Firm Size and Export Intensity

This paper presents a unifying theory, explaining the different relationships between firm size and export intensity that have been found in previous studies. We propose that transaction costs economies and different types of resources induce a moderating effect on the firm size and export intensity relationship. Data on international businesses in the Netherlands are used to test the the

Successful management buyouts: Are they really more entrepreneurial?

The paper explores the impact of entrepreneurial management dimensions on post-MBO financial performance. We use Stevenson’s conceptualization of entrepreneurship (1983), empirically validated by Brown, Davidsson and Wiklund (2001), positing that entrepreneurial companies will be involved in recognizing and exploiting opportunity, regardless of the resources controlled. From the literature we hypothesize positive effects of entrepreneurial management dimensions on post-MBO financial performance. We find that successful buyout managers cannot be classified as entrepreneurs on all entrepreneurial dimensions. Instead they ambidextrously combine the pursuit of valuable opportunities with the exploitation and control of their resources. Implications for theory and managerial practice are discussed

Europe's New Border Taxes

Instead of abolishing internal border controls in 1992, the European Union (EU) replaced them with VAT and statistical requirements that appear to be just as onerous and costly. This paper shows that the compliance costs of the new requirements are on average 5 percent of the value of intra-EU trade of Dutch businesses. Clearly, the costs constitute a (differentiated) border tax that impedes intra-EU trade and violates the Treaty of Rome. The paper analyses the magnitude and determinants of the compliance costs, as well as their effects on intra-EU trade intensity. It is shown that even minor additional compliance costs have a significant negative effect on intra-EU trade

Customs-Related Transaction Costs, Firm Size and International Trade Intensity

The costs of paperwork and delays needed to clear international customs are generally perceived as a time-consuming impediment to international trade. However, few studies have empirically examined the determinants and the impact of this type of government-imposed transaction costs. This paper analyses the role of firm size as a determinant of customs-related transaction costs, as well a

Drivers of Sales Performance: A Contemporary Meta-Analysis

It has been twenty-five years since the publication of a comprehensive review of the full spectrum of sales-performance drivers. This study takes stock of the contemporary field and synthesizes empirical evidence from the period 1982–2008. The authors revise the classification scheme for sales performance determinants devised by Walker, Churchill, and Ford (1977) and estimate both the predictive validity of its sub-categories and the impact of a range of moderators on determinant-sales performance relationships. Based on multivariate causal model analysis, the results make two major observations: (1) Five sub-categories demonstrate significant relationships with sales performance: selling-related knowledge (β=.28), degree of adaptiveness (β=.27), role ambiguity (β=-.25), cognitive aptitude (β=.23) and work engagement (β=.23). (2) These sub-categories are moderated by measurement method, research context, and sales-type variables. The authors identify managerial implications of the results and offer suggestions for further research, including the conjecture that as the world is moving toward a knowledge-intensive economy, salespeople could be functioning as knowledge-brokers. The results seem to back this supposition and indicate how it might inspire future research in the field of personal selling

Value Creation and Value Claiming in Make-Or-Buy Decisions

Transaction value analysis (TVA) integrates the concepts of resource heterogeneity and transaction cost economics into a single framework, which emphasizes both value creation and value claiming in firms' vertical integration decisions. Using a TVA perspective, we develop hypotheses to explain the firm's intent to outsource application services. A sample of 178 firms in the publishing and printing industry in The Netherlands is used to test the hypotheses. This paper finds that firms take both value-creation and value-claiming motivations into consideration, with value creation having on average a dominating impact, thus substantiating the TVA framework. However, we also find that if the risks of opportunism in outsourcing contracting are high, value creation becomes the less important factor in make-or-buy decisions. Furthermore, the paper shows that the need for flexibility is a major driver of governance choice for value-creation as well as for value-claiming motivations. Implications and future research directions are discussed

MBOs, private equity and entrepreneurial management

Critics claim that short-term profit orientation and high deal price strategies of private equity firms can negatively affect the ability of management buy-outs to initiate and sustain entrepreneurial management. However, as our research shows, this is not the case

When do investors see value in international environmental management certification of multinational corporations? A study of <scp>ISO</scp> 14001 certification after the Paris Agreement

AbstractResearch SummaryDespite the prominence of International Organization for Standardization (ISO) 14001 certification as a global strategy instrument, there is persistent doubt about its effectiveness as a value‐generating tool, especially for multinational corporations (MNCs). This study draws on institutional theory to explain the varying market valuations of international environmental management certification following a strongly binding multilateral environmental agreement. We submit that ISO 14001 certification increases the market value of MNCs more strongly following the institutional pressures exerted by the strongly binding Paris Agreement. This effect varies due to institutional country‐of‐origin effects and exposure to host countries with stringent environmental regulations. We provide empirical support using a difference‐in‐differences analysis of 3193 MNCs from 60 countries with pledged commitments to emission reductions in the Paris Agreement.Managerial SummaryInternational Organization for Standardization (ISO) 14001 has been recognized as pivotal for achieving sustainable development goals. Nevertheless, managers continue to seek financial justifications for adopting this prominent global standard. Our study shows that ISO 14001 increases the market value of multinational corporations (MNCs) more strongly following the binding Paris Agreement, as the global standard reassures investors about corporate alignment with global climate goals. Although the financial impact of ISO 14001 appears to be greater for MNCs from emerging economies, owing to the lower expectations associated with institutional quality in emerging economies, investors correct the (economic) evaluation of ISO‐certified MNCs according to their exposure to host countries with stringent environmental regulations. These findings inform managers of the importance of aligning corporate sustainability with geographical diversification strategies.</jats:sec

Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs

The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost considerations. Analysis of 317 venture capital firms in 6 European countries reveals a curve linear relationship between firm size and venture capital syndication participation. We also find positive and negative moderating effects of firm size. The implication of our findings is that there are both advantages and disadvantages in syndicated investment for the smaller and larger venture capitalist

Orientação empreendedora: conceitos e dimensões

No campo de estudo do empreendedorismo diferentes linhas temáticas têm dividido pesquisadores e contribuído para o desenvolvimento da área. Uma dessas linhas é a orientação empreendedora que trata do empreendedorismo no nível da organização. O artigo é uma revisão da literatura na qual se discorre a respeito da evolução do conceito da orientação empreendedora e suas dimensões, a saber: inovatividade, assumir riscos, agressividade competitiva, autonomia e proatividade. O procedimento metodológico tem por base a hermenêutica e busca identificar aspectos que vinculam a influência destas dimensões no desempenho organizacional. A contribuição da pesquisa está sobre a forma de estruturar e organizar o conhecimento a respeito das dimensões da orientação empreendedora. A sugestão de pesquisa futura é avaliar um modelo conceitual que analise o efeito das dimensões na orientação empreendedora e no desempenho organizacional