reduce firm size. In the second essay, we study changes in CEO salaries and their relation to firm performance. We document that changes in CEO salaries, which are a more permanent form of compensation change, are related to long term measures of performance. We find that CEO salaries change much more in relation to long term stock returns than short term stock returns. We also study the asymmetry in the relation between salary changes and firm performance. We find that while short term negative returns are related to changes in CEO salaries; only long term positive returns are significantly associated with CEO salary changes. This asymmetric relation is also present between total CEO compensation changes and stock returns. In essay three, we examine managerial decision horizons for target and acquirer firms in mergers and acquisitions. We find that acquirer CEOs have longer decision horizons than target firm CEOs in stock financed mergers. Acquirer CEOs in cash financed mergers and acquisitions also have longer decision horizons than target CEOs. Acquirer CEOs in both stock and cash financed mergers have significantly higher proportions of equity based compensation and significantly lower proportions of cash based compensation than target CEOs. In logistic regressions, measures of decision horizons for target and acquirer CEOs are not significantly related to the odds of stock financing in mergers and acquisitions. Our results do not offer strong support to the implications from the Shleifer and Vishny theory on the rationale for stock financed acquisitions.

本研究以民國91年至民國101年台灣進行公司分割之上市櫃公司為研究對象，探討市場對於企業宣告從事上下游分割之反應，以及公司治理對此反應之影響。研究結果顯示： 一、台灣公司宣告分割期間，異常報酬並不明顯。 二、分割後母子公司在產業鏈中具上下游關係者，其累積異常報酬較不具上下游關係者差。 三、內部人持股比例高、財務槓桿高，對分割之宣告效果有負面影響。 可見台灣許多企業雖期望透過公司分割落實代工與品牌分家，然而市場對於這些分割活動未必能給予正面評價。同時，內部人對對公司控制力大或者公司財務槓桿高，在宣告分割時小股東以及債權人可能擔心此分割活動將損及其利益。 / This study examines the effect of companies declaring their spin-offs and the impact of corporate governance variables on the effect with Taiwan listed spin-off companies during year 2002 to 2012 as samples. The empirical results can be summarized as below: 1. There is no significant abnormal returns (AR) while Taiwan companies declaring their spin-offs. 2. Spin-offs that parent companies and its subsidiaries are suppliers and downstream customers have lower abnormal returns. 3. “High insider shareholding percentage” and “high financial leverage” have negative impact on the effect of spin-offs declaring. According, although many Taiwan companies intend to separate their brand and OEM/ODM business through spin-offs, it is not necessary to result in positive effects on their share prices. Meanwhile, minority shareholders and creditors might worry about the spin-off affairs damage their benefit if the insiders have large control power to the companies or the companies have high financial leverages.

Made available in DSpace on 2016-06-02T19:50:27Z (GMT). No. of bitstreams: 1 6831.pdf: 1954754 bytes, checksum: eede2cf4da25c4f99b932a80fa9dde89 (MD5) Previous issue date: 2015-11-20 / This paper presents a model which aims to stimulate the creation of academic spin-offs by Brazilian Scientific and Technological Institutions (STI), based on experiences of the University of Georgia, University of California, Polytechnic University of Valencia and University of Porto - institutions with high rates of business creation and environment articulate entrepreneur. This model consists of a set of actions or activities that aim to strengthen the entrepreneurial ecosystem. The research that led to the model took place in six stages: Characterization of North American Universities (Phase I); Ecosystem Analysis Entrepreneurs (Phase II); Research (Phase III); Development Model to Business Creation (Stage IV); Model Validation by Expert Panel (Stage V) and Settings (Stage VI). The first version of the model was based on the Babson Entrepreneurship Ecosystem Project, stimulus bill entrepreneurship, developed by Daniel Isenberg. The project unfolded in a model that shows that an environment to encourage entrepreneurship is not made up of only one element, but by a group of structures that working together strengthen this ecosystem. The initial model constructed by this research we used the six elements specified by Isenberg, namely: policies, financial resources, culture, supporting institutions, human capital and markets. The first version of the created model was then validated by the Expert Panel for Technical. The second version of the model, now validated - Model for Spin-offs Creation of Academic Based on Ecosystem Entrepreneurs - consists of three basic elements: the institutional arrangements, policies and entrepreneurial culture. The institutional arrangements are formed by agencies that facilitate technology development, the Technology Transfer Office (TTO), the Center for Entrepreneurship (CE), the Business School (BS), the Incubators and Science Parks (I / SP), the Junior Enterprise (EJ) and Entrepreneurs Network (RE). In addition to the institutional arrangements, the model is composed of other permeable layers, which are the policies that regulate the actions in this ecosystem and the entrepreneurial culture that disseminates the concept within the institution. Permeable layers are justified because they represent a border that information, knowledge and financial resources circulate between these elements that make up the entrepreneurial ecosystem and the external environment. And in that ecosystem also move new ventures. The model provides guidance in three of STI ripening stages: initial, intermediate and mature. The first STI fits into one of these stages and then uses the appropriate guidance to its stage. / Este trabalho apresenta um modelo que visa estimular a criação de spin-offs acadêmicas por Instituições Científicas e Tecnológicas (ICTs) brasileiras, fundamentado em experiências das Universidades da Geórgia, da Califórnia, Politécnica de Valência e do Porto - instituições com altas taxas de criação desse tipo de empresa e com ambiente empreendedor bem articulado. Este modelo é constituído por um conjunto de ações ou atividades que objetivam fortalecer o ecossistema empreendedor. A pesquisa que deu origem ao modelo ocorreu em seis etapas: Caracterização das Universidades Norte-Americanas (Etapa I); Análise de Ecossistemas Empreendedores (Etapa II); Pesquisa de Campo (Etapa III); Desenvolvimento do Modelo de Estímulo à Criação de Empresas (Etapa IV); Validação do Modelo por Painel de Especialistas (Etapa V) e Ajustes/Redefinição do Modelo (Etapa VI). A primeira versão do modelo baseouse no Babson Entrepreneurship Ecosystem Project, projeto de estímulo ao empreendedorismo, desenvolvido por Daniel Isenberg. O projeto desdobrou-se em um modelo que revela que um ambiente para fomentar o empreendedorismo não é formado por apenas um elemento, mas por um grupo de estruturas que trabalhando em conjunto fortalecem esse ecossistema. O modelo inicial construído por essa pesquisa utilizou-se dos seis elementos especificados por Isenberg, que são: políticas, recursos financeiros, cultura, instituições de apoio, capital humano e mercados. A primeira versão do modelo criado foi então validado pela Técnica de Painel de Especialistas. A segunda versão do modelo, agora validado - Modelo de Estímulo para a Criação de Spin-offs Acadêmicas Baseado em Ecossistemas Empreendedores - é composto por três elementos-base: os arranjos institucionais, as políticas e a cultura empreendedora. Os arranjos institucionais são formados por órgãos que facilitam o desenvolvimento tecnológico, o Escritório de Transferência de Tecnologia (ETT), o Centro de Empreendedorismo (CE), a Escola de Negócios (EN), as Incubadoras e Parques Tecnológicos (I/P), as Empresas Juniores (EJ) e a Rede de Empreendedores (RE). Além dos arranjos institucionais, o modelo é composto por outras camadas permeáveis, que são as políticas, que normatizam as ações nesse ecossistema e a cultura empreendedora que dissemina o conceito dentro da instituição. As camadas permeáveis justificam-se porque representam um contorno em que informações, conhecimentos e recursos financeiros circulam entre esses elementos que compõem o ecossistema empreendedor e o ambiente externo. E nesse ecossistema também movem-se novos empreendimentos. O modelo oferece orientações em três estágios de amadurecimento da ICT: inicial, intermediário e maduro. A ICT primeiro se encaixa em um desses estágios e em seguida utiliza as orientações adequadas à sua fase.