Global Business Issues eJournal最新文献

{"title":"Wealth Added for Shareholders Conglomerate Research","authors":"A. Irawan","doi":"10.2139/ssrn.2352276","DOIUrl":"https://doi.org/10.2139/ssrn.2352276","url":null,"abstract":"This paper investigates empirically the association between wealth added for shareholders conglomerate and Stock Returns. This issue has been hotly debated in academic circles because a lot of growing a conglomerate that dominates the market of a country starts from a family company . The larger the family company that makes a conglomerate made the greater dominance of family and of course will affect the stock price. The conglomerate owners know that it's better to buy / make companies in the same industry / different yes bank to borrow money at high interest rates , they are more than happy to make or buy the target company has a long corporate profits is greater than the interest, the overall profit Appears on investment conglomerate grows . Also, the conglomerate has a better ability to borrow in the money markets or capital markets compared to smaller community banks in their company . Over the years this has been enough to make the company's stock price increases , because companies that are considered most often in the return on their investment . Alone conglomerators aggressive nature is enough to make - many investors , who see the power of \" strong \" and seems unstoppable in business , buy their stock . High stock price allows them to increase lending more , based on the value of their shares , and thus buy more companies.The present study will examine the influence of property and real estate conglomerate that some company listed on the Indonesia Stock Exchange and the other has not been registered thus adding to the stock returns for shareholder wealth. This study controls the effect of Number owned Subsidiary, the Second Generation in composition Senior Management, Performance Price Shares, Economic Value Added (EVA), Market Value Added (MVA) and Wealth Added for shareholders on stocks return.Year by year of regression analysis is used to get external validity of the result. The findings of this study agree with studies that Fernandez (2002), where the EVA does not properly measure Wealth Creation is seen that if the value of the EVA positive returns to negative shareholders. It is supported also by the increasing WAI will lower stock returns. This is because the additional wealth for shareholders reused by shareholders for investment in the development of existing businesses as subsidiaries expand through the acquisition of similar companies / other and or create a new company. Therefore, by enlarging its subsidiaries become an additional tool to increase shareholder wealth created. Number of subsidiaries owned by a conglomerate if more and more and bring the benefits will increase the stock price . This is based on the aggressive nature of the conglomerators Themselves was enough to make- many investors , who saw a \"powerful \" and seemingly unstoppable force in business , buy their stock . High stock prices allowed them to raise more loans , based on the value of their stock , and thereby buy even more companies","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132269518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Integrated Approach to Model Redispatch and to Assess Potential Benefits from Market Splitting in Germany","authors":"K. Trepper, Michael Bucksteeg, C. Weber","doi":"10.2139/ssrn.2359328","DOIUrl":"https://doi.org/10.2139/ssrn.2359328","url":null,"abstract":"Future congestion management is one of the major market design issues in the European electricity market. In the light of the sharp increase in redispatch measures seen within the last years, the importance of an efficient management of network congestion increases particularly in Germany. Against this background, we develop an integrated approach to model (re)dispatch for Germany in detail while considering interactions with neighbouring countries. Compared to 2011, our findings indicate a much more critical network situation in Germany for 2015. We identify increased RES production, resulting imports and exports, delays in grid extension and the impacts of the nuclear phase-out (leading to an amplified north-south congestion problem) as main drivers for the nearly doubling of redispatch volumes in 2015. We show that market splitting can potentially contribute to a secure grid operation and leads to a significant reduction of redispatch volumes (59%) according our model calculations. We state that market splitting can of course not be the ’one and only solution’ but an interim approach to manage upcoming congestion in Germany in times when grid expansion has not yet been completed and that the implementation of market splitting can also serve as an alternative to grid extension within less congested areas.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130284071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors’ Affecting the Hospital's Cost Structure: The Case of a Greek University Hospital","authors":"Georgios L. Thanasas","doi":"10.13189/UJAF.2013.010206","DOIUrl":"https://doi.org/10.13189/UJAF.2013.010206","url":null,"abstract":"This paper analyzes the data that compose the cost structure of Greek Hospitals. Moreover, an attempt is made to explore the main operating factors that affect the total cost of hospitals. This study, tries to contribute to literature in order to group into categories the expenses of hospitals, while also it provides information to users on the cost structure of hospitals. In order to do so, a big University Hospital of Greece was taken into account, for the period 2005-2009 in a quarterly basis for both financial and operative factors. Eleven cost categories that component the cost structure of the Hospital and four operative factors were taken into account for this analysis. The results have shown the cost factors who significantly affected the cost structure of this particular University Hospital.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130870861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Threats to the International Trade Regime: Economic and Legal Challenges Arising from Anti-Offshoring Measures Across the Globe","authors":"Deth Sao, Amar Gupta","doi":"10.2139/SSRN.2341293","DOIUrl":"https://doi.org/10.2139/SSRN.2341293","url":null,"abstract":"The stability and growth of the international trade regime is threatened by the emergence and proliferation of anti-offshoring measures by governments worldwide. The business practice of offshoring transfers domestic production of goods and services abroad as a means of achieving optimal use of a firm’s resources and capitalizing on comparative advantage. While companies have relocated manufacturing activities for centuries, the emergence and growth of services offshoring in recent decades has not only contributed significantly to greater global economic growth and prosperity, but also ignited a fluctuating frenzy of protectionist fears and measures at national and sub-national levels against offshoring that continues to the present day. Such a backlash is based on concerns that offshoring results in domestic job losses, wage reduction and inequality, and disruption of business innovation and productivity. This motivates examination of the legitimacy of these perceptions and the legality of governmental actions in the offshoring arena, as such measures undercut and potentially violate the commitments made by nations to the World Trade Organization and various other trade agreements. In the United States, the majority of state governments have proposed anti-offshoring bills, several of which have been enacted. The US Constitution empowers the federal government with exclusive authority over the areas of interstate commerce, foreign affairs and foreign trade. All these constitutional principles are arguably violated when state governments enact anti-offshoring legislation. The US experience is not singular, as similar policies are being considered and/or implemented in other nations or nation-groups. In particular, the European Union (EU) and a host of other countries have adopted discriminatory measures relating to personal data protection that place foreign service suppliers at a disadvantage compared to their domestic counterparts. These countries and the EU are strong proponents of free trade and have signed onto a variety of trade agreements. Adherence to these commitments means accepting that free trade is a two-way street, and comes with benefits and constraints. Furthermore, countries must look beyond restrictive approaches to embrace a combination of pro-business policies that promote labor market flexibility and investment as well as employment security initiatives around worker retraining and mobility to resolve the short-term distributional effects of globalization. These issues are analyzed with respect to the current situation.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115255457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Investing Abroad from the Bottom of the Productivity Ladder – BRICS Multinationals in Europe","authors":"M. Sanfilippo","doi":"10.2139/ssrn.2335956","DOIUrl":"https://doi.org/10.2139/ssrn.2335956","url":null,"abstract":"This paper analyses differences in total factor productivity and other competitiveness indicators of emerging multinationals (EMNEs) from Brazil, Russia, India, China and South Africa (BRICS) against their counterparts from developed countries and domestic MNEs. The current literature suggests that early internationalisation strategies by EMNEs are characterised by a lack of experience in diverse economic and cultural contexts and are explicitly driven by asset-exploration strategies. If true, this should translate into significant differences in performance, especially when they invest in developed countries. Based on a large database on foreign affiliates in Europe, results find EMNEs at the bottom of the productivity ladder, with a productivity gap around 20-30 percentage points compared to more established competitors. Moreover, the paper points to high heterogeneity among EMNEs that affects their relative performance according to their current levels of productivity or to differences in their sectorial and geographic patterns.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"2012 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127392170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Trade Mark Applications in Bad Faith: Righting Wrong in Denmark and Why the Benelux is Next","authors":"A. Tsoutsanis","doi":"10.1093/JIPLP/JPT241","DOIUrl":"https://doi.org/10.1093/JIPLP/JPT241","url":null,"abstract":"Trade mark grabbing. It happens a lot. Anywhere. Anytime. This article discusses the most recent developments in European Trade Mark Law for preventing cross-border trade mark grabbing. It outlines the current state of play in Europe on when right owners are able to invalidate bad faith trade mark applications on the grounds of earlier use. It discusses the recent decision of the Court of Justice of the European Union (CJEU) of 27 June 2013 in the case Malaysia Dairy v Yakult. The author holds that the CJEU was correct in finding that the implementing legislation in Denmark violates the European Trade Mark Directive. Apart from Denmark, the author also discusses the impact on the Benelux, concluding that the Benelux violates the European Trade Mark Directive. The article also explains some relevant angles on how to ensure that European Directives are properly transposed in national legislation. The article concludes with the most recent legislative changes in this field, which is likely to have a big impact on the ability for brand owners in 2014/2015 to take action against bad faith trade mark applications. Note: This is a revised version of the same article published in the Netherlands in \"Berichten Industriele Eigendom\" 2013 July/August p. 254-260 in honour of fellow editors mr J.L.R.A. Huydecoper and mr. P.J.M. Steinhauser. Benefitting from separate peer-review and updating, this amended version is now published in Journal of Intellectual Property Law & Practice 2014 Vol 9, Issue 2, p. 118-124.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114777508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of Quality Management","authors":"Jasim Mohammed Hassan Yousif Al-Marzougi","doi":"10.2139/ssrn.2328960","DOIUrl":"https://doi.org/10.2139/ssrn.2328960","url":null,"abstract":"Quality management represents excellence in management in a fast-changing business environment afflicted with crises and turbulence. This paper introduces and defines quality management and discusses different global changes and their implications on doing business. It also explains the different management functions and identifies various managerial roles and their impact on an organization. The next section deals with effective management and reviews the differences between managers and leaders according to selected research. The third section discusses the importance of strategic planning and corporate strategy. The fourth section explains the importance of having a risk management strategy in place in organizations or Enterprise Risk Management (ERM). This paper concludes with some recommendations for businesses in order to avoid turbulence, financial problems, and crises.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117104494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Patenting Strategies and Characteristics of Declared Inventions in the Long Term Evolution Standard","authors":"Federico Caviggioli, Antonio de Marco, Francesco Rogo, Giuseppe Scellato","doi":"10.1111/radm.12194","DOIUrl":"https://doi.org/10.1111/radm.12194","url":null,"abstract":"This study provides an empirical analysis of patent declarations at the European Telecommunications Standards Institute concerning the core releases of the Long Term Evolution standard for mobile communications. The analysis of the declared Standard Essential Patents suggests that the distribution of essential inventions across firms is less concentrated than in previous mobile standard generations [Global System for Mobile communications and Universal Mobile Telecommunications System in 1991 and 1999], mainly due to the entry of new global players. We investigated the characteristics of the declared patents and their value as proxied by the number of citations received before and after the declaration. We distinguish between entrant and incumbent firms. The declared patents receive on average more citations than a control sample of nondeclared. However, such citation premium is higher for incumbent firms than entrants. Overall evidence suggests that new global players in the field are more likely to declare patents with a narrower technological scope and that have a relatively lower technological merit as captured by citations.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122053805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"What Drives the Market Share Changes? Price versus Non-Price Factors","authors":"K. Beņkovskis, Julia Wörz","doi":"10.2139/ssrn.2314882","DOIUrl":"https://doi.org/10.2139/ssrn.2314882","url":null,"abstract":"The paper proposes a theoretical framework to explain gains and losses in export market shares by their price and non-price determinants. Starting from a demand-side model a la Armington (1969), we relax several restrictive assumptions to evaluate the contribution of unobservable changes in taste and quality, taking into account differences in elasticities of substitution across product markets. Using highly disaggregated trade data from UN Comtrade, our empirical analysis for the major world exporters (G7 and BRIC countries) reveals the dominant role of non-price factors in explaining the competitive gains of BRIC countries and concurrent decline in the G7’s share of world exports.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115268085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Trade Liberalization and State-Owned Enterprises: Evidence from Vietnam's Accession to the WTO","authors":"Leonardo Baccini, Giammario Impullitti, Edmund J. Malesky","doi":"10.2139/ssrn.2314897","DOIUrl":"https://doi.org/10.2139/ssrn.2314897","url":null,"abstract":"The findings of the new New Trade Theory are compelling and elegant, and the predictions have been justifiably held up as a watershed event in international trade. Nevertheless, the simplifying assumptions necessary to generate the results obfuscate key differences in the strategic assets firms bring to bear in lobbying national governments. In this paper, we focus on critically important subset of these assets -- firms that are owned by the government, state owned enterprises (SOEs). To do this, we study trade liberalization in Vietnam, a country transitioning from central planning, after its accession to the World Trade Organization (WTO) in 2007. Using firm-level data, we show that the productivity and size of private firms have a positive effect on tariff reduction pre- and post-accession. These findings confirm the predictions of the Melitz (2003) model regarding firm preferences in international trade negotiations. The opposite is true for state-owned firms, however, whose productivity and size lead to small tariff reductions. Further we show that tax is the mechanism through which SOEs are able to capture the government. The findings demonstrate that previous trade work has overlooked the power of SOEs in emerging markets.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125087363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}