• Initial returns: underpricing or overevaluation? Evidence from easdaq and euronm

      Manigart, Sophie; De Maeseneire, Wouter (2003)
      This paper investigates initial returns of Easdaq and EuroNM IPOs and explains part of these returns. Average first day return of 300 IPOs introduced before October 1, 1999, is 36.01 %. The most significant explanatory variable is the mean return of previous IPOs, indicating that high initial returns are caused by too high first trading prices due to investor overreaction and positive market sentiment. Riskier IPOs present substantially higher initial returns. Venture capitalists are not able to significantly reduce initial returns, nor does size of the IPO influence initial returns. Our results indicate that high initial returns are caused by underpricing as well as overvaluation. Keywords: underpricing, investor sentiment, IPOs, initial returns
    • Innovation and Internationalization by Indian Firms: Evolutionary Paths since 1990s

      Prabhu, Jaideep; Celly, Nikhil; Subramanian, Venkat (2012)
    • Institutional change and the resources endowed to spin off projects: the case of IMEC

      Moray, Nathalie; Clarysse, Bart (2004)
      This study takes an institutional perspective on spinning off ventures as a venue for commercialising research. The central question dealt with is the following: are the resource endowments of spin-outs at time of founding influenced by the way in which the overall technology transfer process is organised at the parent organisation? We have selected a research institute known for its international research excellence and with a track record in spinning off ventures: IMEC (Leuven, Belgium). We questioned all senior managers involved in technology transfer and the founders of the academic ventures set up between 1987 - 2002. The basic argument of the research is that changes in the internal institutional environment -- and the spin out policy in particular -- co-evolve with a changing overall tendency in the amount of resources endowed to the academic ventures. More specifically, we identify three generations of academic ventures displaying the main organisational changes in technology transfer policies pertaining to spin off companies. Keywords: Spin outs, Public Research Institute, Technology Transfer
    • Institutional influences on the worldwide expansion of venture capital

      Manigart, Sophie; Bruton, Gary; Fried, Vance H. (2004)
    • Integrated performance management: adding a new dimension

      Verweire, Kurt; Van den Berghe, Lutgart (2003)
      In this paper, we argue that effective Integrated Performance Management (IPM) needs both strategic and maturity alignment. The management literature focuses on strategic alignment, in this paper we develop the concept of maturity alignment. Maturity alignment indicates that an organization must install the appropriate managerial and operational processes in accordance with the desired maturity level. We have identified four different maturity levels that indicate how well the organizational and managerial processes within an organization are defined and developed. We argue that insufficient maturity alignment is one of the major reasons why many performance management initiatives fail. Keywords Integrated performance management, strategic alignment, maturity alignment.
    • Intelligence led policing at the Amsterdam-Amstelland police department: operationalised business intelligence with an enterprise ambition

      Viaene, Stijn; De Hertogh, Steven; Lutin, Luc; Maandag, A.; den Hengst, S.; Doeleman, R. (2009)
    • International and product diversification: their interrelationship and impact on firm performance

      Bowen, Harry; Wiersema, Margarethe (2007)
      Corporate strategic decisions regarding the international and product market scope of a firm's activities are the essence of corporate strategy, and how these choices in turn affect performance is the subject of a large body of research in the fields of international business and strategic management. When making these strategic decisions, managers are likely to take into account that these decisions are interrelated since they will require allocating a firm's fixed bundle of resources. Yet, the international business and strategy literatures have mostly treated these two scope decisions as independent strategies, and have also largely ignored the interrelated nature of these strategic scope decisions vis-à-vis their expected impact on performance. As a result, little is known about the nature of the relationship between these strategic choices - whether they are substitute or complementary strategies - or how they jointly impact firm performance. To address this important gap in our understanding of corporate strategy, this paper examines the joint and simultaneous nature of the relationships among these strategic scope decisions and firm performance in a unified framework. Our analysis serves to integrate prior international business and strategy research, and our model and empirical methods address a number of shortcomings of prior empirical studies. Our results indicate that the relationship between a firm's international and product market strategies and its performance is nonlinear, with performance first rising but then falling as the firm's international or product diversification rises, implying that the performance impact of these strategies is path dependent. Our results also provide the first evidence that, within the firm, international and product diversification are substitute strategies for performance. Keywords: Corporate Strategy, International Diversification, Product Diversification
    • International plant configuration strategies: a structured decision making approach and product level test

      Belderbos, Rene; Sleuwaegen, Leo (2003)
      We analyze the determinants of the decision to invest abroad and the choice of spatial configurations of overseas plants for 120 Japanese firms active in 36 well-defined electronic product markets. We find support for a structured internationalization decision model in which the decision to internationalize is taken at the product level after scanning for all possible profitable foreign plant configurations based on the locational advantages of different regions. In addition, strategic drivers related to the competitive position of the firm's in the product market and its technology base have a critical impact on the choice between alternative international plant configurations. Regional configurations focused on Asia are chosen by firms with weaker competitiveness for products with established manufacturing technologies. Plant configurations focused on the US and the EU are pulled by restrictive trade policies and are chosen by technology intensive firms facing competitive threats in foreign markets. Global configurations are chosen by firms with a strong competitive position in the Japanese and world market for their core product businesses and are more common in case of strong oligopolistic rivalry between Japanese firms. Keywords: Foreign Direct Investment, Plant Location, Multinational Firms
    • International strategic alliances: stock market responses from dutch firms partnering with EU, US and Japanese firms

      Sleuwaegen, Leo; Schep, K.; Hartog, G.; Commandeur, Harry (2003)
      This paper examines the effect on the market valuation of large Dutch firms following the announcement of forming international strategic alliances (ISAs). These stock market effects are distinguished by type of alliance and country of origin of the partnering firms during the period 1985-1992. While ISAs are generally found to have a positive effect on firms' market value, strategically and culturally distant foreign partners generate a strong negative effect on a firm's market value. The results underscore the importance of conducting a strategic, operational and cultural audit of the partnering firms and the envisaged partnership. The audit needs to be taken as a starting point in developing the essential co-operation skills to make the alliance work and should become integrated within a comprehensive performance scorecard.