Greenfield or Acquisition Entry: A Review of the Empirical Foreign Establishment Mode Literature

This paper reviews the empirical literature on the determinants of the choice by multinational enterprises between entering foreign countries through greenfields or acquisitions. We discuss and compare the main theoretical perspectives used, provide a detailed overview of the empirical findings, examine why these findings have often been inconsistent, and offer theoretical and methodological suggestions to guide future research.review;establishment mode choice;acquisition;greenfield

Do Foreign Greenfields Outperform Foreign Acquisitions or Vice Versa? An Institutional Perspective

Prior studies of the comparative performance of greenfields and acquisitions have advanced competing arguments, with some arguing that greenfields should outperform acquisitions because acquisitions are costlier to integrate, and others that acquisitions should outperform greenfields because greenfields suffer from a liability of newness. Moreover, while the costs of integration and the liability of newness are at their greatest during a subsidiary’s first years, prior studies have tested their competing arguments on samples containing older subsidiaries. We extend these prior studies by (1) developing an institutional theory-based framework that simultaneously considers the costs of integration and the liability of newness, (2) recognizing that both types of costs vary with the level of subsidiary integration, and (3) focusing on the stage of their life during which subsidiaries predominantly incur these costs. To measure subsidiary performance, we ask managers of Dutch multinationals how their ex ante performance expectations compare to the subsidiary’s ex post performance during its first two years. Analyzing a sample of 191 foreign subsidiaries and controlling for entry mode self-selection and other factors, we find that acquisitions outperform greenfields at low and intermediate levels of subsidiary integration, but that greenfields outperform acquisitions at higher integration levels.HD30.28;acquisitions;institutional theory;foreign entry;greenfields;subsidiary performance;subsidiary integration

Greenfield or Acquisition Entry: A Review of the Empirical Foreign Establishment Mode Literature

This paper reviews the empirical literature on the determinants of the choice by multinational enterprises between entering foreign countries through greenfields or acquisitions. We discuss and compare the main theoretical perspectives used, provide a detailed overview of the empirical findings, examine why these findings have often been inconsistent, and offer theoretical and methodological suggestions to guide future research

Baten van de Ecologische Hoofdstructuur : de locatie van recreatiebedrijven

organisaties en recreatiebedrijven te onderzoeken. Om de economische betekenis van deze marktbare baten te bepalen, gaan we uit van de netto toegevoegde waarde (NTW) van deze organisaties. Op basis van de jaarverslagen kan de NTW voor natuurbeherende organisaties geschat worden op ca. 350 euro per ha en 180 miljoen euro per jaar. Deze NTW wordt voor een groot gedeelte bepaald door subsidies, bijdragen van de overheid en bijdragen van de postcodeloterij. De economische betekenis van de marktbare baten van de recreatiesector - voor zover deze een relatie vertoont met de EHS - wordt in deze studie bepaald door het berekenen van de werkgelegenheid/NTW van de recreatiebedrijven. In dit onderzoek wordt voor recreatiebedrijven (restaurants, cafés en verblijfsrecreatie) empirisch aangetoond dat bij bedrijven die in de buurt liggen van bossen en kust meer personen werkzaam zijn dan bij bedrijven die deze typen natuur niet in de buurt hebben liggen. Het effect is echter voor het gemiddelde recreatiebedrijf gering. Het uitbreiden van natuur heeft dus maar een gering effect op de NTW in de recreatiesector. Onder de categorie bossen vallen in dit onderzoek onder andere cultuurhistorische bossen, natuurbossen en heiden. De kust bestaat uit kwelders, schorren en open duinen. In de analyse is zowel de afstand tot de EHS als de oppervlakte natuur meegenomen. Minder natuur in de directe omgeving van het recreatiebedrijf laat een afnemend effect zien op het aantal werkzame personen bij recreatiebedrijven. Er is in dit onderzoek niet gekeken naar ondernemerschap als verklarende factor

Towards a Democratic New Normal? Investor Reactions to Interim-Regime Dominance during Violent Events

Although interim regimes in former autocracies are generally tasked with initiating a democratic ‘new normal’, they may privately intend to become their country’s new autocratic rulers. We argue that, to cope with the uncertainty stemming from this possibility, investors infer an interim regime’s intentions from the dominance displayed by the regime during government-related violence, as reflected in the share of civilian fatalities. Specifically, we propose that investors interpret highe

Diagnostic performance of preoperative CT in differentiating between benign and malignant origin of suspicious gallbladder lesions

Purpose: To determine diagnostic performance of preoperative CT in differentiating between benign and malignant suspicious gallbladder lesions and to develop a preoperative risk score. Method: All patients referred between January 2007 and September 2018 for suspicion of gallbladder cancer (GBC) or incidentally found GBC were retrospectively analyzed. Patients were excluded when preoperative CT or histopathologic examination was lacking. Two radiologists, blinded to histopathology results, independently reviewed CT images to differentiate benign disease from GBC. Multivariable analysis and internal validation were used to develop a risk score for GBC. Model discrimination, calibration, and diagnostic performance were assessed. Results: In total, 118 patients with 39 malignant (33 %) and 79 benign (67 %) lesions were included. Sensitivity of CT for diagnosing GBC was 90 % (95 % confidence interval [CI]: 76?97). Specificity rates were 61 % (95 % CI: 49?72) and 59 % (95 % CI: 48?70). Three predictors of GBC (irregular lesion aspect, absence of fat stranding, and locoregional lymphadenopathy) were included in the risk score ranging from -1 to 4. Adequate performance was found (AUC: 0.79, calibration slope: 0.89). In patients allocated >0 points, the model showed higher performance in excluding GBC than the radiologists (sensitivity 92 % [95 % CI: 79?98]). Moreover, when allocated >3 points, the risk score was superior in diagnosing GBC (specificity 99 % [95 % CI: 93?100]). Conclusions: Sensitivity rates of CT for differentiation between benign and malignant gallbladder lesions are high, however specificity rates are relatively low. The proposed risk score may facilitate differentiation between benign and malignant suspicious gallbladder lesions

Clinical auditing as an instrument to improve care for patients with ovarian cancer:The Dutch Gynecological Oncology Audit (DGOA)

Introduction: The Dutch Gynecological Oncology Audit (DGOA) was initiated in 2014 to serve as a nationwide audit, which registers the four most prevalent gynecological malignancies. This study presents the first results of clinical auditing for ovarian cancer in the Netherlands. Methods: The Dutch Gynecological Oncology Audit is facilitated by the Dutch Institute of Clinical Auditing (DICA) and run by a scientific committee. Items are collected through a web-based registration based on a set of predefined quality indicators. Results of quality indicators are shown, and benchmarked information is given back to the user. Data verification was done in 2016. Results: Between January 01, 2014 and December 31, 2018, 6535 patients with ovarian cancer were registered. The case ascertainment was 98.3% in 2016. The number of patients with ovarian cancer who start therapy within 28 days decreased over time from 68.7% in 2014 to 62.7% in 2018 (p < 0.001). The percentage of patients with primary cytoreductive surgery decreased over time (57.8%–39.7%, P < 0.001). However, patients with complete primary cytoreductive surgery improved over time (53.5%–69.1%, P < 0.001). Other quality indicators did not significantly change over time. Conclusion: The Dutch Gynecological Oncology Audit provides valuable data on the quality of care on patients with ovarian cancer in the Netherlands. Data show variation between hospitals with regard to pre-determined quality indicators. Results of ‘best practices’ will be shared with all participants of the clinical audit with the aim of improving quality of care nationwide