Browsing Centres by Title
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Any Gains from TradeFoss, Nicolai J.; Klein, Peter G. (København, 2004)[More information][Less information]
Abstract: Although they have developed very much in isolation from each other, we argue the theory of entrepreneurship and the economic theory of the firm are closely related, and each has much to learn from the other. In particular, the notion of entrepreneurship as judgment associated with Frank Knight and some Austrian school economists aligns naturally with the theory of the firm. In this perspective, the entrepreneur needs a firm, that is, a set of alienable assets he controls, to carry out his function. We further show how this notion of judgment adds to the key themes in the modern theory of the firm (i.e., the existence, boundaries, and internal organization). In our approach, resource uses are not data, but are created as entrepreneurs envision new ways of using assets to produce goods. The entrepreneur’s decision problem is aggravated by the fact that capital assets are heterogeneous. Asset ownership facilitates experimenting entrepreneurship: Acquiring a bundle of property rights is a low cost means of carrying out commercial experimentation. In this approach, the existence of the firm may be understood in terms of limits to the market for judgment relating to novel uses of heterogeneous assets; and the boundaries of the firm, as well as aspects of internal organization, may be understood as being responsive to entrepreneurial processes of experimentation. Key words: Entrepreneurship, heterogeneous assets, judgment, ownership, firm boundaries, internal organization. JEL Codes: B53, D23, L2 URI: http://hdl.handle.net/10398/6429 Files in this item: 1
04-12.pdf (343.6Kb) -
Report from a workshop 6-8 September 2010Schaumburg-Müller, Henrik; Jeppesen, Søren; Langevang, Thilde (Frederiksberg, 2010)[More information][Less information]
Abstract: This working paper is a report from the workshop on Entrepreneurship Development arranged by the Centre for Business and Development Studies at CBS and the Danish Ministry of Foreign Affairs in September 2010. The objective of the workshop was to use the participants’ joint knowledge and experiences to discuss and provide conclusions on what role entrepreneurship development has played and can play to stimulate growth and employment in Africa. Entrepreneurship development is understood as the promotion and development of activities and processes that foster and support productive entrepreneurship in the society. The workshop should provide inputs to how entrepreneurship in Africa can be supported and be used in the development and implementation of the “Growth and Employment” priority of the new Danish strategy for development cooperation. The workshop had twenty participants with long standing insight to the challenges of entrepreneurship development and employment growth in Africa from international organizations, development cooperation partners, universities and private enterprises and organizations. The report contains the key issues discussed at the workshop and ends with conclusions and recommendations. URI: http://hdl.handle.net/10398/8208 Files in this item: 1
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Malchow-Møller, Nikolaj; Schjerning, Bertel; Sørensen, Anders (København, 2008)[More information][Less information]
Abstract: This paper analyses the importance of entrepreneurs for job creation and wage growth. Relying on unique data that covers all plants, firms and individuals in the Danish private sector, we are able to distil a number of different measures of entrepreneurial plants from the set of new plants, including measures that much more precisely capture the "truly new” or "entrepreneurial” plants than in previous studies. Using these data, we find that while new plants in general account for one third of the gross job creation in the economy, entrepreneurial plants are responsible for between 15% and 25% of this, and thus only account for up to 8% of total gross job creation in the economy. However, entrepreneurial plants seem to generate more additional jobs than other new plants in the years following entry. Finally, the jobs generated by entrepreneurial plants are to a large extent low-wage jobs, as they are not found to contribute to the growth in average wages. However, this insight varies across the different types of entrepreneurial plants. URI: http://hdl.handle.net/10398/7713 Files in this item: 1
dp 2008-13.pdf (122.6Kb) -
Meyer, Klaus; Tran, Yen Thi Thu (København, 2004)[More information][Less information]
Abstract: Multinational enterprises (MNEs) are expanding their global reach, carrying their products and brands to ever more remote corners of the world. They encounter business environments that vary not only from their country of origin, but also vary greatly amongst each other. Thus foreign investors have to adapt their strategies, most notably their marketing and acquisition strategies, to the local context. In this paper, we outline why globalisation drives MNEs into emerging economies, and we provide conceptual frameworks that may aid investors to adapt their strategies to emerging economy contexts. MNEs have to develop a portfolio of local and/or global brands that matches their competences with local needs. If they aim for market leadership they may pursue a multi-tier strategy, but this needs to be supported by an appropriate foundation of global and local resources. This strategy in particular requires the acquisition of complementary local resources controlled by local firms. However, acquisitions in emerging economies are inhibited by institutional obstacles and weak local firms. Thus, foreign investors may pursue staged, multiple, indirect, or Brownfield acquisitions to build their projected operation. We illustrate our proposed strategies by analysing how one multination enterprise - Carlsberg Breweries - has developed its operations in three very different emerging economies: Poland, Lithuania and Vietnam. URI: http://hdl.handle.net/10398/7071 Files in this item: 1
working paper 2004-50.pdf (334.0Kb) -
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greenfield, acquisition, and brownfieldMeyer, Klaus E.; Estrin, Saul (København, 1999)[More information][Less information]
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The Conflicting Legacies of Demsetz and PenroseFoss, Nicolai J. (Frederiksberg, 1997)[More information][Less information]
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Datagrundlag og analyserHolm Hansen, Jacob; Bordum, Anders (København, 2005)[More information][Less information]
Abstract: Erhvervslivets strategiske ledelseskommunikation – datagrundlag og analyser præsenterer på 250 sider datagrundlaget og analyserne af de 50 største virksomheder i Danmarks strategiske ledelseskommunikation. Analyserne er bilag til og udgør grundlaget for bogen af Anders Bordum & Jacob Holm Hansen: Strategisk Ledelseskommunikation – Erhvervslivets ledelse med visioner, missioner og værdier. Udgivet på Jurist- og Økonomforbundets Forlag 2005. URI: http://hdl.handle.net/10398/7669 Files in this item: 1
8799022451.pdf (2.505Mb) -
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Abstract: This paper reports the findings of a research project investigating the utilization and continuous improvement of Enterprise Resource Planning (ERP) systems. Adopting the aspects of a resource management framework and Critical Success Factor research, an initial framework is developed. The framework is developed through a survey of ERP system expert consultants. A number of factors and causalities are identified, including the positive role of use by top management and the role of corporate culture. Two factors were found to have a negative impact on utilization. The first is the unreflective use of ERP system implementation methods, which can ‘kill’ the visions and ideas of implementing ERP systems, while the second is the vanilla implementation strategy. URI: http://hdl.handle.net/10398/8009 Files in this item: 1
CAICT_Com_22010.pdf (1.679Mb) -
Crabtree, Andrew (København, 2007)[More information][Less information]
Abstract: Prahalad’s thesis is extremely vague, indeed it identifies seven versions. The paper then turns to examining the 12 major cross-country case studies that Prahalad uses as corroboration for his views. It argues that the evidence that Prahalad offers to support his claims fails to do so, or, proves to provide counter-examples. Furthermore, the case study approach that Prahalad uses is methodologically weak for the strong claims that he makes. Placing the argument in a broader perspective, it is argued that the bottom of the pyramid approach can do more harm than good if it, as Prahalad does, plays down factors which have been important to large scale poverty reduction in countries such as South Korea, China, India and Vietnam. After assessing the book on its own terms, the paper asks whether or not income poverty is the correct space in which to evaluate the impact of business activities. The concepts of income poverty, multidimensional poverty and capability deprivation are discussed and a notion of fundamental capability deprivations as being the relevant evaluative space is defended. It is argued while the Bottom of the Pyramid approach fares better on these criteria, but still leaves a lot to be desired. The eradication of deprivation requires more than self-interested firms. URI: http://hdl.handle.net/10398/6755 Files in this item: 1
wps-2007_no.1_andrew.crabtree.pdf (241.6Kb) -
Evidence from Market and Accounting DataGoldberg, Lawrence G.; Sweeney, Richard J.; Wihlborg, Clas G. (København, 2005)[More information][Less information]
Abstract: This paper discusses results and difficulties of comparing banks' performance based on publicly available data for the case of Nordea, a pan-Nordic bank created through mergers of important national banks. The objective of the performance comparison is to determine whether Nordea's unique strategy of functional intergation across four countries can be advantageous. For stock-market data, however, Nordea does not have stable betas on risk factors, as illustrated by market betas, and thus the comparables method must be used with great care. The Nordea holding company performed about as well as the comparables, both in terms of stock-market and accounting data. Nordea banks in individual countries outperformed comparable holding companies; by arithmetic, Nordea non-bank operations are not as profitable as its bank operations. In event studies, the market views Nordea's acquisitions as adding value. URI: http://hdl.handle.net/10398/6812 Files in this item: 1
wplefic052005.pdf (339.2Kb) -
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Abstract: The paper investigates the determinants behind the choice between a wage earner position versus employee ownership. These determinants can be found both at the individual level: desire for selfgovernance, risk aversion, human capital, wealth, mobility; company level: size, complexity, heterogeneity of labor, capital intensity, human capital; and society level: labor market dynamics, social security, role of unions and specific institutional rules for employee ownership. The choice is determined by the possibility for wage-earners to adjust working conditions by exit versus the possibilities and costs for employee to use voice as owners of their company. It is predicted that employee ownership will be found in organizations which are small, homogenous, simple in structure, and with high emphasis on specific human capital. The opportunities of globalization with complex organizations crossing borders/cultures will be more difficult to implement in employee owned companies. Specific external institutions (tax incentives, company laws, privatization opportunities) and innovative internal institutions may change the balance in favor of employee ownership. The predictions are not tested, but illustrated by examples especially from recent evidence from Eastern Europe. URI: http://hdl.handle.net/10398/7089 Files in this item: 1
wp65 2007.pdf (97.53Kb) -
Poutvaara, Panu (København, 2007)[More information][Less information]
Abstract: This paper analyzes educational choices and political support for subsidies to higher education in the presence of a time-consistency problem in income redistribution. There may be political support for so generous subsidization that it motivates the median voter to obtain higher education. As a result of increasing own income, the median voter prefers in the future lower taxes than without higher education. Therefore, the expansion of participation in higher education during the second half of the 20th century may have partly been driven by the aim to limit the political support for overly generous income redistribution. education, time-consistency problem, voting, subsidies to education URI: http://hdl.handle.net/10398/7684 Files in this item: 1
artikel 17.pdf (191.4Kb) -
Malchow-Møller, Nikolaj; Munch, Jakob Roland; Schroll, Sanne; Rose Skaksen, Jan (København, 2007)[More information][Less information]
Abstract: In this paper, we use data from the first two rounds of the European Social Survey to analyze the extent to which differences in average attitudes towards immigration across the EU-15 countries may be explained by differences in socioeconomic characteristics and individually perceived consequences of immigration, using an extension of a decomposition technique developed by Fairlie (2005). We find that despite the significant effects of socioeconomic characteristics on attitudes, differences in the distributions of these characteristics can only explain a modest share of the cross-country variation in average attitudes. A larger part can be explained by differences in perceived consequences of immigration, but the main part is still left unexplained. Apart from providing useful input for policy makers working in the area of immigration policy, this raises a number of questions for further research for which the ESS data can be successfully applied. Attitudes, Immigration, Cross-country differences URI: http://hdl.handle.net/10398/7687 Files in this item: 1
artikel 05.pdf (511.8Kb) -
Fosse, Henrik Barslund (Frederiksberg, 2012)[More information][Less information]
Abstract: Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade ows bring us closer to the transaction level where rm decisions are actually made. I nd that the utilization of monthly data does add new information about the average level of pricing-to-market, and the di¤erences between long-run pricing-to-market and short-run pricing-to-market. Furthermore, I nd industry di¤erences in pricing-to-market in terms of the magnitude (zero to complete pricing-to-market) and the timing (when do rms changes prices), and that pricing-to-market is stronger on high-income markets. As discussed in detail in the paper, all results are in-line with predictions of several theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through. URI: http://hdl.handle.net/10398/8539 Files in this item: 1
Fosse_2012_1.pdf (303.2Kb) -
Some Lessons from United States Constitutional HistorySweeney, Richard J. (København, 2003)[More information][Less information]
Abstract: A constitution is more likely to be accepted if it federalizes those issues that are widely seen as needing complete harmonization. A constitution is more likely to endure if the federal government does not have powers that are not vital to it but which may alienate some member states to the point that the federal government loses legitimacy. It appears vital to have trade policy at the European Union level; for euro countries, monetary policy is already federalized. It is not clear that common foreign and defense policies are needed; insisting on common foreign and defense policies may lead to conflicts within and across member states that severely weaken the Union, conceivably contributing to eventual collapse. Insisting on harmonization of commercial codes does not have the destructive potential of attempting completely to harmonize defense and foreign policies; it may, however, lead to needless conflict that helps drain the reservoir of goodwill that the European Union will need for dealing with other conflicts amongst member states. URI: http://hdl.handle.net/10398/6787 Files in this item: 1
wplefic092003.pdf (442.7Kb) -
Eamets, Raul; Mygind, Niels; Spitsa, Natalia (København, 2006)[More information][Less information]
Abstract: Presently, legal regulation of participation of employees – financial participation as well as participation in decision-making – is not well developed in Estonia. On the one hand, it is due to the fact that no tradition of employee participation could have been formed after Estonia became independent because different, contrary political aims, e.g. development of the free-market economy and promotion of national elites, were given priority. Although employee ownership emerged during the early stage of privatization, it was a temporary phenomenon. Earlier experience with employee participation in decision-making was considered to be a relict from the time under Soviet rule and, therefore, to be discredited and not worth following. On the other hand, the solution of current employment and social problems is not associated with a higher level of participation of employees. URI: http://hdl.handle.net/10398/7112 Files in this item: 1
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Klauberg, Theis; Muravska, Tatyana; Mygind, Niels; Rezepina, Irina (København, 2006)[More information][Less information]
Abstract: This report outlines main trends in employees' financial participation in Latvia including historical, socioeconomic and legal background. A special emphasis is placed on privatization during the transition period which shaped an environment for employees’ financial participation and influenced the current state of employee share ownership and profit-sharing. Attitudes of social partners and the government will be addressed. The report will show why the transition process lead to a low level of employees’ financial participation and the indifference and ignorance of policy makers concerning the development of financial participation. URI: http://hdl.handle.net/10398/7114 Files in this item: 1
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Darškuviené, Valdoné; Hanisch, Stefan; Mygind, Niels (København, 2006)[More information][Less information]
Abstract: Participation of employees in decision-making in Lithuanian companies has its roots in trade union movement as well as in the practice of managing companies under Soviet rule. After Lithuania regained independence, employee ownership was used to facilitate privatization. A notable success was establishment of a number of employee-owned companies that were formerly state-owned enterprises during the first stage of privatization. However, no stronger tradition of employee participation has evolved. Current legal regulation of participation of employees - financial participation, as well as participation in decision-making - is not well developed and does not provide for stronger incentives. The solution of current employment and social problems by the Government, ruling parties as well as social partners is not associated with a higher level of participation of employees. Financial participation is viewed mainly as a way of employee motivation as initiated by managers and current owners of companies. URI: http://hdl.handle.net/10398/7110 Files in this item: 1
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Lessons from the UKMallin, Chris; Mullineux, Andy; Wihlborg, Clas (København, 2004)[More information][Less information]
Abstract: In 1992 the Cadbury Committee report on the financial aspects of corporate governance was published. The Committee had been established following the failures of a number of high profile businesses in the UK which had shaken confidence in the market. Some nine years later, in 2001, the collapse of Enron sent shockwaves through the US market. As a result of the Enron collapse and various other high profile scandals in the years since its occurrence, the US is examining its own corporate governance structures and provisions to determine how these might be improved and help avoid another Enron. The EU similarly is developing principles and legislation to improve corporate governance, and scandals such as Royal Ahold and Parmalat have helped drive further governance reforms. In this paper we detail the development of corporate governance codes in the UK and the adaptation of similar codes in the EU. We discuss the role of the financial sector in corporate governance and how principles for regulation and supervision of the financial sector complement codes of conduct and legislation in the area of corporate governance. JEL Classification numbers: G34, G28, G22, G23 Keywords: corporate governance, financial sector; institutional investors. URI: http://hdl.handle.net/10398/6789 Files in this item: 1
wplefic062004.pdf (171.8Kb)