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"Privatisierung"
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SLACK RESOURCES, FIRM PERFORMANCE, AND THE INSTITUTIONAL CONTEXT: EVIDENCE FROM PRIVATELY HELD EUROPEAN FIRMS
Research summary: Integrating the behavioral and institutional perspectives, we propose that a country's formal institutions, particularly its legal frameworks, affect managers' deployment of slack resources. Specifically, we explore the moderating effects of creditor and employee rights on the performance effects of slack. Using longitudinal data from 162,633 European private firms in 26 countries, we find that financial slack enhances firm performance at diminishing rates, whereas human resource (HR) slack lowers performance at diminishing rates. However, financial slack has a more positive effect on firm performance in countries with weaker creditor rights, whereas HR slack has a more negative effect on performance in countries with stronger employee rights. The results provide a richer view of the relationship between slack and firm performance than currently assumed in the literature. Managerial summary: A key dilemma managers often encounter is whether, on the one hand, they should build in excess resources to buffer their firms from internal and external shocks and to pursue new opportunities or whether, on the other hand, they should develop \"lean\" firms. Our study suggests that excess cash resources—which are usually viewed as easy to redeploy—benefit firm performance, especially when firms operate in countries with weaker creditor rights. However, excess human resources—which are usually viewed as more difficult to redeploy—hamper firm performance, particularly when firms operate in countries with stronger labor protection laws. Thus, the management of slack resources critically depends on the characteristics of these resources (e.g., redeployability) and the institutional context in which managers operate.
Journal Article
Europe since 1989 : a history
This book describes how liberalization, deregulation, and privatization had catastrophic effects on former Soviet Bloc countries from the period of 1989 to the present.
Book
The Future of Private Labels: Towards a Smart Private Label Strategy
Modern day store brands (SB) or private labels (PL), now also popularly called private brands, are brands generally owned and marketed by retailers. They have been active on the market for about 70 years. Over this time span, these brands have evolved from generic, cheap, low-quality economy or budget private labels to lower-priced-than-national brand but acceptable-quality value or standard private labels. Over time, retailers extended the value proposition to the consumer segment seeking higher quality by offering premium private labels. This strategy, called the tiered-private label, comprises offering economy PL to the price-sensitive but not quality sensitive consumers, standard PL to mainstream consumers seeking acceptable quality at lower prices, and premium PL to the quality-sensitive segment seeking value. Over the last 40 years (1980–2020), these versions of private labels have witnessed substantial growth around the world, though the growth is said to be tapering in recent times.
As retailers chart the future strategy for their private labels in 2020 and beyond, a pertinent question they face is: Should they continue to offer value or even tiered PL with the same formula that brought them success in the past, or should they morph and adopt new strategies in keeping with current market trends? We support adopting a new strategy that we call the smart PL strategy. The value PL strategy and its manifestation as the tiered PL strategy cater to different consumer segments but focus primarily on price and quality as attributes of choice. In the current marketplace, consumers care not only about price and quality, but also about sustainability, ethics, social responsibility, image, so forth, perhaps more so than earlier generations. They are also more tech-savvy in using digital tools for search and purchase. Retailers, on their part, are now endowed with rich, extensive data that they can tap into to understand customers’ diverse needs, and they are able to harness technology for developing the right product and communication. Thus, the smart PL strategy is a strategy by which retailers can leverage data and technology to market private labels that meet diverse customer needs and achieve greater retail differentiation, store loyalty, margins, and profits. This thought piece provides a road map for developing such a smart PL strategy and directions for future research.
Journal Article
The privatisation and nationalisation of European roads : success and failure in public-private partnerships
This distinctive and timely book examines the current state and trends in the ownership, management and financing of European high capacity roads. Offering an analysis of three pioneer countries in road privatization, Spain, France and Italy, from their origins to their recent developments, it evaluates how the design of privatisation policies may lead to their success or failure. Describing the trend in favouring public-private collaboration and road charging, Professor Daniel Albalate presents the theoretical framework of road privatisation and its relevant design issues. Exhaustively studying the national experiences in historical perspective, he aims at providing lessons on the good, the bad and the ugly of road privatisation. As a result, this excellent study shows the increasing role of private financing and ownership in Europe, a trend mainly explained by fiscal motivations and the thrust of the European Commission. Presenting an evaluation of the critical elements of the contractual and regulatory design of the public-private collaboration that determines the likelihood of success and failure, this unique book will be of special interest to academics, graduate students and policy makers interested in the public provision and financing of road infrastructure, and public finance more generally. --Publisher description.
Book
Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China
Using a difference-in-differences approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with strong IPR protection. Our results support theoretical arguments that IPR protection strengthens firms' incentives to innovate and that private sector firms are more sensitive to IPR protection than SOEs.
Journal Article
Defining CSR: Problems and Solutions
The ubiquity of the term CSR threatens its carrying any distinctive meaning. Despite its long history no consensus has been developed among the industry participants, academics or other interested parties. After a careful review of the complications and complexities of the CSR debate and distinct disciplinary definitions, the article turns to approach the problem of definition using the philosophy of science. It applies a scientific definitional approach of genus, differentia and species to arrive at a definition of CSR as international private business self-regulation. The article provides an overview of the implications of this definition on CSR as a field of study, a management practice and an approach to improving the dialogue concerning the social contribution of business.
Journal Article
The Private Scope in Public–Private Collaborations: An Institutional and Capability-Based Perspective
There has been a growing interest in the organization of business activities at the public interface as illustrated by the emergent phenomenon of public–private partnerships (PPPs). In this study, we analyze the determinants of private scope in partnering with public actors—that is, the extent to which private actors are involved in multiple, consecutive value-creating activities in the partnership. Based on a unique data set of public–private agreements worldwide over two decades, we find that institutional and capability-based determinants jointly affect the extent of private scope in public–private collaborations. Our results highlight the contingent role of the quality of the institutional environment. Institutions not only facilitate greater private scope directly but also, moderate the effect of public and private capabilities on private scope. We find that prior public experience in PPPs enhances private scope in settings with high-quality institutions while having an opposing effect in low-quality environments. Moreover, public governance capabilities accumulated via units designed to deal with PPPs seem to substitute for the lack of high-quality institutions, suggesting that, even under weak institutional settings, countries can foster high private scope with the creation of pockets of specialized public capabilities. In contrast, private capabilities in PPPs, expressed as firm engagement in recurring government cofunded projects, seem to have a complementary effect: they help to increase private scope in PPPs but only when domestic institutions are of high quality. By highlighting the determinants of private actor involvement in public sector activities, our study offers important implications for the theory and practice of hybrid (cross-sector) organizational forms.
The e-companion is available at
https://doi.org/10.1287/orsc.2018.1251
.
Journal Article
How Much Does Ownership Form Matter?
Research summary: Previous studies have emphasized firm and industry effects on variation in firm performance, but the relationship between forms of ownership and firm performance has been the focus of limited research. This article examines the extent to which ownership form (i.e., public or private ownership) and ownership structure (including diffused ownership and blockholding) affect firm performance. The results of an analysis of 30,525 European Union (EU) firms indicate that form of ownership is an important explanatory factor in the difference in performance among firms. These results underscore the need to study firms characterized by different ownership arrangements and to provide empirical evidence for the study of firm ownership in strategic management. Managerial summary: Motivated by growing evidence on the involvement of different types of owners in the strategies of firms, we studied the extent to which a firm's ownership form (type of legal incorporation, such as public and private ownership forms) and ownership structure (diffused ownership and blockholding) affect its performance. Our study of more than 30,000 firms from the European Union shows that ownership form differences explain some of the performance differences between firms. Our results also indicate that firms with different ownership forms are differently affected by their competitive environment. Overall, the study suggests that choosing the right ownership form can have important strategic consequences. Copyright © 2017 John Wiley & Sons, Ltd.
Journal Article
Finding the Ethics of \Red Capitalists\: Political Connection and Philanthropy of Chinese Private Entrepreneurs
In China, many private entrepreneurs have obtained political offices in the government. In this study, we argue that Chinese private entrepreneurs who are formally connected with government institutions, compared to other Chinese private entrepreneurs, tend to contribute more to philanthropic causes not only for instrumental concerns but also out of altruistic values. We submit this argument to an empirical test through a secondary data analysis of a representative sample of Chinese entrepreneurs collected by a coalition of government and industry groups. The results of this analysis show that politically connected entrepreneurs are more likely to make major philanthropic donations and, at the same time, hold a stronger sense of the responsibility for doing so. The most important contribution of this research is that it reveals the ethical basis of the philanthropic activities of Chinese private entrepreneurs, especially those with political connections, that has been unappreciated by extant literature.
Journal Article