Entry Timing as a Mixed Gamble in Cross-border Acquisition Waves: A study of Family Firms

2021 ◽  
pp. 089448652110261
Author(s):  
Mohammad Fuad ◽  
Vinod Thakur ◽  
Ashutosh Kumar Sinha
Keyword(s):  
Family Firms ◽  
Superior Performance ◽  
Short Term ◽  
Family Control ◽  
Cross Border ◽  
Trade Offs ◽  
Entry Timing ◽  
The Relationship ◽  
Financial Losses

We draw upon the mixed gamble perspective to investigate the entry timing decisions made by family firms in the context of cross-border acquisition (CBA) waves. We argue that family-controlled firms trade-off short-term SEW and financial losses in favor of long-term SEW and financial gains, while moving early in CBA waves. Findings suggest that family-controlled firms have a higher preference for early movement compared with nonfamily-controlled firms. Further, we show that founder’s presence on the board and acquirer’s superior performance amplifies the mixed gamble trade-offs, thereby strengthening the relationship between family control and early movement within CBA waves.

Family firms and their participation in cross-border acquisition waves: evidence from India

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Fuad ◽  
Vinod Thakur ◽  
Ashutosh Kumar Sinha
Keyword(s):  
Design Methodology ◽  
Family Firms ◽  
Risk Averse ◽  
Firm Age ◽  
Content Type ◽  
Family Control ◽  
Temporal Clustering ◽  
Cross Border ◽  
Simulation Based ◽  
The Relationship

PurposeFrom the socioemotional wealth (SEW) perspective, family firms prioritize non-financial goals and show risk averse behaviour towards conducting acquisitions. In this paper, we study family firms' acquisitive behaviour while participating in CBA waves. Scholars have largely treated the cross border acquisition (CBA) wave and non-wave environments as homogeneous. We theorize that these two environments differ in their uncertainty and risk profiles on account of temporal clustering of acquisition deals. Accordingly, based on the SEW perspective, we examine the preference of family firms to participate in CBA waves.Design/methodology/approach The paper is based on CBAs conducted by Indian family firms between 2000 and 2018. These waves are identified by conducting a simulation based methodology.FindingsOur findings suggest that foreign institutional ownership, firm age and acquisition relatedness moderate the relationship between family control and participation in CBA waves.Originality/valueOur paper contributes towards the acquisitive behavior of family firms and their participation in CBA waves.

DOES STRONGER R&D CAPABILITY ALWAYS PROMOTE BETTER INNOVATION? THE MODERATING ROLE OF KNOWLEDGE BOUNDARY SPANNING OF R&D NETWORK

2018 ◽  
Vol 22 (07) ◽  
pp. 1850059 ◽  
Author(s):  
YANHUI JIANG ◽  
CHONGYANG WEI ◽  
ZHI YANG ◽  
ULAGANATHAN SUBRAMANIAN
Keyword(s):  
Boundary Spanning ◽  
Innovation Performance ◽  
Short Term ◽  
Trade Offs ◽  
Innovation Strategies ◽  
The Impact ◽  
The Relationship ◽  
Moderating Role

Setting the research background in China, this study draws on absorptive capacity, knowledge inertia and prospect theory to show the relationship between R&D capability and innovation performance which comprises exploitation and exploration. We propose that stronger R&D capability promotes exploitation performance but inhibits exploration performance. As exploitation represents immediate interest and exploration represents long-term interest, we introduce the notion of knowledge boundary spanning of R&D network to balance short-term and long-term benefits. The empirical results show that R&D capability and knowledge boundary spanning of R&D network complement each other for explorative innovation while they present trade-offs for exploitative innovation. This study contributes to existing literature on R&D capability–innovation performance, and it further extends our understanding by investigating the impact of knowledge boundary spanning of R&D network on the R&D capacity–innovation performance relationships. In addition, this study provides references on resources configuration to achieve different innovation strategies.

Molecular biology of enzyme adaptations in higher eukaryotes

Genome ◽  
1989 ◽  
Vol 31 (1) ◽  
pp. 272-283 ◽  
Author(s):  
Donal A. Hickey ◽  
Bernhard F. Benkel ◽  
Charalambos Magoulas
Keyword(s):  
Molecular Biology ◽  
Tissue Specificity ◽  
Enzyme System ◽  
Direct Interaction ◽  
Evolutionary Genetics ◽  
Short Term ◽  
Eukaryotic Genes ◽  
Higher Eukaryotes ◽  
The Relationship

Multicellular eukaryotes have evolved complex homeostatic mechanisms that buffer the majority of their cells from direct interaction with the external environment. Thus, in these organisms long-term adaptations are generally achieved by modulating the developmental profile and tissue specificity of gene expression. Nevertheless, a subset of eukaryotic genes are still involved in direct responses to environmental fluctuations. It is the adaptative responses in the expression of these genes that buffers many other genes from direct environmental effects. Both microevolutionary and macroevolutionary patterns of change in the structure and regulation of such genes are illustrated by the sequences encoding α-amylases. The molecular biology and evolution of α-amylases in Drosophila and other higher eukaryotes are presented. The amylase system illustrates the effects of both long-term and short-term natural selection, acting on both the structural and regulatory components of a gene–enzyme system. This system offers an opportunity for linking evolutionary genetics to molecular biology, and it allows us to explore the relationship between short-term microevolutionary changes and long-term adaptations.Key words: gene regulation, molecular evolution, eukaryotes, Drosophila, amylase.

scholarly journals BANK PROFITABILITY AND MACROECONOMY: EVIDENCE FROM LITHUANIA

2017 ◽  
Vol 24 (2) ◽  
pp. 383-405 ◽  
Author(s):  
Laurynas NARUŠEVIČIUS
Keyword(s):  
Banking Sector ◽  
Short Term ◽  
Empirical Examination ◽  
Bank Profitability ◽  
Pooled Mean Group ◽  
Real Gdp ◽  
Income Statement ◽  
Main Determinants ◽  
The Relationship

The purpose of this paper is to investigate the relationship between profitability of the Lithuanian banking sector and its internal and external determinants. We use the panel error correc­tion model to assess long-term and short-term determinants of items from bank income statements (net interest income, net fee and commission income and operating expenses). The results of the pooled mean group estimator show that bank size and real GDP are the main determinants in the long-term. Meanwhile, empirical examination suggests various variables as short-term determinants of income statement items. The pooled mean group estimation technique and the analysis of sepa­rate income statement items enable us to have a better insight into the Lithuanian banking sector and determinants of its revenue and expenses.

scholarly journals Bootstrap ARDL Test on the Relationship among Trade, FDI and CO2 Emissions: Based on the Experience of BRICS Countries

2019 ◽  
Author(s):  
Fumei He ◽  
Ke-Chiun Chang ◽  
Min Li ◽  
Xueping Li ◽  
Fangjhy Li
Keyword(s):  
Foreign Direct Investment ◽  
Causal Relationship ◽  
Co2 Emissions ◽  
Direct Investment ◽  
Export Trade ◽  
Short Term ◽  
Brics Countries ◽  
The Relationship ◽  
Cointegration Relationship

We used the Bootstrap ARDL method to test the relationship between the export trades, FDI and CO2 emissions of the BRICS countries. We found that China's foreign direct investment and the lag one period of CO2 emissions have a cointegration on exports. South Africa's foreign direct investment and CO2 emissions have a cointegration relationship with the lag one period of exports, and South Africa's the lag one period of exports and foreign direct investment have a cointegration relationship with the lag one period of CO2 emissions. But whether it is China or South Africa, these three variables have no causal relationship in the long-term. Among the variables of other BRICS countries, Russia is the only country showed degenerate case #1 in McNown et al. mentioned in their paper. When we examined short-term causality, we found that CO2 emissions and export trade showed a reverse causal relationship, while FDI and carbon emissions were not so obvious. Export trade has a positive causal relationship with FDI. Those variables are different from different situations and different countries.

scholarly journals Analisis Indeks Harga Konsumen di Indonesia Melalui Pendekatan Kointegrasi

2019 ◽  
Vol 4 (2) ◽  
pp. 110-118
Author(s):  
Muhamad Muin ◽  
Keyword(s):  
Exchange Rate ◽  
Empirical Study ◽  
Money Supply ◽  
Price Index ◽  
Consumer Price Index ◽  
Data Series ◽  
Short Term ◽  
Monthly Data ◽  
The Relationship

This study aims to analyze the relationship between the rupiah exchange rate (RER) and the money supply (M1) on the outgrowth of the consumer price index (CPI) in Indonesia. The data used in this study are monthly data series from January 2005 to January 2019. The results of this empirical study shows that there is a relationship between RER and M1 on CPI in the long term and there is a correction in the short term balance (ECM) which is influenced by M1. All of these variables are significant at α = 5% and partly significant at α = 1%.

The Relationship between Goal Proximity and Specificity in Bowling: A Field Experiment

1990 ◽  
Vol 4 (2) ◽  
pp. 145-154 ◽  
Author(s):  
Steven H. Frierman ◽  
Robert S. Weinberg ◽  
Allen Jackson
Keyword(s):  
Goal Setting ◽  
Repeated Measures ◽  
Questionnaire Data ◽  
Short Term ◽  
Level Of Confidence ◽  
Goal Condition ◽  
Main Effect ◽  
The Relationship ◽  
Better Than

The purpose of this investigation was twofold: to determine if individuals who were assigned specific, difficult goals perform better than those assigned “do your best” goals, and to examine the importance of goal proximity (longterm vs. short-term) on bowling performance. Subjects were 72 students enrolled in two beginning bowling courses at a 4-year university. They were matched according to baseline bowling averages and then randomly assigned to one of four goal-setting conditions. A 4 × 5 (Goal Condition × Trials) ANOVA with repeated measures on the last factor revealed a significant goal condition main effect, with the long-term goal group improving more than the do-your-best group. No other performance comparisons reached significance. Questionnaire data revealed that subjects in all three numerical goal conditions rated their level of confidence significantly higher than the do-your-best goal group in Week 1, but the long-term goal group displayed a significantly higher level of confidence than the other three goal groups in Week 4. All other questions indicated that all groups tried hard and were committed to and accepted their goals.

R&D Activities in Family Firms

2015 ◽  
pp. 330-351 ◽  
Author(s):  
Inna Sousa Paiva ◽  
Isabel Costa Lourenço
Keyword(s):  
Empirical Study ◽  
Family Firms ◽  
Superior Performance ◽  
Family Ownership ◽  
Entrepreneurial Success ◽  
D Investment ◽  
Business Orientation

This chapter investigates R&D investment in publicly listed family firms, and highlights the distinctions between these and non-family firms. The empirical study draws on data on German firms and their level of R&D expenditure between 2001 and 2012. The study finds that family firms spend more on R&D than non-family firms, confirming findings from the literature that long-term business orientation, superior performance and entrepreneurial success are characteristics of family firms. The research helps explain the differences between the R&D investment activities of family and non-family firms and contributes to the understanding of R&D activities of family firms, suggesting that family ownership is responsible for their strong entrepreneurial and innovation orientation.

scholarly journals Assessing the Spatial and Spatio-Temporal Distribution of Forest Species via Bayesian Hierarchical Modeling

Forests ◽  
2018 ◽  
Vol 9 (9) ◽  
pp. 573 ◽  
Author(s):  
Óscar Rodríguez de Rivera ◽  
Antonio López-Quílez ◽  
Marta Blangiardo
Keyword(s):  
Hierarchical Modeling ◽  
Temporal Distribution ◽  
Short Term ◽  
Distribution Models ◽  
Address Climate Change ◽  
Bayesian Hierarchical ◽  
Temporal Models ◽  
Spatio Temporal ◽  
The Relationship

Climatic change is expected to affect forest development in the short term, as well as the spatial distribution of species in the long term. Species distribution models are potentially useful tools for guiding species choices in reforestation and forest management prescriptions to address climate change. The aim of this study is to build spatial and spatio-temporal models to predict the distribution of four different species present in the Spanish Forest Inventory. We have compared the different models and showed how accounting for dependencies in space and time affect the relationship between species and environmental variables.

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