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The purpose of this paper is to explore both the strategy types and strategic growth trajectories of new ventures and examine the relationship between these trajectories and new venture performance.

The paper uses evidence from six case studies of Greek high technology new ventures over a lengthy time frame. The longitudinal research design of the study allowed for the complexities of the growth phenomenon to be captured in an effective and efficient manner.

Based on an integrative three‐dimensional framework of new venture strategies, four strategy types are identified. At a static level, evidence suggests that the more strategic dimensions are emphasised in a venture strategy, the more balanced the venture's strategic position and thus, the higher its performance. With respect to the venture's dynamic trajectories, among all possible alternatives, it was found that two are the most successful. The first secures growth through focusing first on a specific innovative product/service in the domestic market and then expanding in the global market. The second secures growth through focusing first on a specific innovative product/service in the global market and then expanding the venture product scope.

The findings imply that the product and geographic dimensions of new venture strategies are the main performance differentiators, while the innovativeness dimension is a sine qua non of new ventures growth and performance. Implications for theory, business practice and policy making are discussed.

The paper contributes to knowledge in the area of new venture growth by developing a strategic typology in a catching‐up economy, where little research can be found.

A general introduction is given to surface mounted devices, processes and machinery, followed by Mullard Electronic Assemblies Division's experience and a description of practical assemblies using surface mounted devices. Thoughts of future possibilities and requirements of substrate systems for the advancement of surface mounted assemblies are also presented.

The patterns used by international firms to substitute modes of entry in foreign product markets could be incremental in the chain from exporting to investment (incremental pattern) or could be haphazard and unpredictable (non‐incremental pattern). This study develops models representing the substitution patterns then tests them using data on exporting, licensing and investments flows of U.S. manufacturing firms to Western Europe during the 1980–88 period. The findings suggest that U.S. manufacturing firms at the aggregate level used the non‐incremental pattern.

Purpose – Study the impact of the heterogeneity of institutional investors, evident in their investment horizon, on firm credit ratings.

Methodology/approach – Use a large sample of U.S. firms over the period from 1985 to 2006 (20,670 U.S. firm-year observations) to empirically investigate the relationship between institutional investment horizon and firm credit ratings. Test whether institutional investors with long-term investment horizon are associated with important monitoring and informational roles and thus higher credit ratings.

Findings – Stable shareholdings and relationship investing of institutional investors contribute to their monitoring and informational roles and result in higher firm credit ratings. Namely, ownership stakes of long-term institutional investors are associated with higher firm credit ratings than those of short-term institutional investors. In addition, the predominance and number of institutional investors with a long-term investment horizon affect firm's agency costs and information quality.

Social implications – Institutional monitoring incentives seem to be susceptible to the heterogeneity of institutional investors. The results point to the benefits of the long-term investment horizon of institutional investors (beyond their shareholdings) that seem to be associated with more efficient monitoring and thus reduced managerial myopia and opportunism.

Originality/value of the chapter – This is the first work to provide evidence on the extent to which the heterogeneity of institutional investors, evident in their investment horizon, alters firm's credit ratings.

The purpose of this paper is to examine aspects of the social, cultural, political and legal architecture of intellectual property rights (IPR) in China. The paper aims to identify inhibiting and facilitating factors in the Chinese environment as they pertain to establishing of a workable regime for IPR in China. The paper also offers some practical strategies that foreign managers can employ to reduce the risk of piracy of intellectual property (IP) in China.Design/methodology/approach – A literature review of the main influences on the formation of Chinese attitudes to IPR are identified and discussed. Against this background, a model for the establishment of a new regime for IPR in China is proposed.Findings – While the cultural architecture of IPR in China is often identified as the major influence on the level of IP piracy, other aspects of the Chinese political, business and social environment may actually facilitate the acceptance of, and respect for, IPR. Indeed, the experience of Taiwan in building new norms for IPR suggests that a new regime for IPR in China is clearly possible. This is because new norms of respect for IPR can emerge when sufficient facilitating factors are present in the environment. Nevertheless, while the potential to reduce IP piracy exists, foreign managers must continue to remain vigilant in the marketplace and use a combination of strategies to protect IP as new norms of respect for IPR emerge in the coming period.Research limitations/implications – Foreign managers in China can gain significant advantages by understanding the deeper influences of the social, cultural, political and legal architecture on the formation of attitudes to IP and IPR in China. Through such knowledge, this group will be better equipped to contribute to the process of establishing new norms of respect for IPR in China in the medium term.Practical implications – This study contributes to the literature on IPR in China. Armed with this knowledge, foreign managers are better placed to negotiate the difficult and complex Chinese business environment.Originality/value – This paper presents a model for developing a workable IPR regime in China and describes low‐cost strategies to reduce the current level of IP piracy.

This paper reports on the importance and use of information technology in a sample of 150 new small firms. It provides statistical evidence to show that the greater the use of IT, the higher the firm’s performance. By contrast, the owner manager’s belief in the importance of IT to the management of their business is not correlated with performance. Empirical evidence is then presented to confirm that IT use is increasing, in general, year on year, and is being implemented as a management information tool. Finally, a profile is presented of the typical components of a young management information system, within the context of a management accounting framework. It is suggested that, given the proven importance of IT to the new small firm, a management information system should be developed that takes advantage of the opportunities offered by new technology, and that this, in turn, should lead to enhanced performance.

This article reports on the unusual phenomenon of aggressive competition from cottage firms encountered by multinationals and large local firms in the developing‐country environment. It analyses the conditions that enabled cottage firms to compete aggressively in five industries in India, and how large firms dealt with such competition. It discusses how such competition is likely to vary with industry characteristics. It also discusses the implications of such competition for the strategies of multinationals.

This paper aims to explore the relevance of bounded rationality to the practice of institutional investors in Malaysia. Understanding institutional investor behavior is important, as it can determine the asset prices and consequently the market behavior.

A set of questionnaires is used to solicit information regarding the understanding and practical application of behavioral finance theories and strategies among fund managers in the Malaysian investment management practice. In the process, bounded rational theory is aimed to be validated. Fund managers’ possible bounded rational behavior is assessed with reference to their investment management approaches and strategies right from individual beliefs and acquisition of information, as well as investment management and strategies used.

The findings lend support to the notion that institutional investors too, being normal human beings, are expected to think and behave in a boundedly rational manner as postulated in bounded rational theory. The sources of bounded rationality are individual, institutional and social forces. Thus, portfolio trading and investment management strategies are exposed to wide varieties of behavioral risks. Despite the notions that behavioral risks are real and the impact on fund performance could be pervasive, fund managers’ self-awareness regarding control and institutional readiness to govern behavioral risks in investment practices is still low.

Empirical evidence drawn in the current paper is subjected to small sample size and specific focus on Malaysian context. Despite this limitation, the sample is statistically sufficient and provides a fair representation, as well as quality opinions, of fund manager’s investment management behavior in Malaysia. This research provides valuable implications to practitioners (fund managers) and regulators (investment management and capital market policymakers). In practice, the current study draws some practical ideas, especially for buy-side institutional investors, on the source and impact of behavioral biases on fund management practices and performance. For regulators, this research highlighted the needs and possible ways to regulate these behavioral risks.

The current paper provides new insights on the theory and practice of the institutional investor. In theory, this research provides evidence of bounded rationality of institutional investor behavior, practicing in the asset management industry in the emerging markets of Malaysia. This evidence lends support to the validity of the bounded rationality theory in explaining institutional investor behavior. In practice, thisresearch provides new insights on the relevance of behavioral finance perspectives and strategies in the asset management industry practice and policy.

The Royal Scot Hotel, Edinburgh, provided the venue for the 6th Annual Northern Symposium on 17th November, 1983, organised by the ICT in conjunction with the ECIF, the Northern (UK) Circuit Group and the IMF (PC Group). In welcoming some 60 delegates to the day's proceedings, Mr J. B. Walker, an Executive Member of the ICT Council, explained that this was the third occasion on which this annual event was being held in Edinburgh and that, as such, it was clearly going from strength to strength. Mr Walker then introduced Mr S. Jones, an ICT Council member, as Session Chairman for the morning.

A multi-site, multi-source research methodology is suggested for scholars of corporate strategy in order to attain generalizability and statistical significance in reporting findings while not losing the nuances and understanding of each firm's environmental context.