Private equity and entrepreneurial management in management buy-outs

Critics claim that short-term profit orientation and high deal price strategies of private equity (PE) firms can negatively affect the ability of management buyouts to initiate and sustain entrepreneurial management. This study investigates this claim by comparing effects of majority PE backed and other buy-outs at different levels of financial leverage on post buy-out increases in entrepreneurial management. We propose that PE can be used as an organizational refocusing device that simultaneously increases entrepreneurial and administrative management. We find that majority PE-backed buy-outs significantly increase entrepreneurial management practices. Furthermore, the increased financial leverage positively affects administrative management in management buy-outs. However, the effect of high financial leverage is larger for majority PE-backed buy-outs. These results support the notion that PE firms help buy-out companies develop ambidextrous organizational change: i.e. simultaneously develop entrepreneurial and administrative management practices. The findings have important implications for practitioners and policy makers.

Private equity, the minimalist organization and the quality of employment relations

This article develops a firm-level analysis of how the quality of employment relations following acquisition by private equity firms (PEFs) is contingent upon the strategic intent of those firms and the post-acquisition organizational choices they make. The efficiency gains that PEFs seek in acquired companies are expected to encourage restructuring towards a minimalist organization. However, the form such an organization takes is seen to depend on whether PEF strategy is oriented primarily towards extracting short-term value from acquired assets rather than towards renewing and developing those assets. Contrasts in the process of restructuring and in organizational form associated with these two strategies will have different implications for the quality of employment relations. The way in which PEFs restructure the companies or units they acquire is the key intervening factor between the strategic intent of PEFs and impact they have on the quality of employment relations. © The Author(s) 2010.

Managing i-branding to create brand equity

Purpose: Given the emergent nature of i-branding as an academic field of study and a lack of applied research output, the aim of this paper is to explain how businesses manage i-branding to create brand equity.

Design/methodology/approach: Within a case-study approach, seven cases were developed from an initial sample of 20 food businesses. Additionally, utilising secondary data, the analysis of findings introduces relevant case examples from other industrial sectors.

Findings: Specific internet tools and their application are discussed within opportunities to create brand equity for products classified by experience, credence and search characteristics. An understanding of target customers will be critical in underpinning the selection and deployment of relevant i-branding tools. Tools facilitating interactivity – machine and personal – are particularly significant.

Research limitations/implications: Future research positioned within classification of goods constructs could provide further contributions that recognise potential moderating effects of product/service characteristics on the development of brand equity online. Future studies could also employ the i-branding conceptual framework to test its validity and develop it further as a means of explaining how i-branding can be managed to create brand equity.

Originality/value: While previous research has focused on specific aspects of i-branding, this paper utilises a conceptual framework to explain how diverse i-branding tools combine to create brand equity. The literature review integrates fragmented literature around a conceptual framework to produce a more coherent understanding of extant thinking. The location of this study within a classification of goods context proved critical to explaining how i-branding can be managed.

Equity and the value of gifts

In this article, we aim to consider equity’s responses to gifts in a new way. We begin by setting out an account of human values that are associated with donative practices and that lend value to gifts themselves. With this map of the values associated with gifts in view, we then turn to consider some equitable responses to gifts, arranged roughly on a spectrum in accordance with the measure of scepticism towards gifts that they might, at first glance, seem to entail. We discuss, in turn: (a) equity’s treatment of imperfect gifts; (b) equity’s treatment of promises to give; (c) the position in equity of donee recipients of misapplied trust assets; (d) the presumptions of resulting trust and (e) advancement; and (f) equity’s treatment of mistaken gifts. With respect to each type of case, we evaluate equity’s response to gifts in light of the range of human values associated with gifts. We conclude by examining some broad themes that emerge from this analysis, and in particular the extent to which equity might achieve a greater accommodation of donative values consistent with the demands of the rule of law.

Sources of patient knowledge and financing of cataract surgery in rural China: the Sanrao Study of Cataract Outcomes and Up-Take of Services (SCOUTS), report 6.

AIM: To study patient sources of knowledge about cataract surgical services, and strategies for financing surgery in rural China. DESIGN: Cross-sectional case series. METHODS: Patients undergoing cataract surgery by local surgeons in a government, village-level facility in Sanrao, Guangdong between 8 August and 31 December 2005 were examined and had standardised interviews an average of 12 months after surgery. RESULTS: Of 313 eligible patients, 239 (76%) completed the questionnaire. Subjects had a mean (SD) age of 69.9 (10.2) years, 36.4% (87/239) were male, and 87.0% (208/239) had been blind (presenting visual acuity < or = 6/60) before surgery. Word-of-mouth advertising was particularly important: 198 (85.0%) of the subjects knew a person who had undergone cataract surgery, of whom 191 (96.5%) had had cataract surgery at Sanrao itself. Over 70% of subjects (166/239) watched TV daily, whereas 80.0% (188/239) "never" read the newspaper. Nearly two-thirds of suggestions from participants (n = 211, 59.6%) favoured either TV advertisements or word-of-mouth to publicise the programme. While the son or daughter had paid for surgery in over 70% of cases (164/233), the patient's having paid without help was the sole predictor of undergoing second-eye surgery (OR 2.27 (95% CI 1.01 to 5.0, p = 0.04)). DISCUSSION: Strategies to increase uptake of cataract surgery in rural China may benefit from enhancing word-of-mouth advertising (such as with pseudophakic motivators), using television advertising where affordable, and micro-credit or other programmes to enable patients to pay their own fees, thus increasing uptake of second-eye surgery.

Hotel Valuation Software, Version 4.0

[Updated August 2016] The Hotel Valuation Software, freely available from Cornell’s Center for Hospitality Research, has been updated to reflect the many changes in the 11th Edition of the Uniform System of Accounts for the Lodging Industry (USALI). Version 4.0 of the Hotel Valuation Software provides numerous enhancements over the original tool from 2011. In addition to a significant increase in functionality and an update to reflect the 11th edition of the USALI, Version 4.0 takes advantage of the power of the latest release of Microsoft Excel®. Note that Version 4.0 works only on a PC running Microsoft Windows, it does not work on a Mac running OS X. Users desiring an OS X compatible version should click here (Labeled as Version 2.5). 酒店评估软件手册和三个程序（点击这里 ) Users desiring a Mandarin version of the Hotel Valuation Software should click here The Hotel Valuation Software remains the only non-proprietary computer software designed specifically to assist in the preparation of market studies, forecasts of income and expense, and valuations for lodging property. The software provides an accurate, consistent, and cost-effective way for hospitality professionals to forecast occupancy, revenues and expenses and to perform hotel valuations. Version 4.0 of the Hotel Valuation Software includes the following upgrades – a complete update to reflect the 11th edition of the USALI – the most significant change to the chart of accounts in a generation, an average daily rate forecasting tool, a much more sophisticated valuation module, and an optional valuation tool useful in periods of limited capital liquidity. Using established methodology, the Hotel Valuation Software is a sophisticated tool for lodging professionals. The tool consists of three separate software programs written as Microsoft Excel files and a software users' guide. The tool is provided through the generosity of HVS and the School of Hotel Administration. The three software modules are: Room Night Analysis and Average Daily Rate: Enables the analyst to evaluate the various competitive factors such as occupancy, average room rate, and market segmentation for competitive hotels in a local market. Calculates the area-wide occupancy and average room rate, as well as the competitive market mix. Produce a forecast of occupancy and average daily rate for existing and proposed hotels in a local market. The program incorporates such factors as competitive occupancies, market segmentation, unaccommodated demand, latent demand, growth of demand, and the relative competitiveness of each property in the local market. The program outputs include ten-year projections of occupancy and average daily rate. Fixed and Variable Revenue and Expense Analysis: The key to any market study and valuation is a supportable forecast of revenues and expenses. Hotel revenue and expenses are comprised of many different components that display certain fixed and variable relationships to each other. This program enables the analyst to input comparable financial operating data and forecast a complete 11-year income and expense statement by defining a small set of inputs: The expected future occupancy levels for the subject hotel Base year operating data for the subject hotel Fixed and variable relationships for revenues and expenses Expected inflation rates for revenues and expenses Hotel Capitalization Software: A discounted cash flow valuation model utilizing the mortgage-equity technique forms the basis for this program. Values are produced using three distinct underwriting criteria: A loan-to-value ratio, in which the size of the mortgage is based on property value. A debt coverage ratio (also known as a debt-service coverage ratio), in which the size of the mortgage is based on property level cash flow, mortgage interest rate, and mortgage amortization. A debt yield, in which the size of the mortgage is based on property level cash flow. By entering the terms of typical lodging financing, along with a forecast of revenue and expense, the program determines the value that provides the stated returns to the mortgage and equity components. The program allows for a variable holding period from four to ten years The program includes an optional model useful during periods of capital market illiquidity that assumes a property refinancing during the holding period

Who gets to play? Investigating equity in musical instrument instruction in Scottish primary schools

There is a widely held view that learning to play a musical instrument is a valuable experience for all children in terms of their personal growth and development. Although there is no statutory obligation for instrumental music provision in Scottish primary schools, there are well-established Instrumental Music Services in Local Education Authorities that have been developed to provide this facility for pupils. This article presents the findings of a study that was aimed at investigating the extent to which the opportunity to undertake instrumental instruction in Scottish primary schools is equitable. The study employed a mixed-methods approach. Data were gathered from 21 Scottish primary schools, a total pupil population of 5122 pupils of whom 323 pupils were receiving instrumental instruction. The analysis involved an investigation of the academic profile of this group, the representation of children with additional support needs (ASN) and the nature of their ASN. A qualitative analysis of policy and guideline documents and interviews with Heads of Instrumental Services, headteachers and instrumental instructors served to explain and illuminate the quantitative data. The findings showed that particular groups of children with ASN were significantly under-represented and offer explanations of the processes by which this occurs.

Global nation product equity depending on a level of cultural diffusion

Purpose This paper aims to propose the global nation product equity model (GNPE) to measure global consumers’ equity of a product that a country produces, especially a nation’s cultural products (i.e. culducts). The model also examines the significant difference of GNPE depending on a cultural diffusion level. GNPE model proposes that depending on the level of people’s recognition/acceptance/preference of a culture from another country (i.e. cultural diffusion level), the equity of a product from that country could be different in different countries. As variables that affect GNPE, global nation product equity in general, global nation product equity of a product category and nation cultural equity are included in the model. Design/methodology/approach To test the model, this study developed Hallyu (Korean cultural diffusion)-related Korean culducts and measured global consumers’ equity for the Korean culducts. In all, 351 surveys were collected from China, France, England and the USA. Findings The results show the significantly different equities and relationships among equities depending on the level of Hallyu diffusion in each country. Therefore, Korea is suggested to focus on different equities in different countries. Originality/value This research proposed a new model that extends the previous brand equity models to non-branded products (i.e. cultural products). This model proposed new variables that affect equity of a product mentioned above and suggests different equities to improve in different countries depending on their level of cultural diffusion. Also, this cross-cultural study suggests a direction of culduct design, distribution and promotion strategies in the global market.

A modalidade de financiamento das empresas nas províncias de Kwanza-Norte e Malanje: Angola

Dissertação de Mestrado Apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira.

Impacto da NCRF 27 no capital próprio das cooperativas vitivinícolas da região demarcada do Douro

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Professora Doutora Ana Maria Alves Bandeira, e Professora Doutora Deolinda Maria Moreira Aparício Meira

Determinants of venture capital and private equity investments in renewable energy: A cross-country study

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics