Dissertations / Theses on the topic 'Exit strategy'

Thesis (M.S. in Information Technology Management) Naval Postgraduate School, September 1997.
"September 1997." Thesis advisor(s): William J. Haga, Barry Frew. Includes bibliographical references (p. 55-57). Also available online.

The commercial value for Bed and Breakfasts and Country Inns did not kept pace with other lodging establishments. Lodging real estate investment trusts (REITs) grew in the 1990's by acquiring hotels and motels but not the smaller Inns. This study investigated what sale terms and conditions an Inn owner would sell their property to a REIT. The study examined what conditions an innkeeper would manage the property for the REIT once the sale was closed. This study concluded that a REIT was not a feasible exit strategy for Inn owners.

Although research on foreign market entry and expansion behaviour has attracted significant interest in the literature, there is a general lack of research (both conceptual and empirical) on the exit behaviour of Foreign Direct Investment (FDI) firms. To address this issue, the current study develops a conceptual framework by extending the Environment-Strategy-Performance (ESP) paradigm to include the exit decision as a consequence of current performance. This thesis draws notions from various theories including the ESP paradigm, fit theory, dynamic capabilities (DC) theory, and the theory of competitive advantage. The objective is to take an initial step towards reducing the discrepancy between previous conceptual research and empirical research on exit, by developing a conceptual framework and empirically examining it in the context of Chinese Outward Foreign Direct Investment (OFDI). It also aims to lay the conceptual foundation for subsequent empirical research on international marketing and international exit. Several research hypotheses are advanced and tested using questionnaire survey data. The main research results show that both dissatisfactory performance of a foreign affiliate, and the internal strategic misfit between a foreign affiliate and its headquarters are important triggers of the exit decision. However, when the moderating role of a foreign affiliate’s marketing capabilities is considered, the impact of strategic misfit on the exit decision becomes not significant, whereas the influence of dissatisfactory performance on the exit decision remains significant. The research results have generated new insights into both international marketing strategy and international exit behaviour. Implications for both headquarters’ managers and foreign affiliates’ managers are also discussed.

This thesis offers a critical feminist reading of the war in Afghanistan, from invasion, through the practice of counterinsurgency, to the training of the Afghan National Army as a central part of NATO's exit strategy. Empirically it focuses on the discourses, policies and practices of the US and Norwegian militaries in Afghanistan. It draws on a range of material including military doctrine and policy, parliamentary discussions, public policy documents, interviews, political statements and soldiers' memoirs. Deploying the theoretical framework of performative gender with an emphasis on embodiment, it shows how particular gendered bodies are called into being and how the distinct practices of war in Afghanistan produce and rely on a series of multiple, fluid and, at times, contradictory performances of masculinity and femininity. It demonstrates how gendered performances should not be considered superfluous, but rather integral to the practices of war. It illustrates this, first, by examining the production of the (in) visible ‘body in the burqa' alongside the ‘protective masculinity' of Western politicians in the legitimation of the invasion; second, through the ‘soldier-­‐scholars', ‘warriors' and the Female Engagement Teams (FETs) in practices of ‘population­‐centric' counterinsurgency, examining the ways in which counterinsurgency is a gendered and embodied practice; and third, through the remaking of the fledgling Afghan National Army (ANA) recruits in the NATO exit strategy. The thesis furthers feminist studies on gender and war in International Relations by emphasising the multiplicity of gendered bodies and performances by problematizing singular notions of masculinity and femininity. It contributes to existing literature that reads the war in Afghanistan as a neocolonial and biopolitical practice, enhancing these readings by paying attention to the gendering of bodies and their performances, thereby expanding critical investigations into late modern ways of war and counterinsurgency.

This thesis deals with CNB foreign-exchange intervention from November 2013 in context of assumptions and impacts on the Czech economy. The theoretical part presents important monetary policy aspects, from conventional and unconventional tools to inflation targeting and deflation, to understand theoretical framework of analysis. Analytic part takes a look on Czech economy condition before interventions, especially inflation. Intervention impacts and exit strategies are examined further. Based on the analyzed data this thesis concludes that foreign-exchange interventions by Czech National Bank were not necessary and inevitable action.

This purpose of this dissertation is to examine the progressive and regressive factors that affect a small business owner’s decision to implement an exit strategy. An exit strategy can be defined as an entrepreneur's strategic plan to sell his or her investment in a company he or she has controlling interest in. An exit strategy gives a business owner a way to reduce or eliminate his or her stake in the business and, if the business is successful, make a substantial profit. Exiting a business is a complicated process which includes among other things, the evaluation, preparation, marketing, and ultimate sale of the business. Progressive factors push an owner to exit and regressive factors pull an owner away from exiting.

Thesis (Ph. D.)--Ohio State University, 2004.
Title from first page of PDF file. Document formatted into pages; contains xi, 179 p. : ill. Advisor: Oded Shenkar, Business Administration Graduate Program. Includes bibliographical references (p. 128-153).

Multimarket competition has become a substantial part of the modern economy. As such, it has drawn the attention of academics in both economics and strategy fields. Many studies have found empirical evidence of mutual forbearance in several industries, but despite its importance, its behavioral roots have not been explored. In my dissertation I integrate the reality of boundedly-rational decision makers into the mutual forbearance hypothesis. I apply an outgrowth of the behavioral theory of the firm – the shifting focus model of risk taking – to the study of competitive behavior. I propose a behavioral model of multimarket competition that focuses on corporate strategic decisions - market entry and exit decisions, regardless of entry mode (e.g. acquisitions) or exit mode (e.g. divestitures). This approach provides a granular view of changes in the business scope of the firms in terms of product and geographic markets served. I test my hypotheses in the U.S. property liability insurance industry over a 12-year period (1998-2008). I argue that firms follow the mutual forbearance logic as long as their performance goals are satisfied. However, under conditions of adversity, firms shift attention to recovering from the performance shortfall and their actions deviate from the mutual forbearance predictions. This dissertation shows that underperforming firms with abundant slack take longer to forbear, and underperforming firms with limited slack start forbearing sooner, as predicted. By bridging behavioral and competitive perspectives to the study of market entry and exit decisions, I underscore the value of cross-fertilization in strategy research.

Goal of master thesis Specifics of Quantitave Easing of ECB and exit strategy is to analyse monetary policy called Quantitative easing and its exit strategy. Largest part of thesis addresses this monetary policy on example of European central bank but there is also summary transmission mechanisms and opinions of effectivness of this monetary policy on examples of other central banks. On example of ECB this work describes process of quantitative easing. Also there is empicital analysis of impacts of purchases under Securities market programme on yields of goverment bonds. Result of this anylsis is finding that SMP was effective only partly, mainly at time of its announcement. Further the work analysis current balance sheet of ECB from the perspective of exit from quantitative easing concluding that ECB would be able to execute exit strategy to these days.

This thesis focuses on specification of key characteristics and principles of private equity and includes specification of both the local market and the international market trends. Furthermore this paper defines institutional framework for support of private equity in the Czech Republic and specifies the history and operations of leveraged buyouts including description of leverage effect and its illustration. The leverage effect arises when combination of debt and equity is used for financing. Private equity transactions are characterized by uniqueness and this paper describes the investment process starting from the identification of investment opportunity through monitoring to exit. Analysis and definition of key characteristics of target companies is also included.

It was once said that “if Sparta and Rome perished, what state can hope to endure forever?” (J. J. Rousseau, “Social Contract, Discourses”, B.III.ch. IX). The Peloponnesian and Macedonian wars have been scrutinized to the extent that the surviving sources may allow for it, but they have never been put under the magnifying glass in terms of International Relations’ schools of thought, namely “Realists”, “Rationalists” and “Revolutionists”, despite their striking similarities as to the prevention of competing state’s ascending power, as well as of their underlying dissimilarities regarding the respective exit strategies followed from the said preventive wars. This thesis brings together the principal episodes of these two war periods placing particular emphasis on notions of power, international anarchy, morality, security dilemma which all answer as to why the wars started, how they were fought and how they were ended. Furthermore, I extrapolate these deductions into the future in an attempt to forecast the main constants of great power behaviour in a similar situation of preventive wars. In this regard I demonstrate that “Realism” may provide the best toolkit not exclusively at the state (“forum externum”) level as the International Relations theory suggests, but also at the unit level (“forum internum”), which stands distinct from the holistic notion of domestic politics and falls within the contours of the decision making process. I attempt to bridge these two levels by injecting the notion of the “cosmo-icon”, which shall be assessed separately by the same aforementioned International Relations’ three schools of thought. Cosmo-icon is the inherent, unique, alphabet whereby the leader reads the book of international politics which is written by the states’ interaction. That alphabet is indispensable for “self-orientation” within the political system and emanates from fundamental decisions, based upon specific predefined approaches of the reality and not solely upon mere reactions to it (“perceptions”). Showing that the level of states and the unit level correspond in essence respectively to Thucydides’ famous reference to “uneven growth” and “fear” as causes of war and that the cosmo-icon is in fact identified within “predetermined” decisions, I stress that a successful exit strategy from a preventive war shall be the outgrowth of realism’s preponderance both at the state level of analysis as well as at the cosmo-icon’s one. Indeed, I prove that Rome succeeded when it cleaved to a “realistic” cosmo-icon, within a “realistic” states’ foreign policy, while Sparta failed because within a “realistic” states’ foreign policy she adopted a “rationalist” cosmo-icon. That said, it becomes evident from the two periods that for a great power a successful exit strategy from a preventive war is actually to stay within it, maintaining a “realistic” cosmo-icon towards a decisive battle and consequently establishing an authoritative relationship of a “mistress” but not of a “lover” with the subject states. That relationship will be based on the principle of proactively creating an interest rather than simply defending it, through a prudent, constant, political evaluation of alternative options by a small number, if not only one, person(s), through a web of ad hoc and restricted alliances, desisting from any territory-annexation, but also from ideological affiliations of any kind.

The purpose of the study is to investigate methods and work procedures that aim to motivate people to leave a cult and/or supporting them after a cult exit. The study was limited to investigate how Sweden’s, within the area, three premier voluntary organizations Föreningen Rädda Individen, Rådgivning Om Sekter and Hjälpkällan work with present -, ex – and relatives to cult members. In addition to the mentioned organizations we have also investigated the work procedures and methods used by Åke Wiman. The study has got a qualitative approach and includes semi-structured interviews. The results have been analyzed thru already existing methods. These are exit counseling, Strategic interaction approach and Strategic interaction approach – after the invention. The analysis shows that Hjälpkällan and Rådgivning Om Sekter does not use any specific, explicit method in their work but focuses more on the fellow human being support. Wiman uses parts of both exit counseling and Strategic interaction approach. Further it is recognized that Föreningen Rädda Individen explicitly uses the method of Strategic interaction approach. One can see varying amount of similarity between existing methods and all of the organizations looked in to. There seems to exist a concept confusion and an incorrect use of the meanings of deprogramming, exit counseling and Strategic interaction approach even among the initiated which indicate lack of knowledge or conscious misuse of the words.

Studiens syfte är att undersöka metoder och arbetssätt som syftar till att motivera personer att lämna en sekt och/eller stödja dem efter ett avhopp. Studien avgränsades till att undersöka hur Sveriges för området tre främsta frivilligorganisationer, Föreningen Rädda Individen, Rådgivning Om Sekter samt Hjälpkällan, arbetar med aktiva -, före detta - och anhöriga till sektmedlemmar. Utöver nämnda organisationer undersöks också det arbetssätt som Åke Wiman utför. Studien har en kvalitativ ansats och använder sig av semistrukturerade intervjuer. Resultatet analyserades utifrån befintliga metoder för arbete med sektavhoppare samt motivation till sektavhopp. Metoderna är exit counseling, Strategic interaction approach samt Strategic interaction approach – efter avhoppet. Av analysen framgår att Hjälpkällan och Rådgivning Om Sekter inte explicit använder sig av någon metod utan fokuserar på det medmänskliga stödet i sitt arbete. Wiman använder sig av delar av både exit counseling och Strategic interaction approach. Vidare framgår att Föreningen Rädda Individen uttalat arbetar efter metoden Strategic interaction approach. Det går att se varierande mängd likheter mellan de befintliga metoderna och samtliga organisationer. Det tycks även råda en begreppsförvirring och ett felanvändande av begreppen avprogrammering, exit counseling och Strategic interaction approach även hos de initierade i ämnet vilket antingen tyder på kunskapsbrist eller medveten felanvändning av orden.

Purpose: The purpose of this study is to examine the Duhok region’s innovation strategy and to be able to see how regional development and the entrepreneurial development tackle the innovation and innovation strategy in everyday life. Theory: The starting point for the theoretical framework for this study is the concept of innovation – what is it and why is it valuable to an organization? But the focus of the study is to compare the Sörmland region innovation strategy with the Duhok region innovation strategy, if Duhok has an innovation strategy. The theoretical description that follows in this chapter is based mainly on secondary data in the form of scientific papers and books in the areas mentioned above. Great emphasis has been placed on the source-critical criteria mentioned in chapter two in both the selection and review. Method: This second chapter provides a detailed description of the approach used in the study. Selection of the research approach and perspective on the interpretation and analysis, and it will give the reader an understanding of the study process. Empirical Result: In the empirical chapter, the researcher has transcribed the interviews and made it clear they were interviewed response and summarized the text out of them replies received from persons interviewed. Analysis: The researcher will analyze what he thinks is the most important for the research. The analysis chapter is an important chapter because of the result and the discussion. Discussion: In this chapter there would be discussion about regional innovation for Duhok region. In the Discussion chapter the researcher talks about implementation of innovation strategy with help from a model called The Strategy Planning (TSP) model. The creation of TSP and further researcher are also included in discussion chapter.

The thesis deals with non-standard monetary policies of three central banks throughout the global financial crisis. The reason for using non-standard measures was also liquidity trap when monetary policy becomes ineffective. An important milestone was collapse of investment bank Lehman Brothers in September 2008. The central banks carried out some non-standard measures before the collapse such as the emergence of new or expanding existing facilities. However, after the collapse there was panic at the financial and capital markets and market interest rate spreads rose. Central banks were forced to respond to expanding its balance sheet and reducing the monetary policy rate to zero. The main reason for increasing total assets was securities purchases by central banks. The measure, which is expanding the balance sheet is called quantitative easing. In the thesis I try to describe and compare the non-standard measures (with a focus on quantitative easing) taken by the three central banks (Bank of England, the Fed and the ECB) and answer the question whether the measures are effective and whether they can replace the standard monetary policy.

La finalització de les aliances estratègiques ha atret l’atenció dels investigadors durant dècades. Des dels inicis de la recerca en matèria d’aliances, els estudis han reconegut el caràcter flexible i temporal dels acords entre empreses. La finalització d’una aliança representa una fase important del cicle de vida de l’aliança i una activitat bàsica de la reestructuració del portfolio d’aliances. La recerca realitzada s’ha centrat en estudiar els motius de la finalització, però són pocs els estudis que han analitzat les seves conseqüències. Aquest és un fet sorprenent donada la flexibilitat de defineix les aliances així com la freqüència de les finalitzacions d’aliances. Si bé és valuós saber per què les empreses abandonen les aliances, les organitzacions també necessiten entendre les conseqüències de la finalització i quina relació tenen amb les condicions que defineixen l’aliança, per tal de gestionar millor les estratègies col·laboratives. En conseqüència, l’objectiu general d’aquesta tesi doctoral és estudiar empíricament les implicacions de la finalització d’una aliança des de la perspectiva de l’organització. Per assolir aquest objectiu, s’ha fet una recollida àmplia de dades d’aliances formades entre els anys 1990 i 2005 en el sector de les ciències de la vida. L’historial de les aliances i les seves finalitzacions al llarg de l’any 2015 ha estat analitzat a traves de notes de premsa de diverses bases de dades. A més, la revisió de la bibliografia ha evidenciat que manquen recerques empíriques sobre finalitzacions que no corresponguin a JV, així com la importància de diferenciar entre dues formes destacades de finalització: la dissolució i la internalització (és a dir, l’adquisició després de l’aliança), cosa que ha portat a incorporar la governança de les JV i la manera com s’ha fet la finalització a tots els estudis. Atesa la importància de les aliances en l’accés a recursos externs valuosos (tàcits) i la reconfiguració dels recursos que suposa qualsevol finalització d’una aliança, aquesta tesi es basa predominantment en la concepció de l’empresa basada en els recursos (RBV) i basada en el coneixement (KBV). Concretament, s’han dut a terme tres estudis a fi d’examinar els resultats organitzatius relacionats amb (1) el rendiment de l’empresa, (2) la innovació i la construcció de coneixement i (3) la necessitat d’entendre la finalització de les aliances per la via de la internalització. Per entendre’n millor les conseqüències sobre el rendiment de l’empresa, en el primer estudi s’utilitza l'anàlisi d'esdeveniments i de regressió per tal d’examinar la relació existent entre les formes de finalització, els motius d’aquesta, així com la governança JV i la reacció del mercat davant els anuncis de finalització de l’aliança. Els resultats demostren que la dissolució de l’aliança té un efecte generalment negatiu sobre el valor de mercat de l’empresa, mentre que la internalització de l’aliança presenta uns coeficients positius, per no significatius. La interacció significativa entre la forma de finalització de l’aliança i els seus motius explica, a més, que la internalització crea valor de mercat quan la finalització és motivada pel creixement i per un reajustament, mentre que la dissolució en aquestes condicions té un efecte negatiu. Els motius de finalització relacionats amb el rendiment i el creixement de les condicions externes tenen un efecte negatiu sobre el valor de l’empresa en les dues formes de finalització, mentre que la governança de la JV no té influència en aquestes relacions. Al segon estudi, s’analitzen les repercussions de la finalització d’una aliança sobre la innovació i la construcció de coneixement aplicant el mètode DD i l’estimació coincident a una mostra d’aliances d’R+D dissoltes i no dissoltes. Les conclusions mostren que la finalització de les aliances redueix significativament el rendiment de la innovació, que la construcció de coneixement és menys diversa, des del punt de vista tecnològic, i, sorprenentment, menys orientada internament després de la finalització. No obstant això, els resultats no mostren un impacte significatiu de la finalització en la construcció de coneixement entre empreses, ni tampoc cap efecte moderador de la governança de la JV, de la proximitat geogràfica, d’altres aliances similars en el sector i de l’R+D interna. Per altre banda, la mida del portfolio d’aliances redueix significativament l’efecte negatiu sobre el rendiment de la innovació, la diversitat tecnològica i l’orientació interna. En relació als diferents efectes de la internalització de l’aliança que s’han demostrat al primer estudi i, en base a les escasses recerques inicials que s’han localitzat sobre el tema, el tercer estudi desenvolupa una revisió sistemàtica de la internalització de l’aliança, per oferer una visió panoràmica de la transició de l’aliança entre empreses a l’organització interna. La revisió presenta un model de condicions que guien la internalització de l’aliança i analitza les evidències de les implicacions de la internalització sobre el rendiment. A més de les limitacions de l'estudi, la tesi conclou amb la discussió integrada dels resultats, dels que destaca la importància de l'anàlisi de la finalització de les aliances pel desenvolupament de les teories de l'organització i la col·laboració de forma més global.
La terminación de las alianzas estratégicas ha atraído la atención de los académicos durante décadas. Desde los inicios de la investigación en materia de alianzas, los estudios han reconocido el carácter flexible y temporal de los acuerdos entre empresas. La terminación de una alianza constituye una fase importante del ciclo de vida de la misma y una actividad básica de la reestructuración del portfolio de alianzas. Investigaciones previas se han centrado en descubrir los motivos de la terminación, pero son pocos los estudios que han analizado sus consecuencias. Esto resulta sorprendente teniendo en cuenta la flexibilidad que define las alianzas estratégicas y la frecuencia de las terminaciones. Si bien es valioso saber por qué las empresas abandonan las alianzas, las organizaciones también deben entender las implicaciones de la terminación y cómo se relacionan con las condiciones que definen la alianza para abordar mejor las estrategias de colaboración. En consecuencia, el objetivo general de esta tesis doctoral es estudiar empíricamente las implicaciones de la terminación de una alianza desde la perspectiva de la organización. Para alcanzar este objetivo, se ha efectuado una recogida expansiva de datos sobre alianzas formadas entre 1990 y 2005 en el sector de las ciencias de la vida. El historial de las alianzas y sus terminaciones a lo largo de 2015 ha sido analizado a partir de notas de prensa de varias bases de datos. Además, la revisión de la literatura ha revelado que escasean las investigaciones empíricas sobre terminaciones que no correspondan a JV, así como la importancia de distinguir entre dos modos destacados de terminación: la disolución y la internalización (es decir, la adquisición tras la alianza), impulsado la incorporación de la gobernanza de las alianzas (JV-noJV) y del modo de terminación en todos los estudios. Dada la importancia de las alianzas para acceder a valiosos recursos externos (tácitos) y la reconfiguración de recursos inherentes a la terminación de las mismas, esta tesis se fundamenta en la concepción de la empresa basada en los recursos (RBV) y en el conocimiento (KBV). En concreto, se han desarrollado tres estudios con el fin de examinar los resultados organizativos relacionados con (1) el desempeño de la empresa, (2) la innovación y la construcción de conocimiento y (3) la necesidad de comprender la terminación de las alianzas por la vía de la internalización. Para comprender mejor las repercusiones sobre el desempeño de la empresa, en el primer estudio se ha utilizado el análisis de eventos y de regresión con el fin de examinar la relación existente entre el modo de terminación, el motivo del mismo, así como la gobernanza JV y la reacción del mercado ante el anuncio de la terminación. Los resultados demuestran que la disolución de la alianza tiene un efecto generalmente negativo sobre el valor de mercado de la empresa, mientras que la internalización de la alianza presenta unos coeficientes positivos, pero no significativos. La interacción significativa entre el modo de terminación de la alianza y el motivo de la terminación explica, además, que la internalización crea valor de mercado cuando la terminación viene motivada por el crecimiento y por una reestructuración, mientras que la disolución en estas condiciones tiene un efecto negativo. Los motivos de terminación relacionados con el desempeño y el aumento de las condiciones externas tienen un efecto negativo sobre el valor de la empresa en los dos modos de terminación, mientras que la gobernanza JV no influye en estas relaciones. En el segundo estudio, se analiza las repercusiones de la terminación de una alianza sobre la innovación y la construcción de conocimiento, aplicando el método DD y la estimación coincidente a una muestra de alianzas de I+D disueltas y no disueltas. Las conclusiones revelan que la terminación de una alianza reduce significativamente el desempeño de la innovación, que la construcción de conocimiento resulta menos diversa desde el punto de vista tecnológico y, contra todo pronóstico, menos orientada internamente tras la terminación. Sin embargo, los resultados no muestran un impacto significativo de la terminación en la construcción de conocimiento entre empresas, ni tampoco un efecto moderador de la gobernanza JV, la proximidad geográfica, las alianzas en el sector y la I+D interna. Por otro lado, el tamaño del portfolio de alianzas parece reducir significativamente el efecto negativo sobre el desempeño de la innovación, la diversidad tecnológica y la orientación interna. Con relación a los distintos efectos de la internalización de la alianza que se han evidenciado en el primer estudio y dadas las escasas investigaciones previas encontradas sobre el tema, el tercer estudio lleva a cabo una revisión sistemática de la internalización de la alianza para ofrecer una visión panorámica sobre la transición de las alianzas entre empresas a la organización interna. Esta revisión presenta un modelo de condiciones que guía la internalización de la alianza y analiza las evidencias de las implicaciones de la internalización sobre el desempeño. Además de las limitaciones del estudio, la tesis concluye con la discusión integrada de los resultados, sobre los que destaca la importancia del análisis de la terminación de las alianzas para el desarrollo de las teorías de la organización y la colaboración de forma más global.
Strategic alliance exit has drawn scholarly attention for decades. Since the inception of alliance research, studies have recognized the flexible and temporal character of interfirm agreements. Alliance exit constitutes an important phase of the alliance life cycle and a key activity in alliance portfolio restructuring. Previous research has largely focused on uncovering the motives for alliance exit while scarce research has examined the implications of exit. This is surprising given the frequency of exit and considering flexibility is a defining feature of alliances. While it is valuable to know why firms exit alliances, organizations also need to understand the implications of exit, and how they relate to alliance, exit, and firm conditions to better inform collaborative strategy. Accordingly, the overarching objective of this PhD Thesis is to empirically investigate alliance exit implications from an organizational level perspective. To achieve this objective, an expansive data collection effort was undertaken on alliances formed from 1990-2005 in the Life Science industry. Alliance histories and exits were tracked through 2015 using press releases from various databases. Additionally, literature reviews revealed a lack of empirical research on non-JV exit and the important distinction between two prominent exit modes: dissolution and internalization (i.e. post alliance acquisition), prompting the incorporation of JV governance and exit mode throughout the studies. Provided the importance of alliances for accessing valuable external (tacit) resources, and the resource reconfiguration inherent in alliance exit, this thesis builds predominantly on the resource-based and knowledge-based views of the firm. Specifically, three studies were conducted to examine organizational outcomes related to (1) firm performance, (2) innovation and knowledge building, and (3) to nuance the understanding of alliance exit via internalization. To better understand firm performance implications, the first study employs an event-study methodology and regression models to examine the relationship between exit modes, motives, and JV governance and the market reaction to alliance exit announcements. The results demonstrate that alliance dissolution has an overall negative effect on firm market value while alliance internalization shows positive but non-significant coefficients. A significant interaction between alliance exit mode and motives further explains that internalization creates market value when exit is motivated by growth and refocusing, while dissolution under these conditions has a negative effect. Exit motives related to performance issues and external conditions growth have a negative impact on firm value under both exit modes while JV governance did not influence these relationships. To study the innovation and knowledge-building implications of alliance exit, the second study applies a difference-in-differences and matching estimation to a sample of exited and non-exited R&D alliances. The findings reveal that alliance exit significantly reduces innovation performance, knowledge building becomes less technologically diverse, and unexpectedly, less internally oriented after exit. However, the results do not show a meaningful impact of exit on interfirm knowledge building, nor a moderating effect of JV governance, geographic proximity, same industry alliances, and internal R&D. To the contrary, alliance portfolio size is shown to significantly reduce the negative effect on innovation performance, technological diversity, and internal orientation. Related to the distinct effects of alliance internalization revealed in the first study and the scarce initial research found on the topic, the third study, a systematic review on alliance internalization, offers cumulative insight on the transition from interfirm alliance to internal organization. The review presents a model of conditions driving alliance internalization and discusses the evidence on the performance implication of internalization. The thesis concludes with an integrated discussion of the findings and limitations and highlights the importance of alliance exit for comprehensive organizational and collaboration theory.

In this thesis, I investigate the silenced histories of Indigenous peoples who have been written out of collective memory, official documents and, in some cases, their own family histories. I show how the actions of colonists can be explained through a colonial-Marxist lens of historical materialism and how this methodologically creates space for colonialism which, consequently, strategically silences and erases Indigenous lives. I focus my research on a family who has searched for answers for over sixty years, the Beier family, to aid them in the search for the life story of George Ralph McKenzie, an Indigenous man who served in the Canadian military and who was erased from his family’s history. I gathered data, including but not limited to, birth and death certificates, photographs and documents to compile a probable or possible record of McKenzie’s existence. I exhausted available archival, historical, religious, genealogical, public, private, professional and governmental databases and resources. Knowledge and interactions of Indigenous presences in areas coveted by European governments, during first-contact, provoked a need to design strategies to be used during interactions with Indigenous peoples. The Church has also been an integral part of many European governments and the alterations of interpretations and editing of religious texts have been used as a tool for maintaining public control for millenniums. Silencing Indigenous peoples through education was a deliberate and methodical form of colonization used to dominate Indigenous societies. During the wars in which Canada participated Indigenous peoples were, often, not accurately recorded. This is due to a systemic and structural type of diversion and Indigenous peoples were still considered to be dispensable at the time. Erasure cultivates within families, due to systemic and systematic racism and oppression of cultures and heritages. In 2017, Canada is oppressing and silencing Indigenous voices. Canada is using terms such as multiculturalism and diversity to boast about its acceptance and compassion for others while ignoring the needs of Indigenous peoples. Reconciliation will involve the decolonization or dismantling of an entire system of colonialism that is entrenched in the relationships, personal lives, politics, laws, and governments in Canada.
Arts, Faculty of
Anthropology, Department of
Graduate

In Sweden, the statistics show how women are underrepresented in organisational hierarchies; as managers, executive managers, CEOs and board of directors. Qualitative research reveals that women in management positions perceive the working life in Sweden as unequal and how men and women have different terms for making a career. Previous career studies told from women's narratives with a gender perspective caught our interest to examine how women reason and relate to their careers in 2019. The purpose of this study is to examine what emerges in stories about career and gender by women with management experience. We seek to understand how women relate to their career stories and how dilemmas are handled and how strategies are being used. We applied a narrative research design to obtain women's own stories about their careers. Ten narrative interviews were conducted with women with management experience within different companies and across several industries. The findings reveal how women in their career find themselves in minority positions in an environment imprinted by men's homosociality, including a language and toughness, that is difficult to relate to for the women. The minority position gives grounds to multiple approaches for women. The narratives show the urge to prove oneself, to legitimise one's position and to make oneself visible by showing will-power and determination. We found three strategies that women use in order to sustain self-esteem while coping with gender structures. We have named these strategies the individualistic strategy, the positive strategy and the explicit structure strategy. The individualistic strategy makes gender invisible by focusing on individual characteristics and traits. The positive strategy focuses on the advantages of being a woman and, the explicit structure strategy relates the meaning of gender to structures rather than to oneself. A central finding in our material is how the women switch between coping strategies. Switching between the individualistic strategy and the explicit structure strategy unveils two different themes. The first I don't want to generalise, but, illustrates how women relate gender to structures while they at the same time do not want to generalise between the genders. The second switch the Trojan horse explains how women are aware of gender structures and conform to men to sustain control and thereby sustain their self-esteem. Finally, to switch between stressing the benefits of being a woman and the burden of being a woman, we interpret as efforts to unburden the weight of gender structures. These switches between strategies give rise to contradictive reasoning, which we find entirely understandable as a means for women to make sense of their own reality.
I Sverige visar statistik hur kvinnor är underrepresenterade i organisationshierarkier; som chefer, VD, i ledninggrupper och styrelser. Kvalitativ forskning visar att kvinnor på chefspositioner upplever arbetslivet i Sverige som ojämnställt och att män och kvinnor har olika villkor att göra karriär. Tidigare karriärsstudier med ett genusperspektiv, berättade från kvinnors narrativ fångade vårt intresse att undersöka hur kvinnor resonerar kring och förhåller sig till sin karriär 2019. Syftet med denna studie är att undersöka vad som framkommer i berättelser om karriär och kön av kvinnor med chefserfarenhet. Vi ämnade förstå hur kvinnor förhåller sig till sina berättelser och hur dilemman hanteras och hur strategier används. Vi tillämpade en narrativ forskningsdesign för att erhålla kvinnors egna berättelser om sin karriär. Tio narrativa intervjuer genomfördes med kvinnor med chefserfarenhet inom olika företag och branscher. Resultaten avslöjar hur kvinnor i sin karriär befinner sig i minoritetsposition i en miljö som präglas av mäns homosocialitet, inklusive ett språk och tuffhet som är svårt att relatera till för kvinnorna. Minoritetspositionen ger upphov till flera förhållningssätt bland kvinnorna. Berättelserna skildrar behovet att behöva bevisa sig själv, att legitimera sin ställning och att göra sig synlig genom att visa viljestyrka och beslutsamhet. Vi hittade tre strategier som kvinnor använder för att upprätthålla sin självkänsla medan de hanterar könsstrukturer. Vi har namngett dessa strategier: den individualistiska strategin, den positiva strategin och den explicita strukturstrategin. Den individualistiska strategin gör kön osynligt genom att fokusera på individuella egenskaper och förmågor. Den positiva strategin fokuserar på fördelarna med att vara kvinna och den explicita strukturstrategin relaterar betydelsen av kön till strukturer snarare än till individen. Ett centralt resultat i vårt material är hur kvinnorna växlar mellan strategierna. Växling mellan den individualistiska strategin och den explicita strukturstrategin avslöjar två olika teman. Den första jag inte vill generalisera, men, illustrerar hur kvinnor relaterar kön till strukturer medan de samtidigt inte vill generalisera mellan könen. Den andra växlingen den trojanska hästen förklarar hur kvinnor är medvetna om könsstrukturer och efterliknar män för att upprätthålla kontrollen och därigenom självkänslan. Slutligen, växlingen mellan att betona fördelarna med att vara kvinna och belastningen av att vara kvinna, tolkar vi som en stävan mot att avlasta bördan av könsstrukturer. Dessa växlingar mellan strategier ger upphov till motsägelsefulla resonemang som vi finner helt förståeliga som ett medel för kvinnor att begripa sin verklighet.

Doctor of Philosophy
Department of Economics
Philip G. Gayle
This dissertation constitutes two essays in the field of industrial organization. Specifically, the research focuses on empirically assessing the market effects of airline alliances. The first essay examines how codesharing, a form of strategic alliances, by airlines affects market entry decisions of potential competitors. Researchers have written extensively on the impact that strategic alliances between airlines have on airfare, but little is known of the market entry deterrent impact of strategic alliances. Using a structural econometric model, this essay examines the market entry deterrent impact of codesharing between incumbent carriers in U.S. domestic air travel markets. We find that a specific type of codesharing between market incumbents has a market entry deterrent effect to Southwest Airlines, but not other potential entrants. Furthermore, we quantify the extent to which market incumbents’ codesharing influences market entry cost of potential entrants. The second essay examines the effects of granting Antitrust Immunity (ATI) to a group of airlines. Airline alliance partners often want to extend cooperation to revenue sharing, which effectively implies joint pricing of their products (explicit price collusion). To explicitly collude on price, airlines must apply to the relevant government authorities for ATI (U.S. Department of Justice and Department of Transportation in the case of air travel markets that have a U.S. airport as an endpoint), which effectively means an exemption from prosecution under the relevant antitrust laws. Whether consumers, on net, benefit from a grant of ATI to partner airlines has caused much public debate. This essay specifically investigates the impact of granting ATI to oneworld alliance members on their price, markup, and various measures of cost. The evidence suggests that the grant of ATI facilitated a decrease in partner carriers’ marginal cost, and increased (decreased) their markup in markets where their service do (do not) overlap. Furthermore, member carriers’ price did not change (decreased) in markets where their services do (do not) overlap, implying that consumers, on net, benefit in terms of price changes.

Föreliggande uppsats undersöker hur industriföretag arbetar med att behålla och tillvarata kompetens vid omställningsarbeten. Studien utgår från en kvalitativ fallstudie som forskningsmetod, där dokument och 16 intervjuer utgör studiens empiri. Studien har en fallstudiedesign med flera analysenheter och studerar styrdokument, ledning, linjechef och medarbetare. Resultatet visar att företaget arbetat med en övergripande kompetensförsörjningsprocess som utgångspunkt vid omställningsarbetet. Studien visar även att bristande kompetensöverföringsstrategi och tid för kompetensöverföring har varit det största hindret för att tillvara kompetens. Studiens slutsatser är att industriföretaget använt en mixad kunskapsstrategi vid omställningsarbetet. Företaget har erbjudit strategier, verktyg och arbetssätt vid omställningsarbetet, däremot har förutsättningarna inte varit tillräckliga. Vid omställningen har därför informella tillvägagångssätt uppstått vilket representerat en god förutsättning i arbetet. Avslutningsvis synliggörs en bristande interaktion mellan analysnivåerna och utgör studiens praktiska implikationer. Företag kan bygga anpassade kompetensförsörjningsstrategier genom att förmedla informella tillvägagångssätt till ledningsnivå samt att inhämta kunskap om hur kunskapsöverföring sker i praktiken.
The study examines how manufacturing industries work to maintain and utilize competence during downsizing. This study is based on a qualitative case study using data of documents and 16 interviews and applies a single-case design with multiple units of analysis investigating documents, managers, line-managers and employees. The findings reveal that the company adopted a comprehensive competence process as the main procedure during downsizing. The findings expose a lack of knowledge transfer strategy and time identifies as the biggest obstacle to maintain knowledge. The conclusions represent that enterprises applies a mixed knowledge strategy during downsizing. Strategies, tools and procedures were available during the downsizing, but these conditions were not enough. Informal procedures unfold as a result of these insufficient conditions and facilitates knowledge retention. The study reveals a lack of interaction between the units of analysis, which represents the practical implications. Enterprises can build customized competence strategies by communicating informal procedures to management level as well as acquiring knowledge of how knowledge transfer take place in practice.

Purchasing has gone from an administrative task to a strategic activity. As such, firms adopt purchasing as a corporate function to set up rules and processes in order to standardize how purchasing is to be carried out by business units. This has the benefit of consolidating spend towards a fewer number of suppliers to be used throughout the entire organization and achieve great cost savings on a corporate level. Not complying to these rules and processes, however, will offset the benefits associated with strategic purchasing. A consequence of non-compliance is a large supply base which should not be the case if established processes are followed. The purpose of this thesis is to investigate the procurement process of a Swedish multinational organization in a case study setting, which applies strategic purchasing whilst reporting a large supply base. Hence, the authors aim to identify the main challenge in the procurement process. Additionally, this thesis seeks to find an explanation to the challenge by identifying the underlying contributing factors. The main challenge was discovered to be Maverick Buying, a phenomenon limited in research. Maverick Buying is the off-contract purchasing of goods and services and therefore bypass established processes, rules, and selected suppliers. At the case company four forms of Maverick Buying was found where the underlying factors contributing to them were communication, structures, purchasing tools, involvement, control mechanisms, and lack of understanding the procurement process. This thesis contributes to a greater understanding of the phenomenon and what causes its existence.
Inköp har gått från att vara en administrativ uppgift till att vara en strategisk uppgift. Därför inkluderas numera inköp som en funktion på koncernnivå hos företag för att utveckla och implementera en standardiserad process för hur inköp skall utföras genom hela företaget. Standardisering av inköp medför fördelen av att inköpskostnader konsolideras mot ett få antal leverantörer och därmed leder till stora kostnadsbesparingar på koncernnivå. Däremot, om inköp sker utanför den standardiserade inköpsprocessen kan fördelarna med strategiskt inköp aldrig att realiseras. Konsekvenserna blir därmed en större bas av leverantörer, vilket är motsatsen till om den tänkta inköpsprocessen hade följts. Syftet med denna uppsats är att, genom en fallstudie, undersöka inköpsprocessen hos ett svenskt multinationellt företag som utövar strategiskt inköp men samtidigt redovisar en stor bas av leverantörer. Författarnas mål är därmed att identifiera det huvudsakliga problemet i inköpsprocessen. Uppsatsen försöker även att finna förklaringar för varför problemet existerar samt de underliggande anledningarna till dessa förklaringarna. Författarna fann att det största problemet med inköpsprocessen var Maverick Buying, ett fenomen med begränsad forskning. Maverick Buying innebär att inköp av varor och tjänster sker utanför förhandlade leverantörskontrakt och etablerade inköpsprocesser. Specifikt hittade författarna fyra olika former av Maverick Buying, där de underliggande anledningarna var kommunikation, kontrollmekanismer och bristande förståelse för inköpsprocessen. Uppsatsen adderar till samt utvecklar förståelsen av fenomenet Maverick Buying och vad som orsakar det.

The aim of the thesis is to determine the market value of MEAS CZ, s.r.o. to 31. 12. 2013. The thesis is devided into five parts. The first part contains characteristics of the company and the related strategic analysis which results in forecast of sales. Another part deals with financial analysis, which is to assess the financial health of the company. The fourth part begins with an analysis and prognosis value generators on the basis of the financial plan is built. The valuation is made by DCF Entity method, as an alternative method is chosen method of market comparison.

Innovation has been considered the critical driver behind economic growth and value creation for a long time. However, in order to achieve an innovative status, the commercializing of an invention is required by injecting capital and strategy. While capital comes in many forms, this thesis focuses on the field of venture capital and how this type of financial backing can be analyzed and managed. Herein, the company characteristics continuum is presented, where business model innovation and technological innovation represent the two extremities. The purpose was then to investigate if there are significant differences in the venture capitalists' investment models as one moves along the aforementioned continuum. Semi-structured interviews were used and interpreted independently by the authors, with respect to coding units, in order to enhance objectivity. The thesis mainly targeted the information technology industry, where analysis was conducted on four of the largest actors on the Nordic venture capital market. The Nordic focus, combined with the rapidly moving industry, resulted in that significant differences, in the venture capitalists' investment models, were identified; giving implications both for theory and practice. These differences were identified as stemming from the initially adopted risk profiles, which then affected all other areas of the investment models.
Innovation har länge ansetts vara den kritiska drivkraften bakom ekonomisk tillväxt och värdeskapande. Emellertid, för att uppnå en innovativ status, krävs kommersialisering av en uppfinning genom att tillföra kapital och strategi. Kapital existerar i flera olika former, dock fokuserar denna uppsats på området riskkapital, och hur denna typ av finansiell backning kan analyseras och hanteras. Häri presenteras kontinuumet för företagskaraktäristik, där innovation inom affärsmodeller och teknik representerar de två ändpunkterna. Syftet var att undersöka om det fanns signifikanta skillnader mellan riskkapitalisters investeringsmodeller, när ett företag rör sig längs det ovan nämnda kontinuumet. Semi-strukturerade intervjuer användes och tolkades oberoende av författarna, genom att använda kodord, för att förbättra objektiviteten. Uppsatsen berör främst företag inom industrin för informationsteknologi, där analys har gjorts på fyra av de största aktörerna inom marknaden för riskkapital i Norden. Ett Nordiskt fokus, kombinerat med en hastigt utvecklande industri, resulterade i att signifikanta skillnader, i riskkapitalisters investeringsmodeller, identifierades; vilket gav implikationer för både teori och praktik. Dessa skillnader identifierades att härstamma från de initialt anammade riskprofilerna, som sedan påverkade alla andra områden inom investeringsmodellen.

Syfte och frågeställningar Syftet med uppsatsen är att få en förståelse för vad det är elever som söker till gymnasieskolan kan tänkas möta då de läser recensionstexter. Syftet är således att kartlägga recensionssystemets omfattning och innehåll kvantitativt; vad som tas upp i recensionstexterna, samt att undersöka hur recensionstexterna är konstruerade. Avslutningsvis syftar uppsatsen till att diskutera recensionssystemet i en större samhällskontext - som ett resultat av och en del i vår samtid. Vilka ämnen och teman förekommer i recensionstexter av gymnasieskolor samt hur frekvent är förekomsten?  Hur värderas (positivt, negativt eller neutralt) de olika temana i recensionerna?  På vilket sätt är recensionstexterna konstruerade och hur kan det tolkas? På vilket sätt framträder en skolmarknadsdiskurs i recensionstexterna? Metod De kvantitativa frågorna undersöks genom en innehållsanalys av slumpmässigt utvalda recensioner på gymnasieskolor i Stockholms län. De förekomna orden kvantifieras och delas in i teman, kategorieroch subkategorier. En bedömning görs även utifrån om de förekomna orden lyfts i en positiv, negativ eller neutral kontext. Den kvalitativa delen utgörs av en textanalys inspirerad av diskursanalysen. Av ett antal utvalda recensioner, baserat på dess innehållsliga relevans, analyseras dessa semantiskt med diskursanalytiska verktyg. I diskussions- och analysdelen behandlas resultatet utifrån det teoretiska ramverket och tidigare forskning.  Resultat Av innehållsanalysen framgår att de vanligast förekommande temana var allmänna värdeomdömen om skolan, att kommentera lärare samt skolans upplägg och utbildningens kvalité. Det är även vanligt att sociala aspekter så som atmosfär och gemenskap lyfts fram i recensionerna. Av den kvalitativa delen framgår det att recensenterna uttrycker sig på ett sätt som speglar skolmarknadsdiskursen. I somliga fall framgår tydligt hur recensenten anammat skolmarknadsdiskursen. Slutsats Resultatet indikerar att recensionssystemet riskerar att generera segregerande effekter. Framförallt utifrån den asymmetriska tillgången av information och att skola och identitet knyts allt närmare varandra. Detta förtydligas och ställs på sin spets i hur recensionerna är konstruerade och kan, i vissa fall, tänkas vara svårare att bearbeta då gemene elev tenderar att se recensenter som objektiva (till skillnad från övrig tillgänglig information).
Aim The aim with this study is to explore what kind of information pupils, searching for upper secondary school, might get from reading reviews of schools. The purpose is thus to quantify the scope and content of the review system quantitatively; what is mentioned in the review texts, and to examine how the review are textually constructed. Finally, the paper aims to discuss the review system in a larger social context - as a result of and a part of our time. What topics occur in reviews of upper secondary schools and how frequent is the occurrence? How are the different themes in the reviews valued (positive, negative or neutral)? In what way are the review texts constructed and how can it be interpreted? In what way does a school market discourse appear in the reviews? Method The quantitative questions are examined through a content analysis on randomly selected reviews of upper secondary schools in Stockholm County. The words in question are quantified and divided into themes, categories and subcategories. An assessment is also made based on whether the existing words are lifted in a positive, negative or neutral context. The qualitative part consists of a text analysis inspired by the discourse analysis. From a number of selected reviews, based on its substantive relevance, these are semantically analyzed with discourse analytics tools. In a merged discussion and analysis section, the result is treated on the basis of the theoretical framework and previous research. Results The content analysis shows that the most common themes were general value reviews of the school, commenting on teachers and the school's structure and the quality of the education. It is also common to mention social aspects such as atmosphere and cohesion. From the qualitative part it appears that the reviewers express themselves in a way that reflects the school market discourse. In some cases, it is clear that the reviewer has adopted the school market discourse.  Conclusion The result indicates that the review system risks generating segregating effects. Especially based on the asymmetric availability of information and the fact that school and identity are getting more connected. This is clarified and put on its tip in how the reviews are constructed and, in some cases, may be more difficult to process when the common student tends to see reviewers as objective (in contrast to other available sources of information).

Thesis (M. Com. (Accountancy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2014
This research report investigates the influence of economic cycles on the private equity exit medium and the related acquisition finance sources used in the exit of an investment. This study adds to the current body of knowledge by generating a suggestive investment exit working model for private equity fund managers in South Africa. A portfolio construction method was used to determine the dominant private equity exit medium in South Africa between IPO’s and M&A’s for the years 2004 to 2013. The results indicate that on a cumulative and annual comparison basis, IPO private equity exit mediums are more dominant than M&A private equity exit mediums. The results further indicate that IPO private equity exit mediums are more successful during favorable economic conditions as opposed to M&A private equity exit mediums. Conversely, M&A private equity exit mediums are more prevalent during less favorable economic conditions. The favorability of economic conditions was observed through annual GDP indicators. Ancillary investigations in this study indicate that the dominant source of acquisition finance at the point of private equity exit in South Africa is private equity. This implies that certain investments are particularly attractive to private equity investors and are therefore refinanced through private equity by subsequent acquirers. It is also evident that the activity of private equity exits in South Africa is quite negligible as a proportion of total international activity.

碩士
國立清華大學
高階經營管理碩士在職專班
100
For most of the newly established enterprise organization, with very limited resource, focus is the only possible strategy to be adopted, meaning concentrating all manpower and financial resource within a specific segment of business, to quickly build up unique competency, and if it is competitive, market share and market influence will successfully grow. However, once that happen, the internal culture and brand image of the organization tend to be tied up with this specific business segment and it is more and more difficult to break up the tie to make new innovation. In order to break away from such a mental limitation, the link between organization and business must be separated, any business segment has its life cycle and will eventually be replaced, but organization must keep moving on by looking for new business opportunity and continue to grow. How to choose right strategy to enter new business is a well-research topic, on the contrary, exit strategy from old business received less attention, one is an interesting effort for new hope, and one is a disappointing work to clean up existing mess. However, the choice of exit strategy, Yes/No, When, How, very often determine if an existing enterprise will be able to reborn again or fade away forever. It’s impact may be much more far-reaching. DRAM industry is the main scope of this research, how previous players in this industry exit market was compared and analyzed, more extensive study was made on VIS, by tracking ten years history before, and ten years history after its announcement to pull out from DRAM market, in the hope that a better understanding of its decision making background and long term impact to its later business transformation.

碩士
國立成功大學
財務金融研究所
94
Some　capital　budgeting　methods　measure　the　investment　cost　as　irreversible,　but　in　reality,　many　facilities　have　its　resale　value　or　salvage　value.　When　management　decides　to　exit　the　market,　they　may　get　some　compensation　called　abandonment　value　or　exit　value.　The　exit　strategy　will　depend　on　the　relative　amount　between　the　expected　operating　profit　of　the　project　and　abandonment　value.　However,　the　real　determinant　is　not　necessarily　the　project　value,　but　market　condition　or　product　price　is.　We　define　the　exit　threshold　as　the　indifferent　point　that　the　project　value　equals　to　abandonment　value　and　management　treat　it　as　a　trigger.　Once　the　observed　market　condition　is　below　the　exit　threshold,　the　optimal　strategy　is　to　exit　the　market　and　get　the　abandonment　value.　The　abandonment　value　will　decay　with　time　due　to　its　limited　economic　life　and　it　implies　that　the　exit　threshold　will　vary　with　decaying　abandonment　value.　Therefore,　the　abandonment　option　should　be　considered　as　an　“American”　put　option　with　various　strike　values.　This　paper　describes　a　capital　budgeting　framework　based　on　the　economic　depreciation　that　improves　the　decision-making　with　an　abandonment　option　model.　We　provide　significant　results　that　illustrate　how　the　exit　strategy　can　be　pursued　more　easily　with　the　increase　of　exit　opportunities.　In　addition,　although　there　are　no　certain　directions　concerning　the　variation　of　exit　threshold,　we　will　identify　some　simulation　results　under　different　sensitive　factors.

The project aims to perform a valuation of Visor.ai and analyse the viability of several possible exit strategies, especially an Initial Public Offering (IPO). Determining the value of the company and exploring the exit alternatives will strengthen the position of Visor.ai managers towards investors as well as providing the tools for the choice and preparation of the best exit approach. The theoretical background for the valuation methods is presented, as well as the financial, business, and industry contexts. The methods used to perform the valuation is the Discounted Cash Flow and the Multiple Valuation. It allows to not only derive Visor.ai’s value but also compare it with its peers. The result is the average of the values obtained by the two methods, which lead to a valuation of approximately 11 million euros. Although several exit strategies were studied, emphasis is given to the advantages, disadvantages, timings, and costs of executing an IPO. In the case of an acquisition or an IPO, assuming a market capitalization equal to the shareholder value and maintaining the number of shares, Visor.ai founders would receive approximately 2.4 million euros
O projeto visa realizar uma avaliação da Visor.ai e analisar a viabilidade de várias estratégias de saída possíveis, especialmente uma Oferta Pública de Venda (OPV). Determinar o valor da empresa e explorar as alternativas de saída fortalecerá a posição dos gestores da Visor.ai perante os investidores, além de fornecer as ferramentas para a escolha e preparação da melhor abordagem de saída. Apresenta-se o enquadramento teórico dos métodos de avaliação, bem como os contextos financeiro, empresarial e setorial. Os métodos utilizados para realizar a avaliação são o "Discounted Cash Flow" e a avaliação por Múltiplos. Através destes métodos consegue-se não só determinar o valor da Visor.ai, mas também compará-lo com o dos seus concorrentes. O resultado é a média dos valores obtidos pelos dois métodos, que conduzem a uma avaliação de cerca de 11 milhões de euros. Embora várias estratégias de saída tenham sido estudadas, dá-se ênfase às vantagens, desvantagens, prazos e custos de execução de uma OPV. No caso de uma venda ou OPV, assumindo uma capitalização do mercado igual ao valor do acionista e mantendo o número de ações, os fundadores da Visor.ai receberiam cerca de 2,4 milhões de euros cada um.

碩士
元智大學
國際企業學系
93
The final goal of venture capitalist is to earn profits, so how to choose the optimal exit strategy and make the maximal returns on investment is very important. Reviewing the past related paper, we can find that there are very few studies about exit strategy and no whole research about it. Therefore, this study seeks to probe into the relationship between exit strategies and influencing factors. This study finds out five influencing factors from the past reference, they are the economy, start-up’s technology crisis, start-up’s capital, start-up’s management and operating and venture capitalist’s financial affairs. Then this study brings up the research structure about the relationship between five factors and exit strategies. The results are 1.) The better economy, the less start-up’s technology crisis, the more start-up’s capital and the better start-up’s management and operating will let the venture capitalist can choose the better exit strategy. 2.) The hypothesis about the venture capitalists’ financial affairs and investment duration are not support. 3.) Finally, this study constructs an equation about the choice of exit strategy. Venture capitalists can either know the degree of important factors or make the optimal exit decision quickly by the equation.

碩士
國立臺北科技大學
工業工程與管理系EMBA班
103
This paper describes the study of Business Transformation and Exit Strategy and uses the V semiconductor manufacturing company as a case study. The V Company has successfully moved their business model from the DRAM to foundry and both of DRAM and foundry are the typical business models in the semiconductor manufacturing industry. The factors we’ve reviewed in the study include the associated industries of semiconductor manufacturing, business ecosystem, strategy management, and key technologies. The study focuses on the strategy and decision making of their top management during the transformation process and has found that (1) strategy and vision of the top management, (2) service evolution of the different customers, and (3) technological innovation are the three most important factors for success. A new company in the beginning usually will be focusing on a particular market and putting most of its limited resources and manpower to develop its core business such as establishing a unique technology or business model. Later on, after the company has become more competitive in the business, it will gradually expand its market share to achieve a certain level of success to make sure it can survive in the business. However, the environment of the industries is changing from time to time. The competitors will vary their strategies as well. If the company couldn’t fast adapted the situation accordingly, it will be losing its advantages and become vulnerable and dangerous or even vanishes in the business. Therefore, the company needs to regroup and build up new technologies to explore more business opportunities with new type customers and to create different business models. Many studies have discussed the strategies and methods how to transform and investment into new business, but only very few of these studies mentioned how to deal with exiting the old business. To close old business for a company will face more challenging issues. However, an exit strategy often determines whether a company can rebirth in new business or disappear in the business completely. We hope the case study of the V Company can also inspire other industries on their transformation strategy.

To date, three years into the first global financial and economic crisis of the XXI century, central banks find themselves with significantly expanded balance sheets as a result of the substantial support they provided to the markets through both conventional and unconventional monetary policy tools implemented in response to the turmoil. As the crisis loses its intensity, new policies need to be designed in order to unwind the significant support so as not to derail the recovery and not to pose risks to price and financial stability. For this a proper exit strategy needs to be designed. In the literature to date there is no well-defined notion to what an exit strategy is and, most importantly, there is no unique answer on the principles it should follow. In this thesis the author attempts to identify the determinants of a successful exit strategy and analyse the main challenges policymakers face when designing one. Additionally, the author places a great emphasis on the risks of premature and delayed exits and on the past experiences with this issue. The results are based, to a large degree, on extensive review of literature, which, due to the recent provenience of the problem and its acute importance, is represented in a big part by central bank authorities' speeches, conference papers and some very...

碩士
國立臺北藝術大學
建築與古蹟保存研究所
99
In Master one next semester to research Professor Huang Wan-xiang’s“the historic preservation and the metropolis development”, to understand more about—Taipei Railway Workship . The first chapter was talking about the interaction of Industry heritage preservation and metropolis development,also the core value in this.And research from Base range,time and Spatial development. The second chapter was the literature review and the discussion, the content emphatically in the discussion culture heritage''s complete meaning, discuss from internationally recognized charter. Property heritage and Industrial heritage to be part of Culture Heritage, the concept and principles could be intercommunicate.And emphasize in 2003 Russia’s《The Nizhny Tagil Charter》, the developing process in heavy industry country and reuse. The third chapter reback to research the historical development and preservation value of Taipei Railway Workshop. And the Solution way to overcome society charge(like Social economy, transportation power, land development, cultural value). The fourth chapter was base on the third chapter of conflict point, to discussand propose the conservation model of metropolis change.And synthesize all propose to get the strategy. The fifth charpter are all discuss and suggested in this paper. And the starting point was base on Multicultural.Those Memorial which remnant to now, is the crystallization of human mind and wisdom.

碩士
國立臺灣大學
臺大-復旦EMBA境外專班
107
Merger and acquisition (M&A, hereafter) has become a critical approach for corporate growth and transformation. Previous research on M&A mainly focused on how to make M&A decision strategically successful and post-merger integration less painful. There is, however, less discussion from the seller’s view on why and how to successfully exit from a particular business arena via sell-off approach, a gap which motivates the present study. A sell-off often begins with an initial game plan and finding the right people to execute the plan, including an in-house team and the outside consultants. Through a series of evaluation, the seller eventually picks up a buyer with the best potential to start detailed negotiation. Nevertheless, there is often a deadlock if the buyer has a very different agenda or goal through this M&A deal. To make a sell-off successful, we proposes to find out the key deal breakers in advance and have the solutions or alternatives ready for the anticipated obstacles as early as possible. Undertaking Quantitative Strategic Planning Matrix (QSPM), this study identifies key stakeholders of M&A, including employees, customers, suppliers, and shareholders of the company, and then explore their needs and pains by using the framework suggested by Value Proposition Canvas. Within this framework, the buyer should be considered and treated as a customer of the seller. So for a successful sell-off, the seller needs to understand the jobs to be done, pains, and gains of the buyer in order to provide value-added services, reliever their pains, and help them have the gain creators. Our research suggests that the seller provide certain types of valuable services to strike a balance among stakeholders and address their main concerns. By doing so, the resistance of stakeholders may be converted into supports to the M&A deal. To further validate our conceptual arguments, we conduct a case study based on a Taiwanese company sells a part of its operation to a Chinese buyer and discuss how the seller go through legal procedures, regulation compliance, and to secure additional protection on the payment under the Chinese law. In particular, when facing a Chinese buyer who is also a public company listed in China’s capital market, it needs to comply with the regulations set by CSRC as well as Shanghai or Shenzhen Stock Exchange. This is thus an important piece for a successful sell-off and needs to be well-planned as part of the exit strategy. Implications of our research findings and suggestions to future research are also discussed.

This dissertation develops an exit strategy for missions, drawing upon the experience of the Wesleyan Church in Africa. This is approached in four sections: a literature review, a summary of Wesleyan mission work in Africa, a model for mission work that has been developed within the Wesleyan Church, and applications of the model. The model proposes five stages through which the work of missions progresses: the development of converts, disciples, pastors, leaders and partners. The fourth chapter includes a discussion of related models: the Three Eras of Missions and the Two Types of Missions. At the completion of the 5 Stages of Missions the establishment of a mature national church, fully engaged in international missions and international church leadership, has been achieved. This dissertation concludes that final departure may not be necessary for all missionaries. However, complete handover of leadership is essential.
Christian Spirituality, Church History and Missiology
M.Th.

This investment paper reviews the potential Leveraged Buy out of Materialise, a service provider and software producer operating in the Additive Manufacturing industry. An analysis of the company and market was conducted, facilitating the assessment of key market trends that enabled the creation of investment strategies set to improve the company in various are as and aspects. The result of this work presented Materialise a san attractive investment, with strong returns across a multitude of possible scenarios in the upcoming future. Keywords

The rise of soft robots poses a promising revolution across a variety of fields, such as invasive surgical procedures or aquatic animal monitoring and sampling, by providing a softer solution to delicate problems. However, with their youth comes a need for growth, particularly in regard to increasing mobility in aquatic environments seeing as motion is often slow and belabored. Additionally, exit strategies in breaking the air-water interface are not thoroughly explored to date. To address these challenges, this study looks to bioinspiration for the answer in the form of Emperor Penguins. By utilizing microbubbles in their plumage to decrease drag forces on their bodies, Emperor Penguins are able to propel themselves out of the water to heights not theoretically achievable through buoyancy alone. Not only is the strategy highly effective, it lends well to the soft robotic field as pneumatic actuation is a commonly used mechanism of locomotion. To explore this behavior and simulate its effects, this study tests a hollow silicone ellipsoid with hole punctures applied to its surface for microbubble release. Bubble characteristics such as separation point, bubble diameter, and downstream bubble expansion were monitored when subjected to a fluid flow to determine ideal air pressure through the ellipsoid body. Drag reduction is tested by measuring the robot’s leap height out of the water.

This Work Project, taken in the context of a Private Equity Challenge, was developed by a group of four Nova Master’s in Finance students to meet only academic purposes and consists on a simulation of an Investment Committee Paper on Pestana Hotel Group. As the Portuguese based Group was the target of the developed project, the work covers all the qualitative and quantitative aspects of the company. A possible strategy, focusing on the operational side of the Hospitality segment, appears as an attractive Private Equity investment. This specific part focuses on the chapters of the contingency plan and exit strategy.

碩士
國立中山大學
高階經營碩士班
95
In order for a city to maintain keep continuous development, it must have a convenient public transportation system. Of all the public transportation, the MRT is one of the most important transportation because it is not affected by any traffic jams and it even saves you the trouble of looking for a parking space. Therefore, the convenience of the MRT will make it the choice of residents in general. In this research, it appears that the population in Kaohsiung is rapidly increasing. According to the statistics, the population from 1991 to 2006 has increased from 100,000 to 118,281. Tsoying District appears to have increased the most from 70,000 to 74,847. However, the data shows that the other districts remain stable. So that the traditional area shows moving out due to the limitation of land. Because of the land plan anew still have a land not to develop around Tsoying District, therefore the surrounding suburb and district has people moving into the area. That’s why this area is targeted among as a Kaohsiung MRT Exit area. (R13) The MRT will run business from the end of 2007. The consumer behavior of purchasing house around the MRT exit area and the real estate agency face and handle the changes to promote the product itself. To combine the theory and the practicality of this marketing. We use the 4Ps: Product, Place, Promotion and the Price. This research shows that real estate is a high involvement purchasing behavior, this is deal with million to billion, different consumers have their different needs and request. First-time buyer will be concerned with the total price, bank loan and bank interest. People who already have a house or they want to trade into a bigger house will be concerned with the functionality of this living area, the standard of life, the environment and schools. For the Mansion Group, people will be concerned with the location and uniqueness. Therefore, real estate agents need to focus on their Target Market in order to create niches.

碩士
國立政治大學
企業管理研究所(MBA學位學程)
104
Corporate financing have many ways, whether using private placement from Private Equity Fund depending on the PE firm what can bring resources to the company including the strategy, business and the human capital. When the PE fund exit will exchange the equity from the target company to other entity. There are four kinds of exit strategy discussed in thesis are Secondary Buyout(SBO), Buyback, IPO and M&;A. From investment firm’s perspective, there are three issues discussed as below: Issue One, what the relationship between the exit strategy and the factors determined the decision of Private Equity fund exit strategy. Issue Two, what the correlation between the investment firm decision and the result of “the Issue One”. Issue Three, what factors determine the decision of Private Equity fund exit strategy. Issue One: There are four complex factors. “The investment firm’s inner decision factors” are “the power of the LP in PE fund” and “the risk and the performance requirement of the investment firm”. “The external environment factors” are “the regulation&; the policy of the capital market and the capital market efficiency” and “the cost of capital and the capital utilization efficiency”. The consequent concludes two Strategy Group, “IPO with M&;A” and “SBO with Buyback”. Issue Two: there are no significant difference with the Issue One. Issue Three: In Strategy Group One(IPO or M&;A), which “the power of the LP in PE fund” is the key complex factor that determines the strategy choice. In Strategy Group Two(SBO or Buyback), which “the regulation&; the policy of the capital market and the capital market efficiency” is the key complex factor that determines the strategy choice. In the content of the exit strategy management decision, “the external environment factors” are more than “the investment firm’s inner decision factors”, which means that the intricate external environment and the dynamic of the complex strategy management. There are two conjecture in the thesis. First, whether “the investment series round timing” is the key factor determine the choice between the two Strategy Group. Second, whether “the higher valuation” in the later series round is hard for the investment firm choosing “Buyback” to exit.

Thesis (M. Dev.) --University of Limpopo, 2011.
The study deals with the exit strategy impact within EPWP, WFW programme in Tzaneen area, Limpopo province. WFW programme employs contractors and workers for a short period of time and exit them out of the programme after skills transfer and training. In order to investigate the impact of exit strategy within the WFW programme, the researcher made use of different research techniques. The empirical data was collected on the basis of: a survey of 55 respondents, follow up interview with all respondents, and observation of the candidates who are due for exit. The major research findings clarify the selection and recruitment of workers and contractors in the programme, their training and skills development during the employment process, and finally, the exit achievements for poverty alleviation and further employability. It was recommended that exit strategy should be planned properly from the first day of employment, looking at the educational level of contractors and workers. The period of two years in the programme could be extended. In addition to training activities, a version of ABET programme could be implemented for them to improve their educational level. Exit strategy should be sustainable in such a way that the contractors and workers are able to improve their livelihood even after leaving the programme.

To understand learners’ beliefs about language learning and strategy use in an EFL exit test environment, this study investigated Taiwanese university students’ language learning beliefs; EFL exit test beliefs; language learning, test-preparation, and test-taking strategies; the relationships among their beliefs and strategy use; and the differences in students’ beliefs and strategy use according to their major, gender, grade level, entrance exam English score, and EFL exit test experience. A total of 518 Taiwanese university students participated in the questionnaire study. Two major instruments were developed and used to measure students’ beliefs and strategy use in the Taiwanese EFL exit test context: (1) the Belief about Language Learning in an EFL Exit test Context (BALLIEETC), and (2) the Strategy Inventory for Language Learning in an EFL Exit test Context (SILLEETC). Analysis of the questionnaire data involved descriptive statistics, factor analysis, canonical correlation analysis, and multivariate analysis of variance. The questionnaire results suggested the following: (1) students believed in the importance of speaking English well, repeating and practicing, learning vocabulary words, acquiring excellent pronunciation, and correcting errors; (2) students primarily used memory, cognitive, compensation, metacognitive, test-preparation, and test-taking strategies to learn English, prepare for the EFL exit test, and take the test; (3) students’ beliefs were associated with their strategy use; (4) English majors had stronger beliefs and higher levels of strategy use than non-English majors; (5) students with higher entrance exam English scores had stronger beliefs and higher levels of strategy use than those of lower scores; (6) college seniors believed more in foreign language aptitude and use test-taking strategies more often than freshmen; (7) students who had taken and passed an EFL exit test had stronger beliefs and higher levels of strategy use than those who had not taken a test. The results of this study support an association between learners’ beliefs and strategy use. Understanding students’ beliefs about language learning and the EFL exit test, as well as their use of language-learning, test-preparation, and test-taking strategies, may enable EFL teachers to help students develop effective language learning, test-preparation, and test-taking strategies and improve their English abilities and EFL exit test performance. The field of second language acquisition may also benefit from insights into students’ beliefs and their use of strategies in an EFL exit test environment. The EFL exit test may affect students’ beliefs about language learning and strategy use, such as their having stronger beliefs about the importance of vocabulary and higher levels of memory strategy use.
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碩士
健行科技大學
國際企業經營系碩士班
104
By the end of the 2015, there were more than 10 million tourists came to Taiwan each year and had rapidly changed the tourism industry. In order to become an ideal tourist destination, it is a rich topic to research about the training and education of licensed tour guides. The purpose of this article is a research about legal studies, current regulations, and future prospects. By conducting interviews, this article reviews regulations on the examination, training, employment and renewal of the tour guides. The article concludes with five recommendations for the government officials for future policy reference and legislative regulations. 1. As of current regulations, the article recommends to revise the current Tourism Development Regulation to Tourism Law to incorporate the development the market. Revise current Tour Guide Management Regulation to Tour Guide Management Law in order to make tour guide a licensed profession. 2. As of examination and training, set limited qualification for licensing, for instance, relevant experience or relevant fields; hold annual on-job training and use online learning platform for training and annual audit. 3. As of employment, set clear relationship which defines job description, responsibility and accountability, between travel agency and tour guides. 4. As of renewal, use governmental platform to design electronic dispatch system to improve renewal rate and set continuous learning system for tour guide with educational training, professional lessons and license renewal, all for the purpose of clear measurable standard. 5. Set up clear classification system to ensure the quality of the tour and increase the public perception of the licensed tour guide.

碩士
元智大學
管理研究所
93
This thesis is base on Taiwan small and medium enterprises, which managed their enterprise’s human recourse strategy & employee under employment tenure interconnected investigated in China. In Mainland China, employee resignation rate are very high. Although appropriate amount of resignation rate can be improved company organization’s metabolism, bring in new blood and new concept for the organization. But irregular’s resignation phenomenon will caused more recruitment, training cost increased. New staff are not efficiency, capacity couldn’t equal in force and caused losses. Furthermore, it might also cause internal organization’s loss of data information & technical or customers and networking control etc. Content of information are base on China’s city – Shenzhen. One of the Taiwanese Electronics factory from October’2001 to December’2004, copy of resignation base on survival model and further analysis, investigated labor of economics & environmental changes, organization behavior and internal changes for resignation’s specimen had caused during employment effect and discover some research as below :  Female employee working stability are better than male employee. Age become older and matue, stability became higher. Employment period longer, lower education staff their employment would become longer.  Higher salary income, employment period will be longer.  Non technical employee compare to technical or management employee, employment period will be longer.  Resignation rate higher, employment period will become longer.  During SARS period, employee’s resignation rate decreased and employment period longer.  During Chinese New Year festival, employment ratio compare to others are longer.  When unemployment rate become higher, others employment opportunity will be increased, employment period will be shorter.  When consumer’s expenses increased, staff will be more stability and enforce. Base on above mentioned researched and discover, provide employee’s employment period, tenure for Taiwan’s small & medium enterprises in China for their human resources strategy planning’s information.