Restructuring In The Hospitality Industry

In her dialogue entitled - Restructuring in the Hospitality Industry - Elisa S. Moncarz, Associate Professor, the School of Hospitality Management at Florida International University, intends for you to know the following: “Recent years have seen a proliferation of restructurings of major American corporations creating an extremely important issue that has affected U.S. business. This article discusses restructuring issues in the hospitality industry, focusing attention on its causes and motivations, as well as on its benefits and perils. The author considers the impact of restructuring on investors and management while examining recent restructurings involving hospitality firms.” In defining the concept of restructuring, Associate Professor Moncarz informs you, “Restructuring entails the implementation of fundamental and comprehensive modification of a company's operational and/or financial structure.” “It has, indeed, become fashionable to take a company apart and put it back together in a different form,” the author says. Additionally, Moncarz refers to a Wall Street Journal study, dated August 1985, which reveals that nearly half the large American corporations were, or were soon to be restructured in the 1984/85 time frame. There are several distinct types of restructurings and the author wants you to be aware of some of them. “…threats of takeover attempts, the larger part of all restructuring have been initiated willingly in order to expand or divest a company's line of business (i.e., operational restructurings) or redirect its finances (i.e., financial restructurings),” the author reveals. “Two principal types of operational restructurings are mergers and acquisitions [M&A], and divestitures [disposing of unwanted units or assets],” Moncarz further defines the concepts of expansion and divestiture. The author explains several types of financial restructuring sketches used in the hospitality industry, including stock re-purchasing, debt issuances and redemptions, swapping debt for equity, and effective theories of realigning debt through extending loans and/or revising terms. To expand their businesses, Moncarz makes anecdotal reference to several major food and beverage corporations that have successfully employed operational restructuring principles. The author wades into the shallow end of the hostile takeover pool by explaining some of the corporate restructuring concepts used to repel that aggressive technique. Walt Disney Company completely redesigned their entire upper level management structure in a successful effort to thwart a hostile takeover bid by corporate raider Saul P. Steinberg, Moncarz informs. To close, the author touches on leveraged buyouts [LBOs], and stock repurchases to divest unwanted divisions and immobilize hostile takeover attempts. A lengthy table of - Selected Restructurings in the Hospitality Industry [1982 to date of article] – is also included.

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 mediating effect of innovation on the relationship between corporate reputation and performance in U.S. firms

In recent years, corporate reputation has gained the attention of many scholars in the strategic management and related fields. There is a general consensus that higher corporate reputation is positively related to firm success or performance. However, the link is not always straightforward; as a result, it calls for researchers to dedicate their efforts to investigate the causes and effects of firm reputation and how it is related to performance. In this doctoral dissertation, innovation is suggested as a mediating variable in this relationship. Innovation is a critical factor for firm success and survival. Highly reputed firms are in a more advantageous position to attract critical resources for innovation such as human and financial capital. These firms face constant pressure from external stakeholders, e.g. the general public, or customers, to achieve and remain at high levels of innovativeness. As a result, firms are in constant search, internally or externally, for new technologies expanding their knowledge base. Consequently, these firms engage in firms acquisitions. In the dissertation, the author assesses the effects of domestic versus international acquisitions as well as related versus unrelated acquisitions on the level of innovativeness and performance. Building upon an established measure of firm-level degree of internationalization (DOI), the dissertation proposes a more detailed and enhanced measure for the firm's DOI. It is modeled as an interaction effect between corporate reputation and resources for innovation. More specifically, firms with higher levels of internationalization will have access to resources for innovation, i.e. human and financial capital, at a global scale. Additionally, the distance between firms and higher education institutions, i.e. universities, is considered as another interaction effect for the human capital attraction. The dissertation is built on two theoretical frameworks, the resource-based view of the firm and institutional theory. It studies 211 U.S. firms using a longitudinal panel data structure from 2006 to 2012. It utilizes a linear dynamic panel data estimation methodology for its hypotheses analyses. Results confirm the hypotheses proposed in the study.

Foreign-born CEOs, country-specific skills, selection, and strategic consequences

In this dissertation, I first suggest an extension of the managerial rents model and more specifically the managerial skills typology that it offers. Building on research in international business, I propose adding country-specific skills (CSS) to this typology in addition to firm-specific, industry-specific, and generic skills. I define CSS as managers' abilities that are applicable and specific to a particular national institutional context. Such skills are distinct from the other three types identified and are likely to influence managers' performance and the performance of their firms. So if CSS are distinct skills, what are the implications for strategy and international business research? In an attempt to respond to this question, I conduct two empirical essays in which I examine the implications of this refinement of the typology of managerial skills for CEO selection and firms' mergers and acquisitions (M&A;) strategy. In the first empirical essay, I puzzle at the fact that although CSS constitute a barrier to high-level executive mobility across countries, there have been a growing number of foreign-born CEOs being appointed across the globe. Why are these individuals being selected for the post of CEO? Using information on the appointment of foreign-born and national CEOs from 2005 to 2010 among global 500 companies, I show that internationalization pressures help explain their selection and that two types of firms are likely to appoint foreign leaders: highly internationalized firms and firms that are likely to internationalize. In the second empirical essay, I examine the strategic implications of country-specific skills. Employing the same sample as the one used in the first empirical essay, I demonstrate that given that their mindset is likely to be less focused on firms' home market, foreign-born CEOs may be prone to institute more changes in firms' cross-border M&A; strategy than their domestic counterparts. I also theorize on the moderating influence of CEOs' insiderness.

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Projeto de intervenção adaptando o Balanced Scorecard ao sistema de compras da Base Aérea de Natal

The present proposal for intervention examines the issue of public procurements carried out by a military organization on a Federal Public Administration. The main objective of this paper is to propose a model of strategic planning based on the Balanced Scorecard for the public procurement system, which contributes to increased efficiency, efficacy and effectiveness of acquisitions made in the Air Base of Natal city. Therefore, Structured interviews were used in order to make a diagnosis of the current reality of the procurement system along with the main requirement sectors of BANT, as well as the adaptation of the prospects of the BSC based on literature review. The technique used for the analysis of the interviews was the analysis of content whose results contributed to the preparation of the conceptual Strategic Map which was submitted to validation through a Focal Group. It was concluded through the analysis of the interviews, that the system of purchases of BANT is in a tactical profile because of low interaction between the system of purchases and the requirement sectors, aiming only at the “economicity” of acquisition in opposition of the effectiveness of material acquired, the lack of training of the elements which build the system and the absence of a proper planning. It is intended with thecreation of this proposal to contribute to the improvement of management with a focus on results in public administration as well as increasing efficiency, efficacy and effectiveness of public procurements. Whereas for the particular case the measurement of the results can only be performed after at least a year of its implementation, the present research constitutes a proposal of intervention.

Inventory of thermo-erosional valleys and streams in three ice-rich permafrost lowlands adjacent to the Laptev Sea, with links to maps in ArcGIS format

This dataset provides an inventory of thermo-erosional landforms and streams in three lowland areas underlain by ice-rich permafrost of the Yedoma-type Ice Complex at the Siberian Laptev Sea coast. It consists of two shapefiles per study region: one shapefile for the digitized thermo-erosional landforms and streams, one for the study area extent. Thermo-erosional landforms were manually digitized from topographic maps and satellite data as line features and subsequently analyzed in a Geographic Information System (GIS) using ArcGIS 10.0. The mapping included in particular thermo-erosional gullies and valleys as well as streams and rivers, since development of all of these features potentially involved thermo-erosional processes. For the Cape Mamontov Klyk site, data from Grosse et al. [2006], which had been digitized from 1:100000 topographic map sheets, were clipped to the Ice Complex extent of Cape Mamontov Klyk, which excludes the hill range in the southwest with outcropping bedrock and rocky slope debris, coastal barrens, and a large sandy floodplain area in the southeast. The mapped features (streams, intermittent streams) were then visually compared with panchromatic Landsat-7 ETM+ satellite data (4 August 2000, 15 m spatial resolution) and panchromatic Hexagon data (14 July 1975, 10 m spatial resolution). Smaller valleys and gullies not captured in the maps were subsequently digitized from the satellite data. The criterion for the mapping of linear features as thermo-erosional valleys and gullies was their clear incision into the surface with visible slopes. Thermo-erosional features of the Lena Delta site were mapped on the basis of a Landsat-7 ETM+ image mosaic (2000 and 2001, 30 m ground resolution) [Schneider et al., 2009] and a Hexagon satellite image mosaic (1975, 10 m ground resolution) [G. Grosse, unpublished data] of the Lena River Delta within the extent of the Lena Delta Ice Complex [Morgenstern et al., 2011]. For the Buor Khaya Peninsula, data from Arcos [2012], which had been digitized based on RapidEye satellite data (8 August 2010, 6.5 m ground resolution), were completed for smaller thermo-erosional features using the same RapidEye scene as a mapping basis. The spatial resolution, acquisition date, time of the day, and viewing geometry of the satellite data used may have influenced the identification of thermo-erosional landforms in the images. For Cape Mamontov Klyk and the Lena Delta, thermo-erosional features were digitized using both Hexagon and Landsat data; Hexagon provided higher resolution and Landsat provided the modern extent of features. Allowance of up to decameters was made for the lateral expansion of features between Hexagon and Landsat acquisitions (between 1975 and 2000).

Enzymatic transhalogenation of dendritic RGD peptide constructs with the fluorinase

We thank EPSRC and the Scottish Imaging Network (SINAPSE) for grants. DO’H thanks the Royal Society for a Wolfson Research Merit Award and ST is grateful to the John and Kathleen Watson Scholarship for financial support. We are grateful to Dr Catherine Botting and Dr Sally Shirran of the St Andrews Mass Spectrometry Service for MALDI-MS acquisitions. We also thank Dr Sally Pimlott of the University of Glasgow for the use of radiochemistry facilities.

Foreign direct investment via M&A and domestic entrepreneurship:blessing or curse?

There are conflicting predictions in the literature about the relationship between FDI and entrepreneurship. This paper explores how foreign direct investment (FDI) inflows, measured by lagged cross-border mergers and acquisitions (M&A), affect entrepreneurial entry in the host economy. We have constructed a micro-panel of more than two thousand individuals in each of seventy countries, 2000–2009, linked to FDI by matching sectors. We find the relationship between FDI inflows and domestic entrepreneurship to be negative across all economies. This negative effect is much more pronounced in developed than developing economies and is also identified within industries, notably in manufacturing. Policies to encourage FDI via M&A need to consider how to counteract the prevailing adverse effect on domestic entrepreneurship.

Internal Capital, External Knowledge, and Random Draws: Three Drivers of Organizational Structure

This dissertation explores the complex interactions between organizational structure and the environment. In Chapter 1, I investigate the effect of financial development on the formation of European corporate groups. Since cross-country regressions are hard to interpret in a causal sense, we exploit exogenous industry measures to investigate a specific channel through which financial development may affect group affiliation: internal capital markets. Using a comprehensive firm-level dataset on European corporate groups in 15 countries, we find that countries

with less developed financial markets have a higher percentage of group affiliates in more capital intensive industries. This relationship is more pronounced for young and small firms and for affiliates of large and diversified groups. Our findings are consistent with the view that internal capital markets may, under some conditions, be more efficient than prevailing external markets, and that this may drive group affiliation even in developed economies. In Chapter 2, I bridge current streams of innovation research to explore the interplay between R&D, external knowledge, and organizational structure–three elements of a firm’s innovation strategy which we argue should logically be studied together. Using within-firm patent assignment patterns,

we develop a novel measure of structure for a large sample of American firms. We find that centralized firms invest more in research and patent more per R&D dollar than decentralized firms. Both types access technology via mergers and acquisitions, but their acquisitions differ in terms of frequency, size, and i\ntegration. Consistent with our framework, their sources of value creation differ: while centralized firms derive more value from internal R&D, decentralized firms rely more on external knowledge. We discuss how these findings should stimulate more integrative work on theories of innovation. In Chapter 3, I use novel data on 1,265 newly-public firms to show that innovative firms exposed to environments with lower M&A activity just after their initial public offering (IPO) adapt by engaging in fewer technological acquisitions and

more internal research. However, this adaptive response becomes inertial shortly after IPO and persists well into maturity. This study advances our understanding of how the environment shapes heterogeneity and capabilities through its impact on firm structure. I discuss how my results can help bridge inertial versus adaptive perspectives in the study of organizations, by

documenting an instance when the two interact.

What Does Board Capital Really Bring to the Table? Exploring the Effect of Directors’ Human and Social Capital on Effective Governance During International Expansion

What constitutes effective corporate governance? Which director characteristics render boards effective at positively influencing firm-level performance outcomes? This dissertation examines these questions by taking a multilevel, multidisciplinary approach to corporate governance. I explore the individual-, team-, and firm- level factors that enable directors to serve effectively as strategic resources during international expansion. I argue that directors’ international experience improves their ability to serve as effective strategic consultants and resource providers to firms during the complex internationalization process. However, unlike prior research, which tends to assume that directors with the potential to provide important resources uniformly do so, I acknowledge contextual factors (i.e. board cohesiveness, strategic relevance of directors’ experience) that affect their propensity to actually influence outcomes. I explore these issues in three essays: one review essay and two empirical essays. In the first empirical essay, I integrate resource dependence theory with insights from social-psychological research to explore the influence of board capital on firms’ cross-border M&A performance. Using a sample of cross-border M&As completed by S&P 500 firms from 2004-2009, I find evidence that directors’ depth of international experience is associated with superior pre-deal outcomes. This suggests that boards’ deep, market-specific knowledge is valuable during the target selection phase. I further find that directors’ breadth of international experience is associated with superior post-deal performance, suggesting that these directors’ global mindset helps firms in the post-M&A integration phase. I also find that these relationships are positively moderated by board cohesiveness, measured by boards’ internal social ties. In the second empirical essay, I explore the boundary conditions of international board capital by examining how the characteristics of firms’ internationalization strategy moderate the relationship between board capital and firm performance. Using a panel of 377 S&P 500 firms observed from 2004-2011, I find that boards’ depth of international experience and social capital are more important during early stages of internationalization, when firms tend to lack market knowledge and legitimacy in the host markets. On the other hand, I find that breadth of international experience has a stronger relationship with performance when firms’ have higher scope of internationalization, when information-processing demands are higher.

Branding Hotels

[Excerpt] The hotel business has become a business of brands. Price Waterhouse Coopers estimates that there are over 300 hotel brands today with no one brand dominating the market. Every major brand management issue (brand extensions, global brand expansion, re-branding, un-branding, co-branding, brand portfolio development, brand acquisitions, new brand development, etc.) is being explored. An understanding of the competitive context and intra-and inter-brand dynamics will help owners, operators, asset managers, suppliers and litigators, as well as new entrants into the business make better and more informed brand management decisions.

Good year, bad year: changing strategies, changing networks? A two-year study on seed acquisition in northern Cameroon

Analysis of seed exchange networks at a single point in time may reify sporadic relations into apparently fixed and long-lasting ones. In northern Cameroon, where environment is not only strongly seasonal but also shows unpredictable interannual variation, farmers’ social networks are flexible from year to year. When adjusting their strategies, Tupuri farmers do not systematically solicit the same partners to acquire the desired propagules. Seed acquisitions documented during a single cropping season may thus not accurately reflect the underlying larger social network that can be mobilized at the local level. To test this hypothesis, we documented, at the outset of two cropping seasons (2010 and 2011), the relationships through which seeds were acquired by the members of 16 households in a Tupuri community. In 2011, farmers faced sudden failure of the rains and had to solicit distant relatives, highlighting their ability to quickly trigger specific social relations to acquire necessary seeding material. Observing the same set of individuals during two successive years and the seed sources they solicited in each year enabled us to discriminate repeated relations from sporadic ones. Although farmers did not acquire seeds from the same individuals from one year to the next, they relied on quite similar relational categories of people. However, the worse weather conditions during the second year led to (1) a shift from red sorghum seeds to pearl millet seeds, (2) a geographical extension of the network, and (3) an increased participation of women in seed acquisitions. In critical situations, women mobilized their own kin almost exclusively. We suggest that studying the seed acquisition network over a single year provides a misrepresentation of the underlying social network. Depending on the difficulties farmers face, they may occasionally call on relationships that transcend the local relationships used each year.

State-Selective Attachment of Helium to Molecular Ions in a New Cryogenic Ion Trap

Light is the main information about the interstellar medium accessible on Earth. Based on this information one can conclude on the composition of the region where the light originates from, as well as on its history. The requirement for this is that it is possible to identify the different absorption and emission features in the spectrum and assign them to certain molecules, atoms or ions. To enable the identification of the different species, precise spectroscopic investigations of the species in the laboratory are necessary. In this work a new spectroscopic method is presented, which can be used to record pure rotational spectra of mass selected, cold, stored molecular ions. It is based on the idea of state specific attachment of helium atoms to the stored molecular ions. The new technique has been made possible through the development and recent completion of two new 22-pole ion trap instruments in the work group of Laboratory Astrophysics at the University of Cologne. These new instruments have the advantage to reach temperatures as low as 4K compared to the 10K of the predecessor instrument. These low temperatures enable the ternary attachment of helium atoms to the stored molecular ions and by this make it possible to develop this new method for pure rotational spectroscopy. According to this, this work is divided into two parts. The first part deals with the new FELion experiment that was build and characterized in the first part of the thesis. FELion is a cryogenic 22-pole ion trap apparatus, allowing to generate, mass select, store and cool down, and analyze molecular ions. The different components of the instrument, e.g. the Storage Ion Source for generating the ions or the first quadrupole mass filter, are described and characterized in this part. Besides this also the newly developed control and data acquisitions system is introduced. With this instrument the measurements presented in the second part of the work were performed. The second part deals with the new action spectroscopic method of state-selective helium attachment to the stored molecular ions. For a deeper analysis of the new technique the systems of CD+ and helium and HCO+ and helium are investigated in detail. Analytical and numerical models of the process are presented and compared to experimental results. The results of these investigations point to a seemingly very general applicability of the new method to a wide class of molecular ions. In the final part of the thesis measurements of the rotational spectrum of l-C3H+ are presented. These measurements have to be high-lighted, since it was possible for the first time in the laboratory to unambiguously measure four low-lying rotational transitions of l-C3H+. These measurements (Brünken et al. ApJL 783, L4 (2014)) enabled the reliable identification of so far unidentified emision lines observed in several regions of the interstellar medium (Pety et al. Astron. Astrophys. 548, A68 (2012), McGuire et al. The Astrophysical Journal 774, 56 (2013) and McGuire et al. The Astrophysical Journal 783, 36 (2014)).