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Article
Publication date: 20 August 2021

Werner Fees, Thu Thi Minh Nguyen and Xia Xu-Fees

The purpose of this study is to look at Chinese mergers and acquisitions (M&A) in Germany on a firm level. It focuses on the benefits and risks from the viewpoint of Germany. In…

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Abstract

Purpose

The purpose of this study is to look at Chinese mergers and acquisitions (M&A) in Germany on a firm level. It focuses on the benefits and risks from the viewpoint of Germany. In this way, the authors want to close the research gap concerning the financial consequences of Chinese takeovers for the affected German firms. The purpose is to find out if Chinese investors show a specific behavior in terms of profitability, growth and business risks in the acquired companies.

Design/methodology/approach

This paper studies the financial situation of German firms two years before and two years after being bought by Chinese companies, by analyzing accounting data of 19 target companies in six economic sectors. In this empirical study, firm performance is measured by profitability, research and development cost, liquidity and financial leverage. It is using the industry adjustment method and calculation of mean and weighted mean considering company size.

Findings

Overall, German firms’ financial performance after Chinese M&A did not significantly improve, but they did not worsen either. The changes in financial ratios are different across economic sectors and company sizes. Obviously, the final performance of firms after M&A is quite diverse due to diverse company-specific targets. The results do not reflect common fears about deteriorating situations brought by Chinese involvement drawn in mass media.

Research limitations/implications

The study lacks analysis for a longer period, ideally five years before and five years after M&A. The calculated results of industry mean may differ from the real industry mean, as components are collected from the sample companies accounting for only 70% of the market. Industry means figures are calculated for only one single point in time and assumed to be unchanged over the whole time period. The study covers mostly firms which have total assets of more than €50m, so SMEs are underrepresented.

Practical implications

Owners of German firms that are in target but have not been purchased by Chinese investors can see the trends and anticipate which group of M&A targets their firms are categorized into. If their firms belong to the group of sectors or company sizes that shows negative results of performance after Chinese M&A, they can plan to protect their firms by implementing defending strategies against hostile takeovers. If their firms are in the groups that tend to enhance performance after Chinese M&A, they may be in a good position and able to negotiate for mutually beneficial transactions.

Social implications

The results are important for political and public discussion. It is shown that Chinese acquisitions of German firms do not have a deteriorating effect, at least not in the short-term. Therefore, the results are a good input to neutralize discussions in German society.

Originality/value

The results disagree with the few previous studies on Chinese M&A in Germany (Bollhorn, 2015; Müller, 2017; Löchel and Sächtig, 2019). While the studies of Bollhorn and Müller are based on subjective methods, the study is based on a detailed financial method. Then, in contrast to the study of Löchel and Sächtig, it is strictly focusing on Chinese/German M&A. Most existing empirical studies are focusing on cross-border M&As from developed to developing countries and there is little attention to acquisitions in the other direction (Ma et al., 2016, p. 22).

Details

Review of International Business and Strategy, vol. 32 no. 3
Type: Research Article
ISSN: 2059-6014

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Article
Publication date: 11 November 2019

Fidel Costa, Christina Widiwijayanti, Thin Zar Win Nang, Erickson Fajiculay, Tania Espinosa-Ortega and Christopher Newhall

The purpose of this paper is to highlight the importance of a comprehensive global database on volcanic unrest (WOVOdat) as a resource to improve eruption forecasts, hazard…

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Abstract

Purpose

The purpose of this paper is to highlight the importance of a comprehensive global database on volcanic unrest (WOVOdat) as a resource to improve eruption forecasts, hazard evaluation and mitigation actions.

Design/methodology/approach

WOVOdat is a centralized database that hosts multi-parameter monitoring data sets from unrest and eruption episodes of volcanoes worldwide. Its online interface (https://wovodat.org/) allows interactive data analysis and comparison between volcanoes and eruption styles, which is needed during volcanic crises, as well as to perform basic research on pre-eruption processes, teaching and outreach.

Findings

WOVOdat aims to standardize and organize the myriad of monitoring data types at the global scale. Users can compare changes during a crisis to past unrest episodes, and estimate probabilities of outcomes using evidence-based statistics. WOVOdat will be to volcanology as an epidemiological database is to medicine.

Research limitations/implications

The success of eruption forecast relies on data completeness, and thus requires the willingness of observatories, governments and researchers to share data across the volcano community.

Practical implications

WOVOdat is a unique resource that can be studied to understand the causes of volcanic unrest and to improve eruption forecasting.

Originality/value

WOVOdat is the only compilation of standardized and multi-parameter volcano unrest data from around the world, and it is freely and easily accessible through an online interface.

Details

Disaster Prevention and Management: An International Journal, vol. 28 no. 6
Type: Research Article
ISSN: 0965-3562

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Book part
Publication date: 20 October 2015

Mohammad Shamsuddoha

Contemporary literature reveals that, to date, the poultry livestock sector has not received sufficient research attention. This particular industry suffers from unstructured…

Abstract

Contemporary literature reveals that, to date, the poultry livestock sector has not received sufficient research attention. This particular industry suffers from unstructured supply chain practices, lack of awareness of the implications of the sustainability concept and failure to recycle poultry wastes. The current research thus attempts to develop an integrated supply chain model in the context of poultry industry in Bangladesh. The study considers both sustainability and supply chain issues in order to incorporate them in the poultry supply chain. By placing the forward and reverse supply chains in a single framework, existing problems can be resolved to gain economic, social and environmental benefits, which will be more sustainable than the present practices.

The theoretical underpinning of this research is ‘sustainability’ and the ‘supply chain processes’ in order to examine possible improvements in the poultry production process along with waste management. The research adopts the positivist paradigm and ‘design science’ methods with the support of system dynamics (SD) and the case study methods. Initially, a mental model is developed followed by the causal loop diagram based on in-depth interviews, focus group discussions and observation techniques. The causal model helps to understand the linkages between the associated variables for each issue. Finally, the causal loop diagram is transformed into a stock and flow (quantitative) model, which is a prerequisite for SD-based simulation modelling. A decision support system (DSS) is then developed to analyse the complex decision-making process along the supply chains.

The findings reveal that integration of the supply chain can bring economic, social and environmental sustainability along with a structured production process. It is also observed that the poultry industry can apply the model outcomes in the real-life practices with minor adjustments. This present research has both theoretical and practical implications. The proposed model’s unique characteristics in mitigating the existing problems are supported by the sustainability and supply chain theories. As for practical implications, the poultry industry in Bangladesh can follow the proposed supply chain structure (as par the research model) and test various policies via simulation prior to its application. Positive outcomes of the simulation study may provide enough confidence to implement the desired changes within the industry and their supply chain networks.

Details

Sustaining Competitive Advantage Via Business Intelligence, Knowledge Management, and System Dynamics
Type: Book
ISBN: 978-1-78560-707-3

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Book part
Publication date: 3 May 2007

Abstract

Details

Documents from the History of Economic Thought
Type: Book
ISBN: 978-0-7623-1423-2

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Book part
Publication date: 15 December 2011

Afzalur Rashid

Purpose – This study aims at presenting an overview, development, and process of current corporate governance practices in Bangladesh.Design/Methodology/Approach – Based on New…

Abstract

Purpose – This study aims at presenting an overview, development, and process of current corporate governance practices in Bangladesh.

Design/Methodology/Approach – Based on New Institutional Sociology (NIS) as a theoretical framework and by using archival data, this study highlights the roles of key institutional forces in reinforcing the existing corporate governance practices in Bangladesh.

Findings – This study notes that corporate governance practices in Bangladesh are still at infancy. While Bangladesh is trying to adopt many international corporate governance best practices for institutional legitimacy, the weak institutional enforcement regime, along with the absence of an effective check and balance, poses serious challenges to the firm-level good corporate governance practices in Bangladesh. The absence of isomorphic pressures to regulate the firms leads to many incidences of noncompliance.

Practical implications – This study takes part in the following global debate: whether corporate governance in an emerging economy is a reality or an illusion.

Originality/Value – This study seeks to contribute to the increasing literature by recognizing the interest of readers, academics, practitioners, and regulators to gain more insight and understanding of corporate governance practices in an emerging economy, such as Bangladesh.

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Article
Publication date: 1 August 1999

Erik S. Reinert

This paper attempts to trace and describe the role played by the government sector – the state – in promoting economic growth in Western societies since the Renaissance. One…

8617

Abstract

This paper attempts to trace and describe the role played by the government sector – the state – in promoting economic growth in Western societies since the Renaissance. One important conclusion is that the antagonism between state and market, which has characterised the twentieth century, is a relatively new phenomenon. Since the Renaissance one very important task of the state has been to create well‐functioning markets by providing a legal framework, standards, credit, physical infrastructure and – if necessary – to function temporarily as an entrepreneur of last resort. Early economists were acutely aware that national markets did not occur spontaneously, and they used “modern” ideas like synergies, increasing returns, and innovation theory when arguing for the right kind of government policy. In fact, mercantilist economics saw it as a main task to extend the synergetic economic effects observed within cities to the territory of a nation‐state. The paper argues that the classical Anglo‐Saxon tradition in economics – fundamentally focused on barter and distribution, rather than on production and knowledge – systematically fails to grasp these wider issues in economic development, and it brings in and discusses the role played by the state in alternative traditions of non‐equilibrium economics.

Details

Journal of Economic Studies, vol. 26 no. 4/5
Type: Research Article
ISSN: 0144-3585

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Available. Open Access. Open Access
Article
Publication date: 25 March 2024

Florian Follert and Werner Gleißner

From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop…

2605

Abstract

Purpose

From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop a decision-oriented approach for the valuation of football players that could theoretically help clubs determine the subjective value of investing in a player to assess its potential economic advantage.

Design/methodology/approach

We build on a semi-investment-theoretical risk-value model and elaborate an approach that can be applied in imperfect markets under uncertainty. Furthermore, we illustrate the valuation process with a numerical example based on fictitious data. Due to this explicitly intended decision support, our approach differs fundamentally from a large part of the literature, which is empirically based and attempts to explain observable figures through various influencing factors.

Findings

We propose a semi-investment-theoretical valuation approach that is based on a two-step model, namely, a first valuation at the club level and a final calculation to determine the decision value for an individual player. In contrast to the previous literature, we do not rely on an econometric framework that attempts to explain observable past variables but rather present a general, forward-looking decision model that can support managers in their investment decisions.

Originality/value

This approach is the first to show managers how to make an economically rational investment decision by determining the maximum payable price. Nevertheless, there is no normative requirement for the decision-maker. The club will obviously have to supplement the calculus with nonfinancial objectives. Overall, our paper can constitute a first step toward decision-oriented player valuation and for theoretical comparison with practical investment decisions in football clubs, which obviously take into account other specific sports team decisions.

Details

Management Decision, vol. 62 no. 13
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 12 February 2018

Deborah Drummond Smith, Kimberly C. Gleason, Joan Wiggenhorn and Yezen H. Kannan

This paper aims to apply the Capital Market Liability of Foreignness (CMLOF) framework to the audit fees of a sample of foreign firms listed on US exchanges to examine whether…

481

Abstract

Purpose

This paper aims to apply the Capital Market Liability of Foreignness (CMLOF) framework to the audit fees of a sample of foreign firms listed on US exchanges to examine whether American auditors price foreignness.

Design/methodology/approach

The four components of the CMLOF are institutional distance (civil versus common law system and enforcement), information asymmetry (disclosures and mandatory IFRS adoption), unfamiliarity (exports, English language and geographical distance) and cultural difference [Hofstede (1980) dimensions of culture]. These variables are examined in a regression model that explains audit fees to determine the auditor perception of risk associated with the CMLOF.

Findings

Examining the factors that mitigate perceived agency costs, this investigation determines that auditors price risk according to each component of the liability of foreignness. Audit fees are higher for shareholders of firms headquartered in countries exhibiting greater institutional distance, unfamiliarity and cultural distance. Audit fees are higher for firms when their home country requires additional disclosures or the adoption of IFRS to reduce information asymmetry.

Practical implications

CMLOF is costly for capital market participants and has implications for auditors, shareholders of foreign firms and managers considering listing in the US Auditors, and investors should carefully assess this risk for pricing and valuation, and managers should take action, to the extent possible, to reduce the firm-specific level of unfamiliarity and increase transparency.

Originality/value

This paper is the first to apply the CMLOF to examine whether auditors price aspects of foreignness of their non-US-headquartered clients.

Details

Review of Accounting and Finance, vol. 17 no. 1
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 1 March 1986

Few issues in recent times have so provoked debate and dissention within the library field as has the concept of fees for user services. The issue has aroused the passions of our…

385

Abstract

Few issues in recent times have so provoked debate and dissention within the library field as has the concept of fees for user services. The issue has aroused the passions of our profession precisely because its roots and implications extend far beyond the confines of just one service discipline. Its reflection is mirrored in national debates about the proper spheres of the public and private sectors—in matters of information generation and distribution, certainly, but in a host of other social ramifications as well, amounting virtually to a debate about the most basic values which we have long assumed to constitute the very framework of our democratic and humanistic society.

Details

Collection Building, vol. 8 no. 1
Type: Research Article
ISSN: 0160-4953

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Article
Publication date: 18 June 2019

Werner H. Kunz, Kristina Heinonen and Jos G.A.M. Lemmink

Service technologies are transforming the business landscape rapidly. This paper aims to explore the current scope of research in regard to emerging service technologies by…

2014

Abstract

Purpose

Service technologies are transforming the business landscape rapidly. This paper aims to explore the current scope of research in regard to emerging service technologies by comparing the content of articles in academic journals with practitioner-oriented publication outlets.

Design/methodology/approach

A total of 5,118 technology-related articles from service journals, service conferences, business journals and business magazines are analyzed. Text-mining on abstracts is used for the thematic and semantic analysis. Common research themes and their relationships are depicted in a two-dimensional structured network. Further, the sample is analyzed regarding various technologies mentioned in the Gartner Hype Cycle.

Findings

The paper reveals differences in academic and business perspectives in regard to service technologies. In comparison to business journals, scientific service research is more focused on customer-related aspects of technology. Service research has a less concrete focus on technology than in business publications. Still, service conference articles show a broader scope of emerging service technologies than academic journal articles.

Research limitations/implications

Scientific research should focus on more concrete service technologies. Business magazines serve as a good source for that and the paper identifies several promising new technology fields.

Practical implications

Although business magazines cover significantly more concrete service technologies, they miss the integrated perspective that academic articles usually offer. Academia can help business to better align concrete technologies with different internal and external perspectives.

Originality/value

This paper serves as an introduction to the special issue Future Service Technologies. Additionally, a quantitative study of recent service technology research serves as a reality check for academic researchers on business reality and provides research and practical recommendations.

Details

Journal of Services Marketing, vol. 33 no. 4
Type: Research Article
ISSN: 0887-6045

Keywords

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