The Choice of Acquisition Form around the World
A/Prof Mark Humphery-Jenner, UNSW Business School
27th Mar 2017 12:30pm-1:30pm Rm 4150, Level 4, Abercrombie Building (H70)
Abstract: We examine the choice between minority and majority (controlling) acquisitions around the world. We analyze 56,138 domestic and cross-border minority and majority acquisitions made by listed firms covering 48 acquirer countries over the 1990 to 2010 period. We find that minority acquisitions are more common in countries with greater governance risk and less developed equity markets. They are also more common in cross-border deals, especially when the acquirer and target countries are distant, use different languages, or have different legal, political and economic regimes. These findings are consistent with the idea that minority acquisitions are most useful when integration difficulties and information asymmetries might bias against obtaining full control, or when retaining target management is desirable. We also show that minority acquisitions are a useful ‘stepping stone’ to a controlling position, with minority acquisitions performing this function more often in countries with greater governance risk, and less developed equity markets. Overall, these findings go some way to explaining the choice between minority and majority acquisitions across countries, and in cross-border deals.
Bio: Mark Humphery-Jenner is an Associate Professor of Finance at UNSW Business School. His research is primarily in corporate finance and governance. He has published work in leading finance and management journals and hold PhDs in law and in finance.
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Turkish Multinationals: Market entry and post-acquisition strategies
Professor Mehmet Demirbag, University of Essex, Essex Business School, UK
9th Feb 2017 12:00pm-1:30pm Room 4150, Abercrombie Building (H70)
Abstract: There has been a growing body of literature dealing with the internationalization of emerging country multinational enterprises (EC MNEs) that are originating from less-developed institutional environments with latecomer disadvantages. These firms offer a fruitful laboratory for scholars to investigate the earlier phases of internationalization within a highly competitive world. Despite the increasing amount of research and publications on EC MNEs, the studies mostly focus on Chinese, Indian, and Latin American MNEs’ experiences representing the variety among the emerging countries limitedly in such issues as political economy, history, socio-cultural environment, and geographic issues. Having geographical proximities and historical ties with Europe and Asia, and sharing characteristics from western and eastern cultures at the same time, Turkey may provide interesting insights about the internationalization of EC MNEs. Turkish MNEs have been engaging in outward FDI (both in forms of acquisitions and greenfield investments) and intensively using other forms of international business activities such as exporting and strategic alliances for decades. Turkish Multinationals like Arçelik, Turkish Airlines, Vestel, and Yıldız Holding are very close to being global players in their respective industries. For instance, Arcelik is in third place in the European home appliances market with its Beko brand. Yıldız Holding has acquired Godiva, DeMet’s, and United Biscuits and is the third-largest biscuits manufacturer of the world. Vestel is the largest manufacturer of consumer electronics in Europe. Apart from these, many firms have become serious regional players seeking new opportunities to develop global presences.
This presentation aims to discuss the drivers, motives, and strategies of Turkish MNEs' internationalization and to evaluate the adequacy of theoretical perspectives in explanation of EC MNEs' international expansion. Based on multiple-case studies that are developed by analysing the data collected through semi-structured interviews with company executives and documentation, internationalization trajectories of Turkish MNEs will be introduced. The drivers of the international expansion of the firms will be revealed at firm-, industry-, and institution-level. Motives for internationalization will be examined for each firm. The internationalization processes of the firms will be described by examining their location choices, entry modes, and strategic behaviours.
Bio: Mehmet Demirbag is Deputy Dean and Professor of International Business at Essex Business School, University of Essex. Mehmet has co-authored one book (Palgrave-McMillan), co-edited three books (published by Edward Elgar) and guest edited/co-edited various journal special issues (most recently Human Resource Management (US), Journal of World Business, International Business Review, Journal of Business Research, and International Marketing Review). He currently serves on editorial board of British Journal of Management, Journal of World Business, Management International Review, Journal of Asia Business Studies, Journal of Global Analysis, International Journal of Multinational Corporation Strategy, International Journal of Quality and Standards (published by (BSI) British Standards Institute) Eurasia Journal of Business and Economics and many others. His research appeared in Journal of Management Studies, Human Resource Management (US), Management International Review, Journal of World Business, International Business Review, Human Resource Management Journal, International Journal of Human Resource Management, International Journal of Production Economics, International Journal of Production Research, and OMEGA among others. He consulted with a number of local and multinational firms in Turkey and Middle East and has published a number of articles on emerging markets and EMNCs.
A Neglected Factor in Entry Mode Research: The Role of Decision-Maker Personality
Dr Dan Baack, University of Denver
25th Nov 2016 12:00pm-1:30pm Room 4150, Level 4, Abercrombie Building (H70)
Abstract: This study diverts from traditional entry mode research, which has primarily focused on firm and environmental characteristics to drive decisions, by responding to calls for a better understanding of managerial cognition’s role in internationalization decisions. Using a quasi-experimental approach involving 233 Australian managers, this paper explores the role that the decision-maker’s personality traits plays in entry mode decisions. This work is grounded in the theory of purposeful work behavior, which suggests that the decision-maker’s personality is expected to influence strategic decisions. The results, incorporating both mediating and moderating effects, indicate that three of the ‘Big Five’ personality dimensions play a significant role in a manager’s preference for particular entry modes.
Bio: Daniel W. Baack, Ph.D. is an advertising and international marketing scholar. His academic research focuses on how differences in consumer psychology influence marketing practice. This includes investigations of creativity and advertising effectiveness, and of psychology and entry mode choice. Much of this is international in scope, and he has investigated international business practices in China, India, Russia, Brazil, Taiwan, Australia, Turkey, the Ukraine, France and Germany. His wife is Taiwanese, and an increasing amount of his travel, and his international research, is focused on East Asia.
Dr. Baack has been published in over 25 peer-review journal publications, including a recent publication in the Journal of International Business Studies. He has been awarded over 20 research grants, including the prestigious American Academy of Advertising Research Grant — an international grant given to only two research projects every year by the leading academic body for advertising research. He is also the author of International Marketing, a textbook published by Sage Publications for which he is starting work on the second edition. Beyond academic success, is an active consultant and expert witness. He has testified at the state and federal level regarding advertising ethics.
Where to Seek Strategic Assets for Competitive Catch-up? A Configurational Study of Emerging Multinational Enterprises Expanding into Foreign Strategic Factor Markets
A/Prof Lin Cui, Australian National University
17th Nov 2016 12:00pm-1:30pm Rm 4150, Level 4, Abercrombie Building (H70)
Abstract: Emerging multinational enterprises (EMNEs) often engage in strategic-asset-seeking foreign direct investment (FDI) for competitive catch-up. This study explores the linkages between an EMNE’s competitive scenario consisting of a configuration of its awareness-motivation-capability (AMC) conditions and the comparative institutional advantages of its strategic-asset-seeking destination. Our configurational analyses of Chinese FDIs in the technology-intensive industries of OECD countries reveal a taxonomy of four distinct asset-seeking strategies of EMNEs. Our findings shed novel insights into the strategic variations within EMNEs based on a theoretically and methodologically extended AMC framework. This study also extends the varieties of capitalism literature by addressing the implications of comparative institutional advantages for foreign entrants, rather than domestic incumbent firms.
Bio: Lin Cui is Associate Professor in International business in the Research School of Management at The Australian National University. He earned a PhD in International business (2008) from The Australian National University, a Master in Economics (2004) from Seoul National University, and double Bachelors (2002) in Economics and Korean Studies from Peking University. His research focuses on International business strategies, especially those of emerging multinational enterprises. His recent works attempt to synergize frontier research across the disciplines of political science and international business. His work has been published or forthcoming in journals such as Journal of International business Studies, Organization Studies, Journal of World Business, and others. He was a recipient of an ARC Discovery Early Career Researcher Award (DECRA) and multiple national competitive research grants from China. He serves on the editorial boards of Asia Pacific Journal of Management and Management Organization Review.
Alternate Innovation Ecosystems to the Sillicon Valley Model
Dr. Tejpavan Gandhok (Pavan),
5th Oct 2016 1:00pm-2:30pm Room 5040, Level 5, Abercrombie Building (H70)
- Silicon Valley type innovation eco-systems and consumer mobile internet dominate popular imagination , private investment and economic planners' agenda…
- …there appears to be an important case for re-balancing the resource allocated towards innovation in areas such as clean-tech and life sciences and careful thought about what types of innovation ecosystems are appropriate for these sectors - are Silicon Valley 'Hollyworld' type models appropriate ? If not then what might be better ecosystem models for these specific sectors?
- Therefore what are the implications for the Innovation agenda and resource allocation in Australia as well as in other key Emerging Innovation hotspots eg India, China, Singapore etc?
Bio: Pavan has a very eclectic and international background. At present he enjoys being an entrepreneur and a “pracademic”.
His corporate experience : includes over 20 year’s experience in senior leadership roles with leading strategy consulting/ corporate finance firms and private equity funds such as the Boston Consulting Group, Stern Stewart & Co., AT Kearney, Halcyon partners and TVS-Capital. Pavan has been a deeply trusted senior advisor with a strong track record of demonstrable results for many of the leading blue chip corporate clients in Australia, India, SE Asia as well as many major global MNCs in a very wide range of industries, geographies and situations.
He has also played entrepreneurial roles in several start- ups and turn-arounds as co-founder /CEO/ Lead Director – mainly on the India consumption story. As part of this, Pavan has also had the opportunity to exercise his creative skills in creating over a dozen new consumer concepts and brands – covering restaurants, retail, sports and wines. He has also acted in TV serials and enjoys creative writing.
In other career roles, Pavan has also worked with Monsanto as Director - business development and growth strategy for Asia-Pacific; in a Business Development role for the University of Melbourne's newly founded commercial arm; as a project engineer and research scientist with ICI Australia and CSIRO - Australia's leading scientific research group.
Pavan’s academic interests: He has recently earned his PhD from Singapore Management University, and also serves there as Affiliate faculty. He is a Visiting Fellow at the University of Melbourne, UCLA, and U of Queensland.
His research interests are mainly in adaptive strategy, under high uncertainty and dynamism- especially business applications in Emerging Markets and High Technology for topics related to: Corporate Governance; the interface between Strategy and Corporate Finance; advanced tools for Decision Making under uncertainty; Real Options; the Cognitive Dynamics of leaders’ Analytic & Intuitive thinking; Emerging Market related business strategies and the emergence of MNEs from these markets.
Pavan’s views and articles on the above topics have been frequently published in many leading business publications (eg the Economic Times, Business Standard, Journal of Applied Corporate Finance, AsiaLink Essays, Australian Financial Review). He is also a very popular speaker on business media such as CNBC and in various CXO/ Investor forums and corporate leadership retreats.
Pavan is an Indian born, US educated, Australian citizen, former permanent resident of Singapore and an Overseas Citizen of India. He has a BE (Chem) with honours from U. of Melbourne, and MBA (Dean’s List) from UCLA.
Who Are These Emerging Markets Anyway?
Alexandar Assouad, Belmont University, USA
12th Aug 2016 12:00pm-1:30pm Rm 4150, Level 4, Abercrombie Building (H70)
Abstract: To date there has been little to no widespread, universally accepted and theoretically driven examination of what an emerging market is and how best to capture its principle characteristics. Major international organizations, institutions and scholars, all approach classifying these countries utilizing a multitude of different perspectives. Applying institutional theory as a framework and drawing on research from multiple disciplines, this work develops a more nuanced reclassification of emerging markets. The application of this multidimensional and multidisciplinary framework results in eight categories of emerging markets and shows how political, economic, social, and cultural dimensions can contribute to the emergent status of a country. These findings also contribute to developing new boundary conditions for national contexts to be applied in future IB research.
Bio: Dr. Assouad completed a doctoral program in management with special emphasis in International Business. His dissertation and research focus is in international strategic management in emerging markets, specifically highlighting the importance of context. Other academic interests include the influence of culture on teams, leadership and power.
Dr. Assouad has published in a variety of business journals and co-authored book chapters. His research has been presented at a number of Academy of International Business conferences, as well as at the Academy of Management. Dr. Assouad is active in the wider academic world, regularly attending and participating as a conference reviewer, and track and session chairs.
Dr. Assouad is also deeply engaged in teaching. He lectures on international business management, strategic management, globalization and global market entry. He is active in a number of international teaching initiatives focusing on developing and preparing students for the international context of business and in the promotion of cross cultural understanding, communications and competencies.
Dr. Assouad’s professional experience spans a wide array of industries, from textiles and production to supply chain management and the software sector. Dr. Assouad has lived and worked in Europe, North America, Egypt and the Middle East and is now actively pursuing growing a network in the Asia Pacific and beyond. Personal interests include, tennis, diving, music and CrossFit. More specifically Dr. Assouad is a firm believer in international travel and experience as a foundational element of a truly well rounded education and strives to promote this agenda to students and colleagues alike.
The Stigmatization of CEOs once their Chairmen of Board are under Criminal Investigations
Dr Kehan Xu, University of Wollongong
10th Mar 2016 12:00pm-1:30pm Rm 4150, Abercrombie Building (H70)
Abstract: This study examined the executive labor market consequences borne by CEOs once they suffer unexpected stigmatization. Our empirical results, based on unique panel data across 13 years with 103 chairmen of the board who were under criminal investigation, support both the singling-out and settling-up mechanisms. We found that CEOs suffer from compensation share losses as soon as the stigmatization process starts, even years before the criminal charges against their colleagues are proven. We also contribute to the literature by adding differentiated influences provided by different arbiters: (a) state capitalists versus non-state controlling shareholders, and (b) governments versus journalists. Our results show that white-collar crimes at the executive level not only cause direct economic losses to firms but also initialize a very complicated stigmatization process. Our findings suggest that governmental decision-makers reduce financial support to non-state-owned stigmatized firms more than to state-owned ones; however, the media more aggressively disapproves state-owned stigmatized firms than non-state-owned ones.
Keywords: Stigmatization, CEO compensation share, disapproval, executive labor market, principal score matching (PSM).
Bio: Dr. Xu’s research interests include innovation, branding strategy and market-based assets, delegation, CEO decision-making and executive crimes. He has published papers in the Journal of Management and Academy of Management Perspectives. Before entering academia, Kehan Xu cofounded software ventures in Singapore and Hangzhou, China. He also served as Executive Director and Chief Financial Officer for a pharmaceutical manufacturer listed in Hong Kong Stock Exchange (market cap >1 Billion USD).
PhD (Texas A&M), MBA (Miami)
Studying Indian Technical Professionals in Japan
Anthony P. D’Costa, University of Melbourne
22nd Feb 2016 11:30am-12:30pm Rm 4150, Abercrombie Building (H70)
Abstract: This presentation based on my just published book International Mobility, Global Capitalism, and Changing Structures of Accumulation: Transforming the Japan-India IT Relationship, is the third one on industrial restructuring in a global capitalist context. The first two were on steel and auto industries. This third one is on the IT industry with a specific focus on the global mobility of technical professionals. Rather than simply view this as driven by this or that factor and agency, I situate the ‘problem’ in the larger context of changing capital accumulation structures and Japan’s demographic crisis through the movement of people and illustrate that despite the “stickiness” of national institutions such as Japanese culture and business practices both Indian and Japanese companies are trying to break in and break out of the status quo for increased capital accumulation for both parties.
Bio: Anthony P. D’Costa is Chair and Professor of Contemporary Indian Studies at the Australia India Institute and teaches Development Studies at the School of Social and Political Sciences, University of Melbourne. He has published on the political economy of development, global capitalism, and industrial restructuring using the steel, auto, and IT sectors. His co-edited Transformation and Development: The Political Economy of Transition in India and China (2012), edited Globalization and Economic Nationalism in Asia (2012), and After-Development Dynamics: South Korea's Contemporary Engagements with Asia (2015) were all published by Oxford University Press. His International Mobility, Global Capitalism, and Changing Structures of Accumulation: Transforming the Japan-India IT Relationship (Routledge 2016) and currently co-editing The Land Question in India: State, Dispossession, and Capitalist Transition (Oxford University Press). He also edits Dynamics of Asian Development book series. He has held several fellowships, including Fulbright-Hays, American Institute of Indian Studies, Korea Foundation, Abe of the Japan Foundation, and POSCO at the East West Center. He has taught at the University of Washington, Copenhagen Business School, National University of Singapore, Indian Institute of Management, Calcutta, and Bordeaux École de Management.
Industry Workshop - Innovative Governance Model of Indian Business Group
S.P. Shukla, Group President & CEO, Mahindra’s Aerospace, Defense & Steel Business
17th Feb 2016 12:00pm Rm 5050, Abercrombie Building (H70)
This workshop will be an opportunity for listening & interacting with industry leaders from emerging markets
Vikas Kumar, Director EMIRG & Director of Research Engagement firstname.lastname@example.org
The role of government in Russian MNEs’ internationalization
Ms Anna Zubkovskaya, The University of Auckland Business School
17th Jul 2015 12:00pm-1:30pm Room 321, Level 3, Economics & Business Building
Abstract: I investigate the relationships between key actors who have significant impact on the internationalization of Russian MNEs, namely CEOs, oligarchs, regional governments and the federal government. The CEOs consult both the federal and regional governments in order to make decisions in regards to their companies’ internationalization. However, this relationship and the CEOs’ conformity to the governments’ requirements is often a formality. CEOs often break formal rules and make their own rules, especially when confronted with institutional uncertainty. They use established chains of connections between government officials, oligarchs and CEOs of other companies to operate domestically and internationally. These chains of connections are developed over years and can be a very powerful tool when dealing with bureaucracy and formal institutions’ instability. The interplay between formal and informal institutions in Russia’s business environment is facilitated by established connections and plays an important role in the internationalization of Russian MNEs.
In order to understand this interplay and the way it impacts the internationalization of Russian MNEs, I utilize institutional theory and extend current conceptualizations on the interplay between formal and informal institutions in International Business by drawing upon relevant concepts from the Political Science literature. To investigate how Russian CEOs deal with the relationships between key actors and overcome formal institutional instability to facilitate the internationalization processes of Russian MNEs, I undertook empirical fieldwork in Russia for two months. Based on the findings, I aim to develop a framework that illustrates the impact the interplay between formal and informal institutions has on the internationalization process of Russian MNEs.
Speaker: Anna is in the final year of her Ph.D at the Department of Management and International Business, University of Auckland Business School. She emigrated to New Zealand from Russia as a teenager and has since completed degrees in hotel management and international business. During the course of her Master of International Business degree, completed at Auckland in 201x, Anna developed research interests in emerging market multinationals, business-government relationships, and Russian firms’ internationalization, all themes in her doctoral research. Anna is an active teaching assistant in international business at undergraduate and postgraduate levels in the Business School.
The role of dynamic capabilities in enhancing the performance effects of internationalization: A study of indian firms
A/Prof Amit Karna, Indian Institute of Management Ahmedabad
14th May 2015 12:30pm-2:00pm Room 321 Economics and Business Building (H69)
Abstract: Based on the marginal benefits and marginal costs arising out of internationalization, its overall effect on performance is widely accepted to have a horizontal S-curve shape. The relationship has been tested across different empirical settings including those from emerging markets. In this paper, we argue that dynamic capabilities such as dynamic management of resource investment and dynamic management of resource deployment enable firms to improve the positive effects of internationalization. We test our hypotheses using data on internationalization of 837 Indian firms between 1995 and 2014. Our results support the horizontal S-curve relationship including high internationalization with a negative performance effect. We also find support for a moderating role of dynamic capabilities in enhancing the performance effects of internationalization.
Speaker: Amit Karna works as Associate Professor at the Business Policy area of Indian Institute of Management Ahmedabad (IIMA), where he is also the Chairperson for the Centre for Innovation Incubation and Entrepreneurship (CIIE). Amit’s research focuses on capabilities, innovation, industrial clusters, and internationalisation of emerging market firms. His research is published in journals such as Strategic Management Journal, Industry and Innovation, and European Management Review. He also serves on the editorial board of Journal of Management. He teaches courses in Strategy, International Strategy, and Innovation. Amit worked as Assistant Professor at the European Business School (Germany) from 2009-2014. He has also been a Visiting Scholar at University of California Berkeley’s Haas School of Business in 2011. Amit obtained his doctoral degree in Strategy from Indian Institute of Management Ahmedabad. Prior to academics, he worked in the industry for five years with an Indian multinational business group.
Globalization of Emerging Market Firms: Implications for Australian Companies
Klaus Meyer, CEIBS, Shanghai
25th Nov 2014 3:30pm-5:30pm CBD Campus, 17th Floor, 133 Castlereagh Street, Sydney 2000
Industry Workshop - The New Emerging Market Multinationals: Four Strategies for Disrupting Markets and Building Brands
Prof Amitava Chattopadhyay, INSEAD Singapore
2nd Apr 2014 3:00pm-5:00pm The University of Sydney Business School CBD Campus, Level 17, 133 Castlereagh Street, Sydney
Matrix Structures - For Which Firms Are They Appropriate and How Should Decisions Be Made?
Prof Joachim Wolf, Christian-Albrechts-University of Kiel, Germany
23rd Jan 2014 12:00pm-1:30pm Room 214/215, Economics and Business Building (H69)
Internationalization and innovation: A surprising link in Russian innovative firms
Dr Irina Mihailova, Aalto University, Finland
20th Jan 2014 12:00pm-1:30pm Room 214/215, Economics and Business Building (H69)
Industry Workshop - Emerging Market Turbulence: Implications for Australian Organizations
Vikas Kumar; Hans Hendrischke, The University of Sydney
1st Nov 2013 9:30am-12:30pm The University of Sydney Business School CBD Campus, Level 17, 133 Castlereagh Street, Sydney
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Industry Workshop - Outsourcing and Offshoring for global competitiveness
Vasudeva Rao Gollamudi (Vasu), Director, Credit Operations, Citibank
28th Oct 2013 2:30pm-4:00pm Darlington Centre, Conference Room
Industry Workshop - Managing in a global organization
Jane Hodgen, TATA Consultancies Services, Australia
11th Sep 2013 11:00am-1:00pm Darlington Centre, Conference Room
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Culture, Gender, Family Firm and Entrepreneur Characteristics, and Firm Performance and Work-Life Balance in India and Brazil
Ravi Sarathy, Northeastern University, Boston, USA
11th Mar 2013 12:00pm-1:30pm Darlington Centre The Boardroom
Global Strategies for an Emergent India
Vikas Kumar, University of Sydney; Nandakumar MK, Indian Institute of Management, Khozikhode; Saptarshi Purkayastha, Indian Institute of Management, Khozikhode,
27th Dec 2012 - 28th Dec 2012 Khozikhode, India
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Home country resource munificence and firm internationalization: A multilevel analysis of MNEs from emerging and developed economies
A/Prof Bo Nielsen, Copenhagen Business School, Denmark
24th Apr 2012 12:00pm-1:30pm Room 6, Darlington Centre
Leveraging India: Strategies for Global Competitiveness
Sid Gray; Vikas Kumar; Ram Mudambi; Chinmay Pattnaik,
11th Apr 2012 9:00am - 12th Apr 2012 5:00pm Sydney, Australia
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An Exploration of the Role of Local Entrepreneurship and Multinational Firms in the Growth of Bangalore's IT Sector
K. Kumar, Indian Institute of Management, Bangalore, India
4th Apr 2012 12:00pm-1:30pm Room 6, Darlington Centre
Organisational Ecology and Economics Transition in China
Jane Lu, National University of Singapore, Singapore
22nd Mar 2012 12:00pm-1:30pm Room 310, China Studies Centre, Old Teachers' College, The University of Sydney
Emerging Market Firm Competitiveness: Internationalization, Innovation and Institutions (3Is)
Convenors: Sid Gray, University of Sydney; Vikas Kumar, University of Sydney; Ram Mudambi, Temple University,
11th Nov 2011 - 12th Nov 2011 Philadelphia, Pennsylvania
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Entrepreneurs' political capital and resource acquisition: How does institutional change matter in a transition economy?
Haiyang Li, Rice University
7th Jun 2011 12:00pm-1:30pm
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