Interdependencies in corporate development: Relationship between strategic alliance and acquisition activities

A substantial amount of work in the field of strategic management has attempted to explain the antecedents and outcomes of organizational learning. Though multinational corporations simultaneously engage in various types of tasks, activities, and strategies on a regular basis, the transfer of organizational learning in a multi-task context has largely remained under-explored in the literature. To inform our understanding in this area, this dissertation aimed at synthesizing findings from two parallel research streams of corporate development activities: strategic alliances and acquisitions. Structured in the form of two empirical studies, this dissertation examines: 1) the strategic outcomes of alliance experience of previously allying partners in terms of subsequent acquisition attempts, and 2) the performance implications of prior alliance experience for acquisitions. The first study draws on the relational view of inter-organizational governance to explain how various deal-specific and dyadic characteristics of a partnership relate to partnering firms' post-alliance acquisition attempts. This model theorizes on a variety of relational mechanisms to build a cohesive theory of inter-organizational exchanges in a multi-task setting where strategic alliances ultimately lead to a firm's decision to commit further resources. The second study applies organizational learning theory, and specifically examines whether frequency, recency, and relatedness of different dimensions of prior alliances, beyond the dyad-level experience, relate to an acquirer's superior post-acquisition performance. The hypotheses of the studies are tested using logistic and ordinary least square regressions, respectively. Results analyzed from a sample of cross-border alliance and acquisition deals attempted (for study I) and/or completed (for study II) during the period of 1991 to 2011 generally support the theory that relational exchange determines acquiring firms' post alliance acquisition behavior and that organizational routines and learning from prior alliances influence a future acquirer's financial performance. Overall, the empirical findings support our overarching theory of interdependency, and confirm the transfer effect of learning across these alternate, yet related corporate strategies of alliance and acquisition.^

The effects of advanced practice nurses (APNs) as intensivists in a surgical intensive care unit (SICU) on patient outcomes, healthcare charges, and apn intensivist services in the SICU

Intensive Care Units (ICUs) account for over 10 percent of all US hospital beds, have over 4.4 million patient admissions yearly, approximately 360,000 deaths, and account for close to 30% of acute care hospital costs. The need for critical care services has increased due to an aging population and medical advances that extend life. The result is efforts to improve patient outcomes, optimize financial performance, and implement models of ICU care that enhance quality of care and reduce health care costs. This retrospective chart review study examined the dose effect of APN Intensivists in a surgical intensive care unit (SICU) on differences in patient outcomes, healthcare charges, SICU length of stay, charges for APN intensivist services, and frequency of APNs special initiatives when the SICU was staffed by differing levels of APN Intensivist staffing over four time periods (T1-T4) between 2009 and 2011. The sample consisted of 816 randomly selected (204 per T1-T4) patient chart data. Study findings indicated reported ventilator associated pneumonia (VAP) rates, ventilator days, catheter days and catheter associated urinary tract infection (CAUTI) rates increased at T4 (when there was the lowest number of APN Intensivists), and there was increased pressure ulcer incidence in first two quarters of T4. There was no statistically significant difference in post-surgical glycemic control (M = 142.84, SD = 40.00), t (223) = 1.40, p = .17, and no statistically significant difference in the SICU length of stay among the time-periods (M = 3.27, SD = 3.32), t (202) = 1.02, p = .31. Charges for APN services increased over the 4 time periods from $11,268 at T1 to $51,727 at T4 when a system to capture APN billing was put into place. The number of new APN initiatives declined in T4 as the number of APN Intensivists declined. Study results suggest a dose effect of APN Intensivists on important patient health outcomes and on the number of APNs initiatives to prevent health complications in the SICU. ^

CEO Humility: Development of an Unobtrusive Measure and Strategic Implications

Over the past 30 years, the Upper Echelons perspective of strategic management has sought to explain a given organization’s strategies and effectiveness as a reflection of the differences in personality, background, and other characteristics of the senior executives that guides each organization. An important stream of research within this field has linked a firm’s strategy to the grandiose way that executives are often thought to view themselves – namely through examining the narcissism, core self-evaluations (CSE), and hubris of Chief Executive Officers (CEOs). In this dissertation, I focus on understanding the strategic impact of CEO humility – a trait that has often been erroneously thought of to represent a poor view of oneself. Consistent with ancient writings and recent research, humility is defined herein as a multi-faceted trait that is the common core of four dimensions: self-awareness, developmental orientation/teachability, appreciation of others' strengths and contributions, and low self-focus. In the first essay, I explore the conceptual relevance and various potential implications of executive humility. Drawing on existing empirical research about the humility construct and general behavioral implications of humility, I argue that executive humility is a critical avenue toward a more rich and nuanced understanding of the delicate interplay and implications of executive self-concept. In essay two, I develop and validate an unobtrusive measure of CEO humility. Ten indicators of humility are suggested and then validated using a self-reported survey administered to a sample of 30 U.S. and Canadian CEOs. Two behaviors were found to be significantly positively related to self-reported humility: CEOs who volunteered some of their time for non-profit organizations and CEO’s who reported that part of their own firm’s success was due to the help of the board of directors. In essay three, I examine the relationship between the level of CEO humility and four firm-level outcomes. Employing a sample of 163 CEOs appointed to S&P 500 firms between 2005-2008, I show that firms led by humble CEOs (measured by the unobtrusive indicators) tend to outperform others in regards to corporate social performance, while at the same time showing that their financial performance is generally no better or worse.

The Effects of Advanced Practice Nurses (APNs) as Intensivists in a Surgical Intensive Care Unit (SICU) on Patient Outcomes, Healthcare Charges, and APN Intensivist Services in the SICU

Intensive Care Units (ICUs) account for over 10 percent of all US hospital beds, have over 4.4 million patient admissions yearly, approximately 360,000 deaths, and account for close to 30% of acute care hospital costs. The need for critical care services has increased due to an aging population and medical advances that extend life. The result is efforts to improve patient outcomes, optimize financial performance, and implement models of ICU care that enhance quality of care and reduce health care costs. This retrospective chart review study examined the dose effect of APN Intensivists in a surgical intensive care unit (SICU) on differences in patient outcomes, healthcare charges, SICU length of stay, charges for APN intensivist services, and frequency of APNs special initiatives when the SICU was staffed by differing levels of APN Intensivist staffing over four time periods (T1-T4) between 2009 and 2011. The sample consisted of 816 randomly selected (204 per T1-T4) patient chart data. Study findings indicated reported ventilator associated pneumonia (VAP) rates, ventilator days, catheter days and catheter associated urinary tract infection (CAUTI) rates increased at T4 (when there was the lowest number of APN Intensivists), and there was increased pressure ulcer incidence in first two quarters of T4. There was no statistically significant difference in post-surgical glycemic control (M = 142.84, SD= 40.00), t (223) = 1.40, p = .17, and no statistically significant difference in the SICU length of stay among the time-periods (M= 3.27, SD = 3.32), t (202) = 1.02, p= .31. Charges for APN services increased over the 4 time periods from $11,268 at T1 to $51,727 at T4 when a system to capture APN billing was put into place. The number of new APN initiatives declined in T4 as the number of APN Intensivists declined. Study results suggest a dose effect of APN Intensivists on important patient health outcomes and on the number of APNs initiatives to prevent health complications in the SICU.

Low cost carriers and the changing fortunes of airports in the UK

This paper investigates how low cost carrier (LCC) developments have affected the traffic and financial performance of UK airports from 2002 to 2014. Considerable growth in traffic was experienced from 2002 to 2007, especially at regional airports as a result of LCC expansion. This was replaced with a more volatile period from 2008 to 2014 where many of the regional airports that experienced the greatest increases in traffic during the early years, then experienced the largest reductions. This has clearly had an impact on their financial well-being, resulting in reduced profits for many airports. It has also meant that many regional airports that seemed like attractive investments as a result of LCC expansion are now less financially appealing, especially given that the LCC sector in the UK appears to be shifting capacity to larger regional airports, and in some cases, London airports.

Development of An Enhanced Oil Sands Fluid Tailings Generation Model

Bitumen extraction from surface-mined oil sands results in the production of large volumes of Fluid Fine Tailings (FFT). Through Directive 085, the Province of Alberta has signaled that oil sands operators must improve and accelerate the methods by which they deal with FFT production, storage and treatment. This thesis aims to develop an enhanced method to forecast FFT production based on specific ore characteristics. A mass relationship and mathematical model to modify the Forecasting Tailings Model (FTM) by using fines and clay boundaries, as the two main indicators in FFT accumulation, has been developed. The modified FTM has been applied on representative block model data from an operating oil sands mining venture. An attempt has been made to identify order-of-magnitude associated tailings treatment costs, and to improve financial performance by not processing materials that have ultimate ore processing and tailings storage and treatment costs in excess of the value of bitumen they produce. The results on the real case study show that there is a 53% reduction in total tailings accumulations over the mine life by selectively processing only lower tailings generating materials through eliminating 15% of total mined ore materials with higher potential of fluid fines inventory. This significant result will assess the impact of Directive 082 on mining project economic and environmental performance towards the sustainable development of mining projects.

Discourse on equality in organizations. A case study of the chemical industry in Tarragona

This paper presents a proposal for analyzing discourses on gender equality in organizations. The research is carried out as a case study, focusing on the chemical industry in Tarragona. To the question: why there are still so many differences between women and men in labour market, despite having multiple tools to avoid inequalities? we propose to focus on discourses of equality to find an answer. The viewpoint that companies have on gender is crucial in enabling policies for equality. To ensure that policies are truly aimed at promoting equality, it is needed a gender approach that nowadays is not widespread in organizations. From these considerations, we present a fourfold typology of discourses on equality in organizations.

Diagnóstico financiero de la Ebanistería JAR

Esta monografía es el análisis financiero actual de la ebanistería JAR. Se propuso desde el principio conocer la situación real financiera de la ebanistería para dar una orientación a los dueños de la compañía, sobre que decisiones puedan tomar para mejorar los resultados de la empresa. Para llevar a cabo el análisis y el diagnóstico financiero de la ebanistería, se tomó como base los balances y estados financieros de los años 2011 hasta el 2014. Adicionalmente se recopilo información financiera de empresas del sector para compararlos con los resultados de la ebanistería JAR. En base a la información recopilada, se sacaron los indicadores de endeudamiento, liquidez, rentabilidad e inductores de valor. Toda esta información es analizó y cotejó para obtener las conclusiones y recomendaciones esperadas. La ebanistería JAR no se encuentra en una difícil situación financiera como los dueños de la ebanistería lo habían planteado en un comienzo. Más bien sus directivos están comparando épocas muy distintas de la historia de la ebanistería y de la historia económica de Colombia que los hace pensar que las cosas no están bien. Cuando se hace el análisis comparativo de los indicadores de rentabilidad de la ebanistería JAR contra las ebanisterías del sector, se encuentra que los indicadores de rentabilidad ROA y RONA, son incluso levemente superiores a los del sector para el año 2014.

Integrating corporate responsbility into investor relations. Sustainability report as a part of investor relations.

Corporate responsibility is a question that many stakeholders are interested in. These stakeholders can be e.g. company’s employees, partners, clients, media or investors. Especially for listed companies, investors are one of the most important stakeholders. It is essential for a company to maintain the trust of current investors and gain the trust of potential investors. Investors cannot be divided only into two groups, individual and institutional investors. Investors differ a lot, especially when it comes to investment decisions. Investors can make their investment decisions based on many things, and strong financial performance is not necessarily good enough a reason. Socially responsible investors value responsibility and sustainability related factors when making investment decisions. These things can be divided into three dimensions: environmental, social and economic responsibility. Many companies disclose a sustainability report in order to be able to answer to the needs of different stakeholders, including investors. The purpose of this thesis was to study how companies integrate corporate responsibility into investor relations, and how sustainability report can be used in investor relations. Furthermore, this thesis examined the key elements of sustainability reports. The research was made by a qualitative study in two phases. In the first phase five representatives of two Finnish listed companies, KONE and Kesko were interviewed. The interviewees are professionals within investor relations and corporate responsibility communications. In the second phase of the study the sustainability reports of these two companies were analyzed with content analysis. The existing theory and the interviews created the base for the content analysis. This study suggests that there is a connection between corporate responsibility and investor relations, and those should be integrated. Socially responsible investors are an important target group for companies, and companies should be able to respond to their and other stakeholders’ needs. Sustainability report can be used as a tool both within the company and in external communication for these purposes.

CSR Reporting in the Finnish Banking Sector – Status and Recent Development

This thesis reviews the development of CSR reporting in the Finnish banking sector. This was achieved by analyzing the content of specific CSR reports published by three banks during years 2012-2014. The banks selected represent the three largest banks operating in Finland according to their market share, constituting approximately 70 percent of the total perceived market share. The purpose of the analysis is to establish a clear descriptive overview of the status of CSR reporting and how it has thematically developed over the years. The research was conducted with the qualitative content analysis method. By analyzing the contents of the CSR reports it was found that CSR reporting is understood in 3 different themes that reflect the general CSR theory: economic, social and environmental responsibility. The following research focused on analyzing these three core themes separately during years 2012-2014 in order to find specific tendencies in the development of CSR reporting. The results confirm that CSR reporting is developing in the Finnish banking sector. Reporting about economic responsibility is based on core financial performance reporting, and it’s mainly developing in the assessment of the global recession and how the potential fiscal reforms affect to the bank sector’s performance. Economic responsibility is also being understood and reported as a wider concept, including intertwined and shared meanings with the other responsibility reporting themes. The research also suggests that banks value social responsibility reporting increasingly each year. Environmental responsibility reporting is the most standardized form of reporting, however, the reporting development includes the increased use of digitalization as source of lessening the environmental impact.

Use of business analysis in beef businesses to direct management practice change for climate adaptation outcomes

Beef businesses in northern Australia are facing increased pressure to be productive and profitable with challenges such as climate variability and poor financial performance over the past decade. Declining terms of trade, limited recent gains in on-farm productivity, low profit margins under current management systems and current climatic conditions will leave little capacity for businesses to absorb climate change-induced losses. In order to generate a whole-of-business focus towards management change, the Climate Clever Beef project in the Maranoa-Balonne region of Queensland trialled the use of business analysis with beef producers to improve financial literacy, provide a greater understanding of current business performance and initiate changes to current management practices. Demonstration properties were engaged and a systematic approach was used to assess current business performance, evaluate impacts of management changes on the business and to trial practices and promote successful outcomes to the wider industry. Focus was concentrated on improving financial literacy skills, understanding the business’ key performance indicators and modifying practices to improve both business productivity and profitability. To best achieve the desired outcomes, several extension models were employed: the ‘group facilitation/empowerment model’, the ‘individual consultant/mentor model’ and the ‘technology development model’. Providing producers with a whole-of-business approach and using business analysis in conjunction with on-farm trials and various extension methods proved to be a successful way to encourage producers in the region to adopt new practices into their business, in the areas of greatest impact. The areas targeted for development within businesses generally led to improvements in animal performance and grazing land management further improving the prospects for climate resilience.

O impacto das medidas da Troika no desempenho económico-financeiro das empresas portuguesas

Os efeitos despoletados com a crise financeira de 2008 marcaram uma mudança radical de pensamentos e políticas entre as várias economias mundiais. Esta crise ficou marcada pelo enorme esforço que as economias tiveram que suportar, obrigando todos mercados a moldarem-se em função das contingências implementadas. Após análise e leitura de diversa literatura é consensual a referência ao início da crise financeira nos Estados Unidos da América (EUA) com o chamado subprime, percebendo-se também que muito rapidamente atingiria a Europa e todo o mundo. Desta forma, a Europa e inevitavelmente Portugal, acabaria por ser atingido e sofrer diversas consequências resultantes desta crise financeira. Na verdade, fruto da enorme turbulência dos mercados mundiais e da globalização, Portugal (incapaz de por si só sair da crise em que se viu envolvido) vê-se na necessidade de recorrer a ajuda externa por parte da Troika. Neste sentido, a presente dissertação tem como objetivo relatar resumidamente o início da crise financeira mundial, analisando o impacto das políticas de combate à crise implementadas em Portugal, no desempenho económico-financeiro das empresas portuguesas. Este estudo recaiu sobre a análise e perceção de comportamento de alguns indicadores económico financeiros entre os anos de 2010 a 2014, período durante o qual a Troika esteve presente em Portugal, implementando uma serie de reformas e políticas de combate à crise. Assim, debruçamo-nos sobre quatro setores de atividade (Construção Civil, Restauração, Hotelaria e Indústria do Calçado), observando os dados financeiros extraídos da base de dados SABI (Sistema de análise de Balanços Ibéricos) sobre empresas inseridas nos respetivos setores de atividade. Com base nos resultados do estudo realizado podemos concluir que o desempenho dos indicadores económico financeiros foram mais penalizados nos setores da Construção Civil e da Hotelaria.

The contribution of the entrepreneurial orientation to SMEs profitability: a contingent analysis that considers the environment role

This paper aims first to show the effect of the Entrepreneurial Orientation (EO) on SMEs financial performance, and second, to propose a contingency model which explores the moderating effects of environmental hostility of the relationship EO –financial performance -- To examine the research hypotheses, a sample of 121 manufacturing SMEs located in Catalonia, Spain has been used -- The results confirm a positive EO-financial performance relation, and suggest that a more positive relation exists when there is an adjustment between the EO and the environment -- Finally, the academic and entrepreneurial implications related to the EO and the SMEs environment are presented and discussed

What Transaction Costs are Acceptable in Life Insurance Products from the Policyholders' Viewpoint?

Purpose - The purpose of this paper is to analyze what transaction costs are acceptable for customers in different investments. In this study, two life insurance contracts, a mutual fund and a risk-free investment, as alternative investment forms are considered. The first two products under scrutiny are a life insurance investment with a point-to-point capital guarantee and a participating contract with an annual interest rate guarantee and participation in the insurer's surplus. The policyholder assesses the various investment opportunities using different utility measures. For selected types of risk profiles, the utility position and the investor's preference for the various investments are assessed. Based on this analysis, the authors study which cost levels can make all of the products equally rewarding for the investor. Design/methodology/approach - The paper notes the risk-neutral valuation calibration using empirical data utility and performance measurement dynamics underlying: geometric Brownian motion numerical examples via Monte Carlo simulation. Findings - In the first step, the financial performance of the various saving opportunities under different assumptions of the investor's utility measurement is studied. In the second step, the authors calculate the level of transaction costs that are allowed in the various products to make all of the investment opportunities equally rewarding from the investor's point of view. A comparison of these results with transaction costs that are common in the market shows that insurance companies must be careful with respect to the level of transaction costs that they pass on to their customers to provide attractive payoff distributions. Originality/value - To the best of the authors' knowledge, their research question - i.e. which transaction costs for life insurance products would be acceptable from the customer's point of view - has not been studied in the above described context so far.