Entrepreneurial Human Capital, Complementary Assets, and Takeover Probability

Gaining access to technologies, competencies, and knowledge is observed as one of the major motives for corporate mergers and acquisitions. In this paper we show that a knowledge-based firm’s probability of being a takeover target is influenced by whether relevant specific human capital aimed for in acquisitions is directly accumulated within a specific firm or is bound to its founder or manager owner. We analyze the incentive effects of different arrangements of ownership in a firm’s assets in the spirit of the Grossman-Hart-Moore incomplete contracts theory of the firm. This approach highlights the organizational significance of ownership of complementary assets. In a small theoretical model we assume that the entrepreneur’s specific human capital, as measured by the patents they own, and the physical assets of their firm are productive only when used together. Our results show that it is not worthwhile for an acquirer to purchase the alienable assets of this firm due to weakened incentives for the initial owner. Regression analysis using a hand collected dataset of all German IPOs in the period from 1997 to 2006 subsequently provides empirical support for this prediction. This paper adds to previous research in that it puts empirical evidence to the Grossman-Hart-Moore framework of incomplete contracts or property rights respectively. Secondly, we show that relevant specific human capital that is accumulated by a firm’s founder or manager owner significantly decreases that firm’s probability of being a takeover target.ownership structure, property rights, mergers & acquisitions

Questioning a “one size fits all” city brand: Developing a branded house strategy for place brand management

Purpose: City branding has gained popularity as governance strategy. However, the academic underpinning is still poor, and city branding needs a more critical conceptualization, as well as more complex management systems. This paper the use of a “one size fits all” city brand, which is still common practice in many places. The paper proposes that city branding involves much more complexity than is commonly thought and outlines a strategy that enables urban policy-makers, marketing researchers and (place) marketers alike to better deal with city branding. Design/methodology/approach: The authors integrate insights from literature on place branding, brand architecture and customer-focused marketing. Findings: The article argues that place brands (in general and communicated place brands in particular) are by definition very complex, due to their different target groups, diverse place offerings and various associations place customers could have. Thus, an advanced brand management including target group-specific sub-brands is needed. Practical implications: The model will be helpful for place brand managers dealing with a diverse target audience, and is likely to improve the target group-specific communication. Originality/value: The paper provides an insight into the complexity of city brands and acknowledges that the perception of city brands can differ considerably among different target groups. Additionally, it offers a more comprehensive definition of place brands. This will be helpful for city brand managers and researchers alike in dealing with city brand complexity

Nationale Citymarketing Monitor 2010

Inleiding Citymarketing is volop in beweging. In het begin van de jaren tachtig was het aantal gemeenten met een citymarketingbeleid nog relatief klein; inmiddels doen veel meer gemeenten aan citymarketing1. Anno 2010 is citymarketing één van de gemeentelijke beleidsterreinen. Citymarketing komt terug in collegeakkoorden, er zijn wethouders met citymarketing in de portefeuille en er zijn ambtenaren belast met het ontwikkelen, coördineren en uitvoeren van citymarketing . Ook zien we op meerdere plaatsen externe – vaak deels door de gemeente gesubsidieerde - partijen die een belangrijke rol vervullen in de citymarketing. Soms hebben deze externe organisaties vooral uitvoeringstaken, maar er zijn ook externe organisaties die verantwoordelijk zijn voor het ontwikkelen en coördineren van het citymarketingbeleid. We kunnen ook spreken van een beroepsgroep van citymarketeers. Een goed voorbeeld hiervan is dat er veel professionals lid zijn van de Linked In groep voor citymarketing. Ook kunnen we zeggen dat de aard en omvang van citymarketingactiviteiten in de afgelopen decennia is veranderd. Zo was city branding nauwelijks aan de orde in de jaren tachtig en negentig. Vanaf de millenniumwisseling is de belangstelling voor het gebruik van branding toegenomen

Does participation predict support for place brands? An analysis of the relationship between stakeholder involvement and brand citizenship behavior

This article studies in how far participation of stakeholders enhances their active support for place brands, conceptualized in this study as Brand Citizenship Behavior (BCB). Combining insights from governance and branding theory this article uses survey data (N = 162) among stakeholders involved in branding processes of two Dutch regions. The analysis shows that more intense participation in the development of the brand is related to more BCB. Beyond participation, perceived value of the brand for stakeholders and degree of place identity (identification with place) also positively relate to brand citizenship behavior. The findings not only confirm the importance of participation in achieving support for public brands, but also provide insight into the role of affective factors (identification) and interest-based factors (value of the brand for the stakeholder) on BC

City Marketing: Towards an Integrated Approach

This PhD thesis deals with city marketing: cities making use of marketing ideas, concepts and tools. Marketing has proved its value in the business environment, but what about applying marketing in the context of cities? How can cities make effective use of the potential of marketing? The first contribution of this study is the development of a clear concept of city marketing that is based on a customer-oriented perspective, acknowledges the important of perceptions of places in the decision making process of the city’s customers and that delineates urban products. The analysis results in a framework for city marketing management that distinguishes between city marketing activities that need more oversight and central coordination and those activities that are best dealt with close to groupings of specific customers. It is argued that the effective use of city marketing requires a more integrated approach to city marketing. This integrated approach rests upon two dimensions. The first is the embeddedness of city marketing in urban governance - the fit of city marketing in the city’s wider policy framework. The second concerns structural conditions for city marketing management. Next, the study has identified four factors that stimulate and contribute to the embeddedness in urban governance and another four that are supportive factors for city marketing management. The empirical part of the thesis contains a comparative analysis of the city marketing experiences in Basel, Birmingham, Göteborg and Rotterdam. The comparative study has explored these eight factors. Our empirical analysis supports that these eight factors are indeed contributing to the embeddedness in urban government and are supportive for city marketing management. An integrated approach to city marketing is a necessary condition for the effective use of city marketing. The study is relevant for academics but it also provides cities a concept for city marketing and eight critical factors for its effectuation

The differential effect of various stakeholder groups in place marketing

This article analyses whether involving various stakeholder groups in place marketing has effects on the content of place brands, and on how place marketing influences other policy fields, i.e. spatial planning and tourism/leisure policies. The research applies structural equation modelling to nationwide surveys in the Netherlands and Germany among professionals in place marketing (N = 444). The study shows that different stakeholder groups have a varied influence; involving residents and public managers increases the influence of place marketing on spatial planning policies, whereas involving businesses increases influence on tourism/leisure policies. Other studies have shown varying influence of stakeholder groups in cases, but not in quantitative studies. The research also addresses the mechanisms at play in Germany and the Netherlands, showing mainly commonalities

The Role of Pressure in GMC Formation II: The H_2 - Pressure Relation

We show that the ratio of molecular to atomic gas in galaxies is determined by hydrostatic pressure and that the relation between the two is nearly linear. The pressure relation is shown to be good over three orders of magnitude for 14 galaxies including dwarfs, HI-rich, and H_2-rich galaxies as well as the Milky Way. The sample spans a factor of five in mean metallicity. The rms scatter of individual points of the relation is only about a factor of two for all the galaxies, though some show much more scatter than others. Using these results, we propose a modified star formation prescription based on pressure determining the degree to which the ISM is molecular. The formulation is different in high and low pressure regimes defined by whether the gas is primarily atomic or primarily molecular. This formulation can be implemented in simulations and provides a more appropriate treatment of the outer regions of spiral galaxies and molecule-poor systems such as dwarf irregulars and damped Lyman-alpha systems.Comment: 14 pages, 7 figures, Accepted to the Astrophysical Journa