Cooperation at Different Stages of Innovation Process: the Effect on Company's Performance
This chapter surveys the recent trends in the literature on the performance of M&A deals in developed and emerging capital markets. This literature is voluminous, diverse and challenging. We focus on the transactions within one country – domestic M&As – in particular focusing on the methods that the researchers use to estimate whether M&A deals promote efficiency gains or not. We discuss the research instruments which allow an assessment of the effects of M&As on firm operating performance and on firm value. Analysing the results of latest empirical studies we reveal that target shareholders gain significantly in M&A deals. The evidence suggests that in most cases acquiring shareholders receive negative or insignificant returns in the short-run in developed capital markets, while in emerging economies acquiring shareholders mostly gain in M&A deals. Operating performance analysis reveals mixed results in developed and emerging capital markets, while the analysis of papers which use value performance indicators show the destruction of company value due to M&As in developed and emerging capital markets. The review also analyses studies that examine the relationship between different methods.
In a detailed study of 20 newly-privatized Russian enterprises, Igor Gurkov and Shlomo Maital ask two important questions concerning ownership and performance. First, who really controls the newly-privatized enterprises and who is generally thought to control them - are they the same? Second, what is the relationship between the type of control - in particular, does one form of control lead to superior performance?
The authors find that, for nearly half of the firms, managers were perceived to be the real owners and controllers. But this perception is not borne out by reality. In all of the 20 companies surveyed, across a variety of industries, 51 per cent or more of the stock was found to be distributed among the employees. The implications of this situation for Western firms seeking partners with Russian privatized enterprises is spelled out.
This article is intended to summarize the key works on Quality Management in order to obtain a unified theoretical basis. Applicability to Russian companies is discussed. Differences between the classic quality paradigm and the TQM ideas are focused and studied thoroughly. Basing on the most recognized works of Crosby, Juran and Deming, the history of Quality Management ideas development is shown. Mechanisms of impact of implemented quality management systems on company results are shown, since it is required in order to perform an empirical study of quality management effectiveness. Also several aims for empirical studies are proposed. Possibility of Quality Management implementation for Russian companies is also discussed.
In recent years, innovation management has shown to be a very important topic for academics and professionals. However, the emphasis has mostly been on the upstream activities of the innovation management process and specifically about how to obtain as well as to integrate new sources of innovation beyond the traditional and internal R&D function. Conversely, the downstream activities of the innovation process, specifically marketing and commercialization, have attracted little research. But the situation is changing now due to governments and companies that have realized that in order for an innovation to be successful, it is not enough to have good new ideas: it must foremost be adopted by the market. As a consequence, there is currently a shift in priorities and a renewed interest in the marketing of innovation and especially in the adoption of original products or services, because one important function of marketing is to contribute to the adoption of innovative solutions by potential customers. This book aims to contribute to this advancement and to provide fresh conceptual insights and thinking about the manners to stimulate and to facilitate the adoption of every kind of innovation. This will be managed by a very diverse contributions exploring the role and the balancing of internal and external stakeholders in the marketing of innovation.
The research is aimed at studying the applying of disruptive technologies by financial analysts in Russia and their impact on labor productivity and company productivity. Using structural equation modeling (SEM), we found that labor productivity and organizational support have almost identical indicators of a strong positive impact on company performance. Personal motivation stronger than digital skills affects labor performance.
The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.
портовый менеджмент, показатели деятельности, анализ эффективности, система учета, распределение издержек, методы анализа деятельности портовой системы
At present many industries reveal tendency for setting up of vertically integrated companies (VIC) the structure of which unites all technological processes. This tendency proved its efficiency in oil industry where coordination of all successive stages of technological process, namely, oil prospecting and production -oil transportation - oil processing - oil chemistry - oil products and oil chemicals marketing, is necessary. The article considers specific features of introduction of "personnel management" module at enterprises of oil and gas industry.
vertically integrated companies; personnel management