Business groups, governance, institutional frameworks and cultures: Indian mergers and acquisitions.

The global business environment is defined by its compete-or-perish nature. To survive, businesses must continually undertake both organic and inorganic corporate restructuring activities. Amongst the inorganic options, Mergers and Acquisitions (M&As) are a very attractive strategy for managers. When implemented successfully, M&As may enable rapid forays into new territories, the benefits of diversification, economies of scale, operating and financial synergies, better efficiencies, industrial supremacy, tax advantages and several more rewards. However, when they fail, M&As destroy the value of the participating firms. This failure can be caused by diseconomies of scale, lack of synergy, cultural conflicts, negotiation disputes, integration issues, agency issues, the hubris effect, and so on. Given the numerous advantages of M&As, it is not surprising that managers show an urge to merge. However, a wrong venture can wipe out millions of dollars of shareholders wealth. Nonetheless, global business history is replete with M&As debacles. Thus, the implementation of M&As is a debatable strategy that needs careful evaluation. The finance literature about M&As in the developed world is abundant. However, the emerging markets are not so well understood. While the emerging markets are relatively newer players, they are continuously gaining prominence on the global business landscape. The finance literature argues that Emerging Market Multinational Enterprises (EMNEs) are fundamentally different, in terms of their characteristics, from their counterparts in developed countries. In terms of globalization, as late comers, EMNEs have lagged behind, making their inspirations, intentions and implementation techniques quite unique. Further, emerging markets are typically characterized by weaker legal systems, with the legal firms controlled and managed by large business groups that own majority stakes in the firms. As a consequence, outside shareholders are minority shareholders, and in the context of classical agency theory, the principal and the agents are same identities. This implies a convergence of ownership and control. Thus, minority shareholders face the risk of expropriation of wealth at the hands of majority shareholders (horizontal agency issue), and the weaker legal systems constrain them in controlling the errant managers. Conceivably, announcing M&As in such a setting is poised to yield unique share market responses. Thus, our current understanding of M&As in the developed world has limited relevance to emerging markets. India is one of the fastest growing economies in the world, and a member of the BRICS (Brazil, Russia, India, China and South Africa) countries, which are projected to be the most dominant economies by 2050. In the last 25 years, India has undergone a series of economic reforms which has catapulted its status from a dormant state to one of the key players shaping up the new globalized economy. The current Indian Prime Minister, Mr Narendra Modi, is one of the most influential statesmen worldwide and is known for carrying out bold policies in a democracy that accounts for a sixth of the world’s population. In fact, the press is already debating about the long-term potential that India has to become a new economic superpower. This thesis highlights several conflicting and intriguingly perplexing attributes about India that make it a unique country amongst other emerging markets, thus necessitating research focussed on India. This thesis develops a comprehensive framework which projects India as a common-law country with business structures and corporate governance models resembling civil-law countries, yet is distant from either of the two with respect to its socio-cultural anthropological attributes. By defying existing principle theories in finance literature on various dimensions characteristically, India thus portrays a contradictory and captivatingly puzzling image. Therefore, to gain deeper insights, this thesis tests a set of hypotheses focusing on the impact of the factors like ownership stake, cultural proximity, related institutional frameworks, comparable corporate governance models, and economic distances on the returns obtained by the Indian shareholders. In essence, this thesis mainly focuses on the following set of questions: (i) How do the Indian target and acquirer shareholders fare on the announcement of M&As, both domestic and cross-border? (ii) Is there a difference in return from domestic and cross-border M&As for the shareholders? (iii) Is there any ownership effect on the returns to the shareholders in domestic M&As? (iv) Is there any cultural effect on the returns to the shareholders in cross-border M&As? (v) Is there any institutional effect on the returns to the shareholders in cross-border M&As? (vi) Is there any corporate governance effect on the returns to the shareholders in cross-border M&As? (vii) Is there any economic distance effect on the returns to the shareholders in cross-border M&As? The methodology employed is a two-stage analysis. The first stage includes an event study, which aims to determine abnormal returns associated with announcements of M&As to the Indian shareholders affected by the deal. The second stage is a cross-sectional analysis, which aims to identify the factors that may explain the sources of abnormal returns obtained by these shareholders. The two financial models—Market and three factor Fama-French—are used to calculate the abnormal returns for the event study. These abnormal returns are determined by using the Ordinary Least Squares (OLS) and robust regression techniques. The robust regression method in the event study is the methodological contribution of this thesis to the literature. The contemporary discussions about event study methodology in statistical papers suggest that the robust regression method is more reliable in capturing announcement effects. For the cross-sectional analysis, the key factors identified in the literature are regressed with the cumulative average abnormal returns to identify those that determine the source of the returns. The data for the analysis covers the M&A deals from 1989 to 2013. In total, 407 deals are shortlisted, with the analysis based on 308 target firms and 355 acquirer firms. The emerging market literature often sights data limitations, and thus the analysis is confined to the scope of the data. The methodologically induced filtering process of excluding deals with the confounding effects and insufficient trading data, along with the missing firms, narrowed the sample size for some sub-sets. For example, of the original 50 cross-border deals by Indian acquirers, there are 38 left in the clean sample. The phenomenon of missing firms is a known issue in the Indian markets and is well documented. Likewise, even the relevant accounting data to perform a pair-wise relative analysis of the target and acquiring firms is missing for a significant proportion of the dataset. Finally, this thesis focuses on the successful deals between the listed firms. The unsuccessful, pending, rumoured, withdrawn deals along with the deals involving private firms on either side are not incorporated. The results indicate that: (i) Both the target and acquiring shareholders make positive abnormal returns on the announcement of M&As. (ii) Domestic deals produce higher returns for the shareholders than cross-border deals. (iii) The deals in which acquirers take a significant stake (>50%) are favoured more by the sharemarket. There is also an indication that the large business groups do not indulge in tunnelling of wealth, and intra-group M&As yield higher returns to the acquirers and lower to the targets. (iv) Cultural proximity has no effect in determining the returns to the shareholders. Instead, distant cultures produce economically larger returns. (v) Similarity in institutions does not dictate the outcomes of M&As. (vi) The corporate governance model seems to be the most important source of returns to the shareholders in cross-border deals. It appears there is a preference for a corporate governance model that encourages the owners to take a majority stake in the firm. Given the weaker legal environment, the minority shareholders perceive majority stake as a commitment from the management to perform well and thus align managers with their interest. (vii) The economic distance is an important factor when selecting the target firm in the cross-border deals. The higher the economic distance, more advance is the target nation, and thus the higher returns to the Indian acquirers. Overall, as both the target and acquiring shareholders yield positive announcement returns, M&As appear to be a wealth enhancement strategy in the Indian markets. Also, there is a distinct preference for corporate practices that encourage concentrated ownership by the acquirers, as this enhances investor protection in a weaker legal environment by reducing horizontal agency issues between minority and majority shareholders

Architectural Typology of Mamasa Traditional Graves, West Sulawesi, Indonesia

Mamasa is one of the ethnic groups in West Sulawesi, which has a very unique culture, and the implementation of that culture is seen in the form of traditional architecture in the form of a house as a place to live, as well as other activities such as a traditional grave. This study determines the typology of traditional grave architecture in Mamasa, West Sulawesi, one of the traditional architectural products with high cultural value. This is a qualitative research with data collected through interviews, field observations, and documentation. The qualitative data analysis comprises of collection, presentation, reduction, and drawing conclusions. The results showed that the typology of traditional grave architecture in Mamasa emerged from the ancestral belief in Aluk Mappurondo, which consisted of 5 types, including a)Bangka-Bangka, b) Tedong-tedong, c) Ropi, d) Batutu oralang-alang, and e) Lokko'. The contribution of this research is to introduce one of the traditional architectural products that has high cultural value, as an object of research for scientists interested in traditional architecture or in the field of anthropology, and at the same time contribute in the field of tourism, as a cultural attraction that attracts both local tourists and foreign tourists, for the sake of increasing the country's foreign exchange in the field of Tourism

Panduan Pembelajaran Mata Kuliah Disain Busana Berbasis Model Discovery Learning

Ciptaan ini berisi tentang panduan pembelajaran mata kuliah disain busana berbasis model discovery learning untuk membantu dosen dalam mengampu mata kuliah disain busana. Penggunaan model discovery learning ini, mahasiswa akan mampu untuk mengembangkan keterampilan berpikir kreatif. Hal ini dikerenakan model discovery learning memiliki tahapan-tahapan pembelajaran (sintaks) yang dapat meningkatkan kreativitas dalam mendisain busan

Disain Busana

Ciptaan ini berisi tentang konsep dasar disain busana, unsur-unsur disain busana, prinsip-prinsip disain busana, proporsi tubuh manusia, bagian-bagian busana dan teknik menggambar, menggambar tekstur dan pola motif bahan, disain busana untuk berbagai kesempatan, teknik penyajian disain busana dan setiap bab terdapat tujuan pembelajaran, rangkuman dan pendalaman yang berupa pemberian tugas baik teori maupun praktik untuk mengukur pendalaman belajar mahasiswa pada tingkat standar ketuntasan minimal belajar (SKMB

Preliminary evaluation of the incorporation of cellulose nanofibers as reinforcement in waterborne wood coatings

The wood is exposed to possible damages caused by weather, requiring the application of a finishing coat to provide extra protection. The aim of this work was to evaluate the influence of the addition of microfibrillated cellulose in waterborne varnish on the colorimetric parameters, wettability and finish characteristics of wood products. Color was evaluated with a CM-5 spectrophotometer; surface wettability was analyzed by contact angle measurement using a drop shape analysis goniometer; and abrasion, adhesion and impact tests were performed to evaluate the quality of the coating. The coating’s optical characteristics were not affected by the addition of microfibrillated cellulose. The changes in wood wettability were small, with no statistical difference between the wood treated with plain varnish and that with unbleached microfibrillated cellulose. In the analysis of the variation of the contact angle during the elapsed time, the coating containing unbleached microfibrillated cellulose presented the best results. The results of finish quality did not show numerical changes after the addition of the microfibrillated cellulose, but qualitatively the microfibrillated cellulose caused better anchoring of the coating to the specimens. Therefore, the use of microfibrillated cellulose as reinforcement in coatings has potential, but tests with different consistencies and tests of other properties are necessary

The Effectiveness of Problem-Based Learning Models in Improving Students Scientific Thinking Skills

This study aims to describe the effectiveness and practicality of problem-based learning models that have been developed to improve students' scientific thinking skills. This research is part of developing problem-based learning models which have produced learning tools that met valid criteria. In measuring effectiveness and practicality, this research applied quasi-experiments. Research subjects were students of the Family Welfare Education Department even semester 2016/2017 academic year as many as 35 students. The results showed that the problem-based learning model developed has improved students' scientific thinking skills in the Food Material Knowledge subject. It is seen in the indicator of the effectiveness and practicality of the model

Movimentos sociais e formação: as experiências e aprendizados de educadores e educadoras do Cursinho Popular Quilombola – Córrego do Meio

Este artigo apresenta análise de parte dos dados produzidos no contexto de pesquisa de mestrado acerca da experiência de educadores e educadoras do Cursinho Popular Quilombola – Córrego do Meio que aconteceu em uma comunidade na Zona da Mata mineira. A pesquisa de cunho qualitativo teve como instrumento metodológico as entrevistas semiestruturadas, analisadas a partir de eixos temáticos elaborados a partir do conteúdo das narrativas dos sujeitos colaboradores. Para elaboração deste artigo foram consideradas entrevistados/as de quatro educadores/as, estudantes e ex-alunos da Universidade Federal de Viçosa (UFV) das quatro grandes áreas. A partir delas foi possível compreender a constituição do cursinho enquanto movimento social educador (GOMES, 2017). As narrativas sinalizaram para aprendizados no campo político, ético, linguístico, cultural, prático e teórico (GOHN, 2011). A partir da pesquisa foi possível compreender que a experiência atravessou a formação desses sujeitos constituindo um espaço importante de deslocamentos, reflexões e construção de conhecimento

Discrimination of wood and charcoal from six caatinga species by near-infrared spectroscopy

Correct identification of species in wood and charcoal commerce is important, and rapid and nondestructive evaluation based on near-infrared techniques can be a good alternative. Four trees from Combretum leprosum, Croton argyrophylloides, Jatropha mutabilis, Luetzelburgia auriculata, Mimosa tenuiflora and Poincianella bracteosa, were cut in a natural forest in the municipality of Coremas, Paraíba state and stem discs with thickness of about 80 mm were taken at 0, 25, 50, 75 and 100% of commercial height. For charcoal production, each sample was wrapped in aluminum foil and carbonized in a muffle furnace, with a final temperature of 450 °C and a heating rate of 1.66 °C min-1. Spectra were collected directly from sample surface. The best pretreatment was second derivative, while the best classification method was PCA-LDA, and the analysis of full spectra (4000-10000 cm-1) was indicated. In classification, there was no difference between surfaces where spectra was collected, so in practice, in commercial control for example, the information can be obtained from any surface. For rapid analysis for purposes of control of forest practices or illegal commerce, spectra collected directly from wood and charcoal can be applied to distinguish these six Caatinga species

Trace Levels of Innate Immune Response Modulating Impurities (IIRMIs) Synergize to Break Tolerance to Therapeutic Proteins

Therapeutic proteins such as monoclonal antibodies, replacement enzymes and toxins have significantly improved the therapeutic options for multiple diseases, including cancer and inflammatory diseases as well as enzyme deficiencies and inborn errors of metabolism. However, immune responses to these products are frequent and can seriously impact their safety and efficacy. Of the many factors that can impact protein immunogenicity, this study focuses on the role of innate immune response modulating impurities (IIRMIs) that could be present despite product purification and whether these impurities can synergize to facilitate an immunogenic response to therapeutic proteins. Using lipopolysaccharide (LPS) and CpG ODN as IIRMIs we showed that trace levels of these impurities synergized to induce IgM, IFNγ, TNFα and IL-6 expression. In vivo, trace levels of these impurities synergized to increase antigen-specific IgG antibodies to ovalbumin. Further, whereas mice treated with human erythropoietin showed a transient increase in hematocrit, those that received human erythropoietin containing low levels of IIRMIs had reduced response to erythropoietin after the 1st dose and developed long-lasting anemia following subsequent doses. This suggests that the presence of IIRMIs facilitated a breach in tolerance to the endogenous mouse erythropoietin. Overall, these studies indicate that the risk of enhancing immunogenicity should be considered when establishing acceptance limits of IIRMIs for therapeutic proteins