Cooperative strategy in emerging markets - analysis of interfirm r&d cooperation and performance in Russian manufacturing companies

Emerging markets have come to play a significant role in the world, not only due to their strong economic growth but because they have been able to foster an increasing number of innovative high technology oriented firms. However, as the markets continue to change and develop, there remain many companies in emerging markets that struggle with their competitiveness and innovativeness. To improve competitive capabilities, many scholars have come to favor interfirm cooperation, which is perceived to help companies access new knowledge and complementary resources and, by so doing, enables them to catch up quickly with Western competitors. Regardless of numerous attempts by strategic management scholars, the research field remains very fragmented and lacks understanding on how and when interfirm cooperation contributes to firm performance and competiveness in emerging markets. Furthermore, the reasons why interfirm R&D sometimes succeeds but fails at other times frequently remain unidentified. This thesis combines the extant literature on competitive and cooperative strategy, dynamic capabilities, and R&D cooperation while studying interfirm R&D relationships in and between Russian manufacturing companies. Employing primary survey data, the thesis presents numerous novel findings regarding the effect of R&D cooperation and different types of R&D partner on firms’ exploration and exploitation performance. Utilizing a competitive strategy framework enables these effects to be explained in more detail, and especially why interfirm cooperation, regardless of its potential, has had a modest effect on the general competitiveness of emerging market firms. This thesis contributes especially to the strategic management literature and presents a more holistic perspective on the usefulness of cooperative strategy in emerging markets. It provides a framework through which it is possible to assess the potential impacts of different R&D cooperation partners and to clarify the causal relationships between cooperation, performance, and long term competitiveness.

Competitive advantage through proprietary erp implementation: analysis of the project Väinämö

In the market where companies similar in size and resources are competing, it is challenging to have any advantage over others. In order to stay afloat company needs to have capability to perform with fewer resources and yet provide better service. Hence development of efficient processes which can cut costs and improve performance is crucial. As business expands, processes become complicated and large amount of data needs to be managed and available on request. Different tools are used in companies to store and manage data, which facilitates better production and transactions. In the modern business world the most utilized tool for that purpose is ERP - Enterprise Resource Planning system. The focus of this research is to study how competitive advantage can be achieved by implementing proprietary ERP system in the company; ERP system that is in-house created, tailor made to match and align business needs and processes. Market is full of ERP software, but choosing the right one is a big challenge. Identifying the key features that need improvement in processes and data management, choosing the right ERP, implementing it and the follow-up is a long and expensive journey companies undergo. Some companies prefer to invest in a ready-made package bought from vendor and adjust it according to own business needs, while others focus on creating own system with in-house IT capabilities. In this research a case company is used and author tries to identify and analyze why organization in question decided to pursue the development of proprietary ERP system, how it has been implemented and whether it has been successful. Main conclusion and recommendation of this research is for companies to know core capabilities and constraints before choosing and implementing ERP system. Knowledge of factors that affect system change outcome is important, to make the right decisions on strategic level and implement on operational level. Duration of the project in the case company has lasted longer than anticipated. It has been reported that in cases of buying ready product from vendor, projects are delayed and completed over budget as well. In general, in case company implementation of proprietary ERP has been successful both from business performance figures and usability of system by employees. In terms of future research, conducting a study to calculate statistically ROI of both approaches; of buying ready product and creating own ERP will be beneficial.

Between Memory and Strategy: Media Discourse Analysis of an Industrial Shutdown

In 2006 UPM was able to gain a level of social legitimacy that allowed it to carry out one of the largest industrial restructuring programmes in Finnish industrial history, shut down major operations in Finland and still appear to be functioning in the interests of the nation as well as itself. This study considers and examines various contexts of this shutdown with the aim of demonstrating how profoundly mediated such organizational events are though they appear to be produced primarily through strategic company decisions. The study aims to examine the processes of mediation at two levels. At one level, through close analysis of press releases and newspaper reports in local and national newspapers, the study presents a discursive analysis of the Voikkaa case. The discursive analysis focuses on providing historical contexts for understanding why this organizational event was also an occasion for reimagining the past and future of the Finnish nation; spatial contexts for understanding the differing struggles over the meaning of the event nationally and regionally; and the temporal dynamics of the media reports. At another level, the study considers and refines methods for reading and analyzing mediation in organization studies. Bringing together recent research of media text–based legitimation studies, emerging research on organizational memory and organizational death and a Foucaultian analytics of power, this work suggests that organizational research needs to be less concerned with particular typologies and narratives of shutdowns, and more curious about the processes of mediation through which organizational events are imagined and remembered.

Formal development of resilient distributed systems

Resilience is the property of a system to remain trustworthy despite changes. Changes of a different nature, whether due to failures of system components or varying operational conditions, significantly increase the complexity of system development. Therefore, advanced development technologies are required to build robust and flexible system architectures capable of adapting to such changes. Moreover, powerful quantitative techniques are needed to assess the impact of these changes on various system characteristics. Architectural flexibility is achieved by embedding into the system design the mechanisms for identifying changes and reacting on them. Hence a resilient system should have both advanced monitoring and error detection capabilities to recognise changes as well as sophisticated reconfiguration mechanisms to adapt to them. The aim of such reconfiguration is to ensure that the system stays operational, i.e., remains capable of achieving its goals. Design, verification and assessment of the system reconfiguration mechanisms is a challenging and error prone engineering task. In this thesis, we propose and validate a formal framework for development and assessment of resilient systems. Such a framework provides us with the means to specify and verify complex component interactions, model their cooperative behaviour in achieving system goals, and analyse the chosen reconfiguration strategies. Due to the variety of properties to be analysed, such a framework should have an integrated nature. To ensure the system functional correctness, it should rely on formal modelling and verification, while, to assess the impact of changes on such properties as performance and reliability, it should be combined with quantitative analysis. To ensure scalability of the proposed framework, we choose Event-B as the basis for reasoning about functional correctness. Event-B is a statebased formal approach that promotes the correct-by-construction development paradigm and formal verification by theorem proving. Event-B has a mature industrial-strength tool support { the Rodin platform. Proof-based verification as well as the reliance on abstraction and decomposition adopted in Event-B provides the designers with a powerful support for the development of complex systems. Moreover, the top-down system development by refinement allows the developers to explicitly express and verify critical system-level properties. Besides ensuring functional correctness, to achieve resilience we also need to analyse a number of non-functional characteristics, such as reliability and performance. Therefore, in this thesis we also demonstrate how formal development in Event-B can be combined with quantitative analysis. Namely, we experiment with integration of such techniques as probabilistic model checking in PRISM and discrete-event simulation in SimPy with formal development in Event-B. Such an integration allows us to assess how changes and di erent recon guration strategies a ect the overall system resilience. The approach proposed in this thesis is validated by a number of case studies from such areas as robotics, space, healthcare and cloud domain.

A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

Credibility, rules and power in the European Union institutions: a transactional analysis of the "Stability and Growth pact"

The credibility of the rules and the elements of power constitute fundamental keys in the analysis of the political institutions. This paper opens the "black box" of the European Union institutions and analyses the problem of credibility in the commitment of the Stability and Growth pact (SGP). This Pact (SGP) constituted a formal rule that tried to enforce budgetary discipline on the European States. Compliance with this contract could be ensured by the existence of "third party enforcement" or by the coincidence of the ex-ante and ex-post interests of the States (reputational capital). The fact is that states such as France or Germany failed to comply with the ruling and managed to avoid the application of sanctions. This article studies the transactions and the hierarchy of power that exists in the European institutions, and analyses the institutional framework included in the new European Constitution.

PERFORMANCE ANALYSIS OF A TACTICAL ASSET ALLOCATION – Evidence from the Black–Litterman model based fixed income portfolio

Over time the demand for quantitative portfolio management has increased among financial institutions but there is still a lack of practical tools. In 2008 EDHEC Risk and Asset Management Research Centre conducted a survey of European investment practices. It revealed that the majority of asset or fund management companies, pension funds and institutional investors do not use more sophisticated models to compensate the flaws of the Markowitz mean-variance portfolio optimization. Furthermore, tactical asset allocation managers employ a variety of methods to estimate return and risk of assets, but also need sophisticated portfolio management models to outperform their benchmarks. Recent development in portfolio management suggests that new innovations are slowly gaining ground, but still need to be studied carefully. This thesis tries to provide a practical tactical asset allocation (TAA) application to the Black–Litterman (B–L) approach and unbiased evaluation of B–L models’ qualities. Mean-variance framework, issues related to asset allocation decisions and return forecasting are examined carefully to uncover issues effecting active portfolio management. European fixed income data is employed in an empirical study that tries to reveal whether a B–L model based TAA portfolio is able outperform its strategic benchmark. The tactical asset allocation utilizes Vector Autoregressive (VAR) model to create return forecasts from lagged values of asset classes as well as economic variables. Sample data (31.12.1999–31.12.2012) is divided into two. In-sample data is used for calibrating a strategic portfolio and the out-of-sample period is for testing the tactical portfolio against the strategic benchmark. Results show that B–L model based tactical asset allocation outperforms the benchmark portfolio in terms of risk-adjusted return and mean excess return. The VAR-model is able to pick up the change in investor sentiment and the B–L model adjusts portfolio weights in a controlled manner. TAA portfolio shows promise especially in moderately shifting allocation to more risky assets while market is turning bullish, but without overweighting investments with high beta. Based on findings in thesis, Black–Litterman model offers a good platform for active asset managers to quantify their views on investments and implement their strategies. B–L model shows potential and offers interesting research avenues. However, success of tactical asset allocation is still highly dependent on the quality of input estimates.

The Competitive Analysis of Selected Biorefineries in Finland

Biorefineries is a perspective field of study that covers many opportunities of a successful business unit with respect to sustainability. The thesis focuses on the following key objective: identification of a competitive biorefineries production process in small and medium segments of the chemical and forest industries in Finland. The scope of the research relates to the selected biorefineries operations in Finland and the use of hemicellulose, as a raw material. The identification of the types of biorefineries and the important technical and process characteristics opens the advantage in the company’s competitive analysis. The study concentrates on the practical approach to the scientific methods of the market and companies research with the help of Quality Function Deployment and House of Quality tool. The thesis’s findings provide mindset version of the expert’s House of Quality application, identification of crucial biorefineries technical and design characteristics’ correlation and their effect on the competitive behavior of a company. The theoretical background helps to build the picture of the problematic issues within the field and provides scientific possible solutions. The analysis of the biorefineries’ market and companies operations bring the practical-oriented aptitude of the research. The results of the research can be used for the following investigations in a field and may be applied as a company’s management analytic and strategic application.

Catching up with competitiveness in emerging markets – An analysis of the role of the firm’s technology management strategies

Emerging markets have experienced rapid economic growth, and manufacturing firms have had to face the effects of globalisation. Some of the major emerging economies have been able to create a supportive business environment that fosters innovation, and China is a good example of a country that has been able to increase value-added investments. Conversely, when we look at Russia, another big emerging market, we witness a situation in which domestic firms struggle more with global competitiveness. Innovation has proven to be one of the most essential ingredients for firms aiming to grow and become more competitive. In emerging markets, the business environment sets many constraints for innovation. However, open strategic choices in new product development enable companies in emerging markets to expand their resource base and capability building. Networking and close inter-firm cooperation are essential in this regard. In this dissertation, I argue that technology transfer is one of the key tools for these companies to become internationally networked and to improve their competitiveness. It forces companies to reach outside the company and national borders, which in many cases, is a major challenge for firms in emerging markets. This dissertation focuses on how companies can catch up with competitiveness in emerging markets. The empirical studies included in the dissertation are based on analyses of survey data mainly of firms and their strategies in the Russian manufacturing industry. The dissertation contributes to the current strategic management literature by further investigating technology management strategies in manufacturing firms in emerging markets and the benefits of more open approaches to new product development and innovation.

Everything that rises must converge: a neo-Marxist analysis of Canadian business-government relations

The following thesis presents an analysis of business-government relations within a neo-Marxist framework. Specifically, the discussion encompasses how the business interest group. the Business Council on National Issues, maintains consensus and unity amongst its monopoly capital members. Furthermore. the study elaborates on the process through which the group's interests are acknowledged and legitimized by the state under the "public interest" f8fue. Most of the literature pertaining to business-government relations within the context of interactions between business interest groups and the state, and such specific branches of the state as the government and/or the civil service. emphasize a liberal-pluralist perspective. Essentially, these writings serve to reflect and legitimate the current slatus quo. Marxist discourses on the subject, while attempting to transcend the liberal-pluralist framework. nevertheless suffer from either economic determinism .. ie., stressing the state's accumulation function but not its legitimation function or historical specificity. A cogent and comprehensive neo-Marxist analysis of business-government relations must discuss both the accumulation and legitimation functions of the state. The process by which the concerns of a particular business interest group become part of the state's policy agenda and subsequently are formulated and implemented into policies which legitimate its dominance is also studied. This inquiry is significant given the liberal-pluralist assumptions of a neutral state and that all interest groups compete "on a level playing field". The author's neo-Marxist paradigm rejects both of these assumptions. Building on concepts from nea-Marxist instrumentalism. structuralism. state monopoly capitalism, and forms and functions of the state perspectives. the author proposes that policies which legitimize the interests of the monopoly capital fraction cannot. be discerned only from the state's activities. per StJ. Clearly, if the liberal-pluralist 3 contention of multiple and conflicting interest groups, including those within the capitalist class, is taken at face value, M interest group such as the Business Council on National Issues (BCND, must somehow maintain. internal consensus Md unity amongst its members. Internal consensus amongst its members ensures that the state can better acknowledge and articulate its concerns into policies that maintain hegemonic dominance of the monopoly capital fraction under the "public interest" fllf.JJdq. The author contends that the BCNI focuses most of its interactions on the upper echelons of the civil service since it is this branch of the state which is most responsible for policy formulation and implementation. The author's paradigm is applied within the context of extensively analyzing newspaper coverage. BCN! publications, and other published sources, as well as a personal interview with an executive administrative member of the BeNI. The discussion focuses on how agreement and unity amongst the various interests of the monopoly capital fraction are maintained through the business organization, its policy scope, and finally its interactions with the state. The analysis suggests that while the civil service is an important player in expressing the interests of the BCNI's membership through policies which ostensibly also reflect the "public interest", it is not the only strategic target for the BCNI's interactions with the state. The author's research also highlights the importance of government officials at the Cabinet level and Cabinet Committees. Senior elected officials from the Federal government are also significant in avoiding intergovernmental or interprovincial conflict in implementing policies that legitimize hegemonic dominance of the monopoly capital fraction over other fractions and classes.

Mobilizing in borderline citizenship regimes : a comparative analysis of undocumented migrants’ collective actions

This article seeks to explain how and why groups and networks of undocumented migrants mobilizing in Berlin, Montréal, and Paris since the beginning of the 2000s construct different types of claims. The authors explore the relationship between undocumented migrants and state authorities at the local level through the concept of the citizenship regime and its specific application to undocumented migrants (which they describe as the “borderline citizenship regime”). Despite their common formal exclusion from citizenship, nonstatus migrants experience different degrees and forms of exclusion in their daily lives, in terms of access to certain rights and services, recognition, and belonging within the state (whether through formally or nonformally recognized means). As a result, they have an opportunity to create different, specific forms of leeway in the society in which they live. The concurrence of these different degrees of exclusion and different forms of leeway defines specific conditions of mobilization. The authors demonstrate how the content of their claims is influenced by these conditions of mobilization.

Acoustic radiation and scattering from cylindrical bodies and analysis of transducer arrays

New mathematical methods to analytically investigate linear acoustic radiation and scattering from cylindrical bodies and transducer arrays are presented. Three problems of interest involving cylinders in an infinite fluid are studied. In all the three problems, the Helmholtz equation is used to model propagation through the fluid and the beam patterns of arrays of transducers are studied. In the first problem, a method is presented to determine the omni-directional and directional far-field pressures radiated by a cylindrical transducer array in an infinite rigid cylindrical baffle. The solution to the Helmholtz equation and the displacement continuity condition at the interface between the array and the surrounding water are used to determine the pressure. The displacement of the surface of each transducer is in the direction of the normal to the array and is assumed to be uniform. Expressions are derived for the pressure radiated by a sector of the array vibrating in-phase, the entire array vibrating in-phase, and a sector of the array phase-shaded to simulate radiation from a rectangular piston. It is shown that the uniform displacement required for generating a source level of 220 dB ref. μPa @ 1m that is omni directional in the azimuthal plane is in the order of 1 micron for typical arrays. Numerical results are presented to show that there is only a small difference between the on-axis pressures radiated by phased cylindrical arrays and planar arrays. The problem is of interest because cylindrical arrays of projectors are often used to search for underwater objects. In the second problem, the errors, when using data-independent, classical, energy and split beam correlation methods, in finding the direction of arrival (DOA) of a plane acoustic wave, caused by the presence of a solid circular elastic cylindrical stiffener near a linear array of hydrophones, are investigated. Scattering from the effectively infinite cylinder is modeled using the exact axisymmetric equations of motion and the total pressures at the hydrophone locations are computed. The effect of the radius of the cylinder, a, the distance between the cylinder and the array, b, the number of hydrophones in the array, 2H, and the angle of incidence of the wave, α, on the error in finding the DOA are illustrated using numerical results. For an array that is about 30 times the wavelength and for small angles of incidence (α<10), the error in finding the DOA using the energy method is less than that using the split beam correlation method with beam steered to α; and in some cases, the error increases when b increases; and the errors in finding the DOA using the energy method and the split beam correlation method with beam steered to α vary approximately as a7 / 4 . The problem is of interest because elastic stiffeners – in nearly acoustically transparent sonar domes that are used to protect arrays of transducers – scatter waves that are incident on it and cause an error in the estimated direction of arrival of the wave. In the third problem, a high-frequency ray-acoustics method is presented and used to determine the interior pressure field when a plane wave is normally incident on a fluid cylinder embedded in another infinite fluid. The pressure field is determined by using geometrical and physical acoustics. The interior pressure is expressed as the sum of the pressures due to all rays that pass through a point. Numerical results are presented for ka = 20 to 100 where k is the acoustic wavenumber of the exterior fluid and a is the radius of the cylinder. The results are in good agreement with those obtained using field theory. The directional responses, to the plane wave, of sectors of a circular array of uniformly distributed hydrophones in the embedded cylinder are then computed. The sectors are used to simulate linear arrays with uniformly distributed normals by using delays. The directional responses are compared with the output from an array in an infinite homogenous fluid. These outputs are of interest as they are used to determine the direction of arrival of the plane wave. Numerical results are presented for a circular array with 32 hydrophones and 12 hydrophones in each sector. The problem is of interest because arrays of hydrophones are housed inside sonar domes and acoustic plane waves from distant sources are scattered by the dome filled with fresh water and cause deterioration in the performance of the array.

Institutional Analysis of Marine Fisheries Management Practices in Kerala, India

The study is important for the fact that it places the management dynamics of marine fisheries sector in the context of growing unrest of local communities over the emerging resource conflicts and degradation Economic crisis in small scale marine fisheries due to high operating cost continue to hinder the efforts towards conservation in many ways The migration of mechanized fleet as a response to profit maximization strategy of enterprises continues to be a threat to resource management Therefore this study explores how to revamp the small scale mechanized sector effectively and profitably to ensure rational allocation of resources The thesis attempts to examine how livelihood vulnerabilities of artisanal fish workers influence the crafting of management institutions Finally by combining insights of an institutional framework the study establishes the need for recognising the role of both formal and informal institutions in the management of marine fisheries in Kerala

Smallholder group certification in Uganda - Analysis of internal control systems in two organic export companies

The organic agricultural sector of Uganda is among the most developed in Africa in terms of its professional institutional network and high growth rates of number of certified farmers and land area. Smallholder farmers are certified organic through contract production for export companies using a group certification scheme (internal control system - ICS). The ICS is a viable and well-accepted tool to certify small-scale producers in developing countries all over the world. Difficulties in certification are still stated to be among the main constraints for Uganda’s organic sector development. Therefore, this paper reports a qualitative case study comprising 34 expert interviews in two organic fresh-produce export companies in central Uganda, aiming to explore the challenges which underlie organic certification with ICS. The study shows that farmers cannot be labelled as ‘organic by default’ but deliberately engage in organic production as a marketing strategy. The small quantities purchased by the organic companies lead to a difficult marketing situation for the farmers, causing production and infiltration risks on the farm level. These risks require increased control that challenges the companies organizationally. The risks and control needs are a reason to involve farmers in ICS procedures and innovatively adapt the ICS by means of a bypass around formal perspective restrictions. The paper discusses different perspectives on risks, risk control and certification.