De Welvaartseffecten van de Fusie Nationale Nederlanden-NMB Postbank Groep

De fusie tussen Nationale Nederlanden en de NMB-Postbank Groep, die vorigjaar zijn beslag kreeg, heeftper saldo geen waarde gecreeerd. Een analyse van de aandelenkoersen leert dat de beleggers in Nationale Nederlanden f 1 mrd. hebben verloren, terwijl de beleggers in de NMB Postbank Groep f 1 mrd. hebben gewonnen. De liberalisering van bet zogenaamde structuurbeleidper 1 januari 1990, waardoorfusies tussen banken en verzekeringsmaatschappijen mogelijk werden, heeft in bet specifieke geval van de fusie NN-NMBPG niet tot welvaartsverhoging geleid

Efficiency en Beloningsstructuur in de Overheidsorganisatie

In het enkele maanden geleden verschenen rapport Zelfbeheer worden mogelijkheden besproken om te komen tot een meer bedrijfsmatige organisatie van de rijksdienst. Een van de mogelijkheden die worden geopperd, behelst wijziging van de beloningsstructuur van ambtenaren. Een andere aanbeveling betreft het concentreren van specifieke overheidstaken binnen meer zelfstandig opererende organisatorische eenheden. In dit artikel worden deze voorstellen besproken aan de hand van de z.g. ,,agency"-theorie, een betrekkelijk nieuwe ontwikkeling binnen de economische wetenschap. Deze theorie levert belangrijke inzichten in de problematiek van de optimale organisatieen beloningsstructuur. Daardoor biedt zij een goed kader voor het beoordelen van de genoemde voorstellen uit het rapport Zelfbeheer

Prikkels en Prestaties

De agency-theorie kan vele eigenschappen van de interne organisatie van ondernemingen goed voorspellen. Toch gebrniken grote ondernemingen minder financiële prikkels om hun managers te motiveren, dan volgens deze theorie is aan te bevelen

Beloning van Top Managers en Ondernemersstrategie

De samenstelling van de beloningsmix is een van de weinige instrumenten waarmee de Raad van Commissarissen topmanagers kan sturen in de richting van een gewenste ondernemingsstrategie

How organisations survive and scale in resource-scarce environments

A study shows how an enterprise in S. Africa used simple rules to scale bricolage - making the best out of what is at hand, write Christian Busch and Harry Barkem

Align or perish: social enterprise network orchestration in Sub-Saharan Africa

Exploring how social ventures build and orchestrate beneficial social network arrangements over time as the social venture grows, and what drives these changes, is essential, especially in societies where collectivism prevails and networks serve as a substitute for weak formal institutions, often creating social obligations. In their research in Kenya, Christian Busch and Harry Barkema collected longitudinal data for over a decade and identified four novel mechanisms that allowed successful ventures to adjust their networks as they scaled

How incubators can facilitate serendipity for nascent entrepreneurs

Serendipity is not just random chance, it's about providing the conditions to catalyse 'coincidence' into opportunity, creating 'planned luck', write Christian Busch and Harry Barkem

Top Management Pay: Impact of Overt and Covert Power

This paper examines variations in executive pay as a function of CEO power. We assume that CEOs optimize their pay conditional upon their ability to shape decisions that favour their interests. Power is inferred from overt manifestations such as share holdings, but also from covert sources such as a CEOs\u27 social capital. Two components of compensation are considered: base pay and bonus. While financial performance, firm size, and other factors are held constant, the results show overt power as measured by CEO, and CEO-family equity holdings, to have a curvilinear relationship with executive compensation. Proxies of covert power include tenure, being (one of) the founder(s), and firm diversification. These variables magnify or moderate the effect of equity holdings on compensation. The power effects are most pronounced for the size of CEO bonus

What differences in the cultural backgrounds of partners are detrimental for international joint ventures?

An international joint venture implies that a firm has to cooperate with a partner with a different cultural background. In this study, hypotheses about which differences in national culture are most disruptive for international joint ventures were developed and tested using Hofstede's five dimensions. The study focused on how these dimensions affect the survival of international joint ventures, as well as their incidence relative to wholly owned subsidiaries. The hypotheses were tested on longitudinal data about 828 foreign entries of twenty-five Dutch multinationals in seventy-two countries between 1966 and 1994. The database, which spans almost three decades, was also used to provide new evidence on a key assumption of Hofstede's work: that cultural values are stable over time

Working abroad, working with others: How firms learn to operate international joint ventures

Successful international joint ventures entail both learning to operate across national boundaries and learning to cooperate. Hypotheses grounded in organizational learning theory were tested with event-history analysis and data on 1,493 expansions of 25 large Dutch firms between 1966 and 1994. Experience with domestic joint ventures and with international wholly owned subsidiaries contributed to the longevity of international joint ventures, but prior experience with international joint ventures did not