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Competence

a dynamic extension of the existing typology of acquisition motives

Gammelgård, Jens (København, 1999)

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URI: http://hdl.handle.net/10398/6587

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wp12.pdf (60.02Kb)
Consumers' punishment and rewarding process via purchasing behavior

Nebenzahl, Israel D.; Jaffe, Eugene D.; Kavak, Bahtisen (København, 2000)

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URI: http://hdl.handle.net/10398/6604

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wp3-2000jaffe.pdf (1.720Mb)

Coping with liability of foreignness

different learning engagements of entrant firms

Petersen, Bent; Pedersen, Torben (København, 2001)

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URI: http://hdl.handle.net/10398/6579

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wp11lof(2001).pdf (335.5Kb)

Corporate governance cycles during transition

Theory and Evidence from the Baltics

Jones, Derek C.; Mygind, Niels (København, 2004)

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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 .

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http://hdl.handle.net/10398/6611

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corp gov cycle in the baltics - wp52 2004.pdf (484.2Kb)

Corporate governance in Scandinavia

Comparing networks and formal institutions

Sinani, Evis; Thomsen, Steen; Staffsud, Anna; Randoy, Trond; Edling, Christofer (København, 2007)

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URI: http://hdl.handle.net/10398/6602

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wp6-2007.pdf (480.7Kb)
Creating knowledge

the power and logic of articulation

Håkanson, Lars (København, 2002)

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URI: http://hdl.handle.net/10398/6545

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lh_.pcreating20knowledge-wp17-2002.df.pdf (444.0Kb)
The Creative Industries in Singapore

Freedom of Expression in a Soft Authoritarian Regime

Ooi, Can-Seng (København, 2006)

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URI: http://hdl.handle.net/10398/6580

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working paper int_can-seng ooi_1.pdf (81.37Kb)
Danske virksomhedsopkøb i udlandet 1994 - 1998

Gammelgård, Jens (København, 2001)

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URI: http://hdl.handle.net/10398/6591

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wp10jg(2001).pdf (520.0Kb)
Decision factors influencing MNEs regional headquarters location selection strategies

Holt, John; Purcell, William R.; Gray, Sidney J.; Pedersen, Torben (København, 2002)

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URI: http://hdl.handle.net/10398/6528

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tp_ismo.pdf (475.3Kb)
Determinants of firm-level technical efficiency

Evidence using stochastic frontier approach

Sinani, Evis; Jones, Derek C.; Mygind, Niels (København, 2007)

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URI: http://hdl.handle.net/10398/6532

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wp7-2007.pdf (484.5Kb)

Determining international strategic alliance performance

Nielsen, Bo B. (, 2002)

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URI: http://hdl.handle.net/10398/6541

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bn-det20int20strat20all20per.pdf (539.9Kb)
Developing cross-cultural scales for the measurement of country image

Nebenzahl, Israel D.; Jaffe, Eugene D.; Usunier, Jean-Claude (København, 2000)

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URI: http://hdl.handle.net/10398/6612

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wp1-2000jaffe.pdf (2.111Mb)
The Dilemma of Centres of Excellence

Contextual Creation of Knowledge Versus Global Transfer of Knowledge

Holm, Ulf; Pedersen, Torben (København, 2000)

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URI: http://hdl.handle.net/10398/6584

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wp8-2000_tp.pdf (65.52Kb)

The Direction of Causality between Blockholder Ownership and Firm Value

US and EU Evidence

Pedersen, Torben; Thomsen, Steen; Kvist, Hans Kurt (København, 2001)

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URI: http://hdl.handle.net/10398/6523

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wp16granger(2001).pdf (564.8Kb)

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