Venture capital investment in China : Monitoring and value-added

This dissertation seeks to contribute to the body of literature covering the field of inter-organizational relationships of entrepreneurial firms in developing economies. More specifically, this study attempts to fill a significant gap in the research into relationships between entrepreneurial firms and their venture capital investors in China. Even though it has been recognized that social capital embedded in inter-organizational relationship may be more important in imperfect completion characterized by weak institutional support and distorted information, there is little rigorous, theory-based, empirical research that focuses on the factors influencing the monitoring and value-added that start-up companies receive from their venture capital investors in developing countries. This dissertation contributes to the literature by developing and empirically testing a model of the monitoring and the value-added mechanisms and of the factors influencing those mechanisms. Based on a review of the literature covering venture capital and related domains of research into inter-organizational relationships, this dissertation identifies formal and informal monitoring as the primary mechanism through which venture capital oversee their investees, and classifies resource and knowledge access as the major mechanisms through which venture capital investments add value to technology-based new firms beyond financing. Building on received theories, an integrated model of the monitoring and value-added mechanisms, and the factors influencing those mechanisms is developed. The model draws on the agency theory and the asymmetric information and resource-based view of the firm in order to understand the factors influencing both mechanisms. These theories are complemented by social capital theory in identifying the factors facilitating monitoring and sharing resource/knowledge across organizational boundaries. In order to test the model empirically, primary data were collected from fund managers of active Chinese venture capital using two sequential mail surveys. The primary data were complemented by archival data. The hypotheses were tested using multivariate statistical techniques, including multiple regression analysis and structural equation modelling. The model and the hypotheses received support from the empirical data. This dissertation makes important contributions to the literature in the area of venture capital and inter-organizational relationships of technology-based new firms in the Chinese business environment. The findings have important practical implications for venture capital either seeking investment opportunities in China or already managing an existing investor relationship with a Chinese investee. In addition to venture capitalists, the findings have important implications for entrepreneurs

Learning and knowledge management mechanisms during internationalisation: a hotel chain development perspective

Hotels chains are amongst the most internationalised service sectors. Knowledge management and learning are acknowledged as central to the process of internationalisation not only for the survival of an organisation, but also for the achievement of a competitive advantage. The aim of this thesis is to provide an understanding of how hotel chains learn and manage knowledge during the internationalisation process. The thesis investigates the mechanisms that hotel chains utilise to capture, store, transfer and re-use knowledge when expanding abroad. It also investigates the types of knowledge that are useful during this process and the role of networks in knowledge transfer. The study draws on critical realism and employs a multiple case study framework to collect data through in-depth semi-structured interviews with senior managers of hotel chain international development teams that were selected using a judgemental non random sampling technique. The resulting data are rich and provide deep insights into the structures and mechanisms that support learning and knowledge management for hotel chains, during internationalisation. The research findings bring together international business, organisational learning and knowledge management literature, providing an outline of the related learning and knowledge management processes involved during the international expansion of hotel chains. A conceptual model is developed, showing how learning mechanisms function and link together, the central role of the individual, and how knowledge is transferred between the headquarters of the hotel chain and the units abroad. The findings identify the types of knowledge that are useful to the internationalising hotel chain and show the importance of social capital and the knowledge that is stored within networks, personal relationships, and people

Rethinking the law school

Law, by its very nature, tends to think locally, not globally. This book has a broader scope in terms of the range of nations and offers a succinct journey through law schools on different continents and subject matters. It covers education, research, impact and societal outreach, and governance. It illustrates that law schools throughout the world have much in common in terms of values, duties, challenges, ambitions and hopes. It provides insights into these aspirations, whilst presenting a thought provoking discussion for a more global agenda on the future of law schools. Written from the perspective of a former dean, the book offers a unique understanding of the challenges facing legal education and research