The role of due diligence in cross-border acquisitions

Mergers and acquisitions (M&A) have become an important strategy for international expansion, even though numerous acquisitions fail to achieve their financial and strategic objectives. The risk associated with transactions partly depends on the extent to which the insight into the target company actually holds true. Due diligence is performed to eliminate this information asymmetry. Due diligence is an audit conducted prior to the planned transaction. It can be described as a purposeful and systematic investigation of business opportunity and risk during on-going sale negotiations. The importance of due diligence is emphasized widely in the academic literature as well as among M&A practitioners. On the other hand, researches and practitioners have differing views on what and how much is enough for a due diligence audit. Therefore, this study examines the role of due diligence in a cross-border acquisition process. The main objective of the research is fulfilled by examining the reasons for conducting due diligence, recognizing the elements affecting effective due diligence and analyzing the need and opportunities for enhancing the utilization of due diligence. For the empirical part of this qualitative study five expert interviews were conducted among experienced Finnish acquirers and advisors. In addition, five expert interviews conducted for a distinct study were utilized as a secondary source of data. The results of this study present fundamental reasons for conducting due diligence. However, conducting due diligence is not always self-evident. Doubtful attitude towards due diligence exists, though it is exceptional. Carefully planning the focus of due diligence and compiling and managing the team conducting due diligence are identified as the main elements affecting effective due diligence. Altogether, due diligence can have plural roles which in this study are categorized as the confirmatory, preparative, and cross-functional roles of due diligence. The older academic literature tends to emphasize the confirmatory role whereas the current academic discussion also supports the preparative role of due diligence. It can be argued that the roles of due diligence differ among experienced due diligence practitioners based on several factors. In attempt to increase the value of due diligence for acquirers, more than one role of due diligence is likely to exist. As a result of the different approaches and the controversy regarding the concept of due diligence, the demand for a new, wider definition of due diligence can be claimed to exist.

Mapping the Value Network Potential in Cross-sector Collaboration: Case welfare Services for Elderly in Finland

Value network has been studied greatly in the academic research, but a tool for value network mapping is missing. The objective of this study was to design a tool (process) for value network mapping in cross-sector collaboration. Furthermore, the study addressed a future perspective of collaboration, aiming to map the value network potential. During the study was investigated and pondered how to get the full potential of collaboration, by creating new value in collaboration process. These actions are parts of mapping process proposed in the study. The implementation and testing of the mapping process were realized through a case study of cross-sector collaboration in welfare services for elderly in the Eastern Finland. Key representatives in elderly care from public, private and third sectors were interviewed and a workshop with experts from every sector was also conducted in this regard. The value network mapping process designed in this study consists of specific steps that help managers and experts to understand how to get a complex value network map and how to enhance it. Furthermore, it make easier the understanding of how new value can be created in collaboration process. The map can be used in order to motivate participants to be engaged with responsibility in collaboration and to be fully committed in their interactions. It can be also used as a motivator tool for those organizations that intend to engage in collaboration process. Additionally, value network map is a starting point in many value network analyses. Furthermore, the enhanced value network map can be used as a performance measurement tool in cross-sector collaboration.

Antecedents and Performance Outcomes of Entrepreneurial Orientation: a Comparative Cross-Country Study

Development of entrepreneurial orientation (EO) within a company is considered to be significant for firm performance in a contemporary market society with constantly changing environment. Considered as entrepreneurial, the firm is able to innovate, make risky investments and be proactive. The purpose of the thesis is to investigate factors which influence EO, the impact of EO on firm performance, and a mediating role of EO in developed and emerging market contexts. The empirical research is conducted quantitatively in a form of a survey in Russia and Finland. The results of the thesis have shown that the relationship between antecedents, EO and firm performance outcomes is different in developed and emerging contexts and can be explained by cultural differences and institutional development. The empirical research has both theoretical and practical novelty. It contributes to the existing literature on EO by the usage of comparative cross-country approach and a broader three-way interaction model between the variables. A general practical implication of the research is that managers may benefit from developing entrepreneurial strategic posture in particular contexts.

Globe fringerush (Fimbristylis miliacea) cross resistance to als-inhibitor herbicides under field conditions in irrigated rice in the south of Brazil

ALS-inhibiting herbicides usually provide adequate weed control in irrigated rice fields. After consecutive years of use, the Cyperaceae species, globe fringerush (Fimbristylis miliacea) began to show resistance to ALS (acetolactate synthase) inhibitors. Globe fringerush is one of the most problematic herbicide-resistant weeds in irrigated rice in the state of Santa Catarina in the South of Brazil. The objective of this research was to examine cross resistance of globe fringerush to ALS inhibitors, under field conditions. Two experiments were conducted in a rice field naturally infested with ALS-resistant globe fringerush in Santa Catarina, in the 2008/09 and 2009/10 cropping seasons. The experimental units were arranged in randomized complete block design, with five replicates, consisting of two factors (herbicide and dose) in a 4 x 5 factorial arrangement. ALS herbicides included bispyribac-sodium, ethoxysulfuron, pyrazosulfuron-ethyl and penoxsulam. Six-leaf globe fringerush was sprayed with herbicide doses of 0, 0.5, 1, 2 and 4X the recommended doses in a spray volume of 200 L ha-1. The number of rice culm, filled and sterile grains, plant height, dry shoot biomass and grain yield were recorded. Globe fringerush control was evaluated 28 and 70 days after herbicide application (DAA); shoots were harvested at 13 weeks after herbicide application and dry weight recorded. Competition with globe fringerush reduced the number of culm and rice grain yield. The globe fringerush biotype in this field was resistant to all ALS herbicides tested. Penoxsulam had the highest level of activity among treatments at 28 and 70 DAA, but the control level was only 50% and 42%, respectively, in the second year of assessment. This was not enough to prevent rice yield loss. Alternative herbicides and weed control strategies are necessary to avoid yield losses in rice fields infested with ALS-resistant biotypes of globe fringerush.

The obstacles for cross-border transmission network investments in the Nordic electricity market: Case South-West link

The Nordic electricity market is often seen as an example of how to create a working, developed and integrated electricity market. Nevertheless, this thesis studies the obstacles of transmission network investments and the market integration challenges in the Nordic electricity market. The main focus is in the Nordic Transmission system operators (TSOs), which have a key role in grid development. This study introduces a case study of cancellation of South-West link, Western part, which was seen as essential grid investment in order to improve the Nordic electricity market functioning but ended up with cancellation in 2013. This study includes semi-structured theme interviews of the experts among Nordic electricity industry stakeholders. Despite the political will to create more equal prices for electricity in the Nordic market, the differing national regulation, mixed incentives created by bottleneck income and the focus moving from Nordic integration to European integration may create challenges to the Nordic electricity market integration in the future.

Self-, cross- and interspecific pollinations in Passiflora capsularis and P. rubra

This study aimed to characterize the reproductive system of Passiflora capsularis L. and P. rubra L. In vivo controlled pollinations, in vitro pollen germination and pollen-ovule (P:O) ratio evaluation were conducted. In self-pollination, intraspecific and interspecific pollination, P. capsularis showed means of 62.5, 68.7 and 48.4% of fertilized flowers, while in P. rubra, the averages were 67.2, 62.5 and 46.9%, respectively. For in vitro germination, 52.2% of P. capsularis pollen grains germinated while in P. rubra, the percentage was 64.4. The P:O ratio was 22.4 for P. capsularis, and 27.4 for P. rubra, which included them in the category of obligatory autogamous. Passiflora capsularis and P. rubra can reproduce both by self-pollination and cross-pollination, and crossings between the two species succeeded though the success rate was lower than 50%. The characteristics of the reproductive system of both species allow the use of greater range of options on breeding methods for production of ornamental Passiflora plants.

Predicting the range of inbreeding depression of inbred lines in cross-pollinated populations

The objectives of this paper were to derive the genetic variance of inbreeding depression ( ) and to predict the range of inbreeding depression (RID) in cross-pollinated populations. The variance of inbreeding depression is a function of the genetic variances related to dominance effects (, D2, and ), and of the inbreeding coefficients of the two generations in which inbreeding depression is measured (Ft and Fg). The results showed that the higher the level of dominance of a trait, the higher the variance of inbreeding depression. The magnitudes of were expected to be lower in improved (mean gene frequencies = > 0.6) and in unimproved ( < 0.4) populations, than in composite populations ( » 0.5). Data from a maize population used to illustrate the study showed that the range of inbreeding depression in the S¥ generation of selfing was from 48.7% to 85.3% for grain yield, and from 13.9% to 24.5% for plant height. A mating design outlined to estimate the genetic variance of inbreeding depression, the range of inbreeding depression, and of the range of inbred lines is presented.

Diallel cross analysis for young plants of brachytic maize (Zea mays L.) varieties

Six brachytic maize varieties were crossed in a diallel mating scheme. Both varieties and crosses were grown hydroponically in a greenhouse, in randomized complete blocks with three replications in two seasons. Four brachytic double cross hybrids were used as checks. Twenty-eight days after planting, data for eight traits were taken for weights of the total plant (TPW), top plant (TOW), total roots (TRW), seminal roots (SRW), and nodal roots (NRW) and number of total roots (TRN), seminal roots (SRN), and nodal roots (NRN). Ten plants were measured in each plot and all the analyses were accomplished with plot means. In the diallel cross the top plant contributed 57.6% of the total plant weight, for seminal roots 15.4%, and for nodal roots 27.0%. Root number distribution was 36.7% seminal roots and 63.3% nodal roots. Approximately the same ratios were observed in the checks. The average heterosis effects were nonsignificant for all traits; the other components of heterosis (variety and specific heterosis) also were not important sources of variation in young plants. The overall results suggest that nonadditive gene action is not an important source of variation for the plant and root system of young plants. The positive correlation coefficients for combinations of traits indicated that they are under the control of a polygenic system

Prolactin inhibits auto- and cross-induction of thyroid hormone and estrogen receptor and vitellogenin genes in adult Xenopus (Amphibia) hepatocytes

It is well known that virtually every tissue of the amphibian larvae is highly sensitive to the mutually antagonistic actions of thyroid hormone (TH) and prolactin (PRL), but it is not known if adult amphibian tissues respond similarly to these two hormones. We have previously shown that very low doses of triiodothyronine (T3) rapidly and strongly potentiate the activation of silent vitellogenin (Vit) genes by estrogen (E2) and the autoinduction of estrogen receptor (ER) transcripts in primary cultures of adult Xenopus hepatocytes. This response to T3 is accompanied by the upregulation of thyroid hormone receptor b (TRb) mRNA. Using Northern blot and RNase protection assays, we now show that ovine PRL added for 12 h along with 2 x 10-9 M T3 will completely prevent potentiation of E2 induction of Vit mRNA in primary cultures of adult Xenopus hepatocytes. PRL also abolished the auto-upregulation of TRb mRNA and the cross-activation of autoinduction of ER mRNA. Thus, we show for the first time that the anti-TH action of PRL that is manifested in Xenopus tadpole tissues during metamorphosis is retained in adult liver, and suggest that the mutually antagonistic actions of the two hormones may be brought about by similar molecular mechanisms in larval and adult amphibian tissues

Effects of naltrexone and cross-tolerance to morphine in a learned helplessness paradigm

Opiates have been implicated in learned helplessness (LH), a phenomenon known to be related to opiate stress-induced analgesia (SIA). In the present study, we investigated the role of opiates in the induction of LH and SIA under different conditions. Adult female Wistar rats were trained either by receiving 60 inescapable 1-mA footshocks (IS group, N = 114) or by confinement in the shock box (control or NS group, N = 92). The pain threshold of some of the animals was immediately evaluated in a tail-flick test while the rest were used 24 h later in a shuttle box experiment to examine their escape performance. The opiate antagonist naltrexone (0 or 8 mg/kg, ip) and the previous induction of cross-tolerance to morphine by the chronic administration of morphine (0 or 10 mg/kg, sc, for 13 days) were used to identify opiate involvement. Analysis of variance revealed that only animals in the IS group demonstrated antinociception and an escape deficit, both of which were resistant to the procedures applied before the training session. However, the escape deficit could be reversed if the treatments were given before the test session. We conclude that, under our conditions, induction of the LH deficit in escape performance is not opiate-mediated although its expression is opiate-modulated

Development of agnostic mobile applications with cross-platform cloud computing platforms

Smart phones became part and parcel of our life, where mobility provides a freedom of not being bounded by time and space. In addition, number of smartphones produced each year is skyrocketing. However, this also created discrepancies or fragmentation among devices and OSes, which in turn made an exceeding hard for developers to deliver hundreds of similar featured applications with various versions for the market consumption. This thesis is an attempt to investigate whether cloud based mobile development platforms can mitigate and eventually eliminate fragmentation challenges. During this research, we have selected and analyzed the most popular cloud based development platforms and tested integrated cloud features. This research showed that cloud based mobile development platforms may able to reduce mobile fragmentation and enable to utilize single codebase to deliver a mobile application for different platforms.