Understanding the relationship between insider ownership and performance in Europe

Comunicação apresentada na FMA European Conference, Praga, 2008.This paper discusses the impact of insider ownership on performance for two European regions: South and Central Europe. To our knowledge, no prior study has made a similar comparison. We confirm that performance increases as the firm’s owner sustains its control because the interests of managers and owners are aligned. Furthermore we find that insider ownership is more valuable in South European countries due to the weaker enforcement of the legal system. However we also corroborate that corporate ownership varies in ways consistent with the maximization of the firm performance and these inferences may be affected

El valor económico del portugués: lengua de conocimiento con influencia global

Este ARI examina la incorporación del portugués a las tecnologías de la información y la comunicación y estima su potencial económico. Apoyado en una amplia base demográfica y en un rico acervo cultural y educativo, el portugués goza de una gran difusión internacional y cuenta con una significativa, aunque desigual, presencia en las redes globales del conocimiento. Este análisis examina la incorporación del portugués a las tecnologías de la información y la comunicación y estima su potencial económico como lengua internacional, basado en la trayectoria emergente de los países lusófonos más importantes

The invisible factors that can make the difference. Language management and knowledge transfer in multinational sites

The knowledge-based society we live in has stressed the importance of human capital and brought talent to the top of most wanted skills, especially to companies who want to succeed in turbulent environments worldwide. In fact, streams, sequences of decisions and resource commitments characterize the day-to-day of multinational companies (MNCs). Such decision-making activities encompass major strategic moves like internationalization and new market entries or diversification and acquisitions. In most companies, these strategic decisions are extensively discussed and debated and are generally framed, formulated, and articulated in specialized language often developed by the best minds in the company. Yet the language used in such deliberations, in detailing and enacting the implementation strategy is usually taken for granted and receives little if any explicit attention (Brannen & Doz, 2012) an can still be a “forgotten factor” (Marschan et al. 1997). Literature on language management and international business refers to lack of awareness of business managers of the impact that language can have not only in communication effectiveness but especially in knowledge transfer and knowledge management in business environments. In the context of MNCs, management is, for many different reasons, more complex and demanding than that of a national company, mainly because of diversity factors inherent to internationalization, namely geographical and cultural spaces, i.e, varied mindsets. Moreover, the way of functioning, and managing language, of the MNC depends on its vision, its values and its internationalization model, i.e on in the way the MNE adapts to and controls the new markets, which can vary essentially from a more ethnocentric to a more pluricentric focus. Regardless of the internationalization model followed by the MNC, communication between different business units is essential to achieve unity in diversity and business sustainability. For the business flow and prosperity, inter-subsidiary, intra-company and company-client (customers, suppliers, governments, municipalities, etc..) communication must work in various directions and levels of the organization. If not well managed, this diversity can be a barrier to global coordination and create turbulent environments, even if a good technological support is available (Feely et al., 2002: 4). According to Marchan-Piekkari (1999) the tongue can be both (i) a barrier, (ii) a facilitator and (iii) a source of power. Moreover, the lack of preparation for the barriers of linguistic diversity can lead to various costs, including negotiations’ failure and failure on internationalization.. On the other hand, communication and language fluency is not just a message transfer procedure, but above all a knowledge transfer process, which requires extra-linguistic skills (persuasion, assertiveness …) in order to promote credibility of both parties. For this reason, MNCs need a common code to communicate and trade information inside and outside the company, which will require one or more strategies, in order to overcome possible barriers and organization distortions

The invisible factors that can make the difference: language management and knowledge transfer in multinational sites

The knowledge-based society we live in has stressed the importance of human capital and brought talent to the top of most wanted skills, especially for companies who want to succeed in turbulent environments worldwide. In fact, streams, sequences of decisions and resource commitments characterize the day- to-day of multinational companies (MNCs) and internationalized companies. In most companies, strategic decisions are extensively discussed and are generally formulated and articulated in specialized language often developed by the best minds in the company. Yet the language used in such deliberations is usually taken for granted and receives little attention, being often managed ad hoc. With this paper we intend to discuss some strategies that are commonly used by companies and refer some actions that can boost talent and improve language performance, in certain international communication contexts, with little investmentN/

Uma reflexão do comportamento de condutores e peões.

A sinistralidade rodoviária é um problema grave em todo o mundo, mas especialmente nos países em vias de desenvolvimentos. Em Moçambique, a sinistralidade rodoviária é um tema actual e é um problema de saúde pública. A primeira vantagem significativa no combate a sinistralidade é a definição, pelo Presidente da República, de que o tema é uma prioridade no seu governo. Moçambique é um dos países membro da Comunidade para o Desenvolvimento da África Austral (SADC)1, ocupando lugares cimeiros a nível destes países com mais vítimas mortais principalmente nos atropelamentos. A nível nacional, a província de Maputo é umas das províncias com elevados índices de sinistralidade. O número de condutores, veículos e a necessidade de circulação está em constante crescimento. A penetração em zonas através de veículos automóveis estimula o aumento da população utente da via pública que continuam insistindo em comportamentos ilícitos sem observar as regras de segurança rodoviária, aliado a enormes lacunas na infra-estruturas rodoviárias, o que aumenta número de acidentes de viação e suas consequências económicas e sociais. A polícia da República de Moçambique (PRM) é a única Instituição nacional com competência para investigar esta problemática em todo o território, tendo um papel preponderante na diminuição dos índices de sinistralidade rodoviária, em Moçambique, especialmente na Província de Maputo.The road accident rate is a serious problem all around the world, and mostly in developing countries. In Mozambique, it is a current topic of debate and regarded as an issue of public health. The first meaningful advantage in the fight against road accidents is the fact that the nation’s president has identified this issue as priority of his. Mozambique is a Southern African Development community (SADC) member country with an unfortunately high position in terms of deaths caused by people being run over. Nationally, Maputo province has a high level of road accidents. The number of drivers, of vehicles, and the need to drive are always on the rise. As driving spreads to new and wider areas of the country, so do unlawful behaviors, of people who ignore traffic rules, increasing accidents and their social and economic costs. The Police of Mozambique Republic is the only national Institution with competence to investigate this problematic all over the territory. The Police have an important role regarding the road accident reduction in Mozambique, especially in Maputo

Language management and knowledge transfer in multinational sites

PEst-OE/LIN/UI3213/2014The knowledge-based society we live in has stressed the importance of human capital and brought talent to the top of most wanted skills, especially to companies who want to succeed in turbulent environments worldwide. In fact, streams, sequences of decisions and resource commitments characterize the dayto-day of multinational companies (MNCs). Such decision-making activities encompass major strategic moves like internationalization and new market entries or diversification and acquisitions. In most companies, these strategic decisions are extensively discussed and debated and are generally framed, formulated, and articulated in specialized language often developed by the best minds in the company. Yet the language used in such deliberations, in detailing and enacting the implementation strategy is usually taken for granted and receives little if any explicit attention (Brannen & Doz, 2012) an can still be a “forgotten factor” (Marschan et al. 1997). Literature on language management and international business refers to lack of awareness of business managers of the impact that language can have not only in communication effectiveness but especially in knowledge transfer and knowledge management in business environments. In the context of MNCs, management is, for many different reasons, more complex and demanding than that of a national company, mainly because of diversity factors inherent to internationalization, namely geographical and cultural spaces, i.e, varied mindsets. Moreover, the way of functioning, and managing language, of the MNC depends on its vision, its values and its internationalization model, i.e on in the way the MNE adapts to and controls the new markets, which can vary essentially from a more ethnocentric to a more pluricentric focus. Regardless of the internationalization model followed by the MNC, communication between different business units is essential to achieve unity in diversity and business sustainability. For the business flow and prosperity, intersubsidiary, intra-company and company-client (customers, suppliers, governments, municipalities, etc..) communication must work in various directions and levels of the organization. If not well managed, this diversity can be a barrier to global coordination and create turbulent environments, even if a good technological support is available (Feely et al., 2002: 4). According to Marchan-Piekkari (1999) the tongue can be both (i) a barrier, (ii) a facilitator and (iii) a source of power. Moreover, the lack of preparation for the barriers of linguistic diversity can lead to various costs, including negotiations’ failure and failure on internationalization.. On the other hand, communication and language fluency is not just a message transfer procedure, but above all a knowledge transfer process, which requires extra-linguistic skills (persuasion, assertiveness …) in order to promote credibility of both parties. For this reason, MNCs need a common code to communicate and trade information inside and outside the company, which will require one or more strategies, in order to overcome possible barriers and organization distortions. Whatever the strategy or language policy chosen is, the MNC continues to have a multilingual environment. This fact can trigger both personal and professional side reactions (positive or negative), and above all, power relations (Marchan-Piekkari, Alexandra Albuquerque Polytechnic of Porto ISCAP- School of Accounting and Administration 4465-001 S. Mamede de Infesta CLUNL – Centro de Linguística da Universidade Nova de Lisboa Portugal [email protected] Rute Costa Universidade Nova de Lisboa CLUNL – Centro de Linguística da Universidade Nova de Lisboa Lisboa Portugal [email protected] José Paulo Esperança ISCTE-IUL Departamento de Finanças Lisboa País [email protected] Business Sustainability III 2 1999; Voermans, 2011).This happens because language is used not only to transfer messages between a sender and a receiver but, above all, to share knowledge, ie "(...) the information required to satisfy needs (...).Thus, only when knowledge becomes explicit and intelligible can be functional and useful; as tacit knowledge, information will not be conveyed, and as such, some employees may not perform certain tasks, make decisions or act in accordance with company policy. So language has a crucial role in the management of MNC and may even be a positive or negative discrimination factor (intentionally or unintentionally) Marschan et al.(1997) and create power authority distortion (PAD). PAD occurs when HQ managers (who have formal authority in the relationship) have to relinquish part of their power to subsidiary managers, who have better language skills in the corporate language (Harzing & Feely, 2008 and function as language mediators. Information, filtered by mediators, can also suffer distortions, manipulations and be used for personal purposes, in cycles of communication that may be beyond their control. Language influences, therefore, all communication flows, clearly interfering with the organizational level, with a "shadow" structure (Marchan-Piekkari et al., 1999) behind the formal chart. Mediated communication in the MNC, including the translation of documents, intra and inter-subsidiary or subsidiariesheadquarter, may thus eventually become an extra function more or less regular of the activity of employees who master foreign languages. However, this function and the impact that this type of translation are also not in any way, thoroughly studied. This paper intends therefore to elaborate on the relation of language/ translation policies and knowledge transfer/ management in international business environments and its impacts in companies’ international communication strategies. Based in several studies on this field, focusing on language management in international companies (Feely, 2003; Marschan et al., 1997; Marschan-Piekkari, Welch, & Welch, 1999; Harzing & Pudelko, 2013), and in a case-study on “language management in business international communication” we intend to discuss in what way (1) the lack of an effective language policy can transversally affect company performance and identity; (2) the investment on language and terminology management may improve quality in communication, both amongst company and subsidiaries and company and clients (3) investment in translation and terminology knowledge, management and tools can boost talent and ROI.publishersversionpublishe

Managing the Language Needs of Multinational Companies - Strategies to Optimise International Communication: a Case Study

UID/LIN/03213/2013This paper intends to contribute to trans-disciplinary research on language management in international business (IB) and most of all help breaking old paradoxes related to the (i) wrongly assumed self-sufficiency of language in professional and business communication situations and (ii) costs of investment in language. We will present results of two empirical studies that describe language management and business translation practices in companies operating in foreign markets. Finally, despite being still an ongoing research, we will give some insights on how language management and translation mediated communication can be more cost-effective in this kind of companies.authorsversionpublishe

História Global da Economia e Gestão de Portugal

info:eu-repo/semantics/publishedVersio

Uma Análise do Mercado de Capital de Risco Português: Saídas Parciais Versus Saídas Totais

Este artigo analisa as saídas de investimentos de capital de risco em Portugal, abordando a relação existente entre as formas de saída e a assimetria de informação a elas associadas. A hipótese central é a de que a ocorrência de saídas parciais está associada à sinalização da qualidade do investimento e à redução do grau de assimetria. Os dados resultaram de um estudo elaborado pelas empresas Small Business Investment, S.A. e Price WaterHouse Coopers, para a APCRI, mediante questionário enviado às empresas de capital de risco residentes em Portugal. Utilizaram-se modelos Logit, nos quais a variável dependente é uma dummy que indica se ocorreu uma saída parcial e as variáveis independentes são: uma dummy que indica se o investimento foi do tipo arranque; uma dummy que indica se o investimento foi do tipo expansão; uma dummy que indica se o investimento foi do tipo late stage; uma dummy que indica se o investimento foi do tipo high-tech; uma dummy que indica se a saída foi do tipo aquisição; uma dummy que indica se a saída foi do tipo IPO; uma dummy que indica se a saída foi do tipo write-off; e, uma dummy que indica se a saída foi do tipo trade sale. Concluímos que no caso e IPO, investimentos do tipo expansão e para investimentos do tipo high-tech existe maior probabilidade de ocorrência de saídas parciais, enquanto que no caso de saídas sobre a forma de aquisições existe uma maior probabilidade de saída total. Por fim, concluímos que quanto maior for a duração menor é a probabilidade de ocorrer saída parcial.Capital de risco; Saídas Parciais; IPO; Vendas a Terceiros; Liquidações; Assimetria de Informação

Efeito da flexibilidade na decisão de investimento: Uma aplicação à exploração do cobre

This research evidences the value of flexibility on the investment decision, in the exploration sector of copper, face to the existence of an abandonment option. The results of three evaluation models are compared: the Net Present Value; the Binomial and a Suitable Binomial to the exploration sector of copper. Monthly quotations of copper of the LME had been used; values for the Producers Price Index; e values of OT-September with maturity nearest to the time horizon of the investment. To the similarity of other applications of the real options, we confirm that, in uncertainty context, the traditional method significantly understates the return of the investment decisions