Download or read book The Impact of Investments in Market based Assets on Firm Performance written by Karlo Oehring and published by Logos Verlag Berlin GmbH. This book was released on 2022-01-18 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market-based assets, such as brands or customer relationships, can be thought of as intangibles that arise through the commingling of the firm with its environment. As such, they are constructs that bridge the conceptual gap between managerial actions and firms’ financial performance. This dissertation conducts three studies that advance the understanding of investments in market-based assets conceptually, empirically, and methodologically: First, it rigorously examines prior research in the marketing-finance interface and synthesizes the findings in a conceptual overview of the field. Second, it examines investments into different drivers of customer-based firm value and relates them to different aspects of firm performance. Third, it develops a novel method to estimate investments in market-based assets for firms with undisclosed accounting information through textual analysis of legal statements.
Download or read book Market based Asset Management and Shareholder Value written by Chad Milewicz and published by . This book was released on 2009 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: The accountability of marketing investments continues to be a key area of concern for researchers and practitioners (MSI Research Priorities, 2008). In particular, market-based assets, specifically customer relationships, and their potential impact on firm performance are a significant source of interest. Though research in this area continues to grow, little is understood about how investments in human capital and the acquisition of alliance partners through factor markets relate to customer relationship management and the impact of customer relationships on performance. This dissertation presents two studies which, together, investigate how investments in market-based assets influence on abnormal stock returns. In the first study, the resource-based view of the firm (Barney 1991) is used to posit several hypotheses related to investments in human capital. The hypotheses are tested using ten years of data from the U.S. airline industry and analyzed using a mixed-effects methodology. Results indicate that investments in customer service personnel impact abnormal stock returns through their impact on customer relationships. Moreover, these investments tend to have decreasing returns in terms of their impact on customer relationships, and the relative strength of this relationship is shown to be contingent upon a firm's service delivery capabilities, advertising expenditures, and operating focus. This study helps clarify how market-based assets are managed, how investments in specific resources used to manage them relate to stock returns, and why the same dollar invested in human capital by different firms can lead to different levels of returns. The second study also takes a resource-based view of the firm and the management of market-based assets. From this perspective, alliances are considered as external resources acquired in strategic factor markets (Barney 1986) for the purpose of complimenting a focal firm's strategy and performance. This study investigates the long-term impact of alternative types of alliances and the potential impact of alliance partners' customer relationship management capabilities on a focal firms' performance. Just as in study one, ten years of U.S. airline data are used, and a mixed-effects methodology is implemented to test hypotheses. Results indicate that the direct benefits of horizontal marketing alliances tend to be positive, but dependent upon the extensiveness of the alliance. Furthermore, it is revealed that the impact of a partner's customer relationship management capabilities on a focal firm's performance is contingent upon whether the partner's capabilities are similar or dissimilar relative to the focal firm. In short, results indicate that when differences exist, the positive impact of a focal firm's customer relationship management capabilities can be reduced to almost zero if that firm allies with a less competent partner. Taken together, these studies tend to suggest that firms which learn to successfully manage investments in customer relationships may risk nullifying expected positive returns if they simultaneously select alliance partners which are less successful at managing such investments. Similarly, firms which are not able to improve their own management of customer relationships can potentially limit the potential negative consequences by allying with more able firms. In all, this dissertation helps address the accountability issue for marketers.
Download or read book The History of Family Business 1850 2000 written by Andrea Colli and published by Cambridge University Press. This book was released on 2003 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this new textbook, Andrea Colli gives a historical and comparative perspective on family business, examining through time the different relationships within family businesses and among family enterprises, inside different political and institutional contexts. He compares the performance of family businesses with that of other economic organizations, and looks at how these enterprises have contributed to the evolution of contemporary industrial capitalism. Central to his discussion are the reasons for both the decline and persistence of family business, how it evolved historically, the different forms it has taken over time, and how it has contributed to the growth of single economies. The book summarises previous research into family business, and situates many aspects of family business - such as their strategies, contribution, failure and decline - in an economic, social, political and institutional context. It will be of key interest to students of economic history and business studies.
Download or read book Asset Tangibility and Firm Performance Under External Financing written by Murillo Campello and published by . This book was released on 2007 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine the impact of contract enforceability on corporate performance. My tests sidestep the issue of endogeneity between contracting and economic outcomes using quot;asset tangibilityquot; (i.e., the resale value or ease of redeployment of corporate assets) as an instrument. Because asset tangibility changes over time for reasons that are outside of the control of firms and financiers (e.g., industry demand for second-hand assets), it can be used to identify a causal link between financing and performance. The identification works along the lines of a moral hazard argument: when asset tangibility is high managers have heightened incentives to perform since firm liquidation/reorganization becomes a more credible threat. I find evidence that the ex post resale value and redeployability of corporate assets drive the relative performance of firms that rely more heavily on external financing for their investment. Specifically, I show that the component of investment that is explained by external financing is associated with superior (inferior) relative-to-rival product market performance, capital market valuation, and accounting returns when asset tangibility turns out to be high (low) after the firm raises financing. Crucially, these sorts of tangibility-driven dynamics are not observed for internally-funded investment (when contract enforceability is irrelevant), and obtain despite the fact that asset tangibility does not unconditionally forecast firm performance. The effect of asset tangibility on investment performance under external financing is magnified when firms are near distress.
Download or read book The Impact of Venture Capital Investments on Public Firm Stock Performance written by Tim Loughran and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aggregate amount of venture capital investments in non-publicly traded firms since 1980 is more than $390 billion. We test two economic hypotheses on the connection between venture capital investment and subsequent firm performance. We find that lagged VC investments scaled by industry assets are negatively related to subsequent firm stock returns after adjusting for other factors. However, not all firms are equally impacted. We find that financially constrained firms suffer the most when new VC money pours into an industry. Firms receiving VC money are active in patent creation which appears to increase innovation pressures on established companies. It appears that the market is slow to incorporate the information contained in the venture capital investments.
Download or read book The Theory of the Growth of the Firm written by Edith Tilton Penrose and published by . This book was released on 2013-12 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2013 Reprint of 1959 American Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. This edition reprints the text from the 1959 First Edition originally published by Wiley. Why do some firms perform better than others? What enables a firm to grow and take advantage of its opportunities? Currently much discussion of these questions pivots around the ideas of competencies and capabilities, and the concept of the learning organization or knowledge-creating company. "The Theory of the Growth of the Firm" is a rich and pioneering work that addresses these questions and laid the foundation for this approach often referred to as the "resource based view of the firm." Edith Penrose analyzes managerial activities and decisions, organizational routines, and knowledge creation within the company and argues that they are critical to the ability of a firm to grow. This work has become a classic business book and remains relevant to this day.
Download or read book The Market Driven Organization written by George S. Day and published by Simon and Schuster. This book was released on 2012-12-11 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Market Driven Strategy' is a buzzword that many business people use without fully grasping its meaning. Now George Day, the inventor of the phrase, follows up his groundbreaking book MARKET DRIVEN STRATEGY with practical advice for managers who want to better communicate with their customers, perform miles ahead of their competitors, and continually be responsive to both. Based on nearly a decade of research, teaching, and consulting on the topic, THE MARKET DRIVEN ORGANIZATION shows how to apply Day's essential marketing theories to an entire company. Complete with diagnostic questionnaires and other assessment tools to identify strengths and weaknesses and lead companies through change, THE MARKET DRIVEN ORGANIZATION is an indispensable guide that will provide managers with crucial insights drawn from the most thorough research of the decade.
Download or read book Irreversibility Uncertainty and Investment written by Robert S. Pindyck and published by World Bank Publications. This book was released on 1989 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.
Download or read book The End of Accounting and the Path Forward for Investors and Managers written by Baruch Lev and published by John Wiley & Sons. This book was released on 2016-06-14 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
Download or read book The Business Value of Computers written by Paul A. Strassmann and published by Information Economics Press. This book was released on 1990 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book addresses the practical needs of executives responsible for planning, budgeting & justifying information technology expenditures. Written by the former chief information executive (1956-1978) & vice president of strategic planning (1978-1985), author of the widely acclaimed & translated INFORMATION PAYOFF - THE TRANSFORMATION OF WORK IN THE ELECTRONIC AGE (Free Press, 1985), lecturer & university professor. Reviews: "A New Bible for Management Information Systems. An eminently readable book made more so by a playful sense of humor" -Information Week-; "Strips away obfuscation that has concealed the real value of computers." (The Financial Post); "A true path to the Holy Grail of business value." (Computer Weekly); "Some surprising answers to familiar questions cast new light on investing profitably in computer hardware & software." (The Conference Board); "All those either transfixed or baffled by the powers & potential of computers would do well to heed Strassmann's advice." (Daily Telegraph); "Measuring managerial productivity is the key to knowing how to invest in information technology. Strassmann's new book sets out the results of his research in detail. His argument comes through clearly." (The Financial Times).
Download or read book A Literature Review on the Impact of Investment in Human Capital on Economic Success written by Gina Roberts and published by diplom.de. This book was released on 2004-10-26 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Champions of Human Capital in organisations, such as Human Resources directors, are in need of empirical evidence to justify to board members, CEOs and ultimately shareholders why financial investments into Human Capital should be increased or at least maintained. The research questions posed in this thesis take on the challenge to find empirical evidence that investment in Human Capital, through Human Resources, has a positive impact on intermediate as well as accounting and share-value indicators of organisational performance. This literature review summarises, integrates and evaluates research published between 1998 and 2003 pertaining to the direct and indirect relationship between Human Resources on different indicators of intermediate and bottom-line performance. The review is comprised of 31 articles clustered into the following topics: strategic HRM, Human Resources Development, technology, diverse workforces and flexible working conditions and methodological issues in HR-organisational performance research. Evidence for the direct and indirect impact of HR on organisational performance is discussed and the findings are interpreted with reference to Ostroff and Bowen s Multi-Level Model (2000), which explains the individual, organisational and inter-level relationships between Human Resources and organisational performance. Enabling conditions that strengthen the HR-organisational performance relationship are identified. Methodological issues such as levels of analyses, short-term vs. long-term perspectives and generalisability are evaluated in detail. Employee benefits from enhanced organisational performance and barriers to the diffusion of high-performance work practices are research questions that still remain unanswered (Ichniowski et al., 2000). Future research should focus on building up a portfolio of studies at different levels of analyses and include a broader range of organisational performance variables that are also relevant employees as well as shareholders and top management. The implications of the research findings for HR directors and corporate strategy functions are presented. Inhaltsverzeichnis:Table of Contents: 1.Introduction4 2.Theoretical Background7 2.1How is Human Capital Conceptualised in the Management Literature?7 2.2The Human Capital Project8 2.3The Story so Far: Theoretical Perspectives on Human Resources Management9 2.3.1Current State of Research on HR Practices and Firm [...]
Download or read book Intellectual Capital written by Thomas A. Stewart and published by Crown Currency. This book was released on 2010-09-22 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Visionary in scope, Intellectual Capital is the first book that shows how to turn the untapped knowledge of an organization into its greatest competitive weapon. Thomas A. Stewart demonstrates how knowledge--not natural resources, machinery, or financial capital--has become the most important factor in economic life. Through practical advice, stories, and case histories, Stewart reveals how organizations and individuals can create and use the knowledge assets they need. Dazzling in its ability to make conceptual sense of the economic revolution we are living through, this ingenious book cuts through the vague rhetoric of "paradigm shifts" to show how the Information Age economy really works. Intellectual Capital should be read as if the futures of your company and your career depend on it. They do.
Download or read book Data Envelopment Analysis written by Joe Zhu and published by Springer. This book was released on 2016-03-22 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook compiles state-of-the-art empirical studies and applications using Data Envelopment Analysis (DEA). It includes a collection of 18 chapters written by DEA experts. Chapter 1 examines the performance of CEOs of U.S. banks and thrifts. Chapter 2 describes the network operational structure of transportation organizations and the relative network data envelopment analysis model. Chapter 3 demonstrates how to use different types of DEA models to compute total-factor energy efficiency scores with an application to energy efficiency. In chapter 4, the authors explore the impact of incorporating customers' willingness to pay for service quality in benchmarking models on cost efficiency of distribution networks, and chapter 5 provides a brief review of previous applications of DEA to the professional baseball industry, followed by two detailed applications to Major League Baseball. Chapter 6 examines efficiency and productivity of U.S. property-liability (P-L) insurers using DEA, while chapter 7 presents a two-stage network DEA model that decomposes the overall efficiency of a decision-making unit into two components. Chapter 8 presents a review of the literature of DEA models for the perfoemance assessment of mutual funds, and chapter 9 discusses the management strategies formulation of the international tourist hotel industry in Taiwan. Chapter 10 presents a novel use of the two-stage network DEA to evaluate sustainable product design performances. In chapter 11 authors highlight limitations of some DEA environmental efficiency models, and chapter 12 reviews applications of DEA in secondary and tertiary education. Chapter 13 measures the relative performance of New York State school districts in the 2011-2012 academic year. Chapter 14 provides an introductory prelude to chapters 15 and 16, which both provide detailed applications of DEA in marketing. Chapter 17 then shows how to decompose a new total factor productivity index that satisfies all economically-relevant axioms from index theory with an application to U.S. agriculture. Finally, chapter 18 presents a unique study that conducts a DEA research front analysis, applying a network clustering method to group the DEA literature over the period 2000 to 2014.
Download or read book Communication and Language Analysis in the Corporate World written by Hart, Roderick P. and published by IGI Global. This book was released on 2014-01-31 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: While personal variables like age, education, and gender are often thought to contribute to a persons distinctive speech pattern, corporate environments often develop its own way of communication which include larger scale variables like the economy and organizational traditions. Communication and Language Analysis in the Corporate World provides insight into the verbiage of the corporate world and the influence of this environment for a persons speech pattern, language, and terminology. This book will provide a guide for language researchers and business leaders alike so that they may find a way to communicate with everyone customers, colleagues, and CEOs effectively.
Download or read book Handbook of Business to Business Marketing written by Lilien, Gary L. and published by Edward Elgar Publishing. This book was released on 2022-07-15 with total page 713 pages. Available in PDF, EPUB and Kindle. Book excerpt: This path-breaking Handbook is targeted primarily at marketing academics and graduate students who want a comprehensive overview of the academic state of the business-to-business marketing domain. It will also prove an invaluable resource for forward-thinking business-to-business practitioners who want to be aware of the current state of knowledge in their domains.
Download or read book Entrepreneurship Innovation and Economic Crisis written by Klaus Rüdiger and published by Springer Science & Business Media. This book was released on 2013-10-23 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at entrepreneurship and innovation as ways out of the economic crisis in Europe and other regions, and examines the main theoretical issues and practices related to this analysis. The volume addresses such questions as: From an institutional perspective, how do economic crisis conditions affect different types of entrepreneurs and entrepreneurship? Is it useful for public policymakers and entrepreneurs to understand the basic characteristics of entrepreneurial activity, relations between the institutional environment and entrepreneurship and among entrepreneurship, innovation and social change? Featuring case studies from several industries and countries, and a variety of methodological, theoretical, and empirical approaches, the authors build a compelling narrative on the dynamics of entrepreneurship and innovation as drivers of economic growth and organizational renewal. They demonstrate that the strategic and operational relationships that entrepreneurship creates within and outside the enterprise are a fundamental route for leading and mobilizing economic and social resources that permit innovation at the organizational level and in relationships with suppliers, customers, and other stakeholders - in turn, enabling technological innovation, creating new revenue streams through new productive activities and new demand, and ultimately facilitating emergence from economic crisis. The authors consider social, gender, and generational aspects of entrepreneurship, as well as the institutional conditions necessary to promote entrepreneurial activity.
Download or read book Intellectual Capital written by Johan Roos and published by NYU Press. This book was released on 1998-03 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning appropriately with an executive summary, this guide to the new business world introduces an intellectual capital approach. The Scandinavian editors define IC "as a language for thinking, talking and doing something about the drivers of companies' future earnings." Such a new language entails new measures (the IC-index approach), ways to connect to shareholder value, and ultimately, a new meaning of management. Annotation copyrighted by Book News, Inc., Portland, OR
