Global ETD Search

21	The Paradox of foreignness Edman, Jesper January 2009 (has links) Diss.Stockholm : Handelshögsk. Foreignness Liability of Foreignness Multinational Enterprise Norm-breaking Loan Syndication Japan Institutional change International business Multinational banking Multinational companies Business studies Företagsekonomi
22	Effects of Early Round Venture Capital Syndication on IPO Exits in Europe and the United States Magat, Rosabella M. 01 January 2012 (has links) While the importance of venture capital (VC) can be highlighted by policy goals outlined in the 'Lisbon agenda', the European VC industry remains nascent in comparison to the more sophisticated VC market in the US. Researchers have identified key determinants that foster VC success on a broad level, and have often identified syndication as an important factor of success. This paper seeks to understand the role of syndication on the VC-backed company's success. I take a novel departure from past research in this area in three ways 1) I measure performance from the perspective of the portfolio company, rather than the VC firm which invests in the company 2) I isolate syndication in the first financing round and 3) I utilize a logistical model as well as a simultaneous equation model for which I introduce an instrumental variable. I gather VC data for both Europe and the US from the VentureXpert database to test various hypotheses regarding syndication. The results are significant and provide evidence to support that syndication in the first financing round is associated with greater success in achieving IPO exit in both regions. This should encourage VC firms, VC-backed companies, and policymakers to increase the practice of VC syndication in early financing rounds, thereby providing access to greater long-term growth opportunities. This paper adds to the existing, but limited, literature base on cross-region venture capital syndication. Venture capital VC syndication syndicate IPO exit Corporate Finance Finance and Financial Management International Business Other Business Technology and Innovation
23	Syndication and Value Creation Activities of Corporate Venture Capital Funds Balz, Frank Peter 28 August 2023 (has links) This publication-based dissertation concerns the syndication and value creation activities of heterogenous corporate venture capital funds over six chapters. The first chapter serves as an introduction to venture capital heterogeneity and syndication and provides an overview of the four research papers included in the dissertation. The second chapter is a systematic literature review of recent research on heterogeneous venture capital syndication. Therein the underlying motivation, dynamics and results of fund- and affiliation-heterogenous syndicates are clearly identified, integrated and promising avenues for further research are specified. The third chapter is a research paper on the value creation activities of investment syndicates among independent and corporate venture capital funds. Building on a cross-industry sample of 35 interviews this inductive study identifies the determinants of value creation, integrating them in a matrix comprising shareholder relationships, corporate setup, venture lifecycle and deal terms. Chapter four is a research paper that empirically observes how corporate venture capital units leverage the resources of their incumbent parents to generate value for their portfolio firms. Based on case studies of 11 corporate venture capital units the paper reveals the mechanism behind corporate venture capital value creation holistically and identifies eight design elements that result in a typology of four distinctive archetypes. The last research paper is chapter five and concerns the distinct impact structurally heterogeneous corporate venture capital funds have on portfolio firms operating efficiency. Employing the longitudinal, European Union sponsored VICO dataset the paper finds differences in CVC structure, autonomy and objectives to have implications on firm efficiency. The present dissertation is concluded in the sixth chapter, highlighting contributions, limitations and promising avenues for further research. info:eu-repo/classification/ddc/330 ddc:330
24	An Empirical analysis of the effects of market response to bank loan announcements in the Hong Kong stock market Chen, Qing January 2009 (has links) This study will validate several key results from previous studies of bank loan announcement effects by using the data from Hong Kong market following the 1997 Asian crisis. Banks are believed to play a unique role in financial market which could effectively reduce the problem of information asymmetry and moral hazard. Banks could access borrowers’ inside information which is not available to other participants. Thus bank loan announcements convey valuable information to the market, and market response of the stock price should be positive. However, because of the significant reform in both financial market and information market, the valuation of bank loan announcement conveyed need to be reconsidered. This study investigates whether banks are still “unique” in the financial market or whether they are like middlemen between borrowers and investors. Data used in this study is collected from the Hong Kong Stock Exchange Index, and a standard event study with the market model is applied in the research to conduct the empirical analysis. The results suggest bank loan announcements are associated with significantly higher positive abnormal returns than non-bank loan announcements. Based on the market model of event study, market response is found to be significantly positive for loan syndication, short maturity loan and borrower’s debt ratio, and negatively related to firm size and loan size. Bank loans with refinancing and capital expenditure and no specific purpose have significantly higher positive abnormal returns, and borrowers with property and industrial industry type have more significant positive abnormal returns compared to other industry type. The findings also suggest the Hong Kong stock market is efficient in both strong and semi-strong form for bank loan announcements. A strong evidence of information leakage problem is found for non-bank loan announcements. The results are generally consistent with the existing literature. bank loan announcements abnormal returns information asymmetry market efficiency syndication loan size loan maturity loan purpose firm size industry type debt ratio
25	後現代組織對策略之再思考 / Rethinking Strategy in the Postmodern Organization 林俊杰, Lin, Chun-chieh Peter Unknown Date (has links) 摘要組織乃社會網絡的一員，其必須正視後現代主義者對當今後現代社會的觀察，以及必須面臨的嚴苛挑戰! 本論文旨在探討後現代主義思潮對當代組織的影響與啟示為何?部分當代管理情境(或稱後現代情境)，例如，追求一切可能性、對簡單之渴望、感性的思維、不確定性、快速變遷、不連續性、模糊、無界限、解構、去中間化、片斷化、以族群取代社會階級、多元化、尊重差異、超現實、以及反宰制性規則等等，對當代組織(或稱後現代組織)現在或未來在策略擬定時的影響與啟示為何? 面對後現代情境及其挑戰，後現代組織現在或未來對策略之再思考為何? 後現代組織未來可能適用之新的組織模式為何? 以及後現代組織對策略之再思考的實務作為為何? 本研究主要以文獻探討與次級資料檢索之檔案研究法為主，資料檢索的對象(含個案資料之來源)是以探討較高層次的概念性策略新思維為主。至於屬於研究輔助性質之個案部分，則以屬於營利性質之全球知名多國籍企業、由製造導向轉型為服務導向者、或者可印證本研究所探討之策略新思維者為主。經由本探索研究後發現，面對後現代主義思維的衝擊，以及後現代管理情境的挑戰，組織應該重新檢視其前提假設、回歸策略本質、勾勒遠大的構想、開創新的價值曲線以避開面對面競爭、重新尋找組織在數位世界的價值定位與經營模式、專注核心、建立社群、培養廣義「顧客」----利害關係人之新的忠誠度、善用所有利害關係人的關係與優勢、注重組織內外部的整合以及策略要素之間的整合與一致性、擺脫語言牢籠(規則)的束縛而賦予員工彈性、持續尋找任何強調彈性結構、網絡關係、溝通效率、以及民主化機制的組織模式或概念。最後，對於全球的多國籍企業，本研究建議其必須在全球的產業分工體系之下，勾勒遠大的構想、開創新的價值曲線、發展世界級的核心能力、建立或主導某些內外部社群或電子企業社群、採行time pacing策略以穩健成長、強化跨產業或跨國之組織與策略整合的作為、時時檢視與修改任何宰制性的政策或規則、以及繼續尋找與試行任何可能且可行的組織模式或概念。 / Abstract Organizations that are parts of social network must take into account those issues discovered and criticized by Postmodernist and those severe challenges facing organizations. This dissertation tries to explore those impact and implications aroused by postmodernist for contemporary organizations, those contemporary scenario (postmodern scenario) facing organizations, such as in search of possibilities, in need of simplicity, sensuous thinking, indeterminacy, a rapidly changing environment, discontinuity, ambiguity, boundarylessness, borderless, deconstruction, disintermediation, fragmentation, social class replaced by tribes, diversity, apprizing difference or otherness, hyperreality, and against governing rules, that will affect the strategic planning of organizations at present or in the coming future. In addition, this dissertation also tries to explore that currently or in the coming future how organizations rethink their strategies while facing postmodern scenario and its rigorous challenges, what forms, models or concepts of organization design that organizations can apply, and those managerial practices that organizations have ever executed. The research methodology adopted by this dissertation is primarily literature review and secondary data exploration. The target data including cases are focused on those conceptual strategic thinking. Those cases that are mainly complement to this dissertation are those distinguished multinational corporations (MNC) that have ever been transformed from manufacturing-oriented to service-oriented, or are able to prove partial strategic thinking reviewed in the dissertation. In the face of those thinking impact stirred by postmodernist and challenges resulted from postmodern managerial scenario, this dissertation concludes that organizations should review and rethink their assumption for the world, revisit the essence of strategy, picture and propose the big ideas, create or explore new value curves to avoid cruel face-to-face competition, explore new value positions and business models in the digital world, focus and develop core businesses and competence, build and manage communities, cultivate new types of royalty for those stakeholders partnering with organizations, utilize the relationships with and advantages from stakeholders, emphasize and advocate internal and external organizational integration and consistence and alignment for strategies, free from the cage of language and empower employees, keep exploring those organizational models or concepts that advocate or propose flexibility, networks of people, efficiency of communication, and spirit of democracy. In conclusion, this dissertation suggests that under global industrial value chains, multinational corporations should picture and propose the big ideas, create and explore new value curves, develop best-in-world core competence, form or dominate some internal or external communities or e-business communities, adopt strategy of time pacing for sound and moderate growth, reinforce cross-industry or cross-nation integration for organizations and strategies, keep reviewing and modifying any governing policy or rules, and keep searching and experimenting any latest possible and feasible models or concepts of organization. 後現代主義後現代組織工具理性語言戲局局部敘事超現實模糊無界限解構去中間化超競爭價值移轉策略失調策略反曲點主動惰性資源連續帶新價值曲線聯合經營價值網快速創業蜂巢式組織游牧式組織邦聯式組織多層面組織循環式組織實務社群 Postmodernism Postmodern Organization Instrument Rationality Language Game Local Narrative Hyperreality Ambiguity Boundarylessness Deconstruction Disintermediation Hypercompetition Value Migration Strategic Dissonance Strategic Inflection Point Active Inertia Resource Continuum New Value Curve Syndication Value Nets Fast Venturing The Cellular Organization The Nomadic Organization The Federation Organization The Multidimensional Organization The Circular Organization Communities of Practice time pacing
26	銀行聯合貸款業務之經營模式與策略研究-以台灣聯貸市場為例 / The Study of Banking Business Model and Strategy about Syndicated Loan Product – in Taiwan Syndication Market 葉美華, Yeh, Mei-Hua Unknown Date (has links) 政府在1990年開放新銀行申請設立、1991年共核准通過15家新銀行籌設，國內銀行自此即進入百家爭鳴的時代，各家銀行惡性競爭的結果，除了利差不斷降低外，授信品質亦不斷惡化，各銀行資本報酬率直直落，為求生存，遂絞盡腦汁不斷推出各種新型商品以促進客戶擴大信用；聯合貸款業務亦不例外，各銀行有鑑於傳統企業授信漸不能達到應有績效之際，紛紛著重於聯貸業務，於是業務競爭日趨白熱化，如何設計符合貸款企業期望的授信方案，是各銀行贏得聯合授信主辦權的重要課題。因此，企業如何選擇聯合貸款主辦行之影響因素，是各銀行放款經理人亟盼了解的經營知識，而根據這些關鍵影響因素，各銀行為爭取主辦權所擬定的各項經營模式與策略，即是足以決定聯合貸款業務在各銀行未來之發展情形與定位，甚而決定其在聯貸市場所扮演之角色與市場佔有率。有鑑於此，本研究主要以銀行端的角色來探討各銀行針對聯合貸款業務所為之相關措施及其後續之影響結果，並針對國內主要聯貸銀行做個案分析，以了解各銀行所採取的策略及經營方針。聯貸統籌主辦參貸行銀行主辦行管理行倫敦銀行同業拆放市場承銷委任書聯合授信說明書動撥先決條件分銷代銷部份承銷簽約加碼違約事項邀請函聯貸額度截止法律意見書市場訪問交叉違約多數銀行動撥加速條款重大不利變化分離條款先付費用 syndication bookrunner paticipant bank arranger agent LIBOR underwriting mandate information memorandum conditions precedent distribution best effort partly underwritten signing margin dfault events invitation letter financial close legal opinion market sounding cross default majority banks drawdown acceleration clauses material adverse change severability front-end fees

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