THE ANALYSIS OF COORDINATES SPECIFIC TO THE POTENTIAL OF A COMPANY MARKET

In the contemporary economy, it is easy to see that the market of a company is a dynamic market, subject to frequent changes. Across time, this market inside which companies act evolves from the point of view of its absolute and relative size, of the changes in its internal structure, as well as the change of its „physiognomy”.This dynamic evolution of the company market is mainly determined by the dynamics of the emergence and development background which characterizes the company as a whole

Risk Governance in Bulgarian Dairy Farming

This paper identifies and assesses the efficiency of major modes for risk governance in Bulgarian dairy farming. Firstly, New Institutional Economics is incorporated and framework for analyzing governance of natural, market, private, and social (institutional) risks presented. Next, major types of risks faced by the dairy farms are specified and dominant market, private, public and hybrid modes of risk governance assessed. Finally, principal forms of risks caused by the dairy farms are identified, and efficiency of governing structure assessed. The development of Bulgarian dairy farming has been associated with quite specific risk structures facing by and causing from this sector. The huge market and institutional instability and uncertainty, and the high transaction costs, blocked evolution of effective market and collective modes for risk protection. A variety of private modes (internal organization, vertical integration, interlinking) emerged to deal with the significant natural, market, private, and social risks faced by the dairy farms and the other affected agents. Nevertheless, diverse risks associated with the dairy farming have not been effectively governed and persist during transition now. That is a consequence of ineffective public (Government, international assistance) intervention to correct market and private sector failures in the risk governance. The later have had considerable negative impacts on the evolution of farms, development of markets, structure of production and consumption, state of environment etc. Certain risks related to the dairy sector “disappeared” due to the lack of effective risk governance and the declining dairy farming. That would lead to further deformation in development of the dairy and related sectors unless effective public measures are taken to mitigate existing problems and risks.risk management, dairy, Bulgaria, Livestock Production/Industries, Risk and Uncertainty,

Risk governance in agriculture

This paper identifies and assesses the efficiency of major modes for risk governance in agriculture on the base of Bulgarian dairy farming. Firstly, the New Institutional and Transaction Costs Economics is incorporated and a framework for analysis of the governance of natural, market, private, and social (institutional) risks presented. Next, the pace and challenges of the dairy farming development during the post-communist transition and EU integration is outlined. Third, major types of risks faced by the dairy farms are specified, and the dominant market, private, public and hybrid modes of risk governance assessed. Finally, principal forms of risks caused by the dairy farms are identified, and efficiency and impacts of governing structure assessed. Development of Bulgarian dairy farming has been associated with quite specific risk structures facing by and causing from this important sector of agriculture. The huge market and institutional instability and uncertainty, and the high transaction costs, have blocked evolution of effective market and collective modes for risk protection. A great variety of private modes (internal organization, vertical integration, interlinking etc.) has emerged to deal with the significant natural, market, private, and social risks faced by the dairy farms and other affected agents. Nevertheless, diverse risks associated with the dairy farming have not been effectively governed and persist during the transition now. That has been a consequence of ineffective public (Government, international assistance) intervention to correct market and private sector failures in risk governance. The later has had considerable negative impacts on evolution of size, productivity, and sustainability of farms, development of markets, structure of production and consumption, state of environment etc. What is more, certain risks related to the dairy sector have “disappeared” due to the lack of effective risk governance and declining dairy farming. That would lead to further deformation in development of dairy and related sectors unless effective public (regulations, assistance, control etc.) measures are taken to mitigate the existing problems and risks.natural, market, private, and institutional risk management; governance; dairy farming; transition; CAP implementation; new institutional economics, Bulgaria

Transformation towards overseas-oriented expansion: the evolution of Hyundai Motor Group’s production structure

In this paper, we analyze the Hyundai Motor Group’s newly evolved-production structure to illustrate the evolution of a corporate system. Specifically, we explore why Hyundai Motor Group’s domestic-oriented production structure could be maintained until the more recent history of Korea’s domestic automobile market. Our findings show that since 2012, the Hyundai Motor Group’s production structure—which has been affected by internal and external factors in the automobile market—has transformed from a domestic-oriented production structure to an overseas-oriented production structure. Our findings further demonstrate that both technical factors embedded in the Hyundai Motor Group’s production system and non-technical factors that strive to equate the production conditions in the Group’s foreign and domestic facilities support the smooth operation of the overseas-oriented production structure.Keywords. Corporate system, Production structure, Automobile industry, Hyundai Motor Group, Evolutionary transformation.JEL. F23, L 11, L62, M21

Low cost carriers and the evolution of the US airline industry

The article studies the evolution of the U.S airline industry from 1995 to 2009 using T-100 traffic data and DB1B fare data from the U.S. Department of Transportation. Based on a differentiation in market size and major players, entry and exit, concentration, fares, service, costs and profits, the article provides a fresh look on recent developments in the structure, conduct and performance of the domestic U.S. airline industry in light of both the substantial growth of low cost carriers and severe internal and external shocks such as merger and bankruptcy activity or the recent recession. Unlike previous studies, a consistent split of the analysis in network carriers and low cost carriers is introduced. In general, we find that the competitive interaction between network carriers and low cost carriers increased substantially throughout the last decade and must be considered as the main driver of competition in the domestic U.S. airline industry. --Airline industry,deregulation,network carrier,low cost carrier

Simulating the evolution of industries using a dynamic behavioural model

Investment decisions determine that not only the evolution of industries is hard to forecast with certainty but also industries may have different dynamic behaviour and evolutionary paths. In this paper we present a behavioural framework to simulate the evolution of industries. Two factors determine the dynamic behaviour of an industry: managerial decision-making and the interconnected set of resources. Managerial decision-making significantly affects the dynamic behaviour of firms. Bounded rational managers define rates of asset stock accumulation to achieve a competitive advantage using different mental models. However, the set of interconnected internal and external resources existing at industry level affects the expected performance of the firms. Consequently, the effect of the feedback structure existing in the industry, which consists of managers in competing firms making similar decisions over the interconnected set of resources, determines that the dynamically contingent behaviour of firms influence on the industry evolutionary paths. In our simulations, we found that simple managerial choices, such as the definition of a market share or an expected market size, lead to diverse firm and industry performances even though management of competing firms emphasises different sets of resources required to carry out their strategy

Essay on the Persistence of Corporate Diversification Discount after Merger and Acquisition Transactions and Essay on the Capital Structure Properties of Real Estate Investment Trusts (REITs)

In the first chapter of this dissertation, I hypothesize that several non-tax-driven benefits of debt induce REITs managers to issue debt despite no apparent tax-driven benefit. Several methodologies and tests applied in capital structure literature are introduced to the literature of REITs capital structure. First, I investigate how the market prices leverage in absence of tax-deductibility benefit. Then, I diagnose the relative importance of several non-tax-driven benefits of leverage in deriving the capital structure decisions of REITs. Third, I conduct a thought investment experiment with debt-restricted vs. non-restricted REITs portfolios. I find weak evidence that leverage, by itself, creates value. Nevertheless, I find strong evidence that during financial crisis debt-restricted REITs perform better than non-restricted ones. Also I find evidence that lends support to the pecking order story of leverage. I conclude that REITs managers issue debt mainly to avoid issuing equity and to maximize wealth of existing shareholders. The second chapter addresses corporate diversification discount. I present and test a hypothesis that diversifiers exchange immediate diversification discount with future value gain attributed to unanticipated financial and strategic advantages of diversification. Two implications of this hypothesis are tested in this dissertation. First, the initial diversification discount found in static methodologies should be attenuated in a dynamic analysis. Second, diversifier\u27s value evolution patterns are driven by the materialization of certain financial and strategic efficiencies. The overall results indicate that there is value recovery over time. Diversifiers\u27 performance and value evolution is dynamically linked to synchronous improvements in market power, internal capital market activities, and cost efficiencies. Further, consistent with current evidence in diversification literature, related diversifiers outperform unrelated diversifiers. Moreover, related diversifiers witness faster value recovery relative to unrelated diversifiers

SUSTAINABILITY OR SUSTAINABLE DEVELOPMENT A RESPONSIBILITY OF THE ENVIRONMENTAL SPECIALISTS

The community development has in view the encouragement and the involvement of the human resources management on the track meant for the individual and social development. The quantification of the human capital offers the necessary information for the design of a strategy oriented towards resources for the organisational development. In Romania, according to the information regarding the dynamic of the economic indicators, we notice a positive economic growth, but the inflation constitutes a problem from an internal as well as external point of view. By analysing the development performances of the last years, we discover progresses in innovation, research, in the entrepreneurial development of the company, in the degree of occupation of the human resources and the economic cohesion, in the sustainable economic development and in the liberation of the market. Indicators like the number and density of the population, the territorial distribution of the population, the structure of the population on genders, age groups, residential environments, ethnical structure, religion, social and economical structure and education, as well as the indicators referring to the housings shape a complete picture of the human potential development according to the European standards. Through the increase in competitiveness and of the globalisation, the workforce market suffers certain transformations from the integration point of view together with the other social sectors. The evolution of the society determines the building of a society and economy based on the knowledge according to the European social model values, in the field of the human resources management they will contribute to the social integration, to the development of new changes at the level of social dialogue. The last decades got us used to the reality of the “leaps”. In the most varied fields of the human’s life, we are the witnesses to some triumphal mutations and stupefying progresses that are taking place imperatively and simultaneously. Is there really a price to pay for the progress? Absorbed with a delirious speed in some kind of a time tunnel, the human being is forced to accept the idea that frontier of the impossible became extensible in all its meanings. The undreamed of and fantastical chances become common places from one day to another. These are the matters and thoughts tried to be answered in the lines of this articleHuman resources,management, education, ethic, damages, natural environment, responsibility, sustainable development