Browsing Research documents by Title
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Providing Common KnowledgeFoss, Nicolai J.; Kristensen, Tore; Wilke, Ricky (København, 2003)[More information][Less information]
Abstract: This paper draws on ideas in economics and game theory to develop a new theory of marketing and corporate communication in the emerging network economy. We argue that in a network economy, firms and consumers will confront "coordination problems." With the emerging network economy all this become urgent because the availability and cost of information decreases. Also, timing issues becomes crucial as millions of people get access to the same information simultaneously. That explain why events where masses of viewers simultaneously participate in the same events become so important. We introduce a simple game theoretic model to explain this, and discuss marketing applications and possible strategies. Key words Coordination problems, common knowledge, corporate communication URI: http://hdl.handle.net/10398/6401 Files in this item: 1
foss20kristensen20wilke1.pdf (175.7Kb) -
Rose, Caspar (København, 2001)[More information][Less information]
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A comparison of Russia and SloveniaMygind, Niels; Demina, Natalia; Gregoric, Aleksandra; Kapelyushnikov, Rostislav (København, 2004)[More information][Less information]
Abstract: Ownership is determined by firm specific factors and the environment. Firms change over their life-cycle. The governance cycle – here defined as changes in identity of the dominant owner and own-ership concentration - is marked by key phases including start-up, growth, and possibly a restructur-ing or exit stage. During transition the cycle reflects: privatization often with a high proportion of employee ownership like in Russia and in Slovenia; strong pressures for restructuring and owner-ship changes; limited possibility for external finance because of embryonic development of the fi-nancial system. To provide simple hypothesis tests, we use Russian enterprise data for 1995-2003 and Slovenian data covering 1998-2003. In spite of differences in institutional development, con-cerning privatization and development of corporate governance institutions, we find that govern-ance cycles are broadly similar in the two countries. Employee ownership is rapidly fading, but while change to manager and non-financial domestic outsider ownership is typical for Russia, man-ager ownership is not widespread in Slovenia. Instead change to financial outsiders in the form of Privatization Investment Funds is frequent. Foreign ownership, which is rare especially in Russia, is quite stable. The ownership diversification to employees and diversified external owners during privatization did not fit well to the low development of institutions. As expected we observe in both countries a subsequent concentration of ownership on managers, external domestic and foreign owners. JEL-codes: G3, J5, P2, P3 - Keywords: corporate governance, life-cycle, privatization, ownership change, transition economies, Russia and Slovenia. URI: http://hdl.handle.net/10398/7087 Files in this item: 1
slovenia-russia-gov-cycle wp54 2004.pdf (444.0Kb) -
Theory and Evidence from the BalticsJones, Derek C.; Mygind, Niels (København, 2004)[More information][Less information]
Abstract: We begin by identifying a typical governance life-cycle, defined as changes in ownership structure, and including both the identity of the major owner and ownership concentration. The cycle is marked by key events and phases including start-up, initial growth, mature growth, and possibly a crisis and restructuring stage or exit stage. The governance cycle for transitional countries reflects some specific characteristics –e.g. often privatization produces specific initial ownership structures, with an unusually high proportion of insider, especially, employee ownership. Subsequently pres-sures for restructuring produce strong impulses for ownership changes. There is limited possibility for external finance because of the embryonic development of the banking system and the capital markets during early transition. The governance cycle is also influenced by specific features of the institutional, cultural and economic environment in a country. The varying importance of these fac-tors is expected to produce differences in key features of ownership cycles such as the speed at which particular ownership changes occur. To provide simple hypothesis tests, we use new and rich enterprise panel data sets for the three Bal-tic countries. The data enable various measures of ownership to be constructed (including the iden-tity of major owners and ownership concentration). The empirical analysis covers the ownership cycle with emphasis on initial ownership and subsequent changes. Our key method is to assemble a series of transition matrices showing both starting and final ownership configurations for sample enterprises and to simultaneously provide information on changes in concentration for the largest single owner. For Estonia this is supplemented with an analysis of the frequencies of different own-ership-cycles including intermediary stages of ownership. In spite of important differences in insti-tutional development, especially concerning the privatization process, we find that governance cy-cles are broadly similar in all countries. Employee ownership is rapidly fading and mainly being succeeded by managerial ownership. There are changes back and forth between manager and do-mestic external ownership, while foreign ownership is quite stable. Ownership concentration is mostly increasing after privatization, which included diversification both to employees and external owners. Since ownership diversification did not sit well with the slow development of the institu-tional framework, as expected we see a subsequent concentration of ownership on both managers, external domestic and foreign owners. However, variation in institutions, there are also important differences across countries. The adjustment of ownership structures is faster in Estonia and this can be explained by the relatively fast pace of institutional change and evolution of important gov-ernance institutions, including tough bankruptcy legislation and advances in the financial system. JEL-codes: G3, J5, P2, P3 Keywords: corporate governance, life-cycle, privatization, ownership change, transition econo-mies, Estonia, Latvia, Lithuania . URI: http://hdl.handle.net/10398/6611 Files in this item: 1
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A Dynamic AnalysisHobdari, Bersant; Jones, Derek; Mygind, Niels (København, 2007)[More information][Less information]
Abstract: New and rich panel data for a large and representative sample of firms are used to estimate the sensitivity of access to capital to differing ownership structures. The investment behaviour of firms is examined in a dynamic setting in the presence of adjustment costs, liquidity constraints and imperfect competition. The empirical work is based on the derivation of Euler equations in the presence of symmetric and quadratic adjustment costs and both debt and equity constraints. Whereas the norm is to use ad hoc approaches to model these constraints, our alternative and more consistent leads to the inclusion of financial variables in investment equation in first differences rather than in levels. Our GMM estimates confirm the importance of financial factors in determining investment rates and suggest that firms owned by insiders, especially non-managerial employees, are more prone to be liquidity constrained than are others. Among the other groups, somewhat surprisingly, only domestic outsider owned firms display sensitivity to both measures of the availability of finance, with manager owned firms being sensitive to the availability of external finance, while state owned firms being sensitive to the availability of internal finance. Corporate Investment, Corporate Governance, Adjustment Costs, Liquidity Constraints, GMM Estimates, Transition Economies. URI: http://hdl.handle.net/10398/6585 Files in this item: 1
dynamicinvestmentpaper-2.pdf (381.1Kb) -
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Abstract: This thesis is the product of my PhD studies at the Department of International Economics and Management at Copenhagen Business School and consists of four essays - one literature review and three empirical studies - on different aspects of the corporate governance of banks. The four essays are self-contained and can be read independently. URI: http://hdl.handle.net/10398/7683 Files in this item: 1
illduara_busta.pdf (1.773Mb) -
The Norwegian maritime sectorWallevik, Kristin (Frederiksberg, 2009)[More information][Less information]
Abstract: The four papers in this thesis investigate corporate governance in family firms from different angles, with emphasis on industry and industry networks. I divide the industry networks into social and commercial networks, where social networks are measured by interlocking boards and commercial networks by investments in other firms in the same industry. Focus is on the governance structures in family firms, how industry and networks may be determinants of family ownership, and the effect of family ownership and strong industry networks on financial performance in certain industries (such as the maritime industry). Two of the papers are theoretical papers and two are empirical papers. The empirical papers are based on the same hand-collected dataset comprising 167 Norwegian listed companies from 1996-2005. The first paper - “Corporate Governance in Family firms” comprises a survey of the corporate governance literature on family firms, paying attention to the unique issues in the governance of these firms. I discuss different forms of ownership and how different agency contexts and business environments may suit family ownership better than other ownership structures. I also discuss how firms can reap the benefits of family ownership, by using a relational governance model, if there is an atmosphere of positive relationships, trust and shared visions. A relational governance model focuses on the social capital embedded in personal relations between owners, managers and board members. A contractual governance model, however, focuses on finding the optimal incentives in the relations between owners and managers, in addition to having greater focus on the monitoring role of the board. These two models may complement and supplement each other in a governance structure. The question is how these different governance models affect firms’ operations, decision-making, and competitiveness. The second paper - “The Effect of Industry Networks on Family Ownership” deals with possible effects of industry networks on the prevalence of family firms in different industries. I discuss how various networks can be determinants of family ownership, in addition to elements like incentives, monitoring, and altruism, as well as firm, industry and nation specific factors. I also discuss whether family firms can gain more from these industry networks than other firms due to a higher degree of ”thick trust”, strong owner-manager relations and the use of a relational governance structure. This paper proposes that strong social and commercial networks affect the number of family firms in an industry, as a result of the social capital embedded in these relations. Paper three - “Social and Commercial Networks as Determinants of Family Ownership - The Norwegian Shipping Industry” is an empirical paper testing whether industry networks are among the determinants of family ownership in the Norwegian shipping industry. The overall question is why family ownership is more prevalent in some industries, and which elements that influence this ownership structure. I focus on industry effects such as the number of firms in an industry and the social and commercial industry networks between firms. These are potential determinants of family ownership. I find that both industry and various industry networks have a significant and positive effect on family ownership in the shipping industry. The fourth paper - “Family Ownership, Networks and Financial Performance” takes up the question whether family ownership and various networks affect financial performance, measured by Tobin’s q and ROA lagged, or not. Earlier studies come to different conclusions regarding the relationship between family ownership and firm performance, which may be due to differences in the agency context of the studies. I add industry and industry networks as central variables to disentangle some of the contextual factors in this relationship. This paper argues that it is not necessarily the family ownership that affects performance, but how this ownership is used in a strategic manner. Establishing and using networks are seemingly a means of operation in some industries, sometimes with a positive effect on performance. URI: http://hdl.handle.net/10398/7901 Files in this item: 1
Kristin_Wallevik.pdf (3.039Mb) -
Comparing networks and formal institutionsSinani, Evis; Thomsen, Steen; Staffsud, Anna; Randoy, Trond; Edling, Christofer (København, 2007)[More information][Less information]
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Webber, Stuart (Frederiksberg, 2012)[More information][Less information]
Abstract: This dissertation analyzes ways in which Multinational Enterprises (MNEs) shift profits from one country to another to reduce their income tax expense. This is an important topic for a number of reasons. From a country’s perspective, its income tax rates and policies can have a significant impact upon its tax revenue, economic competitiveness, and the vibrancy of its economy. From the MNE’s perspective, income tax rates and policies determine a firm’s tax obligations, and thus affect net income and enterprise value. The dissertation examines several ways in which MNEs shift profits to reduce income taxes, and consists of five chapters. The introductory chapter reviews the economic evidence demonstrating firms shift profits from one country to another in response to tax rates. In the past two decades a number of economic studies have shown firms use tax and accounting techniques to shift reported profits to low tax jurisdictions, and that chapter reviews key articles that have demonstrated this. The second paper explains how MNEs finance international investments to shift interest income to low-tax jurisdictions. It reviews government tax policies in a number of countries that have been enacted to limit interest income shifting, and recommends an approach to control this activity. The third paper examines tax efficient supply chains, in which tax departments and supply chain organizations collaborate to site business operations to achieve supply chain objectives and reduce tax obligations. The fourth chapter analyzes how some U.S.-headquartered firms have moved their corporate headquarters from the U.S. to tax havens, to reduce their tax expense and avoid U.S. international tax policies. The fifth and final chapter examines new U.S. tax regulations that propose to value intellectual property transfers in the same way outside investors would, which the U.S. Internal Revenue Service (IRS) calls its “investor model.” It also makes recommendations concerning how the investor model can be improved. URI: http://hdl.handle.net/10398/8457 Files in this item: 1
Stuart_Webber.pdf (1.230Mb) -
Juul Andersen, Torben (Frederiksberg, 2011)[More information][Less information]
Abstract: How was CSR effectuated by Scandinavian management; does CSR make a difference/corporate relationship management drove CSR, as corporations grow and internationalize the need for CSR increases, there has been a shift towards in CSR requirements over the past decade/CSR can extend the scope of corporate risk management, corporate relationship management is good risk management, CSR can pay off in the long run. URI: http://hdl.handle.net/10398/8551 Files in this item: 1
Torben_Juul_Andersen_SMG.pdf (174.4Kb) -
perspectives from organizational economicsElfring, Tom; Foss, Nicolai Juul (København, 1997)[More information][Less information]
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Recognition and Discovery of Investment OpportunitiesVintergaard, Christian (København, 2004)[More information][Less information]
Abstract: From the perspective of Austrian economics, this paper develops a conceptual understanding of how corporate venture managers recognize and discover opportunities in a network environment. In an effort to create a better understanding of who is involved in process, this paper reports on the development path of an entrepreneurial opportunity of the Danish corporate venture capitalist, Danfoss A/S. This paper distinguishes itself from previous research done on entrepreneurial opportunities by creating a holistic and conceptual framework, which broadens and expands the perception of the market participants involved in recognition and discovery. Consequently the paper offers insight to a diversified group of actors who mix and match technological and market capabilities in a constant process of recognition and discovery. Key words: Corporate venturing, entrepreneurship, discovery, networks, opportunities, recognition. URI: http://hdl.handle.net/10398/6397 Files in this item: 1
wp 3 2004.pdf (326.5Kb) -
Vangkilde, Mads (København, 2004)[More information][Less information]
URI: http://hdl.handle.net/10398/6654 Files in this item: 1
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Vangkilde, Mads (København, 2004)[More information][Less information]
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Marker-Larsen, Svend (København, 2005)[More information][Less information]
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Marker-Larsen, Svend (København, 2005)[More information][Less information]
Abstract: De i denne fremstilling omtalte problemstillinger blev kun ganske kort præsenteret i min oversigtsartikel om "Cost-Benefit Analysens Velfærdsteoretiske Basis" (2005). Det blev deri præciseret, at identifikationsproblemet drejede sig om: Præcis hvilke effekter, der i det hele taget skal medregnes som samfundsøkonomiske fordele og ulemper, hvis analysen skal være fuldstændig og at vurderingsproblemet så drejede sig om spørgsmålet: Hvilke priser, der skal anvendes i forbindelse med værdisætningen af fordele og ulemper. Endvidere blev der givet en summarisk oversigt over en række situationer, hvor man må kunne bruge de aktuelle eller forventede markedspriser, når fordele og ulemper skal værdisættes. I det følgende gives først en mere udførlig redegørelse for nogle af de helt centrale ræsonnementer vedrørende vurderingsproblemet. Sidenhen fører det forholdsvis logisk frem til, at også identifikationsproblemet i en række væsentlige henseender bliver yderligere belyst. URI: http://hdl.handle.net/10398/7641 Files in this item: 1
wp7-2005.pdf (1.579Mb) -
Clemmensen, Torkil; Vendelø, Morten (København, 2004)[More information][Less information]
Abstract: Abstract: In this paper we present a cost effective and simple procedure for evaluating company web sites. Our assumption is that such sites are places for companies’ self-presentation and that customers are readers of these texts. Web site texts with narrative qualities, e.g. scenes, actors, acts, initiate the customers’ imagination and narrative mind and hence their decision making. These ideas are investigated in a qualitative study of two companies’ self-presentation as future work places for students. The results demonstrate that the students choose the company that has a web site with rich narrative qualities above the company that has a web site with good graphical appearance, but poor narrative qualities. In conclusion, we suggest that user centred evaluation of commercial web sites by using the suggested method can pay attention to deep, narrative structures in both the company’s self-presentation and the customers’ reading of the web site texts. Keywords: Competitive advantage, decision-making, dramas, imagination, narratives, storytelling, web-design. URI: http://hdl.handle.net/10398/6442 Files in this item: 1
08-2004.pdf (679.8Kb) -
The Case of the 1998 UAW Strikes against General MotorsTackney, Charles T. (København, 2006)[More information][Less information]
Abstract: In 1998, a late July settlement of the Flint, Michigan United Auto Workers strikes at General Motors narrowly averted or postponed a labor-management confrontation fully capable of precipitating an economic meltdown with far reaching consequences for our increasingly global economy. This paper uses a comparative legal ecology model of the modern enterprise to gain theoretical and empirical insight into the economic and societal costs of combining Japanese manufacturing techniques with managerial prerogative pursued "the American way." I begin by introducing the comparative legal ecology of the workplace as a theoretical concept to compare and contrast national differences in the modern industrial enterprise. This provides a standard to evaluate the extent to which General Motors had appropriately adapted the Japanese modes of social relations within the firm. The events associated with the Flint strikes evidence the cost of this oversight. The paper concludes by discussing the need to appropriately emulate Japanese modes of social relation when firms seek to successfully adapt their modes of production. URI: http://hdl.handle.net/10398/6988 Files in this item: 1
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Hviid, Morten; Møllgård, Peter (Norwich, 2001)[More information][Less information]
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What does it mean for business educators?Mazza, Carmelo; Strandgaard Pedersen, Jesper; Alvarez, José Luis (København, 2003)[More information][Less information]
Abstract: In the last decade, scholarly interest has been mainly attracted on the nature of knowledge, mechanisms of knowledge production and the transformation of the institutions diffusing knowledge. Most of these studies share the underlying hypotheses that management knowledge "travels", as a package, from producers to passive receivers. A few exploratory attempts have envisioned an alternative perspective based on the idea of "knowledge consumption". Managers are active receivers of institutionalized knowledge in the course of enacting their organizational roles. Building on this last perspective, first we try to outline the process of knowledge consumption. We describe how sources of knowledge are selected, knowledge is acquired and consumed by assuming that managers are active consumer of management knowledge. Then, we construct the process linking the flows of management knowledge in organizations and the flows of action performed by managers. We sustain that knowledge has to be first dis-embed from the context and artifacts it is in to be translated into a portable form—a standardized artifact, a logic of action, etc. Then, specific courses of action are required to re-embed knowledge in new artifacts, practices or routines (e.g. a budgetary procedure, an organizational process, etc.). So, to re-embed knowledge in new contexts, managers have to mobilize resources and build consensus on the specific courses of action. By assuming this process, two consequences are derived: first, the dis-embedding/re-embedding process is not the outcome of conscious planning; it goes back and forth, allows for controversial or "hypocritical" moves, at least in the short run. In any case, once management knowledge is translated into logics of action, managers have to use their imaginative power to share these logics to mobilize constituencies on priorities and undertake specific courses of actions This supports the idea that the managerial role is intrinsically political. Second, management education cannot simply deals with managerial recipes and rules of thumb. It is increasingly asked for providing non-technical knowledge to help managers exert their political role. To mobilize constituencies and create consensus on controversial decisions, technicalities could be less relevant than business-unrelated knowledge. We hold that has a relevant impact on both the institutional settings and the content of management education. The paper is structured in three parts. First, a framework is proposed to describe management knowledge consumption. Second, we outline the process linking consumed knowledge with actual managerial action. Third, the impact of this perspective on the structure of the institutions diffusing knowledge and on the idea of what is needed to make managerial decisions are explored. URI: http://hdl.handle.net/10398/6671 Files in this item: 1
dokument 14.pdf (287.5Kb)