Supply Chain Innovations and Partial Ownership

When knowledge sharing is non-contractible, we show that competing downstream firms may prefer to help improve an inefficient alternative supply source than help to improve the technology of the efficient actual supplier—even if this is costless. A downstream firm can have incentives to decrease the efficiency of the actual supplier in order to improve its outside options. Non-controlling partial backward ownership can—through the participation of the downstream firm(s) in the upstream profits—align the incentives of the supplier and its competing customers. This improves industry performance while simultaneously benefiting consumers. Partial backward ownership has similar effects as strengthening a downstream firm’s bargaining power and making knowledge sharing contractible.

Individual Investments Biased by the Size of a Foreign Investor: An Experimental Study

The field of behavioral finance has actively researched behavioral elements influencing the choices of individual investors. This study also contributes to the behavioral finance and examines the effect of an increase in a foreign firm’s partial ownership in a domestic firm on the local individual investments in that domestic firm. Specifically, using a controlled lab experiment the study examines the investments of Pakistani individual investors between a purely Pakistani firm and a Pakistani firm with three different levels of Chinese ownership (portfolio, minority, majority). The experimental results show that with reference to Chinese minority ownership in a Pakistani firm, the potential investors are 47% (61%) less likely to invest in a Pakistani firm with Chinese portfolio (majority) ownership than in a purely Pakistani firm. The study uncovers an important non-monetary factor in the form of a foreign firm’s partial ownership that can significantly influence the choices of individual investors. It also makes an important contribution to the growing literature on the Chinese foreign investments specifically in Pakistan by exploring how potential individual Pakistani investors are likely to react to an increase in Chinese investments in Pakistani firms.

Reversible privatisation. Conflict, bricolage, and the sale of common lands in the Spanish province of Navarre, 1808–1860

The privatisation of communal assets tends to be presented as an irreversible linear movement that was driven from above. Based on a case study (Navarre, nineteenth century), this article seeks to give greater prominence to local players and their response to changing circumstances. The process thus appears less linear and compact by revealing certain anomalies, such as the reversibility of certain sales or the alienation of partial ownership rights that were compatible with the preservation of rights of use in favour of local councils and households, as an example of institutional bricolage. Against a backdrop of war and municipal bankruptcy, the privatisation of collective lands between 1808 and 1860 followed various paths, each one benefitting different social classes. Borrowers, outside investors and wealthy individuals accumulated large estates, but there was also a chance for peasants and local people to become property owners. The recovery of part of these lands on the back of social conflicts from 1884 onwards confirms that privatisation was not a fait accompli.

Pengaruh Struktur Kepemilikan Terhadap Manajemen Laba dan Dampaknya Terhadap Nilai Perusahaan

This study aims to determine the effect of simultaneous and partial ownership structure and earnings management on firm value in the Consumer Goods Industry Sector Companies that are listed on the Indonesia Stock Exchange in 2014. The method used in this study is the census method. The population studied was 32 companies in the Consumer Goods Industry Sector that were listed on the Indonesia Stock Exchange in 2014. The data collected were secondary data. Analysis of the data in this study used path analysis using SPSS V. 24. The results showed that the ownership structure and earnings management, simultaneously, had a significant effect on the value of the company in the Consumer Goods Industry Sector Companies that were listed on the Indonesia Stock Exchange in 2014. The ownership structure, partially, has no significant effect on the value of the company in the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange in 2014. Earnings management, partially, has a significant effect on the firm value of the Consumer Goods Industry Sector Companies that are listed on the Exchange Indonesian Securities in 2014, and ownership structure does not significantly influence earnings management in the Consumer Goods Industry Sector Companies that are listed on the Indonesia Stock Exchange in 2014. Keywords: ownership structure, earnings management, company value

Investment models in transition process

Based on a theoretical review of investment models through full and partial ownership, the aim of the paper is to provide an examination of factors that influence to the choice of investment model in six transition countries from region provide recommendations that which investment models would be appropriate between observed countries. Using a multivariate cluster analysis on a sample of six transition countries from region, a grouping of countries was carried out according to next criteria in the period 2000- 2014: a) economic growth, b) competitiveness and c) institutional distance. The results of analysis have shown that Serbia, Bosnia and Herzegovina, Montenegro and Macedonia should choose the investment model of partial ownership when investing in Croatia and Slovenia. Slovenia and Croatia should choose investment model of full ownership when investing in Bosnia and Herzegovina and Macedonia, especially in Serbia and Bosnia and Herzegovina because they represent a growing market. Also, in mutual exchange, Slovenia and Croatia should choose models of full ownership, as well as Serbia, Montenegro, Macedonia and Bosnia and Herzegovina.